MIRA
INFORM REPORT
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Report Date : |
03.05.2008 |
IDENTIFICATION
DETAILS
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Name : |
PENNWALT LIMITED |
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Formerly Known As : |
SHARPLES PROCESS ENGINEERS PRIVATE LIMITED |
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Registered Office : |
D-221, MIDC-TTC Industrial Area, Thane Belapur Road, Nerul, Navi Mumbai
– 400706, Maharashtra |
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Country : |
India |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
24.10.1959 |
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Com. Reg. No.: |
011487 |
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CIN No.: [Company
Identification No.] |
U99999MH1959PLC011487 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
MUMP17979D |
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PAN No.: [Permanent
Account No.] |
AAACP6840L |
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Legal Form : |
A Closely Held Public Limited Liability Company |
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Line of Business : |
Manufacturer of Food Processing Machinery, Pennwalt Super –D –Canter,
Centrifuge etc. |
RATING & COMMENTS
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MIRA’s Rating : |
Aa |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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71-85 |
Aa |
Possesses adequate working capital. No caution needed for credit
transaction. It has above average (strong) capability for payment of interest
and principal sums |
Large |
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Maximum Credit Limit : |
USD 775320 |
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Status : |
Very Good |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Subject is a well – established and reputed company having fine track.
Available information indicates high financial responsibility of the company.
General financial position is good. Fundamentals are strong and healthy.
Payments are reported as usually correct and as per commitments. The company can be considered good for any normal business dealings. It can be regarded as a promising business partner in a medium to long
– run. |
LOCATIONS
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Registered Office : |
D-221, MIDC-TTC Industrial Area, Thane Belapur Road, Nerul, Navi
Mumbai – 400706, Maharashtra, India |
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Tel. No.: |
91-22-27632503/ 27632520/ 28/ 29 (91-22-55906630 Director) |
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Mobile No.: |
91-9820080114 |
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Fax No.: |
91-22-2762560 |
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E-Mail : |
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Website : |
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Locations : |
Owned |
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Factory : |
Baroda |
DIRECTORS
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Name : |
Mr. Sukh Dev Kashyap |
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Designation : |
Chairman and Managing Director |
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Address : |
18 Sea Belle, I Jagmohandas Marg, Mumbai – 400006, Maharashtra, India |
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Date of Birth/Age : |
07.01.1936 |
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Date of Appointment : |
10.06.1968 |
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Name : |
Mr. G V Sirup |
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Designation : |
Director |
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Name : |
Mr. Ashish Kashyap |
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Designation : |
Whole Time Director |
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Address : |
18 Sea Belle, I Jagmohandas Marg, Mumbai – 400006, Maharashtra, India |
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Date of Birth/Age : |
23.09.1970 |
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Date of Appointment : |
01.10.2001 |
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Email : |
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Name : |
Mr. Homi Phiroze Ranina |
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Designation : |
Director |
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Address : |
Common Wealth, Flat No.24, 6th Floor, 181 Backhay
Reclamation, Mumbai – 400026, Maharashtra, India |
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Date of Birth/Age : |
19.10.1946 |
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Date of Appointment : |
12.09.1984 |
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Email : |
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Name : |
Mr. Hormazdiyar Shiavax Vakil |
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Designation : |
Director |
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Address : |
122, Somerset House, 61, B Desai Road, Mumbai – 400026, Maharashtra,
India |
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Date of Birth/Age : |
08.08.1953 |
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Date of Appointment : |
29.12.1992 |
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Email : |
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Name : |
Mr. Yuvraj Karan |
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Designation : |
Director |
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Address : |
6 Asha Mahal, Naoroji Gamadia Road, Mumbai – 400026, Maharashtra,
India |
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Date of Birth/Age : |
23.05.1931 |
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Date of Appointment : |
03.09.1994 |
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Name : |
Mr. Dieter von der Mark |
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Designation : |
Director |
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Address : |
Mevisenstr 16, 50668 Koln, Germany |
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Date of Birth/Age : |
07.04.1932 |
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Date of Appointment : |
15.12.1995 |
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Date of Ceasing : |
01.06.2005 |
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Name : |
Mrs. Dr. Stuti Kaul |
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Designation : |
Director |
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Address : |
10, Burnstones Grave, Sandygate, Shefifield, SIO STU England |
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Date of Birth/Age : |
25.07.1967 |
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Date of Appointment : |
29.09.1997 |
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Email : |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
(As on 26.09.2005)
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Names of Shareholders |
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No. of Shares |
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Mr. Olia Jal Rusi |
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1500 |
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Varun Holding Private Limited |
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41073 |
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Mr. Arti Kashyap |
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4150 |
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Mr. Sukh Dev Kashyap |
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3000 |
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Mrs. Dr. Stuti Kaul |
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1286 |
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Mr. Sameer Kashyap |
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1021 |
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Mrs. Maya H. Dhondy |
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1880 |
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Mr. Yogesh Kashyap |
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11850 |
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Mr. Ashish Kashyap |
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18387 |
(As on 31.03.2007)
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Category |
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Percentage |
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Foreign Holding (FIIs, FCs, FFIs, NRIs, OCBs, or Others) |
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12.00 |
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Bodies Corporate (not mentioned above) |
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39.00 |
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Directors or relatives of directors |
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41.00 |
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Others top fifty shareholders (Other than Listed above) |
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8.00 |
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Total |
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100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer of Food Processing Machinery, Pennwalt Super –D –Canter,
Centrifuge etc. |
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Products : |
· Separation
Equipment Vibroscreen · Separation
Equipment · Components and
Spares Parts |
GENERAL
INFORMATION
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Bankers : |
Not Available |
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Banking
Relations : |
- |
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Auditors : |
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Name : |
N M Raiji and Company Chartered Accountant |
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Address : |
Universal Insurance Building, P M Road, Mumbai – 400001, Maharashtra,
India |
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Associates/Subsidiaries : |
Pennwalt Finance and Investments Limited U67120MH1996PTC098407 |
CAPITAL STRUCTURE
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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150000 |
Equity Shares |
Rs.100/- each |
Rs.15.000 Millions |
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Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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84634 |
Equity Shares |
Rs.100/- each |
Rs.8.463
Millions |
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FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
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SOURCES OF FUNDS |
31.03.2007 |
31.03.2006 |
31.03.2005 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
8.463 |
8.463 |
9.957 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
185.367 |
135.247 |
127.587 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
193.830 |
143.710 |
137.544 |
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LOAN FUNDS |
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1] Secured Loans |
9.702 |
6.818 |
5.304 |
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2] Unsecured Loans |
0.000 |
0.000 |
0.000 |
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TOTAL BORROWING |
9.702 |
6.818 |
5.304 |
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DEFERRED TAX LIABILITIES |
1.477 |
2.193 |
3.056 |
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TOTAL |
205.009 |
152.721 |
145.904 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
62.533 |
63.218 |
66.004 |
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Capital work-in-progress |
2.518 |
0.275 |
0.325 |
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INVESTMENT |
45.899 |
45.899 |
43.399 |
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DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
55.878
|
57.945 |
52.798 |
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Sundry Debtors |
24.451
|
15.292 |
11.339 |
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Cash & Bank Balances |
104.255
|
48.871 |
47.480 |
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Other Current Assets |
0.346
|
0.407 |
0.479 |
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Loans & Advances |
200.534
|
161.991 |
151.214 |
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Total
Current Assets |
385.464
|
284.506 |
263.310 |
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Less : CURRENT LIABILITIES & PROVISIONS |
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Current Liabilities |
107.541
|
90.459 |
99.835 |
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Provisions |
183.864
|
150.718 |
127.299 |
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Total
Current Liabilities |
291.405
|
241.177 |
227.134 |
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Net Current Assets |
94.059
|
43.329 |
36.176 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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TOTAL |
205.009 |
152.721 |
145.904 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
31.03.2007 |
31.03.2006 |
31.03.2005 |
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Sales Turnover |
264.691 |
193.994 |
160.838 |
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Other Income |
27.215 |
24.968 |
20.162 |
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Total Income |
291.906 |
218.962 |
181.000 |
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Profit/(Loss) Before Tax |
96.060 |
60.479 |
43.051 |
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Provision for Taxation |
34.284 |
21.137 |
16.299 |
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Profit/(Loss) After Tax |
61.776 |
39.342 |
26.752 |
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Export Value |
75.976 |
39.205 |
37.797 |
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Expenditures : |
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Raw Material Consumed |
102.332 |
75.277 |
61.287 |
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Consumption of stores and spares parts |
2.681 |
2.935 |
2.378 |
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Increase/(Decrease) in Finished Goods |
(5.740) |
(3.910) |
(0.198) |
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Salaries, Wages, Bonus, etc. |
26.100 |
24.581 |
23.281 |
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Managerial Remuneration |
4.192 |
2.819 |
2.499 |
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Payment to Auditors |
0.244 |
0.216 |
0.213 |
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Interest |
0.224 |
0.174 |
0.213 |
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Insurance Expenses |
0.925 |
1.058 |
0.981 |
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Power & Fuel |
2.448 |
2.111 |
1.925 |
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Depreciation & Amortization |
5.554 |
5.562 |
4.699 |
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Other Expenditure |
56.886 |
47.660 |
40.671 |
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Total Expenditure |
195.846 |
158.483 |
137.949 |
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KEY RATIOS
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PARTICULARS |
|
31.03.2007 |
31.03.2006 |
31.03.2005 |
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PAT / Total
Income |
(%) |
21.16
|
17.97 |
14.78 |
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Net Profit Margin (PBT/Sales) |
(%) |
36.29
|
31.17 |
26.77 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
21.44
|
17.39 |
17.99 |
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Return on Investment (ROI) (PBT/Networth) |
|
0.49
|
0.42 |
0.31 |
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Debt Equity Ratio (Total Liability/Networth) |
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1.55
|
1.72 |
0.30 |
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Current Ratio (Current Asset/Current Liability) |
|
1.32
|
1.18 |
1.16 |
LOCAL AGENCY
FURTHER INFORMATION
As per Website:
Profile:
Manufacturing and Research and Development Center, Navi Mumbai
1959 - Incorporated under the name Sharples
Process Engineers (Private) Limited with 100% shareholding of Sharples
Corporation, USA.
1970 - Public Limited Company under the
name Pennwalt India Limited with 49% shareholding of Pennwalt Corporation, USA.
1974 - Collaboration agreement with
Sharples Stokes Div., Pennwalt Corporation, USA for the manufacture of
Super-D-Canter Centrifuge in India.
1978 - Production of Super-D-Canter
commenced at its modern manufacturing facility at Navi Mumbai (New Bombay)
1979 - Established R&D Facility
recognised by the Department of Science and Technology, Government of India.
Applications development is carried out to adapt Pennwalt products to the needs
and demands of the Indian Chemical Industry. Also, process development is
carried out to enable Pennwalt offer turn-key process plants centered on
Company's separation equipment.
1985 - Entered into an arrangement with
Fled and Hahn, Gmbh, Germany for the design and commissioning of
Semi-Continuous Fat Splitting Plant, in India.
1987 - Collaboration agreement with Wallace
and Tiernan Division, Pennwalt Corporation, USA, for the manufacture,
installation and commissioning of Chlorinators and related equipment for water
treatment and allied applications. Collaboration with M/S Bredel, Netherlands
for the manufacture of Hose Pumps in India and for their supply and
commissioning when imported from the Netherlands.
1988 - Fabrication, supply, installation
and commissioning of Fatty Acid Distillation and Glycerine Distillation Plants
in India, based upon the principle of the "Falling Film", under
license from M/S Schmidding-Werke, Cologne, Germany. Imported and absorbed the technology
of fabricating and applying anti-corrosive fluoropolymer (PVDF, ECTFE) lining
on M.S. Chemical Process equipment. Now supported with technical assistance and
supply of semi-finished products by M/S Alois Gruber, Austria.
1990 - Pennwalt Corporation disinvested its
49% shareholding in Pennwalt India Limited.
CMT REPORT
(Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts, India Prisons Service,
Interpol, etc.
1] INFORMATION ON
DESIGNATED PARTY
No records exist designating subject or any of its beneficial owners,
controlling shareholders or senior officers as terrorist or terrorist
organization or whom notice had been received that all financial transactions
involving their assets have been blocked or convicted, found guilty or against
whom a judgement or order had been entered in a proceedings for violating
money-laundering, anti-corruption or bribery or international economic or
anti-terrorism sanction laws or whose assets were seized, blocked, frozen or
ordered forfeited for violation of money laundering or international
anti-terrorism laws.
2] Court Declaration :
No records exist to suggest that subject is
or was the subject of any formal or informal allegations, prosecutions or other
official proceeding for making any prohibited payments or other improper
payments to government officials for engaging in prohibited transactions or
with designated parties.
3] Asset Declaration :
No records exist to suggest that the property or assets of the subject
are derived from criminal conduct or a prohibited transaction.
4] Record on Financial
Crime :
Charges or conviction
registered against subject: None
5] Records on Violation of
Anti-Corruption Laws :
Charges or
investigation registered against subject: None
6] Records on Int’l
Anti-Money Laundering Laws/Standards :
Charges or
investigation registered against subject: None
7] Criminal Records
No
available information exist that suggest that subject or any of its principals
have been formally charged or convicted by a competent governmental authority
for any financial crime or under any formal investigation by a competent
government authority for any violation of anti-corruption laws or international
anti-money laundering laws or standard.
8] Affiliation with
Government :
No record
exists to suggest that any director or indirect owners, controlling
shareholders, director, officer or employee of the company is a government
official or a family member or close business associate of a Government
official.
9] Compensation Package :
Our market
survey revealed that the amount of compensation sought by the subject is fair
and reasonable and comparable to compensation paid to others for similar
services.
10] Press Report :
No press reports / filings exists on
the subject.
CORPORATE
GOVERNANCE
MIRA INFORM as part of its Due Diligence do provide comments on
Corporate Governance to identify management and governance. These factors often
have been predictive and in some cases have created vulnerabilities to credit
deterioration.
Our Governance Assessment focuses principally on the interactions
between a company’s management, its Board of Directors, Shareholders and other
financial stakeholders.
CONTRAVENTION
Subject is not known to have contravened any existing local laws,
regulations or policies that prohibit, restrict or otherwise affect the terms
and conditions that could be included in the agreement with the subject.
FOREIGN EXCHANGE
RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.40.65 |
|
UK Pound |
1 |
Rs.80.35 |
|
Euro |
1 |
Rs.62.78 |
SCORE & RATING
EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
9 |
|
PAID-UP CAPITAL |
1~10 |
7 |
|
OPERATING SCALE |
1~10 |
7 |
|
FINANCIAL CONDITION |
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|
|
--BUSINESS SCALE |
1~10 |
8 |
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--PROFITABILIRY |
1~10 |
6 |
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--LIQUIDITY |
1~10 |
9 |
|
--LEVERAGE |
1~10 |
9 |
|
--RESERVES |
1~10 |
9 |
|
--CREDIT LINES |
1~10 |
8 |
|
--MARGINS |
-5~5 |
- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
YES |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
72 |
This score serves as a reference to assess SC’s credit risk
and to set the amount of credit to be extended. It is calculated from a
composite of weighted scores obtained from each of the major sections of this
report. The assessed factors and their relative weights (as indicated through
%) are as follows:
Financial
condition (40%) Ownership
background (20%) Payment
record (10%)
Credit history
(10%) Market trend
(10%) Operational
size (10%)
RATING
EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
|
71-85 |
Aa |
Possesses adequate working capital. No caution needed for credit
transaction. It has above average (strong) capability for payment of interest
and principal sums |
Large |
|
56-70 |
A |
Financial & operational base are regarded healthy. General
unfavourable factors will not cause fatal effect. Satisfactory capability for
payment of interest and principal sums |
Fairly Large |
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
26-40 |
B |
Unfavourable & favourable factors carry similar weight in credit
consideration. Capability to overcome financial difficulties seems
comparatively below average. |
Small |
|
11-25 |
Ca |
Adverse factors are apparent. Repayment of interest and principal sums
in default or expected to be in default upon maturity |
Limited with
full security |
|
<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
|
NR |
In view of the lack of information, we have no basis upon which to
recommend credit dealings |
No Rating |
|