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|
MIRA INFORM REPORT
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Report No. : |
494775 |
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Report Date : |
27.02.2018 |
IDENTIFICATION DETAILS
|
Name : |
PPG ASIAN PAINTS PRIVATE LIMITED (w.e.f. 18.09.2012) |
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Formerly Known
As : |
ASIAN PPG INDUSTRIES PRIVATE LIMITED (w.e.f. 10.08.2012) ASIAN PPG INDUSTRIES LIMITED ASIAN PPG INDUSTRIES PRIVATE LIMITED |
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Registered
Office : |
6-A, Shanti Nagar Estate, Santacruz (East), Mumbai – 400055,
Maharashtra |
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Tel. No.: |
91-22-30568700 |
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Country : |
India |
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Financials (as
on) : |
31.03.2016 |
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Date of
Incorporation : |
19.02.1997 |
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Com. Reg. No.: |
11-105961 |
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Capital
Investment / Paid-up Capital : |
INR 570.360 Million |
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CIN No.: [Company Identification
No.] |
U24200MH1997PTC105961 |
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TIN No.: |
27040000411 |
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IEC No.: [Import-Export Code No.] |
0311070264 |
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TAN No.: [Tax Deduction &
Collection Account No.] |
MUMA11672D |
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PAN No.: [Permanent Account No.] |
AAACA8832H |
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GSTN : [Goods & Service Tax
Registration No.] |
27AAACA8832H1ZO |
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Legal Form : |
Private Limited Liability Company. |
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Line of Business
: |
Subject is engaged in Original
Equipment Manufacturer coatings for Automotive, Marine and Industrial
customers. [Registered Activity] |
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No. of Employees
: |
Information declined by the management
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RATING & COMMENTS
(Mira Inform has adopted New Rating mechanism w.e.f. 23rd
January 2017)
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MIRA’s Rating : |
A+ |
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Credit Rating |
Explanation |
Rating Comments |
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A+ |
Low Risk |
Business dealings permissible with low
risk of default |
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Status : |
Excellent |
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Payment Behaviour : |
Regular |
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Litigation : |
Exists |
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Comments : |
Subject was established in the year 1997 and is an equal joint venture between Asian Paints and PPG Industries. Asian Paints is the largest producer of decorative paints in India, while PPG Industries is a leading supplier of automotive and industrial coatings globally. The company is a manufactures automotive paints and other industrial paints for OEMs in the automobile sector, and also caters to the automotive refinish segment. As per Registrar of Companies, the date of filling its financials is shown as 31.03.2017 but documents related to the financials are not available from any sources. As per financials of March 2016, the company has achieved 3.56% growth in its revenue as compared to previous year revenue and has maintained satisfactory profitability margin of 6.26% during the year under review. Rating takes into consideration the company’s established position in the automotive paints segment in India and its market leadership in the automotive refinish segment. Rating also takes into account strong financial profile marked by strong gearing and debt protection metrics, and the support it receives from its joint venture entities. Further, the company has reported a good earning per share of INR 11.52 against its face value of INR 10. However, the company has reported are partially offset by vulnerability of its revenue to downturns in the automotive industry and of its profitability to volatility in raw material prices and to competitive pressures. Payments seems to be regular and as per commitment. In view of aforesaid, the company can be considered good for normal business dealings at usual trade terms and conditions. |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
EXTERNAL AGENCY RATING
|
Rating Agency Name |
CRISIL RATING |
|
Rating |
Long Term Rating = AA |
|
Rating Explanation |
High degree of safety and very low credit risk |
|
Date |
08.01.2018 |
|
Rating Agency Name |
CRISIL RATING |
|
Rating |
Short Term Rating = A1+ |
|
Rating Explanation |
Very strong degree of safety and carry lowest credit risk |
|
Date |
08.01.2018 |
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 27.02.2018.
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 DENIED
Management Non-Cooperative (Tel. No.:91-22-30568700/8800)
LOCATIONS
|
Registered Office : |
6-A, Shanti Nagar Estate, Santacruz (East), Mumbai – 400055,
Maharashtra, India |
|
Tel. No.: |
91-22-30568700 / 8800 |
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Fax No.: |
91-22-30568764/ 26528044 |
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E-Mail : |
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Website : |
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Area : |
3500 Sq. ft. |
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Location : |
Owned |
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Corporate Office : |
Unit No.1, 401-4th Floor, The Centrum Phoenix Market city Centrum,
L.B.S. Marg, Kurla (West), Mumbai – 400070, Maharashtra, India |
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Head Office : |
158, Vidyanagri Marg, CST Road, Dani Wooltex Compound, Kalina,
Santacruz (East), Mumbai – 400098, Maharashtra, India |
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Fax No.: |
91-22-26528044/ 30668764 |
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Factory 1 : |
APPG – Ankleshwar, 2602, GIDC Industrial Estate, Ankleshwar - 393002, Gujarat, India |
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Factory 2 : |
APPG – LBS Marg, Post Box No.7318, Bhandup, Mumbai - 400078, Maharashtra, India |
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Manufacturing Facility : |
Located At: SIPCOT Industrial Park, Sriperumbudur, Tamil Nadu, India |
DIRECTORS
AS ON 31.03.2017
|
Name : |
Mr. Manish Mahendra Chokshi |
|
Designation : |
Director |
|
Address : |
402, Shivtirth No.2, B. Desai Road, Mumbai – 400 026, Maharashtra,
India |
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Date of Birth/Age : |
09.12.1967 |
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Qualification : |
B.S. (Chem Engineering) and MBA |
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Date of Appointment : |
08.08.2007 |
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DIN No.: |
00026496 |
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Name : |
Mr. Jayesh Tulsidas Merchant |
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Designation : |
Director |
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Address : |
4, Sai Manzil, 18 Altamount Road, Mumbai – 400026, Maharashtra, India |
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Date of Birth/Age : |
27.11.1957 |
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Date of Appointment : |
16.10.2013 |
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DIN No.: |
00555052 |
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Name : |
Timothy Michael Knavish |
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Designation : |
Director |
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Address : |
113, Golden Eagle Drive Venetia 15367 Us |
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Date of Appointment : |
18.03.2016 |
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DIN No.: |
07471126 |
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|
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Name : |
Mr. Michael Horton |
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Designation : |
Director |
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Address : |
Windsor Place, House No. 72, 2222 Jian He Road, Shanghai Shanghai 200336 Cn |
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Date of Birth/Age : |
20.03.1959 |
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Date of Appointment : |
15.08.2012 |
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DIN No.: |
05343902 |
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Name : |
John Salvatore Bruno |
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Designation : |
Alternate Director |
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Address : |
50 Fox Pointe Dr Pittsburgh Pa 15238 Us |
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Date of Appointment : |
14.07.2015 |
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DIN No.: |
06809248 |
KEY EXECUTIVES
|
Name : |
Mr. Nilesh Jaswantlal Shah |
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Designation : |
Company Secretary |
|
Address : |
C/401, Panchsheel Gardens, Mahavir Nagar, Dahanukar Wadi,
Kandivali West, Mumbai – 400067, Maharashtra, India |
|
Date of Appointment : |
14.01.2014 |
|
PAN No.: |
AVZPS4626C |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 31.03.2017
|
Names of Shareholders |
No. of Shares |
|
Asian Paints Limited, India |
28518112 |
|
PPG Industries Securities LLC, USA |
28518109 |
|
PPG Industries Securities LLC, jointly with PPG Coatings (Hong Kong)
Co. Limited, USA |
1 |
|
PPG Industries Securities LLC, jointly with PPG Coatings (Malaysia)
Sdn. Bhd., USA |
1 |
|
PPG Industries Securities LLC, jointly with PPG Industries (Singapore)
Pte. Limited, USA |
1 |
|
|
|
|
Total |
57036224 |
Equity Share Break up (Percentage of Total Equity)
As on 01.06.2017
|
Category |
Percentage |
|
Promoter - Bodies
corporate |
50.00 |
|
Promoter – Others |
50.00 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Subject is
engaged in Original Equipment Manufacturer coatings for Automotive, Marine
and Industrial customers. [Registered Activity] |
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Products : |
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Brand Names : |
Not Divulged |
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Agencies Held : |
Not Divulged |
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Exports : |
Not Divulged |
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Imports : |
Not Divulged |
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Terms : |
Not Divulged |
PRODUCTION STATUS NOT AVAILABLE
GENERAL INFORMATION
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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 : |
Price Waterhouse and Company Chartered Accountants |
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Address : |
252 Veer Savarkar Marg, Near Mayor's Bungalow, Shivaji Park,
Dadar West, Mumbai – 400028, Maharashtra, India |
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PAN No.: |
AADFP9359C |
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Memberships : |
Not Available |
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Collaborators : |
Not Available |
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Joint Venture : [AS ON 31.03.2016] |
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Subsidiary Company : [AS ON 31.03.2016] |
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Holding company of PPG Industries Securities, LLC, a joint venture :
[AS ON 31.03.2016] |
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CAPITAL STRUCTURE
AS ON 31.03.2016
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
130000000 |
Equity Shares |
INR 10/- each |
INR 1300.000 Million |
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Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
57036224 |
Equity Shares |
INR 10/- each |
INR 570.360
Million |
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|
|
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 |
570.360 |
570.360 |
570.360 |
|
(b) Reserves & Surplus |
4783.580 |
4167.540 |
3631.300 |
|
(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) |
5353.940 |
4737.900 |
4201.660 |
|
|
|
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(3)
Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
0.000 |
0.000 |
0.000 |
|
(b) Deferred tax liabilities (Net) |
60.120 |
32.520 |
62.900 |
|
(c) Other long term
liabilities |
0.000 |
0.000 |
0.000 |
|
(d) long-term
provisions |
93.700 |
96.980 |
62.090 |
|
Total Non-current
Liabilities (3) |
153.820 |
129.500 |
124.990 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term
borrowings |
0.000 |
0.000 |
0.000 |
|
(b) Trade payables |
1467.530 |
1140.250 |
1440.690 |
|
(c) Other current
liabilities |
226.400 |
209.180 |
173.580 |
|
(d) Short-term
provisions |
8.140 |
13.450 |
12.260 |
|
Total Current
Liabilities (4) |
1702.070 |
1362.880 |
1626.530 |
|
|
|
|
|
|
TOTAL |
7209.830 |
6230.280 |
5953.180 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
1152.310 |
1280.600 |
1182.920 |
|
(ii) Intangible Assets |
10.280 |
26.730 |
43.190 |
|
(iii) Capital
work-in-progress |
83.850 |
8.070 |
99.040 |
|
(iv)
Intangible assets under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current Investments |
86.490 |
86.490 |
86.490 |
|
(c) Deferred tax assets (net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
1055.550 |
775.620 |
668.430 |
|
(e) Other
Non-current assets |
0.170 |
1.580 |
7.120 |
|
Total Non-Current
Assets |
2388.650 |
2179.090 |
2087.190 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
417.560 |
0.000 |
0.000 |
|
(b) Inventories |
1925.120 |
1800.960 |
1756.480 |
|
(c) Trade receivables |
1991.190 |
1829.000 |
1684.630 |
|
(d) Cash and cash
equivalents |
75.720 |
73.980 |
88.820 |
|
(e) Short-term loans
and advances |
408.290 |
345.480 |
334.550 |
|
(f) Other current
assets |
3.300 |
1.770 |
1.510 |
|
Total Current Assets |
4821.180 |
4051.190 |
3865.990 |
|
|
|
|
|
|
TOTAL |
7209.830 |
6230.280 |
5953.180 |
PROFIT
& LOSS ACCOUNT
|
|
PARTICULARS |
31.03.2016 |
31.03.2015 |
31.03.2014 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
9848.250 |
9509.920 |
8448.230 |
|
|
|
Other Income |
56.730 |
18.800 |
25.820 |
|
|
|
TOTAL |
9904.980 |
9528.720 |
8474.050 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of Materials Consumed |
4651.560 |
4886.100 |
4245.070 |
|
|
|
Purchases of Stock-in-Trade |
1397.490 |
1248.240 |
1105.690 |
|
|
|
Changes in inventories of finished goods, work-in-progress
and Stock-in-Trade |
17.220 |
(71.960) |
56.020 |
|
|
|
Employees benefits expense |
710.980 |
752.100 |
622.820 |
|
|
|
CSR Expenditure |
4.180 |
2.500 |
0.000 |
|
|
|
Other expenses |
2104.830 |
1899.130 |
1928.660 |
|
|
|
TOTAL |
8886.260 |
8716.110 |
7958.260 |
|
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION |
1018.720 |
812.610 |
515.790 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES |
1.710 |
1.860 |
26.330 |
|
|
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE TAX, DEPRECIATION AND
AMORTISATION |
1017.010 |
810.750 |
489.460 |
|
|
|
|
|
|
|
|
|
Less |
DEPRECIATION/
AMORTISATION |
146.900 |
138.170 |
121.470 |
|
|
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE TAX |
870.110 |
672.580 |
367.990 |
|
|
|
|
|
|
|
|
|
Less |
TAX |
254.070 |
133.690 |
77.790 |
|
|
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) AFTER TAX |
616.040 |
538.890 |
290.200 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
F.O.B. Value of Exports |
20.580 |
36.110 |
55.160 |
|
|
TOTAL EARNINGS |
20.580 |
36.110 |
55.160 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
2195.430 |
2040.170 |
1771.210 |
|
|
|
Stores & Spares |
3.720 |
1.770 |
942.510 |
|
|
|
Capital Goods |
1260.300 |
1086.370 |
2.870 |
|
|
|
Others |
0.000 |
0.000 |
7.490 |
|
|
TOTAL IMPORTS |
3459.450 |
3128.310 |
2724.080 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (INR) |
11.52 |
9.45 |
5.09 |
|
CURRENT MATURITIES OF LONG TERM DEBT DETAILS
|
Particulars |
31.03.2016 |
31.03.2015 |
31.03.2014 |
|
Current Maturities of Long term debt |
NA |
NA |
NA |
|
Cash generated from operations |
NA |
NA |
NA |
|
Net Cash flows from operating activities |
719.630 |
270.270 |
726.070 |
KEY
RATIOS
EFFICIENCY RATIOS
|
PARTICULARS |
31.03.2016 |
31.03.2015 |
31.03.2014 |
|
Average Collection Days (Sundry
Debtors / Income * 365 Days) |
73.80 |
70.20 |
72.78 |
|
|
|
|
|
|
Account Receivables Turnover (Income / Sundry Debtors) |
4.95 |
5.20 |
5.01 |
|
|
|
|
|
|
Average Payment Days (Sundry Creditors / Purchases * 365 Days) |
88.55 |
67.85 |
98.28 |
|
|
|
|
|
|
Inventory Turnover (Operating Income / Inventories) |
0.53 |
0.45 |
0.29 |
|
|
|
|
|
|
Asset Turnover (Operating Income / Net Fixed Assets) |
0.82 |
0.62 |
0.39 |
LEVERAGE RATIOS
|
PARTICULARS |
31.03.2016 |
31.03.2015 |
31.03.2014 |
|
Debt Ratio ((Borrowing
+ Current Liabilities) / Total Assets) |
0.24 |
0.22 |
0.27 |
|
|
|
|
|
|
Debt Equity Ratio (Total Liability / Networth) |
0.00 |
0.00 |
0.00 |
|
|
|
|
|
|
Current Liabilities to Networth (Current Liabilities / Net Worth) |
0.32 |
0.29 |
0.39 |
|
|
|
|
|
|
Fixed Assets to Networth (Net Fixed Assets / Networth) |
0.23 |
0.28 |
0.32 |
|
|
|
|
|
|
Interest Coverage Ratio (PBIT / Financial Charges) |
595.74 |
436.89 |
19.59 |
PROFITABILITY RATIOS
|
PARTICULARS |
|
31.03.2016 |
31.03.2015 |
31.03.2014 |
|
Net Profit Margin ((PAT / Sales) * 100) |
% |
6.26 |
5.67 |
3.44 |
|
|
|
|
|
|
|
Return on Total Assets ((PAT / Total Assets) * 100) |
% |
8.54 |
8.65 |
4.88 |
|
|
|
|
|
|
|
Return on Investment (ROI) ((PAT / Networth) * 100) |
% |
11.51 |
11.37 |
6.91 |
SOLVENCY RATIOS
|
PARTICULARS |
31.03.2016 |
31.03.2015 |
31.03.2014 |
|
Current Ratio (Current
Assets / Current Liabilities) |
2.83 |
2.97 |
2.38 |
|
|
|
|
|
|
Quick Ratio ((Current Assets – Inventories) / Current
Liabilities) |
1.70 |
1.65 |
1.30 |
|
|
|
|
|
|
G-Score Ratio Financial (Networth / Total Assets) |
0.74 |
0.76 |
0.71 |
|
|
|
|
|
|
G-Score Ratio Debt (Debts / Equity Capital) |
0.00 |
0.00 |
0.00 |
|
|
|
|
|
|
G-Score Ratio Liquidity (Total Current Assets / Total Current Liabilities) |
2.83 |
2.97 |
2.38 |
Total
Liability = Short-term Debt + Long-term Debt + Current Maturities of Long-term
debts
FINANCIAL ANALYSIS
[all figures are
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 |
570.360 |
570.360 |
570.360 |
|
Reserves & Surplus |
3631.300 |
4167.540 |
4783.580 |
|
Share Application money
pending allotment |
0.000 |
0.000 |
0.000 |
|
Net worth |
4201.660 |
4737.900 |
5353.940 |
|
|
|
|
|
|
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 |
8448.230 |
9509.920 |
9848.250 |
|
|
|
12.567 |
3.558 |
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 |
8448.230 |
9509.920 |
9848.250 |
|
Profit |
290.200 |
538.890 |
616.040 |
|
|
3.44% |
5.67% |
6.26% |
ABRIDGED
BALANCE SHEET – (CONSOLIDATED)
|
SOURCES OF FUNDS |
|
31.03.2016 |
31.03.2015 |
|
|
|
|
|
|
I.
EQUITY AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
|
570.360 |
570.360 |
|
(b) Reserves &
Surplus |
|
4926.100 |
4272.320 |
|
(c) Money received
against share warrants |
|
0.000 |
0.000 |
|
|
|
|
|
|
(2) Share Application money
pending allotment |
|
0.000 |
0.000 |
|
Total Shareholders’ Funds
(1) + (2) |
|
5496.460 |
4842.680 |
|
|
|
|
|
|
(3) Non-Current
Liabilities |
|
|
|
|
(a) long-term borrowings |
|
0.000 |
0.000 |
|
(b) Deferred tax
liabilities (Net) |
|
60.380 |
33.780 |
|
(c) Other long term
liabilities |
|
0.000 |
0.000 |
|
(d) long-term provisions |
|
95.790 |
96.980 |
|
Total Non-current
Liabilities (3) |
|
156.170 |
130.760 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
|
0.000 |
0.000 |
|
(b) Trade payables |
|
1508.050 |
1194.260 |
|
(c) Other current
liabilities |
|
227.300 |
217.480 |
|
(d) Short-term provisions |
|
8.170 |
13.450 |
|
Total Current Liabilities
(4) |
|
1743.520 |
1425.190 |
|
|
|
|
|
|
TOTAL |
|
7396.150 |
6398.630 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
|
1185.400 |
1329.550 |
|
(ii) Intangible Assets |
|
38.920 |
55.370 |
|
(iii) Capital
work-in-progress |
|
84.260 |
8.870 |
|
(iv) Intangible assets
under development |
|
0.000 |
0.000 |
|
(b) Non-current
Investments |
|
0.000 |
0.000 |
|
(c) Deferred tax assets
(net) |
|
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
|
1052.440 |
786.530 |
|
(e) Other Non-current
assets |
|
38.450 |
42.450 |
|
Total Non-Current Assets |
|
2399.470 |
2222.770 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
|
417.560 |
0.000 |
|
(b) Inventories |
|
1942.640 |
1819.650 |
|
(c) Trade receivables |
|
2095.750 |
1929.170 |
|
(d) Cash and cash
equivalents |
|
116.640 |
75.570 |
|
(e) Short-term loans and
advances |
|
420.790 |
349.700 |
|
(f) Other current assets |
|
3.300 |
1.770 |
|
Total Current Assets |
|
4996.680 |
4175.860 |
|
|
|
|
|
|
TOTAL |
|
7396.150 |
6398.630 |
PROFIT
& LOSS ACCOUNT– (CONSOLIDATED)
|
|
PARTICULARS |
|
31.03.2016 |
31.03.2015 |
|
|
SALES |
|
|
|
|
|
Income |
|
10201.130 |
9856.060 |
|
|
Other Income |
|
57.680 |
20.830 |
|
|
TOTAL |
|
10258.810 |
9876.890 |
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
Cost of Materials
Consumed |
|
4831.140 |
5075.740 |
|
|
Purchases of
Stock-in-Trade |
|
1421.110 |
1268.350 |
|
|
Changes in inventories of
finished goods, work-in-progress and Stock-in-Trade |
|
18.830 |
-74.850 |
|
|
Employees benefits
expense |
|
762.970 |
804.310 |
|
|
CSR Expenditure |
|
4.180 |
2.500 |
|
|
Other expenses |
|
2133.330 |
1938.340 |
|
|
TOTAL |
|
9171.560 |
9014.390 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND
AMORTISATION |
|
1087.250 |
862.500 |
|
|
|
|
|
|
|
Less |
FINANCIAL EXPENSES |
|
1.770 |
3.600 |
|
|
|
|
|
|
|
|
PROFIT / (LOSS) BEFORE
TAX, DEPRECIATION AND AMORTISATION |
|
1085.480 |
858.900 |
|
|
|
|
|
|
|
Less |
DEPRECIATION/
AMORTISATION |
|
155.200 |
147.790 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS) BEFORE TAX |
|
930.280 |
711.110 |
|
|
|
|
|
|
|
Less |
TAX |
|
273.120 |
147.460 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS) AFTER TAX
|
|
657.160 |
563.650 |
|
|
|
|
|
|
|
|
Earnings / (Loss) Per
Share (INR) |
|
11.52 |
9.88 |
LEGAL CASES
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 |
No |
|
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 |
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 |
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 |
Yes |
|
32 |
Litigations that the firm/promoter
involved in |
Yes |
|
33 |
Market information |
-- |
|
34 |
Payments terms |
No |
|
35 |
Negative Reporting by Auditors in the
Annual Report |
No |
GENERAL INFORMATION
Subject is a Joint Venture between PPG Industries Securities, LLC and Asian Paints Limited and is engaged in Original Equipment Manufacturer coatings for Automotive, Marine & Industrial customers. The Company has manufacturing plants in India.
INDEX OF CHARGE:
|
Charges Registered |
||||||||
|
SNo |
SRN |
Charge Id |
Charge Holder Name |
Date of Creation |
Date of Modification |
Date of Satisfaction |
Amount |
Address |
|
1 |
A55043913 |
90147326 |
10/08/1999 |
19/03/2008 |
- |
700000000.0 |
Corporate Accounts Group Branch, Voltas House,23, J N Heredia Marg,MUMBAIMH400001IN |
|
|
2 |
B63906127 |
10293116 |
06/06/2011 |
- |
15/11/2012 |
300000000.0 |
HDFC BANK HOUSESENAPATI BAPAT MARGLOWER PAREL WMUMBAIMH400013IN |
|
FIXED ASSETS:
- Buildings
- Plant and equipment
- Furniture and fixtures
- Vehicles
- Office equipment
- Computer equipment
- Leasehold improvements
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
|
INR |
|
US Dollar |
1 |
INR 64.66 |
|
|
1 |
INR 90.65 |
|
Euro |
1 |
INR 76.70 |
INFORMATION DETAILS
|
Information
Gathered by : |
SAV |
|
|
|
|
Analysis Done by
: |
VIV |
|
|
|
|
Report Prepared
by : |
JYO |
SCORE FACTORS
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
NO |
|
--LITIGATION |
YES/NO |
YES |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
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.