MIRA
INFORM REPORT
|
Report Date : |
03.05.2011 |
Note : The
Correct Name of The Company is ‘MAN DIESEL AND TURBO INDIA LIMITED’
IDENTIFICATION DETAILS
|
Name : |
MAN DIESEL AND TURBO INDIA LIMITED [w.e.f.
11.10.2010] |
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Formerly Known
As : |
MAN DIESEL INDIA LIMITED |
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Registered
Office : |
E-73, MIDC, Waluj, |
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Country : |
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Financials (as
on) : |
31.12.2009 |
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Date of
Incorporation : |
11.01.1989 |
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Com. Reg. No.: |
11-050332 |
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CIN No.: [Company Identification
No.] |
U74999MH1989FLC050332 |
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TAN No.: [Tax Deduction &
Collection Account No.] |
NSKM06328A |
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Legal Form : |
A Closely Held Public Limited Liability Company |
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Line of Business
: |
Manufacturer of Engine Spare Parts |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (49) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Maximum Credit Limit : |
USD 1830000 |
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Status : |
Satisfactory |
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Payment Behavior : |
Usually Correct |
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Litigation : |
Clear |
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Comments : |
Subject is a well established company having satisfactory track. It is
a part of MAN Diesel Group, worldwide. Trade relations are reported as fair.
Business is active. Payments are reported to be usually correct. 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
|
Country Name |
Previous Rating (31.12.2009) |
Current Rating (01.04.2010) |
|
|
A1 |
A1 |
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Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
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
|
Name : |
Mr. Anant |
|
Designation : |
Accounts Manager |
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Contact No.: |
91-240-2554463 |
|
Date : |
29.04.2011 |
LOCATIONS
|
Registered
Office/Factory 1 : |
E-73, MIDC, Waluj, |
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Tel. No.: |
91-240-2554463 |
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Fax No.: |
91-240-2554621 |
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E-Mail : |
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Website : |
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Area : |
5000 Sq.ft. |
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Location : |
Owned |
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Man House : |
Located at:- ·
Bejjing ·
·
·
Mumbai ·
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E-Mail : |
http://www.mandieselamericas.com |
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Factory 2 : |
601, |
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Tel. No.: |
91-22-40940000 |
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Fax No.: |
91-22-40940001/ 40940002 |
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E-Mail : |
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Factory 3: |
7-7C, DDA Shopping Centre, New Friends Colony, New Delhi-110065, |
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Tel. No.: |
91-11-41328611 |
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Fax No.: |
91-11-41328615 |
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E-Mail : |
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Overseas Offices : |
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·
U.S.A ·
·
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DIRECTORS
As on 29.06.2010
|
Name : |
Mr. Vinay Kumar Modi |
|
Designation : |
Director |
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Address : |
55A, Friends Colony, East, New Delhi-110065, |
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Date of Birth/Age : |
31.05.1943 |
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Date of Appointment : |
11.01.1989 |
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DIN : |
00274605 |
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Name : |
Mr. Alok Kumar Modi |
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Designation : |
Director |
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Address : |
55A, Friends Colony, East, New Delhi-110065, |
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Date of Birth/Age : |
18.06.1966 |
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Date of Appointment : |
10.07.1989 |
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DIN : |
00174374 |
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Name : |
Mr. Klaus Martin Bader |
|
Designation : |
Director |
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Address : |
Alemannering 8, Meitingen – |
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Date of Birth/Age : |
10.06.1952 |
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Date of Appointment : |
20.10.2005 |
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DIN : |
00783683 |
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Name : |
Mr. Stephan Jorg Timmermann |
|
Designation : |
Director |
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Address : |
Mauerst Rasse 40, Aalen Germany-73430 |
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Date of Birth/Age : |
13.02.1961 |
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Date of Appointment : |
12.12.2006 |
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DIN : |
01015079 |
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Name : |
Mr. Shiv Kumar Agarwal |
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Designation : |
Managing Director |
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Address : |
N-4, Sector-C Plot No. -13/14, CIDCO Township, Aurangabad-431003, |
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Date of Birth/Age : |
07.10.1947 |
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Date of Appointment : |
16.01.2011 |
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DIN : |
00440262 |
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Name : |
Mr. Hans Otto Jeske |
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Designation : |
Additional Director |
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Address : |
Ziete nstra SSE 31, |
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Date of Birth/Age : |
20.06.1949 |
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Date of Appointment : |
28.04.2010 |
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DIN : |
03058401 |
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Name : |
Mr. Jensen Norgard Anders |
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Designation : |
Director |
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Address : |
Tulli Nsgade 1 , 3, DK – 1618, |
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Date of Birth/Age : |
04.04.1968 |
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Date of Appointment : |
12.05.2008 |
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DIN : |
02107837 |
KEY EXECUTIVES
|
Name : |
Mr. Vipul Vijay Parakh |
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Designation : |
Secretary |
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Address : |
B-2, |
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Date of Birth/Age : |
16.12.1972 |
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Date of Appointment : |
01.11.2007 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 29.06.2010
|
Names of Shareholders |
|
No. of Shares |
|
P O Murukan nambiar |
|
2000 |
|
Paul Anthony |
|
5000 |
|
P Raghava Menon |
|
2000 |
|
Mohan kumar Kotyankar |
|
400 |
|
Mahtab Alam |
|
600 |
|
Zul Qurnain |
|
600 |
|
Jashbhai patel |
|
1000 |
|
Mohinder Kumar Aarya |
|
200 |
|
Jitander Nath Sharma |
|
1000 |
|
Darshana Atul Shah |
|
2000 |
|
Roshan Gupta |
|
1000 |
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Ramesh Chander Pant |
|
600 |
|
Shivram Krishnajah |
|
1000 |
|
Renukaben Patel |
|
1000 |
|
Rashmi Koyawala |
|
10000 |
|
Chandrakant Shah |
|
10000 |
|
Vasudev Bhatia |
|
10000 |
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Pradip Min |
|
1000 |
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Goving Dhamanmal Gajria |
|
5000 |
|
Vinod S Mayani |
|
1000 |
|
Leena Arun Bhatia |
|
1000 |
|
Arun Bhatia |
|
3000 |
|
Chandu Ramchand Gehani |
|
4000 |
|
R D Patel |
|
1000 |
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K P Shamsuddeen |
|
10000 |
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Rashmi Parakh |
|
10000 |
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Man Diesel and Turbo BE, |
|
11750900 |
As on 29.06.2010
|
Category |
Percentage |
|
Foreign holdings( Foreign institutional
investor(s), Foreign companie(s) Foreign financial institution(s),
Non-resident Indian(s) or Overseas Corporate bodies or Others |
75.00 |
|
Bodies corporate |
20.00 |
|
Directors or relatives of Directors |
5.00 |
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Total |
100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer of Engine Spare Parts |
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Products : |
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Terms : |
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Selling : |
Cash / Credit (30 / 60 / 90 days) |
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Purchasing : |
Cash / Credit (30 / 60 / 90 days) |
GENERAL INFORMATION
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Customers : |
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No. of Employees : |
100 [Approximately] |
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Bankers : |
Not Available |
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Facilities : |
-- |
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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 : |
703, 7th Floor, Godrej Castlemaine, Next to Ruby Hall
Clinic, Bund Garden Road, Pune-411001, Maharashtra, India |
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Tel. No.: |
91-20-30585764 / 65 |
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Fax No.: |
91-20-30585775 |
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Holding Company : |
·
Man Diesel SE, Address: Stadbachstr. 1, D-86224, Tel No.: 91-821-3224357 Fax No.:91-821-3224240 E Mail: press@mandiesel.com |
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Fellow Subsidiaries : |
·
Man Diesel A/S Denmark ·
Man Diesel Metalock - ·
Man Diesel Holeby - ·
Man Diesel Limited, ·
Man Diesel SAS, France ·
Man Diesel ( ·
Man Diesel Middle East LLC - ·
Man Turbo India Limited, ·
MAN ·
MAN Diesel Italia SRI ·
MAN Diesel |
|
|
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|
Joint Venture |
MAN Diesel Power India Private Limited |
CAPITAL STRUCTURE
As on 31.12.2009
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
20,000,000 |
Equity Shares |
Rs. 10/- each |
Rs. 200.000 Millions |
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Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
16,000,000 |
Equity Shares |
Rs. 10/-
each |
Rs. 160.000
Millions |
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Note : 11,750,900 equity shares are held by holding
company MAN Diesel S E,
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.12.2009 |
31.12.2008 |
31.12.2007 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
160.000 |
160.000 |
160.000 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
297.935 |
166.719 |
58.073 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
457.935 |
326.719 |
218.073 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
0.000 |
0.000 |
0.000 |
|
|
2] Unsecured Loans |
0.000 |
0.000 |
0.000 |
|
|
TOTAL BORROWING |
0.000 |
0.000 |
0.000 |
|
|
DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
457.935 |
326.719 |
218.073 |
|
|
|
|
|
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APPLICATION OF FUNDS |
|
|
|
|
|
|
|
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FIXED ASSETS [Net Block] |
166.372 |
77.425 |
59.571 |
|
|
Capital work-in-progress |
5.193 |
16.203 |
11.072 |
|
|
|
|
|
|
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|
INVESTMENT |
0.050 |
0.050 |
0.050 |
|
|
DEFERREX TAX ASSETS |
4.512 |
2.468 |
3.757 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
150.592
|
1.111 |
0.951 |
|
|
Sundry Debtors |
209.733
|
229.316 |
102.529 |
|
|
Cash & Bank Balances |
60.128
|
81.285 |
73.841 |
|
|
Other Current Assets |
0.000 |
0.000 |
0.000 |
|
|
Loans & Advances |
66.496
|
38.404 |
36.273 |
|
Total
Current Assets |
486.949
|
350.116 |
213.594 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
|
59.619 |
19.305 |
|
|
Other Current Liabilities |
163.281
|
28.107 |
23.333 |
|
|
Provisions |
41.860
|
31.817 |
27.333 |
|
Total
Current Liabilities |
205.141
|
119.543 |
69.971 |
|
|
Net Current Assets |
281.808
|
230.573 |
143.623 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
457.935 |
326.719 |
218.073 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.12.2009 |
31.12.2008 |
31.12.2007 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
443.447 |
404.983 |
254.451 |
|
|
|
Other Income |
20.700 |
30.058 |
20.748 |
|
|
|
TOTAL (A) |
464.147 |
435.041 |
275.199 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of Sales and Service |
84.892 |
115.473 |
46.985 |
|
|
|
Operating, Administration and selling Expenses |
192.592 |
137.698 |
124.552 |
|
|
|
TOTAL (B) |
277.484 |
253.171 |
171.537 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
186.663 |
181.870 |
103.662 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
0.088 |
1.204 |
0.994 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
186.575 |
180.666 |
102.668 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
18.999 |
13.475 |
8.474 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
167.576 |
164.191 |
94.194 |
|
|
|
|
|
|
|
|
|
Less |
TAX (I) |
36.361 |
58.545 |
35.198 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-I) (J) |
131.215 |
108.646 |
58.996 |
|
|
|
|
|
|
|
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|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
163.719 |
55.073 |
(3.923) |
|
|
|
|
|
|
|
|
|
|
BALANCE CARRIED
TO THE B/S |
294.934 |
163.719 |
55.073 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
Commission Earnings |
93.139 |
77.110 |
|
|
|
|
Service Income |
161.927 |
154.372 |
|
|
|
|
TOTAL EARNINGS |
255.066 |
231.482 |
161.946 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
Components for Diesel Engines / D.G. Sets |
134.352 |
0.000 |
-- |
|
|
|
Trading Spares |
55.987 |
41.196 |
-- |
|
|
|
Capital Goods |
4.455 |
4.419 |
-- |
|
|
|
Consumables |
0.000 |
0.296 |
-- |
|
|
|
TOTAL IMPORTS |
194.794 |
45.911 |
NA |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
8.20 |
6.79 |
3.69 |
|
|
Particulars |
|
|
31.12.2010 |
|
|
|
|
|
|
Sales Turnover |
|
|
500.000 |
|
|
|
|
|
Expected Sales (2011 - 2012) : Rs.550.000 millions
KEY RATIOS
|
PARTICULARS |
|
31.12.2009 |
31.12.2008 |
31.12.2007 |
|
PAT / Total Income |
(%) |
28.27
|
24.97 |
21.44 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
37.79
|
40.54 |
37.02 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
25.65
|
38.40 |
34.48 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.37
|
0.50 |
0.43 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
0.45
|
0.37 |
0.32 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
2.37
|
2.93 |
3.05 |
LOCAL AGENCY FURTHER INFORMATION
Sundry Creditors
(Rs.in millions)
|
Particulars |
31.12.2009 |
31.12.2008 |
31.12.2007 |
|
|
|
|
|
|
Total Outstanding dues of micro
enterprises and small enterprises |
NA |
0.000 |
0.091 |
|
Total Outstanding dues of Creditors other
than micro enterprises and small enterprises |
NA |
59.619 |
19.214 |
|
|
|
|
|
|
Total |
NA
|
59.619
|
19.305 |
Operations in the
Year under Review
The company has been able to achieve 7% higher turnover of Rs.464.150
millions [previous year Rs.432.040 million] with a profit of Rs.186.570 million
before depreciation and taxes as against 177.670 million in the previous year.
This has been possible because of increased revenues generated from engineering
and after sales activities both for power plant and marine sector.
Prospects :
The products and services of the company are well demand in spite of
global recession. The prime serv centres in Mumbai, Vizag,
Contingent Liabilities :
Contingent Liabilities not provided for in
respect of income tax matters – Rs.11.163 million [as on 31.12.2009]
Fixed Assets:
·
·
Buildings
·
Plant and Machinery
·
Electrical Machinery and
Installations
·
Furniture and Fixture
·
Office Equipments
·
Computers
·
Refrigerators and Air
Conditioners
·
Vehicles
·
Software
·
Drawings
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.44.30 |
|
|
1 |
Rs.73.89 |
|
Euro |
1 |
Rs.65.57 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
5 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
6 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
5 |
|
--CREDIT LINES |
1~10 |
6 |
|
--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 |
|
49 |
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.