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%20LIMITED%20-%20497528_MIRA%2015-Mar-2018_files/image018.gif)
MIRA INFORM REPORT
|
Report No. : |
497528 |
|
Report Date : |
15.03.2018 |
IDENTIFICATION DETAILS
|
Name : |
PATELS AIRTEMP (INDIA) LIMITED |
|
|
|
|
Registered
Office : |
5th Floor, Kalpana Complex, Near Memnagar Fire Station, Navrangpura,
Ahmedabad – 380009, Gujarat |
|
Tel. No.: |
91-79-27913694 |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as
on) : |
31.03.2017 |
|
|
|
|
Date of
Incorporation : |
10.06.1992 |
|
|
|
|
Com. Reg. No.: |
04-017801 |
|
|
|
|
Capital Investment
/ Paid-up Capital : |
INR 50.702 Million |
|
|
|
|
CIN No.: [Company Identification
No.] |
L29190GJ1992PLC017801 |
|
|
|
|
IEC No.: [Import-Export Code No.] |
0894001671 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
Not Available |
|
|
|
|
PAN No.: [Permanent Account No.] |
AABCP1375K |
|
|
|
|
GSTN : [Goods & Service Tax
Registration No.] |
Not Divulged |
|
|
|
|
Legal Form : |
A Public Limited Liability Company. The Company’s Shares are Listed on
the Stock Exchanges. |
|
|
|
|
Line of Business
: |
The Company is engaged in the manufacture and sale of extensive range of Heat Exchangers such as Shell and Tube Type, Finned Tube Type and Air Cooled Heat Exchangers, Pressure Vessels, Air-conditioning and Refrigeration equipments and Turnkey HVAC Projects in India and marketing of equipments even outside India. (Registered Activity) |
|
|
|
|
No. of Employees
: |
160 (Approximately) |
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 : |
Regular |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject was incorporated in the year 1992. It is a manufacture and sale of extensive range of heat exchangers
such as shell and tube types, finned tube type and air cooled heat
exchangers, pressure vessels, air-conditioning and refrigeration equipments
and turnkey HVAC projects in India and marketing of equipments even outside
India. For the financial year 2017, the revenue of the company has increased
by 7.50% along with fair profit margin of 5.78%. The rating takes into consideration the sound financial profile of the
company marked by its adequate networth base with sound debt coverage
indicators. Rating also derives strength from company’s established track records
of business. The company has its share price trading at around INR 170.85 against
the Face Value (FV) of 10 on BSE as on 12th March, 2018. As per unaudited quarterly financials of December 2017, the company
has achieved revenue of INR 500.257 Million and has reported profit margin of
4.87% However, rating strengths are partially offset by unfavourable gap
between trade payables and trade receivables. Business is active. Payment seems to be regular. In view of aforesaid, the company can be considered 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 |
CARE |
|
Rating |
Long Term Borrowing=BBB+ |
|
Rating Explanation |
Moderate degree of safety and moderate credit risk. |
|
Date |
08.12.2017 |
|
Rating Agency Name |
CARE |
|
Rating |
Short Term Borrowing=A2+ |
|
Rating Explanation |
Strong degree of safety and low credit risk. |
|
Date |
08.12.2017 |
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 15.03.2017
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.: 91-79-27913694/ 91-2764-286634)
LOCATIONS
|
Registered Office/ A.C. Division : |
5th Floor, Kalpana Complex, Near Memnagar Fire Station, Navrangpura,
Ahmedabad – 380009, |
|
Tel. No.: |
91-79-27913694 / 95 / 96 |
|
Fax No.: |
91-79-27913693 |
|
E-Mail : |
|
|
Website : |
|
|
|
|
|
Works : |
Plot 805, 806, 807, 810,
Rakanpur, Via Sola-Bhadaj Village, Taluka: Kalol, District: Gandhi
Nagar – 382721, Gujarat, India |
|
Tel. No.: |
91-2764-286634 / 286635 / 286480 / 286481 / 286280 |
|
Fax No.: |
91-2764-286301 |
|
E-Mail : |
|
|
|
|
|
Branch Office : |
310, Oberoi Chambers – II, New Link Road, Oshiwara, Andheri (West),
Mumbai – 400053, Maharashtra, India |
|
E-Mail : |
DIRECTORS
As on 31.03.2017
|
Name : |
Mr. Prakash Narayanbhai Patel |
|
Designation : |
Managing Director |
|
Address : |
357, Lane 18, Satyagrah Chhavni Society, Satellite Road, Ahmedabad –
380015, Gujarat, India |
|
Date of Birth/Age : |
23.07.1966 |
|
Qualification : |
B.E. (Mechanical) |
|
Date of Appointment : |
27.05.2004 |
|
DIN No.: |
00249210 |
|
|
|
|
Name : |
Mr. Sanjiv Narayanbhai Patel |
|
Designation : |
Managing Director |
|
Address : |
357, Lane 18, Satyagrah Chhavni Society, Satellite Road, Ahmedabad –
380015, Gujarat, India |
|
Date of Birth/Age : |
11.09.1972 |
|
Date of Appointment : |
30.09.2009 |
|
DIN No.: |
02794095 |
|
|
|
|
Name : |
Mr. Narayanbhai Gangarambhai Patel |
|
Designation : |
Chairman and Managing Director |
|
Address : |
357, Lane 18, Satyagrah Chhavni society, Satellite Road, Ahmedabad –
380015, Gujarat, India |
|
Date of Birth/Age : |
21.04.1940 |
|
Qualification : |
B.E. (Mechanical), M.E. (Air and Ref) |
|
Date of Appointment : |
10.06.1992 |
|
DIN No.: |
00023107 |
|
|
|
|
Name : |
Mr. Narendra Gopalbhai Patel |
|
Designation : |
Whole Time Director |
|
Address : |
13, Alok Bungalows, Sun-N-Step Club Road, Thaltej, Ahmedabad – 380054,
Gujarat, India |
|
Date of Birth/Age : |
13.02.1958 |
|
Qualification : |
B.E. (Mechanical), D.B.M |
|
Date of Appointment : |
21.06.1994 |
|
DIN No.: |
00023205 |
|
|
|
|
Name : |
Mr. Hareshkumar Ishwarlal Shah |
|
Designation : |
Director |
|
Address : |
23, Shankar Nagar Co-operative Housing Society, Ghodasar, Ahmedabad –
380050 |
|
Date of Birth/Age : |
18.10.1946 |
|
Date of Appointment : |
29.10.2005 |
|
DIN No.: |
00216585 |
|
|
|
|
Name : |
Mr. Ramanbhai Ramdas Patel |
|
Designation : |
Director |
|
Address : |
1, Parasmani Tenaments, Ghatlodia, Ahmedabad – 380061, Gujarat, India |
|
Date of Birth/Age : |
07.08.1943 |
|
Qualification : |
B.E. (Chemical), MBA |
|
Date of Appointment : |
11.02.2012 |
|
DIN No.: |
05224867 |
|
|
|
|
Name : |
Mr. Vinodkumar Chhotubhai Desai |
|
Designation : |
Director |
|
Address : |
Block No. 295/4, Sector 20, Gandhi Nagar – 382020, Gujarat, India |
|
Date of Birth/Age : |
16.02.1959 |
|
Qualification : |
B.E (Production |
|
Date of Appointment : |
30.10.2009 |
|
DIN No.: |
02813402 |
|
|
|
|
Name : |
Mr. Himanshubhai Nathalal Raval |
|
Designation : |
Director |
|
Address : |
67/1, Surmati Sadan, Mukti Medan, Maninagar, Ahmedabad – 380008, |
|
Date of Appointment : |
13.12.2016 |
|
DIN No.: |
06631728 |
|
|
|
|
Name : |
Mrs. Veenaben Bhupendra Patel |
|
Designation : |
Director |
|
Date of Birth/Age : |
32, Mahalaya Bungalows, Sola, Ahmedabad – 380060, Gujarat, India |
|
Date of Appointment : |
30.03.2015 |
|
DIN No.: |
07131341 |
KEY EXECUTIVES
|
Name : |
Mr. Nikhil Maneklal Patel |
|
Designation : |
Company Secretary |
|
Address : |
5, Marutinandan Villa, Behind Satyam Bungalows, 100 Ft.
Ring Road, Off S. G. Highway, Thaltej, Ahmedabad – 380059, Gujarat, India |
|
Date of Appointment : |
13.02.2016 |
|
PAN No.: |
ABNPP1858P |
|
|
|
|
Name : |
Mr. Kamlesh Rasiklal Shah |
|
Designation : |
Chief Financial Officer |
|
Address : |
E-4, Terrace Apartment, Near Commerce College Six Road,
Navrangpura, Ahmedabad – 380009, |
|
Date of Appointment : |
09.08.2014 |
|
PAN No.: |
AEJPS5276H |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 31.12.2017
|
Category of
shareholder |
No. of fully
paid up equity shares held |
Shareholding as
a % of total no. of shares (calculated as per SCRR, 1957)As a % of |
|
|
(A) Promoter and Promoter
Group |
2395700 |
47.25 |
|
|
(B) Public |
2674540 |
52.75 |
|
|
Grand
Total |
5070240 |
100.00 |
%20LIMITED%20-%20497528_MIRA%2015-Mar-2018_files/image020.gif)
Statement showing
shareholding pattern of the Promoter and Promoter Group
|
Category of
shareholder |
No. of fully
paid up equity shares held |
Shareholding as a
% of total no. of shares (calculated as per SCRR, 1957)As a % of |
|
|
A1) Indian |
0.00 |
||
|
Individuals/Hindu
undivided Family |
961746 |
18.97 |
|
|
DEVIDAS CHELARAM
NARUMALANI |
290145 |
5.72 |
|
|
PRAKASH N .PATEL |
5000 |
0.10 |
|
|
PATEL NARAYANBHAI
GANGARAM-HUF |
17700 |
0.35 |
|
|
KANAYALAL GAGANDAS
NARUMALANI |
3750 |
0.07 |
|
|
KHUSHAL GAGANDAS
NARUMALANI . |
3750 |
0.07 |
|
|
SANJIVKUMAR NARAYANBHAI
PATEL-HUF |
100 |
0.00 |
|
|
PATEL NARAYANBHAI
GANGARAM |
120000 |
2.37 |
|
|
RASHMIKA NARENDR PATEL |
6525 |
0.13 |
|
|
AARTY P. PATEL |
14000 |
0.28 |
|
|
PATEL SITABEN NARAYANBHAI |
55000 |
1.08 |
|
|
SANJIV NARAYANBHAI PATEL |
16000 |
0.32 |
|
|
NARENDRABHAI GOPALBHAI
PATEL |
303801 |
5.99 |
|
|
PUSHPA D NARUMALANI |
5775 |
0.11 |
|
|
PATEL PRAKASH NARAYANBHAI |
120000 |
2.37 |
|
|
JALPA SANJIV PATEL |
100 |
0.00 |
|
|
SHIVANG PRAKASHCHANDRA
PATEL |
100 |
0.00 |
|
|
Any Other (specify) |
1433954 |
28.28 |
|
|
THERM FLOW ENGINEERS PVT
LTD |
1364512 |
26.91 |
|
|
SHIV FINTRADE PRIVATE
LIMITED |
69442 |
1.37 |
|
|
Sub Total A1 |
2395700 |
47.25 |
|
|
A2) Foreign |
0.00 |
||
|
A=A1+A2 |
2395700 |
47.25 |
Statement showing
shareholding pattern of the Public shareholder
|
Category &
Name of the Shareholders |
No.
of shareholder |
No.
of fully paid up equity shares held |
Shareholding
% calculated as per SCRR, 1957 As a % of |
No.
of equity shares held in dematerialized form(Not Applicable) |
|
|
B1) Institutions |
0 |
0 |
0.00 |
||
|
B2) Central Government/ State
Government(s)/ President of India |
0 |
0 |
0.00 |
||
|
B3) Non-Institutions |
0 |
0 |
0.00 |
||
|
Individual share capital
upto INR 0.200 Million |
6269 |
1987214 |
39.19 |
1851055 |
|
|
Individual share capital
in excess of INR 0.200 Million |
12 |
442280 |
8.72 |
442280 |
|
|
DEENAR KRISHNARAO
TORASKAR |
1 |
61112 |
1.21 |
61112 |
|
|
SHARAD KANAYALAL SHAH |
1 |
61000 |
1.20 |
61000 |
|
|
Any Other (specify) |
271 |
245046 |
4.83 |
242196 |
|
|
Bodies Corporate |
110 |
118919 |
2.35 |
116069 |
|
|
Clearing Members |
31 |
20089 |
0.40 |
20089 |
|
|
NRI – Non- Repat |
30 |
25696 |
0.51 |
25696 |
|
|
NRI |
92 |
68708 |
1.36 |
68708 |
|
|
NRI – Repat |
8 |
11634 |
0.23 |
11634 |
|
|
Sub Total B3 |
6552 |
2674540 |
52.75 |
2535531 |
|
|
B=B1+B2+B3 |
6552 |
2674540 |
52.75 |
2535531 |
BUSINESS DETAILS
|
Line of Business : |
The Company is engaged in the manufacture and sale of extensive range of Heat Exchangers such as Shell and Tube Type, Finned Tube Type and Air Cooled Heat Exchangers, Pressure Vessels, Air-conditioning and Refrigeration equipments and Turnkey HVAC Projects in India and marketing of equipments even outside India. (Registered Activity) |
||||||||
|
|
|
||||||||
|
Products/ Services : |
|
||||||||
|
|
|
||||||||
|
Brand Names : |
Not Available |
||||||||
|
|
|
||||||||
|
Agencies Held : |
Not Available |
||||||||
|
|
|
||||||||
|
Exports : |
Not Divulged |
||||||||
|
|
|
||||||||
|
Imports : |
Not Divulged |
||||||||
|
|
|
||||||||
|
Terms : |
Not Divulged |
PRODUCTION STATUS NOT AVAILABLE
GENERAL INFORMATION
|
Suppliers : |
|
||||||||||||||||||||||
|
|
|
||||||||||||||||||||||
|
Customers : |
|
||||||||||||||||||||||
|
|
|
||||||||||||||||||||||
|
No. of Employees : |
160 (Approximately) |
||||||||||||||||||||||
|
|
|
||||||||||||||||||||||
|
Bankers : |
|
||||||||||||||||||||||
|
|
|
||||||||||||||||||||||
|
Facilities : |
Notes : Working Capital
facilities from Bank of Baroda is secured by way of hypothecation of
raw-materials, stores and spares, work-in-progress of finished goods and book
debts of the company both present and future and first charge on company’s
plant and machinery, other movable assets of the comapany as well as secured
by mortgage of companies factory land and building situated at Plot No. 805,
806, 807, and 810 at Rakanpur, Taluka: Kalol, District: Gandhinagar and
secured by equitable mortgage of Plot No 811 of the company situated at
village Rakanpur Taluka Kalol Dist Gandhinagar as collateral security and is
also personally guaranteed by the Promoters of the company. |
|
Statutory Auditors |
|
|
Name : |
Parikh and Majmudar (Upto 18-9-2017) Chartered Accountants |
|
Address : |
303, B Wing, GCP Business Center, Opposite Memnagar
Fire Station, Near Vijay Cross Roads, Navrangpura, Ahmedabad – 380009,
Gujarat, India |
|
Tel. No.: |
91-79-26401701 / 02 / 03 |
|
Fax No.: |
91-79-40092628 |
|
Membership No.: |
040230 |
|
|
|
|
Name : |
Shah and Shah Associates (Upto 18-9-2017) (From 19-9-2017) (Proposed New Auditors) Chartered Accountants |
|
Address : |
Ahmedabad, Gujarat, India |
|
|
|
|
Memberships : |
Not Available |
|
|
|
|
Collaborators : |
Not Available |
|
|
|
|
Associates |
|
|
|
|
|
Other Related
Parties : |
|
CAPITAL STRUCTURE
As on 31.03.2017
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
7000000 |
Equity Shares |
INR 10/- each |
INR 70.000 Million |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
5070240 |
Equity Shares |
INR 10/- each |
INR 50.702
Million |
|
|
|
|
|
Notes
:
Reconciliation of the
number of shares and amount outstanding at the beginning and at the end of the
reporting period:
|
PARTICULARS |
As at 31 March, 2017 |
|
|
No. of Shares |
Amount In Million |
|
|
Equity
shares with |
|
|
|
Equal
voting rights |
|
|
|
OP
Balance |
5070240 |
50.702 |
|
Fresh
Issue |
-- |
-- |
|
Bonus
Share |
-- |
-- |
|
CL
Balance |
5070240 |
50.702 |
Note:
The Company has only
one class of Shares having Par Value of INR 10 per Share. Each Share holder is
eligible for one vote per share.
Details
of shares held by each shareholder holding more than 5% shares:
|
Class
of shares / Name
of shareholder |
As at 31 March, 2017 |
|
|
Number of shares held |
% holding in that class
of shares |
|
|
Equity
shares with voting rights |
|
|
|
Therm
Flow Engineers Private Limited |
1364512 |
26.91% |
|
Devidas
Chelaram Narumalani |
290145 |
5.72% |
|
Narendrabhai
Gopalbhai Patel |
303801 |
5.99% |
FINANCIAL DATA
[all figures are
in INR 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 |
50.702 |
50.702 |
50.702 |
|
(b) Reserves & Surplus |
620.292 |
541.636 |
483.579 |
|
(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) |
670.994 |
592.338 |
534.281 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) Long-term borrowings |
64.442 |
56.625 |
32.075 |
|
(b) Deferred tax liabilities (Net) |
25.792 |
25.385 |
25.225 |
|
(c) Other long term
liabilities |
1.153 |
1.153 |
1.153 |
|
(d) Long-term
provisions |
3.548 |
2.375 |
2.049 |
|
Total Non-current
Liabilities (3) |
94.935 |
85.538 |
60.502 |
|
|
|
|
|
|
(4)
Current Liabilities |
|
|
|
|
(a) Short
term borrowings |
171.184 |
45.873 |
218.218 |
|
(b) Trade
payables |
193.449 |
119.845 |
138.176 |
|
(c) Other
current liabilities |
145.564 |
105.439 |
63.356 |
|
(d) Short-term
provisions |
5.358 |
19.051 |
22.202 |
|
Total Current
Liabilities (4) |
515.555 |
290.208 |
441.952 |
|
|
|
|
|
|
TOTAL |
1281.484 |
968.084 |
1036.735 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1)
Non-current assets |
|
|
|
|
(a) Fixed
Assets |
|
|
|
|
(i)
Tangible assets |
227.038 |
228.743 |
225.682 |
|
(ii)
Intangible Assets |
1.240 |
2.790 |
4.232 |
|
(iii)
Capital work-in-progress |
5.099 |
0.982 |
0.000 |
|
(iv)
Intangible assets under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current Investments |
0.000 |
0.020 |
0.020 |
|
(c) Deferred tax assets (net) |
0.000 |
0.000 |
0.000 |
|
(d)
Long-term Loan and Advances |
2.365 |
3.920 |
4.449 |
|
(e) Other
Non-current assets |
47.369 |
76.058 |
30.906 |
|
Total Non-Current
Assets |
283.111 |
312.513 |
265.289 |
|
|
|
|
|
|
(2)
Current assets |
|
|
|
|
(a) Current
investments |
0.000 |
0.000 |
0.000 |
|
(b)
Inventories |
293.124 |
227.985 |
264.344 |
|
(c) Trade
receivables |
531.028 |
350.823 |
229.580 |
|
(d) Cash
and cash equivalents |
141.633 |
59.162 |
221.118 |
|
(e)
Short-term loans and advances |
32.588 |
17.601 |
56.404 |
|
(f) Other
current assets |
0.000 |
0.000 |
0.000 |
|
Total
Current Assets |
998.373 |
655.571 |
771.446 |
|
|
|
|
|
|
TOTAL |
1281.484 |
968.084 |
1036.735 |
PROFIT
& LOSS ACCOUNT
|
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
|
SALES |
|
|
|
|
|
Income |
1361.460 |
1266.472 |
1127.464 |
|
|
Other Income |
5.071 |
4.578 |
4.220 |
|
|
TOTAL |
1366.531 |
1271.050 |
1131.684 |
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
Cost of Materials Consumed |
741.108 |
591.491 |
638.403 |
|
|
Purchases of
Stock-in-Trade |
44.258 |
58.014 |
38.966 |
|
|
Changes in inventories of
finished goods, work-in-progress and Stock-in-Trade |
(70.515) |
61.485 |
(49.149) |
|
|
Employees benefits
expense |
79.040 |
70.661 |
63.270 |
|
|
Other manufacturing
expenses |
255.457 |
201.526 |
174.865 |
|
|
Other expenses |
137.595 |
134.458 |
117.503 |
|
|
Profit / (Loss) on sale
of Fixed Assets |
0.263 |
(0.094) |
0.000 |
|
|
TOTAL |
1187.206 |
1117.541 |
983.858 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND
AMORTISATION |
179.325 |
153.509 |
147.826 |
|
|
|
|
|
|
|
Less |
FINANCIAL EXPENSES |
31.501 |
18.677 |
26.767 |
|
|
|
|
|
|
|
|
PROFIT / (LOSS) BEFORE
TAX, DEPRECIATION AND AMORTISATION |
147.824 |
134.832 |
121.059 |
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION |
25.816 |
23.959 |
24.863 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS) BEFORE TAX |
122.008 |
110.873 |
96.196 |
|
|
|
|
|
|
|
Less |
TAX |
43.352 |
39.391 |
34.173 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS) AFTER TAX
|
78.656 |
71.482 |
62.023 |
|
|
|
|
|
|
|
Add |
PREVIOUS YEARS’ BALANCE
BROUGHT FORWARD |
458.636 |
409.579 |
376.702 |
|
|
|
|
|
|
|
Less |
Adjustment on
Account of Change in useful life of Assets |
0.000 |
0.000 |
6.643 |
|
|
|
|
|
|
|
Less |
Short Provision for
Dividend Distribution Tax |
0.000 |
0.000 |
0.078 |
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
Proposed Dividend |
0.000 |
11.154 |
11.154 |
|
|
Tax on Dividend |
0.000 |
2.271 |
2.271 |
|
|
Transfer to General Reserve |
0.000 |
9.000 |
9.000 |
|
|
|
|
|
|
|
|
Balance Carried to the
B/S |
537.292 |
458.636 |
409.579 |
|
|
|
|
|
|
|
|
EARNINGS IN FOREIGN
CURRENCY |
|
|
|
|
|
F.O.B. Value of Exports |
207.812 |
226.351 |
219.894 |
|
|
TOTAL EARNINGS |
207.812 |
226.351 |
219.894 |
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
Capital Goods |
4.078 |
11.151 |
0.992 |
|
|
Raw Materials |
65.860 |
49.489 |
56.145 |
|
|
Consumable Tools |
0.000 |
0.676 |
2.974 |
|
|
TOTAL IMPORTS |
69.938 |
61.316 |
60.111 |
|
|
|
|
|
|
|
|
Earnings / (Loss) Per
Share (INR) |
15.51 |
14.10 |
12.23 |
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 |
0.000 |
|
Cash generated from operations |
15.472 |
119.585 |
31.370 |
|
Net cash flow from operating activity |
(27.528) |
80.305 |
(1.132) |
QUARTERLY RESULTS
|
Particulars |
30.06.2017 |
30.09.2017 |
31.12.2017 |
|
Unaudited |
1st Quarter |
2nd Quarter |
3rd Quarter |
|
Net Sales |
129.570 |
404.490 |
500.260 |
|
Total Expenditure |
101.770 |
361.410 |
440.510 |
|
PBIDT (Excl OI) |
27.800 |
43.080 |
59.750 |
|
Other Income |
1.020 |
1.080 |
0.920 |
|
Operating Profit |
28.830 |
44.160 |
60.670 |
|
Interest |
7.760 |
10.000 |
13.530 |
|
Exceptional Items |
NA |
NA |
NA |
|
PBDT |
21.070 |
34.160 |
47.140 |
|
Depreciation |
6.480 |
6.480 |
6.470 |
|
Profit Before Tax |
14.590 |
27.680 |
40.670 |
|
Tax |
4.360 |
7.860 |
16.260 |
|
Provisions and contingencies |
NA |
NA |
NA |
|
Profit After Tax |
10.230 |
19.820 |
24.410 |
|
Extraordinary Items |
NA |
NA |
NA |
|
Prior Period Expenses |
NA |
NA |
NA |
|
Other Adjustments |
NA |
NA |
NA |
|
Net Profit |
10.230 |
19.820 |
24.410 |
KEY
RATIOS
EFFICIENCY RATIOS
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Average Collection Days (Sundry
Debtors / Income * 365 Days) |
142.37 |
101.11 |
74.32 |
|
|
|
|
|
|
Account Receivables Turnover ( Income / Sundry Debtors) |
2.56 |
3.61 |
4.91 |
|
|
|
|
|
|
Average Payment Days (Sundry Creditors / Purchases * 365 Days) |
89.91 |
67.35 |
74.46 |
|
|
|
|
|
|
Inventory Turnover (Operating Income / Inventories) |
0.61 |
0.67 |
0.56 |
|
|
|
|
|
|
Asset Turnover (Operating Income / Net Fixed Assets) |
0.77 |
0.66 |
0.64 |
LEVERAGE RATIOS
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Debt Ratio ((Borrowing
+ Current Liabilities) / Total Assets) |
0.45 |
0.36 |
0.46 |
|
|
|
|
|
|
Debt Equity Ratio (Total Liability / Networth) |
0.35 |
0.17 |
0.47 |
|
|
|
|
|
|
Current Liabilities to Networth (Current Liabilities / Net Worth) |
0.77 |
0.49 |
0.83 |
|
|
|
|
|
|
Fixed Assets to Networth (Net Fixed Assets / Networth) |
0.35 |
0.39 |
0.43 |
|
|
|
|
|
|
Interest Coverage Ratio (PBIT / Financial Charges) |
5.69 |
8.22 |
5.52 |
PROFITABILITY RATIOS
|
PARTICULARS |
|
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Net Profit Margin [(PAT / Sales)
* 100] |
% |
5.78 |
5.64 |
5.50 |
|
|
|
|
|
|
|
Return on Total Assets ((PAT / Total Assets) * 100) |
% |
6.14 |
7.38 |
5.98 |
|
|
|
|
|
|
|
Return on Investment (ROI) ((PAT / Networth) * 100) |
% |
11.72 |
12.07 |
11.61 |
SOLVENCY RATIOS
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Current Ratio (Current
Assets / Current Liabilities) |
1.94 |
2.26 |
1.75 |
|
|
|
|
|
|
Quick Ratio ((Current Assets – Inventories) / Current
Liabilities) |
1.37 |
1.47 |
1.15 |
|
|
|
|
|
|
G-Score Ratio Financial (Networth / Total Assets) |
0.52 |
0.61 |
0.52 |
|
|
|
|
|
|
G-Score Ratio Debt (Debts / Equity Capital) |
4.65 |
2.02 |
4.94 |
|
|
|
|
|
|
G-Score Ratio Liquidity (Total Current Assets / Total Current Liabilities) |
1.94 |
2.26 |
1.75 |
Total
Liability = Short-term Debt + Long-term Debt + Current Maturities of Long-term
debts
STOCK
PRICES
|
Face Value |
INR 10.00/- |
|
Market Value |
INR 170.85/- |
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 |
50.702 |
50.702 |
50.702 |
|
Reserves & Surplus |
483.579 |
541.636 |
620.292 |
|
Money received against
share warrants |
0.000 |
0.000 |
0.000 |
|
Share Application money
pending allotment |
0.000 |
0.000 |
0.000 |
|
Net worth |
534.281 |
592.338 |
670.994 |
|
|
|
|
|
|
long-term borrowings |
32.075 |
56.625 |
64.442 |
|
Short term borrowings |
218.218 |
45.873 |
171.184 |
|
Current Maturities of
Long term debt |
0.000 |
0.000 |
0.000 |
|
Total borrowings |
250.293 |
102.498 |
235.626 |
|
Debt/Equity ratio |
0.468 |
0.173 |
0.351 |
%20LIMITED%20-%20497528_MIRA%2015-Mar-2018_files/image021.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 |
1127.464 |
1266.472 |
1361.460 |
|
|
|
12.329 |
7.500 |
%20LIMITED%20-%20497528_MIRA%2015-Mar-2018_files/image022.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 |
1127.464 |
1266.472 |
1361.460 |
|
Profit/(Loss) |
62.023 |
71.482 |
78.656 |
|
|
5.50% |
5.64% |
5.78% |
%20LIMITED%20-%20497528_MIRA%2015-Mar-2018_files/image023.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 |
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 |
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 |
STATE
OF COMPANY’S AFFAIRS:
The Company has earned
revenue from operations (gross) of INR 1486.100 Million during the year ended
on 31st March, 2017 as against INR 1376.600 Million earned during the previous
year ended on 31st March, 2016, giving a rise of 7.95 % as compared to previous
year.
Out of the revenue from
operations of INR 1486.100 Million earned by the Company during the year, INR
1437.500 Million represents sale of products (Domestic and Export), INR 16.500
Million represents sale of Services (Processing Charges) and INR 32.100 Million
represents other operating revenues. The Company has also earned other income
of INR 5.071 Million during the year as against INR 4.578 Million
earned
during the previous year.
The Company has earned the
Profit before Tax of INR 122.000 Million during the year ended on 31st March,
2017 as compared to INR 110.900 Million earned during the previous year ended
on 31st March, 2016, showing a rise of 10 %.
The Company has earned Net
Profit of INR 78.700 Million for the year ended on 31st March, 2017 after
making Provision for Tax Expenses of INR 43.400 Million and other adjustments,
as compared to Net Profit of INR 71.500 Million earned by the Company during
the previous year ended on 31st March, 2016, a rise of 10.07 %.
After adding the Surplus in
the Statement of Profit and Loss of INR 458.600 Million brought forward from
the previous year to the profit of INR 78.700 Million earned by the Company
during the year, the total amount of INR 537.300 Million is available for appropriation.
MANAGEMENT
DISCUSSION AND ANALYSIS
ECONOMIC
OUTLOOK
The Indian economy is growing strongly and remains a bright spot in the global landscape. India's overall economic outlook remains positive, although growth will slow temporarily as a result of disruptions to consumption and business activity from the recent withdrawal of high-denomination banknotes from circulation. But the nation's
expansion will pick up again as economic reforms kick in, said the International Monetary Fund (IMF) in its latest assessment. Growth is being at 6.6 percent for fiscal year i.e. 2016-2017 and at 7.2 percent in the following year as per the said report.
Global economic activity is picking up with a long-awaited cyclical recovery in investment, manufacturing, and trade, according to IMF, World Economic Outlook. World growth is expected to rise from 3.1 percent in 2016 to 3.5 percent in 2017 and 3.6 percent in 2018. Stronger activity, expectations of more robust global demand, reduced deflationary pressures, and optimistic financial markets are all upside developments. But structural impediments to a stronger recovery and a balance of risks that remains tilted to the downside, especially over the medium term, remain important challenges. In economic examines how changes in external conditions may affect the pace of income convergence between advanced and emerging market and developing economies. Overall, economic outlook being stresses the need for credible strategies in advanced economies and emerging market and developing ones to tackle a number of common challenges in an integrated global economy.
INDUSTRY
STRUCTURE AND DEVELOPMENT
The Company is engaged in
the manufacture and sale of extensive range of Heat Exchangers such as Shell and
Tube Type, Finned Tube Type and Air Cooled Heat Exchangers, Pressure Vessels,
Air-conditioning and Refrigeration equipments and Turnkey HVAC Projects in
India & marketing of equipments even outside India. All these products are
supplied to leading Industrial Sections like Power Projects, Refineries,
Fertilizers, Cements, Petrochemicals, Pharmaceuticals, Textile and Chemical
Industries.
With the highly innovative
environment, the Company could sustain its sales even in highly cut-thought
competition and the prevailing market conditions.
PRODUCT
- WISE PERFORMANCE
The Company is operating in
one segment i.e. engineering fabrication having different products, such as
Heat Exchangers, Air Cooled Heat Exchangers, Pressure Vessels, Air-conditioning
& Refrigeration Equipments, Turnkey HVAC projects and other Misc. products,
the turnover of which are given in Notes on Accounts portion of the Annual
Report. The company has decided to stick to high value added engineering
products. These products are regularly procured by the Industrial Process
Plants / Units. These products has ASME "U"/ "U2"/
"S" Stamp authorization, it is expected to improve profitability of
the company in the future. For updating Heat Transfer Technology, Company has
become member of HTRI (Heat Transfer Research, Inc, U.S.A.).
FUTURE
OUTLOOK
India's economic growth is
gradually improving since 2014. The favorable policy as well as executive
reforms by the Government to support strong and sustainable growth, prudent
fiscal regime and calibrated monetary easing that reigned in inflation has
helped to strengthen macroeconomic stability. In particular, the upcoming
implementation of the Goods and Services Tax (GST), which has been in the
making for over a decade, will help raise India's medium-term growth to above 8
percent, as it will enhance the efficiency of production and movement of goods
and services across Indian states. The lower crude oil prices have also helped
to reduce current account deficit, improve fiscal positions, and lower inflation.
This, in turn, has helped boost economic activities in India. Driven by these
positive developments, the country has emerged as the world's fastest growing
major economy. The Government's endeavour to drive a bigger as well as a
cleaner GDP is expected to augur well for the economy in the medium and long
terms.
UNSECURED LOAN
|
PARTICULARS |
31.03.2017 (INR
in Million) |
31.03.2016 (INR
in Million) |
|
Long-term
Borrowings |
|
|
|
Loans and advances from related parties |
|
|
|
Directors |
14.850 |
11.400 |
|
Relatives |
49.592 |
45.225 |
|
|
|
|
|
Total |
64.442 |
56.625 |
INDEX
OF CHARGES
|
Charges Registered |
||||||||
|
SNo |
SRN |
Charge Id |
Charge Holder Name |
Date of Creation |
Date of Modification |
Date of Satisfaction |
Amount |
Address |
|
1 |
C40649634 |
10543789 |
BANK OF BARODA |
17/01/2015 |
- |
- |
60000000.0 |
Navrangpura Branch, Navrangpura Ahmedabad GUJARAT 380014 INDIA |
|
2 |
C30180350 |
10526540 |
Bank of Baroda |
29/09/2014 |
- |
- |
7000000.0 |
NAVRANGPURA BRANCH, NR. INCOMETAX UNDER BRIDGE, NAVJEEVAN POST OFFICE AHMEDABAD AHMEDABAD GUJARAT 380009 INDIA |
|
3 |
B44437044 |
10367325 |
BANK OF BARODA |
18/07/2012 |
- |
- |
85000000.0 |
NAVRANGPURA BRANCHNR INCOME TAX UNDER BRIDGE, NAVJEEVAN POST OFFICE AHMEDABAD GUJARAT 380009 INDIA |
|
4 |
Y10193061 |
90103369 |
BANK OF BARODA |
08/12/2004 |
- |
- |
17000000.0 |
CORPORATE BANKING BRANCH AHMEDABAD GUJARAT INDIA |
|
5 |
Y10192543 |
90102851 |
BANK OF BARODA |
15/04/2004 |
20/07/2006 |
- |
130000000.0 |
BANK OF BARODA TOWERS, 1ST & 2ND FLOOR, CFS BRANC OPPOSITE LAW GARDEN, ELLISBRIDGE, AHMEDABAD GUJARAT 380006 INDIA |
|
6 |
G42002261 |
90103556 |
BANK OF BARODA |
15/04/2004 |
10/02/2017 |
- |
1020000000.0 |
Navrangpura Branch Navrangpura Ahmedabad GUJARAT 380009 INDIA |
|
7 |
G49699432 |
100058288 |
Axis Bank Limited |
06/09/2016 |
- |
19/07/2017 |
220000000.0 |
SME CENTRE ,2ND FLOOR 3RD EYE BLG PANCHVATI Ahmedabad GUJARAT 380009 INDIA |
|
8 |
C76704428 |
10546376 |
Axis Bank Limited |
17/01/2015 |
- |
19/01/2016 |
250000000.0 |
SME CENTRE ,2ND FLOOR 3RD EYE BLG PANCHVATI Ahmedabad GUJARAT 380009 INDIA |
|
9 |
A33624024 |
90103070 |
INDUSTRIAL DEVELOPMENT BANK OF INDIA |
22/01/1997 |
21/10/2004 |
11/03/2008 |
62500000.0 |
IDBI TOWER COLABA MUMBAI MAHARASHTRA 400005 INDIA |
|
10 |
A33623562 |
90102993 |
INDUSTRIAL DEVELOPMENT BANK OF INDIA |
22/12/1994 |
21/10/2004 |
11/03/2008 |
22000000.0 |
IDBI TOWER COLABA MUMBAI MAHARASHTRA 400005 INDIA |
UNAUDITED
FINANCIAL RESULTS FOR THE QUARTER AND NINE MONTHS ENDED 31.12.2017
(INR
In Million)
|
Particulars |
Quarter Ended |
Nine Months Ended |
|
|
31.12.2017 |
30.09.2017 |
31.12.2017 |
|
|
Unaudited |
Unaudited |
|
|
|
Income |
|
|
|
|
Revenue from operations |
485.438 |
388.891 |
992.512 |
|
Other Operating Income |
14.819 |
15.600 |
41.807 |
|
Total Revenue from Operations |
500.257 |
404.491 |
1034.319 |
|
Other Operating Income |
0.920 |
1.081 |
3.025 |
|
Total Income from Operations |
501.177 |
405.572 |
1037.344 |
|
Expenditure |
|
|
|
|
Cost of materials consumed |
252.621 |
268.752 |
766.568 |
|
Purchases
of Stock-in-Trade |
6.303 |
13.228 |
30.103 |
|
Changes in inventories of finished goods. work-in-progress and stock in trade |
38.343 |
(50.520) |
(304.004) |
|
Employee benefits expense |
22.008 |
19.773 |
60.595 |
|
Depreciation and Amortisation Expenses |
6.468 |
6.480 |
19.425 |
|
Labour Charges |
48.182 |
42.659 |
127.216 |
|
Excise Duty |
0.000 |
0.000 |
11.270 |
|
Finance Costs |
13.526 |
10.000 |
31.283 |
|
Other Expenses |
73.058 |
67.500 |
211.955 |
|
Total expenses |
460.509 |
377.894 |
954.411 |
|
Profit/ (Loss) before exceptional Items and
tax |
40.668 |
27.678 |
82.933 |
|
Exceptional Items |
0.000 |
0.000 |
0.000 |
|
Profit / (Loss) before tax |
40.668 |
27.678 |
82.933 |
|
Tax expenses |
16.258 |
7.862 |
28.475 |
|
Net Profit / (Loss) for the period |
24.410 |
19.816 |
54.458 |
|
Other comprehensive Income, net of income
tax Items that will not be reclassified to profit or loss Items that will be reclassified to Total other comprehensive |
(0.030) -- (0.030) |
(0.030) -- (0.030) |
(0.090) -- (0.090) |
|
Total comprehensive income for the period |
24.380 |
19.786 |
54.368 |
|
Paid-up Equity Share Capital (Face Value
INR 10/-each) |
50.702 |
50.702 |
50.702 |
|
EPS (of INR 10/-each) (Not Annualised) |
|
|
|
|
Basic and Diluted |
4.81 |
3.90 |
10.72 |
Notes:
- The above results have been reviewed by the Audit Committee and have been approved by the Board of Directors at their respective meetings held on 10th February, 2018.
- The above results for the quarter and nine months ended on 31st December, 2017 have been prepared in accordance with the Companies (Indian Accounting Standards) Rules, 2015 (Ind AS) as amended in 2016 prescribed under Section 133 of the Companies Act. 2013 and other recognised accounting practices and policies to the first time adopted Ind AS with a transition date of 1st April, 2016.
- The format of the above results as prescribed in SEBI's Circular CIR/CFD/CMD/15/2015 dated 30th November, 2015 has been modified to comply with the requirements of SEBI's Circular dated 5th July, 2016, Ind AS and Schedule III of the Companies Act, 2013. Pursuant to the exemption granted under the said circular, the above results do not include Ind AS compliant results for the previous year ended on 31st March.2017.
- The Statutory Auditors of the Company have carried out a "Limited Review" of the above results as per Regulation 33 of the SEBI (Listing Obligation and Disclosure Requirements) Regulations. 2015.
- Post the applicability of Goods arid Service Tax (GST) with effect from 1st July, 2017, Revenue from Operations are disclosed Net of GST, whereas excise duty formed part of other expenses in previous period/year. Accordingly, the Revenue from Operations and other expenses for the quarter and nine months ended 31st December, 2017 are not comparable with the previous periods presented in the results.
- Previous year’s/period's figure have been regrouped/rearranged wherever necessary.
- As the Company has only one segment of activity namely Engineering, the disclosure requirements under regulation 33 of SEBI (Listing Obligation & Disclosures Requirements) Regulation, 2015 and in terms of Ind AS-108 on "Segment Reporting" are not applicable.
- The reconciliation of net profit or loss reported in accordance with Indian GAAP to total comprehensive income as restated in accordance with Ind AS is given below :
(INR In Million)
|
Description |
Quarter ended in the previous year |
|
31.12.2016 (Unaudited) |
|
|
Net profit after Tax for the period as per I-GAAP |
16.457 |
|
Add |
|
|
Actuarial loss on Defined Benefit plans reclassified to other Comprehensive income |
0.030 |
|
Excise Duty |
26.146 |
|
SUB TOTAL |
26.146 |
|
LESS Excise Duty SUB TOTAL |
26.146 26.146 |
|
Net profit After
Tax Before OCI as per IND AS |
16.487 |
|
Other comprehensive income/ (Expense) |
(0.030) |
|
Total comprehensive
income for the period as per Ind AS |
16.457 |
CONTINGENT
LIABILITIES:
(INR in million)
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
|
Outstanding Bank Guarantees Outstanding Foreign Bank Guarantees |
335.998 US $ 798618.38 |
265.923 US $ 450118.40 |
|
Outstanding Inland Letter of Credit Outstanding Foreign Letter of Credit |
3.122 US $ 713036.56 |
1.467 US $ NIL |
FIXED ASSETS
Tangible assets
- Land – Freehold
- Buildings
- Plant and Equipment
- Electrical installation
- Furniture and Fixtures
- Vehicles
- Office equipment
- Road
- Computer
Intangible assets
- 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
|
INR |
|
US Dollar |
1 |
INR 64.98 |
|
|
1 |
INR 90.82 |
|
Euro |
1 |
INR 80.09 |
INFORMATION DETAILS
|
Information
Gathered by : |
SWE |
|
|
|
|
Analysis Done by
: |
VAR |
|
|
|
|
Report Prepared
by : |
SUD |
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 |
YES |
|
--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.