MIRA INFORM REPORT
|
Report Date : |
21.02.2014 |
IDENTIFICATION DETAILS
|
Name : |
PARKER HANNIFIN INDIA PRIVATE LIMITED |
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|
|
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Registered
Office : |
EL 26, MIDC Electronic Zone, TTC Industrial Area, Mahape, Navi Mumbai
– 400701, Maharashtra |
|
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|
|
Country : |
India |
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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 |
|
|
|
|
CIN No.: [Company Identification
No.] |
U29119MH1989PTC050377 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
MUMP10093G |
|
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|
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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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|
|
|
No. of Employees
: |
Information declined by the management |
RATING & COMMENTS
|
MIRA’s Rating : |
B (29) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
Maximum Credit Limit : |
USD 16000000 |
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|
Status : |
Moderate |
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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 moderate track record. The company has recorded some accumulated losses during financial year
2013. However, trade relations are reported to be fair. Business is active.
Payments 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
The worst is over for India’s economy with gross domestic product likely
to expand 5 %to 5.5 % this year and more than 6 % in 2015, according to Moody’s
Analytics. Concerns over the rupee and current account deficit are under
control, said the agency. Ratings firm Crisil has forecast 6 % growth for
2014/15 up from the estimated 4.8 % for 2013/14. Total economic growth,
infrastructure bottlenecks and lack of transparency and consistency in foreign
direct investment policies seem to have taken a toll on India’s attractiveness
as an investment destination, says an Ernst & Young survey. Projects
with FDI component fell 16.4 % across the globe in 2012 from the previous
year. The drop in India was steeper at 21 %. State run carrier Air India
is doling out free tickets to its 24000 employees, even as it expects to incur
a loss of Rs 39000 mn this financial year and has a debt of Rs 350000 mn.
550000 number of jobs generated across India in 2013, a fall of 0.4 % as
compared to with a year earlier. The National Capital Region has a
one-fourth share in total jobs created, according to a study by industry lobby
group Assochem, Banks, real estate, automobile and telecommunications sectors
are showing a rise of job creation. $ 805 mn investments by venture capital
firms in India during 2013, registering a drop of about 18 % over the previous
year. The Information Technology and IT-Enabled Services Industry retained
its status as the favourable venture capital investors in 2013. Pakistan has
temporarily banned gold imports for the second time in six months, as it tries
to stem smuggling into India. India’s import duty on gold is 10 % and curbs on
purchases have dried up legal imports into what used to be the world’s biggest
bullion buyers. The World Gold Council puts the amount smuggled into India at
upto 200 tonnes in 2013. The Reserve Bank of India has proposed that unclaimed
bank deposits estimated to be about Rs 35000 mn be used for education and
awareness among depositors. According to the plan, deposits that have not
been claimed for at least 10 years will be transferred to the scheme.
RBI DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available RBI Defaulters’ list.
EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of
31-03-2012.
INFORMATION DECLINED BY
|
Name : |
Mr. Vijay Pai |
|
Designation : |
Account Manager |
|
Contact No.: |
91-22-41242500/2522 |
|
Date : |
20.02.2014 |
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 |
|
Fax No.: |
91-22-27686841 |
|
E-Mail : |
|
|
Website : |
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|
Area : |
40000 sq. ft. |
|
Location : |
Owned |
|
|
|
|
Division Headquarters
2/ Factory 2 / Sales Office 2 : |
SSD Drives Division 151 and 157
Developed Plots, Perungudi, Chennai – 600096, Tamilnadu, India |
|
Tel. No.: |
91-44-43910799 |
|
Fax No.: |
91-44-43910700 |
|
|
|
|
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 |
|
Fax No.: |
91-8455-248789 |
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|
|
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Factory 4 : |
Annapurna Kenmore,
19B IDA Balangar, Hyderabad – 500037, Andhra Pradesh, India |
|
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 |
|
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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|
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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 |
|
DIN No.: |
02097059 |
|
|
|
|
Name : |
Mr. Ashok Chhaganlal Pratap |
|
Designation : |
Director |
|
Address : |
Ruby Mansion, 3rd Floor, Darabsha Lane, Napean Sea Road,
Mumbai – 400036, Maharashtra, India |
|
Date of Birth/Age : |
02.10.1940 |
|
Date of Appointment : |
17.01.1989 |
|
DIN No.: |
00107906 |
|
|
|
|
Name : |
Mrs. Parul Satish Nanabhai |
|
Designation : |
Director |
|
Address : |
Indus, Pheroz Shah Mehta Road, Santacruz (West), Mumbai – 400054,
Maharashtra, India |
|
Date of Birth/Age : |
04.12.1957 |
|
Date of Appointment : |
17.01.1989 |
|
DIN No.: |
00320158 |
|
|
|
|
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 |
|
Date of Appointment : |
27.08.1998 |
|
DIN No.: |
02593802 |
|
|
|
|
Name : |
Saugata Ganguly |
|
Designation : |
Director |
|
Address : |
53 Shree Krishna, Plot No. 42, Sector – 2, Charkop, Kandivali (West),
Mumbai – 400067, Maharashtra, India |
|
Date of Birth/Age : |
06.11.1966 |
|
Date of Appointment : |
30.12.2011 |
|
DIN No.: |
03581969 |
|
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 : |
|
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 : |
Information declined by the management |
|
|
|
|
Bankers : |
Andhra Bank, R. P. Road Branch; 8-1-381, R. P. Road, Secunderabad,
Andhra Pradesh - 500003, India |
|
|
|
|
Banking
Relations : |
-- |
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Auditors : |
|
|
Name : |
Lovelock and Lewes Chartered Accountants |
|
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 |
|
|
|
|
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 |
3,994.314 |
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) |
3,985.865 |
1,229.029 |
1,165.351 |
|
|
|
|
|
|
(3) Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
1,564.947 |
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) |
1,829.068 |
872.136 |
426.382 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
52.000 |
100.000 |
7.332 |
|
(b) Trade payables |
1,069.477 |
1,269.502 |
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) |
1,380.361 |
1,671.331 |
895.256 |
|
|
|
|
|
|
TOTAL |
7,195.294 |
3,772.495 |
2,486.989 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
2,736.009 |
625.395 |
525.730 |
|
(ii) Intangible Assets |
1,359.630 |
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 |
4,618.203 |
1,782.949 |
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 |
2,577.091 |
1,989.547 |
1,721.255 |
|
|
|
|
|
|
TOTAL |
7,195.294 |
3,772.496 |
2,486.989 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
|
SALES |
|
|
|
|
|
Income |
4,628.277 |
3,943.817 |
3,525.566 |
|
|
Other Income |
22.611 |
8.891 |
5.550 |
|
|
TOTAL
(A) |
4,650.888 |
3,952.708 |
3,531.116 |
|
|
|
|
|
|
|
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) |
4,805.260 |
3,680.139 |
3,070.433 |
|
|
|
|
|
|
|
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 |
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 |
3,994.314 |
|
Reserves & Surplus |
677.464 |
741.142 |
(8.449) |
|
Net
worth |
1,165.351 |
1,229.029 |
3,985.865 |
|
|
|
|
|
|
long-term borrowings |
306.508 |
706.037 |
1,564.947 |
|
Short term borrowings |
7.332 |
100.000 |
52.000 |
|
Total
borrowings |
313.840 |
806.037 |
1,616.947 |
|
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 |
3,525.566 |
3,943.817 |
4,628.277 |
|
|
|
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 |
3,525.566 |
3,943.817 |
4,628.277 |
|
Profit |
221.868 |
63.678 |
(799.402) |
|
|
6.29% |
1.61% |
(17.27%) |
LOCAL AGENCY FURTHER INFORMATION
CURRENT MATURITIES
OF LONG-TERM DEBT DETAILS:
|
Particulars |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
|
(Rs. In Millions) |
||
|
Current maturities of long-term debt |
0.000 |
0.000 |
0.000
|
|
|
|
|
|
|
Total |
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 |
No |
|
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 |
No |
|
15] |
Capital in the business |
Yes |
|
16] |
Details of sister
concerns |
Yes |
|
17] |
Major suppliers |
No |
|
18] |
Major customers |
No |
|
19] |
Payments terms |
No |
|
20] |
Export / Import details
(if applicable) |
No |
|
21] |
Market information |
-- |
|
22] |
Litigations that the firm
/ promoter involved in |
-- |
|
23] |
Banking Details |
Yes |
|
24] |
Banking facility details |
Yes |
|
25] |
Conduct of the banking
account |
-- |
|
26] |
Buyer visit details |
-- |
|
27] |
Financials, if provided |
Yes |
|
28] |
Incorporation details, if
applicable |
Yes |
|
29] |
Last accounts filed at
ROC |
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 |
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 equipments
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 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 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.62.28 |
|
|
1 |
Rs.103.84 |
|
Euro |
1 |
Rs.85.70 |
INFORMATION DETAILS
|
Information
Gathered by : |
PDT |
|
|
|
|
Report Prepared
by : |
KVT |
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 |
3 |
|
--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 |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
NO |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
29 |
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.