MIRA
INFORM REPORT
|
Report Date : |
18.08.2014 |
IDENTIFICATION DETAILS
|
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) : |
31.03.2013 |
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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.3994.314 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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PAN No.: [Permanent Account No.] |
AAACP6820G |
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Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Subject is engaged in the business of manufacturing, designing, engineering, servicing and carrying on other ancillary activities related to hydraulics, pneumatics and special application cylinders, pumps, seals, hoses and other goods of similar description. |
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|
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No. of Employees
: |
850 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
B (30) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
Status : |
Moderate |
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Payment Behaviour : |
Slow but correct |
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Litigation : |
Exist |
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Comments : |
Subject is a subsidiary of Parker Hannifin Singapore Private Limited,
Singapore. It is an established company having moderate track record. The company
has recorded some accumulated losses during 2013. However, trade relations are reported as fair. Business is active.
Payment terms are reported to be slow but correct. The company can be considered for business dealings with some caution.
|
NOTES:
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
INDIAN ECONOMIC OVERVIEW
N E W S
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.
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 : |
Mr. Vijay Pai |
|
Designation : |
Account Manager |
|
Contact No.: |
91-22-41242500 / 2522 |
|
Date : |
14.08.2014 |
LOCATIONS
|
Registered/ Division
Headquarters 1/ Factory 1/ Sales Office 1 : |
EL 26, MIDC Electronic Zone, TTC Industrial Area, Mahape, Navi Mumbai
– 400701, Maharashtra, India |
|
Tel. No.: |
91-22-65137081-85/41242522 |
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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. ft. |
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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 Plot 26-29, 16A
and 18-19, Phase IV, IDA Patancheru, Hyderabad - 502319, Andhra Pradesh, India |
|
Tel. No.: |
91-8455-248700 |
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Fax No.: |
91-8455-248789 |
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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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Factory 5 : |
Chomerics Division No.1465/2 B1,
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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Factory 7 : |
Plot No. P41/2, Eighth Avenue, Domestic Tariff
Area, Mahindra World City, Chengelpattu, Kancheepuram District. Chennai –
603002, Tamilnadu, India |
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Tel. No.: |
91-44-67450309 |
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Factory 8 : |
Khasra 145,146,153/1,153/3,157, Amravati Road,
Bazargaon, Nagpur – 440023, Maharashtra, India |
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Sales Office : |
Located At : ·
Hyderabad |
DIRECTORS
As on 30.11.2013
|
Name : |
Mr. Arijit Diptimoy Sen |
|
Designation : |
Managing director |
|
Address : |
1C, Farah Fort Manor, 20, 1st Main Road, Jayamahal Extension,
Bangalore – 560046, Karnataka, India |
|
Date of Birth/Age : |
17.11.1957 |
|
Date of Appointment : |
07.01.2008 |
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DIN No.: |
02097059 |
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|
|
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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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Name : |
Mrs. 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 |
|
Date of Appointment : |
17.01.1989 |
|
DIN No.: |
00320158 |
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|
|
|
Name : |
Mr. Thomas Anthony Piraino Jr |
|
Designation : |
Director |
|
Address : |
2357, Delamere Road, Cleveland, Ohio – 44106, United States of America
|
|
Date of Birth/Age : |
12.07.1949 |
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Date of Appointment : |
27.08.1998 |
|
DIN No.: |
02593802 |
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|
|
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Name : |
Saugata Ganguly |
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Designation : |
Director |
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Address : |
53 Shree Krishna, Plot No. 42, Sector – 2, Charkop, Kandivali (West), Mumbai
– 400067, Maharashtra, India |
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Date of Birth/Age : |
06.11.1966 |
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Date of Appointment : |
30.12.2011 |
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DIN No.: |
03581969 |
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PAN No.: |
AHYPG8394A |
KEY EXECUTIVES
|
Name : |
Mr. Vijay Pai |
|
Designation : |
Account Manager |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 30.11.2013
|
Names of Shareholders |
|
No. of Shares |
|
Parker Hannifin Corporation, USA |
|
24 |
|
Parker Hannifin Singapore Pte Limited, Singapore |
|
399431403 |
|
|
|
|
|
Total |
|
399431427 |
Equity Share Break up (Percentage of Total Equity)
As on 30.11.2013
|
Category |
Percentage |
|
Foreign holdings( Foreign institutional
investor(s), Foreign companie(s) Foreign financial institution(s), Non-resident
Indian(s) or Overseas Corporate bodies or Others |
100.00 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Subject is engaged in the business of manufacturing, designing,
engineering, servicing and carrying on other ancillary activities related to
hydraulics, pneumatics and special application cylinders, pumps, seals, hoses
and other goods of similar description. |
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Products : |
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Exports : |
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Products : |
Finished Goods |
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Countries : |
Germany |
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Terms : |
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Selling : |
Cash and Credit (30 Days) |
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Purchasing : |
Cash and Credit (30 Days) |
PRODUCTION STATUS (As on
31.03.2011)
|
Particulars |
Unit |
Licensed
Capacity # |
Installed
Capacity ** |
|
Hydraulics Pumps |
PCS |
11000 |
11000 |
|
Hydraulics Products |
PCS |
50000 |
150000 |
|
Hydraulic system |
PCS |
125 |
NIL |
|
Pneumatic Accessories ## |
FT |
27000 |
60000 |
|
Hydraulic Hose |
Meters |
-- |
6300000 |
|
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 |
|
Fluid Connectors |
PCS |
16560 |
|
Filtration |
PCS |
893 |
|
Hydraulics |
PCS/FT |
256469 |
|
Instrumentation |
PCS |
1673 |
|
Pneumatics |
PCS |
38056 |
|
Seals |
PCS |
5789052 |
|
Hydraulic Hose |
Meters |
6261932 |
|
Hydraulic Hose Fittings |
PCS |
78670 |
|
Hydraulic Hose Assembly |
PCS |
24848 |
GENERAL INFORMATION
|
No. of Employees : |
850 (Approximately) |
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|
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Bankers : |
·
Andhra Bank, R. P. Road Branch; 8-1-381, R. P.
Road, Secunderabad, Andhra Pradesh - 500003, India ·
Citi Bank |
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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 |
|
Income-tax
PAN of auditor or auditor's firm : |
AABFL5878L |
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Ultimate Holding
Company: |
· Parker Hannifin Corporation ,USA |
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Holding Company: |
· Parker Hannifin Singapore Pte. Limited, Singapore |
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Subsidiary Company: |
· Domnick Hunter India Private Limited, India, [U31101DL1998PTC091533] |
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Other Related Parties
with whom the Company had transactions: |
· Denison Hydraulics France SA, France · Legris Holding India Private Limited, India [U67120MH2000PTC223109] · Legris India Private Limited, India [U74899HR2001PTC048721] · Parker Gas Seperation, Etten - Leur, Netherland · Parker Hann Elec Matrl (Shenzhen) Company Limited, China · Parker Hannifin Thailand Company Limited, Rayong Thailand (formerly known as Parker Hannifin (Thailand) Company Limited, Thailand) · Parker Hannifin Europe Sarl, Ulricehamn Sweden (formerly known as Parker Hannifin AB-Ulricehamn, Sweden) · Parker Hannifin Africa Pty Limited, Africa · Parker Hannifin Europe Sarl,Oldenzaal Netherland (formerly known as Parker Hannifin BV, Netherland) · Parker Hannifin Connectors Limited, Gyoungnam Korea (formerly known as Parker Hannifin Connectors Limited, Korea) · Parker Hannifin Corporation, Chile (formerly known as Parker Hannifin Corporation Chile Limited, Chile) · Parker Hannifin Europe Sarl,Offenburg Germany (formerly known as Parker Hannifin Gmbh and Company Kg -Offenburg, Germany) · Parker Hannifin Hong Kong Limited, Hongkong · Parker Hannifin Ind(M) Sdn Bhd, Malaysia · Parker Hannifin Ind e com Ltda, Brazil · Parker Hannifin Japan Limited, Japan · Parker Hannifin Limited, Littlehampton - UK · Parker Hannifin Motion and Control, Shanghai - China · Parker Hannifin Portugal, Lda, Portugal (formerly known as Parker Hannifin Portugal, Portugal) · Parker Hannifin (Australia) Pty Limited, Castle Hill Australia (formerly known as Parker Hannifin Pty Limited, Australia) · Parker Hannifin Thailand Company Limited, Thailand · Parker Hannifin Europe Sarl, ITR Italy (formerly known as Parker ITR S.R.L., Italy) · Parker Korea Limited, Korea · Parker KV Division, UK · Taiyo Limited, Japan · Parker Hannifin Limited, Bucks - UK · Parker Hannifin Europe Sarl, Devon UK (formerly known as Parker Hannifin IPD, Devon, UK) · Parker Hannifin Europe Sarl, Kaarst Germany (formerly known as Parker Hannifin Kaarst, Germany) · Parker Hannifin Europe Sarl, Boras Sweden (formerly known as Parker Hannifin MCD, Sweden) · Parker Hannifin Europe Sarl, Everux France (formerly known as Parker Hannifin Pneumatics, France) · Parker Middle East Fze, Dubai · Parker Mining, UK · Parker Hannifin Europe Sarl, Ambacht Netherland (formerly known as Parker Pneumatic B.V. Ambach, Netherland) · Parker Hannifin Europe Sarl, Polyflex Netherland (formerly known as Parker Polyflex BV, Netherland) · Parker Tejing Hydraulics(Tianjin)Company Limited, China · Parker Hannifin Europe Sarl, Denmark (formerly known as Parker Polar, Denmark) · Parker Hannifin Europe Sarl, Chemnitz Germany (formerly known as Parker Hannifin Chemnitz, Germany) · Parker Korea Limited, Kyunggi-do Korea (formerly known as Parker Hannifin CIC, Korea) · Parker Hannifin Europe Sarl, Herl Germany (formerly known as Parker Hannifin, CIC Herl, Germany) · Parker Hannifin Europe Sarl, Lucifer, Switzerland (formerly known as Parker Hannifin, CIC Lucifer, Switzerland) · Parker Hannifin Europe Sarl,Corsico Italy (formerly known as Parker Hannifin, Corsico, Italy) · Parker Hannifin Europe Sarl, Koln Germany (formerly known as Parker Hannifin, Cyl Division, Koln - Germany) · Parker Hannifin Denison, Shanghai - China · Parker Hannifin Europe Sarl, Biefield Germany (formerly known as Parker Hannifin Ermeto, Bielefeld - Germany) · Parker Hannifin Europe Sarl, Arlon Netherland (formerly known as Parker Hannifin Filters, Arlon - Netherland) · Parker Hannifin Europe Sarl, Dewsbury UK (formerly known as Parker Hannifin Filters, Dewsbury -UK) · Parker Hannifin Europe Sarl, Finland (formerly known as Parker Hannifin Filters, Finland) · Parker Hannifin FPS, China · Parker Hannifin Manufacturing Limited, Grantham UK (formerly known as Parker Hannifin, Grantham - UK) · Parker Hannifin UK Limited, Hellaby UK (formerly known as Parker Hannifin Hellaby, UK) · Parker Hannifin Europe Sarl, Boom Belgium (formerly known as Advanced Products N.V., Belgium) · Emitherm Sdn Bhd, Malaysia · Kuroda Pneumatics, Japan · Parker Hannifin Manufacturing Limited, Sheffield Uk (formerly known as Parker Domnick Hunter, Sheffield -UK) · Parker Hannifin Europe Sarl,Birtley Uk (formerly known as Parker Domnick Hunter, Birtley -UK) · Parker Hannifin Europe Sarl, Polyflex Germany (formerly known as Parker Hannifin Polyflex, Germany) · Parker Hannifin Europe Sarl, Pradifa Germany (formerly known as Parker Hannifin Pradifa, Germany) · Parker Hannifin Europe Sarl, Annemasse France (formerly known as Parker Hannifin QCD, Annemasse, France) · Parker Hannifin Europe Sarl, Crewkerne Uk (formerly known as Parker Hannifin Sterling, UK) · Parker Hannifin Europe Sarl, Tema Sweden (formerly known as Parker Hannifin Tema, Sweden) · Parker Hannifn Refrigeration And Air Conditioning (Wuxi) Company Limited, Wuxi China (formerly known as Parker Hannifin CIC China · Wuxi, China) · Parker Hannifin Europe Sarl, Origa Germany (formerly known as Parker Hannifin Origa, Germany) · Parker Hannifin Europe Sarl, Rectus Germany (formerly known as Rectus Gmbh-Fluid Connectors Groupeurope, Germany) · SSD Parvex Sas -France · Parker Hannifin Fluid Connectors (Qingdao) Company Limited, China · Parker Korea Company Limited Jangan Korea · Phc,Snaptite,Wexford Ireland · Parker Hareket Ve Kontrol Sistemleri Tic, Istanbul · Parker Hannifin LLC,Russia · Parker Hannifin Europe Sarl, Origa Austria · Parker Hannifin Europe Sarl, Chomutov Czech Republic · Parker Hannifin Canada · Parker Hannifin Europe Sarl, Gateshed UK · Domnick Hunter India Private Limited · Parker Hannifin Europe Sarl, Ortona Italy · Parker Hannifin Europe Sarl,Zandar Italy · Parker Hannifin Europe Sarl,Warwick UK · P.H Motion and Control (Wuxi) Company Limited, Wuxi China · Parker Hannifin Europe Sarl,Etoy Germany · Parker Hannifin Fluid Power systems and Components Shanghai Company Limited ,China · Parker Hannifin Motion And Control Shanghai Company Limited ,Shanghai China · Parker Hannifin Corporation USA · Parker Hannifin Singapore Pte Limited Singapore · Parker Hannifin Europe Sarl, Zandar Germany |
CAPITAL STRUCTURE
As on 31.03.2013
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
416000000 |
Equity Shares |
Rs.10/- each |
Rs.4160.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
399431427 |
Equity Shares |
Rs.10/- each |
Rs.3994.314
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 |
3994.314 |
487.887 |
487.887 |
|
(b) Reserves & Surplus |
(8.449) |
741.142 |
677.464 |
|
(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) |
3985.865 |
1229.029 |
1165.351 |
|
|
|
|
|
|
(3) Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
1564.947 |
706.037 |
306.508 |
|
(b) Deferred tax liabilities
(Net) |
48.107 |
0.000 |
0.000 |
|
(c) Other long term
liabilities |
1.676 |
24.468 |
6.584 |
|
(d) long-term provisions |
214.338 |
141.631 |
113.290 |
|
Total
Non-current Liabilities (3) |
1829.068 |
872.136 |
426.382 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
52.000 |
100.000 |
7.332 |
|
(b) Trade payables |
1069.477 |
1269.502 |
714.371 |
|
(c) Other current liabilities |
235.225 |
280.064 |
156.001 |
|
(d) Short-term provisions |
23.659 |
21.765 |
17.552 |
|
Total
Current Liabilities (4) |
1380.361 |
1671.331 |
895.256 |
|
|
|
|
|
|
TOTAL |
7195.294 |
3772.496 |
2486.989 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
2736.009 |
625.395 |
525.730 |
|
(ii) Intangible Assets |
1359.630 |
68.357 |
0.000 |
|
(iii) Capital work-in-progress |
334.478 |
661.347 |
140.948 |
|
(iv) Intangible assets under
development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current Investments |
25.518 |
222.177 |
0.000 |
|
(c) Deferred tax assets (net) |
0.000 |
27.038 |
7.832 |
|
(d) Long-term Loan and Advances |
150.502 |
178.635 |
91.224 |
|
(e) Other Non-current assets |
12.066 |
0.000 |
0.000 |
|
Total
Non-Current Assets |
4618.203 |
1782.949 |
765.734 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
0.000 |
0.000 |
0.000 |
|
(b) Inventories |
886.310 |
690.267 |
600.378 |
|
(c) Trade receivables |
974.375 |
763.047 |
662.289 |
|
(d) Cash and cash equivalents |
460.117 |
313.521 |
295.990 |
|
(e) Short-term loans and
advances |
255.202 |
222.441 |
161.286 |
|
(f) Other current assets |
1.087 |
0.271 |
1.312 |
|
Total
Current Assets |
2577.091 |
1989.547 |
1721.255 |
|
|
|
|
|
|
TOTAL |
7195.294 |
3772.496 |
2486.989 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
|
|
|
|
|
|
|
SALES |
|
|
|
|
|
Income |
4628.277 |
3943.817 |
3525.566 |
|
|
Other Income |
22.611 |
8.891 |
5.550 |
|
|
TOTAL
(A) |
4650.888 |
3952.708 |
3531.116 |
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
Cost of Materials Consumed |
2,235.879 |
1,869.952 |
1,739.705 |
|
|
Purchases of Stock-in-Trade |
752.527 |
653.979 |
460.461 |
|
|
Changes in inventories of
finished goods, work-in-progress and Stock-in-Trade |
(11.652) |
(69.979) |
(55.161) |
|
|
Employees benefits expense |
650.873 |
469.095 |
352.045 |
|
|
Other expenses |
980.974 |
757.092 |
573.383 |
|
|
Exceptional items |
196.659 |
0.000 |
0.000 |
|
|
TOTAL
(B) |
4805.260 |
3680.139 |
3070.433 |
|
|
|
|
|
|
|
Less |
PROFIT/
(LOSS) BEFORE INTEREST, TAX,
DEPRECIATION AND AMORTISATION
(C) |
(154.372) |
272.569 |
460.683 |
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
125.123 |
38.191 |
32.351 |
|
|
|
|
|
|
|
|
PROFIT
/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
(279.495) |
234.378 |
428.332 |
|
|
|
|
|
|
|
Less/
Add |
DEPRECIATION/
AMORTISATION (F) |
444.762 |
64.906 |
60.275 |
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE TAX (E-F) (G) |
(724.257) |
169.472 |
368.057 |
|
|
|
|
|
|
|
Less |
TAX
(I) |
75.145 |
105.794 |
146.189 |
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) AFTER TAX (G-I)
(J) |
(799.402) |
63.678 |
221.868 |
|
|
|
|
|
|
|
|
Earnings
/ (Loss) Per Share (Rs.) |
|
|
|
|
|
Basic |
(3.72) |
1.31 |
4.55 |
|
|
Diluted
|
(1.69) |
0.96 |
3.19 |
|
Particulars |
|
|
31.03.2014 |
|
Sales Turnover (Approximately) |
|
|
5900.000 |
Expected Sales (2014-2015): Rs.7080.000 Millions
The above information has been parted by Mr. Vijay Pai (Accounts
Manager)
KEY RATIOS
|
PARTICULARS |
|
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
PAT / Total Income |
(%) |
(17.19) |
1.61 |
6.28 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
(15.65) |
4.30 |
10.44 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
(10.60) |
5.92 |
15.74 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
(0.18)
|
0.14 |
0.35 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
0.41
|
0.66 |
0.27 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.87 |
1.41 |
1.92 |
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 |
487.887 |
487.887 |
3994.314 |
|
Reserves & Surplus |
677.464 |
741.142 |
(8.449) |
|
Net
worth |
1165.351 |
1229.029 |
3985.865 |
|
|
|
|
|
|
long-term borrowings |
306.508 |
706.037 |
1564.947 |
|
Short term borrowings |
7.332 |
100.000 |
52.000 |
|
Total
borrowings |
313.840 |
806.037 |
1616.947 |
|
Debt/Equity
ratio |
0.269 |
0.656 |
0.406 |
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 |
|
Sales |
3525.566 |
3943.817 |
4628.277 |
|
|
|
11.863 |
17.355 |
NET PROFIT MARGIN
|
Net Profit
Margin |
31.03.2011 |
31.03.2012 |
31.03.2013 |
|
|
Rs.
In Millions |
Rs.
In Millions |
Rs.
In Millions |
|
Sales
|
3525.566 |
3943.817 |
4628.277 |
|
Profit |
221.868 |
63.678 |
(799.402) |
|
|
6.29% |
1.61% |
(17.27%) |
LOCAL AGENCY FURTHER INFORMATION
CURRENT MATURITIES
OF LONG TERM DEBT DETAILS
Rs.
In Millions
|
PARTICULARS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
Current maturities of long term debt |
0.000 |
0.000 |
0.000 |
|
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 |
Yes |
|
12] |
Profitability for last
three years |
Yes |
|
13] |
Reasons for variation
<> 20% |
-- |
|
14] |
Estimation for coming
financial year |
Yes |
|
15] |
Capital in the business |
Yes |
|
16] |
Details of sister
concerns |
Yes |
|
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 |
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 |
No |
|
CASE DETAILS BENCH: BOMBAY PRESENTATION DATE: 01/10/2013 LODGING NO.:
ARBPL/1633/2013
FILING DATE: 01/10/2013 REG. NO.: ARBP/1257/2013 REG.
DATE: 30/11/2013
|
OPERATING RESULTS
There was no transfer of Profit to Reserves and Surplus account during the year.
The performance of the Company has been decreased comparatively last year as it has made loss in the current year as compared to profit in the last year. It has taken various steps to achieve higher volumes and to grow its income whilst controlling costs.
BACKGROUND
Subject is a Private Limited Company, incorporated in the year 1989 and is engaged in the business of manufacturing, designing, engineering, servicing and carrying on other ancillary activities related to hydraulics, pneumatics and special application cylinders, pumps, seals, hoses and other goods of similar description. The Company is a step down subsidiary of Parker Hannifin Corporation, USA.
UNSECURED LOAN
|
PARTICULARS |
31.03.2013 (Rs.
in Millions) |
31.03.2012 (Rs.
in Millions) |
|
Long-term
Borrowings |
|
|
|
Fully convertible debentures |
767.987 |
544.127 |
|
Foreign currency term loans from others |
786.960 |
161.910 |
|
Loans and advances from related parties |
10.000 |
0.000 |
|
Short-term
borrowings |
|
|
|
Loans and advances from others |
52.000 |
100.000 |
|
|
|
|
|
Total |
1616.947 |
806.037 |
INDEX OF CHARGES
|
S. NO. |
CHARGE ID |
DATE OF CHARGE
CREATION/MODIFICATION |
CHARGE AMOUNT
SECURED |
CHARGE HOLDER |
ADDRESS |
SERVICE REQUEST
NUMBER (SRN) |
|
1 |
10020538 |
14/09/2006 |
35,000,000.00 |
HDFC BANK
LIMITED |
HDFC BANK
HOUSESENAPATI BAPAT MARG, LOWER PAREL W, MUMBAI, MAHARASHTRA - 400013, INDIA |
A05040597 |
|
2 |
90220367 |
07/03/2000 |
27,400,000.00 |
ANDHRA BANK |
R. P. ROAD
BRANCH; 8-1-381, R. P. ROAD, SECUNDERABAD, ANDHRA PRADESH - 500003, INDIA |
- |
|
3 |
90220142 |
25/01/2003 * |
10,212,000.00 |
ANDHRA BANK |
R. P. ROAD
BRANCH; 8-1-381, R. P. ROAD, SECUNDERA BAD, ANDHRA PRADESH - 500003, INDIA |
- |
|
4 |
90222068 |
10/04/2004 * |
10,212,000.00 |
ANDHRA BANK |
R. P. ROAD
BRANCH; 8-1-381, SECUNDERABAD, ANDHRA P |
- |
|
5 |
90225654 |
31/01/1989 |
98,000.00 |
ANDHRA BANK |
R. P. ROAD BRANCH;
8-1-381, R. P. ROAD, SECUNDERABAD, ANDHRA PRADESH - 500003, INDIA |
- |
|
6 |
90221046 |
16/07/1983 |
58,000.00 |
ANDHRA BANK |
R. P. ROAD
BRANCH; 8-1-381, R. P. ROAD, SECUNDERABAD, ANDHRA PRADESH - 500003, INDIA |
- |
|
7 |
90225477 |
17/11/1998 * |
350,000.00 |
ANDHRA BANK |
R. P. ROAD
BRANCH; 8-1-381, R. P. ROAD, SECUNDERABAD, ANDHRA PRADESH - 500003, INDIA |
- |
* Date of charge modification
CONTINGENT
LIABILITIES:
(Rs. in millions)
|
PARTICULARS |
31.03.2013 |
|
A Claims against the Company not acknowledged as debts : |
|
|
Sales Tax matters |
222.208 |
|
Income Tax matters |
124.425 |
|
Disputed Claims by Customers |
28.750 |
|
B Letter of Credit |
35.521 |
|
Total |
410.904 |
|
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 49.206 Millions, Rs 45.645 Millions, Rs 38.128 Millions and Rs 37.170 Millions for the respective assessment years, 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. (d) As per Business Transfer Agreement with PIX Transmission Limited (Refer Note 46), if the transferred business achieves a net sales target of Rs. 1800.000 Millions for the twelve months ending July 07, 2014, on the second anniversary of the closing date, then an additional consideration of USD 30,000,000 shall be payable to PIX Transmission Limited by the Company within the stipulated time. |
|
FIXED ASSETS:
Tangible assets
· Land
· Building
· Plant and Equipment
· Furniture and fixtures
· Vehicles
· Office Equipment
· Computer Equipment
Intangible assets
· Goodwill
· Brands and Trade Marks
· Computer Software
· Copyrights, Patents and other Operating Rights
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 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.61.06 |
|
|
1 |
Rs.101.84 |
|
Euro |
1 |
Rs.81.56 |
INFORMATION DETAILS
|
Information Gathered
by : |
JML |
|
|
|
|
Analysis Done by
: |
DIV |
|
|
|
|
Report Prepared
by : |
NKT |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
3 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
4 |
|
--PROFITABILIRY |
1~10 |
2 |
|
--LIQUIDITY |
1~10 |
3 |
|
--LEVERAGE |
1~10 |
3 |
|
--RESERVES |
1~10 |
2 |
|
--CREDIT LINES |
1~10 |
3 |
|
--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 |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
|
|
|
|
TOTAL |
|
30 |
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.