MIRA INFORM REPORT
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Report No. : |
315452 |
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Report Date : |
01.04.2015 |
IDENTIFICATION DETAILS
|
Name : |
AMMANN APOLLO INDIA PRIVATE LIMITED (w.e.f. 09.05.2013) |
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Formerly Known
As : |
AMMANN APOLLO INDIA LIMITED
(w.e.f. 23.04.2013) APOLLO CONSTRUCTION EQUIPMENTS LIMITED (w.e.f. 06.01.2011) APOLLO CONSTRUCTION EQUIPMENTS PRIVATE LIMITED |
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Registered
Office : |
9P, 11P, 139P At. Ditasan, Post Office Jagudan, Mehsana – 382710, Gujarat
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Country : |
India |
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Financials (as
on) : |
31.12.2013 |
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Date of
Incorporation : |
16.12.1997 |
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Com. Reg. No.: |
04-033432 |
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Capital
Investment / Paid-up Capital : |
Rs.28.733 Million |
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CIN No.: [Company Identification
No.] |
U29248GJ1997PTC033432 |
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TAN No.: [Tax Deduction &
Collection Account No.] |
Not Available |
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PAN No.: [Permanent Account No.] |
AAACJ7628J |
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Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Subject is engaged in manufacturing of road construction equipment. |
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No. of Employees
: |
Information declined by the management |
RATING & COMMENTS
|
MIRA’s Rating : |
A (60) |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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 |
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Status : |
Good |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Subject is a well-established company having fine track record. The rating takes into consideration company’s healthy financial risk
profile and adequate liquidity position of the company. Trade relations are reported as fair. Business is active. Payments are
reported to be regular and as per commitment. The company can be considered good for normal business dealings at
usual trade terms and conditions. NOTE: Company has
change its financial year filling from April to December available financial
record of 2013 is of 9 months. |
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: A+ |
|
Rating Explanation |
Adequate degree of safety and low credit risk. |
|
Date |
09.06.2014 |
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Rating Agency Name |
CRISIL |
|
Rating |
Short term rating: A1 |
|
Rating Explanation |
Very strong degree of safety and carry lowest credit risk. |
|
Date |
09.06.2014 |
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 DECLINED BY
|
Name : |
Mr. Gopa Jagetia |
|
Designation : |
Not Divulged |
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Contact No.: |
91-2762-285344 |
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Date : |
31.03.2015 |
LOCATIONS
|
Registered Office : |
9P, 11P, 139P At. Ditasan, Post Office Jagudan, Mehsana – 382710,
Gujarat, India |
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Tel. No.: |
91-2762-285344 |
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Fax No.: |
91-2762-285359 |
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E-Mail : |
DIRECTORS
As on 19.04.2014
|
Name : |
Mr. Asit Anilbhai Patel |
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Designation : |
Director |
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Address : |
Plot No.76, Sector-19, Near Gymkhna, Gandhinagar - 382 019, Gujarat, India |
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Date of Birth/Age : |
30.09.1961 |
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Date of Appointment : |
22.03.2013 |
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DIN No.: |
00093332 |
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Name : |
Mr. Anilkumar Tribhovandas Patel |
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Designation : |
Director |
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Address : |
3,Adarsh Society, State Highway, Mehsana – 384002, Gujarat, India |
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Date of Birth/Age : |
15.02.1972 |
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Date of Appointment : |
01.12.2012 |
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DIN No.: |
00096307 |
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Name : |
Mr. Hans Christian Schneider |
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Designation : |
Director |
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Address : |
Laubeggst Rasse 54, Bern, Switzerland - 3006 |
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Date of Birth/Age : |
20.08.1979 |
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Date of Appointment : |
10.04.2013 |
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DIN No.: |
06530857 |
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Name : |
Mr. Rolf Johannjenny |
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Designation : |
Director |
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Address : |
Vogelsangst Rasse 6, Eich, Switzerland - 6205 |
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Date of Birth/Age : |
18.11.1948 |
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Date of Appointment : |
10.04.2013 |
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DIN No.: |
06530863 |
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Name : |
Mr. Tomaskopic |
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Designation : |
Director |
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Address : |
Vlukach 462/44, Hardec Kralove, Czech Republic - 50341 |
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Date of Birth/Age : |
07.04.1973 |
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Date of Appointment : |
10.04.2013 |
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DIN No.: |
06530868 |
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Name : |
Mr. Elmar Johannegli |
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Designation : |
Director |
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Address : |
Obere St Eingrubenstrasse, 65, Solothurn, Switzerland - 4500 |
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Date of Birth/Age : |
03.03.1961 |
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Date of Appointment : |
10.04.2013 |
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DIN No.: |
06530921 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 19.04.2014
|
Names of Shareholders |
|
No. of Shares |
|
Ammann Singapore Pte Limited, India |
|
2008460 |
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Ammann Schweiz AG, Switzerland |
|
2873 |
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Apollo Earthmovers Limited, India |
|
861970 |
|
Anil Patel |
|
30 |
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Total |
|
2873333 |
Equity Share Break up (Percentage of Total Equity)
As on 19.04.2014
|
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 |
70.00 |
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Bodies corporate |
30.00 |
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Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Subject is engaged in manufacturing of road construction
equipment. |
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Products : |
Road construction equipment |
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Brand Names : |
Not Divulged |
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Agencies Held : |
Not Divulged |
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Exports : |
Not Divulged |
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Imports : |
Not Divulged |
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Terms : |
Not Divulged |
PRODUCTION STATUS NOT AVAILABLE
GENERAL INFORMATION
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Suppliers : |
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Customers : |
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No. of Employees : |
Information declined by the management |
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Bankers : |
Bank of Baroda, Opposite Simandhar Temple, Industrial Estate Branch, Mehsana - 384002, Gujarat, India |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
S.R.Batlibol and Associates LLP Chartered Accountants |
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Address : |
2nd Floor, Shivalik Ishaan, Near CN Vidhlaya, Ambawadi Ahmedabad-380015, Gujarat, India |
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PAN N Income-tax PAN of auditor or auditor's firm : |
ACHFS9118A |
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Memberships : |
-- |
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Collaborators : |
-- |
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Ultimate holding
company: |
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Parent of holding
company: |
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Holding company: |
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Fellow Subsidiaries
of holding company: |
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Subsidiary |
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Enterprises owned or
significantly influenced by key management personnel or their relatives: |
9, 2013)
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CAPITAL STRUCTURE
As on 31.12.2013
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
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|
|
|
|
6000000 |
Equity Shares |
Rs.10/- each |
Rs. 60.000 Millions |
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Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
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|
2873333 |
Equity Shares |
Rs.10/- each |
Rs. 28.733
Millions |
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FINANCIAL DATA
[all figures are
in Rupees Million]
ABRIDGED BALANCE
SHEET
|
SOURCES
OF FUNDS |
31.12.2013 (9
Months) |
31.03.2013
(12
Months) |
31.03.2012
(12
Months) |
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I.
EQUITY AND LIABILITIES |
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(1)Shareholders' Funds |
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(a) Share Capital |
28.733 |
8.620 |
8.620 |
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(b) Reserves & Surplus |
2938.265 |
194.106 |
356.238 |
|
(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) |
2966.998 |
202.726 |
364.858 |
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|
|
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(3) Non-Current Liabilities |
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|
|
|
(a) long-term borrowings |
0.000 |
0.000 |
0.000 |
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(b) Deferred tax liabilities
(Net) |
21.615 |
18.507 |
13.256 |
|
(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) |
21.615 |
18.507 |
13.256 |
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(4) Current Liabilities |
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(a) Short term borrowings |
0.000 |
0.000 |
82.669 |
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(b) Trade payables |
264.106 |
90.374 |
107.087 |
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(c) Other current liabilities |
186.318 |
50.477 |
54.106 |
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(d) Short-term provisions |
146.184 |
232.527 |
32.496 |
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Total
Current Liabilities (4) |
596.608 |
373.378 |
276.358 |
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|
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TOTAL |
3585.221 |
594.611 |
654.472 |
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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 |
898.968 |
123.392 |
148.162 |
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(ii) Intangible Assets |
1434.031 |
1.747 |
0.432 |
|
(iii) Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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(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) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
27.206 |
4.343 |
1.535 |
|
(e) Other Non-current assets |
0.000 |
0.000 |
0.000 |
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Total
Non-Current Assets |
2360.205 |
129.482 |
150.129 |
|
|
|
|
|
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(2) Current assets |
|
|
|
|
(a) Current investments |
0.000 |
0.000 |
113.211 |
|
(b) Inventories |
464.074 |
55.226 |
130.149 |
|
(c) Trade receivables |
144.443 |
107.786 |
55.717 |
|
(d) Cash and cash equivalents |
532.297 |
74.965 |
28.256 |
|
(e) Short-term loans and
advances |
65.160 |
221.544 |
0.000 |
|
(f) Other current assets |
19.042 |
5.608 |
177.010 |
|
Total
Current Assets |
1225.016 |
465.129 |
504.343 |
|
|
|
|
|
|
TOTAL |
3585.221 |
594.611 |
654.472 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.12.2013 (9 Months) |
31.03.2013
(12 Months) |
31.03.2012
(12 Months) |
|
|
SALES |
|
|
|
|
|
Income |
|
|
753.381 |
|
|
Other Income |
|
|
19.567 |
|
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TOTAL
|
1967.930 |
948.620 |
772.948 |
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
Cost of material consumed |
1631.940 |
792.740 |
503.211 |
|
|
Increase (Decrease) in inventories |
|
|
(12.498) |
|
|
Employee benefit expenses |
|
|
20.781 |
|
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Other expenses |
|
|
102.158 |
|
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TOTAL
|
1631.940 (Including
Financial Expenses) |
792.740 (Including
Financial Expenses) |
613.652 |
|
|
|
|
|
|
|
Less |
PROFIT/
(LOSS) BEFORE INTEREST, TAX,
DEPRECIATION AND AMORTISATION ( |
|
|
159.296 |
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES |
|
|
12.937 |
|
|
|
|
|
|
|
|
PROFIT
/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION |
335.990 |
155.880 |
146.359 |
|
|
|
|
|
|
|
Less/
Add |
DEPRECIATION/
AMORTISATION |
312.980 |
7.610 |
7.419 |
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE TAX |
23.010 |
148.270 |
138.940 |
|
|
|
|
|
|
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Less |
TAX |
8.200 |
83.480 |
40.749 |
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) AFTER TAX |
14.810 |
64.790 |
98.191 |
|
|
|
|
|
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|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
139.220 |
321.360 |
NA |
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
Proposed Dividend* (31-Mar-13
Interim Div.) |
100.570 |
193.950 |
NA |
|
|
Transfer to General Reserve |
1.500 |
20.000 |
NA |
|
|
Provision for tax on Dividend |
17.090 |
32.970 |
NA |
|
|
Balance
Carried to the B/S |
34.880 |
139.220 |
NA |
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
Raw Materials |
NA |
NA |
40.929 |
|
|
Capital Goods |
NA |
NA |
7.886 |
|
|
TOTAL
IMPORTS |
NA |
NA |
48.815 |
|
|
|
|
|
|
|
|
Earnings
/ (Loss) Per Share (Rs.) |
5.28 |
75.16 |
113.91 |
KEY RATIOS
|
PARTICULARS |
|
31.12.2013 (9 Months) |
31.03.2013
(12 Months) |
31.03.2012
(12 Months) |
|
Net Profit Margin (PAT / Sales) |
(%) |
NA |
NA |
13.03 |
|
|
|
|
|
|
|
Operating Profit Margin (PBIDT/Sales) |
(%) |
NA |
NA |
21.14 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
0.64 |
24.94 |
21.23 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.01 |
0.73 |
0.38 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
0.00 |
0.00 |
0.23 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
2.05 |
1.25 |
1.82 |
FINANCIAL ANALYSIS
[all figures are
in Rupees Million]
DEBT EQUITY RATIO
|
Particular |
31.03.2012 |
31.03.2013 |
31.12.2013 |
|
|
(Rs.
In Million) |
(Rs.
In Million) |
(Rs.
In Million) |
|
Share Capital |
8.620 |
8.620 |
28.733 |
|
Reserves & Surplus |
356.238 |
194.106 |
2938.265 |
|
Net
worth |
364.858 |
202.726 |
2966.998 |
|
|
|
|
|
|
long-term borrowings |
0.000 |
0.000 |
0.000 |
|
Short term borrowings |
82.669 |
0.000 |
0.000 |
|
Total
borrowings |
82.669 |
0.000 |
0.000 |
|
Debt/Equity
ratio |
0.227 |
0.000 |
0.000 |
YEAR-ON-YEAR GROWTH
|
Year
on Year Growth |
31.03.2012 |
31.03.2013 |
31.12.2013 |
|
|
(Rs.
In Million) |
(Rs.
In Million) |
(Rs.
In Million) |
|
Total Income |
772.948 |
948.620 |
1967.930 |
|
|
|
22.728 |
107.452 |
NET PROFIT MARGIN
|
Net
Profit Margin |
31.03.2012 |
31.03.2013 |
31.12.2013 |
|
|
(Rs.
In Million) |
(Rs.
In Million) |
(Rs.
In Million) |
|
Total Income |
772.948 |
948.620 |
1967.930 |
|
Profit |
98.191 |
64.790 |
14.810 |
|
|
12.70% |
6.83% |
0.75% |
LOCAL AGENCY FURTHER INFORMATION
CURRENT MATURITIES
OF LONG-TERM DEBT DETAILS:
|
Particulars |
31.12.2013 (9 Months) |
31.03.2013
(12
Months) |
31.03.2012
(12
Months) |
|
|
(Rs. In Million) |
||
|
Current maturities of long-term debt |
NA |
0.000 |
32.791
|
|
|
|
|
|
|
Total |
NA |
0.000 |
32.791
|
|
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 |
Yes |
|
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 |
-- |
|
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 |
No |
|
33] |
Voter ID No of
Proprietor/Partner/Director, if available |
No |
|
34] |
External Agency Rating,
if available |
No |
OPERATIONAL REVIEW
During the period from 1-April-13 to 31-December-13, the Company has achieved net Sales turnover of Rs. 1,941.590 million, as compared to last years net sales turnover of Rs. 928.910 million and earned a net profit after tax of Rs. 14.810 million as compared to net profit of Rs. 64.790 million for the previous financial year ended on 31-Mar-13. The directors are hopeful of getting better results in the current financial year.
Highlights of Year
2013:
The detailed Management discussion and analysis report, industry wise, economy wise, product wise and in general is as follows:- The road construction industry suffered a setback during April-December 2013 and the overall market was estimated to be lower than the same period in 2012 by about 18-22 %. In the year under review the Company relied less on market money and met the needs primarily out of internal accruals thereby reducing the interest burden.
The major reasons for
this are:
The BOT projects of NHAI awarded in 2011-12 and 2012-13 that did not take off due to reasons of premium payment issues and project viability, were expected to take off in Q-2 of 2013. But this did not happen as the premium restructuring package worked out by the Ministry of Finance was not acceptable to the contractors. EPC (Engineering Procurement Contracts) projects slated to have been awarded by NHAI in Q-2 of 2013 were not tendered due to lack of fund allocation. The projects are now expected to be awarded in 2014. The much talked about OMT (Own Maintain Transfer) packages for maintenance of highways of Golden Quadrilateral and North-South-East-West corridor also did not take off.
Work on 3 projects awarded under this scheme is yet to start. World Bank loans for state government projects of Punjab, Bihar and Madhya Pradesh was delayed. The approvals were received only recently. Punjab Government had to postpone the tenders due to lack of funds. Assembly elections in 5 states delayed the process of tendering. Purchases of Directorate General of Border Roads (DGBR) did not take place during this period due to problems on fund allocation.
On the positive side,
Governments of Gujarat, Uttar Pradesh, West Bengal, and Tamil Nadu and Kerala continued with their thrust on road building. The PMGSY scheme for rural roads was on track. The Special Accelerated Road Development Project (SARDP) for North East was on track. The Company has been able to maintain and in the case of ANP and Mechanical Pavers marginally improve their market presence vs. competition.
The market confidence on ANP is very high in the 120 and 160 TPH segment and with proposed introduction of UG 260 in higher capacity segment, AIN is confident of filling this void.
The company expects an improvement in the business conditions in 2014 vs. the period during April-December 2013. India Ratings and Research in their research paper on 2014.
Outlook Infrastructure and Project Finance expect the Road Segment to be stable in 2014 as opposed to stable to negative in 2013. The research concludes that while BOT projects may be some distance away, progress of NHAI on EPC mode will be steady in 2014. World Bank assistance to states of Punjab, Bihar, Gujarat, West Bengal and Madhya Pradesh will also improve the market A lot, shall, however depend on the outcome of the General Elections in May 2014.
Competition in general is expected to be tough in BMP segment. Competition is approaching the market with aggressive pricing and attractive terms- buy back options, performance guarantees etc.
Further, more competition is expected in 5.5 M sensor paver market segment in from end of 2014, when new products may be launched by multinational companies with their Made In India machine.
But as they will compete with high level of customer satisfaction, competitive pricing and support the customers with quick delivery in the industry, this should help AIN in at least maintain its market share.
The company has also identified opportunities in the export markets. During the year plants have been exported to African countries and in SAARC region and generally the response is good and likely to generate further opportunities. As market conditions stand today, AIN is reasonably confident of achieving the Budgeted targets for 2014 in India
NEW PRODUCTS:
UG 260 and Compactors shall be focus products for AIN in 2014. Admittedly, the market for high end asphalt batch plant is not high as seen from the sales figures of competition but UG 260 will help in establishing AIN as a top class manufacturer of BMP.
The Company is also working on localization of the Compactors in India for India Market and for Exports markets on the base models of Ammann Compactors. The Compactor market in India is crowded and fiercely competitive. But the all India presence of AIN and the market strength in the paver segment combined with the brand image of Ammann will help in giving the product the needed initial thrust. Subsequently, the product can stand on its own strength and in future, the company may look forward to reach a market share of 6-7 % by 2016, if things work as per plans.
INDEX
OF CHARGES
|
S.NO. |
CHARGE ID |
DATE OF CHARGE
CREATION/MODIFICATION |
CHARGE AMOUNT
SECURED |
CHARGE HOLDER |
ADDRESS |
SERVICE REQUEST
NUMBER (SRN) |
|
1 |
90105150 |
21/03/2002 |
1,915,000.00 |
TECHNOLOGY INFORMATION; FORECASTING & ASSESSMENT C |
TECHNOLOGY BHAWAN, NEW MEHRAULI ROAD, NEW DELHI, DELHI - 110016, INDIA |
- |
|
2 |
90105067 |
23/03/2001 |
4,402,000.00 |
TECHNOLOGY INFORMATION; FORECASTING & ASSESSMENT C |
TECHNOLOGY BHAWAN, NEW MEHRAULI ROAD, NEW DELHI, DELHI - 110016, INDIA |
- |
|
3 |
90106376 |
17/11/2003 * |
8,000,000.00 |
BANK OF BARODA |
INDUSTRIAL ESTATE BRANCH, MAHESNA, GUJARAT, INDIA |
- |
* Date of charge modification
CONTINGENT
LIABILITIES:
(Rs. IN Million)
|
PARTICULARS |
31.12.2013 (9
Months) |
31.03.2013 (12
Months) |
|
|
|
|
|
Income-tax demand * |
10.823 |
0.397 |
|
Sales tax demand **# |
2.541 |
0.000 |
|
Note: * a. In the earlier year, the Income tax department disallowed Rs.0.397 Million (March 31 2013: Rs. 0.397 Million) interest expenditure u/s 14A, TDS u/s 40(i)(a) and deduction u/s 80IA by way of reduced refund. The Company has filed an appeal before Commissioner of Income tax (Appeals), Mehsana. The Management is reasonably confident that no liability will devolve on the company and hence no liability has been recognized in the books of accounts. *b. Income tax matter includes demand of Rs.10.427 Million (March 31 2013: Rs. Nil) for the financial year 2008-09 received from Income tax department subsequent to period ended December 2013. The tax demands is mainly on account of disallowance of a portion of the tax holiday claimed by the company u/s 80IB of the Income tax Act. he Company has filed an appeal with the Commissioner (Appeals) against the matter. **c. In the current period, assessment order for payment of additional tax of Rs.1.139 Million (March 31 2013: Rs. Nil) pertaining to financial year 2004-05 was passed by the sales tax authority and appeal is filed against the assessment order. **d. There is a Central sales tax demand from sales tax authorities for payment of additional tax of Rs.1.401 Million (March 31 2013: Rs. Nil) for the financial year 2009-10 due to non-receipt of C form from the customers. #As per the Share Subscription Agreement dated December, 19, 2013 (and subsequent amendment thereto) , any liability relating to legal cases / tax matters pertaining to the period till March 31 2013, the Company stands indemnified by the joint venture partner Apollo entities as and when the liabilities are finalized. The management believes that the ultimate outcome of above tax proceedings will not have a material adverse effect on the Company’s financial position and results of operations. |
||
FIXED ASSETS
Tangible assets
- Land
- Buildings
- Plant and equipment
- Furniture and fixtures
- Vehicles
- Office equipment
- Computer equipments
- Other equipments
Intangible assets
- Goodwill
- Brands and trade marks
- Trade marks
- Computer software
- Know-how
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.62.59 |
|
|
1 |
Rs.92.46 |
|
Euro |
1 |
Rs.67.51 |
INFORMATION DETAILS
|
Information
Gathered by : |
DIP |
|
|
|
|
Analysis Done by
: |
KAR |
|
|
|
|
Report Prepared
by : |
KVT |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
7 |
|
PAID-UP CAPITAL |
1~10 |
7 |
|
OPERATING SCALE |
1~10 |
7 |
|
FINANCIAL
CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
7 |
|
--PROFITABILITY |
1~10 |
4 |
|
--LIQUIDITY |
1~10 |
7 |
|
--LEVERAGE |
1~10 |
7 |
|
--RESERVES |
1~10 |
7 |
|
--CREDIT LINES |
1~10 |
7 |
|
--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 |
|
60 |
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.