MIRA INFORM REPORT
|
Report No. : |
320789 |
|
Report Date : |
05.05.2015 |
IDENTIFICATION DETAILS
|
Name : |
WILO MATHER AND PLATT PUMPS PRIVATE LIMITED |
|
|
|
|
Formerly Known
As : |
MATHER AND PLATT PUMPS LIMITED |
|
|
|
|
Registered
Office : |
Greaves Compound, Chinchwad Works, Mumbai – Pune Road,
Chinchwad, Pune – 411019, Maharashtra |
|
Tel. No.: |
91-20-27442100/ 27442134 |
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|
|
Country : |
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|
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Financials (as
on) : |
31.12.2013 |
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|
|
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Date of
Incorporation : |
17.10.1996 |
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|
|
|
Com. Reg. No.: |
25-014499 |
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|
|
|
Capital
Investment / Paid-up Capital : |
Rs.78.280 Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U51909PN1996PTC014499 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
PNEM02942C PNEM07333E |
|
|
|
|
PAN No.: [Permanent Account No.] |
AABCD3568L |
|
|
|
|
Legal Form : |
Private Limited Liability Company |
|
|
|
|
Line of Business
: |
Subject
is primarily engaged in the business of design, development, manufacture, sales,
installation and servicing of centrifugal pumps, pump sets, valves, fire
systems, contracts of pumping systems on turnkey basis and trading of pumps. |
|
|
|
|
No. of Employees
: |
Not
Divulged |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (47) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 7300000 |
|
|
|
|
Status : |
Satisfactory |
|
|
|
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Payment Behaviour : |
Usually Correct |
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|
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Litigation : |
Exist |
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Comments : |
Subject is an established company having satisfactory track. There seems sharp dip in the profit of the company during December 2013
however networth of the company is good. General financial position of the
company is satisfactory. Trade relations are reported as fair. Business is active. Payment
terms are reported to be usually correct and as per commitment. The company can be considered normal 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.
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/ Head
Office/ Factory 1 : |
Greaves Compound, Chinchwad Works, Mumbai - Pune Road,
Chinchwad, Pune – 411019, Maharashtra, India |
|
Tel. No.: |
91-20-27442100/ 27442134 |
|
Fax No.: |
91-20-27442111 |
|
E-Mail : |
phadkerp@pun.matherplastt.co.in |
|
Website : |
|
|
|
|
|
Factory 2 : |
Located At · Kolhapur ·
Kolkata |
DIRECTORS
AS ON 26.04.2014
|
Name : |
Mr. Hemant Chintamani Watve |
|
Designation : |
Managing Director |
|
Address : |
E-5, Ganga Tirth Society, Sahakarnagar No.1, Pune – 411009,
Maharashtra, India |
|
Date of Birth/Age : |
03.12.1965 |
|
Date of Appointment : |
30.07.2011 |
|
DIN No.: |
03583510 |
|
|
|
|
Name : |
Mr. Eike Uwe Werner Doelscher |
|
Designation : |
Director |
|
Address : |
Freidrich Ebert Strasse 83, 42103 Wuppertal, Germany |
|
Date of Birth/Age : |
30.08.1960 |
|
Date of Appointment : |
26.02.2011 |
|
DIN No.: |
03506766 |
|
|
|
|
Name : |
Mr. Prakash Madhava Nene |
|
Designation : |
Director |
|
Address : |
D 4405, Ashok Towers, Dr. S S Rao Road, Parel, Mumbai – 400012,
Maharashtra, India |
|
Date of Birth/Age : |
30.07.1954 |
|
Date of Appointment : |
14.09.2001 |
|
DIN No.: |
00164133 |
|
|
|
|
Name : |
Mr. Kiran Premchand Malhotra |
|
Designation : |
Director |
|
Address : |
Flat No.2 A/B, Building H/1, Hindustan Estate, Pluto Housing Society,
Kalyaninagar, Pune – 411014, Maharashtra, India |
|
Date of Birth/Age : |
14.11.1945 |
|
Date of Appointment : |
31.01.2006 |
|
DIN No.: |
00008626 |
|
|
|
|
Name : |
Mr. Bomi Firoz Daruwala |
|
Designation : |
Director |
|
Address : |
1907/8, Floor 19, Ashok Towers, Tower B, 63/74 Dr. B A Road, Parel,
Mumbai – 400033, Maharashtra, India |
|
Date of Birth/Age : |
19.03.1964 |
|
Date of Appointment : |
31.01.2006 |
|
DIN No.: |
00257695 |
|
|
|
|
Name : |
Mr. Gilbert Charles Faul |
|
Designation : |
Director |
|
Address : |
Place De L’eglise, Set Montaine- 187700, France |
|
Date of Birth/Age : |
02.05.1967 |
|
Date of Appointment : |
27.02.2010 |
|
DIN No.: |
02626305 |
|
|
|
|
Name : |
Markus Beukenberg |
|
Designation : |
Director |
|
Address : |
Dueppenbaeckerweg 24, Muelheim AN Der Ruhr 45481, Germany |
|
Date of Birth/Age : |
07.06.1955 |
|
Date of Appointment : |
06.05.2013 |
|
DIN No.: |
06575432 |
KEY EXECUTIVES
|
Name : |
Ms. Samira |
|
Designation : |
Company secretary |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 26.04.2014
|
Names of Shareholders |
|
No. of Shares |
|
Wilo Se |
|
4690405 |
|
Vasantlal Pranlal Dalal |
|
1080 |
|
Shridhar P Iyer |
|
4400 |
|
Jugal Kishore Patodia |
|
1355 |
|
Savitri Devi Patodia |
|
560 |
|
Pompes Salmson |
|
314 |
|
Wilo Se |
|
1 |
|
Wilo Se |
|
1 |
|
Wilo Se |
|
1 |
|
Wilo Se |
|
1 |
|
Wilo Se |
|
1 |
|
Wilo Se |
|
1 |
|
Wilo Se |
|
1 |
|
Wilo Se |
|
1 |
|
Wilo Se |
|
1 |
|
Wilo Se |
|
1 |
|
Wilo Se |
|
1 |
|
Wilo Se |
|
1 |
|
Wilo Se |
|
1 |
|
Wilo Se |
|
1 |
|
Wilo Se |
|
1 |
|
Wilo Se |
|
3126947 |
|
Shridhar P Iyer |
|
2960 |
|
Total |
|
7828036 |
AS ON 30.06.2014
Equity Shares Break – up
|
Category |
|
Percentage |
|
|
|
|
|
Foreign holdings [Foreign institutional investors, Foreign Companies, Foreign Financial Institutions, Non-resident Indian or Overseas corporate bodies or others] |
|
99.87 |
|
Other top fifty shareholders |
|
0.13 |
|
Total
|
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Subject
is primarily engaged in the business of design, development, manufacture, sales,
installation and servicing of centrifugal pumps, pump sets, valves, fire
systems, contracts of pumping systems on turnkey basis and trading of pumps. |
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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 Available |
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Imports : |
Not Available |
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Terms : |
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Selling : |
Not Available |
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Purchasing : |
Not Available |
GENERAL INFORMATION
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Suppliers : |
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Customers : |
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No. of Employees : |
Not Divulged |
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Bankers : |
·
The United Western Bank Limited Chinchwad Branch, Chinchwad, Pune – 411019, Maharashtra, India · Deutsche Bank AG · HSBC ·
HDFC Bank Limited |
|
Auditors : |
|
|
Name : |
BSR and Company LLP Chartered Accountants |
|
Address : |
1st Floor, Lodha Excellus,
Apollo Mills Compound, N. M. Joshi Marg, Mahalaxmi, Mumbai – 400011,
Maharashtra, India |
|
PAN No.: |
AAAFB9852F |
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|
|
|
Holding Company : |
· WILO SE , Germany |
|
|
|
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Joint Venture : |
· M and P Subhash ,Pune |
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|
|
|
Associate Companies
: |
· Mather and Platt Fire Systems Limited · Pompes Salmson S.A. · Wilo China Limited · Wilo EMU Taiwan · Wilo Indonesia · Wilo Pumps Limited, Korea · Wilo Rus.O.O.O. · Salmson South Africa · Wilo Salmson Argentina S.A. · Wilo USA LLC · Wilo Australia Pty Limited · Wilo (U. K.) Limited · Wilo Vietnam Company Limited · Wilo Pompa Sistemle · Wilo Middle East FZE · Wilo Comercio E Importaca ·
Wilo Iberica S.A |
CAPITAL STRUCTURE
AS ON 26.04.2014
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
12000000 |
Equity Shares |
Rs.10/- each |
Rs.120.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
7828036 |
Equity Shares |
Rs.10/- each |
Rs.78.280 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 |
78.280 |
78.280 |
78.280 |
|
(b) Reserves & Surplus |
2481.084 |
2470.915 |
2416.791 |
|
(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) |
2559.364 |
2549.195 |
2495.071 |
|
|
|
|
|
|
(3) Non-Current
Liabilities |
|
|
|
|
(a) long-term borrowings |
85.225 |
288.892 |
413.897 |
|
(b) Deferred tax liabilities (Net) |
0.000 |
0.000 |
0.000 |
|
(c) Other long term
liabilities |
40.589 |
35.959 |
33.252 |
|
(d) long-term
provisions |
60.207 |
56.230 |
56.323 |
|
Total Non-current
Liabilities (3) |
186.021 |
381.081 |
503.472 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short
term borrowings |
215.212 |
218.272 |
0.000 |
|
(b) Trade
payables |
1275.071 |
1011.180 |
1013.183 |
|
(c) Other
current liabilities |
552.241 |
450.110 |
274.311 |
|
(d) Short-term
provisions |
108.499 |
84.521 |
57.590 |
|
Total Current
Liabilities (4) |
2151.023 |
1764.083 |
1345.084 |
|
|
|
|
|
|
TOTAL |
4896.408 |
4694.359 |
4343.627 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed
Assets |
|
|
|
|
(i)
Tangible assets |
904.978 |
947.305 |
939.877 |
|
(ii)
Intangible Assets |
24.265 |
0.000 |
0.000 |
|
(iii)
Capital work-in-progress |
0.000 |
5.268 |
14.386 |
|
(iv)
Intangible assets under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current Investments |
0.042 |
0.042 |
0.010 |
|
(c) Deferred tax assets (net) |
53.174 |
131.623 |
166.832 |
|
(d) Long-term Loan and Advances |
777.694 |
715.275 |
608.843 |
|
(e) Other
Non-current assets |
0.000 |
0.000 |
0.000 |
|
Total Non-Current
Assets |
1760.153 |
1799.513 |
1729.948 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a)
Current investments |
0.000 |
0.000 |
0.000 |
|
(b)
Inventories |
630.331 |
784.219 |
600.516 |
|
(c) Trade
receivables |
2241.914 |
1933.667 |
1737.062 |
|
(d) Cash
and cash equivalents |
163.264 |
101.459 |
219.305 |
|
(e)
Short-term loans and advances |
99.260 |
75.305 |
55.880 |
|
(f) Other
current assets |
1.486 |
0.196 |
0.916 |
|
Total Current
Assets |
3136.255 |
2894.846 |
2613.679 |
|
|
|
|
|
|
TOTAL |
4896.408 |
4694.359 |
4343.627 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.12.2013 |
31.12.2012 |
31.12.2011 |
|
|
|
SALES |
|
|
|
|
|
|
|
Revenue from Operations |
4684.613 |
4016.812 |
3086.317 |
|
|
|
Other Income |
72.391 |
141.136 |
58.236 |
|
|
|
TOTAL |
4757.004 |
4157.948 |
3144.553 |
|
|
|
|
|
|
|
|
|
EXPENSES |
|
|
|
|
|
|
|
Cost of materials consumed |
1244.461 |
1412.873 |
1253.827 |
|
|
|
Purchases of stock-in-trade |
1631.309 |
1264.203 |
857.623 |
|
|
|
Changes in inventories of finished goods, work-in-progress and stock-in-trade |
89.310 |
(188.493) |
(43.041) |
|
|
|
Employee benefit expense |
585.568 |
569.514 |
526.342 |
|
|
|
Other expenses |
955.463 |
859.047 |
688.308 |
|
|
|
TOTAL |
4506.111 |
3917.144 |
3283.059 |
|
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION |
250.893 |
240.804 |
(138.506) |
|
|
|
|
|
|
|
|
|
|
FINANCIAL
EXPENSES |
45.284 |
42.654 |
96.539 |
|
|
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION |
205.609 |
198.150 |
(235.045) |
|
|
|
|
|
|
|
|
|
|
DEPRECIATION/
AMORTISATION |
115.269 |
107.094 |
89.802 |
|
|
|
|
|
|
|
|
|
|
PROFIT/ (LOSS)
BEFORE TAX |
90.340 |
91.056 |
(324.847) |
|
|
|
|
|
|
|
|
|
|
TAX |
78.448 |
35.209 |
(151.136) |
|
|
|
|
|
|
|
|
|
|
PROFIT/ (LOSS)
AFTER TAX |
11.892 |
55.847 |
(173.351) |
|
|
|
|
|
|
|
|
|
|
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
552.000 |
383.000 |
556.000 |
|
|
|
|
|
|
|
|
|
|
Transfer from Business |
0.000 |
28.000 |
0.000 |
|
|
|
|
|
|
|
|
|
|
Transfer of surplus of assets over liabilities of Allied Centrifugal Pumps Private Limited adjusted pursuant to the scheme of arrangement. |
0.000 |
85.000 |
0.000 |
|
|
|
|
|
|
|
|
|
|
BALANCE CARRIED
TO THE B/S |
563.000 |
552.000 |
383.000 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Exports – F.O.B. Value |
651.060 |
641.630 |
467.700 |
|
|
|
Other receipts |
74.250 |
77.850 |
73.300 |
|
|
TOTAL EARNINGS |
725.310 |
719.480 |
541.000 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Imports (CIF Value) |
256.850 |
199.630 |
69.500 |
|
|
TOTAL IMPORTS |
256.850 |
199.630 |
69.500 |
|
|
|
|
|
|
|
|
|
|
Earnings/ (Loss)
Per Share (Rs.) |
1.52 |
7.13 |
(20.99) |
|
KEY RATIOS
|
PARTICULARS |
|
31.12.2013 |
31.12.2012 |
31.12.2011 |
|
Net Profit Margin (PAT/Sales) |
(%) |
0.25 |
1.39 |
(5.63) |
|
|
|
|
|
|
|
Operating Profit Margin (PBITD/Sales) |
(%) |
5.36 |
5.99 |
(4.49) |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
1.87 |
2.00 |
(7.80) |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.04 |
0.04 |
(0.13) |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
0.12 |
0.20 |
0.17 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.46 |
1.64 |
1.94 |
FINANCIAL ANALYSIS
[All figures are
in Rupees Millions]
DEBT EQUITY RATIO
|
Particular |
31.12.2011 |
31.12.2012 |
31.12.2013 |
|
|
(INR in Mln.) |
(INR in Mln.) |
(INR in Mln.) |
|
Share Capital |
78.280 |
78.280 |
78.280 |
|
Reserves & Surplus |
2416.791 |
2470.915 |
2481.084 |
|
Net worth |
2495.071 |
2549.195 |
2559.364 |
|
|
|
|
|
|
long-term borrowings |
413.897 |
288.892 |
85.225 |
|
Short term borrowings |
0.000 |
218.272 |
215.212 |
|
Total borrowings |
413.897 |
507.164 |
300.437 |
|
Debt/Equity ratio |
0.166 |
0.199 |
0.117 |
YEAR-ON-YEAR GROWTH
|
Year on Year Growth |
31.12.2011 |
31.12.2012 |
31.12.2013 |
|
|
(INR in Mln.) |
(INR in Mln.) |
(INR in Mln.) |
|
Revenue from Operations |
3,086.317 |
4,016.812 |
4,684.613 |
|
|
|
30.149 |
16.625 |
NET PROFIT MARGIN
|
Net Profit Margin |
31.12.2011 |
31.12.2012 |
31.12.2013 |
|
|
(INR in Mln.) |
(INR in Mln.) |
(INR in Mln.) |
|
Revenue from Operations |
3,086.317 |
4,016.812 |
4,684.613 |
|
Profit |
(173.351) |
55.847 |
11.892 |
|
|
(5.62%) |
1.39% |
0.25% |
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 |
Yes |
|
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 |
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 |
No |
|
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 |
CASE DETAILS
BENCH: BOMBAY
|
PRESENTATION DATE: 01.07.2014 |
|||||||
|
Lodging No. : |
CPL/456/2014 |
Failing Date:- |
01.07.2014 |
|
|
|
|
|
Petitioner:- |
FORBES AND COMPANY LIMITED |
Respondent:- |
MATHER AND PLATT PUMPS LIMITED |
||||
|
Petn. Adv:- |
DESAI AND DIWANJI (814) |
Resp. Adv.: |
0 (0) |
||||
|
District:- |
MUMBAI |
||||||
|
Bench:- |
SINGLE |
Category:- |
COMPANY PETITION U/SEC 433,434,439 COMPANIES ACT |
||||
|
Status:- |
Pre-Admission |
Stage:- |
FOR DIRECTION |
||||
|
Last Date:- |
20.12.2014 |
||||||
|
Last Coram:- |
PROVISIONAL BOARD |
||||||
|
|
|
||||||
|
Act. : |
Companies Act and Rules 1956 |
Under Section: 433, 434, 439 |
|||||
UNSECURED LOANS
|
Particulars |
31.12.2013 |
31.12.2012 |
|
|
(Rs. In Millions) |
|
|
LONG TERM
BORROWINGS |
|
|
|
Term Loans from Others |
85.225 |
288.892 |
|
|
|
|
|
SHORT TERM
BORROWINGS |
|
|
|
Working capital loans from banks |
215.212 |
218.272 |
|
|
|
|
|
Total |
300.437 |
507.164 |
BACKGROUND
The Company was originally promoted
in 1870 by Mr. Peter Mather and Mr. John Platt, who had introduced the world’s
first turbine type multi-stage centrifugal pumps. The Company started its
marketing operations in India in 1913 and set up its first manufacturing unit
in Kolkata in 1940 and thereafter its second manufacturing unit at Pune in
1959.
The Company is currently a
subsidiary of WILO SE (The Holding Company), previously known as WILO AG, a
company headquartered in Dortmund, Germany.
The equity shares were
delisted from Bombay Stock Exchange with effect from 3rd February 2009 and Pune
Stock Exchange with effect from 7th February 2009. Consequent to delisting, the
Holding Company offered to acquire the equity shares, having face value of
Indian Rupees 10 from remaining public shareholders at a price of Indian Rupees
250 per share during six months exit period commencing on 4th February 2009.
The Holding Companys stake increased to 93.15% upon completion of the open
offer.
In accordance with the Scheme
of Amalgamation approved by the Honourable High Court of Bombay on 7th May 2010
and Honourable High Court of Delhi on 19th July 2010, Allied Centrifugal Pumps
Private Limited (hereinafter referred to as erstwhile Allied Centrifugal Pumps
Private Limited or Transferor Company or ACP) was amalgamated with the Company
with effect from 1st October 2009.
In accordance with the
scheme of arrangement the Company had reoffered to acquire the equity shares
from the remaining public shareholders at a price of Indian Rupees 275 per
equity share.
The Company is primarily
engaged in the business of design, development, manufacture, sales,
installation and servicing of centrifugal pumps, pump sets, valves, fire
systems, contracts of pumping systems on turnkey basis and trading of pumps.
The Company has its corporate office at Chinchwad- Pune and manufacturing
plants at Chinchwad, Kolhapur and Kolkata.
The Company also has a
foundry at Kolhapur.
The erstwhile Allied
Centrifugal Pumps Private Limited was engaged in the business of manufacturing
and trading of pumps and other products.
It
was a wholly owned subsidiary of WILO SE. Consequent to the amalgamation, the
business of ACP is being carried by the Company.
REVIEW OF OPERATIONS AND FUTURE OUTLOOK
As evident from the
financial results, the performance of the Company during the financial year has
been encouraging. This is the result of various initiatives taken by the
management in controlling costs and better working capital management.
MANAGEMENT DISCUSSION AND ANALYSIS
Industry Structure and Development:
Indian economy is expected
to grow at less than 5% in the current fiscal year, which will be the lowest in
the last decade.
High inflation as well as
high interest rates adversely impacted the pace of new investments in Industry.
Unsold properties/ commercial spaces coupled with high borrowing rates slowed
down the growth in Building Service Commercial Segment. Scam affected power
segment still remains almost at stand still status except few projects
announced by National Thermal Power Corporation. Only one major expansion in
Private and Government sector in Refinery Oil and Gas is moving. Fertilizer
segment projects are on hold due to unclear gas policy from Government.
Investments and projects are seen only in Water segment.
Company anticipated these
developments and planned focus in select verticals such as After Sales, Water,
and Building Service for growth and succeeded with Growth.
Customers are Total solution
providers in Water Segment with complete Turnkey Project solutions.
The overall industrial
production scenario in the country is not very encouraging. India’s general
index of industrial production shrunk by 0.6% for the period April to November 2013
as compared to last year. The cumulative negative growth during April to
November 2013 over the corresponding period of previous year for the
manufacturing sector stood around 0.6%.
FINANCIAL PERFORMANCE:
During
the year, the Company has recorded a gross turnover of Rs.4865.000 Millions
(previous year Rs.4159.000 Millions). The Operating Profit for the year
amounted to Rs.250.000 Millions (previous years Rs.241.000 Millions) and the
Profit for the year amounted to Rs.12.000 Million (previous year Rs.56.000
Millions). During the year the Company achieved an Export Turnover (FOB value)
of Rs.651.000 Millions (previous year Rs.641.000 Millions).
INDEX OF CHARGES:
|
S.No. |
Charge ID |
Date of Charge Creation/Modification |
Charge amount secured |
Charge Holder |
Address |
Service Request Number (SRN) |
|
1 |
90086614 |
19/12/2003 |
50,000,000.00 |
RUPEE CO-OPERATIVE BANK LTD. |
CHINCHWAD BRANCH, S.NO. 202; BAHIRWADE COMPLEX, PUNE, Maharashtra -
411019, INDIA |
- |
FIXED ASSETS:
· Land
· Buildings
· Plant and equipment
· Factory equipments
· Furniture and fixtures
· Vehicles
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts,
1] INFORMATION ON
DESIGNATED PARTY
No exist designating subject or any of its beneficial owners,
controlling shareholders or senior officers as terrorist or terrorist
organization or whom notice had been received that all financial transactions
involving their assets have been blocked or convicted, found guilty or against
whom a judgement or order had been entered in a proceedings for violating
money-laundering, anti-corruption or bribery or international economic or
anti-terrorism sanction laws or whose assets were seized, blocked, frozen or
ordered forfeited for violation of money laundering or international
anti-terrorism laws.
2] Court Declaration :
No records exist to suggest that subject is
or was the subject of any formal or informal allegations, prosecutions or other
official proceeding for making any prohibited payments or other improper
payments to government officials for engaging in prohibited transactions or
with designated parties.
3] Asset Declaration :
No records exist to suggest that the property or assets of the subject
are derived from criminal conduct or a prohibited transaction.
4] Record on Financial
Crime :
Charges or conviction
registered against subject: None
5] Records on Violation of
Anti-Corruption Laws :
Charges or
investigation registered against subject: None
6] Records on Int’l
Anti-Money Laundering Laws/Standards :
Charges or
investigation registered against subject: None
7] Criminal Records
No available
information exist that suggest that subject or any of its principals have been
formally charged or convicted by a competent governmental authority for any
financial crime or under any formal investigation by a competent government
authority for any violation of anti-corruption laws or international anti-money
laundering laws or standard.
8] Affiliation with
Government :
No record
exists to suggest that any director or indirect owners, controlling
shareholders, director, officer or employee of the company is a government
official or a family member or close business associate of a Government
official.
9] Compensation Package :
Our market
survey revealed that the amount of compensation sought by the subject is fair
and reasonable and comparable to compensation paid to others for similar
services.
10] Press Report :
No press reports / filings exists on
the subject.
CORPORATE GOVERNANCE
MIRA INFORM as part of its Due Diligence do provide comments on
Corporate Governance to identify management and governance. These factors often
have been predictive and in some cases have created vulnerabilities to credit
deterioration.
Our Governance Assessment focuses principally on the interactions
between a company’s management, its Board of Directors, Shareholders and other
financial stakeholders.
CONTRAVENTION
Subject is not known to have contravened any existing local laws,
regulations or policies that prohibit, restrict or otherwise affect the terms and
conditions that could be included in the agreement with the subject.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.63.58 |
|
|
1 |
Rs.97.99 |
|
Euro |
1 |
Rs.70.53 |
INFORMATION DETAILS
|
Analysis Done by
: |
RSM |
|
|
|
|
Report Prepared
by : |
JYTK |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL
CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILIRY |
1~10 |
4 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
7 |
|
--CREDIT LINES |
1~10 |
5 |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--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 |
|
47 |
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.