MIRA INFORM REPORT
|
Report No. : |
353264 |
|
Report Date : |
05.12.2015 |
IDENTIFICATION DETAILS
|
Name : |
L&T VALVES LIMITED [w.e.f.29.04.2013] |
|
|
|
|
Formerly Known
As : |
AUDCO INDIA LIMITED |
|
|
|
|
Registered
Office : |
L&T House, Ballard Estate, Mumbai – 400001, Maharashtra |
|
Tel. No.: |
91-22-22618181 |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as
on) : |
31.03.2015 [Partial Details] |
|
|
|
|
Date of
Incorporation : |
23.11.1961 |
|
|
|
|
Com. Reg. No.: |
11-012188 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs. 180.000 Million |
|
|
|
|
CIN No.: [Company Identification
No.] |
U74999MH1961PLC012188 |
|
|
|
|
IEC No.: |
Not Divulged |
|
|
|
|
TAN No.: [Tax Deduction & Collection
Account No.] |
Not Available |
|
|
|
|
PAN No.: [Permanent Account No.] |
AAACA9647E |
|
|
|
|
Legal Form : |
A Closely Held Public Limited Liability Company |
|
|
|
|
Line of Business
: |
Manufacturing and Servicing of Industrial Valves for key
sectors of the economy such as Oil and Gas, Power, Petrochemicals, Chemicals,
Fertilizers and Pharmaceuticals. [Registered Activity] |
|
|
|
|
No. of Employees
: |
Information declined by the management |
RATING & COMMENTS
|
MIRA’s Rating : |
A (66) |
|
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 |
|
Status : |
Good |
|
|
|
|
Payment Behaviour : |
Slow but correct |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is a subsidiary of Larsen and Toubro Limited. It is a well-established company incorporated in the year 1961 having satisfactory track. The company has reported decent top line growth of 48% along with profitability margin of 14% in the FY-15. It has healthy operational activity. The assigned ratings continues to reflect the established position of the company in the valve manufacturing space; strengths derived from its strong holding company and its favorable financial risk profile characterized by sound net worth position and long business track record, supported by higher exports income and sound execution skills. However, the company business risk is expected to increase because of exposure to risks related to large infrastructural development projects being undertaken by various special purpose vehicles, primarily through its associate companies, L&T Infrastructure Development Projects Ltd (L&T IDPL), L&T Power Development Ltd (L&T PDL) and L&T Realty Ltd. The company has potential to manage its working capital requirements efficiently leading to healthy generation of cash flows remain key rating sensitivity. Business is active. Payments are slow but correct. In view of aforesaid, the company can be considered for business dealings at usual trade terms and conditions. |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
EXTERNAL AGENCY RATING
|
Rating Agency Name |
ICRA |
|
Rating |
Fund Based Limits = AA |
|
Rating Explanation |
High degree of safety and carry very low
credit risk. |
|
Date |
January 2015 |
|
Rating Agency Name |
ICRA |
|
Rating |
Non-Fund Based Limits = A1+ |
|
Rating Explanation |
Very strong degree of safety and carry very
low credit risk. |
|
Date |
January 2015 |
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
31-03-2015.
INFORMATION DECLINED
MANAGEMENT NON-COOPERATIVE
[CONTACT NO.: 91-22-22618181]
LOCATIONS
|
Registered Office : |
L&T House, Ballard Estate, Mumbai – 400001, Maharashtra, India |
|
Tel. No.: |
91-22-67525656/ 67053690 |
|
Fax No.: |
91-22-67051027 |
|
E-Mail : |
|
|
Website : |
|
|
|
|
|
Corporate Office : |
Mount - Poonamallee Road, Manapakkam, Chennai – 600089, Tamilnadu, India |
|
Tel. No.: |
91-44-22498201 |
|
Fax No.: |
91-44-22492794 |
|
E-Mail : |
|
|
|
|
|
Factory 1 : |
PB No 976, Mount Poonamallee Road, Manapakkam, Chennai - 600089, Tamilnadu, India |
|
|
|
|
Factory 2 : |
607-656, L&T Campus, L&T By Pass Road, Malumichampatti, Coimbatore - 641050, Tamilnadu, India |
|
|
|
|
Factory 3 : |
Enattur Village, Karaipettai, Kancheepuram - 631552, Tamilnadu, India |
DIRECTORS
AS ON 22.08.2014
|
Name : |
Balasubramaniam Ramakrishnan |
|
Designation : |
Director |
|
Address : |
A1 - 129, VIII Main Road, Anna Nagar, Chennai - 600040, Tamilnadu,
India |
|
Date of Birth/Age : |
17.06.1952 |
|
Date of Appointment : |
19.06.2014 |
|
DIN No.: |
00240737 |
|
|
|
|
Name : |
Pathik Rajmalbhai Kothari |
|
Designation : |
Director |
|
Address : |
Lohtse Cooperative Housing Society, Flat 3A, Ruia Park,
Juhu, Mumbai - 400049, Maharashtra, India |
|
Date of Birth/Age : |
19.11.1946 |
|
Date of Appointment : |
19.06.2014 |
|
DIN No.: |
01773291 |
|
|
|
|
Name : |
Subramanian Ramakrishnan Subramanian |
|
Designation : |
Director |
|
Address : |
4G, K G Srivatsava Gardens, 9, South Avenue Road, Srinagar
Colony, Saidapet, Chennai - 600015, Tamilnadu, India |
|
Date of Birth/Age : |
05.10.1954 |
|
Date of Appointment : |
05.11.2011 |
|
DIN No.: |
03278824 |
|
|
|
|
Name : |
Venkatasubramanian Venkatachalam Nelepally |
|
Designation : |
Director and Manager |
|
Address : |
6D and E, KG Towers, 30 and 30A, 100 Feet Bypass Road,
Velacherry, Chennai - 600042, Tamilnadu, India |
|
Date of Birth/Age : |
24.08.1960 |
|
Date of Appointment : |
19.06.2014 |
|
PAN No.: |
AADPV6183C |
|
DIN No.: |
06900806 |
KEY EXECUTIVES
|
Name : |
Vaidyanathan Subramanian |
|
Designation : |
Chief Financial Officer and Secretary |
|
Address : |
No 5, 33rd Street Thillai Ganda Nagar, Chennai - 600061,
Tamilnadu, India |
|
Date of Appointment : |
09.07.2014 |
|
PAN No.: |
AABPV7899R |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 22.08.2014
|
Names of Shareholders |
|
No. of Shares |
|
Larsen & Toubro Limited |
|
1563254 |
|
Balasubramaniam Ramakrishnan jointly with Larsen & Toubro Limited |
|
1 |
|
Narayanaswamy Hariharan jointly with Larsen & Toubro Limited |
|
1 |
|
Pathik Rajmalbhai Kothari jointly with Larsen & Toubro Limited |
|
1 |
|
Subramanian Ramakrishnan Subramanian jointly with Larsen & Toubro Limited |
|
1 |
|
Raju Vishwanathan Iyer jointly with Larsen & Toubro Limited |
|
1 |
|
Prasad Vishnu Shanbhag jointly with Larsen & Toubro Limited |
|
1 |
|
|
|
|
|
Total |
|
1563260 |
AS ON 16.10.2014
|
Names of Allottee |
|
No. of Shares |
|
Larsen & Toubro Limited |
|
236740 |
|
|
|
|
|
Total |
|
236740 |
AS ON 22.08.2014
|
Equity Share Breakup |
Percentage of Holding |
|
Category |
|
|
Bodies
corporate |
100.00 |
|
|
|
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturing and Servicing of Industrial Valves for key
sectors of the economy such as Oil and Gas, Power, Petrochemicals, Chemicals,
Fertilizers and Pharmaceuticals. [Registered Activity] |
||||
|
|
|
||||
|
Products : |
|
||||
|
|
|
||||
|
Brand Names : |
-- |
||||
|
|
|
||||
|
Agencies Held : |
-- |
||||
|
|
|
||||
|
Exports : |
Not Divulged |
||||
|
|
|
||||
|
Imports : |
Not Divulged |
||||
|
|
|
||||
|
Terms : |
|
||||
|
Selling : |
Not Divulged |
||||
|
|
|
||||
|
Purchasing : |
Not Divulged |
PRODUCTION STATUS: NOT AVAILABLE
GENERAL INFORMATION
|
Suppliers : |
|
||||||||||||||||||||||
|
|
|
||||||||||||||||||||||
|
Customers : |
|
||||||||||||||||||||||
|
|
|
||||||||||||||||||||||
|
No. of Employees : |
Information declined by the management |
||||||||||||||||||||||
|
|
|
||||||||||||||||||||||
|
Bankers : |
· Export-Import Bank of India Centre One; World Trade Centre, Cuffe Parade, Mumbai - 400005, Maharashtra, India · Bank of Baroda 10/12; Apollo Street, Fort, Mumbai - 400001, Maharashtra, India · ABN Amro Bank N V 74, Sakhar Bhavan, 7th Floor, Nariman Point, Mumbai - 400021, Maharashtra, India · State Bank of India Guindy, Chennai - 600032, Tamilnadu, India · The Hongkong and Shanghai Banking Corporation Limited No 30, Rajaji Salai, Chennai - 600001, Tamilnadu, India
|
||||||||||||||||||||||
|
|
|
||||||||||||||||||||||
|
Facilities : |
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : [As on 31.03.2014] |
|
|
Name : |
Sharp and Tannan Chartered Accountants |
|
Address : |
Parsn Manare, A-Wing, 602, Anna Salai, Chennai - 600006, Tamilnadu, India |
|
Income-tax
PAN of auditor or auditor's firm : |
AAAFS2512D |
|
|
|
|
Cost Auditors : [As on 31.03.2015] |
|
|
Name : |
K Suryanarayanan Cost Accountants |
|
Address : |
Flat A, Brindavan Apartments, No 1, Poes Road 4th Street, Teynampet, Chennai – 600018, Tamilnadu, India |
|
|
|
|
Income-tax
PAN of auditor or auditor's firm : |
AAZPS2511B |
|
|
|
|
Memberships : |
-- |
|
|
|
|
Collaborators : |
-- |
|
|
|
|
Holding Company : [As on 31.03.2014] |
Larsen and Toubro Limited [L99999MH1946PLC004768] |
|
|
|
|
Fellow Subsidiary
Company : [As on 31.03.2014] |
· L&T Construction Equipment Limited [U29119MH1997PLC109700] · L&T Kobelco Machinery Private Limited [U29253MH2010PTC210325] · Larsen & Toubro Infotech Limited [U72900MH1996PLC104693] · L&T General Insurance Company Limited [U66030MH2007PLC177117] · L&T Cutting Tools Limited [U28920MH1952PLC008893] · L&T- MHPS Boilers Private Limited [U29119MH2006PTC165102] · Larsen & Toubro Saudi Arabia LLC · L&T Electrical & Automation FZE · Larsen & Toubro (Qingdao) Rubber Machinery Company Limited |
|
|
|
|
Other Related Parties
: [As on 31.03.2014] |
· Flowserve GB Limited · Flowserve Sulphur Springs USA · Flowserve Flow control GMBH Germany · Flowserve SA (Pty) Limited · Flowserve Flow Control (UK) Limited · Flowserve Flow Control Pty Limited, Australia · Flowserve Inc, Canada · Flowserve Limitorque · Flowserve Flow Control Benelux BV, Netherland · Flowserve (USA) · Flowserve India Controls Private Limited [U85110KA1996PTC021388] |
CAPITAL STRUCTURE
AS ON 31.03.2015
[PARTIAL DETAILS]
Authorised Capital : Not Available
Issued, Subscribed & Paid-up Capital : Rs. 180.000 Million
AFTER 22.08.2014
Authorised Capital : Rs. 750.000 Million
Issued, Subscribed & Paid-up Capital : Rs. 180.000 Million
AS ON 31.03.2014
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
1,800,000 |
Equity Shares |
Rs. 100/- each |
Rs. 180.000 Million |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
1,563,260 |
Equity Shares |
Rs. 100/- each |
Rs. 156.326
Million |
|
|
|
|
|
FINANCIAL DATA
[all figures are
in Rupees Million]
VALUE ADDITION AND DISTRIBUTION
OF EARINGS
|
Particulars |
31.03.2015 (Partial Details) |
|
Share Capital |
180.000 |
|
Reserves and surplus |
3663.903 |
|
Long-term borrowings |
141.143 |
|
Gross fixed assets |
1847.924 |
|
Net fixed assets |
1071.974 |
|
Current assets |
10276.353 |
|
Current liabilities |
7200.157 |
|
Net current assets |
3076.196 |
|
Capital employed |
3173.524 |
|
Net worth |
3843.903 |
|
Value added of company |
2726.048 |
|
Net revenue from operations of company |
13610.566 |
|
Profit before tax |
2004.772 |
|
Particulars |
31.03.2015 (Partial Details) |
|
Gross revenue from operations of company |
14278.808 |
|
Excise and other duties of company |
729.775 |
|
Net revenue from operations of company for value addition |
13549.033 |
|
Export incentives of company |
61.533 |
|
Adjustments in work-in-progress and finished stocks of company |
125.619 |
|
Cost of materials consumed of company |
9227.451 |
|
Cost of process materials or chemicals of company |
0.000 |
|
Cost of stores and spares consumed of company |
261.467 |
|
Cost of utilities of company |
78.683 |
|
Cost of other bought out inputs of company |
1442.536 |
|
Total cost of bought out inputs of company |
11010.137 |
|
Value added of company |
2726.048 |
|
Other incomes of company |
343.704 |
|
Extraordinary income |
0.000 |
|
Earnings available for distribution |
3069.752 |
|
To employees as salaries, wages, retirement benefits and others |
868.094 |
|
To shareholders as dividend |
0.000 |
|
Funds retained by company |
1496.118 |
|
To government as taxes |
619.916 |
|
Extraordinary expenses |
0.000 |
|
Other distribution of earnings |
85.624 |
|
Total Distribution
of Earnings |
3069.752 |
ABRIDGED
BALANCE SHEET
|
SOURCES OF FUNDS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
I.
EQUITY AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
156.326 |
156.326 |
156.326 |
|
(b) Reserves & Surplus |
1834.100 |
2198.795 |
2963.605 |
|
(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) |
1990.426 |
2355.121 |
3119.931 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) Long-term borrowings |
39.358 |
33.080 |
0.164 |
|
(b) Deferred tax liabilities (Net) |
65.895 |
50.406 |
46.865 |
|
(c)
Other long term liabilities |
0.000 |
0.000 |
0.000 |
|
(d)
long-term provisions |
35.562 |
16.595 |
20.403 |
|
Total
Non-current Liabilities (3) |
140.815 |
100.081 |
67.432 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a)
Short term borrowings |
636.456 |
4.567 |
44.267 |
|
(b)
Trade payables |
3486.253 |
1448.879 |
1225.702 |
|
(c)
Other current liabilities |
2315.734 |
246.426 |
300.592 |
|
(d)
Short-term provisions |
1067.520 |
877.393 |
1010.402 |
|
Total
Current Liabilities (4) |
7505.963 |
2577.265 |
2580.963 |
|
|
|
|
|
|
TOTAL |
9637.204 |
5032.467 |
5768.326 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a)
Fixed Assets |
|
|
|
|
(i)
Tangible assets |
807.790 |
512.830 |
778.181 |
|
(ii)
Intangible Assets |
58.646 |
0.000 |
0.000 |
|
(iii)
Capital work-in-progress |
6.899 |
9.276 |
0.000 |
|
(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 |
27.989 |
4.358 |
8.459 |
|
(e)
Other Non-current assets |
0.000 |
0.000 |
0.000 |
|
Total
Non-Current Assets |
901.324 |
526.464 |
786.640 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a)
Current investments |
0.000 |
0.000 |
0.000 |
|
(b)
Inventories |
2824.444 |
1327.542 |
1345.940 |
|
(c)
Trade receivables |
4675.723 |
1534.044 |
1538.862 |
|
(d)
Cash and cash equivalents |
0.950 |
788.608 |
1235.081 |
|
(e)
Short-term loans and advances |
1234.517 |
855.797 |
861.786 |
|
(f)
Other current assets |
0.246 |
0.012 |
0.017 |
|
Total
Current Assets |
8735.880 |
4506.003 |
4981.686 |
|
|
|
|
|
|
TOTAL |
9637.204 |
5032.467 |
5768.326 |
PROFIT
& LOSS ACCOUNT
|
|
PARTICULARS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
|
|
SALES |
|
|
|
|
|
|
|
Revenue from Operations |
9127.099 |
6507.208 |
5604.712 |
|
|
|
Other Income |
245.242 |
255.776 |
178.317 |
|
|
|
TOTAL |
9372.341 |
6762.984 |
5783.029 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of Materials Consumed |
6464.191 |
4582.137 |
3680.362 |
|
|
|
Purchases of Stock-in-Trade |
9.847 |
0.000 |
0.000 |
|
|
|
Changes in inventories of finished goods, work-in-progress
and Stock-in-Trade |
-599.806 |
2.539 |
-175.692 |
|
|
|
Employees benefits expense |
710.653 |
649.553 |
594.375 |
|
|
|
Other expenses |
1293.531 |
841.449 |
696.063 |
|
|
|
TOTAL |
7878.416 |
6075.678 |
4795.108 |
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION |
1493.925 |
687.306 |
987.921 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES |
10.360 |
5.273 |
3.070 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION |
1483.565 |
682.033 |
984.851 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION |
78.253 |
73.645 |
73.705 |
|
|
|
|
|
|
|
|
|
Add |
EXTRAORDINARY
ITEMS |
0.000 |
0.606 |
0.000 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX |
1405.312 |
608.994 |
911.146 |
|
|
|
|
|
|
|
|
|
Less |
TAX |
434.122 |
211.014 |
303.011 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX |
971.190 |
397.980 |
608.135 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Export Earnings [FOB basis] |
2488.194 |
1219.955 |
1124.779 |
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
1217.809 |
181.852 |
148.623 |
|
|
|
Stores & Spares |
353.298 |
565.824 |
384.450 |
|
|
|
Capital Goods |
10.342 |
38.247 |
1.451 |
|
|
TOTAL IMPORTS |
1581.449 |
785.923 |
534.524 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
621.26 |
254.58 |
389.02 |
|
CURRENT MATURITIES
OF LONG TERM DEBT DETAILS
|
PARTICULARS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
Current Maturities of Long term debt |
NA |
NA |
NA |
|
|
|
|
|
|
Cash generated from operations |
NA |
NA |
NA |
|
|
|
|
|
|
Net Cash flow from (used in) Operations |
1430.822 |
211.814 |
1781.672 |
KEY
RATIOS
|
PARTICULARS |
|
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
Net Profit Margin (PAT / Sales) |
(%) |
10.64 |
6.12 |
10.85 |
|
|
|
|
|
|
|
Operating Profit Margin (PBDIT/Sales) |
(%) |
16.37 |
10.56 |
17.63 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
14.59 |
12.12 |
15.80 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.71 |
0.26 |
0.29 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
0.34 |
0.02 |
0.01 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.16 |
1.75 |
1.93 |
FINANCIAL ANALYSIS
[all figures are
in Rupees Million]
DEBT EQUITY RATIO
|
Particulars |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
(Rs.
In Million) |
(Rs.
In Million) |
(Rs.
In Million) |
|
Share Capital |
156.326 |
156.326 |
156.326 |
|
Reserves & Surplus |
2963.605 |
2198.795 |
1834.100 |
|
Money received against share warrants |
0.000 |
0.000 |
0.000 |
|
Share Application money pending allotment |
0.000 |
0.000 |
0.000 |
|
Net
worth |
3119.931 |
2355.121 |
1990.426 |
|
|
|
|
|
|
Long-term borrowings |
0.164 |
33.080 |
39.358 |
|
Short term borrowings |
44.267 |
4.567 |
636.456 |
|
Total
borrowings |
44.431 |
37.647 |
675.814 |
|
Debt/Equity ratio |
0.014 |
0.016 |
0.340 |
YEAR-ON-YEAR GROWTH
|
Year on Year Growth |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
(Rs.
In Million) |
(Rs.
In Million) |
(Rs.
In Million) |
|
Sales |
5604.712 |
6507.208 |
9127.099 |
|
|
|
16.102 |
40.261 |
NET PROFIT MARGIN
|
Net Profit Margin |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
(Rs.
In Million) |
(Rs.
In Million) |
(Rs.
In Million) |
|
Sales |
5604.712 |
6507.208 |
9127.099 |
|
Profit |
608.135 |
397.980 |
971.190 |
|
|
10.85% |
6.12% |
10.64% |
LOCAL AGENCY FURTHER INFORMATION
|
Sr. No. |
Check list by
info agents |
Available in
Report (Yes/No) |
|
1 |
Year of establishment |
Yes |
|
2 |
Constitution of the entity -Incorporation
details |
Yes |
|
3 |
Locality of the entity |
Yes |
|
4 |
Premises details |
No |
|
5 |
Buyer visit details |
-- |
|
6 |
Contact numbers |
Yes |
|
7 |
Name of the person contacted |
No |
|
8 |
Designation of contact person |
No |
|
9 |
Promoter’s background |
Yes |
|
10 |
Date of Birth of Proprietor / Partners /
Directors |
Yes |
|
11 |
Pan Card No. of Proprietor / Partners |
Yes |
|
12 |
Voter Id Card No. of Proprietor / Partners |
No |
|
13 |
Type of business |
Yes |
|
14 |
Line of Business |
Yes |
|
15 |
Export/import details (if applicable) |
No |
|
16 |
No. of employees |
No |
|
17 |
Details of sister concerns |
Yes |
|
18 |
Major suppliers |
No |
|
19 |
Major customers |
No |
|
20 |
Banking Details |
Yes |
|
21 |
Banking facility details |
Yes |
|
22 |
Conduct of the banking account |
-- |
|
23 |
Financials, if provided |
Yes |
|
24 |
Capital in the business |
Yes |
|
25 |
Last accounts filed at ROC, if applicable |
Yes |
|
26 |
Turnover of firm for last three years |
Yes |
|
27 |
Reasons for variation <> 20% |
-- |
|
28 |
Estimation for coming financial year |
No |
|
29 |
Profitability for last three years |
Yes |
|
30 |
Major shareholders, if available |
Yes |
|
31 |
External Agency Rating, if available |
Yes |
|
32 |
Litigations that the firm/promoter
involved in |
-- |
|
33 |
Market information |
-- |
|
34 |
Payments terms |
No |
|
35 |
Negative Reporting by Auditors in the
Annual Report |
No |
INDEX OF CHARGES
|
S.NO. |
CHARGE ID |
DATE OF CHARGE CREATION/MODIFICATION |
CHARGE AMOUNT SECURED |
CHARGE HOLDER |
ADDRESS |
SERVICE REQUEST NUMBER (SRN) |
|
1 |
10558931 |
23/06/2015 * |
150,000,000.00 |
THE HONGKONG AND
SHANGHAI BANKING CORPORATION LIMITED |
NO 30, RAJAJI SALAI,
CHENNAI, TAMILNADU - 600001, INDIA |
C57375073 |
|
2 |
10092831 |
14/05/2014 * |
5,600,000,000.00 |
BANK OF BARODA |
BANK OF BARODA,
MOUNT ROAD BRANCH NO 1, CLUB HOUSE ROAD, CHENNAI, TAMILNADU - 600002, INDIA |
C03680774 |
* Date of charge modification
UNSECURED LOANS
|
PARTICULARS |
31.03.2014 (Rs.
In Million) |
31.03.2013 (Rs.
In Million) |
|
SHORT TERM BORROWINGS |
|
|
|
Intercorporate borrowings |
600.000 |
0.000 |
|
|
|
|
|
Total |
600.000 |
0.000 |
NATURE OF BUSINESS:
[AS ON 31.03.2015]
The company is in the business of manufacturing and servicing of industrial valves for key sectors of the economy such as oil & gas, power, petrochemicals, chemicals, fertilizers and pharmaceuticals.
FIXED ASSETS:
·
Land
·
Buildings
·
Plant and equipment
·
Factory equipments
·
Furniture and fixtures
·
Vehicles
·
Motor vehicles
·
Office equipment
·
Computer equipments
·
Other equipments
·
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 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. 66.84 |
|
|
1 |
Rs. 101.04 |
|
Euro |
1 |
Rs. 73.05 |
INFORMATION DETAILS
|
Information
Gathered by : |
SVA |
|
|
|
|
Analysis Done by
: |
TRI |
|
|
|
|
Report Prepared
by : |
BVA |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
8 |
|
PAID-UP CAPITAL |
1~10 |
7 |
|
OPERATING SCALE |
1~10 |
7 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
7 |
|
--PROFITABILIRY |
1~10 |
7 |
|
--LIQUIDITY |
1~10 |
7 |
|
--LEVERAGE |
1~10 |
8 |
|
--RESERVES |
1~10 |
8 |
|
--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 |
|
66 |
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.