MIRA INFORM REPORT

 

 

Report No. :

321595

Report Date :

13.05.2015

 

IDENTIFICATION DETAILS

 

Name :

PRAXAIR INDIA PRIVATE LIMITED

 

 

Registered Office :

Mercury 2 B Block, 6th Floor, Prestige Technology Park, Outer Ring Road, Marathahalli, Bangalore – 560103, Karnataka

Tel No :

91-22-26498817 / 26465020

 

 

Country :

India

 

 

Financials (as on) :

31.03.2014

 

 

Date of Incorporation :

11.04.1996

 

 

Com. Reg. No.:

08-020272

 

 

Capital Investment / Paid-up Capital :

Rs. 3225.453 Million

 

 

CIN No.:

[Company Identification No.]

U24111KA1996PTC020272

 

 

IEC No.:

Not Available

 

 

TAN No.:

[Tax Deduction & Collection Account No.]

Not Available

 

 

PAN No.:

[Permanent Account No.]

Not Available

 

 

Legal Form :

Private Limited Liability Company

 

 

Line of Business :

Subject is engaged in the business of manufacture and sale of industrial gases.

 

 

No. of Employees :

Not Divulged 

 

 

RATING & COMMENTS

 

MIRA’s Rating :

Ba (42)

 

RATING

STATUS

PROPOSED CREDIT LINE

41-55

Ba

Overall operation is considered normal. Capable to meet normal commitments.

Satisfactory

 

Maximum Credit Limit :

USD 28000000

 

 

Status :

Satisfactory

 

 

Payment Behaviour :

Slow but Correct

 

 

Litigation :

Exist

 

 

Comments :

Subject is an established company having satisfactory track record.

 

For the financial year ended 2014, the company has reported decent topline growth and achieved profit from its operational activities.

 

Rating also takes into consideration company’s sound business risk profile and above average liquidity profile of the company.

 

Trade relations are fair. Business is active. Payments are reported to be slow but correct.

 

The company can be considered for business dealings at usual trade terms and condition.

 

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

 

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 31-03-2014.

 

 

INFORMATION DENIED BY

 

Management non co-operative (91-80-30691000)

 

 

LOCATIONS

 

Registered Office :

Mercury 2 B Block, 6th Floor, Prestige Technology Park, Outer Ring Road, Marathahalli, Bangalore – 560103, Karnataka, India

Tel. No.:

91-80-30691000

Fax No.:

Not Available

E-Mail :

Revathi_v@praxair.com

 

 

Sales Office 1 :

DLF IT Park, 11th Floor, Tower A, #08 Major Arterial Road, Block AF Action Area ,1 Rajarhat New Town,, Kolkata – 700156, West Bengal, India

 

 

Sales Office 2 :

Located at

 

  • Asansol
  • Bangalore
  • Baroda
  • Chennai
  • Faridabad
  • Hyderabad
  • Jamshedpur
  • Kolkata
  • Mumbai
  • Pune

 

 

Plant Location:

Located at

 

  • Coimbatore
  • Durgapur
  • Haldia
  • Hospet
  • Hosur
  • Jamshedpur
  • Kalyani
  • Sriperumbudur
  • Toranagallu

 

 

Carbon Dioxide Plants:

Located at

 

 

  • Alibaug
  • Kochi

 

DIRECTORS

 

As on : 30.09.2014

 

Name :

Mr. Sthanu Singh

Designation :

Director

Address :

A-504, Aishwarya Excellency, Vijinapura, Old Madras Road, K R Puram, Bangalore – 560016, Karnataka, India

Date of Birth/Age :

22.08.1975

Date of Appointment :

31.12.2008

DIN No.:

02500691

PAN No.:

AZMPS7586G

Other Directorship :

S.No.

CIN/LLPIN

Name of the Company/ LLP

Current designation of the Director/ Designated Partner

Date of appointment at current designation

Original date of appointment

Date of cessation

Company/ LLP Status

Defaulting status

1

U24111KA1996PTC020272

PRAXAIR INDIA PRIVATE LIMITED

Director

31/12/2008

24/12/2008

-

Active

NO

2

U40200KA1998PTC023496

PRAXAIR CARBONDIOXIDE PRIVATE LIMITED

Director

31/12/2008

24/12/2008

-

Amalgamated

NO

 

 

Name :

Mr. Ragunathan Gunabooshanam

Designation :

Director

Address :

No. 75, 1st Floor, 10th Main, 4th Cross, Hal 2nd Stage, Indiranagar, L/M Near Coffee Day, Bangalore – 560038, Karnataka, India

Date of Birth/Age :

19.06.1970

Date of Appointment :

30.09.2011

DIN No.:

03493727

PAN No.:

APBPG0021R

Other Directorship :

S.No.

CIN/LLPIN

Name of the Company/ LLP

Current designation of the Director/ Designated Partner

Date of appointment at current designation

Original date of appointment

Date of cessation

Company/ LLP Status

Defaulting status

1

U24111KA1996PTC020272

PRAXAIR INDIA PRIVATE LIMITED

Director

30/09/2011

03/03/2011

-

Active

NO

2

U40200KA1998PTC023496

PRAXAIR CARBONDIOXIDE PRIVATE LIMITED

Director

30/09/2011

03/03/2011

-

Amalgamated

NO

3

U72200KA2000PTC026677

PRAXAIR E-SERVICES PRIVATE LIMITED

Director

30/09/2011

03/03/2011

-

Amalgamated

NO

4

U85110KA1995PTC018868

JSW Praxair Oxygen Private Limited

Director

30/09/2011

24/03/2011

-

Active

NO

5

U40101KA2000PTC028247

AMBUTHIRTHA POWER PRIVATE LIMITED

Nominee director

31/03/2011

31/03/2011

27/07/2011

Active

NO

 

Name :

Mr. Anuj Prem Sharma

Designation :

Managing director

Address :

B-601, Salarpuria Silver Woods, Nagvaraplya, Old Madras Raod, Bangalore – 560093, Karnataka, India

Date of Birth/Age :

03.08.1974

Qualification:

B.E

Experience:

5 years

Date of Appointment :

31.05.2013

DIN No.:

06407534

Other Directorship :

S.No.

CIN/LLPIN

Name of the Company/ LLP

Current designation of the Director/ Designated Partner

Date of appointment at current designation

Original date of appointment

Date of cessation

Company/ LLP Status

Defaulting status

1

U85110KA1995PTC018868

JSW Praxair Oxygen Private Limited

Director

06/09/2013

13/07/2012

-

Active

NO

2

U40200KA1998PTC023496

PRAXAIR CARBONDIOXIDE PRIVATE LIMITED

Managing director

31/05/2013

28/09/2012

-

Amalgamated

NO

3

U24111KA1996PTC020272

PRAXAIR INDIA PRIVATE LIMITED

Managing director

31/05/2013

28/09/2012

-

Active

NO

4

U72200KA2000PTC026677

PRAXAIR E-SERVICES PRIVATE LIMITED

Director

30/09/2013

30/09/2013

-

Amalgamated

NO

 

Name :

Mr. Madipoti Venkatasri Ramakrishna

Designation :

Director

Address :

C-302, Aishwarya Exoollency Apartment, Vijinapura, Old Madras Road, Opposite to Tin Factory, Bangalore – 560016, Karnataka, India

Date of Birth/Age :

14.03.1958

Date of Appointment :

30.09.2013

DIN No.:

06611131

Other Directorship :

S.No.

CIN/LLPIN

Name of the Company/ LLP

Current designation of the Director/ Designated Partner

Date of appointment at current designation

Original date of appointment

Date of cessation

Company/ LLP Status

Defaulting status

1

U40200KA1998PTC023496

PRAXAIR CARBONDIOXIDE PRIVATE LIMITED

Director

30/09/2013

31/05/2013

-

Amalgamated

NO

2

U24111KA1996PTC020272

PRAXAIR INDIA PRIVATE LIMITED

Director

30/09/2013

31/05/2013

-

Active

NO

 

 

KEY EXECUTIVES

 

Name :

Mr. Vinitha Venugopalan Pattiyil

Designation :

Secretary

Address :

Jagathambal Nilayam, No.55, New Postcode: 29, 29th Main Channel Road, 8th Cross, Bangalore – 560008, Karnataka, India

Date of Birth/Age :

08.12.1986

Date of Appointment :

01.12.2011

PAN No.:

AFXPV6363B

 

 

Name :

Arup Ghose

Designation :

Vice President - Applications

Qualification:

Btech Metallurgy (Hons)

Experience:

12 Years

 

 

Name :

Siladitya Roy Chowdhury

Designation :

Director – Business Development

Qualification:

B.E

 

 

Name :

Srinivas B R

Designation :

Vice President - Distribution

Qualification:

BE (Mechanical), PGDM (Mrktg & Sales)

 

 

Name :

Milan Sarkar

Designation :

Secretary General - AIGA

Qualification:

BE (Mechanical)

Experience:

18

 

 

Name :

Ramakrishna M V S

Designation :

Vice President - Operations

Qualification:

BE (Mechanical)

 

 

Name :

Saugata Sengupta

Designation :

Engineering Director

Qualification:

B. Tech (Chem)

Experience:

12 Years

 

 

Name :

Rao CS

Designation :

Regional Construction Manager

Qualification:

B.E

Experience:

18 Years

 

 

Name :

Ragunathan G

Designation :

Vice President - Finance

Qualification:

CA, ICWA, MBA

Experience:

15 Years

 

 

Name :

Mukundan S

Designation :

Regional Vice President - South

Qualification:

BE, MBA

Experience:

15 Years

 

 

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

 

As on : 30.09.2014

 

Names of Shareholders

 

No. of Shares

R. Natarajan

 

01

Praxair Luxembourg SARL, Luxembourg

 

4499315

Praxair Pacific Limited, Mauritius

 

273608519

Anuj Sharma

 

01

Sithani Singh

 

01

Total

 

278107837

 

 

As on : 30.09.2014

 

Equity Share Break up (Percentage of Total Equity)

 

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 :

Subject is engaged in the business of manufacture and sale of industrial gases.

 

 

Products :

Product Description

Item Code No. (ITC Code)

Gaseous Oxygen, liquid oxygen, gaseous nitrogen, liquid

nitrogen, gaseous Argon, Liquid Argon, Liquid Medical Oxygen, Medical Oxygen, Helium,

Hydrogen

2804

Acetylen W/N in dissolved condition

2901

Nitrogen

2804

Other Rare Gases

2804

Oxygen

2804

 

 

 

 

Brand Names :

Not Available

 

 

Agencies Held :

Not Available

 

 

Exports :

Not Divulged

 

 

Imports :

Not Divulged

 

 

Terms :

Not Divulged

 

 

GENERAL INFORMATION

 

Suppliers :

 

Reference :

Not Divulged

Name of the Person :

Not Divulged

Contact No.:

Not Divulged

Since How Long Known :

Not Divulged

Experience :

Not Divulged

Maximum Limit Dealt :

Not Divulged

 

 

Customers :

 

Reference :

Not Divulged

Name of the Person :

Not Divulged

Contact No.:

Not Divulged

Since How Long Known :

Not Divulged

Experience :

Not Divulged

Maximum Limit Dealt :

Not Divulged

 

 

No. of Employees :

Not Divulged 

 

 

Bankers :

Banker Name

Not Divulged 

Branch Address

Not Divulged 

Person Name (With Designation)

Not Divulged 

Contact Number

Not Divulged 

Name of Account Holder

Not Divulged 

Account Number

Not Divulged 

Account Since (Date/Year of Account Opening)

Not Divulged 

Average Balance Maintained (If Possible)

Not Divulged 

Credit Facilities Enjoyed (If any)

Not Divulged 

Account Operation

Not Divulged 

Remarks (If any)

Not Divulged 

 

 

Facilities :

(Rs. In Million)

SECURED LOAN

As on

31.03.2014

As on

31.03.2013

LONG TERM BORROWING

 

 

Fully convertible debentures Intercorporate

23032.900

15579.400

Term loan from Banks

0.000

2752.500

Deferred payment liabilities

11.200

19.200

Total

23044.100

18351.100

 

Auditors :

 

Name :

Price Waterhouse and Company

Chartered Accountant

Address :

The Millenia, Tower D # 1 & 2 Murphy Road, Ulsoor Bangalore-560008 Karnataka, India

PAN No.:

AAHFP0187A

 

 

Intermediate Holding Companies :
  • Praxair Holdings International, Inc. Delaware, USA (PHI)
  • Praxair Partnership (U.S. Partnership) Delaware, USA

(PP)

  • Praxair Euroholding, S.L., Spain (PE)

 

 

Immediate Holding Company:
  • Praxair Pacific Limited, Mauritius (PPL)

 

 

Ultimate Holding Company:

Praxair, USA

 

 

Memberships :

Not available

 

 

Collaborators :

Not available

 

 

Subsidiaries :
  • Jindal Praxair Oxygen Company Private Limited

(CIN No.:U85110KA1995PTC018868)

 

  • P R A X A I R Carbondioxide Private Limited

(CIN No.:U40200KA1998PTC023496)

 

 

Fellow Subsidiary:
  • National Oxygen PTE Limited, Singapore (NOL)

 

  • Praxair (Thailand) Company Limited, Thailand (PTCL)

 

  • Praxair Asia Inc., USA (PAI)

 

  • Praxair China Investment Company Limited, China (PCIL)

 

  • Praxair Canada Inc., Canada (PCI)

 

  • Praxair Distribution, Inc., Bethlehem, USA (PDI)

 

  • Praxair GulfIndustrial Gases LCC, United Arab Emirates (PGIG)

 

  • Praxair International Finance, Ireland (PIF)

 

  • Praxair Korea Co. Limited (PKL)

 

  • Praxair Luzemberg, Luxemberg (PL)

 

  • Praxair Metal Technologies., USA (PMT)

 

  • Praxair NV, Belgium (PNV)

 

  • Praxair Pacific Limited, Mauritius (PPL)

 

  • Praxair Singapore, Singapore (PSING)

 

  • Praxair Surface Technologies Co. Limited, Singapore (PST)

 

  • Praxair Surface Technologies Inc., USA (PSTU)
  • Praxair Surface Technologies SA., France (PSTF)

 

  • PraxairTechnologies Inc., USA (PTI)
  • Rivora Spa, Italy (RS)
  • Siad Machine Impianti S.p.A, Italy (SMI)

 

 

CAPITAL STRUCTURE

 

As on : 31.03.2014

 

Authorised Capital :

No. of Shares

Type

Value

Amount

 

 

 

 

380700000

Equity Shares

Rs.10/- each

Rs.3807.000 Million

 

 

 

 

 

Issued, Subscribed & Paid-up Capital :

No. of Shares

Type

Value

Amount

 

 

 

 

322845267

Equity Shares

Rs.10/- each

Rs.3228.453 Million

 

 

 

 

 

 

 

As on : 31.12.2014

 

Authorised Capital :

No. of Shares

Type

Value

Amount

 

 

 

 

430800000

Equity Shares

Rs.10/- each

Rs.4308.000 Million

 

 

 

 

 

Issued, Subscribed & Paid-up Capital :

No. of Shares

Type

Value

Amount

 

 

 

 

356552310

Equity Shares

Rs.10/- each

Rs.3565.523Million

 

 

 

 

 

 

 

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

3228.400

2781.000

2719.200

(b) Reserves & Surplus

6708.100

2983.800

2596.500

(c) Money received against share warrants

0.000

0.000

0.000

 

 

 

 

(2) Share Application money pending allotment

1.000

0.000

0.000

Total Shareholders’ Funds (1) + (2)

9937.500

5764.800

5315.700

 

 

 

 

(3) Non-Current Liabilities

 

 

 

(a) long-term borrowings

23044.100

18351.100

19948.300

(b) Deferred tax liabilities (Net)

448.400

435.600

0.000

(c) Other long term liabilities

414.100

880.000

1345.300

(d) long-term provisions

137.800

148.700

126.700

Total Non-current Liabilities (3)

24044.400

19815.400

21420.300

 

 

 

 

(4) Current Liabilities

 

 

 

(a) Short term borrowings

1338.500

2038.300

354.700

(b) Trade payables

276.700

466.800

241.700

(c) Other current liabilities

4148.300

8056.200

4113.400

(d) Short-term provisions

33.200

23.700

14.300

Total Current Liabilities (4)

5796.700

10585.000

4724.100

 

 

 

 

TOTAL

39778.600

36165.200

31460.100

 

 

 

 

II.          ASSETS

 

 

 

(1) Non-current assets

 

 

 

(a) Fixed Assets

 

 

 

(i) Tangible assets

25249.100

15295.400

14510.400

(ii) Intangible Assets

33.600

33.400

30.500

(iii) Capital work-in-progress

8259.800

14521.300

10483.300

(iv) Intangible assets under development

0.000

0.000

0.000

(b) Non-current Investments

1783.200

2176.100

2574.900

(c) Deferred tax assets (net)

0.000

0.000

0.000

(d)  Long-term Loan and Advances

905.000

778.500

642.500

(e) Other Non-current assets

0.000

0.000

0.000

Total Non-Current Assets

36230.700

32804.700

28241.600

 

 

 

 

(2) Current assets

 

 

 

(a) Current investments

0.000

0.000

0.000

(b) Inventories

479.900

390.300

248.500

(c) Trade receivables

1753.500

1436.900

1399.000

(d) Cash and cash equivalents

106.900

135.500

43.900

(e) Short-term loans and advances

1207.600

1397.800

1527.100

(f) Other current assets

0.000

0.000

0.000

Total Current Assets

3547.900

3360.500

3218.500

 

 

 

 

TOTAL

39778.600

36165.200

31460.100

 

 

PROFIT & LOSS ACCOUNT

 

 

PARTICULARS

31.03.2014

31.03.2013

31.03.2012

 

SALES

 

 

 

 

Income

13201.000

10731.800

9494.700

 

Other Income

402.500

220.300

99.900

 

TOTAL

13603.500

10952.100

9594.600

 

 

 

 

 

Less 

TOTAL EXPENSES

11756.000

9409.000

8337.400

 

 

 

 

 

 

PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION

1847.500

1543.100

1257.200

 

 

 

 

 

Less/ Add

DEPRECIATION/ AMORTISATION

1713.400

1132.100

1036.400

 

 

 

 

 

 

PROFIT/ (LOSS)  BEFORE TAX

134.100

411.000

220.800

 

 

 

 

 

Less

TAX

42.900

519.400

48.900

 

 

 

 

 

 

PROFIT/ (LOSS)  AFTER TAX 

91.200

(108.400)

171.900

 

 

 

 

 

Add

PREVIOUS YEARS’ BALANCE BROUGHT FORWARD 

91.200

(108.400)

171.900

 

 

 

 

 

 

Balance Carried to the B/S

182.400

(216.800)

343.800

 

 

 

 

 

 

EARNINGS IN FOREIGN CURRENCY

 

 

 

 

F.O.B. Value of Exports

16.500

12.000

 NA

 

TOTAL EARNINGS

16.500

12.000

NA

 

 

 

 

 

 

Earnings / (Loss) Per Share (Rs.)

0.33

(0.39)

0.62

 

 

 

 

 

KEY RATIOS

 

PARTICULARS

 

31.03.2014

31.03.2013

31.03.2012

 

 

 

 

Net Profit Margin (PAT/Sales)

(%)

0.69

(1.01)

1.81

 

 

 

 

 

Return on Total Assets (PBT/Total Assets}

(%)

0.45

2.11

1.20

 

 

 

 

 

Return on Investment (ROI) (PBT/Networth)

 

0.01

0.07

0.04

 

 

 

 

 

Debt Equity Ratio (Total Debt /Networth)

 

2.45

3.54

3.82

 

 

 

 

 

Current Ratio (Current Asset/Current Liability)

 

0.61

0.32

0.68

 

 

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

2719.200

2781.000

3228.400

Reserves & Surplus

2596.500

2983.800

6708.100

Net worth

5315.700

5764.800

9936.500

 

 

 

 

long-term borrowings

19948.300

18351.100

23044.100

Short term borrowings

354.700

2038.300

1338.500

Total borrowings

20303.000

20389.400

24382.600

Debt/Equity ratio

3.819

3.537

2.454

 

 

 

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

9494.700

10731.800

13201.000

 

 

13.029

23.008

 

 

 

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

9494.700

10731.800

13201.000

Profit

171.900

(108.400)

91.200

 

1.81%

(1.01%)

0.69%

 

 

 

 

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

Yes

10]

Designation of contact person

Yes

11]

Turnover of firm for last three years

Yes

12]

Profitability for last three years

Yes

13]

Reasons for variation <> 20%

-----

14]

Estimation for coming financial year

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

Yes

25]

Conduct of the banking account

-----------

26]

Buyer visit details

-----------

27]

Financials, if provided

Yes

28]

Incorporation details, if applicable

Yes

29]

Last accounts filed at ROC

Yes

30]

Major Shareholders, if available

Yes

31]

Date of Birth of Proprietor/Partner/Director, if available

Yes

32]

PAN of Proprietor/Partner/Director, if available

Yes

33]

Voter ID No of Proprietor/Partner/Director, if available

No

34]

External Agency Rating, if available

No

 

 

NOTE:

 

The registered address of the company has been shifted from Praxair House, No. 8, Ulsoor Road, Bangalore – 560042, Karnataka, India to the present address w.e.f. 27.02.2013

 

 

LITIGATION DETAIL

 

High Court of Karnataka-Bengaluru Bench

COP 91/2014

 

 

PETITIONER/Appnt. Name

M/S. AMBUTHIRTHA POWER PRIVATE LIMITED

Respondent/Defnt. Name

M/S PRAXAIR INDIA PRIVATE LIMITED

Petnr./Appnt. Advocate

ANUPAMA G HEBBAR

Respnt./Defnt. Advocate

C

MURALIDHAR

Date Filed

16.04.2014

Classification

District

Bengaluru City

 

Stage

PENDING FOR ADMISSION

Last Posted For

ADMISSION

Last Action Taken

ADJOURNED

Last Date of Action

26.03.2015

Next Hearing Date

Latest Order

LIST AFTER 2 WEEKS

Before Hon’ble Judge/s

A.S. BOPANNA

 

 

Amalgamation of Praxair Carbon dioxide Private Limited and Praxair E Services Private Limited with Praxair India Private Limited

 

Considering the overall benefits and consequent to the approval of the Board of Directors and Shareholders of the above mentioned entities, the company entered into a scheme of amalgamation between Praxair Carbon dioxide Private Limited and Praxair E Services Private Limited and Praxair India Private Limited and their respective shareholders under sections 391-394 of the Companies Act, 1956, which was approved by the High Court of Karnataka vide order dated November 27, 2014.On filing of the order with the Registrar of Companies , Karnataka the merger became effective from December 09, 2014 and with an appointed date of 01st April 2013 and both the entities viz Praxair Carbon dioxide Private Limited and Praxair E Services Private Limited stood dissolved without being wound up.

 

 

 

OPERATIONS:

 

The gross turnover of the Company for the financial year ended 31st March 2014 is Rs.14117.600 Million inclusive of excise duty amounting to Rs.916.600 Million. The other income earned by the Company constituted of Rs.402.500 Million. During the year remove the Company incurred a Net Profit before tax of Rs. 134.100 Million. After provision of Rs. 19.600 Million for current tax, 10.600 Million for tax expenses pertaining to earlier years; and Provision for deferred tax of Rs. 12.700 Million the net profit of Rs.91.200 Million has been carried to the Balance Sheet.

 

 

UNSECURED LOAN

(Rs. In Million)

Particulars

As on

31.03.2014

As on

31.03.2013

LONG TERM BORROWING

 

 

 

 

 

SHORT TERM BORROWING

 

 

Term loan from Bank

1140.000

431.600

Other loans and Advances

198.500

1606.700

Total

1338.500

2038.300

 

 

 

INDEX OF CHARGES

 

S.No.

Charge ID

Date of Charge Creation/Modification

Charge amount secured

Charge Holder

Address

Service Request Number (SRN)

1

90197401

24/07/1998

35,000,000.00

STATE BANK OF INDIA

INDUSTRIAL FINANCE BRANCH, BANGALORE, Karnataka - 
560025, INDIA

-

* Date of charge modification

 

 

 

 

 

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.63.84

UK Pound

1

Rs.98.46

Euro

1

Rs.71.51

 

 

INFORMATION DETAILS

 

Information Gathered by :

GYT

 

 

Analysis Done by :

KAR

 

 

Report Prepared by :

SUJ

 

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

5

--PROFITABILITY 

1~10

4

--LIQUIDITY

1~10

5

--LEVERAGE

1~10

4

--RESERVES

1~10

5

--CREDIT LINES

1~10

4

--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

 

42

 

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

 

--

 

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.