MIRA
INFORM REPORT
|
Report Date : |
09.12.2014 |
IDENTIFICATION DETAILS
|
Name : |
ENPRO INDUSTRIES PRIVATE LIMITED
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Registered
Office : |
Plot No. A-17, H Block, MIDC, Pimpri, Pune – 411018, |
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Country : |
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Financials (as
on) : |
31.03.2014 |
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Date of
Incorporation : |
15.03.1999 |
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Com. Reg. No.: |
11-013421 |
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Capital
Investment / Paid-up Capital : |
Rs. 50.432 Millions |
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CIN No.: [Company Identification
No.] |
U74210PN1999PTC013421 |
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TAN No.: [Tax Deduction &
Collection Account No.] |
Not Available |
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PAN No.: [Permanent Account No.] |
AAACE6137H |
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Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Manufacturer, Exporter and Importer of Lube Oil System. |
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No. of Employees
: |
250 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (44) |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Status : |
Satisfactory |
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Payment Behaviour : |
Slow but correct |
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Litigation : |
Clear |
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Comments : |
Subject is an established company having a satisfactory track record. There seems dip in profit of the company during financial year 2014. However, the rating takes into consideration promoter’s extensive
experience in the mechanical fluid system marked by sound financial risk
profile and fair liquidity position of the company. Trade relations are fair. Business is active. Payment terms are
reported to be slow but correct. The company can be considered normal for business dealings at usual
trade terms and conditions. |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
EXTERNAL AGENCY RATING
|
Rating Agency Name |
CRISIL |
|
Rating |
Long term rating = BB+ |
|
Rating Explanation |
Have moderate risk of default. |
|
Date |
November 6, 2014 |
|
Rating Agency Name |
CRISIL |
|
Rating |
Short term rating = A4+ |
|
Rating Explanation |
Have minimal degree of safety and carry very
high credit risk. |
|
Date |
November 6, 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 [GENERAL DETAILS]
|
Name : |
Mr. Manohar |
|
Designation : |
Accounts Executive |
|
Contact No.: |
91-20-67308000 |
|
Date : |
09.12.2014 |
LOCATIONS
|
Registered Office : |
Plot No. A-17, H Block, MIDC, Pimpri, Pune – 411018, |
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Tel. No.: |
91-20 66313100/ 40739222/ 66113666/ 27472157 |
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Mobile No.: |
91-9765554982 [Mr. Murali Iyer] |
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Fax No.: |
91-20-27470909 |
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E-Mail : |
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Website : |
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Area : |
3500 Sq. ft. |
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Location : |
Owned |
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Branch Office : |
D 12/4, MIDC, Chinchwad, Pune – 411019, |
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Tel. No.: |
91-20-67308000/ 66113656/ 27478292 |
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Fax No.: |
91-20-27478292 |
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Factory : |
Gat No.215/ 216/ 218/ 219, Alandi Markal, Pune – 412105, |
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Area : |
5.5 Acres |
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Location : |
Owned |
DIRECTORS
AS ON 07.08.2014
|
Name : |
Mr. Srikrishna Bhargav Karkare |
|
Designation : |
Managing director |
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Address : |
378, Sector 24, PCNT, Nigdi, Pune – 411044, |
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Date of Birth/Age : |
13.10.1959 |
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Date of Appointment : |
15.03.1999 |
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PAN No.: |
ABJPK2889F |
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DIN No.: |
00409347 |
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Name : |
Mrs. Alka Srikrishna Karkare |
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Designation : |
Whole-time director |
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Address : |
378, Sector 24, PCNT, Nigdi, Pune – 411044, Maharashtra, India |
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Date of Birth/Age : |
21.10.1959 |
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Date of Appointment : |
15.03.1999 |
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PAN No.: |
ABJPK2888E |
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DIN No.: |
00409408 |
KEY EXECUTIVES
|
Name : |
Mr. Manohar |
|
Designation : |
Accounts Executive |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 07.08.2014
|
Names of Shareholders |
No. of Shares |
Percentage of Holding |
|
Srikrishna Bhargav Karkare |
3030000 |
60.08 |
|
Alka Srikrishna Karkare |
1817527 |
36.04 |
|
Siddharth Srikrishna Karkare |
97825 |
1.94 |
|
Anuj Srikrishna Karkare |
97823 |
1.94 |
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|
|
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Total |
5043175 |
100.00 |
AS ON 07.08.2014
|
Equity Share Breakup |
Percentage of Holding |
|
Category |
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Directors
or relatives of directors |
100.00 |
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|
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Total |
100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer, Exporter and Importer of Lube Oil System. |
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Products/ Services : |
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Brand Names : |
-- |
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Agencies Held : |
-- |
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Exports : |
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Products : |
Finished Goods |
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Countries : |
· European Countries USA Spain |
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Imports : |
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Products : |
Raw Material |
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Countries : |
· Japan Dubai |
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Terms : |
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Selling : |
Credit |
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Purchasing : |
Cheque and Credit |
PRODUCTION STATUS: NOT AVAILABLE
GENERAL INFORMATION
|
Suppliers : |
· Navpad Steel Centre Weir BDK Valves, a unit of Weir India Private Limited |
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Customers : |
Others · Reliance Industries Limited Siemens Limited |
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No. of Employees : |
250 (Approximately) |
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Bankers : |
· The Saraswat Co-Operative Bank Limited Pimpri Chinchwad
Branch, Chinchwad, Pune – 411018, Maharashtra, India · The Saraswat Co-Operative Bank Limited C-2, Kohinoor Estate Co-Operative Housing Society, Plot No. 12, Mula
Road. Sangamwadi, Pune - 411003, Maharashtra, India · State Bank of India Gresham House, Sir
P.M. Road, Fort, Mumbai – 400001, Maharashtra, India ·
Yes Bank Limited Hinjawadi
Branch, Pune, Maharashtra, India |
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Facilities : |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
R M Rajapurkar and Company Chartered Accountants |
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Address : |
1, Regent Avenue, Sambhaji Chowk, Pradhikaran, Pune,
Maharashtra, India |
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Income-tax
PAN of auditor or auditor's firm : |
AARPR6603D |
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Associates/Subsidiaries : |
Not Available |
CAPITAL STRUCTURE
AS ON 31.03.2014
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
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|
5,250,000 |
Equity Shares |
Rs. 10/- each |
Rs. 52.500 Millions |
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Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
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|
5,043,175 |
Equity Shares |
Rs. 10/- each |
Rs. 50.432 Millions |
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FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
I.
EQUITY AND LIABILITIES |
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(1)Shareholders' Funds |
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(a) Share Capital |
50.432 |
50.432 |
50.432 |
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(b) Reserves & Surplus |
365.524 |
363.611 |
334.159 |
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(c) Money received against share warrants |
0.000 |
0.000 |
0.000 |
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(2) Share Application money pending
allotment |
0.000 |
0.000 |
0.000 |
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Total
Shareholders’ Funds (1) + (2) |
415.956 |
414.043 |
384.591 |
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(3) Non-Current
Liabilities |
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(a) Long-term borrowings |
150.433 |
119.677 |
101.805 |
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(b) Deferred tax liabilities (Net) |
6.813 |
7.478 |
8.929 |
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(c) Other long
term liabilities |
0.000 |
0.000 |
0.000 |
|
(d) long-term
provisions |
0.000 |
0.000 |
0.000 |
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Total Non-current
Liabilities (3) |
157.246 |
127.155 |
110.734 |
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(4) Current Liabilities |
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(a)
Short term borrowings |
514.358 |
358.381 |
527.701 |
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(b)
Trade payables |
56.784 |
25.766 |
62.168 |
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(c)
Other current liabilities |
412.299 |
49.074 |
196.159 |
|
(d) Short-term
provisions |
28.090 |
61.456 |
63.466 |
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Total Current
Liabilities (4) |
1011.531 |
494.677 |
849.494 |
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TOTAL |
1584.733 |
1035.875 |
1344.819 |
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II.
ASSETS |
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(1) Non-current assets |
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(a)
Fixed Assets |
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(i) Tangible
assets |
451.165 |
467.176 |
419.675 |
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(ii)
Intangible Assets |
1.888 |
0.844 |
1.320 |
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(iii)
Capital work-in-progress |
0.000 |
3.599 |
0.000 |
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(iv)
Intangible assets under development |
0.000 |
0.000 |
0.000 |
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(b) Non-current Investments |
0.025 |
0.025 |
5.025 |
|
(c) Deferred tax assets (net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
2.652 |
2.590 |
2.750 |
|
(e) Other
Non-current assets |
0.000 |
0.000 |
0.000 |
|
Total Non-Current
Assets |
455.730 |
474.234 |
428.770 |
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(2) Current assets |
|
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|
(a)
Current investments |
0.000 |
0.000 |
0.000 |
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(b)
Inventories |
592.913 |
165.761 |
393.203 |
|
(c)
Trade receivables |
205.787 |
216.496 |
325.877 |
|
(d) Cash
and cash equivalents |
83.580 |
32.318 |
44.326 |
|
(e)
Short-term loans and advances |
137.992 |
66.159 |
78.752 |
|
(f)
Other current assets |
108.731 |
80.907 |
73.891 |
|
Total
Current Assets |
1129.003 |
561.641 |
916.049 |
|
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|
|
|
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TOTAL |
1584.733 |
1035.875 |
1344.819 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
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SALES |
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Income |
NA |
1059.940 |
1027.360 |
|
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Other Income |
NA |
NA |
NA |
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TOTAL |
NA
|
NA
|
NA
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Less |
EXPENSES |
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TOTAL |
NA
|
NA
|
NA
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PROFIT BEFORE
TAX |
NA |
44.250 |
91.350 |
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Less |
TAX |
NA |
14.483 |
30.240 |
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PROFIT AFTER TAX
|
6.513 |
29.767 |
61.110 |
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EARNINGS IN
FOREIGN CURRENCY |
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Export Earnings [FOB basis] |
185.650 |
518.467 |
484.767 |
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IMPORTS |
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Bought Outs |
NA |
91.512 |
141.421 |
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|
Earnings Per
Share (Rs.) |
1.29 |
5.90 |
15.14 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
Net Profit Margin (PAT/Sales) |
(%) |
NA |
2.81 |
5.95 |
|
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|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
NA |
4.29 |
6.82 |
|
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|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
NA |
0.11 |
0.24 |
|
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|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
1.60 |
1.15 |
1.64 |
|
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|
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|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.12 |
1.14 |
1.08 |
FINANCIAL ANALYSIS
[all figures are
in Rupees Millions]
DEBT EQUITY RATIO
|
Particular |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
(Rs.
In Millions) |
(Rs.
In Millions) |
(Rs.
In Millions) |
|
Share Capital |
50.432 |
50.432 |
50.432 |
|
Reserves & Surplus |
334.159 |
363.611 |
365.524 |
|
Net
worth |
384.591 |
414.043 |
415.956 |
|
|
|
|
|
|
Long-term borrowings |
101.805 |
119.677 |
150.433 |
|
Short term borrowings |
527.701 |
358.381 |
514.358 |
|
Total
borrowings |
629.506 |
478.058 |
664.791 |
|
Debt/Equity ratio |
1.637 |
1.155 |
1.598 |
LOCAL AGENCY FURTHER INFORMATION
CURRENT MATURITIES
OF LONG TERM DEBT
|
PARTICULARS |
31.03.2014 (Rs.
In Millions) |
31.03.2013 (Rs.
In Millions) |
31.03.2012 (Rs.
In Millions) |
|
|
|
|
|
|
Current maturities of long-term debt |
0.000 |
0.000 |
NA |
|
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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
two 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 |
Yes |
|
18] |
Major customers |
Yes |
|
19] |
Payments terms |
Yes |
|
20] |
Export / Import details (if
applicable) |
Yes |
|
21] |
Market information |
-- |
|
22] |
Litigations that the firm
/ promoter involved in |
-- |
|
23] |
Banking Details |
Yes |
|
24] |
Banking facility details |
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 |
INDEX OF CHARGES
|
S.NO. |
CHARGE ID |
DATE OF CHARGE CREATION/MODIFICATION |
CHARGE AMOUNT SECURED |
CHARGE HOLDER |
ADDRESS |
SERVICE REQUEST NUMBER (SRN) |
|
1 |
10527867 |
17/10/2014 |
100,000,000.00 |
THE SARASWAT CO-OPERATIVE
BANK LIMITED |
C-2, KOHINOOR
ESTATE CO-OPERATIVE HOUSING SOCIETY, PLOT NO.12, MULA ROAD, SANGAMWADI, PUNE,
MAHARASHTRA - 411003, INDIA |
C31274848 |
|
2 |
10488467 |
18/03/2014 |
1,090,000.00 |
THE SARASWAT
CO-OPERATIVE BANK LIMITED |
THE SARASWAT
CO-OPERATIVE BANK LIMITED, KARVE ROAD, PUNE, MAHARASHTRA - 411004, INDIA |
C02315265 |
|
3 |
10488470 |
18/03/2014 |
1,090,000.00 |
THE SARASWAT
CO-OPERATIVE BANK LIMITED |
THE SARASWAT CO-OPERATIVE
BANK LIMITED, KARVE ROAD, PUNE, MAHARASHTRA - 411004, INDIA |
C02315638 |
|
4 |
10488471 |
18/03/2014 |
1,090,000.00 |
THE SARASWAT
CO-OPERATIVE BANK LIMITED |
THE SARASWAT CO-OPERATIVE
BANK LIMITED, KARVE ROAD, PUNE, MAHARASHTRA - 411004, INDIA |
C02316511 |
|
5 |
10449597 |
26/08/2013 |
41,500,000.00 |
THE SARASWAT
CO-OPERATIVE BANK LIMITED |
C-2 KOHINOOR
ESTATE CO-OPERATIVE HOUSING SOCIETY,, |
B85228658 |
|
6 |
10421914 |
28/03/2013 |
6,200,000.00 |
THE SARASWAT
CO-OPERATIVE BANK LIMITED |
C-2 KOHINOOR
ESTATE CO-OPERATIVE HOUSING SOCIETY, |
B73791659 |
|
7 |
10429557 |
28/03/2013 |
140,000,000.00 |
THE SARASWAT
CO-OPERATIVE BANK LIMITED |
C-2 KOHINOOR
ESTATE CO-OPERATIVE HOUSING SOCIETY,, |
B73791071 |
|
8 |
10334429 |
11/04/2011 |
581,914.00 |
THE SARASWAT
CO-OPERATIVE BANK LIMITED |
F C ROAD
BRANCH,, PUNE, MAHARASHTRA - 411004, INDIA |
B27297472 |
|
9 |
10181646 |
30/09/2009 |
185,100,000.00 |
STATE BANK OF
INDIA |
GRESHAM HOUSE, SIR
P.M. ROAD, FORT, MUMBAI, MAHAR |
A71955413 |
|
10 |
10130983 |
01/11/2008 |
5,000,000.00 |
FIRST LEASING CO
OF INDIA LIMITED |
749, ANNA SALAI,
CHENNAI-2., TAMILNADU - 600002, INDIA |
A51411015 |
|
11 |
10116228 |
03/07/2008 |
1,283,800.00 |
THE SARASWAT
CO-OPERATIVE BANK LIMITED |
F C ROAD BRANCH,
PUNE, MAHARASHTRA - 411004, INDIA |
A43218882 |
|
12 |
80018353 |
30/12/2011 * |
934,100,000.00 |
STATE BANK OF
INDIA |
GRESHAM HOUSE, SIR
P.M. ROAD, FORT, MUMBAI, MAHARASHTRA - 400001, INDIA |
B29760071 |
* Date of charge modification
UNSECURED LOANS
|
PARTICULARS |
31.03.2014 (Rs.
In Millions) |
31.03.2013 (Rs.
In Millions) |
|
LONG-TERM BORROWINGS |
|
|
|
Other loans and advances |
5.200 |
4.300 |
|
|
|
|
|
Total |
5.200 |
4.300 |
FIXED ASSETS:
· Land
Buildings
Office
building
Factory
building
Plant
and equipment
Other
plant and equipment
Furniture
and fixtures
Vehicles
Motor
vehicles
Office
equipment
Computer
equipments
Other
equipments
Books
periodicals
Computer
software
Trade
marks
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. 61.93 |
|
|
1 |
Rs. 96.37 |
|
Euro |
1 |
Rs. 76.10 |
INFORMATION DETAILS
|
Information
Gathered by : |
HTL |
|
|
|
|
Analysis Done by
: |
RAS |
|
|
|
|
Report Prepared
by : |
BVA |
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 |
3 |
|
--LIQUIDITY |
1~10 |
5 |
|
--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 |
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 |
|
44 |
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.