MIRA INFORM REPORT
|
Report No. : |
311672 |
|
Report Date : |
12.03.2015 |
IDENTIFICATION DETAILS
|
Name : |
AIR LIQUIDE GLOBAL E&C SOLUTIONS INDIA PRIVATE LIMITED (w.e.f. 19.03.2013) |
|
|
|
|
Formerly Known
As : |
LURGI
INDIA COMPANY PRIVATE LIMITED |
|
|
|
|
Registered
Office : |
A-24/10, Mohan Cooperative Industrial Estate, Mathura Road, New Delhi
- 110044 |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as
on) : |
31.12.2013 |
|
|
|
|
Date of
Incorporation : |
01.04.1964 |
|
|
|
|
Com. Reg. No.: |
55-004156 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs. 902.000 Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U34203DL1964PTC004156 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
Not Available |
|
|
|
|
PAN No.: [Permanent Account No.] |
AAACL4255D |
|
|
|
|
Legal Form : |
Private Limited Liability Company |
|
|
|
|
Line of Business
: |
Subject is engaged in the business of engineering
consultants, research engineers, process engineers and planning and development
engineers and has also developed an engineering procurement and project
execution base and specializes in process technology, plant engineering in
oil, gas, petrochemicals and polymers and also undertakes projects in life
sciences (food and pharmaceuticals). |
|
|
|
|
No. of Employees
: |
Not Available |
RATING & COMMENTS
|
MIRA’s Rating : |
B (26) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
Maximum Credit Limit : |
USD 811000 |
|
|
|
|
Status : |
Moderate |
|
|
|
|
Payment Behaviour : |
Slow |
|
|
|
|
Litigation : |
Exist |
|
|
|
|
Comments : |
Subject is an established company having moderate track record. The rating is constrained on account of company moderate financial
risk profile and huge accumulated losses incurred by the company. However, trade relations are fair. Business is active. Payments are
reported to be slow. The company can be considered for business dealing with some caution. |
NOTES:
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – December 31, 2014
|
Country Name |
Previous Rating (30.09.2014) |
Current Rating (31.12.2014) |
|
India |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
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
31-03-2014.
LOCATIONS
|
Registered Office : |
A-24/10, Mohan Cooperative Industrial Estate, Mathura Road, New Delhi
– 110044, India |
|
Tel. No. : |
91-11-42595050 |
|
Fax No. : |
91-11-42595051 |
|
E-Mail : |
DIRECTORS
As on 24.06.2014
|
Name : |
Stephane Pierre Lucien Noel |
|||||||||||||||||||||||||||
|
Designation : |
Managing director |
|||||||||||||||||||||||||||
|
Address : |
2R, Gustave Goublier, 94210 La Varenne St Hilaire, France, Na, France |
|||||||||||||||||||||||||||
|
Date of Birth/Age : |
18.02.1958 |
|||||||||||||||||||||||||||
|
Date of Appointment : |
04.04.2011 |
|||||||||||||||||||||||||||
|
DIN No. : |
03546856 |
|||||||||||||||||||||||||||
|
Other Directorship :
|
||||||||||||||||||||||||||||
|
|
|
|||||||||||||||||||||||||||
|
Name : |
Ulf Herrlett |
|||||||||||||||||||||||||||
|
Designation : |
Director |
|||||||||||||||||||||||||||
|
Address : |
Niederwiesenring 36, Rodgau, 63110, Germany |
|||||||||||||||||||||||||||
|
Date of Birth/Age : |
04.05.1964 |
|||||||||||||||||||||||||||
|
Date of Appointment : |
21.06.2010 |
|||||||||||||||||||||||||||
|
DIN No. : |
02961937 |
|||||||||||||||||||||||||||
|
Other Directorship :
|
||||||||||||||||||||||||||||
|
|
|
|||||||||||||||||||||||||||
|
Name : |
Paolo Servetto |
|||||||||||||||||||||||||||
|
Designation : |
Director |
|||||||||||||||||||||||||||
|
Address : |
Arndtsrasse 51, Frankfurt Main, 60325, Germany |
|||||||||||||||||||||||||||
|
Date of Birth/Age : |
02.09.1964 |
|||||||||||||||||||||||||||
|
Date of Appointment : |
28.06.2013 |
|||||||||||||||||||||||||||
|
DIN No. : |
03553187 |
|||||||||||||||||||||||||||
|
Other Directorship :
|
||||||||||||||||||||||||||||
|
|
|
|||||||||||||||||||||||||||
|
Name : |
Gregoire Jean Pierre Bernard Nollet |
|||||||||||||||||||||||||||
|
Designation : |
Director |
|||||||||||||||||||||||||||
|
Address : |
House No.58, Jayabheri The Meadows, Gopanapally Village, Near Wipro
Circle, Gachibowli, Hyderabad - 500046, Andhra Pradesh, India |
|||||||||||||||||||||||||||
|
Date of Birth/Age : |
31.08.1971 |
|||||||||||||||||||||||||||
|
Date of Appointment : |
28.06.2013 |
|||||||||||||||||||||||||||
|
DIN No. : |
03621999 |
|||||||||||||||||||||||||||
|
Other Directorship :
|
||||||||||||||||||||||||||||
|
|
|
|||||||||||||||||||||||||||
|
Name : |
Mr. Om Prakash |
|||||||||||||||||||||||||||
|
Designation : |
Director |
|||||||||||||||||||||||||||
|
Address : |
23, Boulevard Suchet, 75016, Paris, France |
|||||||||||||||||||||||||||
|
Date of Birth/Age : |
21.09.1971 |
|||||||||||||||||||||||||||
|
Date of Appointment : |
28.06.2013 |
|||||||||||||||||||||||||||
|
DIN No. : |
06682106 |
|||||||||||||||||||||||||||
|
Other Directorship :
|
||||||||||||||||||||||||||||
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 24.06.2014
|
Names of Shareholders |
No. of Shares |
Percentage of
Holding |
|
Air Liquide Global E&C Solutions Germany GMBH, Germany |
90104000 |
99.89 |
|
Petrobau Ingenieur GMBH, Germany |
96000 |
0.11 |
|
Total |
90200000 |
100.00 |
As on 24.06.2014
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 : |
Subject is engaged in the business of engineering
consultants, research engineers, process engineers and planning and development
engineers and has also developed an engineering procurement and project
execution base and specializes in process technology, plant engineering in
oil, gas, petrochemicals and polymers and also undertakes projects in life
sciences (food and pharmaceuticals). |
|
|
|
|
Brand Names : |
-- |
|
|
|
|
Agencies Held : |
-- |
|
|
|
|
Exports : |
-- |
|
|
|
|
Imports : |
-- |
|
|
|
|
Terms : |
-- |
PRODUCTION STATUS:
NOT AVAILABLE
GENERAL INFORMATION
|
Suppliers : |
Not Available |
|
|
|
|
Customers : |
Not Available |
|
|
|
|
No. of Employees : |
Not Available |
|
|
|
|
Bankers : |
Not Available |
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
S V Ghatalia and Associates LLP Chartered Accountants |
|
Address : |
Glof View, Corporate Tower-B, Sector-42, Sector Road, Gurgoan – 122002, Haryana, India |
|
Income-tax
PAN of auditor or auditor's firm : |
ACHFS9181P |
|
|
|
|
Memberships : |
-- |
|
|
|
|
Collaborators : |
-- |
|
|
|
|
Holding Company: |
Lurgi GmbH, Germany |
|
|
|
|
Ultimate Holding
Company : |
Air Liquide SA, France |
|
|
|
|
Subsidiary Company
: |
Lurgi India International Services Private Limited |
|
|
|
|
Fellow Subsidiaries
: |
·
Lurgi South Africa (PTY) Limited, South
Africa ·
Air Liquide SA, Paris ·
Air Liquide (Hangzhou) Co. Limited, China ·
Air Liquide Engineering Services Asia Co.
Limited ·
Air Liquide Engineering Services Asia Pte
Limited ·
Air Liquide (India) Holding Private Limited ·
Air Liquide North India Holding Private
Limited ·
Lurgi Middle East FZE ·
Lurgi S.A., Poland ·
Lurgi SDN BHD Malaysia ·
Air Liquide Engineering, France ·
Air Liquide Engineering India Pvt. Limited ·
Lurgi India International Services Private
Limited ·
Air Liquide Engineering South Asia Pte.
Limited ·
Air Liquide, Vitry ·
Air Liquid Engineering ·
Air Liquide Process and Construction Inc ·
AL Jomaih Petrobau ·
Air Liquide Canada ·
Air Liquide Egypt ·
AL Kuwait ·
Air Liquide Madagascar ·
Air Liquide Tunisia ·
ALEME- Doha (AL Middle East) ·
ALEME- Qatar (AL Middle East) ·
Air Liquide SA ERT ·
Air Liquide Champigny ·
Air Liquide, USA ·
Air Liquide Sohar Industry ·
Air Liquide France ERT |
CAPITAL STRUCTURE
As on 24.06.2014
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
104,000,000 |
Equity Shares |
Rs.10/- each |
Rs. 1040.000 Millions |
|
6,000,000 |
Preference Shares |
Rs.10/- each |
Rs. 60.000 Millions |
|
|
|
|
|
|
|
Total |
|
Rs. 1100.000
Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
90,200,000 |
Equity Shares |
Rs.10/- each |
Rs. 902.000 Millions |
|
|
|
|
|
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.12.2013 |
31.12.2012 |
31.12.2011 |
|
I.
EQUITY
AND LIABILITIES |
|
|
|
|
(1)Shareholders'
Funds |
|
|
|
|
(a) Share Capital |
902.000 |
380.000 |
380.000 |
|
(b) Reserves & Surplus |
(618.014) |
(564.383) |
(175.045) |
|
(c) Money
received against share warrants |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
(2)
Share Application money pending allotment |
0.000 |
296.861 |
0.000 |
|
Total
Shareholders’ Funds (1) + (2) |
283.986 |
112.478 |
204.955 |
|
|
|
|
|
|
(3) Non-Current
Liabilities |
|
|
|
|
(a) long-term borrowings |
0.000 |
0.203 |
1.588 |
|
(b) Deferred tax liabilities (Net) |
0.000 |
0.000 |
0.000 |
|
(c) Other long term
liabilities |
23.204 |
27.611 |
32.486 |
|
(d) long-term
provisions |
0.000 |
0.000 |
0.000 |
|
Total Non-current
Liabilities (3) |
23.204 |
27.814 |
34.074 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short
term borrowings |
0.000 |
0.000 |
0.000 |
|
(b) Trade
payables |
964.237 |
247.764 |
228.443 |
|
(c) Other
current liabilities |
794.766 |
446.461 |
26.711 |
|
(d) Short-term
provisions |
102.801 |
62.229 |
65.877 |
|
Total Current
Liabilities (4) |
1861.804 |
756.454 |
321.031 |
|
|
|
|
|
|
TOTAL |
2168.994 |
896.746 |
560.060 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed
Assets |
|
|
|
|
(i)
Tangible assets |
143.063 |
112.561 |
132.477 |
|
(ii)
Intangible Assets |
71.866 |
5.263 |
4.873 |
|
(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 |
0.500 |
0.500 |
0.500 |
|
(c) Deferred tax assets (net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
263.576 |
259.311 |
124.589 |
|
(e) Other
Non-current assets |
0.000 |
0.000 |
0.000 |
|
Total Non-Current
Assets |
479.005 |
377.635 |
262.439 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a)
Current investments |
0.000 |
247.545 |
21.672 |
|
(b)
Inventories |
0.000 |
0.000 |
0.000 |
|
(c) Trade
receivables |
805.809 |
123.745 |
135.059 |
|
(d) Cash
and cash equivalents |
108.819 |
10.512 |
19.992 |
|
(e)
Short-term loans and advances |
405.281 |
33.761 |
21.359 |
|
(f) Other
current assets |
370.080 |
103.548 |
99.539 |
|
Total
Current Assets |
1689.989 |
519.111 |
297.621 |
|
|
|
|
|
|
TOTAL |
2168.994 |
896.746 |
560.060 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.12.2013 |
31.12.2012 |
31.12.2011 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income (Gross Sales) |
1855.000 |
476.000 |
667.000 |
|
|
|
Other Income |
NA |
NA |
NA |
|
|
|
TOTAL |
NA |
NA |
NA |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
TOTAL |
NA |
NA |
NA |
|
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE TAX |
(53.600) |
(389.000) |
30.000 |
|
|
|
|
|
|
|
|
|
Less |
TAX |
0.000 |
0.000 |
30.056 |
|
|
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) AFTER TAX |
(53.600) |
(389.000) |
(0.056) |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
(582.000) |
(193.000) |
(0.137) |
|
|
|
|
|
|
|
|
|
|
BALANCE CARRIED
TO THE B/S |
(635.600) |
(582.000) |
(0.193) |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN FOREIGN
CURRENCY |
|
|
|
|
|
|
|
Contract revenue |
262.461 |
0.000 |
0.000 |
|
|
|
Technical services revenue |
702.159 |
254.402 |
261.094 |
|
|
TOTAL EARNINGS |
964.620 |
254.402 |
261.094 |
|
|
|
|
|
|
|
|
|
|
Earnings / (Loss)
Per Share (Rs.) |
(0.59) |
(10.24) |
0.00 |
|
KEY RATIOS
|
PARTICULARS |
|
31.12.2013 |
31.12.2012 |
31.12.2011 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
(2.47) |
(43.40) |
5.36 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
(0.19) |
(3.46) |
0.15 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
0.00 |
0.00 |
0.01 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
0.91 |
0.69 |
0.93 |
FINANCIAL ANALYSIS
[all figures are
in Rupees Millions]
DEBT EQUITY RATIO
|
Particular |
31.12.2011 |
31.12.2012 |
31.12.2013 |
|
|
(Rs.
In Millions) |
(Rs.
In Millions) |
(Rs.
In Millions) |
|
Share Capital |
380.000 |
380.000 |
902.000 |
|
Reserves & Surplus |
(175.045) |
(564.383) |
(618.014) |
|
Share Application money
pending allotment |
0.000 |
296.861 |
0.000 |
|
Net
worth |
204.955 |
112.478 |
283.986 |
|
|
|
|
|
|
long-term borrowings |
1.588 |
0.203 |
0.000 |
|
Short term borrowings |
0.000 |
0.000 |
0.000 |
|
Total
borrowings |
1.588 |
0.203 |
0.000 |
|
Debt/Equity
ratio |
0.008 |
0.002 |
0.000 |
YEAR-ON-YEAR GROWTH
|
Year
on Year Growth |
31.12.2011 |
31.12.2012 |
31.12.2013 |
|
|
(Rs.
In Millions) |
(Rs.
In Millions) |
(Rs.
In Millions) |
|
Gross Sales |
667.000 |
476.000 |
1855.000 |
|
|
|
(28.636) |
289.706 |
NET PROFIT MARGIN
|
Net
Profit Margin |
31.12.2011 |
31.12.2012 |
31.12.2013 |
|
|
(Rs.
In Millions) |
(Rs.
In Millions) |
(Rs.
In Millions) |
|
Gross Sales |
667.000 |
476.000 |
1855.000 |
|
Profit |
(0.056) |
(389.000) |
(53.600) |
|
|
(0.01%) |
(81.72%) |
(2.89%) |
LOCAL AGENCY FURTHER INFORMATION
|
Sr. No. |
Check List by Info Agents |
Available in
Report (Yes / No) |
|
1] |
Year of Establishment |
Yes |
|
2] |
Locality of the firm |
Yes |
|
3] |
Constitutions of the firm |
Yes |
|
4] |
Premises details |
No |
|
5] |
Type of Business |
Yes |
|
6] |
Line of Business |
Yes |
|
7] |
Promoter's background |
Yes |
|
8] |
No. of employees |
No |
|
9] |
Name of person contacted |
No |
|
10] |
Designation of contact
person |
No |
|
11] |
Turnover of firm for last
three years |
Yes |
|
12] |
Profitability for last
three years |
Yes |
|
13] |
Reasons for variation
<> 20% |
----- |
|
14] |
Estimation for coming
financial year |
No |
|
15] |
Capital in the business |
Yes |
|
16] |
Details of sister
concerns |
Yes |
|
17] |
Major suppliers |
No |
|
18] |
Major customers |
No |
|
19] |
Payments terms |
No |
|
20] |
Export / Import details
(if applicable) |
No |
|
21] |
Market information |
----- |
|
22] |
Litigations that the firm
/ promoter involved in |
Yes |
|
23] |
Banking Details |
No |
|
24] |
Banking facility details |
No |
|
25] |
Conduct of the banking
account |
----- |
|
26] |
Buyer visit details |
----- |
|
27] |
Financials, if provided |
Yes |
|
28] |
Incorporation details, if
applicable |
Yes |
|
29] |
Last accounts filed at
ROC |
Yes |
|
30] |
Major Shareholders, if
available |
Yes |
|
31] |
Date of Birth of
Proprietor/Partner/Director, if available |
Yes |
|
32] |
PAN of Proprietor/Partner/Director,
if available |
No |
|
33] |
Voter ID No of
Proprietor/Partner/Director, if available |
No |
|
34] |
External Agency Rating,
if available |
No |
LITIGATION DETAILS
IN THE HIGH COURT
OF DELHI AT NEW DELHI
A.R.B.P. 116/2015
INDIAN OIL CORPORATION LIMITED …………. PETITIONER
Through: Mr. V.N. Koura and Ms. Mona Aneja,
Advocates.
Versus
AIR LIQUIDE GLOBAL E&C SOLUTIONS (INDIA) PVT. LTD. (FORMERLY KNOWN AS LURGI INDIA COMPANY LTD.) ..... RESPONDENT
CORAM: JUSTICE S. MURALIDHAR
ORDER: 04.03.2015
INDEX OF CHARGES: NO
CHARGES EXIST FOR COMPANY
UNSECURED LOANS
|
PARTICULAR |
31.12.2013 (Rs.
In Millions) |
31.12.2012 (Rs.
In Millions) |
|
LONG TERM
BORROWINGS |
|
|
|
Loans taken for vehicles |
0.000 |
203.000 |
|
Total |
0.000 |
203.000 |
CHANGE OF ADDRESS
The registered office of the company has been shifted from A-30, Mohan Co-operative Industrial Estate, Mathura Road, New Delhi, India to the present address w.e.f. 19.12.2008.
NATURE OF OPERATIONS
The Company is running the business of engineering consultants, research engineers, process engineers and planning and development engineers and has also developed an engineering procurement and project execution base and specializes in process technology, plant engineering in oil, gas, petrochemicals and polymers. It also undertakes projects in life sciences (food and pharmaceuticals). Further, during the year, the Company has purchased the E&C service business on a going business basis under a slump sale arrangement from Air Liquide Engineering India Private Limited under a Business Transfer Agreement dated December 5, 2012.
FINANCIAL RESULTS
The Company acquired the Engineering business of ALEI, Hyderabad under a slump sale as per BTA agreement together with the ongoing projects for ASU plants both for domestic and export markets. It also included transfer of employees from ALEI Hyderabad to E&C New Delhi. This integration is successfully completed during the year and the company is realizing the benefits foreseen on a gradual and sustained basis.
Such ASU projects are being executed as per the agreement and acceptance of the customers and other statutory requirements and few of these have been completed during the year, the result of these projects are included in the financial result as above.
Due to customer and compliance related limitations few projects (including export projects) were and are still being executed by ALEI in its own name even though as per BTA the net economic benefit was transferred to the Company.
In the year ended 2013 the Company incurred a loss of 53.6 MINR, primarily on account of one-time expenses incurred during the integrating of the two entities. Although the engineering capacity utilization has improved further improvement will wipe out these losses in future.
In 2013, the Company made good progress in executing an ASU Export project for which the order was received directly in the Company’s name which they plan to complete it by Q2 2014. In addition in 2013 the company signed a Pre Work contract for executing an ASU project in Qatar. The contract for project execution is envisaged by Q1 - 2014.
The Company is also bidding for many other projects in India and Middle East and these are in advanced stages of negotiation.
In order to meet the business requirements and to meet other related expenses, the Company received from existing shareholder an amount of 225 MINR and made a right issue of shares to the existing Shareholders.
It is foreseen that the above measures would result in improved and sustained profitability in future and accordingly Company expects to give better result from the current year onwards.
No material changes have occurred since the date of the Balance Sheet and this report, which has any adverse effect on the working of the company.
FUTURE PROSPECTS
Integration of Cryo technology to the existing portfolio of the Company and initiation of projects in Middle East markets enables the Company to offer comprehensive solutions in enlarged market. This together with foreseen OI including Cryo technology projects would give better result in the coming years. The Company is expected to improve and sustain profitable working in the future.
CONTINGENT
LIABILITIES (AS ON 31.12.2013)
i. The Assessing Officer has taxed the non-refundable grant received from the parent Company by treating the same as revenue receipt for Assessment Years 2000-2001 and 2001-02. The Income-tax Appellate Tribunal vide its order dated August 24, 2007 held that such receipts are capital receipts and not chargeable to tax. The department has filed appeals before the Delhi High Court which is pending for disposal. The amount involved is Rs. 130.000 Millions for Assessment Year 2000-01 and Rs. 89.100 Millions for Assessment Year 2001-02.
ii. The Assessing Officer has disallowed Rs. 2.858 Millions in respect of provision for warranty expenses on the ground that it is an unascertainable liability. The Company has filed an appeal before the Commissioner of Income Tax (Appeals) against the order of Assessing Officer for the Assessment Year 2008-09 and the same is pending for disposal. On a similar issue in previous years, the Income Tax Appellate Tribunal had decided this in favour of the Company.
iii. The Assessing Officer has disallowed Rs. 0.854 Million for the Assessment Year 2008-09 and Rs. 0.907 Million for the Assessment Year 2009-10 under section 14A of the Income-tax Act, 1961. The Company has filed an appeal before Commissioner of Income Tax (Appeals) against the order of Assessing Officer for Assessment Year 2008-09 and Assessment Year 2009-10 and the same is pending for disposal.
iv. The transfer pricing officer has made upward adjustment of Rs. 23.988 Millions for Assessment Year 2008-09 and Rs. 36.340 Millions for Assessment Year 2009-10 after rejecting the Company's claim of taking internal comparables. The Company has filed an appeal against the same before the Commissioner of Income Tax (Appeals) for both the Assessment Years and the same is pending for disposal.
In view of the adjustments mentioned in paragraphs ii, iii and iv above, demand under section 156 of the Income-tax Act, 1961 amounting to Rs. 7.127 Millions and Rs. 18.129 Millions pertaining to Assessment Year 2008-09 and Assessment Year 2009-10 respectively have been raised by the Assessing Officer.
The management based upon expert’s advice believes that the aforesaid demands and any possible demand for other assessment years to be raised by the Income tax authorities on similar grounds, is improbable to crystallize.
FIXED ASSETS
Tangible Assets
· Furniture and Fixtures
· Vehicles
· Office Equipment
· Computer Equipments
· Other Equipments
· Leasehold Improvements
· Books Periodicals
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,
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.62.75 |
|
|
1 |
Rs.94.60 |
|
Euro |
1 |
Rs.67.10 |
INFORMATION DETAILS
|
Analysis Done by
: |
KAR |
|
|
|
|
Report Prepared
by : |
MRI |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
4 |
|
PAID-UP CAPITAL |
1~10 |
4 |
|
OPERATING SCALE |
1~10 |
3 |
|
FINANCIAL
CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
3 |
|
--PROFITABILITY |
1~10 |
- |
|
--LIQUIDITY |
1~10 |
3 |
|
--LEVERAGE |
1~10 |
3 |
|
--RESERVES |
1~10 |
3 |
|
--CREDIT LINES |
1~10 |
3 |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
NO |
|
--LITIGATION |
YES/NO |
YES |
|
--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 |
|
26 |
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.