MIRA INFORM REPORT
|
Report No. : |
344351 |
|
Report Date : |
09.10.2015 |
IDENTIFICATION DETAILS
|
Name : |
PENTAIR WATER INDIA PRIVATE LIMITED |
|
|
|
|
Registered
Office : |
L/52-55, Phase - II, Verna Industrial Estate, Verna, Salcete,
Verna – 403722, Goa |
|
Tel. No.: |
91-832-2883300 |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as
on) : |
31.03.2014 |
|
|
|
|
Date of
Incorporation : |
26.09.1996 |
|
|
|
|
Com. Reg. No.: |
24-002193 |
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|
|
|
Capital
Investment / Paid-up Capital : |
Rs. 199.996
Million |
|
|
|
|
CIN No.: [Company Identification
No.] |
U29197GA1996PTC002193 |
|
|
|
|
IEC No.: |
1796000779 |
|
|
|
|
TAN No.: [Tax Deduction & Collection
Account No.] |
BLRP05854C |
|
|
|
|
PAN No.: [Permanent Account No.] |
AABCS8856L |
|
|
|
|
Legal Form : |
Private Limited Liability Company |
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|
|
|
Line of Business
: |
Manufacturer and Exporter of Composite Pressure
Vessels and Components for Water Treatment. |
|
|
|
|
No. of Employees
: |
700 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
A (62) |
|
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 |
|
|
|
|
Payment Behaviour : |
Regular |
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Litigation : |
Exist |
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Comments : |
Subject is a subsidiary of “Pentair Water Treatment (OH) Company”. It
is engaged in manufacturing of water treatment products. Company possesses healthy operational performance and it has achieved satisfactory
profitability margins at 6.49% during FY2014. Rating takes into consideration company’s healthy financial base
marked by adequate networth base along with zero debt balance profile and
favorable liquidity position of the company. Rating also takes into consideration well experience management team
and strong financial as well as managerial support that company receives from
holding company. Trade relations are reported as fair. Business is active. Payments are
reported to be regular and as per commitment. In view of aforesaid, the company can be considered good for normal
business dealings at usual trade terms and conditions. |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
EXTERNAL AGENCY RATING
NOT AVAILABLE
RBI DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available RBI Defaulters’ list.
EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of
31-03-2015.
INFORMATION PARTED BY
|
Name : |
Mr. Sathish |
|
Designation : |
Finance Executive |
|
Contact No.: |
91-44-42122046 |
|
Date : |
08.10.2015 |
LOCATIONS
|
Registered Office/ Factory : |
L/52-55, Phase – II, Verna Industrial Estate, Verna, Salcete,
Verna – 403722, Goa, India |
|
Tel. No.: |
91-832-2883300/ 2783018 |
|
Fax No.: |
91-832-2883312 |
|
E-Mail : |
|
|
Website : |
|
|
|
|
|
Corporate Office : |
Green Boulevard, No. B-9/A, 7th
Floor, Tower B, Sector 62, Noida – 201301, Uttar Pradesh, India |
|
|
91-120-4199444 |
|
|
91-120-4199400 |
|
|
|
|
Regional Offices : |
CHENNAI Eurocon Tiles, 3rd Floor, No.161, Greams Road (Landmark near
Apollo Hospital), Chennai – 600006, Tamilnadu, India Tel no.: 91-44-42122046/
42122047 MUMBAI 301, Omega, Hiranandani Gardens, powai, Mumbai – 400076, Maharashtra,
India Tel No.: 91-22-25706422/
25623670 AHMADABAD 503, Sukh Sagar Complex, Ashram Road, Usmanpura, Near Fortune
Landmark, Ahmadabad – 380013, Gujarat, India Tel No.: 91-79-30620174 |
|
|
|
|
Global Business Unit: |
AQUATIC SYSTEMS Green Boulevard, B-9/A, 7th Floor, Tower B, Sector 62, Noida-201301, Uttar Pradesh, India Tel No.: 91-120-4199444 Fax No.: 91-120-4199400 FILTRATION AND PROCESS 161, Eurocon Tiles, 3rd Floor, Greams Road, (Land Mark near Apollo Hospital), Chennai – 600006, Tamilnadu, India Tel No.: 91-44-42122046/ 42122047 FLOW TECHNOLOGY 804, Windsor, Kalina, Santacruz, Mumbai – 400098,
Maharashtra, India Tel No.: 91-22-61310600 THERMAL MANAGEMENT 1st Floor, Ujagar Infotech Park, Opposite Deonar Bus Depot, Deonar, Mumbai – 400088, Maharashtra, India Tel No.: 91-22-67758800/ 01 VALVES AND CONTROL 804, Windsor, Kalina, Santacruz, Mumbai – 400098,
Maharashtra, India Tel No.: 91-22-61310600 |
DIRECTORS
AS ON 29.09.2014
|
Name : |
Maruthi Krishna Venkata Rao Gudivada |
|
Designation : |
Director |
|
Address : |
Flat C2, Block A, Sun Dew Apartment, Near Cine Vishant, Margao, South
Goa – 403601, Goa, India |
|
Date of Birth/Age : |
01.06.1977 |
|
Date of Appointment : |
21.01.2008 |
|
PAN No.: |
AGXPG4714A |
|
DIN No.: |
02032136 |
|
|
|
|
Name : |
Mr. Raghunath Vitthal Mane |
|
Designation : |
Director |
|
Address : |
Flat No. 1, Villa Avetti, Behind China House, Murida, Fatorda, Salcete
– 423602, Goa, India |
|
Date of Birth/Age : |
01.06.1973 |
|
Date of Appointment : |
01.03.2013 |
|
PAN No.: |
AKEPM0959Q |
|
DIN No.: |
06611549 |
|
|
|
|
Name : |
Juan Francisco Brondo |
|
Designation : |
Director appointed in casual vacancy |
|
Address : |
2324 Red River Dr, Mission TX, Texas 78572, Mexico |
|
Date of Birth/Age : |
17.10.1961 |
|
Date of Appointment : |
22.03.2010 |
|
DIN No.: |
03015949 |
|
|
|
|
Name : |
Angela Dee Lageson |
|
Designation : |
Director appointed in casual vacancy |
|
Address : |
21 Ludlow Ave, ST Paul, Minnesota 55108, USA |
|
Date of Birth/Age : |
11.09.1968 |
|
Date of Appointment : |
22.03.2010 |
|
DIN No.: |
03018715 |
KEY EXECUTIVES
|
Name : |
Mr. Sathish |
|
Designation : |
Finance Executive |
|
|
|
|
Name : |
Maruthi Krishna Venkata Rao Gudivada |
|
Designation : |
Secretary |
|
Address : |
Flat C2, Block A, Sun Dew Apartment, Near Cine Vishant, Margao, South
Goa – 403601, Goa, India |
|
Date of Birth/Age : |
01.06.1977 |
|
Date of Appointment : |
01.07.2005 |
|
PAN No.: |
AGXPG4714A |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 29.09.2014
|
Names of Shareholders |
No. of Shares |
Percentage of Holding |
|
EPPS Limited, Mauritius |
3999980 |
20.00 |
|
Pentair Water Treatment (OH) Company, USA |
15999572 |
80.00 |
|
|
|
|
|
Total |
19999552 |
100.00 |
AS ON 29.09.2014
|
Equity Share Breakup |
Percentage of Holding |
|
Category |
|
|
Foreign holdings [Foreign institutional investors, Foreign Companies, Foreign Financial Institutions, Non-resident Indian or Overseas corporate bodies or others] |
100.00 |
|
|
|
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer and Exporter of Composite
Pressure Vessels and Components for Water Treatment. |
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Products : |
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Brand Names : |
-- |
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Agencies Held : |
-- |
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Exports : |
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Products : |
Finished Goods |
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Countries : |
· European Countries · Asian Countries · Middle East |
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Imports : |
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Products : |
Raw Material |
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Countries : |
· USA · Italy · European Countries · China · Korea · Taiwan |
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Terms : |
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Selling : |
Advance Payment, Cheque and Credit |
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Purchasing : |
Advance Payment, Cheque and Credit |
PRODUCTION STATUS: NOT AVAILABLE
GENERAL INFORMATION
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Suppliers : |
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Customers : |
Wholesalers, End Users and OEMs
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No. of Employees : |
700 (Approximately) |
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Bankers : |
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Facilities : |
-- |
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Banking
Relations : |
-- |
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Auditors : |
|
|
Name : |
Deloitte Haskins and Sells LLP Chartered Accountants |
|
Address : |
Indiabulls Finance Center, Tower 3, 27th-32nd floor, Senapati Bapat Marg. Elphinstone Road (West, Mumbai – 400013, Maharashtra, India |
|
Income-tax
PAN of auditor or auditor's firm : |
AACFD4815A |
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Memberships : |
-- |
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Collaborators : |
-- |
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|
Subsidiary company : |
Pentair
Water Treatment Private Limited [U29197GA1997PTC002373] |
|
|
|
|
Ultimate Holding company : |
Pentair
Limited, Switzerland (formerly known as Pentair Inc.,) |
|
|
|
|
Holding company : |
Pentair
Water Treatment (OH) Company, USA. |
|
|
|
|
Fellow Subsidiary Company : |
·
Pentair
Residential Filtration ·
Pentair Pacific
Rim (Water) Limited, Hong Kong ·
Pentair Filtration
Solutions LLC ·
Pentair Water
Process Technology BV ·
Infinite Water
Solutions Private Limited [U74999MH2008PTC180918] ·
Pentair Pump Group
Inc ·
Pentair Water Pool
and Spa ·
Pentair
Residential Filtration LLC ·
Hoffman Enclosures ·
Pentair Flow Technologies,
LLC ·
Pentair Water
Suzhou ·
Pentair
International LLC ·
X-flow B.V. ·
Pentair Water
Mexico ·
Pentair Flow
Services AG ·
Pentair Water
Middle East ·
Pentair Water
(Suzhou) Co Limited ·
Pentair Technical
Products India Private Limited [U28110KA2008PTC046581] ·
Pentair Clean
Process Technologies India Private Limited [U51103TN2007PTC064218] ·
Pentair Water
Belgium .B.V.B.A. ·
Pentair Water
Belgium NV ·
Pentair Water
Italy S.r.l. ·
Pentair Pacific
Rim (Water) Limited ·
Pentair Water
Australia Pty Limited ·
Pentair Water / Plymouth
Product ·
Pentair Water
Middle East FZE ·
Pentair Intern
Plant PIS ·
Aurora Pump ·
Pentair Water
Aurora Pump ·
Jung Pumpen ·
Filtrix B.V. ·
Hypro EU Limited ·
Haffmans BV ·
Pentair Water Do
Brasil Limited ·
Pentair Water
Spain S.L.U ·
Pentair Trading
(Shanghai) Company Limited ·
Pentair Water
Latin-American S.A ·
Pentair Water
Purification System (Shanghai) Co. Limited ·
Sudmo (UK) Ltd ·
Pentair Water Asia
Pacific PTE Limited ·
Pentair Thermal
Management Pvt Ltd ·
Pentair Thermal
controls India Private Ltd ·
Pentair Valves and
Controls LLC ·
Pentair Valves and
Controls India Pvt Ltd |
CAPITAL STRUCTURE
AS ON 29.09.2014
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
46,500,000 |
Equity Shares |
Rs. 10/- each |
Rs. 465.000 Million |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
19,999,552 |
Equity Shares |
Rs. 10/- each |
Rs. 199.996
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 |
199.996 |
199.996 |
325.187 |
|
(b) Reserves & Surplus |
1874.222 |
1695.425 |
1458.908 |
|
(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) |
2074.218 |
1895.421 |
1784.095 |
|
|
|
|
|
|
(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 |
0.000 |
0.000 |
0.000 |
|
(d)
long-term provisions |
60.301 |
52.808 |
23.225 |
|
Total
Non-current Liabilities (3) |
60.301 |
52.808 |
23.225 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a)
Short term borrowings |
0.000 |
0.000 |
0.000 |
|
(b)
Trade payables |
521.574 |
431.774 |
455.104 |
|
(c)
Other current liabilities |
58.732 |
57.641 |
16.940 |
|
(d)
Short-term provisions |
134.857 |
82.447 |
80.956 |
|
Total
Current Liabilities (4) |
715.163 |
571.862 |
553.000 |
|
|
|
|
|
|
TOTAL |
2849.682 |
2520.091 |
2360.320 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a)
Fixed Assets |
|
|
|
|
(i)
Tangible assets |
525.938 |
378.586 |
360.036 |
|
(ii)
Intangible Assets |
1.041 |
0.446 |
2.033 |
|
(iii)
Capital work-in-progress |
22.415 |
61.634 |
3.394 |
|
(iv) Intangible assets under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current
Investments |
0.074 |
0.074 |
0.074 |
|
(c) Deferred tax assets
(net) |
17.140 |
17.465 |
23.993 |
|
(d) Long-term Loan
and Advances |
73.394 |
87.474 |
72.195 |
|
(e)
Other Non-current assets |
0.000 |
0.000 |
0.000 |
|
Total
Non-Current Assets |
640.002 |
545.679 |
461.725 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a)
Current investments |
0.000 |
0.000 |
0.000 |
|
(b)
Inventories |
389.098 |
349.081 |
335.909 |
|
(c)
Trade receivables |
758.115 |
625.167 |
668.042 |
|
(d)
Cash and cash equivalents |
648.011 |
350.835 |
249.860 |
|
(e)
Short-term loans and advances |
395.638 |
646.707 |
604.213 |
|
(f)
Other current assets |
18.818 |
2.622 |
40.571 |
|
Total
Current Assets |
2209.680 |
1974.412 |
1898.595 |
|
|
|
|
|
|
TOTAL |
2849.682 |
2520.091 |
2360.320 |
PROFIT
& LOSS ACCOUNT
|
|
PARTICULARS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
|
|
SALES |
|
|
|
|
|
|
|
Turnover |
2742.530 |
2696.930 |
2661.760 |
|
|
|
Other Income |
NA |
NA |
NA |
|
|
|
TOTAL |
NA
|
NA
|
NA
|
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
TOTAL |
NA
|
NA
|
NA
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION |
324.770 |
208.620 |
162.200 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION |
48.650 |
42.270 |
49.090 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX |
276.120 |
166.350 |
113.110 |
|
|
|
|
|
|
|
|
|
Less |
TAX |
97.320 |
55.030 |
48.970 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX |
178.800 |
111.320 |
64.140 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS YEARS’
BALANCE BROUGHT FORWARD |
1567.730 |
1456.410 |
1392.270 |
|
|
|
|
|
|
|
|
|
|
BALANCE CARRIED
TO THE B/S |
1746.530 |
1567.730 |
1456.410 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Export Earnings |
1728.770 |
1717.140 |
NA |
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
8.94 |
6.04 |
1.97 |
|
|
PARTICULARS |
|
|
31.03.2015 |
|
Sales Turnover (Approximately) |
|
|
2700.000 |
|
|
|
|
|
Expected Sales (2015-2016): Rs.2700.000 Million [Due to Market
Fluctuation]
The above information has been parted by Mr. Sathish [Finance Executive]
CURRENT MATURITIES
OF LONG TERM DEBT DETAILS
|
PARTICULARS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
Current Maturities of Long term debt |
0.000 |
0.316 |
0.000 |
|
|
|
|
|
|
Cash generated from operations |
NA |
NA |
NA |
|
|
|
|
|
|
Net cash flows from (used in) operations |
292.139 |
206.353 |
(194.922) |
KEY
RATIOS
|
PARTICULARS |
|
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
Net Profit Margin (PAT / Sales) |
(%) |
6.52 |
4.13 |
2.41 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
9.83 |
6.82 |
4.85 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.13 |
0.09 |
0.06 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
0.00 |
0.00 |
0.00 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
3.09 |
3.45 |
3.43 |
Total Liability = Short-term Debt + Long-term Debt + Current Maturities
of Long-term debts
FINANCIAL ANALYSIS
[all figures are
in Rupees Million]
DEBT EQUITY RATIO
|
Particulars |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
(Rs.
In Million) |
(Rs.
In Million) |
(Rs.
In Million) |
|
Share Capital |
325.187 |
199.996 |
199.996 |
|
Reserves & Surplus |
1458.908 |
1695.425 |
1874.222 |
|
Money received against share warrants |
0.000 |
0.000 |
0.000 |
|
Share Application money pending allotment |
0.000 |
0.000 |
0.000 |
|
Net
worth |
1784.095 |
1895.421 |
2074.218 |
|
|
|
|
|
|
Long-term borrowings |
0.000 |
0.000 |
0.000 |
|
Short term borrowings |
0.000 |
0.000 |
0.000 |
|
CURRENT MATURITIES OF LONG-TERM DEBTS |
0.000 |
0.316 |
0.000 |
|
Total
borrowings |
0.000 |
0.316 |
0.000 |
|
Debt/Equity ratio |
0.000 |
0.000 |
0.000 |
YEAR-ON-YEAR GROWTH
|
Year on Year Growth |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
(Rs.
In Million) |
(Rs.
In Million) |
(Rs.
In Million) |
|
Turnover |
2661.760 |
2696.930 |
2742.530 |
|
|
|
1.321 |
1.691 |
NET PROFIT MARGIN
|
Net Profit Margin |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
(Rs.
In Million) |
(Rs.
In Million) |
(Rs.
In Million) |
|
Turnover |
2661.760 |
2696.930 |
2742.530 |
|
Profit |
64.140 |
111.320 |
178.800 |
|
|
2.41% |
4.13% |
6.52% |
LOCAL AGENCY FURTHER INFORMATION
|
Sr. No. |
Check list by
info agents |
Available in
Report (Yes/No) |
|
1 |
Year of establishment |
Yes |
|
2 |
Constitution of the entity -Incorporation
details |
Yes |
|
3 |
Locality of the entity |
Yes |
|
4 |
Premises details |
No |
|
5 |
Buyer visit details |
-- |
|
6 |
Contact numbers |
Yes |
|
7 |
Name of the person contacted |
Yes |
|
8 |
Designation of contact person |
Yes |
|
9 |
Promoter’s background |
Yes |
|
10 |
Date of Birth of Proprietor / Partners /
Directors |
Yes |
|
11 |
Pan Card No. of Proprietor / Partners |
Yes |
|
12 |
Voter Id Card No. of Proprietor / Partners |
No |
|
13 |
Type of business |
Yes |
|
14 |
Line of Business |
Yes |
|
15 |
Export/import details (if applicable) |
Yes |
|
16 |
No. of employees |
Yes |
|
17 |
Details of sister concerns |
Yes |
|
18 |
Major suppliers |
No |
|
19 |
Major customers |
No |
|
20 |
Banking Details |
Yes |
|
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% |
Yes |
|
28 |
Estimation for coming financial year |
Yes |
|
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 |
Yes |
|
33 |
Market information |
-- |
|
34 |
Payments terms |
Yes |
|
35 |
Negative Reporting by Auditors in the
Annual Report |
No |
LITIGATION DETAILS
|
Reg. No. :- TXA / 75 /
2014 |
Stamp No. :- STM / 2262 /
2014 |
||||
|
Case
Status : |
Pending (Final Hearing) |
||||
|
Petitioner : |
COMMISSIONER OF INCOME TAX |
||||
|
Respondent : |
PENTAIR WATER INDIA PRIVATE LIMITED |
||||
|
Petitioner
Adv. : |
Adv. Asha A. Desai |
||||
|
Respondent
Adv. : |
Adv. Shashikant Narayan Joshi for Respondent
|
||||
|
District
: |
North Goa |
||||
|
Bench
: |
Division |
||||
|
Act
: |
Income Tax Act, 1961 |
||||
|
Category
: |
Income Tax Appeal |
||||
|
Case
Stage : |
For admission – After Notice |
||||
|
Hearing
Date : |
23 April 2015 |
||||
|
|||||
|
This
Case is updated on : 22 May 2015 |
|||||
INDEX OF CHARGES: NO
CHARGES EXIST FOR COMPANY
BACKGROUND OF THE COMPANY
Pentair Water India Private
Limited ("PWIPL" / "the Company") was incorporated on 26th
September, 1996.
The registered office is
situated at L/52-55, Verna Industrial Estate, Phase-II, Verna, Goa-403722. The
Company is in the business of manufacturing of composite pressure vessels and
components for water treatment.
OPERATING RESULTS
AND FUTURE OUTLOOK:
The company performed fairly well in this uncertain market situation.
Revenue grew by approximately 2%. Though they did not had major projects orders
(due to continued economic slow-own), their focus on expanding the distribution
channel and Industrial / Residential markets have helped them to retain our
volumes grow. Profit before tax is significantly high compared to last year as
they have got favorable product mix and additional exchange rate benefits on
their export sales.
The management is confident of much improved top line in current year
with a sustainable profitability. Continuous drive for cost controls and
strategic realignments will always help them to deliver the better results.
CONTINGENT
LIABILITIES:
|
Particulars |
31.03.2014 (Rs.
In Million) |
31.03.2013 (Rs.
In Million) |
|
i) Disputed demands of
Excise authorities Pending before Central Excise and Customs – Appellate
Tribunal - Mumbai. Demands relate to classification issues as regards rate(s)
for charging excise duty. |
33.370 |
33.370 |
|
ii) Disputed demands of
Excise authorities Pending before Additional Commissioner of Central Excise
(Appeals) - Panjim, Goa. Demand pertaining to levy of excise duty on the
share retained by the Company in terms of Goa Sales Tax Cum Net Present Value
Compulsory Payment Scheme 2005. |
3.083 |
3.083 |
|
iii) Disputed demands of
Income Tax Authorities Pending before the Commissioner of Income Tax
(Appeals) - Panjim Goa. Demands primarily relate to adjustment made pursuant
to transfer pricing regulations for Assessment Year 2009-10 and 2010-11 (as
at 31st March, 2013, 2006-07, 2008-09 and 2009-10). |
23.439 |
27.065 |
|
iii) Disputed demands of
Income Tax Authorities Pending before the Income Tax Appellant Tribunal –
Panjim Goa. Demands primarily relate to adjustment made pursuant to transfer
pricing regulations for Assessment Year 2008-09 (as at 31st March,
2013, 2005-06, 2006-07 and 2007-08). |
7.166 |
52.413 |
|
iv) Disputed demands of
Income Tax Authorities Pending before High Court of Mumbai at Goa, for the
Assessment Year 2004-05. |
3.119 |
3.119 |
|
v.) Disputed demands of
Commercial tax authorities Pending before the Assistant Commissioner of
Commercial taxes, Panaji, Goa. Demand pertaining to non-submission of C-forms
for Assessment Years 2006-07 to 2010-11 (as at 31st March, 2013, 2006-07 to
2009-10). |
41.246 |
36.963 |
|
Note: Future
cash flows in respect of (i) to (v) above are determinable only on receipt of
judgments / decisions pending with various forums / authorities The Company
is confident of defending the above claims and expects no liability on these
counts. |
||
FIXED ASSETS:
·
Land
·
Buildings
·
Plant and equipment
·
Factory equipments
·
Furniture and fixtures
·
Vehicles
·
Motor vehicles
·
Office equipment
·
Other equipments
·
Leasehold improvements
·
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. 65.16 |
|
|
1 |
Rs. 99.78 |
|
Euro |
1 |
Rs. 73.33 |
INFORMATION DETAILS
|
Information
Gathered by : |
SVA |
|
|
|
|
Analysis Done by
: |
KAR |
|
|
|
|
Report Prepared
by : |
BVA |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
7 |
|
PAID-UP CAPITAL |
1~10 |
6 |
|
OPERATING SCALE |
1~10 |
7 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
7 |
|
--PROFITABILIRY |
1~10 |
7 |
|
--LIQUIDITY |
1~10 |
7 |
|
--LEVERAGE |
1~10 |
7 |
|
--RESERVES |
1~10 |
7 |
|
--CREDIT LINES |
1~10 |
7 |
|
--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 |
YES |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
62 |
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.