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%20-%20492362%2015-Feb-2018_files/image015.jpg){kind=small}
%20-%20492362%2015-Feb-2018_files/image016.jpg)
%20-%20492362%2015-Feb-2018_files/image018.gif)
MIRA INFORM REPORT
|
Report No. : |
492362 |
|
Report Date : |
15.02.2018 |
IDENTIFICATION DETAILS
|
Name : |
WEIR INDIA PRIVATE LIMITED (w.e.f 21.10.2010) WEIR BDK VALVES (A UNIT OF WEIR INDIA PRIVATE LIMITED) |
|
|
|
|
Formerly Known
As : |
WEIR ENGINEERING SERVICES (INDIA) PRIVATE LIMITED (w.e.f.
17.06.2010) WEIR ENGINEERING SERVICES (INDIA) LIMITED |
|
|
|
|
Registered
Office : |
Office Unit No. 912 and 914, 9th Floor, DLF Tower-A, Plot
No. 10, Jasola District Centre, New Delhi -110025 |
|
Tel. No.: |
91-11-40503343 |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as
on) : |
31.03.2017 |
|
|
|
|
Date of
Incorporation : |
26.06.1995 |
|
|
|
|
Com. Reg. No.: |
55-070164 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
INR 121.605 Million |
|
|
|
|
CIN No.: [Company Identification
No.] |
U74899DL1995PTC070164 |
|
|
|
|
IEC No.: |
0595050573 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
Not Available |
|
|
|
|
PAN No.: [Permanent Account No.] |
AAACW0042P |
|
|
|
|
GSTIN : |
Not Divulged |
|
|
|
|
Legal Form : |
Private Limited Liability Company. |
|
|
|
|
Line of Business
: |
Subject is
engaged in Manufacturing, Sale and Servicing of Valves and other Flow Control
Products. [Registered activity] |
|
|
|
|
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 |
Acceptable Risk |
Business dealings permissible with
moderate risk of default |
|
Status : |
Good |
|
|
|
|
Payment Behaviour : |
Slow but correct |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject was incorporated in the year 1995. It is a subsidiary of Weir
Holdings B.V, Netherlands. The subject designs and manufactures highly-engineered products and
services for minerals, oil and gas, and power industries. As per the financial records of 2017, the company has reported a
decline in its revenue as compared to the previous year. The company possesses sound financial position marked by strong net
worth base along with negligible debt level. However, rating is constrained on account of loss incurred by the
company from past few years. Business is active. Payment seems to be slow but correct. In view of aforesaid, the company can be considered for business
dealings at usual trade terms and conditions. NOTE: Weir BDK Valves is a unit of Weir India Private Limited. |
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 15.02.2018
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 PARTED BY
MANAGEMENT NON-COOPERATIVE (TEL NO.: 91-11-40503343)
LOCATIONS
|
Registered Office : |
Office Unit No. 912 and 914, 9th Floor, DLF Tower-A, Plot
No. 10, Jasola District Centre, New Delhi -110025 |
|
Tel. No.: |
91-11-40503343 |
|
Fax No.: |
Not Available |
|
E-Mail : |
|
|
Website : |
|
|
|
|
|
Branch Office : |
61/2B, Avalahalli, Virgonagar Post, Opposite Old Madras Road,
Bangalore – 560049, Karnataka, India |
|
Tel. No.: |
91-80-40449133 / 43283888 |
|
Fax No.: |
91-80-43283800 |
|
|
|
|
Unit : |
No. 47/48, Gokul Road, Hubli – 580030, Karnataka, India |
|
Tel. No.: |
91-836-2333930 |
DIRECTORS
As on 31.03.2017
|
Name : |
Mr. Ajit Singh Chouhan |
||||||||||||
|
Designation : |
Director |
||||||||||||
|
Address : |
E-4, AmalfI, 5th Floor, L.D. Ruparel Marg, Malabar
Hill, Mumbai – 400006, Maharashtra, India |
||||||||||||
|
Date of Birth/Age : |
14.05.1961 |
||||||||||||
|
Qualification : |
Bachelor of Mechanical Engineering |
||||||||||||
|
Date of Appointment : |
30.09.2015 |
||||||||||||
|
PAN No.: |
ABKPC3730A |
||||||||||||
|
DIN No.: |
02284557 |
||||||||||||
|
Other Directorship:
|
|||||||||||||
|
|
|
||||||||||||
|
Name : |
Mr. Charandeep Singh |
||||||||||||
|
Designation : |
Director |
||||||||||||
|
Address : |
H. No. - 915, Parameshwari Building, Shivagiri Lingaraj
Nagar, Hubballi - Dharwad City – 580031, Karnataka, India |
||||||||||||
|
Date of Birth/Age : |
07.12.1973 |
||||||||||||
|
Qualification : |
Graduate |
||||||||||||
|
Date of Appointment : |
29.10.2015 |
||||||||||||
|
PAN No.: |
AEKPS5870C |
||||||||||||
|
DIN No.: |
07327289 |
||||||||||||
|
|
|
||||||||||||
|
Name : |
Mr. Raveesh Mutaguppe Krishnamurthy |
||||||||||||
|
Designation : |
Director |
||||||||||||
|
Address : |
#475, 5th Main, 10th Cross, Near Ramamandira Coffee Board Layout,
Hebbal Kempapura, Bangalore North – 560024, Karnataka, India |
||||||||||||
|
Date of Birth/Age : |
22.03.1975 |
||||||||||||
|
Qualification : |
Professional (Chartered Accountant) |
||||||||||||
|
Date of Appointment : |
03.05.2016 |
||||||||||||
|
PAN No.: |
AJKPK6541K |
||||||||||||
|
DIN No.: |
07504605 |
||||||||||||
KEY EXECUTIVES
|
Name : |
Mr. Ajit Singh Chouhan |
|
Designation : |
Chief Executive Officer |
|
Address : |
E-4, AmalfI, 5th Floor, L.D. Ruparel Marg, Malabar Hill,
Mumbai – 400006, Maharashtra, India |
|
Date of Birth/Age : |
14.05.1961 |
|
Qualification : |
Bachelor of Mechanical Engineering |
|
Date of Appointment : |
01.10.2014 |
|
PAN No.: |
ABKPC3730A |
|
|
|
|
Name : |
Mr. Chakri Gowrishankar Hegde |
|
Designation : |
Company Secretary |
|
Address : |
No 19, Lakshmi, 1st B Main Road, Muthyala
Nagar, Mathikere, Bangalore - 560054,
Karnataka, India |
|
Qualification : |
07.08.1983 |
|
Qualification : |
CS |
|
Date of Appointment : |
02.03.2015 |
|
PAN No.: |
AQOPC4669B |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 31.03.2017
|
Names of Shareholders |
|
No. of Shares |
|
Weir Holdings B.V., Netherlands |
|
12160528 |
|
Ajit Singh Chouhan |
|
5 |
|
|
|
|
|
Total |
|
12160533 |
Equity Share Break up (Percentage of Total Equity)
As on 29.09.2017
|
Category |
Percentage |
|
Promoter - Bodies
corporate |
100.00 |
|
Total |
100.00 |
%20-%20492362%2015-Feb-2018_files/image020.gif)
BUSINESS DETAILS
|
Line of Business : |
Subject
is engaged in Manufacturing, Sale and Servicing of Valves and other Flow
Control Products. [Registered activity] |
||||||||
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|
|
||||||||
|
Products : |
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||||||||
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||||||||
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Brand Names : |
Not Divulged |
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||||||||
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Agencies Held : |
Not Divulged |
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||||||||
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Exports : |
Not Divulged |
||||||||
|
|
|
||||||||
|
Imports : |
Not Divulged |
||||||||
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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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||||||||||||||||||||||
|
Facilities : |
|
|
Auditors : |
|
|
Name : |
Price Waterhouse LLP Chartered Accountants |
|
Address : |
5th Floor, Tower D, The Millenia, 1 and 2 Murphy Road, Ulsoor, Bangalore - 560001, Karnataka, India |
|
PAN N Income-tax PAN of auditor or auditor's firm : |
ACHFS9118A |
|
|
|
|
Memberships : |
Not Available |
|
|
|
|
Collaborators : |
Not Available |
|
|
|
|
Ultimate Holding
Company : |
|
|
|
|
|
Intermediary
Holding Companies : |
|
|
|
|
|
Holding Company : |
|
|
|
|
|
Fellow Subsidiaries
: |
U74899DL1992PTC050465
|
CAPITAL STRUCTURE
As on 31.03.2017
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
12200000 |
Equity Shares |
INR 10/- each |
INR 122.000 Million |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
12160533 |
Equity Shares |
INR 10/- each |
INR 121.605 Million |
|
|
|
|
|
FINANCIAL DATA
[all figures are
in Rupees Million]
ABRIDGED
BALANCE SHEET
|
SOURCES OF FUNDS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
I.
EQUITY
AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
121.605 |
121.605 |
121.605 |
|
(b) Reserves and Surplus |
1380.693 |
1627.180 |
1767.154 |
|
(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) |
1502.298 |
1748.785 |
1888.759 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
0.000 |
0.000 |
0.000 |
|
(b) Deferred tax liabilities (Net) |
0.000 |
0.000 |
0.000 |
|
(c) Other long-term
liabilities |
0.000 |
0.000 |
0.000 |
|
(d) long-term
provisions |
42.275 |
11.327 |
11.569 |
|
Total Non-current
Liabilities (3) |
42.275 |
11.327 |
11.569 |
|
|
|
|
|
|
(4)
Current Liabilities |
|
|
|
|
(a) Short-term
borrowings |
51.870 |
0.000 |
211.744 |
|
(b) Trade
payables |
701.469 |
558.794 |
643.315 |
|
(c) Other current
liabilities |
62.772 |
99.085 |
111.049 |
|
(d) Short-term
provisions |
54.166 |
64.830 |
64.261 |
|
Total Current
Liabilities (4) |
870.277 |
722.709 |
1030.369 |
|
|
|
|
|
|
TOTAL |
2414.850 |
2482.821 |
2930.697 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1)
Non-current assets |
|
|
|
|
(a) Fixed
Assets |
|
|
|
|
(i)
Tangible assets |
511.584 |
577.327 |
595.645 |
|
(ii)
Intangible Assets |
236.259 |
324.732 |
572.418 |
|
(iii) Tangible assets
capital work-in-progress |
3.192 |
9.838 |
0.000 |
|
(iv)
Intangible assets under development |
0.000 |
0.000 |
5.825 |
|
(b) Non-current Investments |
0.000 |
0.000 |
0.000 |
|
(c) Deferred tax assets (net) |
0.000 |
0.000 |
0.000 |
|
(d)
Long-term loans and advances |
202.021 |
289.403 |
346.641 |
|
(e) Other Non-current
assets |
2.171 |
0.954 |
1.422 |
|
Total Non-Current
Assets |
955.227 |
1202.254 |
1521.951 |
|
|
|
|
|
|
(2)
Current assets |
|
|
|
|
(a)
Current investments |
0.000 |
0.000 |
0.000 |
|
(b)
Inventories |
491.143 |
438.966 |
575.222 |
|
(c) Trade
receivables |
813.354 |
630.686 |
609.737 |
|
(d) Cash and
bank balances |
55.069 |
80.483 |
133.096 |
|
(e)
Short-term loans and advances |
99.650 |
130.119 |
90.277 |
|
(f) Other
current assets |
0.407 |
0.313 |
0.414 |
|
Total
Current Assets |
1459.623 |
1280.567 |
1408.746 |
|
|
|
|
|
|
TOTAL |
2414.850 |
2482.821 |
2930.697 |
PROFIT
& LOSS ACCOUNT
|
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
|
SALES |
|
|
|
|
|
Total
Revenue from operations |
1759.418 |
2423.839 |
1840.895 |
|
|
Other Income |
37.567 |
20.383 |
10.631 |
|
|
TOTAL |
1796.985 |
2444.222 |
1851.526 |
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
Cost of Materials
Consumed |
1082.858 |
1323.492 |
1223.617 |
|
|
Purchases of Stock-in-Trade |
1.679 |
2.458 |
0.000 |
|
|
Changes in inventories of
finished goods, work-in-progress and Stock-in-Trade |
(6.874) |
104.657 |
(200.177) |
|
|
Employee benefit expense |
332.994 |
376.664 |
355.007 |
|
|
Other expenses |
360.106 |
424.453 |
387.963 |
|
|
Extraordinary items before tax |
83.612 |
0.000 |
0.000 |
|
|
TOTAL |
1854.375 |
2231.724 |
1766.410 |
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE INTEREST, TAX,
DEPRECIATION AND AMORTISATION |
(57.390) |
212.498 |
85.116 |
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES |
1.723 |
11.058 |
11.625 |
|
|
|
|
|
|
|
|
PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION |
(59.113) |
201.440 |
73.491 |
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION |
187.374 |
341.414 |
488.787 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS)
BEFORE TAX |
(246.487) |
(139.974) |
(415.296) |
|
|
|
|
|
|
|
Less |
TAX |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS)
AFTER TAX |
(246.487) |
(139.974) |
(415.296) |
|
|
|
|
|
|
|
|
EARNINGS IN FOREIGN
CURRENCY |
|
|
|
|
|
F.O.B. Value of Exports |
440.404 |
876.596 |
456.012 |
|
|
TOTAL EARNINGS |
440.404 |
876.596 |
456.012 |
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
Raw Materials |
21.781 |
103.734 |
32.858 |
|
|
Components and spare
parts |
2.204 |
0.000 |
0.000 |
|
|
TOTAL IMPORTS |
23.985 |
103.734 |
32.858 |
|
|
|
|
|
|
|
|
Earnings / (Loss) Per
Share (INR) |
(20.204) |
(11.473) |
(34.151) |
CURRENT MATURITIES
OF LONG TERM DEBT DETAILS
|
Particulars |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Current Maturities of Long term debt |
0.000 |
0.000 |
6.337 |
|
Net cash flows from (used in) operations |
24.701 |
252.083 |
31.227 |
|
Net cash flows from (used in) operating activities |
(50.535) |
242.124 |
21.080 |
KEY
RATIOS
EFFICIENCY RATIOS
|
PARTICULARS |
|
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Average Collection Days [Sundry Debtors / Income * 365] |
|
168.73 |
94.97 |
120.89 |
|
|
|
|
|
|
|
Account Receivables Turnover [Income / Sunday Debtors] |
|
2.16 |
3.84 |
3.02 |
|
|
|
|
|
|
|
Average Payment Days [Sundry Creditors /
Purchases * 365] |
|
236.08 |
153.82 |
191.90 |
|
|
|
|
|
|
|
Inventory Turnover [Operating Income /
Inventories] |
|
(0.12) |
0.48 |
0.15 |
|
|
|
|
|
|
|
Asset Turnover [Operating Income / Net Fixed
Assets] |
|
(0.08) |
0.23 |
0.07 |
LEVERAGE RATIOS
|
PARTICULARS |
|
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Debt Ratio [(Borrowing + Current Liabilities) / Total Assets] |
|
0.36 |
0.29 |
0.35 |
|
|
|
|
|
|
|
Debt Equity Ratio (Borrowings / NetWorth) |
|
0.03 |
0.00 |
0.12 |
|
|
|
|
|
|
|
Current Liabilities to Networth (Current Liabilities
/ NetWorth) |
|
0.58 |
0.41 |
0.55 |
|
|
|
|
|
|
|
Fixed Assets to NetWorth (Net Fixed Assets /
NetWorth) |
|
0.50 |
0.52 |
0.62 |
|
|
|
|
|
|
|
Interest Coverage Ratio [PBIT / Financial
Charges] |
|
(33.31) |
19.22 |
7.32 |
PROFITABILITY RATIOS
|
PARTICULARS |
|
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Net Profit Margin [(PAT / Sales) * 100] |
(%) |
(14.01) |
(5.77) |
(22.56) |
|
|
|
|
|
|
|
Return on Total Assets [(PAT / Total Assets)
* 100] |
(%) |
(10.21) |
(5.64) |
(14.17) |
|
|
|
|
|
|
|
Return on Investment (ROI) [(PAT / NetWorth)
* 100] |
(%) |
(16.41) |
(8.00) |
(21.99) |
SOLVENCY RATIO
|
PARTICULARS |
|
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Current Ratio [Current Assets / Current Liabilities] |
|
1.68 |
1.77 |
1.37 |
|
|
|
|
|
|
|
Quick Ratio [(Current Assets - Inventories)
/ Current Liabilities] |
|
1.11 |
1.16 |
0.81 |
|
|
|
|
|
|
|
G-Score Ratio Financial [NetWorth / Total
Assets] |
|
0.62 |
0.70 |
0.64 |
|
|
|
|
|
|
|
G-Score Ratio Debt [Debts / Equity Capital] |
|
0.43 |
0.00 |
1.79 |
|
|
|
|
|
|
|
G-Score Ratio Liquidity [Total Current
Assets / Total Current Liabilities] |
|
1.68 |
1.77 |
1.37 |
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 |
31.03.2015 |
31.03.2016 |
31.03.2017 |
|
|
(INR
In Million) |
(INR
In Million) |
(INR
In Million) |
|
Share Capital |
121.605 |
121.605 |
121.605 |
|
Reserves & Surplus |
1767.154 |
1627.180 |
1380.693 |
|
Net
worth |
1888.759 |
1748.785 |
1502.298 |
|
|
|
|
|
|
Long-term borrowings |
0.000 |
0.000 |
0.000 |
|
Short term borrowings |
211.744 |
0.000 |
51.870 |
|
Current maturities of
long-term debts |
6.337 |
0.000 |
0.000 |
|
Total
borrowings |
218.081 |
0.000 |
51.870 |
|
Debt/Equity
ratio |
0.115 |
0.000 |
0.035 |
%20-%20492362%2015-Feb-2018_files/image022.gif)
YEAR-ON-YEAR GROWTH
|
Year
on Year Growth |
31.03.2015 |
31.03.2016 |
31.03.2017 |
|
|
(INR
In Million) |
(INR
In Million) |
(INR
In Million) |
|
Sales |
1840.895 |
2423.839 |
1759.418 |
|
|
0.000 |
31.666 |
(27.412) |
%20-%20492362%2015-Feb-2018_files/image024.gif)
NET PROFIT MARGIN
|
Net
Profit Margin |
31.03.2015 |
31.03.2016 |
31.03.2017 |
|
|
(INR
In Million) |
(INR
In Million) |
(INR
In Million) |
|
Sales |
1840.895 |
2423.839 |
1759.418 |
|
Profit/ (Loss) |
(415.296) |
(139.974) |
(246.487) |
|
|
(22.56
%) |
(5.77
%) |
(14.01
%) |
%20-%20492362%2015-Feb-2018_files/image026.gif)
LOCAL AGENCY FURTHER INFORMATION
|
Sr. No. |
Check list by
info agents |
Available in
Report (Yes/No) |
|
1 |
Year of establishment |
Yes |
|
2 |
Constitution of the entity -Incorporation
details |
Yes |
|
3 |
Locality of the entity |
Yes |
|
4 |
Premises details |
No |
|
5 |
Buyer visit details |
-- |
|
6 |
Contact numbers |
Yes |
|
7 |
Name of the person contacted |
Yes |
|
8 |
Designation of contact person |
Yes |
|
9 |
Promoter’s background |
Yes |
|
10 |
Date of Birth of Proprietor / Partners /
Directors |
Yes |
|
11 |
Pan Card No. of Proprietor / Partners |
Yes |
|
12 |
Voter Id Card No. of Proprietor / Partners |
No |
|
13 |
Type of business |
Yes |
|
14 |
Line of Business |
Yes |
|
15 |
Export/import details (if applicable) |
No |
|
16 |
No. of employees |
No |
|
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 |
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 |
GENERAL INFORMATION
The company was incorporated on June 26, 1995 under the Companies Act of India and is a subsidiary of Weir Holdings B.V., The Netherlands. The Company is engaged in manufacturing, sale and servicing of valves and other flow control products.
REVIEW OF OPERATIONS
During the year ended 31st March, 2017 total income from operations stood at INR 1796.985 million (previous year INR 2444.222 million) which is lower by 26.5% over previous year due to adverse operating environment in the served sectors leading to delays in project completion and order finalization. In spite of this, the focus will continue to be on cash generation, becoming more efficient, more competitive and ensuring strong growth by increasing operational efficiency and by adopting various cost reduction measures.
The profit before tax and non-cash expenditure for the year stood at INR 23.985 million at 1% of the sales (previous year INR 201.000 million at 8%). There was a net loss of INR 246.000 million (inclusive of an exceptional item of INR 83.612 million) for the year (previous year net loss of INR 140.000 million).
INDEX
OF CHARGES:
|
SNo |
SRN |
Charge Id |
Charge Holder Name |
Date of Creation |
Date of Modification |
Date of Satisfaction |
Amount |
Address |
|
1 |
G74544479 |
100149279 |
The Hongkong and Shanghai Banking Corporation Limited |
01/01/2018 |
- |
- |
20000000.0 |
No. 7 M G Road, Bangalore – 560001, Karnataka, India |
|
2 |
A04486494 |
10432017 |
ICICI BANK LIMITED |
30/09/2005 |
- |
- |
680000.0 |
ICICI Bank Towers, Bandra Kurla Complex, Mumbai – 400051, Maharashtra, India |
|
3 |
A12083622 |
90042428 |
STATE BANK OF TRAVANCORE |
30/03/1999 |
- |
07/03/2007 |
2500000.0 |
R. K. Puram Branch, Ansal Chamber-I; Bhikaji Cama Place, New Delhi – 110066, India |
CONTINGENT
LIABILITIES:
(INR in million)
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
|
Claims against company not acknowledged as debt |
0.375 |
42.667 |
FIXED ASSETS
·
Land
·
Building
·
Plant and Machinery
·
Furniture and Fixture
·
Computer
·
Vehicles
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts, India Prisons Service,
Interpol, etc.
1] INFORMATION ON
DESIGNATED PARTY
No 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
|
INR |
|
US Dollar |
1 |
INR 64.28 |
|
|
1 |
INR 89.02 |
|
Euro |
1 |
INR 78.93 |
INFORMATION DETAILS
|
Information
Gathered by : |
GAY |
|
|
|
|
Analysis Done by
: |
NYT |
|
|
|
|
Report Prepared
by : |
KJL |
SCORE FACTORS
|
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 |
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.