MIRA
INFORM REPORT
|
Report Date : |
22.04.2014 |
IDENTIFICATION DETAILS
|
Name : |
MATHER AND PLATT PUMPS LIMITED |
|
|
|
|
Registered
Office : |
Greaves Compound, Chinchwad Works, Bombay – Pune Road,
Chinchwad, Pune – 411019, Maharashtra |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as
on) : |
31.12.2012 |
|
|
|
|
Date of
Incorporation : |
17.10.1996 |
|
|
|
|
Com. Reg. No.: |
25-014499 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs.78.280 Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U51909PN1996PLC014499 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
PNEM02942C PNEM07333E |
|
|
|
|
PAN No.: [Permanent Account No.] |
AABCD3568L |
|
|
|
|
Legal Form : |
A Closely Held Public Limited Liability Company |
|
|
|
|
Line of Business
: |
Manufacture of Centrifugal Pumps |
|
|
|
|
No. of Employees
: |
Information declined by the management |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (47) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 10000000 |
|
|
|
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
Usually correct |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is an established company having satisfactory track record. Company has performed well in the year 2012. Liquidity position of the
company is strong and healthy. Trade relations are reported to be fair. Business is active. Payments
are reported to be usually correct. The company can be considered for business dealing 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 – March 31, 2014
|
Country Name |
Previous Rating (31.12.2013) |
Current Rating (31.03.2014) |
|
India |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
INDIAN ECONOMIC OVERVIEW
US investment bank
Goldman Sachs has upgraded its outlook on Indian markets as it expects
positive impact of the election cycle.
India’s economy may
grow 4.7 % in the current financial year, lower than the official estimate of 4.9
%, Fitch Rating said. The global rating agency expects the economy to pick up
in the next two financial years.
Global ratings
agency Standard & Poor said increasing focus by India Inc on lowering debt
is likely to improve their credit profiles.
Singapore (1.1
million Indian tourists in 2012), Thailand (one million), the United Arab
Emirates ().98 million) and Malaysia ().82 million) emerged as the preferred
holidays hotspots for Indians. The total figure is expected to increase to 1.93
million by 2017, according to the latest Eurmonitor international report.
There is a $29.34 bn
outward foreign direct investment by domestic companies between April and
January of 2013/14 which has seen some signs of recovery according to a Care
Ratings report.
There are 264 number
of new companies being set up every day on average during 2014. Most of them
are registered in Mumbai. India had 1.38 million registered companies at the
end of January, 2014.
Twitter like
messaging service Weibo Corporation has filed to raise $ 500 million via a US
initial public offering. Alibaba, which owns a stake in Weibo is expected to
raise about $ 15 billion New York this year in the highest profile Internet IPO
since Facebook’s in 2012.
Bharti Airtel has
raised Rs.2,453.2 crore (350 million Swiss Francs) by selling six-year bonds at
a coupon rate of three per cent and maturing in 2020. This is the largest ever
bond offering by an Indian company in Swiss Francs. Bharat Petroleum
Corporation raised 175 million Swiss Francs by selling five year bonds at 2.98
% coupon rate in February.
Indian Oil
Corporation plans to invest Rs 7650 crore in setting up a petrochemical complex
at its almost complete Paradip refinery in Odhisha in three to four years. The
company board is set to consider the setting up of a 700000 tonne per annum
polypropylene plant at an estimated cost at Rs.3150 crore.
Global chief
information officers at gathering in Bangalore in April to meet Indian startups
at an event called Tech50 Watchout for Little Eye Labs-Facebook type deals in
the making.
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 DECLINED
Management Non-cooperative (91-20-27442100)
LOCATIONS
|
Registered Office / Head Office / Factory 1 : |
Greaves Compound, Chinchwad Works, Bombay - Pune Road,
Chinchwad, Pune – 411019, Maharashtra, India |
|
Tel. No.: |
91-20-27442100 / 27442134 |
|
Fax No.: |
91-20-27442111 |
|
E-Mail : |
|
|
Website : |
|
|
|
|
|
Factory 2 : |
Located At · Kolhapur ·
Kolkata |
DIRECTORS
As on 27.04.2013
|
Name : |
Mr. Hemant Chintamani Watve |
|
Designation : |
Managing Director |
|
Address : |
E-5, Ganga Tirth Society, Sahakarnagar No.1, Pune – 411009,
Maharashtra, India |
|
Date of Birth/Age : |
03.12.1965 |
|
Date of Appointment : |
30.07.2011 |
|
DIN No.: |
03583510 |
|
|
|
|
Name : |
Mr. Eike Uwe Werner Doelscher |
|
Designation : |
Director |
|
Address : |
Freidrich Ebert Strasse 83, 42103 Wuppertal, Germany |
|
Date of Birth/Age : |
30.08.1960 |
|
Date of Appointment : |
26.02.2011 |
|
DIN No.: |
03506766 |
|
|
|
|
Name : |
Mr. Prakash Madhava Nene |
|
Designation : |
Director |
|
Address : |
4405, Ashok Towrs, Dr.S S Rao Road, Parel, Mumbai – 400012,
Maharashtra, India |
|
Date of Birth/Age : |
13.07.1954 |
|
Date of Appointment : |
14.09.2001 |
|
DIN No.: |
00164133 |
|
|
|
|
Name : |
Mr. Kiran Premchand Malhotra |
|
Designation : |
Director |
|
Address : |
Flat No.2 A/B, Building H/1, Hindustan Estate, Pluto Housing Society, Kalyaninagar,
Pune – 411014, Maharashtra, India |
|
Date of Birth/Age : |
14.11.1945 |
|
Date of Appointment : |
31.01.2006 |
|
DIN No.: |
00008626 |
|
|
|
|
Name : |
Mr. Bomi Firoz Daruwala |
|
Designation : |
Director |
|
Address : |
1907/8, Floor 19, Ashok Towers, Tower B, 63/74 Dr B A Road, Parel,
Mumbai – 400033, Maharashtra, India |
|
Date of Birth/Age : |
19.03.164 |
|
Date of Appointment : |
31.01.2006 |
|
DIN No.: |
00257695 |
|
|
|
|
Name : |
Mr. Jenny Jianghe Guo |
|
Designation : |
Director |
|
Address : |
18-2-302, Tian XI Yuan Ao City Beiyuan, Hongjunying Nan Lu an Dung Men
wai Chaoyang, Beijing, China - 100170 |
|
Date of Birth/Age : |
24.02.1973 |
|
Date of Appointment : |
28.04.2012 |
|
DIN No.: |
05304132 |
|
|
|
|
Name : |
Mr. Gilbert Charles Faul |
|
Designation : |
Director |
|
Address : |
Place De L’eglise, Set Montaine- 187700, France |
|
Date of Birth/Age : |
02.05.1967 |
|
Date of Appointment : |
27.02.2010 |
|
DIN No.: |
02626305 |
KEY EXECUTIVES
|
Name : |
Mr. Alpesh Porwal |
|
Designation : |
Secretary |
|
Address : |
444, Somwar Peth, A-5, 2nd floor Kumar Sadan, Near Apllo
Talkies, Pune – 411011, Maharashtra, India |
|
Date of Birth/Age : |
29.04.1987 |
|
Date of Appointment : |
23.04.2013 |
|
PAN No.: |
APDPP6268B |
|
|
|
|
Name : |
Mr. Bipin Chouthai |
|
Designation : |
Secretary |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 27.04.2013
SHAREHOLDING DETAILS FILE ATTACHED
As on 27.04.2013
Equity Share Break up (Percentage of Total Equity)
|
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 |
99.86 |
|
Other top fifty shareholders |
0.14 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacture of Centrifugal Pumps
|
||||
|
|
|
||||
|
Products : |
· Axially Split Casing Pumps · Norm Pumps · Ring Section Pumps · Sewage Pumps · Vertical Turbine Pumps · Butterfly and Check Valves · Fire Systems · Pump Systems ·
Wilo Pump Range |
GENERAL INFORMATION
|
No. of Employees : |
Information declined by the management |
|
|
|
|
Bankers : |
·
Bank of India, Sahakar Nagar Branch, Plot No.5,
C.T.S. No.584, Parvati, Sarang Society, Pune – 411009, Maharashtra,
India ·
The United Western Bank Limited, Chinchwad
Branch, Chinchwad, Pune – 411019, Maharashtra, India · Deutsche Bank AG · HSBC ·
HDFC Bank Limited |
|
|
|
|
Banking
Relations : |
--- |
|
|
|
|
Auditors : |
|
|
Name : |
BSR and Company Chartered Accountants |
|
Address : |
703, 7th Floor, Godrej Castlemaine, Next to Ruby Hall Clinic, Bund Garden Road, Pune – 411001, Maharashtra, India |
|
PAN No.: |
AAIFB4734C |
|
|
|
|
Holding Company : |
WILO SE , Germany |
|
|
|
|
Associate Companies
: |
· Mather and Platt Fire Systems Limited · Pompes Salmson S.A. · Wilo China Limited · Wilo EMU Taiwan · Wilo Indonesia · Wilo Pumps Limited, Korea · Wilo Rus.O.O.O. · Salmson South Africa · Wilo Salmson Argentina S.A. · Wilo USA LLC · Wilo Australia Pty Limited · Wilo (U. K.) Limited · Wilo Vietnam Company Limited · Wilo Pompa Sistemle · Wilo Middle East FZE · Wilo Comercio E Importaca ·
Wilo Iberica S.A |
|
|
|
|
Joint Venture : |
M and P Subhash ,Pune |
CAPITAL STRUCTURE
As on 31.12.2012
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
12000000 |
Equity Shares |
Rs.10/- each |
Rs.120.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
7828036 |
Equity Shares |
Rs.10/- each |
Rs.78.280 Millions |
|
|
|
|
|
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
|
31.12.2012 |
31.12.2011 |
|
I.
EQUITY
AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
|
78.280 |
78.280 |
|
(b) Reserves & Surplus |
|
2470.915 |
2416.791 |
|
(c) Money
received against share warrants |
|
0.000 |
0.000 |
|
|
|
|
|
|
(2) Share Application money pending allotment |
|
0.000 |
0.000 |
|
Total
Shareholders’ Funds (1) + (2) |
|
2549.195 |
2495.071 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
|
288.892 |
413.897 |
|
(b) Deferred tax liabilities (Net) |
|
0.000 |
0.000 |
|
(c) Other long term liabilities |
|
35.959 |
33.252 |
|
(d) long-term provisions |
|
56.230 |
56.323 |
|
Total Non-current Liabilities (3) |
|
381.081 |
503.472 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
|
218.272 |
0.000 |
|
(b) Trade payables |
|
1011.180 |
1013.183 |
|
(c) Other current
liabilities |
|
450.110 |
274.311 |
|
(d) Short-term provisions |
|
84.521 |
57.590 |
|
Total Current Liabilities (4) |
|
1764.083 |
1345.084 |
|
|
|
|
|
|
TOTAL |
|
4694.359 |
4343.627 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
|
947.305 |
939.877 |
|
(ii) Intangible Assets |
|
0.000 |
0.000 |
|
(iii) Capital
work-in-progress |
|
5.268 |
14.386 |
|
(iv) Intangible
assets under development |
|
0.000 |
0.000 |
|
(b) Non-current Investments |
|
0.042 |
0.010 |
|
(c) Deferred tax assets (net) |
|
131.623 |
166.832 |
|
(d) Long-term Loan and Advances |
|
715.275 |
608.843 |
|
(e) Other Non-current assets |
|
0.000 |
0.000 |
|
Total Non-Current Assets |
|
1799.513 |
1729.948 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
|
0.000 |
0.000 |
|
(b) Inventories |
|
784.219 |
600.516 |
|
(c) Trade receivables |
|
1933.667 |
1737.062 |
|
(d) Cash and cash
equivalents |
|
101.459 |
219.305 |
|
(e) Short-term loans and
advances |
|
75.305 |
55.880 |
|
(f) Other current assets |
|
0.196 |
0.916 |
|
Total Current Assets |
|
2894.846 |
2613.679 |
|
|
|
|
|
|
TOTAL |
|
4694.359 |
4343.627 |
|
SOURCES OF FUNDS |
|
|
31.12.2010 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
|
|
46.981 |
|
|
2] Share Application Money |
|
|
0.000 |
|
|
3] Reserves & Surplus |
|
|
745.221 |
|
|
4] (Accumulated Losses) |
|
|
0.000 |
|
|
NETWORTH |
|
|
792.202 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
|
|
0.000 |
|
|
2] Unsecured Loans |
|
|
1763.573 |
|
|
TOTAL BORROWING |
|
|
1763.573 |
|
|
DEFERRED TAX LIABILITIES |
|
|
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
|
|
2555.775 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
|
|
814.867 |
|
|
Capital work-in-progress |
|
|
26.127 |
|
|
|
|
|
|
|
|
INVESTMENT |
|
|
0.010 |
|
|
DEFERREX TAX ASSETS |
|
|
58.203 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
|
|
566.719
|
|
|
Sundry Debtors |
|
|
2335.307
|
|
|
Cash & Bank Balances |
|
|
52.369
|
|
|
Other Current Assets |
|
|
0.069
|
|
|
Loans & Advances |
|
|
433.387
|
|
Total
Current Assets |
|
|
3387.851 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
|
|
837.595
|
|
|
Other Current Liabilities |
|
|
763.079
|
|
|
Provisions |
|
|
130.609
|
|
Total
Current Liabilities |
|
|
1731.283 |
|
|
Net Current Assets |
|
|
1656.568
|
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
|
|
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
|
|
2555.775 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.12.2012 |
31.12.2011 |
31.12.2010 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
4016.812 |
3086.317 |
3779.734 |
|
|
|
Other Income |
141.136 |
58.236 |
73.525 |
|
|
|
TOTAL |
4157.948 |
3144.553 |
3853.259 |
|
|
|
|
|
|
|
|
|
EXPENSES |
|
|
|
|
|
|
|
Cost of materials consumed |
1412.873 |
1253.827 |
|
|
|
|
Purchases of stock-in-trade |
1264.203 |
857.623 |
|
|
|
|
Changes in inventories of finished goods, work-in-progress and stock-in-trade |
(188.493) |
(43.041) |
|
|
|
|
Employee benefit expense |
569.514 |
526.342 |
|
|
|
|
Other expenses |
859.047 |
688.308 |
|
|
|
|
TOTAL |
3917.144 |
3283.059 |
3492.084 |
|
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION |
240.804 |
(138.506) |
361.175 |
|
|
|
|
|
|
|
|
|
|
FINANCIAL
EXPENSES |
42.654 |
96.539 |
88.027 |
|
|
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION |
198.150 |
(235.045) |
273.148 |
|
|
|
|
|
|
|
|
|
|
DEPRECIATION/
AMORTISATION |
107.094 |
89.802 |
55.694 |
|
|
|
|
|
|
|
|
|
|
PROFIT/ (LOSS)
BEFORE TAX |
91.056 |
(324.847) |
217.454 |
|
|
|
|
|
|
|
|
|
|
TAX |
35.209 |
(151.136) |
73.111 |
|
|
|
|
|
|
|
|
|
|
PROFIT/ (LOSS)
AFTER TAX |
55.847 |
(173.351) |
144.343 |
|
|
|
|
|
|
|
|
|
|
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
383.000 |
556.000 |
562.801 |
|
|
|
|
|
|
|
|
|
|
Transfer from Business |
28.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
|
|
Transfer of surplus of assets over liabilities of Allied Centrifugal Pumps Private Limited adjusted pursuant to the scheme of arrangement. |
85.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
|
|
Net Profit for the period from 1 October 2009 to 31 December 2009 with respect to the erstwhile Allied Centrifugal Pumps Private Limited |
0.000 |
0.000 |
13.159 |
|
|
|
|
|
|
|
|
|
|
BALANCE CARRIED
TO THE B/S |
552.000 |
383.000 |
720.303 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Exports – F.O.B. Value |
641.600 |
467.700 |
398.519 |
|
|
|
Other receipts |
77.800 |
73.300 |
0.000 |
|
|
|
Export Earnings |
0.000 |
0.000 |
24.372 |
|
|
|
Expenses back charged to Group companies |
0.000 |
0.000 |
9.854 |
|
|
TOTAL EARNINGS |
719.400 |
541.000 |
432.745 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Imports (CIF Value) |
199.600 |
69.500 |
0.000 |
|
|
|
Stores & Spares |
0.000 |
0.000 |
56.524 |
|
|
|
Raw Material |
0.000 |
0.000 |
121.430 |
|
|
TOTAL IMPORTS |
199.600 |
69.500 |
177.954 |
|
|
|
|
|
|
|
|
|
|
Earnings/ (Loss)
Per Share (Rs.) |
7.13 |
(20.99) |
15.26 |
|
KEY RATIOS
|
PARTICULARS |
|
31.12.2012 |
31.12.2011 |
31.12.2010 |
|
PAT / Total Income |
(%) |
1.34
|
(5.51) |
3.75
|
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
2.27
|
(10.53) |
5.75
|
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
2.00
|
(7.80) |
5.17
|
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.04
|
(0.13) |
0.27
|
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
0.20
|
0.17 |
2.23
|
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.64
|
1.94 |
1.96
|
FINANCIAL ANALYSIS
[all figures are
in Rupees Millions]
DEBT EQUITY RATIO
|
Particular |
31.12.2011 |
31.12.2012 |
|
|
(Rs.
In Millions) |
(Rs.
In Millions) |
|
Share Capital |
78.280 |
78.280 |
|
Reserves & Surplus |
2416.791 |
2470.915 |
|
Net
worth |
2495.071 |
2549.195 |
|
|
|
|
|
long-term borrowings |
413.897 |
288.892 |
|
Short term borrowings |
0.000 |
218.272 |
|
Total
borrowings |
413.897 |
507.164 |
|
Debt/Equity
ratio |
0.166 |
0.199 |
YEAR-ON-YEAR GROWTH
|
Year
on Year Growth |
31.12.2010 |
31.12.2011 |
31.12.2012 |
|
|
(Rs.
In Millions) |
(Rs.
In Millions) |
(Rs.
In Millions) |
|
Sales |
3779.734 |
3086.317 |
4016.812 |
|
|
|
(18.346) |
30.149 |
NET PROFIT MARGIN
|
Net
Profit Margin |
31.12.2010 |
31.12.2011 |
31.12.2012 |
|
|
(Rs.
In Millions) |
(Rs.
In Millions) |
(Rs.
In Millions) |
|
Sales |
3779.734 |
3086.317 |
4016.812 |
|
Profit |
144.343 |
(173.351) |
55.847 |
|
|
3.82% |
(5.62%) |
1.39% |
LOCAL AGENCY FURTHER INFORMATION
|
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 |
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) |
No |
|
21] |
Market information |
---------------------- |
|
22] |
Litigations that the firm / promoter involved in |
---------------------- |
|
23] |
Banking Details |
Yes |
|
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 |
No |
|
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 |
BACKGROUND:
Subject was originally promoted in 1870 by Mr. Peter Mather and Mr. John Platt, who had introduced the world’s first turbine type multi-stage centrifugal pumps. The Company started its marketing operations in India in 1913 and set up its first manufacturing unit in Kolkata in 1940 and thereafter its second manufacturing unit at Pune in 1959.
The Company is currently a subsidiary of WILO SE (‘the Holding Company’), previously known as WILO AG, a company headquartered in Dortmund, Germany.
The equity shares were delisted from Bombay Stock Exchange with effect from 3 February 2009 and Pune Stock Exchange with effect from 7 February 2009. Consequent to delisting, the Holding Company offered to acquire the equity shares, having face value of Indian Rupees 10 from remaining public shareholders at a price of Indian Rupees 250 per share during six months exit period commencing on 4 February 2009. The Holding Company’s stake increased to 93.15% upon completion of the open offer.
In accordance with the Scheme of Amalgamation approved by the Honorable High Court of Bombay on 7 May 2010 and Honorable High Court of Delhi on 19 July 2010, Allied Centrifugal Pumps Private Limited (hereinafter referred to as ‘erstwhile Allied Centrifugal Pumps Private Limited ‘or’ transferor company or ACP) was amalgamated with the Company with effect from 1 October 2009.
In accordance with the scheme of arrangement the Company had reoffered to acquire the equity shares from the remaining public shareholders at a price of Indian Rupees 275 per equity share
The Company is primarily engaged in the business of design, development, manufacture, sales, installation and servicing of centrifugal pumps, pump sets, valves, fire systems, contracts of pumping systems on turnkey basis and trading of pumps.
The Company has its corporate office at Chinchwad-Pune and manufacturing plants at Chinchwad, Kolhapur and Kolkata. The Company also has a foundry at Kolhapur.
The erstwhile Allied Centrifugal Pumps Private Limited was engaged in the business of manufacturing and trading of pumpsand other products. It was a wholly owned subsidiary of WILO SE. Consequent to the amalgamation, the business of ACP is being carried by the Company.
UNSECURED LOAN:
(Rs. in Millions)
|
Particulars |
As
on 31.12.2012 |
As
on 31.12.2011 |
|
LONG TERM
BORROWINGS |
|
|
|
Term loans |
288.892 |
413.897 |
|
SHORT TERM
BORROWINGS |
|
|
|
Working capital loans from banks |
218.272 |
0.000 |
|
Total |
507.164 |
413.897 |
REVIEW OF OPERATIONS
AND FUTURE OUTLOOK
As evident from the financial results, the performance of the Company during the financial year has been encouraging. The Company has been able to achieve a growth of around 30% in Sales and Services as compared to previous year.
MANAGEMENT DISCUSSION
AND ANALYSIS
INDUSTRY STRUCTURE
AND DEVELOPMENT:
Indian economy is expected to grow @ 5.5% in the current fiscal year, which will be the lowest in last decade. High inflation as well as high interest rates adversely and coupled with that policy paralysis in Energy sector have impacted private consumption growth, industrial investments and most importantly business sentiment.
The overall industrial production scenario in the country is not very encouraging. India’s general index of industrial production shrunk by 2.8% for the period April to November 2012 as compared to last year. The cumulative growth during April to November 2012 over the corresponding period of previous year 2011-12 for the manufacturing sector stood around 3.2%.
However towards the end of 2012 with economic scenario back to the wall, Indian Government initiated certain reform measures with some forward looking steps. These have improved the sentiment in industry but Government need to take some more positive steps particularly in monetary and fiscal policies to bolster the economic development in 2013.
PUMP INDUSTRY
SCENARIO:
The Indian pumps market is fairly matured and covered, estimated to be worth over 5000 Cr and domestic sales expected to increase at a rate of 8 to10 per cent per year, and exports projected to grow at around 15 to 20 per cent over the next few years. The industry estimates annual production of around 2 million units, with nearly 95 per cent of domestic consumption being met through local production facilities. The pumps market is broadly classified into two categories: industrial pumps, which cater to infrastructure sectors; and agriculture and domestic pumps.
International players which have manufacturing bases in India and low-cost manufacturing and domestic demand have created an attractive environment for most international players.
These companies have also introduced the latest technologies for energy efficiency and high performance.
FINANCIAL
PERFORMANCE:
During the year, the Company has recorded a gross turnover of INR 4017 Million (previous year INR 3086 Million). The Operating Profit for the year amounted to INR 241 Million (previous year INR (139) Million) and the Net Profit After Tax amounted to INR 56 Million (previous year INR (173) Million). During the year the Company achieved an Export Turnover (FOB value) of INR 642 Million (previous year INR 468 Millions)
OUTLOOK:
While India has over 17% of the world population, its Pump business is less than 2% of the global pump business. Therefore India offers lot of growth opportunity for Pump Industry. However industry is passing through a critical phase and future growth trajectory will depend on Government policies. With private public participation is hit by policy constraints, the economic growth will largely depend on Government’s ability to push infrastructure reforms including Energy sector. This will augur well for Pump Industry also, who has consolidated in last 5 years with lot of horizontal and vertical mergers and acquisitions. The consolidation phase is expected to continue for reasons of strategic fit and market expansion. Also the major players have added capacity to their manufacturing facilities not only for catering domestic needs but also capture international markets with quality products as per international standards. The Company’s outlook on overseas markets and domestic markets is positive on account of its strength in the advanced technology, cost and eco friendly products.
SCHEME OF ARRANGEMENT
Pursuant to the provisions of Section 391 to 394 read with Section 100 to 103 and other relevant provisions of the Companies Act, 1956, the Company has presented a Scheme of Arrangement in the Hon’ble High Court of Judicature at Bombay vide Company Application No. 1333 of 2009 for the amalgamation of Allied Centrifugal Pumps Private Limited with Mather and Platt Pumps Limited and to provide one more exit opportunity to its Small Shareholders and to approve subsequent reorganization of the share capital of Mather and Platt Pumps Limited. The Scheme of Arrangement was sanctioned by the Hon’ble High Court of Bombay vide its Order dated 7 May 2010 and by the Hon’ble High Court of Delhi vide its Order dated 11 July 2010.
INDEX OF CHARGES
|
S.No. |
Charge ID |
Date of Charge
Creation/Modification |
Charge amount
secured |
Charge Holder |
Address |
Service Request
Number (SRN) |
|
1 |
90086614 |
19/12/2003 |
50,000,000.00 |
RUPEE CO-OPERATIE BANK LIMITED |
CHINCHWAD BRANCH, S.NO. 202; BAHIRWADE COMPLEX, PUNE, Maharashtra - 411019, INDIA |
- |
* Date of charge modification
FIXED ASSETS
· Land
· Buildings
· Plant and equipment
· Factory equipments
· Furniture and fixtures
· Vehicles
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 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 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.60.33 |
|
|
1 |
Rs.101.40 |
|
Euro |
1 |
Rs.83.38 |
INFORMATION DETAILS
|
Information
Gathered by : |
HEN |
|
|
|
|
Analysis Done by
: |
SUM |
|
|
|
|
Report Prepared
by : |
NTH |
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 |
6 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
6 |
|
--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 |
NO |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
47 |
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.