MIRA INFORM REPORT
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Report No. : |
345103 |
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Report Date : |
15.10.2015 |
IDENTIFICATION DETAILS
|
Name : |
PENTAIR VALVES
AND CONTROLS INDIA PRIVATE LIMITED (w.e.f. 23.05.2013) |
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Formerly Known
As : |
TYCO VALVES AND CONTROLS
INDIA PRIVATE LIMITED MULTI SARASIN
VALVES LIMITED |
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Registered
Office : |
302/A, Ivory
Terrace, R.C. Dutt Road, Alkapuri, Vadodara – 390005, Gujarat |
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Tel. No.: |
91-2676-300200 |
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Country : |
India |
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Financials (as on)
: |
31.03.2014 |
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Date of
Incorporation : |
18.06.1981 |
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Com. Reg. No.: |
04-004441 |
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Capital
Investment / Paid-up Capital : |
Rs. 189.986 Million |
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CIN No.: [Company Identification
No.] |
U28999GJ1981PTC004441 |
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IEC No.: |
Not Available |
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TAN No.: [Tax Deduction &
Collection Account No.] |
BRDT00697E |
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PAN No.: [Permanent Account No.] |
AAACK8809L |
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Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Manufacturing and
Exporting of Industrial Valves. |
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No. of Employees
: |
210 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (49) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Status : |
Satisfactory |
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Payment Behavior : |
Slow but correct |
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Litigation : |
Clear |
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Comments : |
Subject is a subsidiary of “Safety Systems UK Pte Limited.” It is an
established company having satisfactory track. As per available of the year 2014, the company possesses a decent
financial profile marked by sound networth base and comfortable debt level.
However, there has reported unfavorable gap between trade receivables and
trade payables. Moreover, the management has reported marginal decrease in its sales
turnover however, has maintained fair net profit margin. Trade relations are fair. Business is active. Payment terms are
reported as slow but correct. In view of support from its holding company, the subject can be
considered for business dealings at usual trade terms and conditions. |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
EXTERNAL AGENCY RATING
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. Sandeep Kashekar |
|
Designation : |
Commercial Manager |
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Contact No.: |
91-7226003175 |
|
Date : |
13.10.2015 |
LOCATIONS
|
Registered Office : |
302/A, Ivory Terrace,
R.C. Dutt Road, Alkapuri, Vadodara – 390005, Gujarat, India |
|
Tel. No.: |
91-2676-300200/265-2359503
/ 2331944 |
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Mobile No.: |
91-7226003175 (Mr. Sandeep Kashekar) |
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Fax No.: |
91-2676-220162/2336926 |
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E-Mail : |
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Website : |
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Location : |
Owned |
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|
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Corporate Office : |
804, Windser
House, Kalina, Santacruz (East), Mumbai, Maharashtra, India |
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Branch Office : |
No.23, C Mandira
Apartments, No.3A, 3rd Floor, T Nagar, Chennai – 600017,
Tamilnadu, India |
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|
|
Factory : |
Survey No. 150,
Maghasar Halol – |
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Tel. No.: |
91-2676-220461 /
220056 / 300200 |
DIRECTORS
AS ON 30.09.2014
|
Name : |
Mr. Kumbra Brijesh Rai |
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Designation : |
Additional Director |
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Address : |
B-18 RH, Uniworth Tranquil, Doddabelle Road, Kengeri, Bangalore - 560060, Karnataka, India |
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Date of Appointment : |
22.05.2015 |
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DIN No.: |
07233685 |
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Name : |
Ms. Sanjana Sethi |
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Designation : |
Additional Director |
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Address : |
801 - B, Beverly Park 1, DLF Qutab Enclave, Gurgaon - 122002, Haryana, India |
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Date of Birth/Age : |
13.07.1984 |
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Date of Appointment : |
04.02.2015 |
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DIN No.: |
06861817 |
KEY EXECUTIVES
|
Name : |
Mr. Sandeep Kashekar |
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Designation : |
Commercial Manager |
MAJOR SHAREHOLDERS
AS ON 30.09.2014
|
Names of Shareholders |
|
No. of Shares |
|
Iqbal Singh Malhotra |
|
1 |
|
Safety Systems UK Pte Limited, Singapore |
|
18998638 |
|
Total |
|
18998639 |
Equity Share Break up (Percentage of Total Equity)
AS ON 30.09.2014
|
Category |
Percentage |
|
Foreign holdings( Foreign institutional investor(s),
Foreign companies (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 : |
Manufacturing and
Exporting of Industrial Valves. |
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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 : |
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Products : |
Finished Goods |
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Countries : |
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Imports : |
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Products : |
Raw Material |
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Countries : |
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Terms : |
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Selling : |
Cash, Cheque and Credit |
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Purchasing : |
Cash, Cheque and Credit |
PRODUCTION STATUS: NOT AVAILABLE
GENERAL INFORMATION
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Suppliers : |
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Customers : |
Wholesalers and Retailers
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No. of Employees : |
210 (Approximately) |
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Bankers : |
· State Bank of India, G and I Division, Baroda Branch, Gujarat, India |
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Auditors : |
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|
Name : |
Deloitte Haskins and Sells Chartered Accountants |
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Address : |
Deloitte Haskins And Sells Heritage, 3rd Floor Near Gujarat
Vidhyapith Ashram Road, Ahmedabad – 380014, Gujarat, India |
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Tel. No.: |
91-265-2333776 |
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Fax No.: |
91-265-2339729 |
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PAN. No.: |
AADFD2337G |
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Memberships : |
----- |
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Collaborators : |
----- |
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Holding Company : |
Safety Systems UK Pte Limited, Singapore |
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Associates: |
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CAPITAL STRUCTURE
AS ON 30.09.2014
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
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|
|
|
|
|
35000000 |
Equity Shares |
Rs.10/- each |
Rs. 350.000 Million |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
18998639 |
Equity Shares |
Rs.10/- each |
Rs. 189.986 Million |
FINANCIAL DATA
[All figures are
in Rupees Million]
ABRIDGED
BALANCE SHEET
|
SOURCES OF FUNDS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
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|
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I.
EQUITY AND LIABILITIES |
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|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
189.986 |
189.986 |
189.986 |
|
(b) Reserves &
Surplus |
2078.027 |
1962.736 |
1831.038 |
|
(c) Money received
against share warrants |
0.000 |
0.000 |
0.000 |
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|
|
|
|
|
(2) Share Application
money pending allotment |
0.000 |
0.000 |
0.000 |
|
Total Shareholders’ Funds
(1) + (2) |
2268.013 |
2152.722 |
2021.024 |
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|
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(3) Non-Current
Liabilities |
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|
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|
(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 |
12.190 |
9.313 |
8.945 |
|
Total Non-current
Liabilities (3) |
12.190 |
9.313 |
8.945 |
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(4) Current Liabilities |
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|
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(a) Short term borrowings |
37.315 |
119.949 |
513.236 |
|
(b) Trade payables |
1131.560 |
2301.136 |
1394.004 |
|
(c) Other current
liabilities |
101.211 |
114.977 |
136.892 |
|
(d) Short-term provisions |
8.385 |
0.820 |
0.714 |
|
Total Current Liabilities
(4) |
1278.471 |
2536.882 |
2044.846 |
|
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|
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TOTAL |
3558.674 |
4698.917 |
4074.815 |
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II.
ASSETS |
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(1) Non-current assets |
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(a) Fixed Assets |
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|
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(i) Tangible assets |
261.156 |
159.975 |
147.296 |
|
(ii) Intangible Assets |
41.097 |
54.795 |
2.359 |
|
(iii) Capital
work-in-progress |
23.672 |
13.885 |
0.000 |
|
(iv) Intangible assets
under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current
Investments |
0.000 |
0.000 |
0.000 |
|
(c) Deferred tax assets
(net) |
111.709 |
99.459 |
78.217 |
|
(d) Long-term Loan and Advances |
43.570 |
0.000 |
0.000 |
|
(e) Other Non-current
assets |
0.000 |
0.000 |
0.000 |
|
Total Non-Current Assets |
481.204 |
328.114 |
227.872 |
|
|
|
|
|
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(2) Current assets |
|
|
|
|
(a) Current investments |
0.000 |
0.000 |
0.000 |
|
(b) Inventories |
739.325 |
687.020 |
799.410 |
|
(c) Trade receivables |
861.232 |
2765.217 |
1479.942 |
|
(d) Cash and cash
equivalents |
682.122 |
228.473 |
1170.590 |
|
(e) Short-term loans and
advances |
794.557 |
690.019 |
391.815 |
|
(f) Other current assets |
0.234 |
0.074 |
5.186 |
|
Total Current Assets |
3077.470 |
4370.803 |
3846.943 |
|
|
|
|
|
|
TOTAL |
3558.674 |
4698.917 |
4074.815 |
PROFIT
& LOSS ACCOUNT
|
|
PARTICULARS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
|
SALES |
|
|
|
|
|
|
3073.178 |
|
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|
|
Other Income |
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|
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TOTAL INCOME |
3073.178 |
4086.586 |
4460.321 |
|
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TOTAL EXPENSES |
2903.188 |
3899.716 |
4263.426 |
|
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PROFIT/ (LOSS) BEFORE TAX |
169.990 |
162.231 |
196.895 |
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TAX |
54.699 |
30.533 |
66.054 |
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PROFIT/ (LOSS) AFTER TAX |
115.291 |
131.698 |
130.841 |
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EARNINGS IN FOREIGN CURRENCY |
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F.O.B. Value of Exports |
1754.823 |
1754.823 |
806.628 |
|
|
TOTAL EARNINGS |
1754.823 |
1754.823 |
806.628 |
|
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|
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|
|
|
Earnings / (Loss) Per
Share (Rs.) |
6.06 |
6.93 |
6.88 |
|
Particulars |
|
|
31.03.2015 |
|
Sales Turnover (Approximately) |
|
|
4500.000 |
Expected Sales (2015-2016): Rs. 4500.000 Million
The above information has been parted by Mr. Sandeep Kashikar
CURRENT MATURITIES
OF LONG TERM DEBT DETAILS
|
Particulars |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
Current Maturities of Long term debt |
NA |
NA |
NA |
|
Cash generated from operations |
NA |
NA |
NA |
|
Net cash flow from (used in) operations |
947.859 |
(426.598) |
(396.771) |
KEY
RATIOS
|
PARTICULARS |
|
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
Net Profit Margin (PAT / Total Income) |
(%) |
3.75 |
3.22 |
2.93 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
4.97 |
3.54 |
4.93 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.07 |
0.08 |
0.10 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
0.02 |
0.06 |
0.25 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
2.41 |
1.72 |
1.88 |
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 |
189.986 |
189.986 |
189.986 |
|
Reserves & Surplus |
1831.038 |
1962.736 |
2078.027 |
|
Net worth |
2021.024 |
2152.722 |
2268.013 |
|
|
|
|
|
|
long-term borrowings |
0.000 |
0.000 |
0.000 |
|
Short term borrowings |
513.236 |
119.949 |
37.315 |
|
Total borrowings |
513.236 |
119.949 |
37.315 |
|
Debt/Equity ratio |
0.254 |
0.056 |
0.016 |
YEAR-ON-YEAR GROWTH
|
Year on Year Growth |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
(Rs. In Million) |
(Rs. In Million) |
(Rs. In Million) |
|
Total Income |
4460.321 |
4086.586 |
3073.178 |
|
|
|
(8.379) |
(24.798) |
NET PROFIT MARGIN
|
Net Profit Margin |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
(Rs. In Million) |
(Rs. In Million) |
(Rs. In Million) |
|
Total Income |
4460.321 |
4086.586 |
3073.178 |
|
Profit |
130.841 |
131.698 |
115.291 |
|
|
2.93% |
3.22% |
3.75% |
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 |
No |
|
12 |
Voter Id Card No. of Proprietor / Partners |
No |
|
13 |
Type of business |
Yes |
|
14 |
Line of Business |
Yes |
|
15 |
Export/import details (if applicable) |
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% |
-- |
|
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 |
--- |
|
33 |
Market information |
--- |
|
34 |
Payments terms |
Yes |
|
35 |
Negative Reporting by Auditors in the
Annual Report |
No |
OPERATIONS:
The company witnessed negative growth in the period under review. The revenues decreased by 25 % and expenses by 26% resulting in 5% increase in Profit before Taxes. There are severe challenges in the economic environment in which we operate. The effect of the general rise in economy is visible in the results.
The fluctuation in foreign exchange rates and the consequent appreciation of INR positively is reflected in the profitability of the company forcing it to profit of INR 115.290 Million. Your management is confident of maintaining a favorable profitability profile by passing on the input costs to the consumer wherever necessary. We are also looking at realigning and repositioning our resources to increase productivity and generate positive incremental profitability
UNSECURED LOAN
|
PARTICULARS |
31.03.2014 (Rs.
in Million) |
31.03.2013 (Rs.
in Million) |
|
Short-term
borrowing |
|
|
|
Loans repayable on demand from others |
37.315 |
119.949 |
|
Total |
37.315 |
119.949 |
INDEX OF CHARGES:
|
S.No. |
Charge ID |
Date of Charge
Creation/Modification |
Charge amount secured |
Charge Holder |
Address |
Service Request Number
(SRN) |
|
1 |
90106172 |
10/02/1999 * |
20,300,000.00 |
STATE BANK OF INDIA |
MANDVI,
BARODA, GUJARAT, INDIA |
- |
|
2 |
90105613 |
20/08/1993 * |
7,500,000.00 |
STATE BANK OF INDIA |
BARODA
MAIN BRANCH, BARODA, GUJARAT, INDIA |
- |
|
3 |
90103896 |
12/02/1996 * |
2,649,000.00 |
STATE BANK OF INDIA |
MANDVI
BRANCH, BARODA, GUJARAT, INDIA |
- |
|
4 |
90104383 |
07/03/1990 * |
2,649,000.00 |
STATE BANK OF INDIA |
BARODA
MAIN BRANCH, BARODA, GUJARAT, INDIA |
- |
* Date of charge modification
FIXED ASSETS
·
Land
·
plant and equipment
· Buildings
· Furniture and fixtures
· Office Equipment
· Computer Equipment
· 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 records 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. 65.11 |
|
|
1 |
Rs. 99.50 |
|
Euro |
1 |
Rs. 74.24 |
INFORMATION DETAILS
|
Information
Gathered by : |
KMN |
|
|
|
|
Analysis Done by
: |
KIN |
|
|
|
|
Report Prepared
by : |
SANS |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL
CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILITY |
1~10 |
6 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
6 |
|
--RESERVES |
1~10 |
4 |
|
--CREDIT LINES |
1~10 |
5 |
|
--MARGINS |
-5~5 |
------------ |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
NO |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
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 |
|
49 |
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
unfavorable 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.