MIRA
INFORM REPORT
|
Report Date : |
26.07.2014 |
IDENTIFICATION DETAILS
|
Name : |
EMERSON PROCESS MANAGEMENT ( |
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|
Registered
Office : |
“Delphi” – B Wing, 601 & 602, 6th Floor, |
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Country : |
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Financials (as
on) : |
31.03.2013 |
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Date of
Incorporation : |
25.03.1981 |
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Com. Reg. No.: |
11-024115 |
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Capital
Investment / Paid-up Capital : |
Rs.9.000 Millions |
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CIN No.: [Company Identification
No.] |
U29196MH1981PTC024115 |
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|
TAN No.: [Tax Deduction &
Collection Account No.] |
MUMF00669E |
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PAN No.: [Permanent Account No.] |
AAACF1667M |
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Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Manufacturer and Trader of Process Control Instruments, Distributed Control Systems and Related Services. |
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No. of Employees
: |
Information Declined by management |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (49) |
|
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 : |
Usually correct |
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Litigation : |
Exist |
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Comments : |
Subject is an established company having satisfactory track. General financial position of the company is good. Reserves of the
company’s are decent. Trade relations are reported as fair. Business is active. Payment
terms are reported to be usually correct. The company can be considered normal for business 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.
INDIAN ECONOMIC OVERVIEW
NEWS
The economy grew 4.7 %in 2013/14, marking a second
straight year of sub-5 % growth – the worst slowdown in more than a quarter of
a century. The data was below an official estimate of 4.9 % annual growth and
compared with 4.5 % in the last fiscal year. However, the current account
deficit narrowed sharply to $ 32.4 billion at 1.7 % of gross domestic product,
in 2013/14 from a record high of $ 98.8 billion or 4.7 %, the year before.A
sharp fall in gold imports due to restrictions on overseas purchases and muted
import of capital goods helped shrink the current account deficit.
Online retailer Flipkart has acquired fashion
portal Myntra as it prepares to battle with the rapidly expanding India arm of
the global e-commerce giant Amazon. The company raised $ 210 million from
Russian Investment firm DST Global which has also invested in companies like
Facebook, Twitter and Alibaba Group.
General Motors will start exporting vehicles
from its Talegaon plant near Pune in the second half of 2014. GM was one of the
few global carmakers that was using its India plant only for the domestic
market.
Google has overtaken Apple as the world’s top
brand in terms of value, according to global market research agency Millward
Brown. Google’s brand value shot up 40 % in a year to $ 158.84 billion. The top
10 of the 100 slots were dominated by US companies.
Infosys lost another heavy weight when B G
Srinivas, a board member put in his papers. He is the third CEO-hopeful to quit
after Chairman N R Narayana Murthy’s return to the company – Ashok Vemuri and V
Balakrishnan being the other two.While Vemuri went on to lead IGate,
Balakrishnan joined politics.
Naresh Goyal – promoted Jet Airways posted
biggest quarterly loss – Rs 2153.37 crore – in the three months ended March 31,
mainly because it has been offering discounts to passengers to fill planes.
William S Pinckney – Chairman and CEO of
Amway India was arrested by the Andhra Pradesh Police in connection with a
complaint against the direct selling firm. This is the second time that he has
been taken into custody. A year, ago the Kerala Police had arrested Pinckney
and two company directors on charges of financial irregularities.
China has told its state-owned enterprises to
sever links with American consulting firms after the United States charged five
Chinese military officers wih hacking US companies. China’s action which
targets consultancies like McKinsey & Co. and the Boston Consulting Group,
sterns from fears that the first are providing trade secrets to the US governments.
India has emerged as a country with some of
the highest unregistered businesses in the world. Indonesia has the maximum
number of shadow businesses, says a study of 68 countries by Imperial College
Business School in London.
Pfizer has abandoned its attempt to buy
AstraZeneca for nearly $ 118 billion after the latter refused an offer of 55
pounds a share.
RBI DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available RBI Defaulters’ list.
EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of
31-03-2012.
INFORMATION DECLINED
MANAGEMENT NON-COOPERATIVE (Tel. No.: 91-22-66620566)
LOCATIONS
|
Registered/ Head Office : |
“Delphi” – B Wing, 601 & 602, 6th Floor, Central
Avenue, Hiranandani Business Park, Powai, Mumbai – 400076, Maharashtra, India |
|
Tel. No.: |
91-22-66620555/ 66620566 |
|
Fax No.: |
91-22-66620500 |
|
E-Mail : |
|
|
Website : |
www2.emersonprocess.com |
|
Location : |
Owned |
|
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|
Factory 1: |
Plot No. A145/4, TTC Industrial Area, Pawane, MIDC, Navi Mumbai - 400705, Maharashtra, India |
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Tel. No.: |
91-22-66736000 |
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Factory 2: |
No.147, Rajiv Gandhi Salai, OMR, Karapakkam Village, Chennai – 600097, TamilNadu |
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Tel. No.: |
91-44-49034300 |
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Other Offices : |
NORTH
REGION Head Office Gurgaon Branch Offices Lucknow Kota Chandigarh CENTRAL
REGION Head Office Baroda Branch
Offices Surat Bhopal Rajkot WESTERN
REGION Head Office Mumbai Pune Branch
Offices Nagpur Raipur EAST REGION Head Office Kolkata Branch Office Bhuvaneshwar SOUTH REGION Head Office Chennai Branch
Offices Hyderabad Bangalore Vizag |
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|
Engg. Centre : |
Located
at Pune Noida Chennai |
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Overseas Offices : |
Located
at Bangladesh Sri Lanka |
DIRECTORS
As on 30.09.2013
|
Name : |
Mr. Michael Howard Train |
|
Designation : |
Director |
|
Address : |
Charles Howard Train, 22, Nassim Road, Singapore, 258452 |
|
Date of Birth/Age : |
25.01.1962 |
|
Date of Appointment : |
09.04.2002 |
|
DIN No.: |
00736644 |
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|
|
|
Name : |
Mr. Pradipta Tirthapati sen |
|
Designation : |
Director |
|
Address : |
304, Tower-2, Plams, South City 1, Gurgaon – 122001, Haryana, India |
|
Date of Birth/Age : |
07.10.1958 |
|
Date of Appointment : |
30.12.2003 |
|
DIN No.: |
00051758 |
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|
|
|
Name : |
Mr. Sharad Amrut Rane |
|
Designation : |
Alternate director |
|
Address : |
Flat No. 4, 4th Floor, The Residency, Vishweshwar Nagar,
Goregaon (East), Mumbai – 400063, Maharashtra, India |
|
Date of Birth/Age : |
15.03.1959 |
|
Date of Appointment : |
23.09.2008 |
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DIN No.: |
02368830 |
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|
|
|
Name : |
Mr. Amit Ashok Paithankar |
|
Designation : |
Managing Director |
|
Address : |
B-406, Lake Primrose, Phase-4, Lake Homes, Powai, Mumbai - 400076,
Maharashtra,India |
|
Date of Birth/Age : |
01.04.1971 |
|
Qualification : |
BE-Electrical Engineer, VJTI- Mumbai ; Ph. D Technology -VJTI, Mumbai, Masters Diploma in Business Administration (Finance) –
Symbiosis, Pune |
|
Date of Appointment : |
28.09.2012 |
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PAN No.: |
ACVPP9629H |
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DIN No.: |
02435057 |
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|
|
|
Name : |
Mr. Sabayachi Subodh Kumar Mitra |
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Designation : |
Director |
|
Address : |
16, Verde Crescent, Singapore – 688731 |
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Date of Birth/Age : |
06.10.1964 |
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Date of Appointment : |
18.12.2008 |
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DIN No.: |
00366616 |
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|
|
|
Name : |
Mr. Laxmikant Iyengar |
|
Designation : |
Additional Director |
|
Address : |
Desikachari Iyengar Rosa Villa, 247/A FR Peter Pereira Road, Kurla
(West), Mumbai – 400070, Maharashtra, India |
|
Date of Birth/Age : |
09.11.1969 |
|
Date of Appointment : |
30.09.2013 |
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DIN No. : |
05309137 |
KEY EXECUTIVES
|
Name : |
Mr. Sharad Amrut Rane |
|
Designation : |
Secretary |
|
Address : |
B-11, Vinay Apartments, Chougle Nagar, Near Nancy Colony, Borivli (East),
Mumbai – 400066, Maharashtra, India |
|
Date of Birth/Age : |
15.03.1959 |
|
Date of Appointment : |
25.06.2004 |
|
PAN No.: |
AAAPR5500L |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 30.09.2013
|
Names of Shareholders |
No. of Shares |
Percentage of
Holding |
|
|
|
|
|
Rosemount INC., USA |
66600 |
74.00 |
|
Emerson Electric Company (India) Private Limited, India |
23400 |
26.00 |
|
|
|
|
|
Total |
90000 |
100.00 |
%20PRIVATE%20LIMITED%20-%20278566%20_MIRA%2026-Jul-2014_files/image002.gif)
AS ON 30.09.2013
Equity Share Break up (Percentage of Total Equity)
|
Category |
Percentage of Holding |
|
Foreign holdings( Foreign institutional
investor(s), Foreign companie(s) Foreign financial institution(s), Non-resident
Indian(s) or Overseas Corporate bodies or Others |
74.00 |
|
Bodies corporate |
26.00 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer and Trader of Process Control Instruments, Distributed Control Systems and Related Services. |
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Products : |
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GENERAL INFORMATION
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No. of Employees : |
Information Declined by management |
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Bankers : |
Not Divulged |
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Facilities : |
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Banking
Relations : |
-- |
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Auditors : |
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|
Name : |
BSR and Company Chartered Accountants |
|
Address : |
Lodha Excelus, 5th Floor, Apollo Mills Compound, N. M.
Joshi Marg, Mahalaxmi, Mumbai – 400013, Maharashtra, India |
|
PAN
No.: |
AAAFB9825F |
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Holding Company : |
· Rosemount Inc, United States Emerson Electric Company (India) Private Limited, India CIN No.: U29190MH1995PTC087858 |
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Associates : |
· Jasubhai Engineering Private Limited CIN No.: U27109GJ1979PTC003277 Jasubhai Business Services Private Limited CIN No.: U45200MH1995PTC086859 Jasubhai Media Private Limited CIN No.: U72200MH2000PTC123541 Maulik Business Services Private Limited CIN No.: U67120MH1985PTC037968 |
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Fellow Subsidiary Company : |
· Emerson Process Management Asia Pacific (Singapore) Pte Limited Micro Motion Inc Daniel Measurement Solutions Private Limited CIN No.: U40200GJ2007PTC049905 Emerson Process Management Flow Technologies Co. Limited Emerson Process Management LLP Emerson Process Management Chennai Limited CIN No.: U93090TN1985PLC024245 Roxar Maximum Reservoir Performance LLC Emerson Process Management Power And Water Solutions India
Private Limited CIN No.: U40109DL1997FTC085582 EGS Electrical Group LLC Emerson Network Power (India) Private Limited CIN No.: U74999MH1993PTC071079 Rosemount Analytical Inc OHIO Roxar Flow Measurement SDN BHD Emerson Process Management China Limited Emerson FZE – Dubai Emerson Process Management Emerson Beijing Instrument Co Limited Emerson Network Power (Pune) Private Limited Beijing Rosemount Far East Instrument Co. Instrument and Valve Services Company Roxar Services AS Emerson Industrial Automation now known as Asco Numatics
India Private Limited Emerson Process Management Australia PTY Limited Emerson Process Management GmBH and Company OHG Rosemount Tank Gauging India Private Limited CIN No.: U33130PN1999PTC134690 Control Techniques India Private Limited CIN No.: U30006TN1993PTC025830 Daniel Measurement and Control Emerson Process Management GMBH and Company Emerson Process Management Pittsburgh Emerson Process Management Rosemount Tank Radar AB Fisher Sanmar Limited Mobrey Limited P I Components Inc Rosemount Analytical Inc -Irvine Roxar Flow Measurement AS Emerson MMC Emerson Process Management Shanghai Company Limited Emerson Process Management Korea Limited Emerson Process Management SAS Emerson Climate Technologies (India) Limited CIN No.: U29192PN1993PLC071223 Emerson Process Management St. Louis Metco Services Limited’ Emerson Electric Company St Louis Emerson Process Management Shared Services Emerson Process Management Austin Emerson Process Management AG (Swaziland) Elomatic Valve Actuators F.E. Pte Limited Emerson Process Management Karlstein Emerson Process Management A/S Emerson Process Management Japan Limited Computation System Inc Emerson Process Management Remote Automation Solutions Remote Automation Solutions Emerson Process Management PC&E Inc St. Louis Net Safety Monitoring INC Emerson Process Management SRL |
CAPITAL STRUCTURE
AS ON 30.09.2013
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
1200000 |
Equity Shares |
Rs.100/- each |
Rs.120.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
1056140 |
Equity Shares |
Rs.100/-
each |
Rs.105.614
Millions |
|
|
|
|
|
AS ON 31.03.2013
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
100000 |
Equity Shares |
Rs.100/- each |
Rs.10.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
90000 |
Equity Shares |
Rs.100/-
each |
Rs.9.000
Millions |
|
|
|
|
|
FINANCIAL DATA
[All figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
I.
EQUITY
AND LIABILITIES |
|
|
|
|
(1)Shareholders'
Funds |
|
|
|
|
(a) Share Capital |
9.000 |
9.000 |
9.000 |
|
(b) Reserves & Surplus |
1217.469 |
1087.339 |
1069.109 |
|
(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) |
1226.469 |
1096.339 |
1078.109 |
|
|
|
|
|
|
(3) Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
0.033 |
0.411 |
1.036 |
|
(b) Deferred tax liabilities (Net) |
0.000 |
0.000 |
0.000 |
|
(c) Other long term liabilities |
53.469 |
36.657 |
0.000 |
|
(d) long-term provisions |
45.552 |
37.346 |
30.914 |
|
Total Non-current Liabilities (3) |
99.054 |
74.414 |
31.950 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
200.000 |
200.000 |
0.000 |
|
(b) Trade payables |
2193.181 |
1493.259 |
1461.668 |
|
(c) Other current
liabilities |
595.619 |
432.471 |
338.640 |
|
(d) Short-term provisions |
105.586 |
93.543 |
112.287 |
|
Total Current Liabilities (4) |
3094.386 |
2219.273 |
1912.595 |
|
|
|
|
|
|
TOTAL |
4419.909 |
3390.026 |
3022.654 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
371.397 |
362.054 |
361.320 |
|
(ii) Intangible Assets |
28.507 |
0.000 |
0.000 |
|
(iii) Capital work-in-progress |
11.487 |
3.580 |
6.008 |
|
(iv)
Intangible assets under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current Investments |
0.000 |
0.000 |
0.000 |
|
(c) Deferred tax assets (net) |
143.948 |
104.658 |
82.439 |
|
(d) Long-term Loan and Advances |
153.272 |
118.443 |
112.600 |
|
(e) Other Non-current assets |
41.325 |
30.747 |
0.000 |
|
Total Non-Current Assets |
749.936 |
619.482 |
562.367 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
0.000 |
0.000 |
0.000 |
|
(b) Inventories |
714.815 |
680.496 |
592.114 |
|
(c) Trade receivables |
1993.674 |
1446.743 |
1200.546 |
|
(d) Cash and cash
equivalents |
117.138 |
81.679 |
76.577 |
|
(e) Short-term loans and
advances |
444.472 |
317.193 |
349.482 |
|
(f) Other current assets |
399.874 |
244.433 |
241.568 |
|
Total Current Assets |
3669.973 |
2770.544 |
2460.287 |
|
|
|
|
|
|
TOTAL |
4419.909 |
3390.026 |
3022.654 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
|
|
SALES |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other Income |
|
|
|
|
|
|
TOTAL (A) |
6704.988 |
5389.795 |
4556.415 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
TOTAL (B) |
6370.094 |
5207.347 |
4315.521 |
|
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
334.894 |
182.448 |
240.894 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
42.639 |
5.855 |
0.299 |
|
|
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
292.255 |
176.593 |
240.595 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
77.619 |
68.764 |
43.045 |
|
|
|
|
|
|
|
|
|
|
PROFIT/ (LOSS)
BEFORE TAX (E-F) (G) |
214.636 |
107.829 |
197.550 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
84.506 |
44.750 |
64.465 |
|
|
|
|
|
|
|
|
|
|
PROFIT/ (LOSS)
AFTER TAX (G-H) (I) |
130.130 |
63.079 |
133.085 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
721.732 |
709.810 |
679.584 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Interim Dividend |
0.000 |
38.461 |
38.461 |
|
|
|
Proposed Dividend – Final |
0.000 |
0.000 |
38.462 |
|
|
|
Dividend distribution tax |
0.000 |
6.388 |
12.627 |
|
|
|
Transfer to General Reserve |
0.000 |
6.308 |
13.309 |
|
|
BALANCE CARRIED
TO THE B/S |
851.862 |
721.732 |
709.810 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
267.774 |
306.472 |
171.674 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
1446.00 |
701.00 |
1478.72 |
|
%20PRIVATE%20LIMITED%20-%20278566%20_MIRA%2026-Jul-2014_files/image003.gif){kind=small}
%20PRIVATE%20LIMITED%20-%20278566%20_MIRA%2026-Jul-2014_files/image004.gif){kind=small}
KEY RATIOS
|
PARTICULARS |
|
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
PAT / Total Income |
(%) |
1.94 |
1.17 |
2.92 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
5.03 |
3.29 |
6.73 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.18 |
0.10 |
0.18 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
0.16 |
0.18 |
0.00 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.19 |
1.25 |
1.29 |
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 |
9.000 |
9.000 |
9.000 |
|
Reserves & Surplus |
1069.109 |
1087.339 |
1217.469 |
|
Net
worth |
1078.109 |
1096.339 |
1226.469 |
|
|
|
|
|
|
long-term borrowings |
1.036 |
0.411 |
0.033 |
|
Short term borrowings |
0.000 |
200.000 |
200.000 |
|
Total
borrowings |
1.036 |
200.411 |
200.033 |
|
Debt/Equity
ratio |
0.001 |
0.183 |
0.163 |
%20PRIVATE%20LIMITED%20-%20278566%20_MIRA%2026-Jul-2014_files/image006.gif)
YEAR-ON-YEAR GROWTH
|
Year
on Year Growth |
31.03.2011 |
31.03.2012 |
31.03.2013 |
|
|
(Rs.
In Millions) |
(Rs.
In Millions) |
(Rs.
In Millions) |
|
Total Income |
4556.415 |
5389.795 |
6704.988 |
|
|
|
18.290 |
24.402 |
%20PRIVATE%20LIMITED%20-%20278566%20_MIRA%2026-Jul-2014_files/image008.gif)
NET PROFIT MARGIN
|
Net
Profit Margin |
31.03.2011 |
31.03.2012 |
31.03.2013 |
|
|
(Rs.
In Millions) |
(Rs.
In Millions) |
(Rs.
In Millions) |
|
Total Income |
4556.415 |
5389.795 |
6704.988 |
|
Profit |
133.085 |
63.079 |
130.130 |
|
|
2.92% |
1.17% |
1.94% |
%20PRIVATE%20LIMITED%20-%20278566%20_MIRA%2026-Jul-2014_files/image010.gif)
LOCAL AGENCY FURTHER INFORMATION
CURRENT MATURITY OF
LONG TERM BORROWINGS DETAIL: NOT AVAILABLE
|
Sr. No. |
Check List by Info Agents |
Available in
Report (Yes / No) |
|
1] |
Year of Establishment |
Yes |
|
2] |
Locality of the firm |
Yes |
|
3] |
Constitutions of the firm |
Yes |
|
4] |
Premises details |
No |
|
5] |
Type of Business |
Yes |
|
6] |
Line of Business |
Yes |
|
7] |
Promoter's background |
Yes |
|
8] |
No. of employees |
No |
|
9] |
Name of person contacted |
No |
|
10] |
Designation of contact
person |
No |
|
11] |
Turnover of firm for last
three years |
Yes |
|
12] |
Profitability for last
three years |
Yes |
|
13] |
Reasons for variation
<> 20% |
----- |
|
14] |
Estimation for coming
financial year |
No |
|
15] |
Capital in the business |
Yes |
|
16] |
Details of sister
concerns |
Yes |
|
17] |
Major suppliers |
No |
|
18] |
Major customers |
No |
|
19] |
Payments terms |
No |
|
20] |
Export / Import details
(if applicable) |
No |
|
21] |
Market information |
----- |
|
22] |
Litigations that the firm
/ promoter involved in |
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 |
LITIGATION
DETAILS
|
HIGH COURT OF BOMBAY |
||||||
|
CASE DETAILS |
||||||
|
BENCH:- BOMBAY |
||||||
|
LODGING NO:- ITXAL/2072/2012 |
FILING DATE:- 26/12/2012 |
REG. NO.: ITXA/1288/2013 |
REG. DATE: 10/07/2013 |
|||
|
PETITIONER:- |
THE COMMISSIONER OF INCOME TAX -3 |
RESPONDENT:- |
M/X. EMERSON PROCESS MANAGEMENT (INDIA) PRIVATE LIMITED |
|||
|
PETN.ADV:- |
PADMA DIVAKAR (0) |
RESP. ADV: |
ATUL K. JASANI (0) |
|||
|
DISTRICT:- |
MUMBAI |
|||||
|
|
||||||
|
BENCH:- |
DIVISION |
|
|
|||
|
STATUS:- |
PRE-ADMISSION |
CATEGORY:- |
TAX APPEALS |
|||
|
NEXT DATE:- |
21/08/2014 |
STAGE:- |
FOR REJECTION [ORIGINAL SIDE MATTERS] |
|||
|
CORAM: |
ACCODING TO SITTING LIST ACCODING TO SITTING LIST |
|
|
|||
|
LAST DATE : |
19/03/2013 |
STAGE : |
FOR DIRECTION |
|||
|
LAST CORAM : |
HON’BLE SHRI JUSTICE J.P. DEVADHAR HON’BLE SHRI JUSTICE M.S. SANKLECHA |
|
|
|||
|
|
|
|||||
|
ACT:- |
INCOME TAX ACT, 1961 |
|||||
|
UNDER SECTION:- |
260A |
|||||
INDEX OF CHARGES
|
S.NO. |
CHARGE ID |
DATE OF CHARGE CREATION/MODIFICATION |
CHARGE AMOUNT SECURED |
CHARGE HOLDER |
ADDRESS |
SERVICE REQUEST NUMBER (SRN) |
|
1 |
90242527 |
31/05/2004 |
522,000.00 |
FORD CREDIT KOTAK MAHINDRA LIMITED |
36-38 ANARIMAN BHAVAN 227 NARIMAN POINT, MUMBAI, MAHARASHTRA - 400021, INDIA |
- |
|
2 |
90163642 |
20/04/1998 * |
62,500,000.00 |
CORPORATION BANK |
INDUSTRIAL FINANCE BRANCH, BHARAT HOUSE 104 S B MARG, MUMBAI, MAHARASHTRA - 400001, INDIA |
- |
|
3 |
90160910 |
09/01/1997 |
14,700.00 |
CORPORATION BANK |
VEENA CHABERS DALAL STREET FORT, BOMBAY, MAHARASHTRA - 400023, INDIA |
- |
|
4 |
90166367 |
20/04/1998 * |
442,700,000.00 |
STATE BANK OF INDIA |
VATWA INDUSTRIAL ESTATE, AHMEDABAD, GUJARAT - 382445, INDIA |
- |
|
5 |
90160863 |
07/03/1995 |
32,500,000.00 |
CORPORAITON BANK |
INDUSTRIAL FINANCE BRANCH, 104 BHARAT HOUSE, BOMBAY, MAHARASHTRA - 400001, INDIA |
- |
|
6 |
90165115 |
07/05/1995 * |
32,500,000.00 |
CORPORATION BANK |
INDUSTRIAL FINANCE BRANCH, BHARAT HOUSE GROUND FLOOR NO 104 B S MARG, BOMBAY, MAHARASHTRA - 400001, INDIA |
- |
|
7 |
90166259 |
16/08/1994 * |
205,200,000.00 |
STATE BANK OF INDIA |
P B NO 10, VATAWA INDUSTRIAL ESTATE, AHMEDABAD, GUJARAT - 382445, INDIA |
- |
|
8 |
90166243 |
27/10/1993 |
205,200,000.00 |
STATE BANK OF INDIA |
P B NO 10 VATWA INDUSTRIAL ESTATE, AHMEDABAD, GUJARAT - 382445, INDIA |
- |
|
9 |
90160797 |
09/01/1992 |
3,750.00 |
CORPORATION BANK |
VEENA CHABERS DALAL STREET FORT, BOMBAY, MAHARASHTRA - 400023, INDIA |
- |
|
10 |
90166113 |
06/09/1993 * |
141,500,000.00 |
STATE BANK OF INDIA |
P B NO 10 VATWA INDUSTRIAL ESTATE, AHMEDABAD, GUJARAT - 382445, INDIA |
- |
|
11 |
90166100 |
28/11/1990 |
14,000,000.00 |
THE HONKONG AND SHANGHAI BANKING CORPORAITON LIMITED |
BOMBAY MAIN BRANCH, BOMBAY, MAHARASHTRA - 400001, INDIA |
- |
|
12 |
90166018 |
07/09/1990 * |
7,300,000.00 |
STATE BANK OF INDIA |
VATAWA INDUSTRIAL ESTATE, AHMEDABAD, GUJARAT - 382445, INDIA |
- |
|
13 |
90162222 |
02/01/1989 |
4,500,000.00 |
GUJRAT STATE FINANCIAL CORPORATION |
JALDARSHAN BUILDING, ASHRAM ROAD, AHMEDABAD, GUJARAT, INDIA |
- |
|
14 |
90164822 |
07/09/1990 * |
28,500,000.00 |
STATE BANK OF INDIA |
VATVA INDUSTRIAL ESTATE BRANCH, AHMEDABAD, GUJARAT - 382445, INDIA |
- |
|
15 |
90165991 |
22/03/1991 * |
28,500,000.00 |
STATE BANK OF INDIA |
VATWA INDUSTRIAL ESTATE, AHMEDABAD, GUJARAT - 382445, INDIA |
- |
|
16 |
90160752 |
09/01/1987 |
37,410.00 |
CORPORATION BANK |
VEENA CHABERS DALAL STREET FORT, BOMBAY, MAHARASHTRA - 400023, INDIA |
- |
|
17 |
90160748 |
30/10/1986 |
120,000.00 |
CORPORATION BANK |
VEENA CHAMBERS DALAL STREET FORT, BOMBAY, MAHARASHTRA - 400023, INDIA |
- |
|
18 |
90160747 |
21/10/1986 |
61,000.00 |
CORPORATION BANK |
VEENA CHAMBERS DALAL STREET FORT, BOMBAY, MAHARASHTRA - 400023, INDIA |
- |
|
19 |
90164700 |
23/02/2004 * |
5,000,000.00 |
STATE BANK OF INDIA |
VATVA INDUSTRIAL ESTATE BRANCH, AHMEDABAD, GUJARAT - 382445, INDIA |
- |
|
20 |
90164695 |
19/11/1983 |
400,000.00 |
STATE BANK OF INDIA |
VATVA INDUSTRIAL ESTATE BRANCH, AHMEDABAD, GUJARAT - 382445, INDIA |
- |
|
21 |
90165811 |
16/02/1985 * |
5,600,000.00 |
STATE BANK OF INDIA |
VATVA INDUSTRIAL ESTATE BRANCH, AHMEDABAD, GUJARAT - 382445, INDIA |
- |
|
22 |
90165792 |
25/05/1983 * |
949,290.00 |
STATE BANK OF INDIA |
VATVA INDUSTRIAL ESTATE BRANCH, AHMEDABAD, GUJARAT - 382445, INDIA |
- |
|
23 |
90164682 |
08/09/1983 * |
2,770,976.00 |
STATE BANK OF INDIA |
VATVA INDUSTRIAL ESTATE BRANCH, AHMEDABAD, GUJARAT - 382445, INDIA |
- |
|
24 |
90164661 |
09/02/1982 |
67,000.00 |
STATE BANK OF INDIA |
VATVA INDUSTRIAL ESTATE BRANCH, AHMEDABAD, GUJARAT - 382445, INDIA |
- |
|
25 |
90164656 |
19/12/1981 |
400,000.00 |
STATE BANK OF INDIA |
VATVA INDUSTRIAL ESTATE BRANCH, AHMEDABAD, GUJARAT - 382445, INDIA |
- |
|
26 |
90164655 |
05/12/1981 |
100,000.00 |
STATE BANK OF INDIA |
VATVA INDUSTRIAL ESTATE BRANCH, AHMEDABAD, GUJARAT - 382445, INDIA |
- |
* Date of charge modification
UNSECURED LOANS
|
PARTICULAR |
31.03.2013 (Rs.
In Millions) |
31.03.2012 (Rs.
In Millions) |
|
SHORT TERM
BORROWINGS |
|
|
|
Loans and advances from others (Payable within one year. Inetrest is to be paid @ MIBOR + 0.50% at quarterly intervals.) |
200.000 |
200.000 |
|
Total |
200.000 |
200.000 |
BACKGROUND
The Company was incorporated on 25 March 1981 as a joint venture between Rosemount Inc., USA (‘Rosemount’) and the Jasu Shah Group (‘JS Group’). On 8 August 2000, the joint venture partners entered into a share purchase and shareholders agreement to restructure their relationship, whereby the J S Group agreed to sell 30,600 equity shares to Rosemount resulting in an increase in shareholding of Rosemount from 40% to 74% and thereby making the Company a subsidiary of Rosemount. On 1 October 2011 J S Group sold off the balance 26% stake in the Company to Emerson Electric Company (India) Private Limited, an Emerson group company. The Company is engaged in the manufacture and trading of process control instruments, distributed control systems and related services
ACQUISITION OF
ROSEMOUNT TANK GUAGING
As per the Business Transfer Agreement approved by the Board, the company acquired Rosemount Tank Gauging India Private Limited (Emerson Group Company) (RTGI) on 1st October, 2012 as a whole and as a going concern on a slump sale basis. Thus the operating results of the Company for the year include results of RTG for the period from 2nd Oct, 2012 to 31st March, 2013.
OPERATIONS
The Company has posted a decent year on year Bookings growth of 14% during the year (From Rs 6,372mn in FY2011-12 to Rs 7,256mn in FY2012-13. Major orders received during the year includes – GAIL PATA Rs 371mn, VATECH – Rs 219mn; HOSPIRA Healthcare Rs 193mn, Tata Project (NMDC) Rs 102mnetc. The Company had healthy order back log position as at end of March, 13 of Rs 4,749mn as against Rs 4,528mn mn a year ago.
The Company’s total income increased significantly by 24% and Profit before tax by 99% over last year. USD / INR rate appreciated from Rs 50 level last year to Rs 54-55 level in the current year which impacted the PandL by Rs 60mn due to exchange rate difference on conversion of foreign currency liabilities. Employee cost increased by 11% due to increased in headcounts along with effect of increment / variable pay etc. Finance costs increased from Rs 5.8mn to Rs 42.6mn due to interest on short term borrowing for full year and higher interest to MSME vendors. Despite this, Profit before tax improved mainly due to increase in sales, efforts made to increase price and reduce costs and substantial credit note support received from Emerson inter- company vendors.
Inventories increased by only 5% (from Rs 680mn to Rs 715mn) compared to the previous year. Trade Receivable level increased by 38% (from Rs 1,447mn to Rs 1994mn). This was mainly due to continued delayed payments from most of the customers due to tight monetary conditions and rising interest rates as well as due to Power project delays which affected payments from their major customers. The Company has taken several actions to improve execution process and increase involvement of operational and sales force as well to outsource collection activities in the pursuit of improving inventory and sunder debtors’ levels.
The company expects that its growth and profitability during the current year (2013-14) would be adversely affected due to slow down in Indian economy and exorbitant appreciation in USD Vs INR from Rs 53-54 level in April – June Quarter to current level of Rs 62-63.
FIXED ASSETS
Tangible Assets
Land
Buildings
Plant and Equipment
Furniture and
Fixtures
Vehicles
Motor Vehicles
Office Equipment
Computer Equipments
Other Equipments
Leasehold
Improvements
Intangible assets
Goodwill
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.60.14 |
|
|
1 |
Rs.102.22 |
|
Euro |
1 |
Rs.81.07 |
INFORMATION DETAILS
|
Information
Gathered by : |
GYT |
|
|
|
|
Analysis Done by
: |
DIV |
|
|
|
|
Report Prepared
by : |
NIT |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
7 |
|
--CREDIT LINES |
1~10 |
5 |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
YES |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
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 |
|
49 |
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.