MIRA
INFORM REPORT
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Report Date : |
11.05.2011 |
IDENTIFICATION DETAILS
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Name : |
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Registered Office : |
L 52/55, Verna Industries Estate, Phase –II, Verna, Salcete-403722, |
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Country : |
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Financials (as on) : |
31.12.2009 |
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Date of Incorporation : |
26.09.1996 |
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Com. Reg. No.: |
24-2193 |
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Capital Investment
/ Paid-up Capital : |
Rs.325.187
Millions |
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CIN No.: [Company
Identification No.] |
U29197GA1996PTC002193 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
BLRP05854C |
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PAN No.: [Permanent
Account No.] |
AABCS8856L |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Manufacturer and Exporter of water purification components. |
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No. of Employees
: |
800 [approximately] |
RATING & COMMENTS
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MIRA’s Rating : |
Ba (45) |
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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 6350000 |
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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 for normal 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.
INFORMATION PARTED BY
|
Name : |
Mr. Shailesh |
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Designation : |
Account Department |
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Date : |
10.05.2011 |
LOCATIONS
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Registered Office/ Factory: |
L - 52/55, Verna Industries Estate, Phase –II, Verna, Salcetta -
403722, |
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Tel. No.: |
91-832-2883300 |
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Fax No.: |
91-832-2883312 |
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E-Mail : |
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Website : |
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Location : |
Owned |
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Corporate Office
: |
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Tel. No.: |
91-120-4199444 |
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Fax No.: |
91-120-4199400 |
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E-Mail : |
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Website : |
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Regional Sales Office : |
A-25, Mohan C-operative Industrial Estate, New Delhi-110044, |
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Tel. No.: |
91-11-66118800 |
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Fax No.: |
91-11-66118822 |
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Regional Sales Offices |
Located at:- |
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Industrial Business Unit/ CodeLine : |
Located at:- ·
Ahmedabad ·
·
Chennai ·
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Overseas Office : |
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Tel. No.: |
+1[763]545-1730 |
DIRECTORS
As on 30.06.2010
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Name : |
Mr. Babu Suri Gopi |
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Designation : |
Director |
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Address : |
G-6, Arshad Co-operative Society, Madel, Margao-403722, |
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Date of Birth/Age : |
23.11.1967 |
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Qualification : |
ICWA/ MBA |
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Experience : |
19 Years |
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Date of Appointment : |
20.05.2000 |
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Previous Employment: |
Sreerman Sethu Madhavan |
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Name : |
Mr. Lynde Louis Ainsworth |
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Designation : |
Director |
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Address : |
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Date of Birth/Age : |
31.08.1947 |
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Date of Appointment : |
07.10.2002 |
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Name : |
Mr. Richard James Cathcart |
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Designation : |
Director |
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Address : |
1695, |
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Date of Birth/Age : |
28.09.1944 |
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Date of Appointment : |
20.12.1999 |
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Name : |
Mr. Vankata Rao GMK |
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Designation : |
Director |
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Address : |
Flat C2, Block A, Sun Dew Apartment, Near Cine Vishant,
Margao-403601, South Goa, |
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Date of Birth/Age : |
01.06.1977 |
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Date of Appointment : |
01.07.2005 |
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Name : |
Mr. John MA Changheng |
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Designation : |
Director |
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Address : |
200, Chaun Shen RD, # 140, Yun, Jian Shui, Zuang, Shanghai-PRC200120,
China |
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Date of Birth/Age : |
14.08.1962 |
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Date of Appointment : |
29.06.2006 |
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Name : |
Juan Francisco Brondo |
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Designation : |
Director |
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Address: |
2324 Red River Dr, Mission TX, Texas-78572, |
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Date of Birth/Age : |
17.10.1961 |
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Date of Appointment : |
22.03.2010 |
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Name : |
Ms. Angela Dee Lageson |
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Designation : |
Director |
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Address: |
21 Ludlow Ave, St Paul, Minnesota-55108, |
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Date of Birth/Age : |
11.09.1968 |
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Date of Appointment : |
22.03.2010 |
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Name : |
Mr. Maruthi |
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Designation : |
Director |
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Address: |
C-2, Block-A, Sundew Apartments, Margao-403601, |
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Date of Birth/Age : |
01.06.1977 |
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Date of Appointment : |
30.06.2008 |
KEY EXECUTIVES
|
Name : |
Mr. Shailesh |
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Designation : |
Account Department |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 30.06.2010
|
Names of Shareholders |
No. of
Preferences Shares |
No. of Equity
Shares |
|
EPPS Limited, |
-- |
3999980 |
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Pentair Water Treatment (OH) Company, |
-- |
14211120 |
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Pentair Water Treatment (OH) Company, |
14307616 |
-- |
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Total |
14307616 |
18211100 |
As on 30.06.2010
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Equity Share Breakup |
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Percentage of Holding |
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Category |
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Foreign holdings [Foreign institutional investors, Foreign Companies, Foreign Financial Institutions, Non-resident Indian or Overseas corporate bodies or others] |
|
100.00 |
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Total |
|
100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer of water purification components. |
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Products : |
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Exports : |
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Products : |
Water Purification Components |
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Countries : |
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Imports : |
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Products : |
Raw Material |
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Countries : |
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Terms : |
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Selling : |
Credit [30 to 40 days ] |
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Purchasing : |
Credit [30 to 40 days ] |
PRODUCTION STATUS AS ON (As on 31.12.2009)
|
Particulars |
Unit |
Installed
Capacity |
Actual
Production |
|
Components for water treatment |
Nos. |
300000 |
73143 |
GENERAL INFORMATION
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Customers : |
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No. of Employees : |
800 (approximately) |
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Bankers : |
Bank of |
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Facilities : |
Note: Secured by
hypothecation of vehicle [(Amounting falling due within one year Rs.0.004
millions (as at 31st December, 2008 Rs.0.044 millions)] |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
Deloitte Haskins and Sells Chartered Accountant |
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Address : |
12, |
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Tel. No.: |
91-22-56679000 |
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Fax No.: |
91-22-56679025 |
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Associates/Subsidiaries : |
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Ultimate Holding Company: |
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Holding Company: |
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Fellow Subsidiary: |
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CAPITAL STRUCTURE
As on 30.06.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
24000000 |
Equity Shares |
Rs.10/- each |
Rs.240.000 Millions |
|
22500000 |
Preferences Shares |
Rs.10/- each |
Rs.225.000 Millions |
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Total |
|
Rs.465.000
Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
18211100 |
Equity Shares (of which 14,211,120 shares are held by the Holding Company - Pentair Water Treatment (OH) Company, USA, Pentair Inc. |
Rs.10/- each |
Rs.182.111
Millions |
|
14307616 |
Preferences Shares [Note : The Zero percent Redeemable
Preference shares are redeemable at the end of fourteen years from the date
of allotment thereof or earlier at the option of the company] |
Rs.10/- each |
Rs.143.076
Millions |
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Total |
|
Rs.325.187 Millions |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.12.2009 |
31.12.2008 |
31.12.2007 |
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|
SHAREHOLDERS FUNDS |
|
|
|
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1] Share Capital |
325.187 |
325.187 |
325.187 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
1264.094 |
978.762 |
728.106 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
1589.281 |
1303.949 |
1053.293 |
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LOAN FUNDS |
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1] Secured Loans |
0.004 |
0.048 |
0.308 |
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2] Unsecured Loans |
0.000 |
0.000 |
0.000 |
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TOTAL BORROWING |
0.004 |
0.048 |
0.308 |
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DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
10.941 |
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TOTAL |
1589.285 |
1303.997 |
1064.542 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
308.565 |
259.438 |
280.191 |
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Capital work-in-progress |
25.341 |
12.778 |
5.139 |
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INVESTMENT |
0.074 |
0.074 |
0.074 |
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DEFERREX TAX ASSETS |
20.472 |
12.762 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
176.543
|
249.386 |
132.734
|
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Sundry Debtors |
604.410
|
849.429 |
424.650
|
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Cash & Bank Balances |
541.983
|
418.274 |
499.153
|
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Other Current Assets |
0.000
|
0.000 |
0.000
|
|
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Loans & Advances |
315.302
|
119.302 |
78.436
|
|
Total
Current Assets |
1638.238
|
1636.391 |
1134.973 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
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|
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|
Sundry Creditors |
283.078
|
483.750 |
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Other Current Liabilities |
7.820
|
4.633 |
319.200
|
|
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Provisions |
112.507
|
129.063 |
36.635
|
|
Total
Current Liabilities |
403.405
|
617.446 |
355.835
|
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Net Current Assets |
1234.833
|
1018.945 |
779.138
|
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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TOTAL |
1589.285 |
1303.997 |
1064.542 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.12.2009 |
31.12.2008 |
31.12.2007 |
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SALES |
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Income |
1793.080 |
1820.630 |
1311.820 |
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PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION |
484.550 |
430.780 |
210.590 |
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Less/ Add |
DEPRECIATION/
AMORTISATION |
46.580 |
48.020 |
48.020 |
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PROFIT BEFORE
TAX |
437.970 |
382.760 |
162.570 |
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Less |
TAX |
152.640 |
132.100 |
45.510 |
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PROFIT AFTER TAX
|
285.330 |
250.660 |
117.060 |
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Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
976.260 |
725.600 |
608.540 |
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BALANCE CARRIED
TO THE B/S |
1261.590 |
976.260 |
725.600 |
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EARNINGS IN
FOREIGN CURRENCY |
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FOB value of exports |
1533.065 |
1507.384 |
NA |
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IMPORTS |
|
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Raw Materials |
300.416 |
426.977 |
NA |
|
|
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Stores & Spares |
6.094 |
9.989 |
NA |
|
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|
Capital Goods |
38.715 |
6.000 |
NA |
|
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TOTAL IMPORTS |
345.225 |
442.966 |
NA |
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Earnings Per
Share (Rs.) |
8.77 |
7.70 |
NA |
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Particulars |
|
31.12.2011 [Expected] |
31.12.2010 |
|
Sales Turnover [Approximately ] |
|
1660.000 |
1550.000 (Less order
received) |
The above information has been parted by Mr. Shailesh [Accounts Department]
KEY RATIOS
|
PARTICULARS |
|
31.12.2009 |
31.12.2008 |
31.12.2007 |
|
Net Profit Margin (PBT/Sales) |
(%) |
24.43
|
21.02 |
12.39
|
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Return on Total Assets (PBT/Total Assets} |
(%) |
22.50
|
20.19 |
11.49
|
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Return on Investment (ROI) (PBT/Networth) |
|
0.28
|
0.29 |
0.15
|
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Debt Equity Ratio (Total Liability/Networth) |
|
0.25
|
0.47 |
0.34
|
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Current Ratio (Current Asset/Current Liability) |
|
4.06
|
2.65 |
0.38
|
LOCAL AGENCY FURTHER INFORMATION
Details of Sundry Creditors:
(Rs. in millions)
|
Particulars |
31.12.2009 |
31.12.2008 |
31.12.2007 |
|
Sundry Creditors |
|
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|
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Total outstanding
dues of creditors other than micro enterprises |
283.078 |
483.750 |
NA |
Note: The registered
office of the company has been shifted from B-9/A, 7th Floor, Tower
B, Sector 62, Noida-201301,
OPERATING RESULTS
AND FUTURE OUTLOOK:
The past year was full of turbulence in global market place as an
aftermath of global financial crisis and the consequential recession in certain
parts of the world. The company, having
a global footprint, has undoubtedly been impacted by that turbulence and it
shows up in the results for the year under review. There is a minor decline in
net sales of 1.5% over the corresponding value of Year 2008. The decline is
primarily on account of slowdown in export of Codeline vessels into the Europe
and
However, the profitability of the
company registered an increase as Profit before Tax (PBT) grew by 14.4%.
The PBT of the company for 2009 stood at
its highest ever at Rs. 437. 97 million as compared to Rs. 382.76 million of
last year. Productivity improvements and a favorable forex impact from
depreciated rupee have helped the company to record its highest ever margins.
Having achieved good performance on profitability, they are acutely conscious of the turmoil in market and its possible effect on their business. In the present circumstances, proactive management and mitigation of prevailing risk assumes greater significance and demands their greater focus. they will continue to be on lookout for early signs of recovery and synchronize their operations accordingly.
The company plans to sustain the productivity gains achieved during previous year and to further build upon it by continuing rationalization of product mix and the optimizing operation processes. Focused action on productivity gains by product and process improvements will help them to achieve stringent cost reduction targets that they have set for their selves. they intend to leverage the benefits accruing out of productivity improvement by providing better price and services to their customers as the markets start looking up. they look forward to the challenges that prevail in the market and will continue their efforts for sustaining turnover and profitability.
During the year, the performance of the Centre for Design
and Research division of the company was in line with the expectations.
Fixed Assets:
·
·
Building
·
Plant and Machinery
·
Office Equipment
·
Furniture and Fixture
·
Motor Vehicles
·
Goodwill
·
Computer Software
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.44.73 |
|
|
1 |
Rs.73.20 |
|
Euro |
1 |
Rs.63.90 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
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 |
|
45 |
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.