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|
MIRA INFORM REPORT
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Report No. : |
497631 |
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Report Date : |
17.03.2018 |
IDENTIFICATION DETAILS
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Name : |
MAN DIESEL AND TURBO INDIA PRIVATE LIMITED (w.e.f. 25.02.2016) |
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|
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Formerly Known
As : |
MAN
DIESEL AND TURBO INDIA LIMITED (w.e.f. 11.10.2010) MAN
DIESEL INDIA LIMITED (w.e.f. 29.11.2006) MAN
B&W DIESEL INDIA LIMITED MODI MIRRLEES BLACKSTONE LIMITED |
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Registered
Office : |
E-73, MIDC Industrial Area, Waluj, Aurangabad – 431136, Maharashtra |
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Tel. No.: |
91-240-2554463 |
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Country : |
India |
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Financials (as
on) : |
31.12.2016 |
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Date of
Incorporation : |
11.01.1989 |
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Com. Reg. No.: |
11-050332 |
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Capital
Investment / Paid-up Capital : |
INR 411.050 Million |
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CIN No.: [Company Identification
No.] |
U74999MH1989FTC050332 |
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IEC No.: [Import-Export Code No.] |
Not Divulged |
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TAN No.: [Tax Deduction &
Collection Account No.] |
Not Available |
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TIN/CST No.: |
27400286266 |
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PAN No.: [Permanent Account No.] |
AAACM0320L |
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GSTN : [Goods & Service Tax
Registration No.] |
27AAACM0320L1ZS |
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Legal Form : |
Private Limited Liability Company. |
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Line of Business
: |
The Company has three divisions located at Aurangabad and Vadodara.
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No. of Employees
: |
Information declined by the management
|
RATING & COMMENTS
(Mira Inform has adopted New Rating mechanism w.e.f. 23rd
January 2017)
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MIRA’s Rating : |
A+ |
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Credit Rating |
Explanation |
Rating Comments |
|
A+ |
Low Risk |
Business dealings permissible with low
risk of default |
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Status : |
Good |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Subject is an established company incorporated in the year 1989. It
operates as a subsidiary of Man Diesel & Turbo SE, Germany. For the financial year ended December 2016, the company has achieved a
decent growth of 54.83% in its revenue as compared to the previous year’s
revenue and has gained average profitability margin of 3.96%. The company possesses sound financial position marked by robust
networth base along with acceptable liquidity position. Rating takes into consideration the strength that the company derives
from its holding and its holding company and its experienced management team.
Business is active. Payment seems to be regular and per commitments. In view of established track record of business operations and strong
support received from its holding company, the company can be considered for
business dealings with 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.
ECGC Country Risk Classification List
|
Country Name |
Previous Rating (30.09.2017) |
Current Rating (31.12.2017) |
|
India |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
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Low Risk |
A2 |
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Moderately Low Risk |
B1 |
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Moderate Risk |
B2 |
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Moderately High Risk |
C1 |
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High Risk |
C2 |
|
Very High Risk |
D |
EXTERNAL AGENCY RATING
|
Rating Agency Name |
Not Available |
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Rating |
Not Available |
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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 17.03.2018
IBBI (Insolvency and Bankruptcy Board of India) LISTING STATUS
Subject’s name is not listed in the publicly
available IBBI (Insolvency and Bankruptcy Board of India) list as of report
date.
INFORMATION DECLINED BY
|
Name : |
Mr. Pramod Bhalerao |
|
Designation : |
Admin |
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Contact No.: |
91-22-66875400 |
|
Date : |
16.03.2018 |
Tel No.:91-240-2566700 / 2566430 / 2554463 (Not Working)
LOCATIONS
|
Registered Office / Works : |
E-73, MIDC Industrial Area, Waluj, Aurangabad – 431136, Maharashtra, India |
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Tel. No.: |
Not Available |
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Fax No.: |
91-240-2554621 |
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E-Mail : |
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Website: |
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Corporate Office |
402, Building No..2, Star Hub, Behind ITC Center, Marata Shar Road,
Andheri (East), Mumbai – 400059, Maharashtra, India |
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Tel. No.: |
91-22-66875400 |
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Fax No.: |
91-22-66875444 |
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E-Mail : |
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Vadodara Office: |
Plot No. 219-220, GIDC, Ranoli Vadodara – 391350, Gujarat, India |
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Tel. No.: |
91-265-2240952/3-3016300 |
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Fax No.: |
91-265-2240169 |
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E-Mail : |
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Divisions : |
Located At:
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DIRECTORS
AS ON 2018
|
Name : |
Emmanuel Jeganathan Ferdinand |
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Designation : |
Managing Director |
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Address : |
C-19, Shrushti Bungalows Vasna Road, Vadodara – 390015, Gujarat, India
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Date of Birth/Age : |
15.09.1958 |
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Date of Appointment : |
01.06.2014 |
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DIN No.: |
01180294 |
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Other
Directorship:
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Name : |
Martin Oetjen |
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Designation : |
Director |
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Address : |
Klausener Platz 19 Munchen 81547 DE |
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Date of Birth/Age : |
10.06.1952 |
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Date of Appointment : |
07.07.2015 |
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DIN No.: |
07088264 |
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Name : |
Arnd Hermann Loettgen |
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Designation : |
Additional Director |
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Address : |
90547, Stein Hermann-Hesse-Weg 8B Stein 90547 DE |
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Date of Appointment : |
22.12.2016 |
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DIN No.: |
07676477 |
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Name : |
Michael Pflueger |
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Designation : |
Director |
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Address : |
85445, Oberding Aufkirchen Pfr, Mittermair Str. 18 Aufkirchen 85445 DE |
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Date of Appointment : |
26.06.2017 |
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DIN No.: |
07676481 |
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Other
Directorship:
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Name : |
Christopher Antes |
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Designation : |
Director |
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Address : |
66386, ST. Ingbert Mitte Karl-Cluster-Strabe 37 Ingbert 66386 DE |
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Date of Appointment : |
22.12.2016 |
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DIN No.: |
07676487 |
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KEY EXECUTIVES
|
Name : |
Dnyanesh Vinayak Dabri |
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Designation : |
Chief Finance Officer |
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Address : |
B-1, Akshay Terraces, Near Chanakyapuri-Ii Dnyaneshwar Nagar, Darga Road Aurangabad – 431005, Maharashtra, India |
|
Date of Appointment : |
26.09.2014 |
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PAN No: |
ABIPD0236G |
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Name : |
Mr. Karan Rajkumar Ramchandani |
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Designation : |
Company Secretary |
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Address : |
Flat No. 19, Second Floor, Ayodhya Apartment, Jyoti Nagar, Osmanpura, Aurangabad - 431001, Maharashtra, India |
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Date of Appointment : |
04.04.2016 |
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PAN No: |
AOMPR7756L |
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|
Name : |
Mr. Pramod Bhalerao |
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Designation : |
Admin |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 31.12.2016
|
Names of Shareholders |
|
No. of Shares |
|
Man Diesel & Turbo SE, Germany |
|
41105001 |
|
Man Diesel & Turbo SE, Germany Jointly held with Mr. Reinhard
Chudzicki |
|
3 |
|
Total |
|
41105004 |
Equity Share Break up (Percentage of Total Equity)
AS ON 26.06.2017
|
Category |
Percentage |
|
Promoters (Body corporate) |
100.00 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
The Company has three divisions located at Aurangabad and Vadodara.
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Products : |
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Brand Names : |
Not Available |
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Agencies Held : |
Not Available |
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Exports : |
Not Divulged |
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Imports : |
Not Divulged |
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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 Bangalore LLP Chartered Accountants |
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Address : |
Mutha Towers, 5th Floor, Suite No. 8, Airport Road, Yerwada, Pune -411006, Maharashtra, India |
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PAN N Income-tax PAN of auditor or auditor's firm : |
AADFP9359C |
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Memberships : |
Not Available |
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Collaborators : |
Not Available |
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Holding company: |
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Ultimate Holding
Company : |
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Fellow
Subsidiaries (where
transactions have occurred during the year) : |
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CAPITAL STRUCTURE
AS ON 26.06.2017
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
41169200 |
Equity Shares |
INR 10/- each |
INR 411.692 Million |
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|
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|
|
Issued Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
41105004 |
Equity Shares |
INR 10/- each |
INR 411.050
Million |
|
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|
|
|
FINANCIAL DATA
[all figures are
in INR Million]
ABRIDGED
BALANCE SHEET
|
SOURCES OF FUNDS |
31.12.2016 |
31.12.2015 |
31.12.2014 |
|
I.
EQUITY
AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
411.050 |
321.771 |
331.692 |
|
(b) Reserves and Surplus |
2157.032 |
1613.810 |
1521.639 |
|
(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) |
2568.082 |
1935.581 |
1853.331 |
|
|
|
|
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(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 |
193.434 |
0.736 |
0.736 |
|
(d) long-term
provisions |
62.680 |
73.498 |
68.850 |
|
Total Non-current
Liabilities (3) |
256.114 |
74.234 |
69.586 |
|
|
|
|
|
|
(4)
Current Liabilities |
|
|
|
|
(a) Short-term
borrowings |
125.000 |
0.000 |
0.000 |
|
(b) Trade
payables |
936.110 |
559.825 |
601.460 |
|
(c) Other current
liabilities |
518.639 |
556.518 |
231.131 |
|
(d) Short-term
provisions |
384.167 |
86.378 |
118.189 |
|
Total Current
Liabilities (4) |
1963.916 |
1202.721 |
950.780 |
|
|
|
|
|
|
TOTAL |
4788.112 |
3212.536 |
2873.697 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1)
Non-current assets |
|
|
|
|
(a) Fixed
Assets |
|
|
|
|
(i)
Tangible assets |
609.719 |
290.877 |
291.937 |
|
(ii)
Intangible Assets |
269.980 |
0.000 |
0.000 |
|
(iii) Tangible assets
capital work-in-progress |
15.409 |
0.658 |
0.000 |
|
(iv)
Intangible assets under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current Investments |
0.000 |
0.000 |
0.000 |
|
(c) Deferred tax assets (net) |
94.688 |
66.788 |
63.046 |
|
(d)
Long-term loans and advances |
74.022 |
41.701 |
40.840 |
|
(e) Other Non-current
assets |
0.000 |
0.000 |
0.000 |
|
Total Non-Current
Assets |
1063.818 |
400.024 |
395.823 |
|
|
|
|
|
|
(2)
Current assets |
|
|
|
|
(a)
Current investments |
0.000 |
0.000 |
0.000 |
|
(b)
Inventories |
1079.362 |
858.365 |
874.220 |
|
(c) Trade
receivables |
865.730 |
491.071 |
495.521 |
|
(d) Cash and
bank balances |
1088.675 |
1114.026 |
828.502 |
|
(e)
Short-term loans and advances |
582.618 |
276.368 |
218.469 |
|
(f) Other
current assets |
107.909 |
72.682 |
61.162 |
|
Total Current
Assets |
3724.294 |
2812.512 |
2477.874 |
|
|
|
|
|
|
TOTAL |
4788.112 |
3212.536 |
2873.697 |
PROFIT
& LOSS ACCOUNT
|
|
PARTICULARS |
31.12.2016 |
31.12.2015 |
31.12.2014 |
|
|
SALES |
|
|
|
|
|
Revenue
from operations |
4332.706 |
2798.344 |
3145.180 |
|
|
Other Income |
139.523 |
164.461 |
64.551 |
|
|
TOTAL |
4472.229 |
2962.805 |
3209.731 |
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
Cost of Materials
Consumed |
2430.669 |
1008.718 |
1798.200 |
|
|
Purchases of Stock-in-Trade |
389.773 |
311.177 |
182.335 |
|
|
Changes in inventories of
finished goods, work-in-progress and Stock-in-Trade |
(188.903) |
134.471 |
(187.616) |
|
|
Employee benefit expense |
597.484 |
466.951 |
448.324 |
|
|
CSR expenditure |
0.605 |
0.000 |
0.000 |
|
|
Other expenses |
827.806 |
439.924 |
422.473 |
|
|
TOTAL |
4057.434 |
2361.241 |
2663.716 |
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE INTEREST, TAX,
DEPRECIATION AND AMORTISATION |
414.795 |
601.564 |
546.015 |
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES |
5.115 |
2.412 |
1.607 |
|
|
|
|
|
|
|
|
PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION |
409.680 |
599.152 |
544.408 |
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION |
141.725 |
56.720 |
62.368 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS)
BEFORE TAX |
267.955 |
542.432 |
482.040 |
|
|
|
|
|
|
|
Less |
TAX |
96.475 |
188.759 |
165.946 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS)
AFTER TAX |
171.480 |
353.673 |
316.094 |
|
|
|
|
|
|
|
|
Earnings / (Loss) Per
Share (INR) |
4.41 |
10.66 |
9.53 |
CURRENT MATURITIES
OF LONG TERM DEBT DETAILS
|
Particulars |
31.12.2016 |
31.12.2015 |
31.12.2014 |
|
Current Maturities of Long term debt |
NA |
NA |
NA |
|
Net cash flows from (used in) operations |
444.358 |
334.313 |
386.970 |
|
Net cash flows from (used in) operating activities |
231.094 |
54.648 |
166.734 |
KEY
RATIOS
EFFICIENCY RATIOS
|
PARTICULARS |
31.12.2016 |
31.12.2015 |
31.12.2014 |
|
Average Collection Days (Sundry Debtors / Income * 365 Days) |
72.93 |
64.05 |
57.51 |
|
|
|
|
|
|
Account Receivables Turnover (Income / Sundry
Debtors) |
5.00 |
5.70 |
6.35 |
|
|
|
|
|
|
Average Payment Days (Sundry Creditors
/ Purchases * 365 Days) |
121.14 |
154.81 |
110.85 |
|
|
|
|
|
|
Inventory Turnover (Operating Income
/ Inventories) |
0.38 |
0.70 |
0.62 |
|
|
|
|
|
|
Asset Turnover (Operating Income
/ Net Fixed Assets) |
0.46 |
2.06 |
1.87 |
LEVERAGE RATIOS
|
PARTICULARS |
31.12.2016 |
31.12.2015 |
31.12.2014 |
|
Debt Ratio ((Borrowing + Current Liabilities) / Total
Assets) |
0.41 |
0.37 |
0.33 |
|
|
|
|
|
|
Debt Equity Ratio (Total Liability
/ Networth) |
0.05 |
0.00 |
0.00 |
|
|
|
|
|
|
Current Liabilities to Networth (Current
Liabilities / Net Worth) |
0.76 |
0.62 |
0.51 |
|
|
|
|
|
|
Fixed Assets to Networth (Net Fixed Assets
/ Networth) |
0.35 |
0.15 |
0.16 |
|
|
|
|
|
|
Interest Coverage Ratio (PBIT / Financial
Charges) |
81.09 |
249.40 |
339.77 |
PROFITABILITY RATIOS
|
PARTICULARS |
|
31.12.2016 |
31.12.2015 |
31.12.2014 |
|
Net Profit Margin ((PAT / Sales) *
100) |
% |
3.96 |
12.64 |
10.05 |
|
|
|
|
|
|
|
Return on Total Assets ((PAT / Total
Assets) * 100) |
% |
3.58 |
11.01 |
11.00 |
|
|
|
|
|
|
|
Return on Investment (ROI) ((PAT / Networth)
* 100) |
% |
6.68 |
18.27 |
17.06 |
SOLVENCY RATIOS
|
PARTICULARS |
31.12.2016 |
31.12.2015 |
31.12.2014 |
|
Current Ratio (Current Assets / Current Liabilities) |
1.90 |
2.34 |
2.61 |
|
|
|
|
|
|
Quick Ratio ((Current Assets
– Inventories) / Current Liabilities) |
1.35 |
1.62 |
1.69 |
|
|
|
|
|
|
G-Score Ratio Financial (Networth / Total
Assets) |
0.54 |
0.60 |
0.64 |
|
|
|
|
|
|
G-Score Ratio Debt (Debts / Equity
Capital) |
0.30 |
0.00 |
0.00 |
|
|
|
|
|
|
G-Score Ratio Liquidity (Total Current
Assets / Total Current Liabilities) |
1.90 |
2.34 |
2.61 |
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 |
31.12.2014 |
31.12.2015 |
31.12.2016 |
|
|
(INR
In Million) |
(INR
In Million) |
(INR
In Million) |
|
Share Capital |
331.692 |
321.771 |
411.050 |
|
Reserves & Surplus |
1521.639 |
1613.810 |
2157.032 |
|
Money received against share
warrants |
0.000 |
0.000 |
0.000 |
|
Share Application money
pending allotment |
0.000 |
0.000 |
0.000 |
|
Net
worth |
1853.331 |
1935.581 |
2568.082 |
|
|
|
|
|
|
Long-term borrowings |
0.000 |
0.000 |
0.000 |
|
Short term borrowings |
0.000 |
0.000 |
125.000 |
|
Total
borrowings |
0.000 |
0.000 |
125.000 |
|
Debt/Equity
ratio |
0.000 |
0.000 |
0.049 |
YEAR-ON-YEAR GROWTH
|
Year
on Year Growth |
31.12.2014 |
31.12.2015 |
31.12.2016 |
|
|
(INR
In Million) |
(INR
In Million) |
(INR
In Million) |
|
Sales |
3145.180 |
2798.344 |
4332.706 |
|
|
|
(11.028) |
54.831 |
NET PROFIT MARGIN
|
Net
Profit Margin |
31.12.2014 |
31.12.2015 |
31.12.2016 |
|
|
(INR
In Million) |
(INR
In Million) |
(INR
In Million) |
|
Sales |
3145.180 |
2798.344 |
4332.706 |
|
Profit/ (Loss) |
316.094 |
353.673 |
171.480 |
|
|
10.05% |
12.64% |
3.96% |
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 |
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 |
No |
|
21 |
Banking facility details |
No |
|
22 |
Conduct of the banking account |
-- |
|
23 |
Financials, if provided |
Yes |
|
24 |
Capital in the business |
Yes |
|
25 |
Last accounts filed at ROC, if applicable |
No |
|
26 |
Turnover of firm for last three years |
Yes |
|
27 |
Reasons for variation <> 20% |
-- |
|
28 |
Estimation for coming financial year |
No |
|
29 |
Profitability for last three years |
Yes |
|
30 |
Major shareholders, if available |
Yes |
|
31 |
External Agency Rating, if available |
No |
|
32 |
Litigations that the firm/promoter
involved in |
-- |
|
33 |
Market information |
-- |
|
34 |
Payments terms |
No |
|
35 |
Negative Reporting by Auditors in the
Annual Report |
No |
UNSECURED LOAN
|
PARTICULAR |
31.12.2016 (INR in Million) |
31.12.2015 (INR in Million) |
|
Short-term
borrowings |
|
|
|
Loans repayable on demand from others |
1250.000 |
0.000 |
|
Total |
1250.000 |
0.000 |
GENERAL
INFORMATION:
MAN Diesel & Turbo India Private Limited (‘the Company’) was incorporated on 11th January 1989 under the Companies Act, 1956. The Company has three divisions located at Aurangabad, Vadodara and Bangalore. Aurangabad Division is engaged in manufacture of Diesel Engines, trading of Diesel Engines spares and design and engineering services for diesel engines in domestic and export markets. Vadodara Division is engaged in business of repairs and refurbishment of turbo machinery and related auxiliary parts and in activities relating to erection and commissioning of the same. The Vadodara Division is also engaged in manufacturing and trading of turbo machinery parts and related auxiliaries in India. Bangalore Division is engaged in manufacturing and service of Steam Turbines.
The Bangalore Division was a fellow subsidiary of the Company incorporated as a Private Company viz. MAN Turbomachinery India Private Limited (MTI). Pursuant to a scheme of Amalgamation approved by the National Company Law Tribunal vide its order dated March 10, 2017, MTI has amalgamated with the Company w.e.f. April 1, 2016
AMALGAMATION
Man turbomachinery india private Limited (‘the transferor company’ or 'MTI') and also the Company, vide their meetings dated September 20, 2016, in principle, approved the Scheme of Amalgamation (‘the Scheme’) of MTI with the Company. Pursuant to the Order of National Company Law Tribunal (NCLT), dated March 02, 2017, approving the Scheme of Amalgamation of MAN Turbomachinery India Private Limited with the Company, the assets and liabilities of MTI were transferred to and vested in the Company with effect from April 1, 2016, the Appointed date as per the Scheme. The Company completed the process of Amalgamation on March 31, 2017 by filing of the aforesaid Order with the Registrar of Companies, Mumbai. The financial statements of the Company for the year ended December 31, 2016 and figures herein, include the figures of MTI and hence, the same are not comparable with the figures of the previous year. In accordance with the scheme, the Company has issued 8,927,907 equity shares of the face value of INR 10 each fully paid up in the ratio of 93 equity share of the Company of INR 10 each fully paid up for every one equity share of MTI of INR 100 each fully paid up. The above mentioned equity shares (hereinafter referred to as the ‘New Equity Shares on amalgamation’) have been issued at a fair value of INR 75.23 per share resulting in the total consideration aggregating INR 671,646,444. The amalgamation has been accounted for under the Purchase method as prescribed under notified “Accounting Standard (‘AS’) 14 Accounting for Amalgamations” as per Scheme of Amalgamation. Accordingly, the assets and liabilities of MTI as at April 01, 2016 were recorded at their respective Fair Values. Excess of the fair value of the shares issued by the Transferee Company as consideration over the value of the net assets of the Transferor Company acquired by the Transferee Company amounting to INR 331,634,850 has been recognised in the Company’s financial statements as Goodwill arising on Amalgamation.
INDEX
OF CHARGES
|
SNO |
SRN |
CHARGE ID |
CHARGE HOLDER NAME |
DATE OF CREATION |
DATE OF
SATISFACTION |
AMOUNT |
ADDRESS |
|
1 |
B02706166 |
80061612 |
ICICI BANK LTD |
09/10/2002 |
15/12/2010 |
10000000.0 |
"LANDMARK"RACE COURSEVADODARAGJ390001IN |
CONTINGENT
LIABILITIES:
(INR in million)
|
PARTICULARS |
31.12.2016 |
31.12.2015 |
|
|
|
|
|
Claims against the Company not acknowledged as debts Income Tax Matters |
0.999 |
0.000 |
|
Income Tax Matters |
18.892 |
6.033 |
|
|
19.891 |
6.033 |
FIXED ASSETS
Tangible assets
- Land
- Buildings
- Plant and equipment
- Furniture and fixtures
- Office equipment
- Vehicles
- Computer equipment’s
- Leasehold improvements
Intangible assets
- Computer software
- Designs
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 65.10 |
|
|
1 |
INR 79.59 |
|
Euro |
1 |
INR 90.45 |
INFORMATION DETAILS
|
Information Gathered
by : |
AKY |
|
|
|
|
Analysis Done by
: |
NYT |
|
|
|
|
Report Prepared
by : |
RKI |
SCORE FACTORS
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
NO |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
NO |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
RATING EXPLANATIONS
|
Credit Rating |
Explanation |
Rating Comments |
|
A++ |
Minimum Risk |
Business dealings permissible with minimum
risk of default |
|
A+ |
Low Risk |
Business dealings permissible with low
risk of default |
|
A |
Acceptable Risk |
Business dealings permissible with moderate
risk of default |
|
B |
Medium Risk |
Business dealings permissible on a regular
monitoring basis |
|
C |
Medium High Risk |
Business dealings permissible preferably
on secured basis |
|
D |
High Risk |
Business dealing not recommended or on secured
terms only |
|
NB |
New Business |
No recommendation can be done due to
business in infancy stage |
|
NT |
No Trace |
No recommendation can be done as the
business is not traceable |
NB is stated where there is insufficient information to facilitate rating. However, it is not to be considered as unfavourable.
This score serves as a reference to assess
SC’s credit risk and to set the amount of credit to be extended. It is
calculated from a composite of weighted scores obtained from each of the major
sections of this report. The assessed factors are as follows:
·
Financial
condition covering various ratios
·
Company
background and operations size
·
Promoters
/ Management background
·
Payment
record
·
Litigation
against the subject
·
Industry
scenario / competitor analysis
·
Supplier
/ Customer / Banker review (wherever available)
This report is issued at
your request without any risk and responsibility on the part of MIRA INFORM
PRIVATE LIMITED (MIPL) or its officials.