MIRA
INFORM REPORT
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Report Date : |
21.01.2011 |
IDENTIFICATION DETAILS
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Name : |
PALL INDIA PRIVATE LIMITED |
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Formerly Known As : |
Pall pharmalab filtration private limited |
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Registered Office : |
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Country : |
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Financials (as on) : |
31.03.2010 |
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Date of Incorporation : |
06.06.1996 |
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Com. Reg. No.: |
11-100046 |
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CIN No.: [Company
Identification No.] |
U33110MH1996PTC100046 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
MUMP09069E |
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PAN No.: [Permanent
Account No.] |
AAACP5960H |
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Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Dealer of Filtration, separations and purification, technologies that
are used in Industry. |
RATING & COMMENTS
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MIRA’s Rating : |
Ba (46) |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Maximum Credit Limit : |
USD 3042692 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Usually Correct |
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Litigation : |
Clear |
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Comments : |
Subject is an established company having satisfactory track. Trade
relations are reported as fair. Business is active. Payments are reported to
be usually correct and as per commitments. The company can be considered normal for business dealings at usual
trade terms and conditions. |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – April 1, 2010
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Country Name |
Previous Rating (31.12.2009) |
Current Rating (01.04.2010) |
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A1 |
A1 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
INFORMATION PARTED BY
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Name : |
Mr. Sandesh |
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Designation : |
Accounts Department |
LOCATIONS
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Registered Office : |
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Tel. No.: |
91-22-67995555 |
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Fax No.: |
91-22-67995556 |
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E-Mail : |
sujith_embrandiri@pall.com praveen_ostwal@pall.com |
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Website : |
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Area: |
Around 3000 Sq. fts |
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Location : |
Leased |
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Warehouse : |
Arihant Commercial Complex, Building No. 13, Gala No. 1-2, Bhiwandi,
Maharashtra, India |
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Tel. No.: |
91-95-2522272537 |
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Branch Office 1 : |
No. 1, |
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Tel. No.: |
91-80-40164100 |
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Fax No.: |
91-80-41489454 |
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Branch Office 2 : |
Survey No. 237, IT Park Phase1, Hinjwadi, Pune-411057, |
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Tel. No.: |
91-20-66520001 |
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Fax No.: |
91-20-22934970 |
DIRECTORS
As on : 30.09.2010
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Name : |
Mr. Kirankumar Vasant Shesh |
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Designation : |
Director |
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Address : |
E 1202, Lake Florence Lake Homes, Phase-I, A S Marg, Raheja Nest,
Powai, Mumbai-400076, |
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Date of Birth/Age : |
16.10.1965 |
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Qualification : |
M. Tech (IIT) |
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Date of Appointment : |
12.09.2006 |
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Previous employment : |
Monsanto MECS- Business manager
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Name : |
Mr. Stephen Frank Smith |
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Designation : |
Additional Director |
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Address : |
14 Mount |
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Date of Birth/Age : |
03.10.1961 |
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Date of Appointment : |
14.09.2007 |
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Name : |
Mr. Sekhar Ayyala |
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Designation : |
Director |
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Address : |
E-15/C, Block – E, Munirka, |
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Date of Birth/Age : |
05.12.1964 |
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Date of Appointment : |
27.11.2008 |
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Name : |
Mr. Andrew Thomas Scully |
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Designation : |
Director |
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Address : |
5, Wheal Uny, Redruth, |
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Date of Birth/Age : |
18.12.1955 |
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Date of Appointment : |
26.04.2006 |
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KEY EXECUTIVES
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Name : |
Mr. Unni Krishnan |
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Designation : |
Accounts Head (Pune office) |
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Name : |
Mr. Praveen Ostwal |
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Designation : |
Deputy Manager in Finance
(Mumbai office) |
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Name : |
Mr. Sujith Embrandiri |
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Designation : |
Chief Executive Officer |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on : 30.09.2010
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Names of Shareholders |
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No. of Shares |
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Mr. Andrew |
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1 |
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Pall Corporation INC, |
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2400999 |
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Pall Filtration and separation Group INC, |
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6500 |
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Total
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2407500 |
As on : 30.09.2010
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Equity share
breakup |
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Category |
Percentage |
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Foreign holdings (Foreign institutional investor (s), Foreign companie
(s) Foreign financial institution (s), Non-resident Indian (s) or Overseas
corporate bodies or Others) |
100.00 |
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Total |
100.00 |
BUSINESS DETAILS
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Line of Business : |
Supplier of Filteration, Separations and purifications technologies that are essential to industry. |
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Products : |
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Export of : |
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Products : |
Filteration Seperation and Purification Technology |
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Country : |
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Import of : |
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Products : |
Finished Goods |
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Country : |
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Terms : |
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Purchasing : |
L/C, Cash, Credit |
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Selling : |
L/C, Cash, Credit |
PRODUCTION STATUS as on 31.03.2010
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Particulars |
Unit |
Licensed Capacity |
Installed
Capacity |
Actual
Production |
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Membrane Disc |
Pkts. |
N.A |
NA |
14339 |
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Filter Cartridges |
Nos |
N.A |
NA |
268 |
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Cartridge Filtration Systems |
Nos |
N.A |
NA |
88 |
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Filter Sheets/Pads |
Nos |
N.A |
400000 |
285210 |
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Media Gasket |
Nos |
N.A |
90000 |
100810 |
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Media Filter Candles |
Nos |
N.A |
3000 |
-- |
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Flat Filter Media Sheet |
Sq. mtrs |
N.A |
NA |
-- |
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Forward Flow Test Kit |
Nos |
N.A |
25 |
-- |
Note:
- As per prevailing Industrial Licensing Policy, no Industrial License
is required.
- Installed capacity is as certified by the management and has not been
verified by auditors, as it is a technical matter.
- The capacity varies depending upon the product mix.
- The figures are excluding captive consumption and the figures of
stock are after adjustment of shortages/ excesses.
- The production quantity includes production done on Job work basis.
GENERAL INFORMATION
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Customers : |
Corporates |
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No. of Employees : |
200 (In Office) |
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Bankers : |
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Facilities : |
Note: This amount is
received from Pall Corporation by erstwhile Filtration Fluid Dynamics India
Private Limited (FFDL) which was merged with the Company vide High Court order
dated 12 April 2004. The amount was received by FFDI towards loan. The
Company has made application to Reserve Bank of |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
BSR and Company Chartered Accountant |
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Address : |
KPMG House, Kamla Mills Compound, 448, Senapati Bapat Marg, Lower
Parel, Mumbai-400013, Maharashtra, India |
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Tel. No.: |
91-22-39896000 |
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Fax No.: |
91-22-39836000 |
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Holding Company: |
Pall Corporation Inc, |
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Fellow Subsidiary : |
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CAPITAL STRUCTURE
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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7000000 |
Equity Share |
Rs.10/- Each |
Rs.70.000 Millions |
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Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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2407500 |
Equity Share |
Rs.10/- Each |
Rs.24.075
Millions |
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Note:
- 2401000 (2009: 2401000) equity shares are held by Pall Corporation
- 6500 (2009: 6500) shares are allotted to Pall Filtration and
Separatin Group Inc; a 100% subsidiary of Pall Corporation,
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
24.075 |
24.075 |
21.395 |
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2] Share Application Money |
4.950 |
4.950 |
45.200 |
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3] Reserves & Surplus |
731.648 |
560.972 |
525.296 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
760.673 |
589.997 |
591.891 |
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LOAN FUNDS |
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1] Secured Loans |
0.000 |
0.000 |
0.000 |
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2] Unsecured Loans |
1.210 |
1.210 |
1.210 |
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TOTAL BORROWING |
1.210 |
1.210 |
1.210 |
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DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
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TOTAL |
761.883 |
591.207 |
593.101 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
146.192 |
163.491 |
145.489 |
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Capital work-in-progress |
0.000 |
0.000 |
45.610 |
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INVESTMENT |
122.407 |
39.200 |
23.334 |
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DEFERREX TAX ASSETS |
52.304 |
39.913 |
29.077 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
258.939
|
203.113
|
191.697 |
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Sundry Debtors |
376.271
|
319.160
|
306.462 |
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Cash & Bank Balances |
78.123
|
47.773
|
35.036 |
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Other Current Assets |
0.000
|
0.000
|
0.000 |
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Loans & Advances |
159.255
|
164.200
|
132.673 |
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Total
Current Assets |
872.588
|
734.246
|
665.868 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
74.962
|
103.021
|
77.743 |
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Sundry Creditors |
337.237 |
263.490 |
216.850 |
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Provisions |
19.409
|
19.132
|
21.684 |
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Total
Current Liabilities |
431.608
|
385.643
|
316.277 |
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Net Current Assets |
440.980
|
348.603
|
349.591 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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TOTAL |
761.883 |
591.207 |
593.101 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
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SALES |
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|
1517.939 |
|
1101.500 |
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Other Income |
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TOTAL (A) |
1517.939 |
1293.942 |
1101.500 |
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Less |
EXPENSES |
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Administrative Expenses |
1216.590 |
1236.384 |
865.388 |
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Advertising Expenses |
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TOTAL (B) |
1216.590 |
1236.384 |
865.388 |
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Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
301.349 |
57.558 |
236.112 |
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Less |
FINANCIAL
EXPENSES (D) |
-- |
-- |
-- |
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PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
301.349 |
57.558 |
236.112 |
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Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
40.863 |
45.874 |
30.419 |
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PROFIT BEFORE
TAX (E-F) (G) |
260.486 |
11.684 |
205.693 |
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Less |
TAX (I) |
89.809 |
13.578 |
71.953 |
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PROFIT AFTER TAX
(G-I) (J) |
170.677 |
(1.894) |
133.740 |
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Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
411.506 |
413.400 |
279.660 |
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BALANCE CARRIED
TO THE B/S |
582.183 |
411.506 |
413.400 |
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EARNINGS IN
FOREIGN CURRENCY |
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Indenting commission |
7.217 |
18.553 |
30.202 |
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Export on FOB basis |
183.941 |
107.757 |
152.798 |
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Export of services |
79.573 |
110.163 |
31.402 |
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Total Earnings |
270.731 |
236.473 |
214.402 |
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IMPORTS |
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Raw Materials and Components |
133.442 |
106.785 |
117.745 |
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Finished Goods* |
464.632 |
324.125 |
263.350 |
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Capital Goods |
6.907 |
2.867 |
11.713 |
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Consumable |
0.492 |
2.241 |
2.802 |
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TOTAL IMPORTS |
605.472 |
436.018 |
395.610 |
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Earnings Per Share
(Rs.) |
70.89 |
(0.79) |
55.55 |
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Expected Sales (2010-2011) : Rs. 1750.000 millions
Note: *including the CIF
value of goods in transit Rs. 31.511 millions (2009: Rs. 22.887 millions)
KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
PAT / Total Income |
(%) |
11.24 |
(0.15)
|
12.19 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
25.56 |
1.30
|
25.35 |
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Return on Investment (ROI) (PBT/Networth) |
|
0.34 |
0.02
|
0.35 |
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Debt Equity Ratio (Total Liability/Networth) |
|
0.56 |
0.65
|
0.54 |
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Current Ratio (Current Asset/Current Liability) |
|
2.02 |
1.90
|
0.21 |
LOCAL AGENCY FURTHER INFORMATION
Operation:
The turnover during the year was Rs. 1463.237 millions as against Rs.
1265.558 millions during the previous year, which represents growth of about
15.62% over the previous year. Net Profit before Tax for the year under
consideration is Rs. 260.486 millions as compared to Net Profit before Tax of
Rs. 11.684 millions during the previous year. The directors are continuously
trying to explore new markets.
Background :
Pall India Private Limited (‘Pall India’) was incorporated as Pall
Pharmalab Filteration Private Limited (‘Pall Pharmalab’) on 6 June 1996, under
the provisions of the Indian Companies Act, 1956 as a joint venture between
Pall Mauritius (‘PM’) and Filtech Pharmalab Private Limited (‘Filtech’) in the
ration of 51:49. Pall
In 2002, the equity shares held by PM (51% of share capital) were
transferred to Pall Corporation Inc.,
During the year 2003-04, the company acquired Filteration Fluid Dynamics
India private Limited (‘FFDL’), a subsidiary of Pall Corporation Inc. Based on
the High Court order dated 12 April 2004, the FFDL was amalgamated with the
company with retrospective effect from 1 April 2003.
Pall
Note:
The registered office of the company has been shifted from
Sahney Kirkwood Compound 27 Kirol Vidyavihar West, Mumbai,
Form : 8
Bankers Charges
Report as per Registry
|
Name of the company |
PALL INDIA PRIVATE LIMITED |
|
Presented By |
Karnik Parikh,
Director |
|
1) Date and description of instrument creating the change |
Dated 18.03.2004
Medium Term Loan Agreement for Hypothecation of Vehicle (Motor Car) From ICICI
Bank Limited, Bandra (East), Mumbai-400051, |
|
2) Amount secured by the charge/amount owing on the securities of charge |
Rs. 0.670
Millions |
|
3) Short particular of the property charged. If the property acquired is subject to charge, date of the acquired of the property should be given |
Purchase of
Hyundai Accent Via Chasis No. –
MALCHSR4M004027B Engine No. –
G4ED4A67467 Registration No.
– MH-08-5-8523 |
|
4) Gist of the terms and conditions and extent and operation of the charge. |
Medium Term Loan
Agreement with ICICI Bank Limited, Bandra (East), Mumbai-400051, |
|
5) Name and Address and description of the person entitled to the charge. |
ICICI Bank
Limited, |
|
6) Date and brief description of instrument modifying the charge |
Not Available |
|
7) Particulars of modifications specifying the terms and conditions or the extent of operations of the charge in which modification is made and the details of the modification. |
Not Available |
Fixed Assets:
- Intangible
- Software
- Tangible
- Plant and Machinery
- Office Equipments
- Furniture and Fixture
- Leasehold Improvement
- Computer Systems
- Vehicles
TRADE REFERENCES :
BHEL
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts,
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. 45.58 |
|
|
1 |
Rs. 72.73 |
|
Euro |
1 |
Rs. 61.45 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
5 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
5 |
|
--CREDIT LINES |
1~10 |
5 |
|
--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 |
|
46 |
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 |
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 |
|
- |
NB |
New Business |
- |
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.