|
|
|
MIRA
INFORM REPORT
|
Report No. : |
508016 |
|
Report Date : |
14.05.2018 |
IDENTIFICATION DETAILS
|
Name : |
MURUGAPPA ORGANO WATER SOLUTIONS PRIVATE LIMITED (w.e.f. 04.01.2016) |
|
|
|
|
Formerly Known
As : |
MURUGAPPA ORGANO WATER SOLUTIONS LIMITED (w.e.f. 08.10.2015) POLUTECH LIMITED (w.e.f. 16.10.2001) BIOTIM POLUTECH LIMITED (w.e.f.20.05.1998) POLUTECH (MADRAS) LIMITED POLUTECH (MADRAS) PRIVATE LIMITED |
|
|
|
|
Registered
Office : |
Parry House, 5th Floor, No. 43 Moore Street, Chennai-600001, Tamilnadu |
|
Tel. No.: |
91-44-25306669 to 72 |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as
on) : |
31.03.2017 |
|
|
|
|
Date of
Incorporation : |
29.09.1993 |
|
|
|
|
Com. Reg. No.: |
18-025896 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
INR 1.749 Million |
|
|
|
|
CIN No.: [Company Identification
No.] |
U29309TN1993PTC025896 |
|
|
|
|
IEC No.: [Import-Export Code No.] |
Not Divulged |
|
|
|
|
GSTN : [Goods & Service Tax
Registration No.] |
33AACCP3796K1Z2 |
|
|
|
|
TIN No: |
33621721064 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
Not Available |
|
|
|
|
PAN No.: [Permanent Account No.] |
AACCP3796K |
|
|
|
|
Legal Form : |
Private Limited Liability Company |
|
|
|
|
Line of Business
: |
The Company is primarily engaged
is design, engineering, supply, erection, operations and maintenance of
systems for water and waste water treatment equipment. (Registered Activity) |
|
|
|
|
No. of Employees
: |
Not Divulged |
RATING & COMMENTS
(Mira Inform has adopted New Rating mechanism w.e.f. 23rd
January 2017)
|
MIRA’s Rating : |
A+ |
|
Credit Rating |
Explanation |
Rating Comments |
|
A+ |
Low Risk |
Business dealings permissible with low
risk of default |
|
Maximum Credit Limit : |
USD 310000 |
|
|
|
|
Status : |
Good |
|
|
|
|
Payment Behaviour : |
Regular |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is a joint venture between Murugappa group and Organo
Corporation, based in Japan with 51% and 49% holding respectively. It was incorporated in the year 1993 and is engaged in design,
engineering, supply, erection, operation and maintenance of systems of water
and waste water treatment equipment. As per financials of March 2017, the company has registered a growth
of 59.74% in its revenue as compared to its previous year’s revenue and has
reported average profit margin of 1.81%. Rating takes into consideration the company’s established track record
of business operations marked by sound net worth base along with low solvency
indicators and decent liquidity position. Rating also takes into account the strong financial and managerial
support received from its joint venture companies. Further, the company has reported a good earnings per share of INR
36.08 against its face value of INR 10. Payments seems to be regular. In view of aforesaid, the company can be considered good for 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.
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 |
|
Low Risk |
A2 |
|
Moderately Low Risk |
B1 |
|
Moderate Risk |
B2 |
|
Moderately High Risk |
C1 |
|
High Risk |
C2 |
|
Very High Risk |
D |
EXTERNAL AGENCY RATING
|
Rating Agency Name |
Not Available |
|
Rating |
Not Available |
|
Rating Explanation |
Not Available |
|
Date |
Not Available |
RBI DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available RBI Defaulters’ list.
EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of
31-03-2018.
BIFR (Board for Industrial & Financial Reconstruction) LISTING
STATUS
Subject’s name is not listed as a Sick Unit in
the publicly available BIFR (Board for Industrial & Financial
Reconstruction) list as of 14.05.2018
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.: 91-44-25306667/ 25306670)
(Tel No.: 91-44-25306667/ 25306670) (Numbers are continuously Ringing)
LOCATIONS
|
Registered Office : |
Parry House, 5th Floor, No. 43 Moore Street, Chennai-600001, Tamilnadu, India |
|
Tel. No.: |
91-44-25306669/ 70/71/72/ 25358308/ 25358302 |
|
Fax No.: |
91-44-25358302 |
|
E-Mail : |
|
|
Website : |
|
|
|
|
|
Corporate Office: |
Parry House, 3rd Floor, No. 43 Moore Street, Chennai-600001, Tamilnadu, India |
|
Tel. No.: |
91-44-2530 6676 |
DIRECTORS
As on 31.03.2017
|
Name : |
Mr. A Venkatachalam |
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Designation : |
Director |
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Address : |
No: 3, Bishops Garden, Greenways Road, R.A. Puram,
Chennai-600028, Tamilnadu, India |
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Date of Birth/Age : |
05.09.1961 |
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Date of Appointment : |
29.09.1993 |
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
DIN No.: |
00115568 |
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Other Directorship:
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
|
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Name : |
Murugappan Murugappan Muthiah |
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Designation : |
Director |
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Address : |
Coromandel House, New No.14, (Old No.12), Boat Club Road, Raja Annamalaipuram, Chennai-600028, Tamilnadu, India |
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Date of Appointment : |
27.07.2016 |
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
DIN No.: |
00170478 |
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Other Directorship:
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
|
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Name : |
Mr. Sriharirao Subba Rao |
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Designation : |
Director |
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Address : |
Flat No 3, Kamakoti Apartment, 21, 1st Street,
Gopalapuram, Chennai – 600086, Tamilnadu, India |
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Date of Birth/Age : |
20.05.1962 |
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Date of Appointment : |
22.07.2011 |
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
DIN No.: |
05153667 |
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
|
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Name : |
Mr. Atsushi Hatano |
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Designation : |
Additional Director |
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Address : |
6-29-2, Kanai, Machida-Shi Tokyo 000000 Japan |
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Date of Appointment : |
25.09.2015 |
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
DIN No.: |
07284999 |
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
|
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Name : |
Shin Asano |
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Designation : |
Additional Director |
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Address : |
1-24-6, Kamata, Ota-Ku, Tokyo 131110 Japan |
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Date of Appointment : |
29.08.2017 |
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
DIN No.: |
07916996 |
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
MAJOR SHAREHOLDERS
As on 31.03.2017
|
Names of Shareholders |
|
No. of Shares |
|
M M Venkatachalam |
|
38412 |
|
M A Alagappan |
|
38295 |
|
Ambadi Enterprises Limited, India |
|
12510 |
|
Organo Corporation, Japan |
|
85718 |
|
Total |
|
174935 |
Equity Share Break up (Percentage of Total Equity)
As on: 29.08.2017
|
Category |
Percentage |
|
Promoters (Body corporate) |
7.15 |
|
Promoters - Others (Kadamane Estates & Co (Partnership Firm)) |
43.85 |
|
Public/Other than promoters (Body corporate) |
49.00 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business
: |
The Company is primarily engaged
is design, engineering, supply, erection, operations and maintenance of
systems for water and waste water treatment equipment. (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 : |
Not Divulged |
||||||||||||||||||||||
|
|
|
||||||||||||||||||||||
|
Bankers : |
|
||||||||||||||||||||||
|
|
|
||||||||||||||||||||||
|
Facilities : |
Long-term
Borrowings Vehicle loan from banks are repayable in 36 monthly installations starting from the date of availment of loan. The loan carries an interest of 10.25% per annum. Short-term
borrowings Cash credit facility from banks are repayable on demand and are secured by hypothecation of inventories of raw materials, work-in-progress, finished gods, receivable and an equitable mortgage of the land and building of the company as collateral security. |
|
Auditors : |
|
|
Name : |
BSR and Company LLP Chartered Accountants |
|
Address : |
No 10, Mahatma Gandhi Road, Nungambakkam, Chennai – 600034, Tamilnadu,
India |
|
Tel. No.: |
91-44-39145000 |
|
Fax No.: |
91-44-39145999 |
|
Income-tax
PAN of auditor or auditor's firm : |
AAAFB9852F |
|
|
|
|
Memberships : |
Not Available |
|
|
|
|
Collaborators : |
Not Available |
|
|
|
|
Associates/Subsidiaries : |
-- |
|
|
|
|
Joint Venture |
Murugappa Group and Organo Corporation, Japan |
|
|
|
|
Shareholders having significant influence: |
|
|
|
|
|
Related parties with whom transactions have been |
|
CAPITAL STRUCTURE
AS ON: 31.03.2017
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
2250000 |
Equity Shares |
INR 10/- each |
INR 22.500 Million |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
174935 |
Equity Shares |
INR 10/- each |
INR 1.749 Million |
|
|
|
|
|
FINANCIAL DATA
[all figures are
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 |
1.749 |
1.749 |
1.373 |
|
(b) Reserves & Surplus |
107.325 |
101.013 |
42.465 |
|
(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) |
109.074 |
102.762 |
43.838 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
0.185 |
0.388 |
0.132 |
|
(b) Deferred tax liabilities (Net) |
0.000 |
0.000 |
0.000 |
|
(c) Other long term
liabilities |
0.000 |
0.000 |
0.000 |
|
(d) long-term
provisions |
9.410 |
3.259 |
7.442 |
|
Total Non-current
Liabilities (3) |
9.595 |
3.647 |
7.574 |
|
|
|
|
|
|
(4)
Current Liabilities |
|
|
|
|
(a) Short
term borrowings |
0.000 |
12.604 |
0.000 |
|
(b) Trade
payables |
118.724 |
36.742 |
54.186 |
|
(c) Other
current liabilities |
25.876 |
8.495 |
11.140 |
|
(d) Short-term
provisions |
0.673 |
0.028 |
0.020 |
|
Total Current
Liabilities (4) |
145.273 |
57.869 |
65.346 |
|
|
|
|
|
|
TOTAL |
263.942 |
164.278 |
116.758 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1)
Non-current assets |
|
|
|
|
(a) Fixed
Assets |
|
|
|
|
(i)
Tangible assets |
5.016 |
4.549 |
4.849 |
|
(ii)
Intangible Assets |
0.005 |
0.068 |
0.160 |
|
(iii)
Capital work-in-progress |
0.000 |
0.000 |
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) |
2.036 |
0.348 |
0.018 |
|
(d) Long-term Loan and Advances |
1.289 |
0.582 |
0.151 |
|
(e) Other
Non-current assets |
0.834 |
0.000 |
0.000 |
|
Total Non-Current
Assets |
9.180 |
5.547 |
5.178 |
|
|
|
|
|
|
(2)
Current assets |
|
|
|
|
(a)
Current investments |
40.000 |
0.000 |
10.000 |
|
(b)
Inventories |
8.685 |
6.584 |
7.727 |
|
(c) Trade
receivables |
173.945 |
69.255 |
86.018 |
|
(d) Cash
and cash equivalents |
22.673 |
78.697 |
4.075 |
|
(e)
Short-term loans and advances |
9.409 |
4.184 |
3.421 |
|
(f) Other
current assets |
0.050 |
0.011 |
0.339 |
|
Total
Current Assets |
254.762 |
158.731 |
111.580 |
|
|
|
|
|
|
TOTAL |
263.942 |
164.278 |
116.758 |
PROFIT
& LOSS ACCOUNT
|
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
|
SALES |
|
|
|
|
|
Income |
347.997 |
217.852 |
280.724 |
|
|
Other Income |
3.492 |
9.966 |
1.128 |
|
|
TOTAL |
351.489 |
227.818 |
281.852 |
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
Cost of Materials
Consumed |
173.337 |
105.196 |
157.822 |
|
|
Changes in inventories of
finished goods, work-in-progress and Stock-in-Trade |
(1.550) |
(0.512) |
0.000 |
|
|
Employees benefits
expense |
65.772 |
44.044 |
36.734 |
|
|
Other expenses |
102.330 |
73.319 |
68.740 |
|
|
TOTAL |
339.889 |
222.047 |
263.296 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND
AMORTISATION |
11.600 |
5.771 |
18.556 |
|
|
|
|
|
|
|
Less |
FINANCIAL EXPENSES |
0.392 |
0.249 |
0.116 |
|
|
|
|
|
|
|
|
PROFIT / (LOSS) BEFORE
TAX, DEPRECIATION AND AMORTISATION |
11.208 |
5.522 |
18.440 |
|
|
|
|
|
|
|
Less |
DEPRECIATION/
AMORTISATION |
0.733 |
(0.433) |
1.586 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS) BEFORE TAX |
10.475 |
5.955 |
16.854 |
|
|
|
|
|
|
|
Less |
TAX |
4.163 |
1.077 |
5.627 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS) AFTER TAX
|
6.312 |
4.878 |
11.227 |
|
|
|
|
|
|
|
Add |
PREVIOUS YEARS’ BALANCE
BROUGHT FORWARD |
34.402 |
29.524 |
18.352 |
|
|
|
|
|
|
|
Add |
Impact of change in
method of depreciation |
0.000 |
0.000 |
(0.055) |
|
|
|
|
|
|
|
|
Balance Carried to the
B/S |
40.714 |
34.402 |
29.524 |
|
|
|
|
|
|
|
|
EARNINGS IN FOREIGN
CURRENCY |
|
|
|
|
|
F.O.B. Value of Exports |
1.943 |
0.000 |
0.000 |
|
|
TOTAL EARNINGS |
1.943 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
Raw Materials |
11.418 |
3.904 |
20.193 |
|
|
TOTAL IMPORTS |
11.418 |
3.904 |
20.193 |
|
|
|
|
|
|
|
|
Earnings / (Loss) Per
Share (INR) |
36.08 |
31.12 |
81.8 |
CURRENT MATURITIES
OF LONG TERM DEBT DETAILS
|
Particulars |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Current Maturities of Long term debt |
0.209 |
0.183 |
0.180 |
|
Cash generated from operations |
(0.877) |
(5.805) |
10.596 |
|
Net cash flows from (used in) operating activity |
(3.689) |
(6.668) |
7.222 |
KEY
RATIOS
EFFICIENCY RATIOS
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Average Collection Days (Sundry Debtors / Income * 365 Days) |
182.44 |
116.03 |
111.84 |
|
|
|
|
|
|
Account Receivables Turnover (Income / Sundry
Debtors) |
2.00 |
3.15 |
3.26 |
|
|
|
|
|
|
Average Payment Days (Sundry Creditors
/ Purchases * 365 Days) |
250.00 |
127.48 |
125.32 |
|
|
|
|
|
|
Inventory Turnover (Operating Income
/ Inventories) |
1.34 |
0.88 |
2.40 |
|
|
|
|
|
|
Asset Turnover (Operating Income
/ Net Fixed Assets) |
2.31 |
1.25 |
3.70 |
LEVERAGE RATIOS
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Debt Ratio ((Borrowing + Current Liabilities) / Total
Assets) |
0.55 |
0.36 |
0.56 |
|
|
|
|
|
|
Debt Equity Ratio (Total Liability
/ Networth) |
0.00 |
0.13 |
0.01 |
|
|
|
|
|
|
Current Liabilities to Networth (Current
Liabilities / Net Worth) |
1.33 |
0.56 |
1.49 |
|
|
|
|
|
|
Fixed Assets to Networth (Net Fixed Assets
/ Networth) |
0.05 |
0.04 |
0.11 |
|
|
|
|
|
|
Interest Coverage Ratio (PBIT / Financial
Charges) |
29.59 |
23.18 |
159.97 |
PROFITABILITY RATIOS
|
PARTICULARS |
|
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Net Profit Margin ((PAT / Sales) *
100) |
% |
1.81 |
2.24 |
4.00 |
|
|
|
|
|
|
|
Return on Total Assets ((PAT / Total
Assets) * 100) |
% |
2.39 |
2.97 |
9.62 |
|
|
|
|
|
|
|
Return on Investment (ROI) ((PAT / Networth)
* 100) |
% |
5.79 |
4.75 |
25.61 |
SOLVENCY RATIOS
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Current Ratio (Current Assets / Current Liabilities) |
1.75 |
2.74 |
1.71 |
|
|
|
|
|
|
Quick Ratio ((Current Assets
– Inventories) / Current Liabilities) |
1.69 |
2.63 |
1.59 |
|
|
|
|
|
|
G-Score Ratio Financial (Networth / Total
Assets) |
0.41 |
0.63 |
0.38 |
|
|
|
|
|
|
G-Score Ratio Debt (Debts / Equity
Capital) |
0.23 |
7.53 |
0.23 |
|
|
|
|
|
|
G-Score Ratio Liquidity (Total Current
Assets / Total Current Liabilities) |
1.75 |
2.74 |
1.71 |
Total Liability = Short-term Debt + Long-term
Debt + Current Maturities of Long-term debts
FINANCIAL ANALYSIS
[all figures are
in INR Million]
DEBT EQUITY RATIO
|
Particular |
31.03.2015 |
31.03.2016 |
31.03.2017 |
|
|
INR
In Million |
INR
In Million |
INR
In Million |
|
Share Capital |
1.373 |
1.749 |
1.749 |
|
Reserves & Surplus |
42.465 |
101.013 |
107.325 |
|
Money received against share
warrants |
0.000 |
0.000 |
0.000 |
|
Share Application money pending allotment |
0.000 |
0.000 |
0.000 |
|
Net
worth |
43.838 |
102.762 |
109.074 |
|
|
|
|
|
|
long-term borrowings |
0.132 |
0.388 |
0.185 |
|
Short term borrowings |
0.000 |
12.604 |
0.000 |
|
Current maturities of
long-term debts |
0.180 |
0.183 |
0.209 |
|
Total
borrowings |
0.312 |
13.175 |
0.394 |
|
Debt/Equity
ratio |
0.007 |
0.128 |
0.004 |
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 |
280.724 |
217.852 |
347.997 |
|
|
|
(22.396) |
59.740 |
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 |
280.724 |
217.852 |
347.997 |
|
Profit /(Loss) |
11.227 |
4.878 |
6.312 |
|
|
4.00% |
2.24% |
1.81% |
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 |
No |
|
17 |
Details of sister concerns |
Yes |
|
18 |
Major suppliers |
No |
|
19 |
Major customers |
No |
|
20 |
Banking Details |
Yes |
|
21 |
Banking facility details |
Yes |
|
22 |
Conduct of the banking account |
-- |
|
23 |
Financials, if provided |
Yes |
|
24 |
Capital in the business |
Yes |
|
25 |
Last accounts filed at ROC, if applicable |
Yes |
|
26 |
Turnover of firm for last three years |
Yes |
|
27 |
Reasons for variation <> 20% |
-- |
|
28 |
Estimation for coming financial year |
No |
|
29 |
Profitability for last three years |
Yes |
|
30 |
Major shareholders, if available |
Yes |
|
31 |
External Agency Rating, if available |
No |
|
32 |
Litigations that the firm/promoter
involved in |
-- |
|
33 |
Market information |
-- |
|
34 |
Payments terms |
No |
|
35 |
Negative Reporting by Auditors in the
Annual Report |
No |
OPERATIONAL AND PERFORMANCE:
During the year the company registered highest ever turnover INR 347.996 million as against previous year sales of INR 217.852 million, with a growth @59%. The company earned profit before tax of INR 10.474 million compared to INR 5.955 million of the previous year. This is the first full year of operation after the JV with Organo Corporation, Japan.
During the year the company has increased the volume in project vertical which has contributed to 60% of the company company’s turnover and operation and maintained vertical contributed 37% of the turnover.
COMPANY OVERVIEW:
The Company previously known as “Polutech Limited”, is a joint venture between Murugappa group holding 51% stake and Prgano Corporation holding 49%. The Company is primarily engaged is design, engineering, supply, erection, operations and maintenance of systems for water and waste water treatment equipment.
INDEX OF CHARGES
|
SNo |
SRN |
Charge Id |
Charge Holder Name |
Date of Creation |
Date of Modification |
Date of Satisfaction |
Amount |
Address |
|
1 |
G86587896 |
100063393 |
KOTAK MAHINDRA BANK LIMITED |
04/11/2016 |
29/03/2018 |
- |
250000000.0 |
27BKC, C 27, G BlockBandra Kurla Complex, Bandra (E),MumbaiMa400051IN |
|
2 |
G45519063 |
10545411 |
ANDHRA BANK |
13/01/2015 |
- |
16/05/2017 |
70000000.0 |
MADHYA KAILASH BRANCH36, SARDAR PATEL ROADCHENNAITN600036IN |
|
3 |
C34806927 |
10383184 |
Axis Bank Limited |
11/10/2012 |
- |
18/11/2014 |
35000000.0 |
Corporate Banking Branch, Karumuthu NilayamNo.192 Anna SalaiChennaiTN600002IN |
|
4 |
C34805564 |
90284341 |
Axis Bank Limited |
20/01/2005 |
11/10/2012 |
18/11/2014 |
35000000.0 |
Corporate Banking Branch, Karumuthu NilayamNo.192 Anna SalaiChennaiTN600002IN |
CONTINGENT
LIABILITIES:
|
PARTICULARS |
31.03.2017 (INR
in Million) |
31.03.2016 (INR
in Million) |
|
Letter of Credit |
24.658 |
0.711 |
FIXED ASSETS:
Tangible Assets
- Land
- Building
- Computers
- Office Equipment
- Furniture and Fixture
- Plant and Machinery
- Vehicles
Intangible Assets
- Computers 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 67.22 |
|
|
1 |
INR 90.88 |
|
Euro |
1 |
INR 80.09 |
INFORMATION DETAILS
|
Information
Gathered by : |
STL |
|
|
|
|
Analysis Done by
: |
VVK |
|
|
|
|
Report Prepared
by : |
MTN |
SCORE FACTORS
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
NO |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
RATING EXPLANATIONS
|
Credit Rating |
Explanation |
Rating Comments |
|
A++ |
Minimum Risk |
Business dealings permissible with minimum
risk of default |
|
A+ |
Low Risk |
Business dealings permissible with low
risk of default |
|
A |
Acceptable Risk |
Business dealings permissible with
moderate risk of default |
|
B |
Medium Risk |
Business dealings permissible on a regular
monitoring basis |
|
C |
Medium High Risk |
Business dealings permissible preferably
on secured basis |
|
D |
High Risk |
Business dealing not recommended or on
secured terms only |
|
NB |
New Business |
No recommendation can be done due to
business in infancy stage |
|
NT |
No Trace |
No recommendation can be done as the
business is not traceable |
NB is stated where there is insufficient information to facilitate rating. However, it is not to be considered as unfavourable.
This score serves as a reference to assess
SC’s credit risk and to set the amount of credit to be extended. It is
calculated from a composite of weighted scores obtained from each of the major
sections of this report. The assessed factors are as follows:
·
Financial
condition covering various ratios
·
Company
background and operations size
·
Promoters
/ Management background
·
Payment
record
·
Litigation
against the subject
·
Industry
scenario / competitor analysis
·
Supplier
/ Customer / Banker review (wherever available)
This report is issued at
your request without any risk and responsibility on the part of MIRA INFORM
PRIVATE LIMITED (MIPL) or its officials.