|
Report Date : |
13.04.2012 |
IDENTIFICATION DETAILS
|
Name : |
EATON TECHNOLOGIES PRIVATE LIMITED |
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|
Registered
Office : |
Cluster C, Wing 1, Eon Free Zone, Plot No. 1, Survey No 77, |
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Country : |
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Financials (as
on) : |
31.03.2011 |
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Date of
Incorporation : |
09.02.2005 |
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Com. Reg. No.: |
020272 |
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Capital
Investment / Paid-up Capital : |
Rs.0.950 Million |
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|
|
|
CIN No.: [Company Identification
No.] |
U29299PN2005PTC020272 |
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|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
PNEE01610A |
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PAN No.: [Permanent Account No.] |
AASCE4323Q |
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Legal Form : |
Private Limited Liability Company |
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|
Line of Business
: |
Service Provider of Pumps Pumping
Equipment. |
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|
|
|
No. of Employees
: |
Not Divulged |
RATING & COMMENTS
|
MIRA’s Rating : |
A (65) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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 |
|
Maximum Credit Limit : |
USD 23290456 |
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|
Status : |
Good |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Subject is a well established company having fine track. Financial
position of the company appears to be sound. Trade relations are reported ad
fair. Business is active. Payments are reported to be usually correct and as
per commitments. The company can be considered good 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.
INFORMATION DECLINED BY
Management Non Co-operative (Name not disclosed)
LOCATIONS
|
Registered Office : |
Cluster C, Wing 1, Eon Free Zone, Plot No. 1, Survey No 77, MIDC Kharadi Knowledge Park, Kharadi,
Pune – 411014, Maharashtra,
India |
|
Tel. No.: |
91-20-66337000 |
|
Fax No.: |
91-20-66338585/66338181 |
|
E-Mail : |
DIRECTORS
AS ON 29.08.2011
|
Name : |
Mr. Ajay Shriram Patil
|
|
Designation : |
Director |
|
Address : |
FL 39, Building 4A/2, New Ajanta Avenue, Kothrud, Pune – 411029, Maharashtra, India |
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Date of Birth/Age : |
12.12.1964 |
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Date of Appointment : |
10.01.2007 |
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Date of Ceasing : |
05.02.2011 |
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|
|
|
Name : |
Mr. David Brooke Foster |
|
Designation : |
Additional Director |
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Address : |
700 Bi Yun Lu, Green Vilas, B-10, Shanghai
201206, China |
|
Date of Birth/Age : |
09.05.1971 |
|
Date of Appointment : |
20.06.2011 |
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Date of Ceasing : |
05.08.2011 |
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|
|
|
Name : |
Mr. Arun Kumar Jaura
|
|
Designation : |
Whole Time Director |
|
Address : |
B/2401, 24th Floor, Mahindra Eminante Estate, S V Road, Near Patkar
College, Goregaon West, Mumbai – 400062, Maharashtra, India |
|
Date of Birth/Age : |
29.08.1960 |
|
Date of Appointment : |
30.06.2009 |
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|
|
|
Name : |
Mr. Neeraj Goel |
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Designation : |
Whole Time Director |
|
Address : |
KM – 173, Kavi Nagar,
Ghaziabad – 201002, Uttar Pradesh, India |
|
Date of Birth/Age : |
15.07.1971 |
|
Date of Appointment : |
20.01.2011 |
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|
|
|
Name : |
Mr. Raja Kumar |
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Designation : |
Whole Time Director |
|
Address : |
Apartment A 701, Waterfront Condominiums, Survey No. 59/60, Kalyani Nagar, Pune – 411006, Maharashtra,
India |
|
Date of Birth/Age : |
23.08.1958 |
|
Date of Appointment : |
11.11.2009 |
|
|
|
|
Name : |
Mr. Curtis Hutchins |
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Designation : |
Director |
|
Address : |
No.332, Lane 418, East Jin Xiu Road,
Shanghai – 200135, China |
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Date of Birth/Age : |
05.05.1965 |
|
Date of Appointment : |
11.11.2009 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 29.08.2011
|
Names of Shareholders |
|
No. of Shares |
|
ETN Holding 3 Limited, Mauritius |
|
94999 |
|
Eaton Worldwide LLC, USA |
|
1 |
|
Total |
|
95000 |
AS ON 29.08.2011
|
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 |
100.00 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Service Provider of Pumps Pumping
Equipment. |
GENERAL INFORMATION
|
No. of Employees : |
Not Divulged |
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Bankers : |
Not Divulged |
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Facilities : |
(A) Short Term Loan Taken From Group Companies (Due within
one year Rs. 223.729 Millions (previous year
Rs.1,436.741 Millions) |
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Banking
Relations : |
-- |
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|
|
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Auditors : |
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|
Name : |
S.R. Batliboi and Associates Chartered Accountant |
|
Address : |
C - 401, Fourth Floor, Panchshil Tech Park, Yerwada, Pune – 411006, Maharashtra, India |
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|
|
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Parties Where
Control Exists : |
· Eaton International Corporation, USA · Vickers Systems Limited, New Zealand · Eaton Power Quality Private Limited, India · Eaton Limited, UK · Eaton (China) Investments Company Limited, China · Eaton Industrial Systems Private Limited, India · Eaton Industries Private Limited, India ·
Eaton Fluid Power Limited, India ·
Eaton Industries Manufacturing GmbH, India
(Branch office) |
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|
|
|
Fellow Subsidiaries : |
· Eaton Industries Pty. Limited, Australia · Eaton Industries Pte. Limited, Singapore · Eaton Industries Sdn. Bhd., Malaysia · Eaton Industries Company, New Zealand · Shanghai Eaton Engine Components Co., Limited., China · Eaton Automotive Components Spolka z o.o., Poland · Eaton Industries (Thailand) Limited., Thailand · Eaton Industries (Wuxi) Co., Limited., China · Eaton Industries Manufacturing G.m.b.H, Switzerland ·
Eaton Corporation - Indonesian Representative
Office Branch, Indonesia |
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|
|
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Ultimate Holding
Company: |
Eaton Corporation, USA |
|
|
|
|
Holding Company : |
ETN Holding 3 Limited, Mauritius |
CAPITAL STRUCTURE
AS ON 29.08.2011
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
95000 |
Equity Shares |
Rs.10/- each |
Rs.0.950 Million |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
95000 |
Equity Shares |
Rs.10/- each |
Rs.0.950 Million |
|
|
|
|
|
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
0.950 |
1.000 |
1.000 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
5821.664 |
3951.523 |
1743.269 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
5822.614 |
3952.523 |
1744.269 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
0.000 |
0.000 |
0.000 |
|
|
2] Unsecured Loans |
223.729 |
1437.347 |
1752.142 |
|
|
TOTAL BORROWING |
223.729 |
1437.347 |
1752.142 |
|
|
DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
6046.343 |
5389.870 |
3496.411 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
369.584 |
424.109 |
458.425 |
|
|
Capital work-in-progress |
2.503 |
0.574 |
5.319 |
|
|
|
|
|
|
|
|
INVESTMENT |
852.199 |
807.967 |
0.000 |
|
|
DEFERREX TAX ASSETS |
16.860 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
0.000
|
0.000 |
0.000 |
|
|
Sundry Debtors |
1140.117
|
987.595 |
765.637 |
|
|
Cash & Bank Balances |
1114.670
|
1495.410 |
853.278 |
|
|
Other Current Assets |
148.855
|
145.979 |
121.433 |
|
|
Loans & Advances |
2779.175
|
1818.474 |
1554.935 |
|
Total
Current Assets |
5182.817
|
4447.458 |
3295.283 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
208.750
|
168.236 |
173.041 |
|
|
Other Current Liabilities |
80.555
|
55.537 |
47.902 |
|
|
Provisions |
88.315
|
66.465 |
41.673 |
|
Total
Current Liabilities |
377.620
|
290.238 |
262.616 |
|
|
Net Current Assets |
4805.197
|
4157.220 |
3032.667 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
6046.343 |
5389.870 |
3496.411 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
|
|
SALES |
|
|
|
|
|
|
|
TOTAL |
4565.750 |
3475.830 |
2462.050 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
TOTAL |
NA |
NA |
NA |
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX |
2905.050 |
2272.750 |
1535.380 |
|
|
|
|
|
|
|
|
|
Less |
TAX |
59.660 |
52.840 |
33.610 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
|
2845.390 |
2219.910 |
1501.770 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
3726.480 |
1743.270 |
241.500 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Transfer to General Reserve |
0.000 |
225.050 |
0.000 |
|
|
|
Dividend |
0.000 |
10.000 |
0.000 |
|
|
|
Tax on Dividend |
0.000 |
1.670 |
0.000 |
|
|
|
Transfer to Capital Redemption Reserve |
0.050 |
0.000 |
0.000 |
|
|
|
Amount utilized on
buyback of equity shares |
975.250 |
0.000 |
0.000 |
|
|
BALANCE CARRIED
TO THE B/S |
5596.570 |
3726.480 |
1743.270 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Export Earnings |
4270.691 |
3322.865 |
NA |
|
|
TOTAL EARNINGS |
4270.691 |
3322.865 |
NA |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Capital Goods |
40.552 |
36.559 |
NA |
|
|
TOTAL IMPORTS |
40.552 |
36.559 |
NA |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
29132 |
22199 |
-- |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
PAT / Total Income |
(%) |
62.32
|
63.87 |
60.99 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
NA
|
NA |
NA |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
52.32
|
46.65 |
40.90 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.50
|
0.57 |
0.88 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
0.10
|
0.44 |
1.15 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
13.72
|
15.32 |
12.54 |
LOCAL AGENCY FURTHER INFORMATION
DETAILS OF SUNDRY
CREDITORS
(Rs. In Millions)
|
Particulars |
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
Sundry Creditors |
|
|
|
|
Creditors due small micro enterprises |
208.750
|
168.236 |
173.041 |
|
Creditors due others |
0.000 |
0.000 |
0.000 |
|
Check List by
Info Agents |
Available in
Report (Yes / No) |
|
1) Year of Establishment |
Yes |
|
2) Locality of the firm |
Yes |
|
3) Constitutions of the firm |
Yes |
|
4) Premises details |
No |
|
5) Type of Business |
Yes |
|
6) Line of Business |
Yes |
|
7) Promoter's background |
Yes |
|
8) No. of employees |
No |
|
9) Name of person contacted |
No |
|
10) Designation of contact person |
No |
|
11) Turnover of firm for last three years |
Yes |
|
12) Profitability for last three years |
Yes |
|
13) Reasons for variation <> 20% |
-- |
|
14) Estimation for coming financial year |
No |
|
15) Capital in the business |
Yes |
|
16) Details of sister concerns |
Yes |
|
17) Major suppliers |
No |
|
18) Major customers |
No |
|
19) Payments terms |
No |
|
20) Export / Import details (if
applicable) |
-- |
|
21) Market information |
-- |
|
22) Litigations that the firm / promoter involved
in |
-- |
|
23) Banking Details |
No |
|
24) Banking facility details |
Yes |
|
25) Conduct of the banking account |
-- |
|
26) Buyer visit details |
-- |
|
27) Financials, if provided |
Yes |
|
28) Incorporation details, if applicable |
Yes |
|
29) Last accounts filed at ROC |
Yes |
|
30) Major Shareholders, if available |
Yes |
OPERATIONS
The Company reported revenues of Rs.
4565.750 Millions (31% over last year). During the year, the Company’s
operations continued to grow and expand. The year over year (YoY) increase was primarily driven by a increase in revenue
from the Engineering Centre division and the Support Services rendered by the
Company. The YoY increase is also attributable to
increase in interest and dividend income due to enhanced cash deployment.
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.51.44 |
|
|
1 |
Rs.81.96 |
|
Euro |
1 |
Rs.67.60 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
7 |
|
PAID-UP CAPITAL |
1~10 |
7 |
|
OPERATING SCALE |
1~10 |
7 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
7 |
|
--PROFITABILIRY |
1~10 |
8 |
|
--LIQUIDITY |
1~10 |
7 |
|
--LEVERAGE |
1~10 |
7 |
|
--RESERVES |
1~10 |
8 |
|
--CREDIT LINES |
1~10 |
7 |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
NO |
|
--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 |
|
65 |
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.