MIRA INFORM REPORT
|
Report No. : |
346750 |
|
Report Date : |
29.10.2015 |
IDENTIFICATION DETAILS
|
Name : |
3M INDIA LIMITED |
|
|
|
|
Registered Office : |
Plot No. 48-51, Electronic City, Hosur Road, Bangalore - 560100, Karnataka |
|
Tel. No.: |
91-80-28520203/ 66595999 |
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|
|
|
Country : |
India |
|
|
|
|
Financials (as
on) : |
31.03.2015 |
|
|
|
|
Date of
Incorporation : |
04.07.1987 |
|
|
|
|
Com. Reg. No.: |
08-013543 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs. 112.651 Million |
|
|
|
|
CIN No.: [Company Identification
No.] |
L31300KA1987PLC013543 |
|
|
|
|
IEC No.: |
0793012112 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
Not Available |
|
|
|
|
PAN No.: [Permanent Account No.] |
AAACB5724H |
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|
|
|
Legal Form : |
A Public Limited Liability Company. The Company’s Shares are Listed on
the Stock Exchanges. |
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|
|
|
Line of Business
: |
Subject is engaged in Industrial and Transportation Business, Health Care Business, Safety, Security and Protection Services Business, Consumer and Office Business, Display and Graphics Business. |
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|
|
|
No. of Employees
: |
1461 [Approximately] |
RATING & COMMENTS
|
MIRA’s Rating : |
Aaa (86) |
|
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 |
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 – March 31, 2015
|
Country Name |
Previous Rating (31.12.2014) |
Current Rating (31.03.2015) |
|
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
31-03-2015.
INFORMATION DECLINED
MANAGEMENT NON-COOPERATIVE
[CONTACT NO.: 91-80-22231414/ 28520142]
LOCATIONS
|
Registered Office/ Factory 1 : |
Plot No. 48-51, Electronic City, Hosur Road, Bangalore - 560100, Karnataka, India |
|
Tel. No.: |
91-80-28520203/ 66595999 |
|
Fax No.: |
91-80-28520157 |
|
E-Mail : |
|
|
Website : |
|
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|
|
Corporate Office : |
Concorde Block, UB City, 24, Vittal Mallya Road, Bangalore – 560001, Karnataka, India |
|
Tel. No.: |
91-80-22231414/ 66595759 |
|
Fax No.: |
91-80-22231450 |
|
|
|
|
Innovation Labs : |
60-61, Udyog Vihar,Phase IV, Gurgaon (NCR) – 122001, India |
|
Tel. No.: |
91-124-3854100 |
|
Fax No.: |
91-124-3854101 |
|
|
|
|
Factory 2 : |
B-20, MIDC - Ranjangaon, Tal - Shirur, Pune – 412201, Maharashtra, India |
|
Tel. No.: |
91-2138-329999 |
|
|
|
|
Factory 3 : |
Plot No.8. Moraiya Industrial Area, Tal. Sanand, Sarkhej Bawla Highway, Ahmedabad – 382213, Gujarat, India |
|
Tel. No.: |
91-79-30465100 |
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|
|
|
Branch Offices : |
Located at: · Gurgaon (NCR) · Mumbai · Chennai · Kolkata · Pune |
DIRECTORS
AS ON 31.03.2015
|
Name : |
Mr. Balasubramanian Somaskandan Iyer |
|
Designation : |
Chairman, Non-Executive and Independent Director |
|
Date of Appointment : |
05.08.2014 |
|
Brief Profile : |
Mr. B.S. Iyer, 65, is a Post Graduate in Commerce and Post Graduate in
Law from the University of Bombay, holds a Diploma in Management Accounting,
Member of the All India Management Association and is a Fellow Member of the
Institute of Company Secretaries of India. Mr. Iyer held senior positions,
responsible for Corporate Legal affairs for over 30 years. He retired as Vice
President –Legal and Company Secretary of Bosch Limited. He is a Corporate
Legal Resource person for several MNCs and Indian companies. He was appointed
as a Director of the Company from December 26, 2001 and as Chairman of the
Board from the conclusion of the Annual General Meeting held on August 4,
2014. |
|
DIN No.: |
00138425 |
|
|
|
|
Name : |
Mr. Biren Chandrakant Gabhawala |
|
Designation : |
Non-Executive and Independent Director |
|
Date of Appointment : |
05.08.2014 |
|
Brief Profile : |
Mr. Biren Gabhawala, 50, was appointed to the Board of the company as an
Additional Director from August 5, 2014. He holds a Bachelor's degree in
Commerce from University of Mumbai and is a qualified Chartered Accountant
and fellow member of Institute of Chartered Accountants of India. He is into
practice for last 26 years. He is a Senior Partner of C. M. Gabhawala and Co.
Chartered Accountants and specializes in Direct and Indirect Taxation, FEMA,
International Taxation, Mergers, and Acquisitions. |
|
DIN No.: |
03091772 |
|
|
|
|
Name : |
Mr. Albert Chi Wang |
|
Designation : |
Non-Executive Director |
|
Brief Profile : |
Mr. Albert Wang, 47, joined 3M Company in January 2012 as General
Counsel, Asia Pacific and is based out of Shanghai, China. Prior to joining
3M, Mr. Albert Wang was Legal Director for Dell Inc. from 2001-2012 leading
their legal affairs efforts for Greater China as well as regionally (Asia
Pacific) for their Public and Large Enterprise business unit. He began
practicing law with the New York-based international law firm of Coudert
Brothers, with postings in Hong Kong (1993-1998) and Shanghai
(1998-2001).There, his practice was focused on foreign direct investment and
mergers and acquisitions, representing a wide array of multinational
corporations and global financial institutions across a broad range of
industry sectors. Mr. Albert Wang graduated in 1990 from Colgate University
with a Bachelor of Arts degree in Political Science. He earned his Juris
Doctor degree from The George Washington University National Law Center in
1993. He is a member of the New York State Bar, the American Chamber of
Commerce in Shanghai and the U.S. China Business Council. He was appointed as
a Non-Executive Director of the Company from March 12, 2012. |
|
DIN No.: |
05234667 |
|
|
|
|
Name : |
Mr. Ramesh Ramadurai |
|
Designation : |
Non-Executive Director |
|
Date of Appointment : |
27.03.2015 |
|
Brief Profile : |
Mr. Ramesh Ramadurai, 53, was appointed as Business Director for
3MIndustrial Business in July 2014 and is based out of Shanghai responsible
for the entire Asia Pacific Area. Prior to this role, Mr. Ramesh Ramadurai
served as Managing Director of 3M Philippines from August 2011 until June
2014, based in Manila. He Joined 3M India in 1989 as Sales Engineer and held
positions as Country Business Leader in Industrial Business and Electro and
Telecommunications. He was seconded to Global Headquarters in St Paul, USA,
and worked as Market Segment Manager in Industrial Business, as Global
Business Manager for a line of Industrial Tapes, and as International
Business Manager for 3M's Packaging, Masking and Specialty Tapes businesses.
Prior to 3M, Mr. Ramesh Ramadurai worked for a year as a Production Engineer
at an Offshore Oil Production facility, and for about 3 years in a business
planning and development role at an automotive parts and motor cycle
manufacturer. Mr. Ramesh Ramadurai holds MBA from the Indian Institute of
Management in Calcutta and is a Bachelor of Technology in Chemical
Engineering from the Indian Institute of Technology, Kanpur. He was appointed
as a Non-Executive Director of the Company from March 27, 2015. |
|
DIN No.: |
07109252 |
|
|
|
|
Name : |
Mr. Amit Laroya |
|
Designation : |
Managing director |
|
Brief Profile : |
Mr. Amit Laroya, 50, started his career at Asian Paints and moved to 3M
India in 1990 as the Division Head of Traffic, safety and Security. He has
held positions in 3M India as the Country Business Leader in Safety and
Graphics, Industrial, Electro and Telecommunication in addition to being the
first Master Black Belt for India region. He has also held positions as the
M&A Manager for India region and General Manager of 3M Lanka. His
assignment as the Managing Director of 3MIndonesia makes him well suited to
understanding emerging market needs. He also has a good understanding of
global corporate strategies at 3M having recently worked in St Paul, USA, as
the Global Director-for 3M Strategy and Corporate Development and the
Director of International Strategic Planning and M&A . Mr. Amit Laroya is
an Economics Honors graduate from the University of Delhi with an MBA in
marketing and finance from XLRI in India. He was appointed as Managing
Director of the Company fromOctober1, 2013. |
|
DIN No.: |
00098933 |
|
|
|
|
Name : |
Mr. Bharat Dhirajlal Shah |
|
Designation : |
Non-Executive and Independent Director |
|
Date of Appointment : |
27.03.2015 |
|
|
|
|
Name : |
Mrs. Sadhana Kaul |
|
Designation : |
Non-Executive Director |
|
Brief Profile : |
Mrs. Sadhana Kaul, 51, joined the Company in 2005 and has over 21
years of experience in the legal field, having worked in different capacities
in law firms in the US and in India. Prior to joining the Company, she was
with GE Medical Systems as Senior Legal Counsel based in Bangalore. She holds
a Bachelor's Degree in Law from Trinity College Cambridge, UK and a Masters
Degree in International and Comparative Law from Georgetown University Law
Center, Washington D.C. She was appointed as a Whole-time Director of the
Company from October 09, 2009 and was the General Counsel of the Company till
November 1, 2013. She resigned as Director and Whole-time Director with
effect from November 1, 2013 consequent upon her appointment as General
Counsel for South East Asia Region, Singapore. In addition to her current
role, she also acts as Asia Pacific Area Counsel for the Industrial and
Transportation Business. She leads the planning, development and execution of
strategic legal initiatives whilst managing the legal risks. She was
appointed as a Non-Executive Director of the Company from February 10, 2014. |
|
DIN No.: |
02589934 |
|
|
|
|
Name : |
Mr. Manuel Benigno Pardo Herrera |
|
Designation : |
Non-Executive Director |
|
Date of Appointment : |
27.03.2015 |
|
Brief Profile : |
Mr. Manuel B. Pardo, 53, was named Finance Director - Asia based out
of Hong Kong in August 2014. A 15-year veteran of 3M, he served as Industrial
Adhesives and Tapes Division Finance Manager of 3MU.S, since 2009. Mr. Manuel
Pardo joined 3Min 2000,worked in Business Finance, IT, Sourcing and also as
Legal Manager in 3MColombia. He has worked with various 3Mdivisions and lead
Latin America Finance division. He is a certified Six Sigma Master Black Belt
- Finance for Latin America and Canada. A native of Colombia, Mr. Manuel
Pardo had first-hand experience with economies in various stages of
development. Throughout his career he developed practical expertise with
managing successfully operations during currency fluctuations and
devaluations. Prior to joining 3M, Mr. Manuel Pardo had broad experience in
the Oil Industry, Agribusiness, Pension Funds and Banking. Mr. Manuel Pardo
earned a Master Degree in International Management, University of St. Thomas,
St. Paul, Minnesota in 1991, and has a Bachelor degree in Business with
finance concentration from a very well know Colombian University. He was
appointed as a Non-Executive Director of the Company from March 27, 2015. |
|
DIN No.: |
07125832 |
|
|
|
|
Name : |
Mr. B. V. Shankaranarayana Rao |
|
Designation : |
Whole-time Director |
|
Brief Profile : |
Mr. B.V. Shankaranarayana Rao, 55, holds a Bachelor Degree in Commerce
and a Master's Degree in Business Administration from Bangalore University.
He has been with the Company since 1990. He has over 30 years of experience
in Finance and Corporate Management. He has held various positions during his
tenure in 3MIndia. He has also worked in 3MAsia Pacific, Singapore, prior to
heading the Finance Department in 3MIndia Limited. He was appointed as a
Whole-time Director of the Company from July 24, 2002. Mr. Shankar Rao heads
the Business Services Group, Business Transformation and Information
Technology. |
|
DIN No.: |
00044840 |
KEY EXECUTIVES
|
Name : |
Mr. Sameer Agarwal |
|
Designation : |
Chief Financial Officer |
|
Date of Appointment : |
01.04.2014 |
|
|
|
|
Name : |
Mr. V. Srinivasan |
|
Designation : |
Company Secretary and Compliance Officer |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 30.09.2015
|
Category of Shareholder |
Total No. of Shares |
As a % |
|
(A) Shareholding of Promoter and Promoter
Group |
|
|
|
|
|
|
|
|
|
|
|
|
8448802 |
75.00 |
|
|
8448802 |
75.00 |
|
Total shareholding of Promoter and Promoter
Group (A) |
8448802 |
75.00 |
|
(B) Public Shareholding |
|
|
|
|
|
|
|
|
323516 |
2.87 |
|
|
1233 |
0.01 |
|
|
60 |
0.00 |
|
|
1082232 |
9.61 |
|
|
1407041 |
12.49 |
|
|
|
|
|
|
310139 |
2.75 |
|
|
|
|
|
|
949053 |
8.42 |
|
|
101478 |
0.90 |
|
|
48557 |
0.43 |
|
|
816 |
0.01 |
|
|
47230 |
0.42 |
|
|
511 |
0.00 |
|
|
1409227 |
12.51 |
|
Total Public shareholding (B) |
2816268 |
25.00 |
|
Total (A)+(B) |
11265070 |
100.00 |
|
(C) Shares held by Custodians and against which
Depository Receipts have been issued |
|
|
|
|
0 |
0.00 |
|
|
0 |
0.00 |
|
|
0 |
0.00 |
|
Total (A)+(B)+(C) |
11265070 |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Subject is engaged in Industrial and Transportation Business, Health Care Business, Safety, Security and Protection Services Business, Consumer and Office Business, Display and Graphics Business. |
|
|
|
|
Brand Names : |
|
|
|
|
|
Agencies Held : |
-- |
|
|
|
|
Exports : |
Not Divulged |
|
|
|
|
Imports : |
Not Divulged |
|
|
|
|
Terms : |
|
|
Selling : |
Not Divulged |
|
|
|
|
Purchasing : |
Not Divulged |
PRODUCTION STATUS: NOT AVAILABLE
GENERAL INFORMATION
|
Suppliers : |
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Customers : |
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|
No. of Employees : |
1461 [Approximately] |
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|
Bankers : |
· BNP Paribas · Citibank N.A. · Deutsche Bank AG · HDFC Bank Limited · ICICI Bank Limited · State bank of India · The Hong Kong and Shanghai Banking Corporation Limited |
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|
Facilities : |
|
||||||||||||||||||||||
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
Lovelock and Lewes Chartered Accountants |
|
Address : |
5th Floor, Tower D, The Millennia, 1 and 2 Murphy Road,
Ulsoor, Bangalore – 560008, Karnataka, India |
|
|
|
|
Memberships : |
-- |
|
|
|
|
Collaborators : |
-- |
|
|
|
|
Holding Company : |
3M Company, USA |
|
|
|
|
Fellow Subsidiaries
: |
· 3M China Limited · 3M Korea Limited · 3M Thailand Limited · 3M United Kingdom PLC · 3M France S.A.S. · 3M Deutschland GMBH · 3M Gulf Limited · 3M ESPE Dental AG · EMFI SAS · 3M Asia Pacific Pte. Limited · P.T. 3M Indonesia · Dyneon GMBH · 3M APAC RDC Pte Limited · 3M Unitek Corporation · 3M Argentina S.A.C.I.F.I.A. · 3M International Trading (TJ) Co., Limited · 3M Australia Pty. Limited · 3M Material Tech (Guangzhou) Co., Limited · 3M Canada Company · 3M Wroclaw SP. Z O.O. · 3M Do Brasil Limitada · 3M Lanka Private Limited · 3M EMEA, GmbH · Dyneon B.V. · 3M Espana, S.A. · 3M Belgium S.A./N.V. · 3M Hong Kong Limited · 3M Mexico, S.A. de C.V. · 3M Innovation Singapore Pte Limited · Cogent Systems, Inc. · 3M Italia S.P.A. · 3M Singapore Pte. Limited · 3M Japan Ltd · 3M Material Technology (Hefei) Co. Limited · 3M Malaysia Sdn. Bhn. Sumitomo · 3M Limited · 3M Nederland Holding B.V. · 3M Film Construction (Shanghai) Co. Limited · 3M Philippines, Inc. · 3M Taiwan Limited · 3M Svenska AB · 3M Technologies (S) Pte Limited · 3M Sanayi AS Ticaret · 3M Oesterreich GMBH · 3M Electro and Communication India Private Limited |
CAPITAL STRUCTURE
AS ON 31.03.2015
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
11,265,070 |
Equity Shares |
Rs. 10/- each |
Rs. 112.651 Million |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
11,265,070 |
Equity Shares |
Rs. 10/- each |
Rs. 112.651 Million |
|
|
|
|
|
Reconciliation of the
number of shares outstanding
|
Equity Shares |
As at March 31, 2015 |
|
|
|
Number of Shares |
Amount in Million |
|
Balance
as at the beginning of the year |
11,265,070 |
112.651 |
|
Shares
issued during the year |
-- |
-- |
|
Shares
bought back during the year |
-- |
-- |
|
Balance
as at the end of the year |
11,265,070 |
112.651 |
Rights, preferences and restrictions attached to
shares
The Company has
only one class of shares referred to as equity shares having a par value of Rs.
10 per share. Each holder of equity shares is entitled to one vote per share.
In the event of liquidation of the Company, the holders of equity shares will
be entitled to receive remaining assets of the Company after distribution of
all preferential amounts, in proportion to their shareholding.
Shares held by
Holding Company
|
Equity Shares |
As at March 31, 2015 |
|
|
|
Number of Shares |
Amount in Million |
|
|
|
|
|
3M
Company, USA |
8,448,802 |
84.488 |
Shares held by each
shareholder holding more than 5 per cent shares
|
Equity Shares |
As at March 31, 2015 |
|
|
|
Number of Shares |
% |
|
|
|
|
|
3M
Company, USA, the Holding Company |
8,448,802 |
75.00% |
FINANCIAL DATA
[all figures are
in Rupees Million]
ABRIDGED
BALANCE SHEET
|
SOURCES OF FUNDS |
31.03.2015 |
31.03.2014 |
31.03.2013 |
|
I.
EQUITY AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
112.651 |
112.651 |
112.651 |
|
(b) Reserves & Surplus |
7964.484 |
6881.615 |
6451.713 |
|
(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) |
8077.135 |
6994.266 |
6564.364 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) Long-term borrowings |
75.437 |
67.428 |
76.913 |
|
(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 |
185.389 |
109.628 |
128.645 |
|
Total
Non-current Liabilities (3) |
260.826 |
177.056 |
205.558 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a)
Short term borrowings |
0.000 |
1084.540 |
1604.043 |
|
(b)
Trade payables |
1566.764 |
1294.323 |
1279.667 |
|
(c)
Other current liabilities |
1282.847 |
1299.539 |
969.572 |
|
(d)
Short-term provisions |
93.420 |
27.642 |
4.098 |
|
Total
Current Liabilities (4) |
2943.031 |
3706.044 |
3857.380 |
|
|
|
|
|
|
TOTAL |
11280.992 |
10877.366 |
10627.302 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a)
Fixed Assets |
|
|
|
|
(i)
Tangible assets |
3832.346 |
4128.776 |
2939.842 |
|
(ii)
Intangible Assets |
45.153 |
53.977 |
55.707 |
|
(iii)
Capital work-in-progress |
12.997 |
70.249 |
1208.496 |
|
(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) |
96.625 |
128.855 |
90.647 |
|
(d) Long-term Loan
and Advances |
330.892 |
160.750 |
222.680 |
|
(e)
Other Non-current assets |
13.351 |
60.650 |
40.978 |
|
Total
Non-Current Assets |
4331.364 |
4603.257 |
4558.350 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a)
Current investments |
0.000 |
0.000 |
0.000 |
|
(b)
Inventories |
2955.655 |
2582.379 |
2252.110 |
|
(c)
Trade receivables |
2491.202 |
2651.773 |
2663.718 |
|
(d)
Cash and cash equivalents |
1139.095 |
597.018 |
595.834 |
|
(e)
Short-term loans and advances |
325.185 |
442.939 |
557.290 |
|
(f)
Other current assets |
38.491 |
0.000 |
0.000 |
|
Total
Current Assets |
6949.628 |
6274.109 |
6068.952 |
|
|
|
|
|
|
TOTAL |
11280.992 |
10877.366 |
10627.302 |
PROFIT
& LOSS ACCOUNT
|
|
PARTICULARS |
31.03.2015 |
31.03.2014 |
31.03.2013 |
|
|
|
SALES |
|
|
|
|
|
|
|
Revenue from Operations |
18402.976 |
17423.428 |
15741.312 |
|
|
|
Other Income |
144.784 |
199.429 |
105.034 |
|
|
|
TOTAL (A) |
18547.760 |
17622.857 |
15846.346 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of Materials Consumed |
6089.242 |
6515.419 |
6166.173 |
|
|
|
Purchases of Stock-in-Trade |
5231.430 |
4417.135 |
3813.460 |
|
|
|
Changes in inventories of finished goods, work-in-progress
and Stock-in-Trade |
(318.745) |
(50.585) |
(40.678) |
|
|
|
Employees benefits expense |
2461.649 |
2475.815 |
2128.217 |
|
|
|
Other expenses |
2908.286 |
2956.647 |
2569.058 |
|
|
|
TOTAL (B) |
16371.862 |
16314.431 |
14636.230 |
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
2175.898 |
1308.426 |
1210.116 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
34.227 |
141.717 |
95.135 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
2141.671 |
1166.709 |
1114.981 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
496.049 |
476.040 |
363.000 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
1645.622 |
690.669 |
751.981 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
562.206 |
260.767 |
229.328 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
1083.416 |
429.902 |
522.653 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Export of goods F.O.B basis |
392.641 |
343.109 |
231.991 |
|
|
|
Freight and insurance on exports |
11.424 |
2.115 |
4.547 |
|
|
|
Contract research |
214.238 |
242.462 |
172.545 |
|
|
|
Re-charge of other services |
84.504 |
66.583 |
44.448 |
|
|
TOTAL EARNINGS |
702.807 |
654.269 |
453.531 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
2785.693 |
2826.586 |
2926.953 |
|
|
|
Traded goods |
4533.445 |
4574.761 |
3962.556 |
|
|
|
Stores and spares |
3.420 |
6.114 |
6.790 |
|
|
|
Capital Goods |
36.406 |
116.818 |
320.373 |
|
|
TOTAL IMPORTS |
7358.964 |
7524.279 |
7216.672 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
96.17 |
38.16 |
46.40 |
|
CURRENT MATURITIES
OF LONG TERM DEBT DETAILS
|
PARTICULARS |
31.03.2015 |
31.03.2014 |
31.03.2013 |
|
Current Maturities of Long term debt |
NA |
NA |
NA |
|
|
|
|
|
|
Cash generated from operations |
2313.149 |
1446.432 |
876.389 |
|
|
|
|
|
|
Net cash generated from operating activities |
1773.655 |
1203.839 |
637.786 |
QUARTERLY RESULTS
|
PARTICULARS |
30.06.2015 |
|
Type |
1st
Quarter |
|
Net Sales |
5185.900 |
|
Total Expenditure |
4468.610 |
|
PBIDT (Excl OI) |
717.290 |
|
Other Income |
16.000 |
|
Operating Profit |
733.290 |
|
Interest |
2.750 |
|
Exceptional Items |
0.000 |
|
PBDT |
730.540 |
|
Depreciation |
123.890 |
|
Profit Before Tax |
606.650 |
|
Tax |
211.610 |
|
Provisions and contingencies |
0.000 |
|
Profit After Tax |
395.040 |
|
Extraordinary Items |
0.000 |
|
Prior Period Expenses |
0.000 |
|
Other Adjustments |
0.000 |
|
Net Profit |
395.040 |
KEY
RATIOS
|
PARTICULARS |
|
31.03.2015 |
31.03.2014 |
31.03.2013 |
|
Net Profit Margin (PAT / Sales) |
(%) |
5.89 |
2.47 |
3.32 |
|
|
|
|
|
|
|
Operating Profit Margin (PBDIT/Sales) |
(%) |
11.82 |
7.51 |
7.69 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
14.73 |
6.47 |
8.06 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.20 |
0.10 |
0.11 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
0.01 |
0.16 |
0.26 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
2.36 |
1.69 |
1.57 |
STOCK
PRICES
|
Face Value |
Rs. 10.00/- |
|
|
|
|
Market Value |
Rs. 12186.35/- |
FINANCIAL ANALYSIS
[all figures are
in Rupees Million]
DEBT EQUITY RATIO
|
Particulars |
31.03.2013 |
31.03.2014 |
31.03.2015 |
|
|
(Rs.
In Million) |
(Rs.
In Million) |
(Rs.
In Million) |
|
Share Capital |
112.651 |
112.651 |
112.651 |
|
Reserves & Surplus |
6451.713 |
6881.615 |
7964.484 |
|
Money received against share warrants |
0.000 |
0.000 |
0.000 |
|
Share Application money pending allotment |
0.000 |
0.000 |
0.000 |
|
Net
worth |
6564.364 |
6994.266 |
8077.135 |
|
|
|
|
|
|
Long-term borrowings |
76.913 |
67.428 |
75.437 |
|
Short term borrowings |
1604.043 |
1084.540 |
0.000 |
|
Total
borrowings |
1680.956 |
1151.968 |
75.437 |
|
Debt/Equity ratio |
0.256 |
0.165 |
0.009 |
YEAR-ON-YEAR GROWTH
|
Year on Year Growth |
31.03.2013 |
31.03.2014 |
31.03.2015 |
|
|
(Rs.
In Million) |
(Rs.
In Million) |
(Rs.
In Million) |
|
Sales |
15741.312 |
17423.428 |
18402.976 |
|
|
|
10.686 |
5.622 |
NET PROFIT MARGIN
|
Net Profit Margin |
31.03.2013 |
31.03.2014 |
31.03.2015 |
|
|
(Rs.
In Million) |
(Rs.
In Million) |
(Rs.
In Million) |
|
Sales |
15741.312 |
17423.428 |
18402.976 |
|
Profit |
522.653 |
429.902 |
1083.416 |
|
|
3.32% |
2.47% |
5.89% |
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 |
No |
|
8 |
Designation of contact person |
No |
|
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) |
No |
|
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 |
Yes |
|
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 |
No |
|
29 |
Profitability for last three years |
Yes |
|
30 |
Major shareholders, if available |
No |
|
31 |
External Agency Rating, if available |
No |
|
32 |
Litigations that the firm/promoter
involved in |
-- |
|
33 |
Market information |
-- |
|
34 |
Payments terms |
No |
|
35 |
Negative Reporting by Auditors in the
Annual Report |
No |
INDEX OF CHARGES
|
S.NO. |
CHARGE ID |
DATE OF CHARGE CREATION/MODIFICATION |
CHARGE AMOUNT SECURED |
CHARGE HOLDER |
ADDRESS |
SERVICE REQUEST NUMBER (SRN) |
|
1 |
90200246 |
22/09/1999 * |
5,000,000.00 |
STATE BANK OF
INDIA |
ELECTONIC CITY
BRANCH, BLOCK; 1 KSSIDC COMPLEX, BANGLORE, KARNATAKA - 561229, INDIA |
- |
* Date of charge modification
UNSECURED LOANS
|
PARTICULARS |
31.03.2015 (Rs.
In Million) |
31.03.2014 (Rs.
In Million) |
|
SHORT TERM BORROWINGS |
|
|
|
Term loan from bank |
0.000 |
100.000 |
|
Working capital loans repayable on demand from banks |
0.000 |
984.540 |
|
|
|
|
|
Total |
0.000 |
1084.540 |
GENERAL INFORMATION
Subject is a subsidiary of 3MCompany,
USA. The Company manages its operations in five operating segments: Industrial,
Health Care, Safety and Graphics, Consumer and Energy. In India, the Company
has manufacturing facilities at Ahmedabad, Bangalore, Pune and has a R&D
Center in Bangalore. 3M India's five business segments bring together common or
related 3M technologies that enhance the development of innovative products and
services and provide efficient sharing of business resources. The Company is a
public limited Company and is listed on the Bombay Stock Exchange Limited (BSE)
and the National Stock Exchange Limited (NSE).
FINANCIAL RESULTS / PERFORMANCE AND STATE OF
AFFAIRS
The
Company commenced the year 2014 with prudence and caution, realigning
initiatives and businesses to adapt to the reduced vibrancy of the Indian
economy. The Company continues to repose faith in the fundamentals and strong
potential of the economy. Close monitoring by the Reserve Bank of India,
softening of commodity prices and new initiatives by the Government seem to
have helped in mitigating general inflation though food inflation remained at
higher levels. For most part of the year the external environment continued to
lack buoyancy while manufacturing sector recovery was at a modest pace.
The
Company continues to make active efforts to reach its products to consumers.
The focus during the year was to improve availability in a sustained manner in
the secondary and tertiary towns. During the year, the Company continued to
improve the planning process and the productivity of the sales force.
The
Company is optimistic that the economy will recover and return to a higher
growth trajectory that is in keeping with its true potential. All initiatives
from the new Government indicate increased focus on reviving economic growth by
redefining policies, “Make in India” to revive Manufacturing sector along with
attracting Foreign investment, improving administration and infusing
investments to create a robust infrastructure for economic activity. The
political stability, the increased engagement with other countries, FDI
liberalization in Railways and Defence and reform oriented initiatives in
mining and Direct Benefit Transfer reflect the change underway.
The
Directors' are satisfied that in the economic environment that prevailed during
the year, the Company has kept its sight on the strategy to consistently
deliver long term sustainable, productivity led profitable growth. The Company
has a strong leadership team which continues to focus on reinforcing the fundamentals
of growth drivers and further improve operational efficiencies and
rationalization of products portfolio.
In
2014, the Company focused on building winning portfolios, improving Sales and
R&D productivity, reducing material cost and an overall sharper execution
discipline. This resulted in a substantial increase in profitability.
The
Business Services group took over key customer facing activities that led to
overall superior service standards. The Supply Chain of the Company continued
leveraging economies of scale and ensured supply of quality materials and
services at competitive prices. During the year, the Company also continued to
develop local raw materials for business and continues to work to develop
alternate vendors to reduce risks and deliver savings. The Company created an
empowered Lean Six Sigma (LSS) team which executed high impact growth, cost and
cash programs to improve the overall efficiency of their core processes. The
Company continues to benefit from its access to the 3MGroup Research and
Development and technical expertise, as well as the best practices available
from the global network.
AWARDS AND RECOGNITION
·
3M India's Infection Prevention Division was awarded
the prestigious Sterilization Services - Business Leadership Award at the
Hospital Management Conference and CIMS Healthcare Awards instituted by UBM
Medica at Mumbai. The award re-iterates.
·
3M Healthcare leadership in the Sterilization
Assurance and Monitoring segment and recognizes the efforts 3M has invested in
training and educating customers and upgrading healthcare practices across the
country.
·
The Company's Electronics City plant received the
2014 Supplier Quality Excellence award from General Motors. This global award
from General Motors recognizes the best suppliers around the world who fulfill
the company's most stringent quality requirements. This is another feather in
the cap for 3M India's manufacturing capability and quality with recognition
from one of the top automotive companies in the world.
·
Two 3M products for the retail market - 'Scotch®
Magic Tape Donut dispenser pack' and '3M Auto Speciality products - DIY'
recently won the India star 2014 award instituted by Indian Institute of Packaging
for excellence in packaging design. The India star win qualifies these products
for entry into the Asia star and World star packaging design awards. This is
the second time that 3M India has participated and won such an award. Their
packaging designs competed with a record 552 entries that were received this
year.
·
?The Company's 'Bangalore and Ahmedabad Plants
received the "Certificate of Appreciation" from the National Safety
Council of India for demonstrating consistent safety performance during the
period 2010 to2012.
·
Honda Motorcycle and Scooter India Private Limited
(HMSI) recognized 3M India as one of its top 6 suppliers who have helped the
automotive company succeed in 2014-15. The certificate of appreciation from
Honda acknowledged 3M India's excellent performance in meeting delivery targets
during the year 2014-15. In addition recognition also came from Honda Cars
India for 100%delivery performance during the period December 2014-March 2015.
·
3M India's Commercial Graphics Division won “Emerging
Partner of the Year Award 2014” from top restaurant franchisee Company Yum
Brands.
·
3M India's plant in Ahmedabad received prestigious
recognition from the CEO of 3M Corporation, USA for completing 730 days
consecutively without a lost time injury or illness incident.
MANAGEMENT DISCUSSION AND ANALYSIS REPORT
THE COMPANY
The
Company is the flagship listed Company of 3M Company, USA in India. 3M Company,
USA holds 75% equity stake in the Company and is a diversified technology and
science company with a global presence in the following businesses: Industrial;
Health Care; Consumer; Safety and Graphics; and Energy and is among the leading
manufacturers of products for many of the markets it serves. Most of its
products involve expertise in product development, manufacturing and marketing,
and are subject to competition from products manufactured and sold by other
technologically oriented companies.
The
Company has manufacturing facilities in India at Ahmedabad, Bangalore, Pune and
has a RandD Center in Bangalore. As at March 31, 2015, the Company had employee
strength of 1,461 personnel. The Company managed its operations in five (5)
operating business segments: Industrial; Health Care; Consumer; Safety and
Graphics; and Energy. The Company's five business segments bring together
common or related 3Mtechnologies, enhancing the development of innovative
products and services and providing for efficient sharing of business
resources. These segments have worldwide responsibility for virtually all 3M
product lines.
3M
products are sold through numerous distribution channels, including directly to
users and through numerous wholesalers, retailers, converters, distributors and
dealers in a wide variety of trades in many countries around the world. The
Management of the Company believes that the confidence of wholesalers,
retailers, converters, distributors and dealers in 3Mand its products is a
confidence developed through long association with skilled marketing and sales
representatives and has contributed significantly to3MIndia's growth and its
position in the market place.
GLOBAL ECONOMIC OVERVIEW
Global
growth is projected to reach 3.5% in 2015, compared to 3.4% in 2014. There is a
divergence in the composition of growth, with advanced economies growing at
2.4% in 2015 versus 1.8% in 2014, and emerging market and developing economies
growing at 4.3% in 2015 versus 4.6% in 2014. The growth is moderate and uneven,
owing to complex forces shaping the world economy as explained ahead.
The
legacies from both the financial crisis and the Euro crisis are still highly
visible across several countries leading to high debt and slowdown in spending.
Potential growth is declining in both advanced and developing economies.
Decline in oil prices is leading to a large reallocation of real income from
net oil exporters to net oil importers. This is leading to an increase in
spending in oil importing countries, while for oil exporters, this is leading
to declining financial resources. The exchange rate movements, including the
appreciation of dollar and the depreciation of Yen and Euro are also effecting
exports and imports across countries.
INDIA ECONOMIC OVERVIEW
India
has emerged with an encouraging economic outlook, amidst the mood of pessimism and
uncertainties that overcome a number of advanced and emerging economies.
India's GDP growth is expected to touch 7.8% in the year ending March 2016, up
from the estimated 7.4% growth in 2014-15. Going ahead, it is slated to average
8% growth year on year. Notwithstanding the revised GDP estimates, the balance
of evidence counsels in favour of viewing India as a recovering rather than
surging economy.
India's
IIP is currently seeing low growth. In March, Industrial production grew 2.1%
year on year, the weakest in five months, as consumer goods output contracted
again after a short-lived recovery in February. On a positive side, investment
goods output continues to expand, as businesses are scaling up production on
anticipation of stronger demand as the economy gathers pace. The improving
investment sentiment along with lower inflation should help rebound investment
activity, likely pushing India's overall growth. Rupee depreciation continues,
but is slower compared to peers.
The
Government is driving several big reforms to boost the economy:
· Make in India: Aimed at building best in class manufacturing infrastructure through investment, coupled with skill development.
· 100 Smart City Initiative: Smart physical, social, institutional and economic infrastructure to improve public services and for sustainable development
· E-auction of Coal Blocks: Boosting of the coal sector through privatization
· Labour Sector reforms: Simplified registration, online return filing, transparent labour inspection schemes boosting the MSME sector.
However, roll out of investments in infrastructure continue to be a matter of concern given the inadequate domestic liquidity in the market. The government will have to break the cycle of poor liquidity in order to execute these reforms. The government is also targeting structural supply and demand side imbalances which should help sustainably reduce inflation over time.
OUTLOOK
The
Company is optimistic that the economy will recover and return to a higher
growth trajectory that is in keeping with its true potential. All initiatives
from the new Government indicate increased focus on reviving economic growth by
redefining policies, “Make in India” to revive Manufacturing sector along with
attracting Foreign investment, improving administration and infusing
investments to create a robust infrastructure for economic activity. The
political stability, the increased engagement with other countries, FDI
liberalization in Railways and Defence and reform oriented initiatives in
mining and Direct Benefit Transfer reflect the change underway. They expect
faster recovery in construction, real estate, transportation and manufacturing
which are key sector for growth in the Company. Higher discretionary spending,
growing aspirations of the Indian middle class, and growth of retail credit
will drive the consumer retail and healthcare businesses in India.
STATEMENT
OF STANDALONE UNAUDITED FINANCIAL RESULTS FOR THE QUARTER ENDED JUNE 30, 2015
[RS.
IN MILLION]
|
PARTICULARS |
3 Months ended June 30, 2015 (Unaudited) |
|
Income from Operations |
|
|
Net Sales/Income from Operations |
5113.002 |
|
Other Operating Income |
72.893 |
|
Total Income from
operations (net) |
5185.895 |
|
|
|
|
Expenses |
|
|
(a) Cost of materials consumed |
1734.691 |
|
(b) Purchase of stock in trade |
1287.980 |
|
(c) Changes in inventories of finished goods, work in
progress and stock in trade |
1.257 |
|
(d) Employee benefit expenses |
670.932 |
|
(e) Depreciation and amortization expenses |
123.885 |
|
(f) Other Expenses |
773.745 |
|
Total Expenses |
4592.490 |
|
Profit from Operations
before Other Income, Finance costs and Exceptional item |
593.405 |
|
Other Income |
15.997 |
|
Profit/ Loss from
Ordinary Activities before Finance costs and Exceptional item |
609.402 |
|
Finance costs |
2.750 |
|
Profit/ Loss from
Ordinary Activities after Finance costs but Exceptional item |
606.652 |
|
Exceptional
items |
0.000 |
|
Profit/ Loss from Ordinary Activities
before tax |
606.652 |
|
Tax Expenses |
|
|
- Current Tax |
256.449 |
|
- Deferred
Tax Liability/ Assets |
(44.835) |
|
Net Profit/ Loss from Ordinary Activities
after tax |
395.038 |
|
Extraordinary
Items |
-- |
|
Net Profit for the period |
395.038 |
|
Paid- up
Equity Share Capital (Face value of the share – Rs. 10/-) |
112.651 |
|
Reserves
excluding revaluation reserves as per balance sheet of Previous Accounting
Year |
-- |
|
Earnings per share
(before extraordinary items) (of Rs. 10/-
each) (not annualized) -
Basic |
35.07 |
|
- Diluted |
35.07 |
|
Earnings per
share (after extraordinary items) (of Rs. 10/-
each) (not annualized) - Basic |
35.07 |
|
- Diluted |
35.07 |
|
|
|
|
PARTICULARS OF SHAREHOLDING |
|
|
1. Public
shareholding |
|
|
Number of
Shares |
2816268 |
|
Percentage of Shareholding |
25.00% |
|
2. Promoters
and promoter group shareholding |
|
|
a)
Pledged/Encumbered |
|
|
- Number of Shares |
-- |
|
- Percentage of Shares (as a % of the Total Shareholding
of promoter and promoter group) |
-- |
|
- Percentage of Shares (as a % of the Total Share Capital
of the Company) |
-- |
|
|
|
|
Non - encumbered |
|
|
- Number of
Shares |
8448802 |
|
- Percentage of
Shares (as a % of
the total shareholding of promoter and promoter group) |
100.00% |
|
- Percentage
of Shares (as a % of
the total share capital of the company) |
75.00% |
|
|
Particulars |
3 Months ended June 30, 2015 (Unaudited) |
|
B |
Investor complaints
(Nos.) |
|
|
|
Pending at the beginning of the quarter |
Nil |
|
|
Received during the quarter |
1 |
|
|
Disposed of during the quarter |
1 |
|
|
Remaining unresolved at the end of the quarter |
Nil |
NOTES:
1) The above Financial Results were reviewed by the Audit Committee in its meeting held on August 03, 2015 and approved by the Board of Directors of the Company at its meeting held on that date.
2) The Results for the quarter ended June 30, 2015 have been subjected to Limited Review by Statutory Auditors of the Company.
3) Segments have been identified in line with the Accounting Standard on Segment Reporting (AS-17) taking into account the organisation structure as well as the differential risks and returns of these segments.
4) Segment revenue, results and capital employed figures include the respective amounts identifiable to each of the segments. Other unallocable income net off unallocable expenditure are towards common services to the segments which are not directly identifiable to the individual segments as well as those at a corporate level which relate to the Company as a whole.
5) The figures for the quarter ended March 31, 2015 are the balancing figures between the audited figures in respect of full financial figures and the published year to date figures upto the third quarter of the financial year 2014-15.
6) Corresponding previous quarters'/years' figures are regrouped wherever necessary.
CONTINGENT
LIABILITIES:
|
Particulars |
31.03.2015 (Rs.
In Million) |
31.03.2014 (Rs.
In Million) |
|
Contingent
liabilities not provided for: |
|
|
|
Claims against the Company not acknowledged as debts: |
|
|
|
- Income Tax matters [net of amount paid under protest Rs. 38.371 Million (2014: Rs. 8.371 Million)] |
238.400 |
282.548 |
|
- Custom Duty |
196.151 |
196.151 |
|
- Sales Tax matters [net of amount paid under protest Rs. 44.918 Million (2014: Rs. 18.091 Million)] |
1081.661 |
951.606 |
|
- Service Tax matters [net of amount paid under protest Rs. 12.160 Million (2014: Rs. 12.160 Million)] |
54.446 |
83.355 |
|
- Others |
0.000 |
18.177 |
|
c) Bills discounted |
9.663 |
0.000 |
|
NOTES: (i) The Company during the year 2012-13 had received an order from The Commissioner of Customs demanding differential duty, interest and penalty of Rs.196.151 Million, contending the availment of concessional import duty in respect of some of its products for which a demand notice was served on the Company for payment of the above amount. The Company has an appeal against the order including for obtaining a stay against any recovery proceedings that may be initiated and accordingly no liability has been recognised in the books. (ii) The Company during the year 2013-14 received orders from Assistant Commissioner of Sales Tax, Mumbai under the Maharashtra Value Added Tax Act, 2002 and Central Sales Tax Act, 1956 for the years 2005-06, 2006-07, 2008-09 and 2009-10 demanding differential tax, interest and penalty of Rs. 893.228 Million contending the applicable rate of tax for various products and matters pertaining to declaration forms. The Company has filed appeals against all these orders based on legal opinion received and has obtained stay against any recovery of tax demands. Accordingly, no liability has been recognized in the books. (iii) During February 2014, the Directorate of Revenue Intelligence (DRI) conducted a search under Sections 17 and 28 of the Customs Act 1962 in relation to levy of custom duty on inter-company transactions for import of goods and services. With a view to co-operate with the authorities and to secure the release of the detained goods, the Company, under protest, and without prejudice to its rights and remedies under law, in February of 2014 made a deposit of Rs. 5.000 Million. The DRI has requested for additional information and the Company is co-operating with the authorities by submitting the information sought from time to time. Accordingly, no liability has been recognized in the books. (iv) Future cash outflow in respect of b) above are determinable only on receipt of judgments/ decisions pending with various forums/authorities. |
||
FIXED ASSETS:
·
Land
·
Buildings
·
Plant and Machinery
·
Furniture and Fixtures
·
Vehicles
·
Office Equipments
·
Data Processing Equipments
·
Leasehold Improvements
·
Goodwill
·
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. 65.04 |
|
|
1 |
Rs. 99.58 |
|
Euro |
1 |
Rs. 71.75 |
INFORMATION DETAILS
|
Information
Gathered by : |
SUP |
|
|
|
|
Analysis Done by
: |
KAR |
|
|
|
|
Report Prepared
by : |
BVA |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
10 |
|
PAID-UP CAPITAL |
1~10 |
9 |
|
OPERATING SCALE |
1~10 |
10 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
10 |
|
--PROFITABILIRY |
1~10 |
9 |
|
--LIQUIDITY |
1~10 |
9 |
|
--LEVERAGE |
1~10 |
9 |
|
--RESERVES |
1~10 |
10 |
|
--CREDIT LINES |
1~10 |
10 |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--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 |
YES |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
86 |
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.