MIRA
INFORM REPORT
|
Report Date : |
04.08.2014 |
IDENTIFICATION DETAILS
|
Name : |
PEST CONTROL ( |
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Registered
Office : |
36, |
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|
Country : |
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Financials (as
on) : |
31.03.2013 |
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Date of
Incorporation : |
30.07.1954 |
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Com. Reg. No.: |
11-009347 |
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Capital
Investment / Paid-up Capital : |
Rs.12.000 Millions |
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CIN No.: [Company Identification
No.] |
U74140MH1954PTC009347 |
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|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
MUMP15164C / MUMP00273A |
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PAN No.: [Permanent Account No.] |
AAACP5994K |
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Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Subject is engaged in providing Pest Control Services and Plant Protection Work. |
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No. of Employees
: |
All over India 4400 (Approximately) |
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 3400000 |
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|
Status : |
Satisfactory |
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Payment Behaviour : |
Usually Correct |
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Litigation : |
Exist |
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Comments : |
Subject is an established company having satisfactory track record. There seems some dip in the profit of the company during 2013 however networth of the company is satisfactory. General financial position of the company is good.
Trade relations are reported as fair. Business is active. Payment
terms are reported to be usually correct. The company can be considered normal 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 – June 1, 2014
|
Country Name |
Previous Rating (31.03.2014) |
Current Rating (01.06.2014) |
|
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
NEWS
As per the latest IMF study, the total weigh of emerging markets in the GDP
of the world on a purchasing power parity basis has seen a sizeable shift. It
highlights how as against 51 % in 2005, the emerging economies now account for
close to 56 % of the global purchasing power GDP as per the latest survey. And
with the emerging economies growing at a faster rate than their developed
counterparts, there are every possibility that the their share goes up further
in the coming years. China may surpass the US over the next few years.
Politics and economics are very intricately connected. They tend to
influence each other in ways that could be very complex and far-reaching. The
prospects of the India’s economy have been seriously compromised due to
political corruption. High inflation, poor standard of living are to a great
extent a result of rampant corruption in the country. China on the other hand,
seems to be facing diametrically opposite challenge. American hedge fund
manager Jim Chanos has been keenly following the political and economic
development in the dragon economy and has figured out something that is quite
worrying. He is of the view that the Chinese economy could be heading toward
trouble on account of new Chinese President Xi Jingping’s very aggressive
anti-corruption drive. Chanos believes tat many things such as apartment sales,
luxury products, etc. were largely bought with dirty money. And it is now
beginning to impact consumption. This may indeed be bad news for an economy
that is struggling to transition from an investment-driven export-oriented
economy to a domestic consumption-driven economy.
A study published by Firstpost has revealed that asset classes like real
estate and equities were the biggest beneficiaries of the liberalization
policies. A firm called Ciane Analytics studied returns from assets
including equities, gold, fixed deposits, G-Secs and real estate since 1991.
Real estate outperformed every other asset classes during the 23-year period
with an annualized return of 20 % ! Equities came in second with annualized
return of 15.5 % ! However, while these returns may seem mouthwatering, the
fact is that the return from equities adjusted for inflation came down to just
7.1 %.
Some brief news are as under
. R-Power to buy Jaypee’s hydro assets
. Investors await justice in NSEL case
. India seeks MFN status from Pakistan ahead of meeting
. Ukrain’s clashes with rebels hinder MH17 crash investigation
. India exploring merger of state-owned hydro PSUs
..Higher costs weigh down profit growth to slowest in 9 quarters
..Wal-Mart to expand wholesale business in India
. GMR group moves to strengthen balance sheet
. Central Bank to sell 4 % stake to Life Insurance Corporation
. Tata Chemicals plans to raise up to Rs 10000 mn.
EXTERNAL AGENCY RATING
|
Rating Agency Name |
CARE |
|
Rating |
Long Term fund based Bank Facilities: A |
|
Rating Explanation |
Adequate degree of safety. It carry very low
credit risk. |
|
Date |
January 22, 2014 |
|
Rating Agency Name |
CARE |
|
Rating |
Short Term non-fund based Bank Facilities:
A1 |
|
Rating Explanation |
Very strong degree of safety and lowest
credit risk. |
|
Date |
January 22, 2014 |
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
31-03-2014.
INFORMATION PARTED BY
|
Name : |
Ms.
Sujatha Mudur |
|
Designation : |
Finance
Head |
|
Tel No: |
91-22-40865600 |
|
Date : |
02.08.2014 |
LOCATIONS
|
Registered Office : |
36, |
|
Tel. No.: |
91-22-26865550-4/ 22810595/ 22041546/ 40865600 |
|
Fax No.: |
91-22-26865555/ 22810594 |
|
E-Mail : |
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|
Website : |
http://www.pcil.in |
|
Location : |
Owned |
|
|
|
|
Corporate Office : |
2nd and 5th
Floor, Jagdamba House, (Next to Anupam Cinema), Peru Baug, P.O. Box 9060, Goregaon
(East), Mumbai – 400063, Maharashtra, India |
|
Tel. No.: |
91-22-26865550-4/ 66990256 |
|
Fax No.: |
91-22-26865555/ 66990256 |
|
E-Mail : |
|
|
|
|
|
Bio-Control Research Laboratories (BCRL) : |
No.36/2, Sriramanahalli,
Rajankunte Post, P.O. Box 6426, Yelhanka, Bangalore – 560064, Karnataka,
India |
|
E-Mail : |
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Plants : |
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|
Address: |
A-6/10/11, MIDC Area, Post Box No.30, Western Express Highway, Beyond Dahisar Check Post, Mira (District Thane) – 401107, Maharashtra, India |
|
Tel No.: |
91-22-28456277/ 28454278/ 28456934/ 28455207/ 28455734/ 28455652 |
|
Fax No.: |
91-22-28457313 |
|
Email: |
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|
|
|
|
Address: |
Taloja Plot Nos. 38/39, Taloja MIDC (Chemical Zone), Industrial
Area, Village :Navade, Taluka : Panvel, Dist : Raigad – 410208, |
|
Tel No.: |
91-2145-27402263/ 27401024/ 27401025 |
|
Fax No.: |
91-2145- 27402263 |
|
Email: |
|
|
|
|
|
Address: |
Vasai Bio-Control Research Laboratories (BCRL) No.36/2, Sriramanahalli, Rajankunte Post, P.O. Box 6426, Yelahanka, Bangalore – 560064, Karnataka, India |
|
Email: |
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Sales Division : |
127, Keytuo Industrial Estate, 220, |
|
Tel No.: |
91-22-28212546-7/ 28217385/ 28328481 |
|
Fax No.: |
91-22-28221647 |
|
Email: |
DIRECTORS
AS ON 30.09.2013
|
Name : |
Mr. Anil Sripad Rao |
|
Designation : |
Chairman and Managing Director and Chief Executive Officer |
|
Address : |
|
|
Date of Birth/Age : |
03.01.1951 |
|
Qualification : |
B. Com |
|
Date of Appointment : |
01.03.2011 |
|
DIN No.: |
00151328 |
|
PAN No.: |
AAIPR8067L |
|
|
|
|
Name : |
Mr. Nalkur Sripad Narsing Rao |
|
Designation : |
Chairman Emeritus Executive Director |
|
Address : |
No.1, Union Park, Nargis Dutt Marg, Khar, Mumbai – 400 052, Maharashtra, India |
|
Date of Birth/Age : |
20.09.1920 |
|
Qualification : |
B. Com |
|
Date of Appointment : |
20.12.2008 |
|
DIN No.: |
00239558 |
|
|
|
|
Name : |
Dr. Pramila Kanu Chatterjee |
|
Designation : |
Executive Director (Medical and Welfare) |
|
Address : |
No.1, Union Park, Nargis Dutt Marg, Khar, Mumbai – 400 052, Maharashtra, India |
|
Date of Birth/Age : |
15.04.1943 |
|
Date of Appointment : |
01.03.2011 |
|
DIN No.: |
00239716 |
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|
|
|
Name : |
Mrs. Joshua Anil Rao |
|
Designation : |
Director |
|
Address : |
|
|
Date of Birth/Age : |
05.09.1983 |
|
Date of Appointment : |
29.09.2012 |
|
DIN No.: |
03519154 |
KEY EXECUTIVES
|
Name : |
Ms.
Sujatha Mudur |
|
Designation : |
Finance
Head |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 30.09.2013
Note:
Shareholding details file attached.
AS ON 30.09.2013
Equity Shares Break – up
|
Category |
|
Percentage |
|
|
|
|
|
Bodies corporate |
|
0.05 |
|
Directors or relatives of Directors |
|
87.11 |
|
Other top fifty shareholders |
|
12.84 |
|
Total
|
|
100.00 |
%20PRIVATE%20LIMITED%20-%20279812%2004-Aug-2014_files/image002.gif)
BUSINESS DETAILS
|
Line of Business : |
Subject is engaged in providing Pest Control Services and Plant Protection Work. |
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Products/ Services : |
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Exports : |
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Countries : |
·
Bangladesh ·
Nepal ·
Thailand |
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Imports : |
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Countries : |
Belgium |
GENERAL INFORMATION
|
No. of Employees : |
All over India 4400 (Approximately) |
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Bankers : |
· Indian Overseas Bank, Fort Branch, 2/10, Elphinstone Building, Veer Nariman Road, Fort, Mumbai – 400 023, Maharashtra, India ·
HDFC Bank ·
ICICI Limited ·
Co-Operative Bank Limited |
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Facilities : |
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Banking
Relations : |
-- |
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Auditors : |
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|
Name : |
Sharat Shanbag and Company Chartered Accountants |
|
Address : |
“Vagdevi”, 369 – B, S.B. Marg, Mahim, Mumbai – 400016, Maharashtra, India |
|
Tel No : |
91-22-24226986/24377598 (Res.) |
|
PAN No : |
AAEPS4138R |
CAPITAL STRUCTURE
AS ON 30.09.2013
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
300000 |
Equity Shares |
Rs.100/- each |
Rs.30.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
120000 |
Equity shares |
Rs.100/- each |
Rs.12.000 Millions |
|
|
|
|
|
FINANCIAL DATA
[All figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
I.
EQUITY
AND LIABILITIES |
|
|
|
|
(1)
Shareholders' Funds |
|
|
|
|
(a) Share Capital |
12.000 |
12.000 |
12.000 |
|
(b) Reserves & Surplus |
831.301 |
750.751 |
607.478 |
|
(c) Money
received against share warrants |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
(2)
Share Application money pending allotment |
0.000 |
0.000 |
0.000 |
|
Total
Shareholders’ Funds (1) + (2) |
843.301 |
762.751 |
619.478 |
|
|
|
|
|
|
(3) Non-Current Liabilities |
|
|
|
|
(a) Long-term borrowings |
153.748 |
70.673 |
99.759 |
|
(b) Deferred tax liabilities (Net) |
0.000 |
0.000 |
0.000 |
|
(c) Other long term liabilities |
17.406 |
17.173 |
15.965 |
|
(d) Long-term provisions |
90.000 |
60.000 |
30.000 |
|
Total Non-current Liabilities (3) |
261.154 |
147.846 |
145.724 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term
borrowings |
68.846 |
4.856 |
2.782 |
|
(b) Trade payables |
8.259 |
4.522 |
14.624 |
|
(c) Other current
liabilities |
697.589 |
648.845 |
564.168 |
|
(d) Short-term provisions |
3.487 |
3.487 |
0.000 |
|
Total Current Liabilities (4) |
778.181 |
661.710 |
581.574 |
|
|
|
|
|
|
TOTAL |
1882.636 |
1572.307 |
1346.776 |
|
|
|
|
|
|
II. ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
889.131 |
523.249 |
448.220 |
|
(ii) Intangible Assets |
0.000 |
0.000 |
0.000 |
|
(iii) Capital
work-in-progress |
21.315 |
97.048 |
50.770 |
|
(iv)
Intangible assets under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current Investments |
36.189 |
37.585 |
29.508 |
|
(c) Deferred tax assets (net) |
55.599 |
30.865 |
1.768 |
|
(d) Long-term Loan and Advances |
55.038 |
41.108 |
32.647 |
|
(e) Other Non-current assets |
23.306 |
7.950 |
1.795 |
|
Total Non-Current Assets |
1080.578 |
737.805 |
564.708 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
0.000 |
0.000 |
0.000 |
|
(b) Inventories |
222.471 |
211.093 |
174.509 |
|
(c) Trade receivables |
309.067 |
249.322 |
232.071 |
|
(d) Cash and cash equivalents |
229.286 |
338.060 |
329.428 |
|
(e) Short-term loans
and advances |
25.423 |
23.521 |
31.027 |
|
(f) Other current
assets |
15.811 |
12.506 |
15.033 |
|
Total Current Assets |
802.058 |
834.502 |
782.068 |
|
|
|
|
|
|
TOTAL |
1882.636 |
1572.307 |
1346.776 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
2805.349 |
2529.500 |
2249.500 |
|
|
|
Other Income |
|
27.257 |
17.932 |
|
|
|
TOTAL |
2805.349 |
2556.757 |
2267.432 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
TOTAL |
2633.175 |
2322.148 |
2039.020 |
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION |
172.174 |
234.609 |
228.412 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION |
46.591 |
39.946 |
40.096 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX |
125.583 |
194.663 |
188.316 |
|
|
|
|
|
|
|
|
|
Less |
TAX |
43.266 |
47.903 |
63.290 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
|
82.317 |
146.760 |
125.026 |
|
|
|
|
|
|
|
|
|
|
PRIOR PERIOD
ADJUSTMENTS |
1.719 |
0.000 |
0.441 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
285.748 |
157.475 |
132.008 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Transfer to General Reserve |
10.000 |
15.000 |
100.000 |
|
|
|
Proposed Dividend |
3.000 |
3.000 |
0.000 |
|
|
|
Corporate Divided Tax |
0.487 |
0.487 |
0.000 |
|
|
BALANCE CARRIED
TO THE B/S |
356.298 |
285.748 |
157.475 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other (Freight, Insurance etc.) |
|
|
|
|
|
|
Sales Service |
|
|
|
|
|
|
Technical Fees and Commission |
|
|
|
|
|
TOTAL EARNINGS |
67.535 |
79.587 |
48.037 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
685.98 |
1223.00 |
1041.88 |
|
%20PRIVATE%20LIMITED%20-%20279812%2004-Aug-2014_files/image003.gif){kind=small}
%20PRIVATE%20LIMITED%20-%20279812%2004-Aug-2014_files/image004.gif){kind=small}
%20PRIVATE%20LIMITED%20-%20279812%2004-Aug-2014_files/image005.gif){kind=small}
%20PRIVATE%20LIMITED%20-%20279812%2004-Aug-2014_files/image006.gif){kind=small}
|
Particulars |
|
|
31.03.2014 |
|
Sales Turnover (Approximately) |
|
|
3200.000 |
|
|
|
|
|
The above information has been parted by Ms. Sujatha.
KEY RATIOS
|
PARTICULARS |
|
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
PAT / Total Income |
(%) |
2.93
|
5.74
|
5.51
|
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
NA
|
7.70
|
8.37
|
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
7.10
|
13.84
|
14.89
|
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.15
|
0.26
|
0.30
|
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
0.26
|
0.10
|
0.17
|
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.03
|
1.26
|
1.34
|
FINANCIAL ANALYSIS
[All figures are
in Rupees Millions]
DEBT EQUITY RATIO
|
Particular |
31.03.2011 |
31.03.2012 |
31.03.2013 |
|
|
(Rs.
In Millions) |
(Rs.
In Millions) |
(Rs.
In Millions) |
|
Share Capital |
12.000 |
12.000 |
12.000 |
|
Reserves & Surplus |
607.478 |
750.751 |
831.301 |
|
Net
worth |
619.478 |
762.751 |
843.301 |
|
|
|
|
|
|
long-term borrowings |
99.759 |
70.673 |
153.748 |
|
Short term borrowings |
2.782 |
4.856 |
68.846 |
|
Total
borrowings |
102.541 |
75.529 |
222.594 |
|
Debt/Equity
ratio |
0.166 |
0.099 |
0.264 |
%20PRIVATE%20LIMITED%20-%20279812%2004-Aug-2014_files/image008.gif)
YEAR-ON-YEAR GROWTH
|
Year
on Year Growth |
31.03.2011 |
31.03.2012 |
31.03.2013 |
|
|
(Rs.
In Millions) |
(Rs.
In Millions) |
(Rs.
In Millions) |
|
Total Income |
2,267.432 |
2,556.757 |
2,805.349 |
|
|
|
12.760 |
9.723 |
%20PRIVATE%20LIMITED%20-%20279812%2004-Aug-2014_files/image010.gif)
NET PROFIT MARGIN
|
Net
Profit Margin |
31.03.2011 |
31.03.2012 |
31.03.2013 |
|
|
(Rs.
In Millions) |
(Rs.
In Millions) |
(Rs.
In Millions) |
|
Total Income |
2,267.432 |
2,556.757 |
2,805.349 |
|
Profit/(Loss) After Tax |
125.026 |
146.760 |
82.317 |
|
|
5.51% |
5.74% |
2.93% |
%20PRIVATE%20LIMITED%20-%20279812%2004-Aug-2014_files/image012.gif)
LOCAL AGENCY FURTHER INFORMATION
|
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 |
Yes |
|
9) Name of person contacted |
Yes |
|
10) Designation of contact person |
Yes |
|
11) Turnover of firm for last four 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 |
No |
|
17) Major suppliers |
No |
|
18) Major customers |
No |
|
19) Payments terms |
No |
|
20) Export / Import details (if
applicable) |
Yes |
|
21) Market information |
-- |
|
22) Litigations that the firm / promoter
involved in |
Yes |
|
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 |
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 |
Yes |
|
33)
Voter ID No of Proprietor/Partner/Director, if available |
No |
|
34)
External Agency Rating, if available |
Yes |
LITIGATION DETAILS
|
LITIGATION DETAILS |
||||||||
|
Bench:- Bombay |
|
|||||||
|
Lodging No:- |
ITXAL/733/2014 |
Failing Date:- |
25.03.2014 |
Reg. No.:- |
ITXA/1163/2014 |
Reg. Date:- |
25.07.2014 |
|
|
|
||||||||
|
Petitioner:- |
COMMISSIONER OF INCOME TAX |
Respondent:- |
PEST CONTROL (INDIA) PRIVATE LIMITED |
|||||
|
Petn.Adv:- |
PADMA DIVAKAR (I3287) |
Resp.Adv.: |
S.V. PIKALE AND COMPANY (0) |
|||||
|
District:- |
MUMBAI |
|||||||
|
|
||||||||
|
Bench:- |
DIVISION |
Category: |
TAX APPEALS |
|||||
|
Status:- |
Pre-Admission |
Stage:- |
-- |
|||||
|
Next Date:- |
06.08.2014 |
|||||||
|
Last Coram:- |
ACCORDING TO SITTING LISHT ACCORDING TO SITTING LISHT |
|||||||
|
|
|
|||||||
|
Act:- |
Income Tax Act, 1961 |
Under Section : |
260 A |
|||||
UNSECURED LOANS
|
Particulars |
31.03.2013 (Rs.
In Millions) |
31.03.2012 (Rs.
In Millions) |
|
LONG TERM
BORROWINGS |
|
|
|
Loans taken for other fixed assets |
0.000 |
0.547 |
|
|
|
|
|
Total |
0.000 |
0.547 |
FINANCIAL RESULTS:
During the year,
the Sales have increased to Rs.2777.300 Millions from Rs.2529.500 Millions
during the corresponding previous year but the profit before tax has decreased
to Rs.12558.300 Millions (Previous Year, Rs.19466.300 Millions).
BUSINESS PERFORMANCEAND REVIEW:
The Company's
overall turnover has increased by 9.8% over the previous year with the Services
and Product sales turnover registering an increase of 11.8% and 5.3%
respectively over the previous year. However, the profit after tax has reduced
compared to previous year.
The company
performance has been consistent over the years despite the challenging and
competitive market conditions but the new wage settlement and general increase
in salaries across the spectrum of employees has impacted the profitability
considerably. However, this is viewed as a necessary investment in our most
important asset, their employee.
The market has
seen new entrants vying for commercial space within their industry and they had
devoted substantial resources towards combating the competitive pressures. They
shall need to continue this strategy through the next few years to maintain our
leadership position. However, the lack of availability of educated recruits is
a worrisome trend and may impact our growth plans for the next few years.
The Product Sales
Division has not performed well as they had hoped with an increase in sales not
commensurate with their plans. However, this is partly a reflection of the
general malaise in the market for such products as well as a result of their
decision to decrease their exposure to the uncertainties of conducting business
through large Government contracts which formed an important part of the
business mix in previous years.
Sales of ETO sterilisers
to the health sector, manufacturing industries and especially the increase in
exports, has contributed strongly to the good performance in product sales and
there are indications that this trend will continue the following year too.
Bearing in mind
that the Agriculture sector is proving to be more difficult and demanding of
our resources, the BCRL division has been redirected to focus on developing
products for the Urban Pest Management sector. Early results show promise in
achieving this goal and the company should be in a position to capitalize on
these products within the next two - three years.
The new facility
purchased last year to increase our production capacities has finally been
taken possession of and we are in the process of finalizing plans and obtaining
relevant clearances through the first half of the next fiscal year.
Their Joint
Venture Company PCI Environmental Services Private Limited has progressed
satisfactorily and has expanded its operations to major metro cities. In
response to their partners suggestion to build on their well established
International brand, Cannon, it has been decided to rename PCIES as Cannon
Hygiene (India) Private Limited.
Their Joint
Venture Company Cannon Pest Management Company Limited, Thailand has progressed
satisfactorily with new offices being established in important cities in that
nation.
The Company has
recently entered into a Joint Venture with Everest PCI Pest Management Pvt.
Ltd., in Nepal which has a great potential for growth in this field. During the
year the company has remitted Rs.1.256 Millions towards Equity participation in
that company.
Considering
unsatisfactory performance, the Directors have decided to terminate the Joint
Venture contract with Alpha PCI Pest Management Limited, in Mauritius and
called back our investment from the said company. During the year, the company
has received back its entire investment in the said company.
INDEX OF CHARGES
|
S.No. |
Charge ID |
Date of Charge
Creation/Modification |
Charge amount secured |
Charge Holder |
Address |
Service Request
Number (SRN) |
|
1 |
10378479 |
17/09/2012 |
100,000,000.00 |
KOTAK MAHINDRA
BANK LIMITED |
36-38A, NARIMAN
BHAVAN, 227,D, NARIMAN POINT, MUMBAI, MAHARASHTRA - 400021, INDIA |
B58901265 |
|
2 |
10378021 |
13/08/2012 |
30,000,000.00 |
INDIAN OVERSEAS
BANK |
FORT BRANCH,
2/10, ELPHINSTONE BLDG., VEER NARIMAN ROAD, MUMBAI, MAHARASHTRA - 400023,
INDIA |
B58662479 |
|
3 |
10123492 |
13/08/2012 * |
103,700,000.00 |
INDIAN OVERSEAS
BANK |
FORT BRANCH, 2/10,
ELPHINSTONE BLDG., VEER NARIM |
B58668591 |
|
4 |
10038431 |
18/01/2007 |
250,000.00 |
HDFC BANK
LIMITED |
HDFC BANK
HOUSESENAPATI BAPAT MARG, LOWER PAREL W , MUMBAI, MAHARASHTRA - 400013,
INDIA |
A10455426 |
|
5 |
80018711 |
13/08/2012 * |
22,500,000.00 |
INDIAN OVERSEAS
BANK |
FORT BRANCH,
2/10, ELPHINSTONE BLDG., VEER NARIMAN ROAD, MUMBAI, MAHARASHTRA - 400023,
INDIA |
B58664608 |
|
6 |
80018710 |
11/06/2014 * |
147,500,000.00 |
INDIAN OVERSEAS
BANK |
FORT BRANCH,
TAMARIND HOUSE, 30 & 32, TAMARIND LANE, FORT, MUMBAI, MAHARASHTRA -
400023, INDIA |
C09940701 |
|
7 |
80003076 |
11/06/2014 * |
303,700,000.00 |
INDIAN OVERSEAS
BANK |
FORT BRANCH,
TAMARIND HOUSE, 30 & 32, TAMARIND LANE, FORT, MUMBAI, MAHARASHTRA -
400023, INDIA |
C09940818 |
* Date of charge modification
FIXED ASSETS:
· Land
· Building
· Plant and Machinery
· Equipments
· Furniture and Fixtures
· Electrical Installations
· Motor Vehicles
· Cycles
· Capital Work in Progress
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.60.85 |
|
|
1 |
Rs.102.69 |
|
Euro |
1 |
Rs.81.46 |
INFORMATION DETAILS
|
Information Gathered
by : |
PDT |
|
|
|
|
Analysis done by
: |
DIV |
|
|
|
|
Report Prepared
by : |
SNT |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
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 |
6 |
|
--CREDIT LINES |
1~10 |
5 |
|
--MARGINS |
-5~5 |
- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
YES |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
YES |
|
--AFFILIATION |
YES/NO |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTERS |
|
|
|
--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.