|
|
|
MIRA INFORM REPORT
|
Report No. : |
491958 |
|
Report Date : |
14.02.2018 |
IDENTIFICATION DETAILS
|
Name : |
HENKEL ADHESIVES TECHNOLOGIES INDIA PRIVATE LIMITED |
|
|
|
|
Registered
Office : |
10th and 11th Floor, Kesar Solitaire, Plot No.
5, Sector 19, Palm Beach Road, Sanpada, Navi Mumbai – 400705, Maharashtra |
|
Tel. No.: |
91-22-39296600/01 |
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|
|
|
Country : |
India |
|
|
|
|
Financials (as
on) : |
31.03.2016 |
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|
|
|
Date of
Incorporation : |
01.01.1990 |
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|
|
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Com. Reg. No.: |
11-234233 |
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|
|
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Capital
Investment / Paid-up Capital : |
INR 493.470 Million |
|
|
|
|
CIN No.: [Company Identification
No.] |
U28933MH1990PTC234233 |
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|
|
|
IEC No.: |
0390014869 |
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GSTIN: |
Not Divulged |
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|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
Not Available |
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|
|
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PAN No.: [Permanent Account No.] |
AAACL1954B |
|
|
|
|
Legal Form : |
Private Limited Liability Company |
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|
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Line of Business
: |
Manufacture and Sale of industrial adhesive products and trading of hair care products. (Registered Activity) |
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|
|
|
No. of Employees
: |
Information declined by the management |
RATING & COMMENTS
(Mira Inform has adopted New Rating mechanism w.e.f. 23rd
January 2017)
|
MIRA’s Rating : |
A+ |
|
Credit Rating |
Explanation |
Rating Comments |
|
A+ |
Low Risk |
Business dealings permissible with low
risk of default |
|
Maximum Credit Limit : |
USD 25971000 |
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|
|
|
Status : |
Excellent |
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|
|
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Payment Behaviour : |
Regular |
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|
|
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Litigation : |
Clear |
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|
Comments : |
Subject is a wholly owned subsidiary of ‘Henkel AG and Company KGaA”, Germany. The company was incorporated in the year 1990. It is a manufacturer and seller of industrial adhesive products and trader of hair care products. As per the financial record of 2016, the company has achieved 8.97% growth in its revenue as compared to previous year along with profit margin of 3.45%. The healthy financial profile of the company is marked by strong networth base along with strong debt coverage indicators due to debt free balance sheet profile. Rating takes into consideration strong financial and managerial support that company receives from its holding entity backed by its well experienced management team. Rating also derives strength from company’s established track record of business operations. However, rating strengths are partially offset by unfavourable gap between trade payables and trade receivables. Business is active. Payments seems to be regular. In view of aforesaid, the company can be considered for business dealings at usual trade terms and conditions. Note: As per the Registrar of Companies date of balance sheet (i.e. financial filed) is shown as 31.03.2017 but documents related to financial for the year 31.03.2017 are not available from any sources. |
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
|
Country Name |
Previous Rating (30.06.2017) |
Current Rating (30.09.2017) |
|
India |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low Risk |
A2 |
|
Moderately Low Risk |
B1 |
|
Moderate Risk |
B2 |
|
Moderately High Risk |
C1 |
|
High Risk |
C2 |
|
Very High Risk |
D |
EXTERNAL AGENCY RATING
|
Rating Agency Name |
Not Available |
|
Rating |
Not Available |
|
Rating Explanation |
Not Available |
|
Date |
Not Available |
RBI DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available RBI Defaulters’ list.
EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of
31-03-2016.
BIFR (Board for Industrial & Financial Reconstruction) LISTING
STATUS
Subject’s name is not listed as a Sick Unit in
the publicly available BIFR (Board for Industrial & Financial
Reconstruction) list as of 14.02.2018
IBBI (Insolvency and Bankruptcy Board of India) LISTING STATUS
Subject’s name is not listed in the publicly
available IBBI (Insolvency and Bankruptcy Board of India) list as of report
date.
INFORMATION DECLINED
Management non-cooperative (Tel No.:91-22-71301112)
LOCATIONS
|
Registered Office : |
10th and 11th Floor, Kesar Solitaire, Plot No. 5,
Sector 19, Palm Beach Road, Sanpada, Navi Mumbai – 400705, Maharashtra, India |
|
Tel. No.: |
91-22-39296600/01 |
|
Fax No.: |
91-22-39296602 |
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E-Mail : |
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Website : |
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Location : |
Owned |
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Locality : |
Commercial |
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|
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Branch Office / Factory : |
Located at:
|
DIRECTORS
AS ON 31.03.2017
|
Name : |
Mr. Sundararaman Ramakrishnan Iyer |
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|
Designation : |
Director |
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|
Address : |
A-2/403, Gangotri Sadan Cooperative Hosing Society Limited, Bangur Nagar, Goregaon (West), Mumbai - 400090, Maharashtra, India |
||||||||||||
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Date of Birth/Age : |
24.05.1960 |
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Date of Appointment : |
30.09.2011 |
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PAN No.: |
AAGPI9089P |
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DIN No.: |
03303029 |
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Other Directorship:
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|
||||||||||||
|
Name : |
Shilip Sant Kumar |
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Designation : |
Director |
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Address : |
8/62, Shyam Nivas Warden Road Mumbai-400026, Maharashtra, India |
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|
Date of Appointment : |
29.09.2016 |
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DIN No.: |
02466770 |
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Other Directorship:
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|
||||||||||||
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Name : |
Man Ying Cheung |
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|
Designation : |
Director |
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Address : |
Flat 12 A, Tower 6, Phase 1, Residence Bel-Air, Pokfulam, Hong Kong, 0000, Hong Kong |
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Date of Birth/Age : |
22.08.1988 |
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Date of Appointment : |
23.04.2013 |
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DIN No.: |
06539553 |
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|
||||||||||||
|
Name : |
Bappa Bandyopadhyay |
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|
Designation : |
Director |
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|
Address : |
Flat No A/601, Bhumiraj Iraisaa, Plot No 1, Sector 19, Sanpada, Navi Mumbai, 400705, Maharashtra, India |
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Date of Birth/Age : |
04.07.1969 |
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Date of Appointment : |
30.09.2014 |
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PAN No.: |
ABLPB2408B |
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DIN No.: |
06936428 |
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Other Directorship:
|
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|
||||||||||||
|
Name : |
Nuri Erdem Kocak |
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Designation : |
Director |
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|
Address : |
Silverene Towers 2008, Tower A, Po Box 61341, Dubai, 61341, United Arab Emirates |
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Date of Birth/Age : |
07.09.1960 |
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|
Date of Appointment : |
30.09.2014 |
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DIN No.: |
06955497 |
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Other Directorship:
|
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KEY EXECUTIVES
|
Name : |
Mr. Pratik Umesh Shah |
|
Designation : |
Secretary |
|
Address : |
B-21, Triveni, Gilbert Hill Road, Andheri (West), Mumbai – 400058, Maharashtra, India |
|
Date of Birth/Age : |
17.04.1981 |
|
Date of Appointment : |
17.06.2014 |
|
PAN No.: |
AYFPS3963H |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 31.03.2017
|
Names of Shareholders |
|
No. of Shares |
|
Henkel AG and Company KGaA, Germany |
|
49347329 |
|
Inter Beteiligungsverwaltungs – Gesellschaft GmbH, Germany |
|
1 |
|
Total |
|
49347330 |
Equity Share Break up (Percentage of Total Equity)
AS ON 27.09.2017
|
Category |
Percentage |
|
Promoters (Body corporate) |
100.00 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacture and Sale of industrial adhesive products and trading of hair care products. (Registered Activity) |
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Products / Services
: |
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Brand Names : |
Not Available |
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Agencies Held : |
Not Available |
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Exports : |
Not Divulged |
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Imports : |
Not Divulged |
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||||||
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Terms : |
Not Divulged |
PRODUCTION STATUS: NOT AVAILABLE
GENERAL INFORMATION
|
Suppliers : |
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Customers : |
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No. of Employees : |
Information declined by the management |
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Bankers : |
|
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Auditors : |
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|
Name : |
B S R and Company Chartered Accountants |
|
Address : |
1st Floor, Lodha Excelus, Apollo Mills Compound, N. M. Joshi Marg, Mahalaxmi, Mumbai, Maharashtra, India |
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PAN N Income-tax PAN of auditor or auditor's firm : |
AAAFB9852F |
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|
|
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Memberships : |
Not Available |
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|
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Collaborators : |
Not Available |
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|
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Holding Company: |
|
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|
|
|
Fellow Subsidiary
companies: (As on 2016) |
|
CAPITAL STRUCTURE
AS ON 27.09.2017
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
85750000 |
Equity Shares |
INR 10/- each |
INR 857.500 Million |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
49347330 |
Equity Shares |
INR 10/- each |
INR 493.473
Million |
|
|
|
|
|
FINANCIAL DATA
[all figures are
in INR Million]
ABRIDGED
BALANCE SHEET
|
SOURCES OF FUNDS |
31.03.2016 |
31.03.2015 |
31.03.2014 |
|
I.
EQUITY
AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
493.470 |
412.150 |
412.147 |
|
(b) Reserves and Surplus |
8596.320 |
5725.340 |
5454.851 |
|
(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) |
9089.790 |
6137.490 |
5866.998 |
|
|
|
|
|
|
(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 |
3.810 |
4.530 |
4.515 |
|
(d) long-term
provisions |
114.070 |
63.570 |
57.187 |
|
Total Non-current
Liabilities (3) |
117.880 |
68.100 |
61.702 |
|
|
|
|
|
|
(4)
Current Liabilities |
|
|
|
|
(a) Short-term
borrowings |
0.000 |
0.000 |
0.000 |
|
(b) Trade
payables |
1821.140 |
1551.380 |
1494.700 |
|
(c) Other current
liabilities |
945.700 |
610.130 |
485.340 |
|
(d) Short-term
provisions |
372.150 |
245.160 |
222.512 |
|
Total Current
Liabilities (4) |
3138.990 |
2406.670 |
2202.552 |
|
|
|
|
|
|
TOTAL |
12346.660 |
8612.260 |
8131.252 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1)
Non-current assets |
|
|
|
|
(a) Fixed
Assets |
|
|
|
|
(i)
Tangible assets |
2774.580 |
2736.200 |
2468.421 |
|
(ii)
Intangible Assets |
2602.680 |
94.870 |
268.744 |
|
(iii) Tangible assets
capital work-in-progress |
279.190 |
45.310 |
60.896 |
|
(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) |
246.460 |
187.990 |
194.790 |
|
(d)
Long-term loans and advances |
393.300 |
322.470 |
304.399 |
|
(e) Other
Non-current assets |
0.000 |
0.000 |
0.000 |
|
Total Non-Current
Assets |
6296.210 |
3386.840 |
3297.250 |
|
|
|
|
|
|
(2)
Current assets |
|
|
|
|
(a)
Current investments |
0.000 |
0.000 |
0.000 |
|
(b)
Inventories |
1339.570 |
1133.370 |
1256.395 |
|
(c) Trade
receivables |
3211.170 |
2478.860 |
2283.910 |
|
(d) Cash and
bank balances |
1075.670 |
1141.350 |
860.081 |
|
(e)
Short-term loans and advances |
407.060 |
455.010 |
425.102 |
|
(f) Other
current assets |
16.980 |
16.830 |
8.514 |
|
Total
Current Assets |
6050.450 |
5225.420 |
4834.002 |
|
|
|
|
|
|
TOTAL |
12346.660 |
8612.260 |
8131.252 |
PROFIT
& LOSS ACCOUNT
|
|
PARTICULARS |
31.03.2016 |
31.03.2015 |
31.03.2014 |
|
|
SALES |
|
|
|
|
|
Revenue
from operations |
12020.580 |
11030.280 |
10429.396 |
|
|
Other Income |
276.320 |
211.030 |
120.057 |
|
|
TOTAL |
12296.900 |
11241.310 |
10549.453 |
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
Cost of Materials
Consumed |
6520.260 |
6411.500 |
5973.354 |
|
|
Purchases of
Stock-in-Trade |
810.100 |
666.530 |
670.523 |
|
|
Changes in inventories of
finished goods, work-in-progress and Stock-in-Trade |
(67.590) |
80.720 |
(114.901) |
|
|
Employee benefit expense |
1162.670 |
956.040 |
870.573 |
|
|
CSR expenditure |
0.200 |
13.400 |
0.000 |
|
|
Other expenses |
2737.500 |
2225.900 |
2176.043 |
|
|
TOTAL |
11163.140 |
10354.090 |
9575.592 |
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE INTEREST, TAX,
DEPRECIATION AND AMORTISATION |
1133.760 |
887.220 |
973.861 |
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES |
1.720 |
0.160 |
0.834 |
|
|
|
|
|
|
|
|
PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION |
1132.040 |
887.060 |
973.027 |
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION |
396.270 |
394.780 |
298.675 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS)
BEFORE TAX |
735.770 |
492.280 |
674.352 |
|
|
|
|
|
|
|
Less |
TAX |
320.860 |
221.800 |
243.447 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS) AFTER
TAX |
414.910 |
270.480 |
430.905 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings / (Loss) Per
Share (INR) |
8.99 |
6.56 |
10.46 |
CURRENT MATURITIES
OF LONG TERM DEBT DETAILS
|
Particulars |
31.03.2016 |
31.03.2015 |
31.03.2014 |
|
Current Maturities of Long term debt |
0.000 |
0.000 |
NA |
|
Net cash flows from (used in) operations |
1508.460 |
900.950 |
414.861 |
|
Net cash flows from (used in) operating activities |
1088.790 |
689.410 |
127.319 |
KEY
RATIOS
EFFICIENCY RATIOS
|
PARTICULARS |
31.03.2016 |
31.03.2015 |
31.03.2014 |
|
Average Collection Days (Sundry Debtors / Income * 365 Days) |
97.51 |
82.03 |
79.93 |
|
|
|
|
|
|
Account Receivables Turnover (Income / Sundry
Debtors) |
3.74 |
4.45 |
4.57 |
|
|
|
|
|
|
Average Payment Days (Sundry Creditors
/ Purchases * 365 Days) |
90.68 |
80.00 |
82.12 |
|
|
|
|
|
|
Inventory Turnover (Operating Income
/ Inventories) |
0.85 |
0.78 |
0.78 |
|
|
|
|
|
|
Asset Turnover (Operating Income
/ Net Fixed Assets) |
0.20 |
0.31 |
0.35 |
LEVERAGE RATIOS
|
PARTICULARS |
31.03.2016 |
31.03.2015 |
31.03.2014 |
|
Debt Ratio ((Borrowing + Current Liabilities) / Total
Assets) |
0.25 |
0.28 |
0.27 |
|
|
|
|
|
|
Debt Equity Ratio (Total Liability
/ Networth) |
0.00 |
0.00 |
0.00 |
|
|
|
|
|
|
Current Liabilities to Networth (Current
Liabilities / Net Worth) |
0.35 |
0.39 |
0.38 |
|
|
|
|
|
|
Fixed Assets to Networth (Net Fixed Assets
/ Networth) |
0.62 |
0.47 |
0.48 |
|
|
|
|
|
|
Interest Coverage Ratio (PBIT / Financial
Charges) |
659.16 |
5545.13 |
1167.70 |
PROFITABILITY RATIOS
|
PARTICULARS |
|
31.03.2016 |
31.03.2015 |
31.03.2014 |
|
Net Profit Margin ((PAT / Sales) *
100) |
% |
3.45 |
2.45 |
4.13 |
|
|
|
|
|
|
|
Return on Total Assets ((PAT / Total
Assets) * 100) |
% |
3.36 |
3.14 |
5.30 |
|
|
|
|
|
|
|
Return on Investment (ROI) ((PAT / Networth)
* 100) |
% |
4.56 |
4.41 |
7.34 |
SOLVENCY RATIOS
|
PARTICULARS |
31.03.2016 |
31.03.2015 |
31.03.2014 |
|
Current Ratio (Current Assets / Current Liabilities) |
1.93 |
2.17 |
2.19 |
|
|
|
|
|
|
Quick Ratio ((Current Assets
– Inventories) / Current Liabilities) |
1.50 |
1.70 |
1.62 |
|
|
|
|
|
|
G-Score Ratio Financial (Networth / Total
Assets) |
0.74 |
0.71 |
0.72 |
|
|
|
|
|
|
G-Score Ratio Debt (Debts / Equity
Capital) |
0.00 |
0.00 |
0.00 |
|
|
|
|
|
|
G-Score Ratio Liquidity (Total Current
Assets / Total Current Liabilities) |
1.93 |
2.17 |
2.19 |
Total Liability = Short-term Debt + Long-term
Debt + Current Maturities of Long-term debts
FINANCIAL ANALYSIS
[all figures are
in INR Million]
DEBT EQUITY RATIO
|
Particular |
31.03.2014 |
31.03.2015 |
31.03.2016 |
|
|
(INR
In Million) |
(INR
In Million) |
(INR
In Million) |
|
Share Capital |
412.147 |
412.150 |
493.470 |
|
Reserves & Surplus |
5454.851 |
5725.340 |
8596.320 |
|
Money received against share
warrants |
0.000 |
0.000 |
0.000 |
|
Share Application money
pending allotment |
0.000 |
0.000 |
0.000 |
|
Net
worth |
5866.998 |
6137.490 |
9089.790 |
|
|
|
|
|
|
Long-term borrowings |
0.000 |
0.000 |
0.000 |
|
Short term borrowings |
0.000 |
0.000 |
0.000 |
|
Total
borrowings |
0.000 |
0.000 |
0.000 |
|
Debt/Equity
ratio |
0.000 |
0.000 |
0.000 |
YEAR-ON-YEAR GROWTH
|
Year
on Year Growth |
31.03.2014 |
31.03.2015 |
31.03.2016 |
|
|
(INR
In Million) |
(INR
In Million) |
(INR
In Million) |
|
Sales |
10429.396 |
11030.280 |
12020.580 |
|
|
|
5.761 |
8.978 |
NET PROFIT MARGIN
|
Net
Profit Margin |
31.03.2014 |
31.03.2015 |
31.03.2016 |
|
|
(INR
In Million) |
(INR
In Million) |
(INR
In Million) |
|
Sales |
10429.396 |
11030.280 |
12020.580 |
|
Profit/ (Loss) |
430.905 |
270.480 |
414.910 |
|
|
4.13
% |
2.45
% |
3.45
% |
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 |
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) |
No |
|
16 |
No. of employees |
No |
|
17 |
Details of sister concerns |
Yes |
|
18 |
Major suppliers |
No |
|
19 |
Major customers |
No |
|
20 |
Banking Details |
No |
|
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 |
No |
|
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 |
Yes |
|
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 |
NOTE: Registered office of the company has been
shifted from D-3/ D-4, MIDC Industrial Estate, Jejuri, Pune – 412303,
Maharashtra, India to the present address
w.e.f. 10.07.2012.
COMPANY OVERVIEW (As
on 2016)
The Company is a private limited company incorporated on 1 January 1990 and is a subsidiary of Henkel AG & Co KGaA, a company incorporated in Germany. The Company is in the business of manufacture and sale of industrial adhesive products and trading of hair care products in India. Henkel CAC Private Limited, a subsidiary of the Company was amalgamated with the Company w.e.f. 1 April 2010. The Company had acquired the hair care products business from Henkel India Limited w.e.f. 1 May 2011.The board of director’s of the Company at their meeting held on 19 October 2015 approved the scheme of amalgamation('the Scheme') of the Company under Section 391 to 394 of the Companies Act, 1956, upon the relevant sections of the Companies Act, 2013 pertaining to scheme of arrangement, compromise or reconstruction of companies being notified by Ministry of Corporate Affairs ('MCA'), the scheme shall be deemed to have been formulated and presented under Section 230 to 240 of the Companies Act, 2013 with its wholly owned subsidiary Henkel Surface Technologies Private Limited with effect from 1 January 2016. The Scheme was approved by the Hon'ble High Court of Judicature at Mumbai vide its order dated 29 April 2016.
Merger of Henkel
Surface Technologies Private Limited with the Company:
The scheme of amalgamation between Henkel Surface Technologies Private Limited and the Company taken place during the previous year ended 31 March 2016:
The Board of Directors of the Company at their meeting held on 19 October 2015 approved the scheme of amalgamation (the Scheme) of the Company with its wholly owned subsidiary Henkel Surface Technologies Private Limited ('the Amalgamated company') under Section 391 to 394 of the Companies Act, 1956, upon the relevant sections of the Companies Act, 2013 pertaining to scheme of arrangement, compromise or reconstruction of companies being notified by Ministry of Corporate Affairs (MCA), the scheme shall be deemed to have been formulated and presented under Section 230 to 240 of the Companies Act, 2013 with effect from 1 January 2016. Henkel Surface Technologies Private Limited 'the Amalgamated company' was primarily engaged in manufacturing and selling of metal pre-treatment chemicals adhesives.
The Scheme was approved by the Honble High Court of Judicature at Mumbai vide its order dated 29 April 2016 and filed with the Registrar of Companies (ROC) on 18 June 2016 with ROC Mumbai, as required under Section 391(3) of the Companies Act, 1956. The Scheme came into effect on 18 June 2016 ('Effective date'), the day on which the orders were filed with the Registrar of the Companies (ROC). Pursuant thereto, the entire business and all the assets and liabilities, duties and obligations of the amalgamated Company have been transferred to and vested in the Company with effect from 1 January 2016 (the Appointed date).
The amalgamation has been recorded for under the purchase method as prescribed by Accounting Standard – 14 on "Accounting for Amalgamations" ('AS-14').
The Scheme has accordingly been given effect to in this financial statements which includes the assets and liabilities of the amalgamated company wef 1 January 2016 and results of the operation for the period ended 31 March 2016. In terms of the scheme, the fair value of assets and liabilities are transferred from the amalgamated company as at 1 January 2016. The fair value of Assets and liabilities of the amalgamated company has been determined by the independent valuer.
INDEX
OF CHARGES
|
SNo |
SRN |
Charge Id |
Charge Holder Name |
Date of Creation |
Date of Modification |
Date of Satisfaction |
Amount |
Address |
|
1 |
A10592590 |
80015407 |
BANK OF BAHARAIN AND KUWAIT |
19/11/2003 |
28/09/2006 |
10/02/2007 |
71867000.0 |
6-3-550, L.B.BHAWAN, AKASHGANGA, SOMAJIGUDA, HYDERABAD-500082, TELANGANA, INDIA |
|
2 |
A01249580 |
80004129 |
BANK OF BARODA |
24/02/1999 |
- |
10/05/2006 |
0.0 |
NARIMAN POINT, MUMBAI-400021, MAHARASHTRA, INDIA |
|
3 |
Y10315846 |
90213947 |
HDFC BANK LIMITED |
29/03/2003 |
04/03/2006 |
11/03/2006 |
50000000.0 |
HDFC BANK HOUSE SENAPATI BAPAT MARGLOWER PAREL, MUMBAI-400013, MAHARASHTRA, INDIA |
|
4 |
Y10316889 |
90214990 |
H D F C BANK LIMITED |
25/10/2004 |
- |
27/02/2006 |
213000.0 |
WORLI BRANCH SANDOZ HOUSE DR ANNIE BEASANTROAD WORLI, MUMBAI-400018, MAHARASHTRA, INDIA |
|
5 |
Y10316856 |
90214957 |
H D F C BANK LIMITED |
31/01/2004 |
- |
27/02/2006 |
211000.0 |
WORLI BRANCH BEASANT ROAD WORLI, MUMBAI-400018, MAHARASHTRA, INDIA |
|
6 |
Y10317717 |
90215818 |
ICICI BANK LIMITED |
25/11/2003 |
- |
04/02/2006 |
211000.0 |
ICICI TOWER BANDRA KURLA COMPLEX, MUMBAI-400051, MAHARASHTRA, INDIA |
|
7 |
Y10348961 |
90241324 |
BANK OF BARODA |
03/02/2005 |
- |
13/05/2005 |
10000000.0 |
NARIMAN POINT BRANCH, MUMBAI-400021, MAHARASHTRA, INDIA |
|
8 |
Y10315595 |
90213696 |
ICICI BANK LIMITED |
28/03/2001 |
15/07/2004 |
04/02/2005 |
45000000.0 |
215 FREE PRESS HOUSE NARIMAN POINT, MUMBAI--400021, MAHARASHTRA, INDIA |
|
9 |
Y10348843 |
90241206 |
BANK OF BARODA |
15/10/2004 |
- |
27/01/2005 |
10000000.0 |
NARIMAN POINT BRANCH, MUMBAI-400021, MAHARASHTRA, INDIA |
|
10 |
Y10366240 |
90258154 |
CORPORATION BANK |
16/01/1996 |
14/10/2002 |
25/02/2004 |
8000000.0 |
SIDDLAMBER BAZARE, HYDERABAD-500001, TELANGANA, INDIA |
FIXED ASSETS
Tangible assets
- Land
- Buildings
- Plant and equipment
- Vehicles
- Office equipment
- Computer equipments
- Leasehold improvements
Intangible assets
- 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 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 |
INR 64.28 |
|
|
1 |
INR 89.02 |
|
Euro |
1 |
INR 78.93 |
INFORMATION DETAILS
|
Information
Gathered by : |
GYT |
|
|
|
|
Analysis Done by
: |
VAR |
|
|
|
|
Report Prepared
by : |
RKI |
SCORE FACTORS
|
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 |
NO |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
RATING EXPLANATIONS
|
Credit Rating |
Explanation |
Rating Comments |
|
A++ |
Minimum Risk |
Business dealings permissible with minimum
risk of default |
|
A+ |
Low Risk |
Business dealings permissible with low
risk of default |
|
A |
Acceptable Risk |
Business dealings permissible with
moderate risk of default |
|
B |
Medium Risk |
Business dealings permissible on a regular
monitoring basis |
|
C |
Medium High Risk |
Business dealings permissible preferably
on secured basis |
|
D |
High Risk |
Business dealing not recommended or on
secured terms only |
|
NB |
New Business |
No recommendation can be done due to
business in infancy stage |
|
NT |
No Trace |
No recommendation can be done as the
business is not traceable |
NB is stated where there is insufficient information to facilitate rating. However, it is not to be considered as unfavourable.
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 are as follows:
·
Financial
condition covering various ratios
·
Company
background and operations size
·
Promoters
/ Management background
·
Payment
record
·
Litigation
against the subject
·
Industry
scenario / competitor analysis
·
Supplier
/ Customer / Banker review (wherever available)
This report is issued at
your request without any risk and responsibility on the part of MIRA INFORM
PRIVATE LIMITED (MIPL) or its officials.