MIRA
INFORM REPORT
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Report Date : |
21.09.2012 |
IDENTIFICATION DETAILS
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Name : |
PARKER HANNIFIN INDIA PRIVATE LIMITED |
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Registered
Office : |
EL 26, MIDC Electronic Zone, TTC Industrial Area, Mahape, Navi Mumbai
– 400701, |
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Country : |
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Financials (as
on) : |
31.03.2011 |
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Date of
Incorporation : |
17.01.1989 |
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Com. Reg. No.: |
11-050377 |
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Capital
Investment / Paid-up Capital : |
Rs.487.887 Millions |
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CIN No.: [Company Identification
No.] |
U29119MH1989PTC050377 |
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TAN No.: [Tax Deduction &
Collection Account No.] |
MUMP10093G |
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Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Manufacturer and Exporter of Engineering Products. |
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No. of Employees
: |
200 (Approximately) (In Office + In Factory) |
RATING & COMMENTS
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MIRA’s Rating : |
Ba (51) |
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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 4700000 |
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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 an established company having fine track. General financial
positions of the company is good. Trade relations are reported as fair.
Business is active. Payments are reported to be regular 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 – June 30, 2012
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Country Name |
Previous Rating (31.03.2012) |
Current Rating (30.06.2012) |
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India |
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 |
INDIAN ECONOMIC OVERVIEW
India is developing into an open-market economy, yet traces of
its past autarkic policies remain. Economic liberalization, including
industrial deregulation, privatization of state-owned enterprises, and reduced
controls on foreign trade and investment, began in the early 1990s and has
served to accelerate the country's growth, which has averaged more than 7% per
year since 1997. India's diverse economy encompasses traditional village
farming, modern agriculture, handicrafts, a wide range of modern industries,
and a multitude of services. Slightly more than half of the work force is in
agriculture, but services are the major source of economic growth, accounting
for more than half of India's output, with only one-third of its labor force.
India has capitalized on its large educated English-speaking population to become
a major exporter of information technology services and software workers. In
2010, the Indian economy rebounded robustly from the global financial crisis -
in large part because of strong domestic demand - and growth exceeded 8%
year-on-year in real terms. However, India's economic growth in 2011 slowed
because of persistently high inflation and interest rates and little progress
on economic reforms. High international crude prices have exacerbated the
government's fuel subsidy expenditures contributing to a higher fiscal deficit,
and a worsening current account deficit. Little economic reform took place in
2011 largely due to corruption scandals that have slowed legislative work.
India's medium-term growth outlook is positive due to a young population and
corresponding low dependency ratio, healthy savings and investment rates, and
increasing integration into the global economy. India has many long-term
challenges that it has not yet fully addressed, including widespread poverty,
inadequate physical and social infrastructure, limited non-agricultural
employment opportunities, scarce access to quality basic and higher education,
and accommodating rural-to-urban migration.
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Source
: CIA |
RBI DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available RBI Defaulters’ list.
EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of
31-03-2012.
INFORMATION PARTED BY
|
Name : |
Mr. Vishwanath Iyer |
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Designation : |
Account Officer |
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Contact No.: |
91-22-65137081 |
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Date : |
22.02.2012 |
LOCATIONS
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Registered/ Division
Headquarters 1/ Factory 1/ Sales Office 1 : |
EL 26, MIDC Electronic Zone, TTC Industrial Area, Mahape, Navi Mumbai
– 400701, Maharashtra, India |
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Tel. No.: |
91-22-65137081/ 65137083/ 65137082/ 65137084 |
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Fax No.: |
91-22-27686841 |
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E-Mail : |
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Website : |
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Area : |
40000 sq. fts. |
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Location : |
Owned |
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Division
Headquarters 2/ Factory 2 / Sales Office 2 : |
SSD DRIVES
DIVISION 151 and 157
Developed Plots, Perungudi, Chennai – 600096, Tamilnadu, India |
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Tel. No.: |
91-44-43910799 |
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Fax No.: |
91-44-43910700 |
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Division Headquarters
3/ Factory 3 / Sales Office 3: |
FLUID CONNECTORS INDIA, MFG BU Plot 26-29, 16A
and 18-19, Phase IV, IDA Patancheru, Hyderabad - 502319, Andhra Pradesh, India |
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Tel. No.: |
91-84-55248700 |
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Fax No.: |
91-84-55248789 |
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Factory 4 : |
Annapurna Kenmore,
19B IDA Balangar, Hyderabad – 500037, Andhra Pradesh, India |
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Tel. No.: |
91-40-40073330 |
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Fax No.: |
91-40-3700827 |
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Factory 5 : |
Chomerics Division
No.1465/2B1, Sriperumbudur Village, Sriperumbudur Taluk, Chennai - 602105, Tamilnadu,
India |
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Factory 6 : |
###USE 688287, Hyderabad – 502319, Andhra Pradesh, India |
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Tel No.: |
91-84-5248700 |
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Fax No.: |
91-84-5248789 |
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Sales Offices : |
Also Located at : ·
Hyderabad ·
Bandlaguda |
DIRECTORS
As on 30.12.2011
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Name : |
Mr. Ashok Chhaganlal Pratap |
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Designation : |
Director |
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Address : |
Ruby Mansion, 3rd Floor, Darabsha Lane, Napean Sea Road,
Mumbai – 400036, Maharashtra, India |
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Date of Birth/Age : |
02.10.1940 |
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Date of Appointment : |
17.01.1989 |
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DIN No.: |
00107906 |
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Other Directorship :
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Name : |
Ms. Parul Satish Nanabhai |
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Designation : |
Director |
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Address : |
Indus, Pheroz Shah Mehta Road, Santacruz (West), Mumbai – 400054,
Maharashtra, India |
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Date of Birth/Age : |
04.12.1957 |
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Date of Appointment : |
17.01.1989 |
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DIN No.: |
00320158 |
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Other Directorship :
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Name : |
Mr. Bhalasingam Sivapalan |
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Designation : |
Director |
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Address : |
Flat No.401, Gamma Jaya Behri, Silicon Country, Madhapur, Hyderabad –
500034, Andhra Pradesh, India |
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Date of Birth/Age : |
19.11.1959 |
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Date of Appointment : |
14.06.2007 |
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DIN No.: |
01790430 |
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Other Directorship :
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Name : |
Arijit Diptimoy Sen |
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Designation : |
Managing director |
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Address : |
1C, Farah Fort Manor, 20, 1st Main Road, Jayamahal
Extension, Bangalore – 560046, Karnataka, India |
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Date of Birth/Age : |
17.11.1957 |
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Date of Appointment : |
07/01/2008 |
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DIN No.: |
02097059 |
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Other Directorship :
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Name : |
Mr. Thomas Anthony Piraino JR |
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Designation : |
Director |
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Address : |
2357, Delamere Road, Cleveland, Ohio – 44106, United States of America
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Date of Birth/Age : |
12.07.1949 |
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Date of Appointment : |
27.08.1998 |
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DIN No.: |
02593802 |
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KEY EXECUTIVES
|
Name : |
Mr. Vishwanath Iyer |
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Designation : |
Account Officer |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 31.12.2011
|
Names of Shareholders |
No. of Shares |
|
Parker Hannifin Corporation, USA |
24 |
|
Parker Hannifin Singapore Pte Limited, Singapore |
48788676 |
|
Total |
48788700 |
Equity Share Break up (Percentage of Total Equity)
As on 31.12.2010
|
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 |
100.00 |
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Total |
100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer and Exporter of Engineering Products. |
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Products : |
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Exports : |
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Products : |
Engineering Products |
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Countries : |
·
European Country ·
Gulf Country |
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Imports : |
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Products : |
Raw Material |
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Countries : |
·
China ·
Germany |
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Terms : |
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Selling : |
L/C, Cash and Credit (30 Days and 60 Days) |
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Purchasing : |
L/C, Cash and Credit (30 Days and 60 Days) |
PRODUCTION STATUS (As on
31.03.2011)
|
Particulars |
Unit |
Licensed
Capacity # |
Installed
Capacity ** |
|
Hydraulics Pumps |
PCS |
11000 |
11000 |
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Hydraulics Products |
PCS |
50000 |
150000 |
|
Hydraulic system |
PCS |
125 |
NIL |
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Pneumatic Accessories ## |
FT |
27000 |
60000 |
|
Hydraulic Hose |
Meters |
-- |
6300000 |
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Hydraulic Hose Fitting |
PCS |
-- |
864000 |
|
Hydraulic Hose Assembly |
PCS |
-- |
270000 |
Notes:-
Accessories # #
· # Based on acknowledgement fated 25.06.2004.
· # # Represents combined capacity of Pneumatics and CIC products and systems
· *represents combined capacity of hydraulics, fluid connector, filtration, Seals and Instrumentation products and systems
· * * based on double shift basis for 250 days in years
|
Particulars |
Unit |
Actual
Production |
|
CIC |
PCS |
2601 |
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Fluid Connectors |
PCS |
16560 |
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Filtration |
PCS |
893 |
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Hydraulics |
PCS/FT |
256469 |
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Instrumentation |
PCS |
1673 |
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Pneumatics |
PCS |
38056 |
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Seals |
PCS |
5789052 |
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Hydraulic Hose |
Meters |
6261932 |
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Hydraulic Hose Fittings |
PCS |
78670 |
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Hydraulic Hose Assembly |
PCS |
24848 |
GENERAL INFORMATION
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Customers: |
Manufacturers |
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No. of Employees : |
200 (Approximately) (In Office + In Factory) |
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Bankers : |
Citi Bank, Fort Branch, Mumbai, Maharashtra, India |
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Facilities : |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
Lovelock and Lewes Chartered Accountants |
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Address : |
252, Veer Savarkar Marg, Shivaji Park, Mumbai – 400028, Maharashtra,
India |
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PAN.: |
AABFL5878L |
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Holding Company
: |
Parke Hannifin Corporation |
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Fellow
Subsidiaries : |
· Parker Hannifin Limited-Hellaby, UK · Parker Hannifin Manufacturing Sweden Ab-Skovde, Sweden · Denison Calzoni-Bologna, France · Parker Hannifin New Zealand Limited ,New Zealand · Denison Hydraulics France SA, France · Parker Hannifin OY, Lokomec, Finland · Emi Therm Sdn. Bhd. -Selangor, Malaysia · Parker Hannifin Plc,Grantham, UK · Kuroda Pneumatics Limited, Japan · Parker Hannifin Plc-Devon, UK · Legris India Private Limited, India · Parker Hannifin Plc-Dewsbury, UK · Parker Filtration B.V.-Arlon, Netherland · Parker Hannifin Plc-Watford, UK · Parker Gas Seperation,Etten-Leur, Netherland · Parker Hannifin Rak Sa-Polyflex, France · Parker Hanifin Motion and Control-Shanghai, China · Parker Hannifin Rak, S.A.-Annemasse, France · Parker Hann Elec Matrl (Shenzhen)Company Limited, China · Parker Hannifin S.A. -Evreux Cedex ,France · Parker Hannfin Limited-Littlehampton, Germany · Parker Hannifin ( Thailand ) Company Limited-Rayong, Thailand · Parker Hannifin S.A., France · Parker Hannifin (Australia) Pty Limited-Castle Hill, Australia · Parker Hannifin S.P.A, Italy · Parker Hannifin S.P.A-Arsago Seprio, Italy · Parker Hannifin AB-Ulricehamn, Sweden · Parker Hannifin S.P.A-Balsamo, Italy · Parker Hannifin Africa Pty Limited, Africa · Parker Hannifin S.P.A-Corsico, Italy · Parker Hannifin Argentina, Argentina · Parker Hannifin S.P Z0.0.Ul-Warszawa,Poland · Parker Hannifin As-Berghagan, Norway · Parker Hannifin Thailand Company Limited ,Thailand · Parker Hannifin Connectors Limited, Korea · Parker ITR S.R.L., Italy · Parker Hannifin Corporation Chile Limited, Chile · Parker Korea Limited, Korea · Parker Kv Division-Keynes,UK Advanced Product NV · Parker Hannifin,Boom,Belgium · Parker Hannifin Europe Sarl-Etoy, Switzerland · Parker Lucifer Sa, Switzerland · Parker Middle East Fze ,Dubai · Parker Hannifin Gmbh and Co Kg-Geringswalde, Germany · Parker Seals A/S, Denmark · Parker Hannifin Gmbh and Company Kg -Schonborn, Germany · Parker Mining-West Midlands, UK · Parker Mobile Control Division-Gyeonggi, South Korea · Parker Hannifin Gmbh and Company KG-Herl, Germany · Parker Origa Pneumatic Gmbh-Wr.Neustadt, Austria · Parker Hannifin Gmbh and Company KG-Polyflex, Germany · Parker Polyflex Bv-Almelo, Netherland · Parker Hannifin Gmbh-Beilfield, Germany · Parker Pradifa Gmbh-Pradifa, Germany · Parker Hannifin Gmbh-Bielefield, Germany · Parker Sales (Ireland ) Limited-Dublin, Ireland · Parker Hannifin Gmbh-Cheminitz/Kaarst, Germany · Parker Hannifin Gmbh and Company Kg -Offenburg, Germany · Parker Hannifin Gmbh-Koln, Germany · Parker Tejing Hydraulics(Tianjin)Company Limited, Tianjin · Parker-Origa Gmbh,Filderstadt, Germany · Parker Hannifin Hong Kong Limited-Kowloon, Hong Kong · Ph Fluid Power Systems and Components, China · Parker Hannifin Ind(M) Sdn Bhd-Selangor Darul Ehsan, Malaysia · Parker Hannifin Ind. Com Limited, Brazil · PH Sterling Hydraulics Division,Somerset, UK · Parker Hannifin Ind. Com. Limiteda, Brazil · PH, Origa-Spanga, Sweden · Parker Hannifin Ind. E Com Limited, Brazil · Rectus Gmbh-Fluid Connectors Groupeurope-Nussdorf, Germany · Parker Hannifin Japan Limited-Minau KO, Japan · Shanghai Denison Hydraulics Co-Shanghai, China · Parker Hannifin Lda, Portugal · Ssd Parvex Sas-Dulac, France · Parker Hannifin Limited-Bucks, UK · Taiyo Limited, Japan |
CAPITAL STRUCTURE
As on 31.03.2011
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
56000000 |
Equity Shares |
Rs.10/- each |
Rs.560.000 Millions |
|
|
|
|
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Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
48788700 |
Equity Shares |
Rs.10/- each |
Rs.487.887
Millions |
|
|
|
|
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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 |
487.887 |
135.628 |
135.628 |
|
|
2] Share Suspense Account |
0.000 |
352.259 |
0.000 |
|
|
3] Reserves & Surplus |
677.464 |
455.596 |
95.645 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
5] Debenture Application Money |
0.000 |
0.000 |
236.977 |
|
|
NETWORTH |
1165.351 |
943.483 |
468.250 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
0.000 |
0.000 |
0.865 |
|
|
2] Unsecured Loans |
313.839 |
306.508 |
252.643 |
|
|
TOTAL BORROWING |
313.839 |
306.508 |
253.508 |
|
|
DEFERRED TAX LIABILITIES |
0.000 |
2.979 |
0.000 |
|
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|
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|
|
|
|
TOTAL |
1479.190 |
1252.970 |
721.758 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
525.730 |
547.190 |
293.149 |
|
|
Capital work-in-progress |
202.622 |
53.276 |
8.502 |
|
|
|
|
|
|
|
|
INVESTMENT |
0.000 |
0.000 |
0.000 |
|
|
DEFERREX TAX ASSETS |
7.832 |
0.000 |
14.575 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
600.378
|
500.644
|
385.791
|
|
|
Sundry Debtors |
662.358
|
563.063
|
261.781
|
|
|
Cash & Bank Balances |
295.990
|
76.023
|
39.023
|
|
|
Other Current Assets |
0.000 |
0.000 |
0.000 |
|
|
Loans & Advances |
188.749
|
155.038
|
119.677
|
|
Total
Current Assets |
1747.475
|
1294.768
|
806.272
|
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
817.513 |
519.247 |
312.597 |
|
|
Current Liabilities |
56.113
|
62.494
|
63.538
|
|
|
Provisions |
130.843
|
60.523
|
24.605
|
|
Total
Current Liabilities |
1004.469
|
642.264
|
400.740
|
|
|
Net Current Assets |
743.006
|
652.504
|
405.532
|
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
1479.190 |
1252.970 |
721.758 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
3451.385 |
2401.697 |
1540.491 |
|
|
|
Other Income |
77.865 |
62.766 |
2.110 |
|
|
|
TOTAL (A) |
3529.250 |
2464.463 |
1542.601 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
|
|
|
1072.769 |
|
|
|
Personnel Expenses |
|
|
179.544 |
|
|
|
Other Expenditure |
|
|
317.934 |
|
|
|
TOTAL (B) |
3069.413 |
2206.044 |
1570.247 |
|
|
|
|
|
|
|
|
Less |
PROFIT/(LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND
AMORTISATION (A-B) (C) |
459.837 |
258.419 |
(27.646) |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
31.505 |
31.973 |
39.298 |
|
|
|
|
|
|
|
|
|
|
PROFIT/(LOSS)
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
428.332 |
226.446 |
(66.944) |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
60.275 |
75.258 |
20.020 |
|
|
|
|
|
|
|
|
|
|
PROFIT/(LOSS)
BEFORE TAX (E-F) (G) |
368.057 |
151.188 |
(86.964) |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
146.189 |
57.598 |
(7.348) |
|
|
|
|
|
|
|
|
|
|
PROFIT/(LOSS)
AFTER TAX (G-H) (I) |
221.868 |
93.590 |
(79.616) |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
189.236 |
95.646 |
175.262 |
|
|
|
|
|
|
|
|
|
|
BALANCE CARRIED
TO THE B/S |
411.104 |
189.236 |
95.646 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Export Earnings |
525.483 |
185.595 |
13.220 |
|
|
|
Commission Earnings |
62.118 |
44.967 |
0.143 |
|
|
|
Other Earnings |
3.493 |
0.212 |
0.005 |
|
|
TOTAL EARNINGS |
591.094 |
230.774 |
13.368 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Finished Goods |
452.041 |
307.153 |
|
|
|
|
Raw Materials |
1058.068 |
629.112 |
|
|
|
|
Capital Goods |
0.440 |
9.381 |
|
|
|
|
Stores and Spare Parts |
12.855 |
2.821 |
|
|
|
|
Traded Goods |
0.138 |
2.851 |
|
|
|
|
Consumables |
6.570 |
2.302 |
|
|
|
TOTAL IMPORTS |
1530.112 |
953.620 |
790.988 |
|
|
|
|
|
|
|
|
|
|
Earnings/(Loss)
Per Share (Rs.) |
3.19 |
1.59 |
(6.06) |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
PAT / Total Income |
(%) |
6.29
|
3.80
|
(5.16)
|
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
10.43
|
6.30
|
(5.64)
|
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
16.19
|
8.21
|
(7.91)
|
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.32
|
0.16
|
(0.18)
|
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
1.13
|
1.01
|
1.40
|
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
. |
1.74
|
2.02
|
2.01
|
LOCAL AGENCY FURTHER INFORMATION
Details of Sundry
Creditors:
(Rs.
In Millions)
|
Particulars
|
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
|
|
|
|
|
-
Due Small Micro Enterprises |
6.022 |
12.558 |
3.896 |
|
-
Due Others |
811.491 |
506.689 |
308.701 |
|
Total |
817.513 |
519.247 |
312.597 |
|
Sr. No. |
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 |
Yes |
|
5] |
Type of Business |
Yes |
|
6] |
Line of Business |
Yes |
|
7] |
Promoter's background |
Yes |
|
8] |
No. of employees |
Yes |
|
9] |
Name of person contacted |
Yes |
|
10] |
Designation of contact
person |
Yes |
|
11] |
Turnover of firm for last
three years |
No |
|
12] |
Profitability for last
three years |
No |
|
13] |
Reasons for variation
<> 20% |
No |
|
14] |
Estimation for coming
financial year |
No |
|
15] |
Capital in the business |
No |
|
16] |
Details of sister
concerns |
No |
|
17] |
Major suppliers |
No |
|
18] |
Major customers |
No |
|
19] |
Payments terms |
Yes |
|
20] |
Export / Import details
(if applicable) |
Yes |
|
21] |
Market information |
-- |
|
22] |
Litigations that the firm
/ promoter involved in |
-- |
|
23] |
Banking Details |
Yes |
|
24] |
Banking facility details |
No |
|
25] |
Conduct of the banking
account |
-- |
|
26] |
Buyer visit details |
-- |
|
27] |
Financials, if provided |
No |
|
28] |
Incorporation details, if
applicable |
Yes |
|
29] |
Last accounts filed at
ROC |
Yes |
|
30] |
Major Shareholders, if
available |
Yes |
|
31] |
Date of Birth of Proprietor/Partner/Director,
if available |
Yes |
|
32] |
PAN of
Proprietor/Partner/Director, if available |
No |
|
33] |
Voter ID No of
Proprietor/Partner/Director, if available |
No |
|
34] |
External Agency Rating,
if available |
No |
AMALGAMATION OF
PARKER MARKWEL INDUSTRIES PRIVATE LIMITED WITH THE COMPANY
Amalgamation of Parker Markwel Industries Private Limited (PMIPL) with
the Company, has been sanctioned by the Hon’ble Court of Judicature at Bombay, pursuant
to order dated 9th September, 2010. Accordingly the Financial
Accounts PMIPL of the company for the year ended 31.03.2010 would be
consolidated Accounts alongwith from the Appointed Date i.e. 01.04.2009, in
terms of Clause no. 13 of the Scheme of Amalgamation of the Company as approved
by the Hon’ble Court at Bombay.
OPERATING RESULTS
The performance of the Company has been improved comparatively last year
as it recovered loss and made profit. It has taken various steps to achieve
higher volumes and to grow its income whilst controlling costs.
Contingent
Liabilities
(Rs.
In Millions)
|
Particulars |
31.03.2011 |
31.03.2010 |
|
|
|
|
|
(i) Claims against the company not acknowledged as debts: |
|
|
|
- Income Tax |
15.648 |
0.608 |
|
- Sales Tax |
88.837 |
0.000 |
|
- Disputed Claims by Customers |
28.750 |
1.150 |
|
|
|
|
|
(ii) Letter of Credit |
0.000 |
10.165 |
|
|
|
|
|
(iii) The
company had received assessment orders from the Income-tax authorities in respect
of assessment years 2004-2005, 2005-2006, 2006-2007, 2007-2008 and 2008-2009.
These orders, inter alia, had disallowed the deductions of Rs 20.692
Millions, Rs 49206 Millions, Rs 45.645 Millions, Rs 38.128 and Rs 37.171
Millions for the assessment years 2004-2005, 2005-2006, 2006-2007, 2007-2008
and 2008-2009 respectively, claimed under Section 10B of the Income-tax Act,
1961. The company had preferred an appeal to CIT(A) against said assessment
orders of the Income-tax authorities, wherein CIT(A) had allowed the
above-referred deductions. The Income-tax authorities have preferred an
appeal to the Income Tax Appellate Tribunal (ITAT) against the said orders. |
||
Press Release:
Pix Transmissions To
Sell Hose Business To Parker Hannifin
By: Paritosh Gajjar | 25 June 2012 Category : Mergers and Acquisitions Industry : Basic Industries
Pix Transmissions Ltd announced the plan to enter into Business
Transfer Agreement (BTA) with Parker Hannifin Private Limited to sell, transfer
or dispose it's Hose Business Division of the company located at Bazargaon,
Nagpur.
The Board had earlier approved the sale of its hose business division on 10th
May'12 to finance the fund requirements for further expansion and growth of the
company and its long term working capital requirements.
Headquartered in Nagpur, the company is engaged in mechanical power & fluid transmission business and undertakes manufacturing of industrial, automotive belts, agricultural belts, hoses, hose assemblies and end fittings to suit various power drive needs of its customers in over 75 countries globally. It employs over 1500 people and has three manufacturing units at Hingna, Bazargaon and Nagalwadi in Nagpur.
Pix has subsidiaries and JV's in UK, Ireland, Germany, Middle East, UAE, China
and Brazil who provide after sales and technical support. Some of the major
strategic operating partners overseas are Contitech International, Parker
Hannifin (USA), Gates Corporation (USA) and Eaton Corporation (USA).
Parker Hannifin Corporation manufactures fluid power systems, electromechanical
controls, and related components worldwide. It markets its products through
direct-sales employees, independent distributors, wholesalers, and sales
representatives. The company was founded in 1918 and is headquartered in
Cleveland, Ohio. It has a subsidiary in India by the name of Parker Hannifin.
Private Limited
Amongst peers, Actis PE had bought 10-13% stake in Indian auto component
manufacturer Endurance Technologies for about $71 Mn. Germany based Schaeffer
Group planned to invest over Rs.10000.000 Millions during 2012-15 in the
country to set up a manufacturing facility and expand its existing plants.
Parker Hannifin
Acquires Filtration Biz Of John Fowler
By: Sushil Surana | 11 July 2012 Category : Mergers and Acquisitions Industry : Engineering
Parker
Hannifin Corporation has acquired filtration business of Bangalore based John Fowler (India) Private Limited -
an air, fuel and hydraulic filter manufacturers for an undisclosed amount.
The
acquisition will help Parker to expand its base business and end market
exposure in India. This acquisition will also add local manufacturing, product
breadth, an experienced team, strong distribution and OEM customer relationships
to Parker Hannifin.
Incorporated
in 1953, John Fowler is in the business of manufacturing of filter for
industrial applications. The company has a wide product for Internal Combustion
Engines and Industrial applications and caters requirements of several reputed
OEMs. It has manufacturing facilities at two locations, one at Bommasandra
Bangalore for manufacture of filters for IC engines and industrial applications
and the other at Dehradun for filters for automotive application.
John
Fowler has two subsidiaries - Fowler Westrup (India) engaged in manufacturing
of Post Harvest Agricultural processing machinery and Transformer Oil
conditioning machinery and Westrup A/S, Denmark engaged in the manufacture of
agricultural machineries. Westrup A/S has subsidiaries in various countries.
Parker
Hannifin Corporation manufactures fluid power systems, electromechanical
controls, and related components worldwide. It markets its products through
direct-sales employees, independent distributors, wholesalers, and sales
representatives. The company was founded in 1918 and is headquartered in
Cleveland, Ohio. It has a subsidiary in India by the name of Parker Hannifin
Private Limited. The company employs approximately 58,000 people in 47
countries around the world.
Recently,
Pix Transmissions Ltd announced the plan to enter into Business Transfer
Agreement (BTA) with Parker Hannifin Pvt. Ltd. to sell, transfer or dispose its
Hose Business division of the company located at Bazargaon, Nagpur.
In
the space, Freudenberg Filtration Technologies acquired Pune based Pyramid
Filters Private Limited. With this deal, Freudenberg Filtration will be able to
add new products to its portfolio.
Fixed Assets
·
Plant and Machinery
·
Office Equipment Motor
·
Vehicles
·
Leasehold Land
·
Furniture and Fixtures
·
Electrical Installation
·
Air Conditioners
·
Computers
· Buildings
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.54.33 |
|
|
1 |
Rs.87.90 |
|
Euro |
1 |
Rs.70.57 |
INFORMATION DETAILS
|
Report Prepared
by : |
MRI |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
6 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILIRY |
1~10 |
7 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
6 |
|
--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 |
|
51 |
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.