MIRA INFORM REPORT
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Report No. : |
326798 |
|
Report Date : |
11.06.2015 |
IDENTIFICATION DETAILS
|
Name : |
EATON TECHNOLOGIES PRIVATE LIMITED |
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Registered
Office : |
Cluster C, Wing 1, Eon Free Zone, Plot No. 1, Survey No 77, MIDC
Kharadi Knowledge Park, Kharadi, Pune – 411014, Maharashtra |
|
Tel. No.: |
91-20-66337000 |
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Country : |
India |
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Financials (as
on) : |
31.03.2014 |
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Date of Incorporation
: |
09.02.2005 |
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Com. Reg. No.: |
25-020272 |
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Capital
Investment / Paid-up Capital : |
Rs.0.781 Million |
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|
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CIN No.: [Company Identification
No.] |
U29299PN2005PTC020272 |
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|
|
IEC No.: |
Not Available |
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|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
PNEE01610A |
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PAN No.: [Permanent Account No.] |
AASCE4323Q |
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Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Providing engineering design development, software
development, back office support and business development services. |
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No. of Employees
: |
Information declined by the management
|
RATING & COMMENTS
|
MIRA’s Rating : |
A (65) |
|
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 |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Subject operates as a subsidiary of Eaton Corporation Plc. It is a well-established company incorporated in the year 2005, having
fine track. Financial position of the company seems to be sound. The company is
operating on its owned fund. Trade relations are reported as fair. Business is active. Payments are
reported to be regular and as per commitments. The company can be considered good 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 |
Not Available |
|
Rating |
Not Available |
|
Rating Explanation |
Not Available |
|
Date |
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 DECLINED
MANAGEMENT NON CO-OPERATIVE (91-20-66337000)
LOCATIONS
|
Registered Office : |
Cluster C, Wing 1, Eon Free Zone, Plot No. 1, Survey No 77, MIDC
Kharadi Knowledge Park, Kharadi, Pune – 411014, Maharashtra, India |
|
Tel. No.: |
91-20-66337000 |
|
Fax No.: |
91-20-66338585/66338181 |
|
E-Mail : |
DIRECTORS
AS ON 28.08.2014
|
Name : |
Mr. Nitin Shridhar Chalke |
|
Designation : |
Whole-time director |
|
Address : |
Flat No. C - 501, Rohan Nilay Phase - I, Near Spicer
College, Aundh, Pune - 411007, Maharashtra, India |
|
Date of Birth/Age : |
17.12.1965 |
|
Date of Appointment : |
21.01.2013 |
|
DIN No.: |
02151999 |
|
|
|
|
Name : |
Mr. Sudhakar Potukuchi |
|
Designation : |
Whole-time director |
|
Address : |
D-601, Laburnum Park, Magarpatta City, Hadapsar, Pune -
411013, Maharashtra, India |
|
Date of Birth/Age : |
17.06.1970 |
|
Date of Appointment : |
21.01.2013 |
|
DIN No.: |
06478022 |
KEY EXECUTIVE
|
Name : |
Mr. Ishan Prasad Kulkarni |
|
Designation : |
Secretary |
|
Address : |
Flat No.3, P Building, Suyog Heights, Sneh Paradise,
Kothrud, Pune - 411038, Maharashtra, India |
|
Date of Appointment : |
21.11.2014 |
|
PAN No.: |
BGXPK3281M |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 28.08.2014
|
Names of Shareholders |
|
No. of Shares |
|
ETN Holding 3 Limited, Mauritius |
|
78099 |
|
ETN Asia International Limited, Mauritius |
|
1 |
|
Total |
|
78100 |
Equity Share Break up (Percentage of Total Equity)
AS ON 28.08.2014
|
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 |
100.00 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Providing engineering design development, software development, back office support and business development services. |
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Products : |
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Brand Names : |
Not Available |
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Agencies Held : |
Not Available |
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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 : |
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Auditors : |
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Name : |
S.R. Batliboi and Company LLP Chartered Accountant |
|
Address : |
C-401, Fourth Floor, Panchshil Tech Park, Yerwada, Pune – 411006, Maharashtra, India |
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PAN N Income-tax PAN of auditor or auditor's firm : |
ACHFS9180N |
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Memberships : |
-- |
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Collaborators : |
-- |
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Ultimate Holding
Company: |
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Fellow Subsidiary
company: |
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CAPITAL STRUCTURE
AS ON 31.03.2014
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
1000000 |
Equity Shares |
Rs.10/- each |
Rs. 10.000 Million |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
78100 |
Equity Shares |
Rs.10/- each |
Rs. 0.781
Million |
|
|
|
|
|
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 |
0.781 |
0.806 |
0.900 |
|
(b) Reserves & Surplus |
11538.137 |
8135.645 |
7721.388 |
|
(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) |
11538.918 |
8136.451 |
7722.288 |
|
|
|
|
|
|
(3) Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
0.000 |
0.000 |
0.000 |
|
(b) Deferred tax liabilities
(Net) |
0.000 |
0.000 |
0.000 |
|
(c) Other long term
liabilities |
12.808 |
18.738 |
21.284 |
|
(d) long-term provisions |
34.355 |
58.928 |
33.977 |
|
Total
Non-current Liabilities (3) |
47.163 |
77.666 |
55.261 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
0.000 |
0.000 |
4.265 |
|
(b) Trade payables |
412.385 |
228.841 |
314.779 |
|
(c) Other current liabilities |
182.849 |
122.057 |
74.019 |
|
(d) Short-term provisions |
175.026 |
154.774 |
224.274 |
|
Total
Current Liabilities (4) |
770.260 |
505.672 |
617.337 |
|
|
|
|
|
|
TOTAL |
12356.341 |
8719.789 |
8394.886 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
469.832 |
441.786 |
403.776 |
|
(ii) Intangible Assets |
7.467 |
7.485 |
10.660 |
|
(iii) Capital work-in-progress |
1.425 |
1.732 |
0.390 |
|
(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) |
61.521 |
42.416 |
27.582 |
|
(d) Long-term Loan and Advances |
4538.551 |
3543.337 |
2398.499 |
|
(e) Other Non-current assets |
0.000 |
66.548 |
46.529 |
|
Total
Non-Current Assets |
5078.796 |
4103.304 |
2887.436 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
1894.438 |
2125.678 |
3700.863 |
|
(b) Inventories |
0.000 |
0.000 |
0.000 |
|
(c) Trade receivables |
3602.846 |
1118.425 |
646.583 |
|
(d) Cash and cash equivalents |
1266.545 |
1048.051 |
901.322 |
|
(e) Short-term loans and
advances |
255.132 |
197.286 |
123.968 |
|
(f) Other current assets |
258.584 |
127.045 |
134.714 |
|
Total
Current Assets |
7277.545 |
4616.485 |
5507.450 |
|
|
|
|
|
|
TOTAL |
12356.341 |
8719.789 |
8394.886 |
PROFIT
& LOSS ACCOUNT
|
|
PARTICULARS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
|
SALES |
|
|
|
|
|
Income |
|
7068.760 |
|
|
|
Other Income |
|
|
|
|
|
TOTAL |
8523.390 |
7068.760 |
5591.080 |
|
|
|
|
|
|
|
Less |
EXPENSES |
3044.350 |
2535.320 |
2070.720 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS)
BEFORE TAX |
5479.040 |
4533.440 |
3520.360 |
|
|
|
|
|
|
|
Less |
TAX |
944.710 |
756.650 |
58.410 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS)
AFTER TAX |
4534.330 |
3776.790 |
3461.950 |
|
|
|
|
|
|
|
|
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
7564.210 |
7150.040 |
5596.570 |
|
|
|
|
|
|
|
|
APPROPRIATIONS |
|
|
|
|
|
Proposed Dividend |
0.000 |
0.000 |
110.000 |
|
|
Tax on dividend |
0.000 |
0.000 |
17.850 |
|
|
Transfer to General Reserve |
0.000 |
0.000 |
346.190 |
|
|
Transfer to Capital Redemption
Reserve |
0.020 |
0.090 |
0.050 |
|
|
Amount utilized on buyback of
equity shares |
1081.840 |
3362.530 |
1434.370 |
|
|
Balance
Carried to the B/S |
11016.680 |
7564.210 |
7150.060 |
|
|
|
|
|
|
|
|
Earnings
/ (Loss) Per Share (Rs.) |
28058.00 |
NA |
NA |
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 |
KEY
RATIOS
|
PARTICULARS |
|
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
Return on Total Assets (PBT/Total Assets} |
(%) |
44.57 |
52.25 |
42.07 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.47 |
0.56 |
0.46 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
0.00 |
0.00 |
0.00 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
9.45 |
9.13 |
8.92 |
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 |
0.900 |
0.806 |
0.781 |
|
Reserves & Surplus |
7721.388 |
8135.645 |
11538.137 |
|
Money received against share
warrants |
0.000 |
0.000 |
0.000 |
|
Share Application money pending allotment |
0.000 |
0.000 |
0.000 |
|
Net
worth |
7722.288 |
8136.451 |
11538.918 |
|
|
|
|
|
|
long-term borrowings |
0.000 |
0.000 |
0.000 |
|
Short term borrowings |
4.265 |
0.000 |
0.000 |
|
Total
borrowings |
4.265 |
0.000 |
0.000 |
|
Debt/Equity
ratio |
0.001 |
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) |
|
Total Income |
5591.080 |
7068.760 |
8523.390 |
|
|
|
26.429 |
20.578 |
NET PROFIT MARGIN
|
Net
Profit Margin |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
(Rs.
In Million) |
(Rs.
In Million) |
(Rs.
In Million) |
|
Total Income |
5591.080 |
7068.760 |
8523.390 |
|
Profit |
3461.950 |
3776.790 |
4534.330 |
|
|
61.92% |
53.43% |
53.20% |
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 |
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) |
No |
|
16 |
No. of employees |
No |
|
17 |
Details of sister concerns |
Yes |
|
18 |
Major suppliers |
No |
|
19 |
Major customers |
No |
|
20 |
Banking Details |
No |
|
21 |
Banking facility details |
No |
|
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 |
No |
|
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: NO CHARGES EXIST FOR COMPANY
NOTE: Registered office of the company has been shifted from 145, Off Mumbai – Pune Road, Pimpri, Pune – 411018, Maharashtra, India to the present address w.e.f. 26.03.2008
OPERATIONS
The Company reported a total income of Rs. 8,523.390 million (last year Rs. 7,068.760 million) and Profit before tax of Rs. 5,479.040 million (last year Rs. 4,533.440 million). During the year, the Company’s operations continue to grow and expand. The year over year (YoY) increase was driven primarily by an increase in revenue from Engineering Centre division and the back office support services rendered by the Company. The YoY increase is also attributable to increase in other income due to enhanced cash deployment.
CORPORATE INFORMATION
Subject was incorporated on 09 February, 2005. The Company is a unit located in IT/ITES Special Economic Zone (SEZ) for providing engineering design development, software development, back office support and business development services. The SEZ unit commenced its operations w.e.f. 19 April, 2007. The CIN Number of the Company is U29299PN2005PTC020272. As per agreements, the Company provides aforesaid services to its ultimate holding company and other group companies.
FIXED ASSETS
Tangible assets
- Buildings
- Furniture and fixtures
- Vehicles
- Office equipment
- Computer equipments
- Other equipments
- Leasehold improvements
Intangible assets
- Computer 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 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.63.88 |
|
UK Pound |
1 |
Rs.98.47 |
|
Euro |
1 |
Rs.72.15 |
INFORMATION DETAILS
|
Information
Gathered by : |
PPT |
|
|
|
|
Analysis Done by
: |
RAS |
|
|
|
|
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 |
8 |
|
--LIQUIDITY |
1~10 |
7 |
|
--LEVERAGE |
1~10 |
7 |
|
--RESERVES |
1~10 |
8 |
|
--CREDIT LINES |
1~10 |
7 |
|
--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 |
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 |
|
65 |
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.