MIRA INFORM REPORT
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Report No. : |
302612 |
|
Report Date : |
10.01.2015 |
IDENTIFICATION DETAILS
|
Name : |
EMITEC EMISSION CONTROL TECHNOLOGIES INDIA PRIVATE LIMITED |
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Registered
Office : |
Plot No. 4, S. No. 275/276/282/283, Village Maan, Taluka Mulshi, Pune
– 411057, Maharashtra |
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Country : |
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Financials (as
on) : |
31.03.2014 |
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Date of
Incorporation : |
15.07.2005 |
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Com. Reg. No.: |
11-021027 |
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Capital
Investment / Paid-up Capital : |
Rs.100.000 Millions |
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CIN No.: [Company Identification
No.] |
U29299PN2005PTC021027 |
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TIN No.: |
Not Available |
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IEC No.: |
3105007954 |
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TAN No.: [Tax Deduction & Collection
Account No.] |
PNEE01739D |
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PAN No.: [Permanent Account No.] |
AABCE4857D |
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Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Manufacturer, Trader, Exporter and Importer of Metallic Substrates. |
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No. of Employees
: |
180 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (53) |
|
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 : |
Clear |
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Comments : |
Subject is a subsidiary of “EMITEC GESELLSCHAFT FÜR
EMISSIONSTECHNOLOGIE MBH, GERMANY”. It is an established company having fine track record. Financial position of the company seems to be decent. Trade relations are fair. Business is active. Payment terms are
reported to be regular and as per commitments. The company can be considered for business dealing 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 |
FITCH Rating |
|
Rating |
Long Term Issuer Rating = IND A- |
|
Rating Explanation |
Have adequate degree of safety and carry low
credit risk |
|
Date |
02.04.2014 |
|
Rating Agency Name |
FITCH Rating |
|
Rating |
Short Term = IND A1 |
|
Rating Explanation |
Have strong degree of safety and carry
lowest credit risk |
|
Date |
02.04.2014 |
RBI DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available RBI Defaulters’ list.
EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of
31-03-2014.
INFORMATION PARTED BY
|
Name : |
Mr. Ashish Kauthekar |
|
Designation : |
Finance Manager |
|
Contact No.: |
91-9881498684 |
|
Date : |
10.01.2015 |
LOCATIONS
|
Registered Office/ Factory : |
Plot No. 4, S. No. 275/276/282/283, Village Maan, Taluka Mulshi, Pune
– 411057, Maharashtra, India |
|
Tel. No.: |
91-20-39114800 / 39114801 / 39114830 |
|
Mobile No.: |
91-9881498684 (Mr. Ashish Kauthekar) |
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Fax No.: |
91-20-39114999 |
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E-Mail : |
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Website : |
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Area : |
5000 Sq. ft. |
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Location : |
Rented |
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Locality : |
Industrial |
DIRECTORS
As on 20.05.2014
|
Name : |
Mr. Christopher Francis Dias |
|
Designation : |
Managing Director |
|
Address : |
6 Manali Apartments, 421 B, Gokhale Road, Pune - 411016, Maharashtra,
India |
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Date of Birth/Age : |
31.12.1953 |
|
Qualification : |
B.Sc. (Chemistry) |
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Date of Appointment : |
25.07.2005 |
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Pan No.: |
AAMPD6666P |
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DIN No.: |
00165680 |
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|
Name : |
Mr. Brij Mohan Kataria |
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Designation : |
Director |
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Address : |
7, Mahindra Colony, 121, Nagar Road, Yerawada, Pune - 411006,
Maharashtra, India |
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Date of Birth/Age : |
31.03.1940 |
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Date of Appointment : |
25.07.2005 |
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DIN No.: |
00549567 |
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|
Name : |
Mr. Martin Kohn |
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Designation : |
Alternate Director |
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Address : |
41 Parseval Strasse 53757, Sankt Augustin, Germany |
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Date of Birth/Age : |
25.06.1969 |
|
Date of Appointment : |
25.07.2005 |
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DIN No.: |
01369311 |
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|
Name : |
Mr. Andreas Aumueller |
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Designation : |
Director |
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Address : |
EIBENWFG 7, Regensburg 93055, Germany |
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Date of Birth/Age : |
30.03.1965 |
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Date of Appointment : |
30.06.2006 |
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DIN No.: |
01369359 |
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Name : |
Berthold Johannes Curtius |
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Designation : |
Director |
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Address : |
Heinestr, 9, 50321 Bruhl 50321 |
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Date of Birth/Age : |
06.05.1964 |
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Date of Appointment : |
17.07.2013 |
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DIN No.: |
06607011 |
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Name : |
Sven Seifert Friedhelm |
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Designation : |
Alternate Director |
|
Address : |
Wiesenweg 7, 53639, Koenigs Winter, Berg Hausen 53639 Germany |
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Date of Birth/Age : |
31.03.1972 |
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Date of Appointment : |
14.06.2013 |
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DIN No.: |
06607019 |
KEY EXECUTIVES
|
Name : |
Mr. Ashish Kauthekar |
|
Designation : |
Finance Manager |
MAJOR SHAREHOLDERS
As on 20.05.2014
|
Names of Shareholders |
|
No. of Shares |
|
Christopher Francis Dias |
|
1 |
|
Emitec Gesellschaft Fur |
|
9999999 |
|
\Total |
|
10000000 |
Equity Share Break up (Percentage of Total Equity)
As on 20.05.2014
|
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 |
99.99 |
|
Directors or relatives of Directors |
0.01 |
|
Total |
100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer, Trader, Exporter and Importer of Metallic Substrates. |
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Products : |
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Brand Names : |
-- |
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Agencies Held : |
-- |
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Exports : |
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Products : |
Finished Goods |
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Countries : |
China |
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Imports : |
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Products : |
Raw Material |
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Countries : |
Germany |
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Terms : |
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Selling : |
Cash and Credit |
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Purchasing : |
Cash and Credit |
PRODUCTION STATUS – NOT AVAILABLE
GENERAL INFORMATION
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Suppliers : |
Not Divulged |
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Customers : |
Not Divulged |
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No. of Employees : |
180 (Approximately) |
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Bankers : |
State Bank of India, Industrial Finance Branch 2nd Floor, 'Tara Chambers' Near Mariaai Police Chowky, Mumbai Pune Highway, Wakdewadi, Pune - 411003, Maharashtra, India |
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Facilities : |
Cash Credit = Rs.60.000 Millions (From State Bank of India)
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
Price Waterhouse and Company Chartered Accountants |
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Address : |
Muttha Towers, Suite No. 8, 5th Floor, Off Airport Road,
Pune-411006, Maharashtra, India |
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PAN No.: |
AADFP9359C |
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Memberships : |
-- |
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Collaborators : |
-- |
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Holding Company : |
Emitec Gesellschaft Fur Emissionstechnologie mbH, Germany |
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Fellow Subsidiary
Company : |
Emitec Inc. United States |
CAPITAL STRUCTURE
As on 20.05.2014
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
10000000 |
Equity Shares |
Rs.10/- each |
Rs.100.000 Millions |
|
12000000 |
Preference Shares |
Rs.10/- each |
Rs.120.000 Millions |
|
|
Total |
|
Rs.220.000
Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
10000000 |
Equity Shares |
Rs.10/- each |
Rs.100.000 Millions |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
I.
EQUITY
AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
100.000 |
100.000 |
208.000 |
|
(b) Reserves & Surplus |
535.808 |
417.272 |
224.195 |
|
(c) Money
received against share warrants |
0.000 |
0.000 |
0.000 |
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|
|
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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) |
635.808 |
517.272 |
432.195 |
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(3)
Non-Current Liabilities |
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|
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|
(a) long-term borrowings |
45.934 |
99.094 |
120.924 |
|
(b) Deferred tax liabilities (Net) |
0.000 |
2.040 |
4.450 |
|
(c) Other long term
liabilities |
0.000 |
0.000 |
0.000 |
|
(d) long-term
provisions |
1.858 |
4.803 |
0.000 |
|
Total Non-current
Liabilities (3) |
47.792 |
105.937 |
125.374 |
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(4)
Current Liabilities |
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|
|
|
(a) Short
term borrowings |
0.000 |
0.000 |
0.000 |
|
(b) Trade
payables |
127.413 |
96.591 |
73.821 |
|
(c) Other current
liabilities |
69.692 |
72.919 |
127.512 |
|
(d) Short-term
provisions |
40.054 |
97.342 |
9.900 |
|
Total Current
Liabilities (4) |
237.159 |
266.852 |
211.233 |
|
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|
|
|
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TOTAL |
920.759 |
890.061 |
768.802 |
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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 |
325.198 |
412.642 |
361.510 |
|
(ii)
Intangible Assets |
0.224 |
0.379 |
0.175 |
|
(iii)
Capital work-in-progress |
0.000 |
0.000 |
2.218 |
|
(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) |
7.200 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
19.240 |
19.175 |
67.990 |
|
(e) Other Non-current
assets |
1.242 |
1.063 |
1.139 |
|
Total Non-Current
Assets |
353.104 |
433.259 |
433.032 |
|
|
|
|
|
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(2)
Current assets |
|
|
|
|
(a)
Current investments |
0.000 |
0.000 |
0.000 |
|
(b)
Inventories |
186.183 |
109.171 |
91.037 |
|
(c) Trade
receivables |
162.948 |
217.074 |
141.673 |
|
(d) Cash
and cash equivalents |
201.324 |
99.924 |
65.990 |
|
(e)
Short-term loans and advances |
16.836 |
30.213 |
36.734 |
|
(f) Other
current assets |
0.364 |
0.420 |
0.336 |
|
Total
Current Assets |
567.655 |
456.802 |
335.770 |
|
|
|
|
|
|
TOTAL |
920.759 |
890.061 |
768.802 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
|
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TOTAL REVENUE |
1577.232 |
1634.908 |
1396.042 |
|
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PROFIT/(LOSS)
BEFORE TAX, DEPRECIATION AND AMORTISATION |
480.175 |
520.739 |
308.055 |
|
|
|
|
|
|
|
|
|
Less |
DEPRECIATION/
AMORTISATION |
88.285 |
95.976 |
59.792 |
|
|
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|
|
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|
PROFIT/(LOSS)
BEFORE TAX |
391.890 |
424.763 |
248.263 |
|
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|
Less |
TAX |
132.960 |
138.090 |
80.950 |
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|
PROFIT/(LOSS)
AFTER TAX |
258.930 |
286.673 |
167.313 |
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EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Export Earnings |
51.537 |
177.208 |
70.270 |
|
|
TOTAL EARNINGS |
51.537 |
177.208 |
70.270 |
|
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|
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|
|
|
|
|
|
Earnings /
(Loss) Per Share (Rs.) |
25.89 |
28.67 |
NA |
|
Expected Sales (2014-2015): Rs.1750.000 Millions
The above information has been parted by Mr. Ashish Kauthekar
KEY RATIOS
|
PARTICULARS |
|
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
Return on Total Assets (PBT/Total Assets} |
(%) |
42.90 |
47.72 |
32.39 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.62 |
0.82 |
0.57 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
0.07 |
0.19 |
0.28 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
2.39 |
1.71 |
1.59 |
FINANCIAL ANALYSIS
[all figures are
in Rupees Millions]
DEBT EQUITY RATIO
|
Particular |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
Rs.
In Millions |
Rs.
In Millions |
Rs.
In Millions |
|
Share Capital |
208.000 |
100.000 |
100.000 |
|
Reserves & Surplus |
224.195 |
417.272 |
535.808 |
|
Share Application money pending allotment |
0.000 |
0.000 |
0.000 |
|
Net
worth |
432.195 |
517.272 |
635.808 |
|
|
|
|
|
|
Long Term borrowings |
120.924 |
99.094 |
45.934 |
|
Short Term borrowings |
0.000 |
0.000 |
0.000 |
|
Total
borrowings |
120.924 |
99.094 |
45.934 |
|
Debt/Equity
ratio |
0.280 |
0.192 |
0.072 |
YEAR-ON-YEAR GROWTH
|
Year
on Year Growth |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
Rs.
In Millions |
Rs.
In Millions |
Rs.
In Millions |
|
Total Revenue |
1,396.042 |
1,634.908 |
1,577.232 |
|
|
|
17.110 |
-3.528 |
NET PROFIT MARGIN
|
Net
Profit Margin |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
Rs.
In Millions |
Rs.
In Millions |
Rs.
In Millions |
|
Total Revenue |
1,396.042 |
1,634.908 |
1,577.232 |
|
Profit |
167.313 |
286.673 |
258.930 |
|
|
11.98% |
17.53% |
16.42% |
LOCAL AGENCY FURTHER INFORMATION
CURRENT MATURITIES
OF LONG TERM DEBT DETAILS
Rs.
In Millions
|
PARTICULARS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
Current maturities of long term debt |
53.200 |
53.200 |
89.702 |
|
Total |
53.200 |
53.200 |
89.702 |
|
Sr. No. |
Check List by Info Agents |
Available in
Report (Yes / No) |
|
1] |
Year of Establishment |
Yes |
|
2] |
Locality of the firm |
Yes |
|
3] |
Constitutions of the firm |
Yes |
|
4] |
Premises details |
Yes |
|
5] |
Type of Business |
Yes |
|
6] |
Line of Business |
Yes |
|
7] |
Promoter's background |
Yes |
|
8] |
No. of employees |
Yes |
|
9] |
Name of person contacted |
Yes |
|
10] |
Designation of contact
person |
Yes |
|
11] |
Turnover of firm for last
three years |
Yes |
|
12] |
Profitability for last
three years |
Yes |
|
13] |
Reasons for variation
<> 20% |
----------- |
|
14] |
Estimation for coming
financial year |
Yes |
|
15] |
Capital in the business |
Yes |
|
16] |
Details of sister
concerns |
Yes |
|
17] |
Major suppliers |
No |
|
18] |
Major customers |
No |
|
19] |
Payments terms |
Yes |
|
20] |
Export / Import details
(if applicable) |
Yes |
|
21] |
Market information |
---------- |
|
22] |
Litigations that the firm
/ promoter involved in |
---------- |
|
23] |
Banking Details |
Yes |
|
24] |
Banking facility details |
Yes |
|
25] |
Conduct of the banking
account |
---------- |
|
26] |
Buyer visit details |
---------- |
|
27] |
Financials, if provided |
Yes |
|
28] |
Incorporation details, if
applicable |
Yes |
|
29] |
Last accounts filed at
ROC |
Yes |
|
30] |
Major Shareholders, if
available |
Yes |
|
31] |
Date of Birth of
Proprietor/Partner/Director, if available |
Yes |
|
32] |
PAN of
Proprietor/Partner/Director, if available |
Yes |
|
33] |
Voter ID No of
Proprietor/Partner/Director, if available |
No |
|
34] |
External Agency Rating,
if available |
Yes |
GENERAL
INFORMATION:
The Company is engaged in manufacturing and trading of Metallic Substrates (For catalytic after-treatment of emissions) for automotive emission control with application in 2 and 3 wheelers, cars, light and heavy duty commercial vehicles and off-road and stationary engines. The Company is wholly owned subsidiary of Emitec Gesellschaft fur Emissionstechnologie mbH headquartered in Germany.
INDEX OF CHARGE:
|
Sr. No. |
Charge ID |
Date of Charge Creation/Modification |
Charge amount secured |
Charge Holder |
Address |
Service Request Number (SRN) |
|
1 |
80036530 |
05/05/2011 * |
485,100,000.00 |
State Bank of India Industrial Finance Branch |
2nd
Floor, 'Tara Chambers 'Near Mariaai Police Chowky, Mumbai Pune Highway,
Wakdewadi, Pune, Maharashtra |
B13362686 |
*Date of modification Charges
FIXED ASSETS:
·
Land
·
Building
·
Plant and Machinery
·
Computer
·
Vehicles
·
Furniture and Fixture
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.62.39 |
|
|
1 |
Rs.94.17 |
|
Euro |
1 |
Rs.73.61 |
INFORMATION DETAILS
|
Information
Gathered by : |
NYA |
|
|
|
|
Analysis Done by
: |
RAS |
|
|
|
|
Report Prepared
by : |
VNT |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
6 |
|
OPERATING SCALE |
1~10 |
7 |
|
FINANCIAL
CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILITY |
1~10 |
7 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
6 |
|
--CREDIT LINES |
1~10 |
5 |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
YES |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTER
|
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
|
|
|
|
TOTAL |
|
53 |
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.