MIRA INFORM REPORT
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Report No. : |
333458 |
|
Report Date : |
23.07.2015 |
IDENTIFICATION DETAILS
|
Name : |
SCHMALZ INDIA PRIVATE LIMITED (w.e.f.22.06.1999) |
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Formerly Known
As : |
J SCHMALZ VACUUM INDIA PRIVATE LIMITED |
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Registered
Office : |
EL-38, J Block, MIDC, Bhosari, Pune – 411026, Maharashtra |
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Tel. No.: |
91-20-40725500 |
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Country : |
India |
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Financials (as
on) : |
31.03.2014 |
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Date of
Incorporation : |
26.02.1999 |
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Com. Reg. No.: |
11-133151 |
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Capital
Investment / Paid-up Capital : |
Rs. 10.111 Million |
|
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CIN No.: [Company Identification
No.] |
U29219PN1999PTC133151 |
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IEC No.: |
0999010352 |
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TAN No.: [Tax Deduction & Collection
Account No.] |
Not Available |
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PAN No.: [Permanent Account No.] |
AAECS6957P |
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Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Manufacturer and Exporter of Vacuum Equipment and Components. |
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No. of Employees
: |
100 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (48) |
|
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 an established company having satisfactory track record. General financial position of the company seems to be sound.
Profitability of the company is fair. Trade relations are fair. Business is active. Payment terms are
reported to be usually correct. 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
NOT AVAILABLE
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
31-03-2013.
INFORMATION PARTED BY (GENERAL DETAILS)
|
Name : |
Mrs. Shweta Chalke |
|
Designation : |
Finance Department |
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Contact No.: |
91-20-40725500 |
|
Date : |
23.07.2015 |
LOCATIONS
|
Registered Office : |
EL-38, J Block, MIDC, Bhosari, Pune – 411026, Maharashtra, India |
|
Tel. No.: |
91-20-40725500 |
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Fax No.: |
91-20-40725588 |
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E-Mail : |
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Website : |
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Factory : |
Plot No. 1821, Ranuba Mala Nanekar Wadi, Chakan, Tal. Khed, Pune –
410501, Maharashtra, India |
DIRECTORS
AS ON 27.09.2014
|
Name : |
Mr. Srinivas Mani |
|
Designation : |
Managing director |
|
Address : |
R H No. B/11, Devideep Housing Society Limited, CS No. 6 NDA Pashan,
Bavdhan, Pune - 411021, Maharashtra, India |
|
Date of Birth/Age : |
12.06.1966 |
|
Date of Appointment : |
01.04.2011 |
|
DIN No.: |
00079221 |
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|
|
|
Name : |
Wolfgang Artur Schmalz |
|
Designation : |
Director |
|
Address : |
Koenigsberger Str. 12, Dornstetten, 72280, Germany |
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Date of Birth/Age : |
21.02.1958 |
|
Date of Appointment : |
26.02.1999 |
|
DIN No.: |
01760394 |
|
|
|
|
Name : |
Kurt Johannes Otto Dr Schmalz |
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Designation : |
Director |
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Address : |
Fischwangstr. 26, Dornstetten, 72280, Germany |
|
Date of Birth/Age : |
01.06.1955 |
|
Date of Appointment : |
26.02.1999 |
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DIN No.: |
01760987 |
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|
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|
Name : |
Philip James Mani |
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Designation : |
Managing director |
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Address : |
Bunglow No. D-9, Lakshwadeep, Plot No.75, Pcntda Phase, Benz Road,
Bhosari, Pune - 411039, Maharashtra, India |
|
Date of Birth/Age : |
09.03.1974 |
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Date of Appointment : |
01.07.2011 |
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DIN No.: |
01862313 |
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|
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Name : |
Volker Dominikus Schnell |
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Designation : |
Alternate director |
|
Address : |
Bisingen, Ortsteil Thanheim, IM Altenspohl 4,, Bisingen Thanheim
72406, Germany |
|
Date of Appointment : |
23.01.2015 |
|
DIN No.: |
06955856 |
KEY EXECUTIVES
|
Name : |
Mrs. Shweta Chalke |
|
Designation : |
Finance Department |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 27.09.2014
|
Names of Shareholders |
No. of Shares |
Percentage of
Holding |
|
Schmalz Vertriebs GmbH, Germany |
10100 |
1.00 |
|
Schmalz International GmbH, Germany |
1001000 |
99.00 |
|
|
|
|
|
Total |
1011100 |
100.00 |
AS ON 27.09.2014
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 |
100.00 |
|
|
|
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer and Exporter of Vacuum Equipment and Components. |
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Brand Names : |
Not Available |
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Agencies Held : |
Not Available |
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Exports : |
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Products : |
Finished Goods |
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Countries : |
Germany |
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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, L/C and Credit |
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Purchasing : |
Cash, L/C and Credit |
PRODUCTION STATUS: NOT AVAILABLE
GENERAL INFORMATION
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Suppliers : |
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Customers : |
Wholesalers, Retailers and End Users
· Gestamp Automotive Private Limited |
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No. of Employees : |
100 (Approximately) |
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Bankers : |
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Auditors : |
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Name : |
P.G. Bhagwat Chartered Accountants |
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Address : |
Suites 101 - 102, 'Orchard', Dr. Pai Marg, Baner, Pune –
411045, Maharashtra, India |
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Tel. No.: |
91-20-27290771/ 72/ 73 |
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Fax No.: |
91-20-27290774 |
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PAN N Income-tax PAN of auditor or auditor's firm : |
AAAFB0762E |
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Memberships : |
Not Available |
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Collaborators : |
Not Available |
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Holding Company : |
Schmalz International GmbH |
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Company collectively exercising significant influence : |
J. Schmalz GmbH |
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CAPITAL STRUCTURE
AS ON 31.03.2014
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
1250000 |
Equity Shares |
Rs.10/- each |
Rs. 12.500 Million |
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Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
1011100 |
Equity Shares |
Rs.10/- each |
Rs. 10.111 Million |
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|
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FINANCIAL DATA
[all figures are
in Rupees Million]
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 |
10.111 |
10.111 |
10.111 |
|
(b) Reserves & Surplus |
69.302 |
52.165 |
33.854 |
|
(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 |
|
Total Shareholders’
Funds (1) + (2) |
79.413 |
62.276 |
43.965 |
|
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|
|
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(3)
Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
0.000 |
0.000 |
0.000 |
|
(b) Deferred tax liabilities (Net) |
0.024 |
0.000 |
0.183 |
|
(c) Other long term
liabilities |
0.000 |
0.000 |
0.000 |
|
(d) long-term
provisions |
0.201 |
0.196 |
0.000 |
|
Total Non-current
Liabilities (3) |
0.225 |
0.196 |
0.183 |
|
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(4)
Current Liabilities |
|
|
|
|
(a) Short
term borrowings |
0.000 |
0.000 |
0.000 |
|
(b) Trade
payables |
25.735 |
31.416 |
24.589 |
|
(c) Other
current liabilities |
12.676 |
9.073 |
5.262 |
|
(d) Short-term
provisions |
1.680 |
1.328 |
1.183 |
|
Total Current
Liabilities (4) |
40.091 |
41.817 |
31.034 |
|
|
|
|
|
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TOTAL |
119.729 |
104.289 |
75.182 |
|
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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 |
34.883 |
34.902 |
31.245 |
|
(ii)
Intangible Assets |
1.130 |
0.350 |
0.545 |
|
(iii) Capital
work-in-progress |
0.000 |
0.000 |
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 |
0.153 |
0.000 |
|
(d) Long-term Loan and Advances |
4.466 |
2.965 |
2.653 |
|
(e) Other
Non-current assets |
1.152 |
1.026 |
0.869 |
|
Total Non-Current
Assets |
41.631 |
39.396 |
35.312 |
|
|
|
|
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(2)
Current assets |
|
|
|
|
(a)
Current investments |
0.000 |
0.000 |
0.000 |
|
(b)
Inventories |
32.633 |
29.971 |
15.598 |
|
(c) Trade
receivables |
31.313 |
26.530 |
18.764 |
|
(d) Cash
and cash equivalents |
7.601 |
3.839 |
3.356 |
|
(e)
Short-term loans and advances |
6.414 |
4.532 |
2.152 |
|
(f) Other
current assets |
0.137 |
0.021 |
0.000 |
|
Total
Current Assets |
78.098 |
64.893 |
39.870 |
|
|
|
|
|
|
TOTAL |
119.729 |
104.289 |
75.182 |
PROFIT
& LOSS ACCOUNT
|
|
PARTICULARS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
|
|
SALES |
|
|
|
|
|
|
|
Revenue from Operations |
185.669 |
150.235 |
104.459 |
|
|
|
Other Income |
0.557 |
0.374 |
0.380 |
|
|
|
TOTAL (A) |
186.226 |
150.609 |
104.839 |
|
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|
|
|
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|
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Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of Materials Consumed |
93.873 |
72.065 |
|
|
|
|
Changes in inventories of finished goods, work-in-progress
and Stock-in-Trade |
(7.599) |
(5.052) |
|
|
|
|
Employees benefits expense |
25.825 |
20.712 |
|
|
|
|
Other expenses |
43.008 |
30.393 |
|
|
|
|
TOTAL (B) |
155.107 |
118.118 |
86.402 |
|
|
|
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|
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Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
31.119 |
32.491 |
(Including Financial Expenses) |
|
|
|
|
|
|
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|
Less |
FINANCIAL
EXPENSES (D) |
0.000 |
0.052 |
|
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|
|
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|
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|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
31.119 |
32.439 |
18.437 |
|
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|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
5.455 |
5.164 |
4.763 |
|
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|
|
|
|
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|
|
PROFIT BEFORE
TAX (E-F) (G) |
25.664 |
27.275 |
13.674 |
|
|
|
|
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|
|
|
|
Less |
TAX (H) |
8.527 |
8.964 |
5.840 |
|
|
|
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|
|
|
|
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|
PROFIT AFTER TAX
(G-H) (I) |
17.137 |
18.311 |
7.834 |
|
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|
|
|
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|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Export of Material |
60.444 |
49.484 |
|
|
|
|
Export of Services |
0.119 |
0.140 |
|
|
|
|
Commission |
0.141 |
0.080 |
|
|
|
TOTAL EARNINGS |
60.704 |
49.704 |
NA
|
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|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
82.298 |
73.436 |
|
|
|
|
Components & Spare Parts |
0.699 |
0.000 |
|
|
|
|
Capital Goods |
3.070 |
6.521 |
|
|
|
TOTAL IMPORTS |
86.067 |
79.957 |
NA
|
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|
|
|
|
|
|
Earnings Per Share
(Rs.) |
16.95 |
18.11 |
7.75 |
|
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 flows from (used in) operations |
NA |
NA |
NA |
KEY
RATIOS
|
PARTICULARS |
|
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
Net Profit Margin
(PAT / Sales) |
(%) |
9.23 |
12.19 |
7.50 |
|
|
|
|
|
|
|
Operating Profit Margin (PBIDT/Sales) |
(%) |
16.76 |
21.63 |
NA |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
21.44 |
26.19 |
18.19 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.32 |
0.44 |
0.31 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
0.00 |
0.00 |
0.00 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.95 |
1.55 |
1.28 |
FINANCIAL ANALYSIS
[all figures are
in Rupees Million]
DEBT EQUITY RATIO
|
Particular |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
(Rs.
In Million) |
(Rs.
In Million) |
(Rs.
In Million) |
|
Share Capital |
10.111 |
10.111 |
10.111 |
|
Reserves & Surplus |
33.854 |
52.165 |
69.302 |
|
Money received against share warrants |
0.000 |
0.000 |
0.000 |
|
Share Application money pending allotment |
0.000 |
0.000 |
0.000 |
|
Net
worth |
43.965 |
62.276 |
79.413 |
|
|
|
|
|
|
Long-term borrowings |
0.000 |
0.000 |
0.000 |
|
Short term borrowings |
0.000 |
0.000 |
0.000 |
|
Total
borrowings |
0.000 |
0.000 |
0.000 |
|
Debt/Equity ratio |
0.000 |
0.000 |
0.000 |
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 |
104.459 |
150.235 |
185.669 |
|
|
|
43.822 |
23.586 |
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 |
104.459 |
150.235 |
185.669 |
|
Profit |
7.834 |
18.311 |
17.137 |
|
|
7.50% |
12.19% |
9.23% |
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 |
Yes |
|
8 |
Designation of contact person |
Yes |
|
9 |
Promoter’s background |
Yes |
|
10 |
Date of Birth of Proprietor / Partners /
Directors |
Yes |
|
11 |
Pan Card No. of Proprietor / Partners |
No |
|
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) |
Yes |
|
16 |
No. of employees |
Yes |
|
17 |
Details of sister concerns |
Yes |
|
18 |
Major suppliers |
Yes |
|
19 |
Major customers |
Yes |
|
20 |
Banking Details |
Yes |
|
21 |
Banking facility details |
No |
|
22 |
Conduct of the banking account |
Yes |
|
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 |
No |
|
32 |
Litigations that the firm/promoter
involved in |
-- |
|
33 |
Market information |
-- |
|
34 |
Payments terms |
Yes |
|
35 |
Negative Reporting by Auditors in the
Annual Report |
No |
INDEX OF CHARGES: NO CHARGES EXIST FOR COMPANY
BACKGROUND
Subject was incorporated on 26.02.1999 as a private limited company. The
Company’s principal activities comprise manufacture and marketing of vacuum
based systems, vacuum components and related items.
CHANGE OF ADDRESS
The Registered Office of the company has been shifted from 25-4,
Nicholson Road, Hyderabad – 500009, Andhra Pradesh, India to the present
address w.e.f.30.05.2008.
CONTINGENT
LIABILITIES:
|
PARTICULARS |
31.03.2014 (Rs. in million) |
31.03.2013 (Rs. in million) |
|
|
|
|
|
Disputed Income Tax Liability-matter under
appeal |
0.081 |
0.000 |
FIXED ASSETS
· Land
· Buildings
· Plant and Equipment
· Furniture and Fixture
· Vehicles
· Office Equipment
· Air Conditioner
· Computer Hardware
· Electrical Installation
· Software
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts, India Prisons Service,
Interpol, etc.
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. 63.52 |
|
UK Pound |
1 |
Rs. 99.19 |
|
Euro |
1 |
Rs. 69.60 |
INFORMATION DETAILS
|
Information Gathered
by : |
NYA/PRT |
|
|
|
|
Analysis Done by
: |
KAR |
|
|
|
|
Report Prepared
by : |
RKI |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL
CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
5 |
|
--PROFITABILITY |
1~10 |
6 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
5 |
|
--CREDIT LINES |
1~10 |
5 |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
NO |
|
--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 |
|
48 |
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.