|
|
|
MIRA INFORM REPORT
|
Report No. : |
511429 |
|
Report Date : |
26.05.2018 |
IDENTIFICATION DETAILS
|
Name : |
IONBOND COATINGS PRIVATE LIMITED |
|
|
|
|
Registered
Office : |
F-11 Block, Plot No.48, MIDC, Pimpri, Pune – 411018, Maharashtra |
|
Tel. No.: |
91-20-65104438 |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as
on) : |
31.03.2017 |
|
|
|
|
Date of
Incorporation : |
17.03.2005 |
|
|
|
|
Com. Reg. No.: |
11-020424 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
INR 77.722 Million |
|
|
|
|
CIN No.: [Company Identification
No.] |
U28920PN2005PTC020424 |
|
|
|
|
IEC No.: [Import-Export
Code No.] |
Not Divulged |
|
|
|
|
GSTN : [Goods & Service Tax
Registration No.] |
Not Divulged |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
Not Available |
|
|
|
|
PAN No.: [Permanent Account No.] |
AABCI3600A |
|
|
|
|
Legal Form : |
Private Limited Liability Company |
|
|
|
|
Line of Business
: |
Subject is
engaged in the business of Surface Enhancement Coating. The company
offers various types of coating services such as Physical Vapor Deposition
(PVD), Chemical Vapour Deposition (CVD), Chemical Vapour Aluminizing (CVA)
and Plasma Assisted Chemical Vapour Deposition (PaCVD). [Registered Activity] |
|
|
|
|
No. of Employees
: |
Information denied by the management |
RATING & COMMENTS
(Mira Inform has adopted New Rating mechanism w.e.f. 23rd
January 2017)
|
MIRA’s Rating : |
B |
|
Credit Rating |
Explanation |
Rating Comments |
|
B |
Medium Risk |
Business dealings permissible on a regular
monitoring basis |
|
Status : |
Moderate |
|
|
|
|
Payment Behaviour : |
Slow but correct |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject was incorporated in the year 2005 and is a wholly owned subsidiary of “IHI Ionbond AG, Switzerland”. It is engaged in the business of Coating on cutting tools, dies, moulds, auto components, industrial components, medical implants and accessories.
|
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
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 26.05.2018
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 BY
|
Name : |
Not Divulged |
|
Designation : |
Accounts Department |
|
Contact No.: |
91-20-30621110/25665361 |
|
Date : |
25.05.2018 |
MANAGEMENT NON-COOPERATIVE (91-20-65104438)
LOCATIONS
|
Registered Office / Factory 1 : |
F-11 Block, Plot No.48, MIDC, Pimpri, Pune – 411018, Maharashtra,
India |
|
Tel. No.: |
91-20-65104438/ 30621110/ 65104439 |
|
Fax No.: |
91-20-27462392/ 65104439/ 30621110 |
|
E-Mail : |
|
|
Website : |
|
|
|
|
|
Factory 2: |
B-26 (b), Sipcot Industrial Area, Gummidipoondi, Chennai -
601201, Tamilnadu, India |
DIRECTORS
AS ON 31.03.2017
|
Name : |
Mr. Pankaj Kamalakar Akolkar |
|
Designation : |
Director |
|
Address : |
Narayan Building 23, Lakhamsi Napoo Road, Dadar, Mumbai –
400014, Maharashtra,
India |
|
Date of Birth/Age : |
04.12.1957 |
|
Date of Appointment : |
17.03.2005 |
|
DIN No.: |
01240663 |
|
PAN No.: |
AAMPA9201B |
|
|
|
|
Name : |
Iain James Smith |
|
Designation : |
Director |
|
Address : |
251 DobCroft Road, Sheffield, S11 9LG Sheffield S119LG GB |
|
Date of Birth/Age : |
09.05.1969 |
|
Date of Appointment : |
12.03.2008 |
|
DIN No.: |
02184630 |
|
|
|
|
Name : |
Lukas Adrian Haldimann |
|
Designation : |
Director |
|
Address : |
Bucheggstrasse 160.1M Zurich 8057 CH |
|
Date of Appointment : |
24.10.2016 |
|
DIN No.: |
07563532 |
|
|
|
|
Name : |
Gerrit Jan Van Der Kolk |
|
Designation : |
Director |
|
Address : |
Hugten 14 RG Maarheeze Netherland 6026 NL |
|
Date of Appointment : |
11.02.2017 |
|
DIN No.: |
07634593 |
|
|
|
|
Name : |
Mr. Mahesh Narendra Rajarshi |
|
Designation : |
Director |
|
Address : |
N-502, Balwantpuram Samrajya, Paud Road, Kothrud, Pune –
411038, Maharashtra, India |
|
Date of Birth/Age : |
15.12.1986 |
|
Date of Appointment : |
20.09.2017 |
|
DIN No.: |
07842873 |
|
PAN No.: |
AJEPR4202Q |
KEY EXECUTIVES
|
Name : |
Mr. Mahesh Narendra Rajarshi |
|
Designation : |
Company Secretary |
|
Address : |
N-502, Balwantpuram Samrajya, Paud Road, Kothrud, Pune –
411038, Maharashtra, India |
|
Date of Birth/Age : |
15.12.1986 |
|
Date of Appointment : |
13.12.2012 |
|
PAN No.: |
AJEPR4202Q |
MAJOR SHAREHOLDERS
AS ON 31.03.2017
|
Names of Shareholders |
|
No. of Shares |
|
Milind Ganesh Acharya |
|
500 |
|
Mandar Shashidhar Ashtikar |
|
500 |
|
IHI Ionbond AG, Switzerland (Erstwhile Ionbond AG Olten, Switzerland) |
|
771102 |
|
Milman Thin Film Systems Private Limited, India |
|
5072 |
|
Dharmesh Bhutani |
|
10 |
|
Pankaj Kamalakar Akolkar |
|
10 |
|
Atul Kulkarni |
|
10 |
|
Saiprasad Panchangni |
|
10 |
|
Sanjay Brahmankar |
|
10 |
|
Total |
|
777224 |
Equity Share Break up (Percentage of Total Equity)
AS ON 20.09.2017
|
Category |
Percentage |
|
Promoters- Body corporate |
99.21 |
|
Public/Other than promoters- Individual/Hindu Undivided Family- Indian |
0.14 |
|
Public/Other than promoters - Body corporate |
0.65 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Subject
is engaged in the business of Surface Enhancement Coating. The company
offers various types of coating services such as Physical Vapor Deposition (PVD),
Chemical Vapour Deposition (CVD), Chemical Vapour Aluminizing (CVA) and
Plasma Assisted Chemical Vapour Deposition (PaCVD). [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 : |
Information denied by the management |
||||||||||||||||||||||
|
|
|
||||||||||||||||||||||
|
Bankers : |
|
|
Auditors : |
|
|
Name : |
MSKA and Associates Chartered Accountants |
|
Address : |
Floor 6, Building 1 Cerebrum IT Park, Kalyani Nagar, Pune -411014, Maharashtra, India |
|
PAN N Income-tax PAN of auditor or auditor's firm : |
AACFK3470E |
|
|
|
|
Memberships : |
Not Available |
|
|
|
|
Collaborators : |
Not Available |
|
|
|
|
Immediate holding
company: |
|
|
|
|
|
Ultimate holding
company: |
|
|
|
|
|
Fellow
subsidiaries: |
|
CAPITAL STRUCTURE
AS ON 31.03.2017
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
792024 |
Equity Shares |
INR 100/- each |
INR 79.202 Million |
|
32976 |
Preference Shares |
INR 100/- each |
INR 3.298 Million |
|
|
|
|
|
|
|
Total |
|
INR 82.500
Million |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
777224 |
Equity Shares |
INR 100/- each |
INR 77.722 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 |
77.722 |
77.722 |
77.722 |
|
(b) Reserves and Surplus |
(160.476) |
(152.269) |
(111.594) |
|
(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) |
(82.754) |
(74.547) |
(33.872) |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
256.789 |
90.065 |
28.619 |
|
(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 |
0.000 |
0.000 |
1.658 |
|
Total Non-current
Liabilities (3) |
256.789 |
90.065 |
30.277 |
|
|
|
|
|
|
(4)
Current Liabilities |
|
|
|
|
(a) Short-term
borrowings |
0.000 |
0.000 |
0.000 |
|
(b) Trade
payables |
40.491 |
38.551 |
34.753 |
|
(c) Other
current liabilities |
89.622 |
144.316 |
97.741 |
|
(d) Short-term
provisions |
10.403 |
8.677 |
4.315 |
|
Total Current
Liabilities (4) |
140.516 |
191.544 |
136.809 |
|
|
|
|
|
|
TOTAL |
314.551 |
207.062 |
133.214 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1)
Non-current assets |
|
|
|
|
(a) Fixed
Assets |
|
|
|
|
(i)
Tangible assets |
38.671 |
43.196 |
55.561 |
|
(ii)
Intangible Assets |
0.000 |
0.010 |
0.014 |
|
(iii) Tangible assets
capital work-in-progress |
180.461 |
28.371 |
1.284 |
|
(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) |
0.000 |
0.000 |
0.000 |
|
(d)
Long-term loans and advances |
16.689 |
24.163 |
14.904 |
|
(e) Other
Non-current assets |
0.922 |
0.849 |
0.000 |
|
Total Non-Current
Assets |
236.743 |
96.589 |
71.763 |
|
|
|
|
|
|
(2) Current
assets |
|
|
|
|
(a)
Current investments |
0.000 |
0.000 |
0.000 |
|
(b)
Inventories |
8.818 |
7.692 |
11.208 |
|
(c) Trade
receivables |
38.807 |
36.131 |
32.668 |
|
(d) Cash and
bank balances |
17.548 |
60.863 |
12.644 |
|
(e) Short-term
loans and advances |
12.583 |
5.188 |
4.746 |
|
(f) Other
current assets |
0.052 |
0.599 |
0.185 |
|
Total
Current Assets |
77.808 |
110.473 |
61.451 |
|
|
|
|
|
|
TOTAL |
314.551 |
207.062 |
133.214 |
PROFIT
& LOSS ACCOUNT
|
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
|
SALES |
|
|
|
|
|
Income |
140.440 |
135.249 |
124.915 |
|
|
Other Income |
12.562 |
1.456 |
40.243 |
|
|
TOTAL |
153.002 |
136.705 |
165.158 |
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
Cost of Materials
Consumed |
10.740 |
12.630 |
12.057 |
|
|
Employee benefit expense |
42.854 |
42.189 |
35.351 |
|
|
Other expenses |
96.265 |
102.876 |
86.537 |
|
|
TOTAL |
149.859 |
157.695 |
133.945 |
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE INTEREST, TAX,
DEPRECIATION AND AMORTISATION |
3.143 |
(20.990) |
31.213 |
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES |
6.786 |
5.163 |
3.152 |
|
|
|
|
|
|
|
|
PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION |
(3.643) |
(26.153) |
28.061 |
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION |
4.564 |
14.522 |
19.972 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS)
BEFORE TAX |
(8.207) |
(40.675) |
8.089 |
|
|
|
|
|
|
|
Less |
TAX |
0.000 |
0.000 |
0.886 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS)
AFTER TAX |
(8.207) |
(40.675) |
7.203 |
|
|
|
|
|
|
|
Add |
PREVIOUS YEARS’ BALANCE BROUGHT
FORWARD |
(152.809) |
(112.134) |
(119.337) |
|
|
|
|
|
|
|
|
Balance
Carried to the B/S |
(161.016) |
(152.809) |
(112.134) |
|
|
|
|
|
|
|
|
EARNINGS IN FOREIGN
CURRENCY |
|
|
|
|
|
F.O.B. Value of Exports |
3.431 |
3.492 |
2.059 |
|
|
TOTAL EARNINGS |
3.431 |
3.492 |
2.059 |
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
Raw Materials |
6.413 |
4.998 |
6.288 |
|
|
Components and spare
parts |
3.324 |
1.116 |
0.713 |
|
|
Capital Goods |
23.412 |
20.635 |
7.511 |
|
|
TOTAL IMPORTS |
33.149 |
26.749 |
14.513 |
|
|
|
|
|
|
|
|
Earnings / (Loss) Per
Share (INR) |
(10.56) |
(52.33) |
9.27 |
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 |
6.637 |
6.263 |
|
|
|
|
|
|
Cash generated from operations |
NA |
NA |
NA |
|
|
|
|
|
|
Net cash flows from (used in) operations |
(75.928) |
8.277 |
19.374 |
|
|
|
|
|
|
Net cash flows from (used in) operating activities |
(57.670) |
7.335 |
18.771 |
KEY
RATIOS
EFFICIENCY RATIOS
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Average Collection Days (Sundry
Debtors / Income * 365 Days) |
100.86 |
97.51 |
95.46 |
|
|
|
|
|
|
Account Receivables Turnover (Income / Sundry Debtors) |
3.62 |
3.74 |
3.82 |
|
|
|
|
|
|
Average Payment Days (Sundry Creditors / Purchases * 365 Days) |
1376.09 |
1114.10 |
1052.07 |
|
|
|
|
|
|
Inventory Turnover (Operating Income / Inventories) |
0.36 |
(2.73) |
2.78 |
|
|
|
|
|
|
Asset Turnover (Operating Income / Net Fixed Assets) |
0.01 |
(0.29) |
0.55 |
LEVERAGE RATIOS
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Debt Ratio ((Borrowing
+ Current Liabilities) / Total Assets) |
1.26 |
1.39 |
1.29 |
|
|
|
|
|
|
Debt Equity Ratio (Total Liability / Networth) |
(3.10) |
(1.30) |
(1.03) |
|
|
|
|
|
|
Current Liabilities to Networth (Current Liabilities / Net Worth) |
(1.70) |
(2.57) |
(4.04) |
|
|
|
|
|
|
Fixed Assets to Networth (Net Fixed Assets / Networth) |
(2.65) |
(0.96) |
(1.68) |
|
|
|
|
|
|
Interest Coverage Ratio (PBIT / Financial Charges) |
0.46 |
(4.07) |
9.90 |
PROFITABILITY RATIOS
|
PARTICULARS |
|
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Net Profit Margin ((PAT / Sales) * 100) |
% |
(5.84) |
(30.07) |
5.77 |
|
|
|
|
|
|
|
Return on Total Assets ((PAT / Total Assets) * 100) |
% |
(2.61) |
(19.64) |
5.41 |
|
|
|
|
|
|
|
Return on Investment (ROI) ((PAT / Networth) * 100) |
% |
9.92 |
54.56 |
(21.27) |
SOLVENCY RATIOS
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Current Ratio (Current
Assets / Current Liabilities) |
0.55 |
0.58 |
0.45 |
|
|
|
|
|
|
Quick Ratio ((Current Assets – Inventories) / Current
Liabilities) |
0.49 |
0.54 |
0.37 |
|
|
|
|
|
|
G-Score Ratio Financial (Networth / Total Assets) |
(0.26) |
(0.36) |
(0.25) |
|
|
|
|
|
|
G-Score Ratio Debt (Debts / Equity Capital) |
3.30 |
1.24 |
0.45 |
|
|
|
|
|
|
G-Score Ratio Liquidity (Total Current Assets / Total Current Liabilities) |
0.55 |
0.58 |
0.45 |
Total
Liability = Short-term Debt + Long-term Debt + Current Maturities of Long-term
debts
FINANCIAL ANALYSIS
[all figures are
INR Million]
DEBT EQUITY RATIO
|
Particular |
31.03.2015 |
31.03.2016 |
31.03.2017 |
|
|
(INR
In Million) |
(INR
In Million) |
(INR
In Million) |
|
Share Capital |
77.722 |
77.722 |
77.722 |
|
Reserves & Surplus |
(111.594) |
(152.269) |
(160.476) |
|
Money received against share
warrants |
0.000 |
0.000 |
0.000 |
|
Share Application money
pending allotment |
0.000 |
0.000 |
0.000 |
|
Net
worth |
(33.872) |
(74.547) |
(82.754) |
|
|
|
|
|
|
Long-term borrowings |
28.619 |
90.065 |
256.789 |
|
Short term borrowings |
0.000 |
0.000 |
0.000 |
|
Current maturities of
long-term debts |
6.263 |
6.637 |
0.000 |
|
Total
borrowings |
34.882 |
96.702 |
256.789 |
|
Debt/Equity
ratio |
(1.030) |
(1.297) |
(3.103) |
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 |
124.915 |
135.249 |
140.440 |
|
|
|
8.273 |
3.838 |
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 |
124.915 |
135.249 |
140.440 |
|
Profit/ (Loss) |
7.203 |
(40.675) |
(8.207) |
|
|
5.77
% |
(30.07
%) |
(5.84
%) |
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 |
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 |
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 |
INDEX OF CHARGE: NO CHARGES EXISTS FOR COMPANY
CORPORATE INFORMATION
Subject headquartered in Pune, Maharashtra, India carries on business of Surface Enhancement Coating. The Company is a subsidiary of IHI Ionbond AG; a Swiss Company. The company offers various types of coating services such as Physical Vapor Deposition (PVD), Chemical Vapour Deposition (CVD), Chemical Vapour Aluminizing (CVA) and Plasma Assisted Chemical Vapour Deposition (PaCVD). The Company services its customers through various branch offices across India and coating centres in Pune and Chennai.
The Company was incorporated on 17 March 2005. The Company started its operations in India with setting up its own facility at Gurgaon, New Delhi and in November 2005 acquired two business units of Multi-Arc India Limited (MAIL) based at Pimpri, Pune and Gummidipoondi, near Chennai engaged in surface enhancement technology solutions. After having assessed the viability of the operations of its unit in Gurgaon, the Company closed its operations of the Gurgaon Division w.e.f. 28 February 2009. All the plant and machinery was transferred to locations at Chennai and Pune. The company is in process of setting up a new automotive coating unit at Oragaddam near Chennai and the operations are expected to commence in next financial year.
BUSINESS ACTIVITIES
During the year
under report, the revenue from operations increased from INR 135.249 Million to
INR 140.440 Million registering a growth of 4% as compared to 8% revenue growth
rate achieved last year. In spite of slower rate of growth achieved, the
operating losses narrowed from INR 22.446 Million to INR 9.419 Million due to
better control of costs. In line with the better operating results and on
account of higher other income, the Company recorded positive earnings before
interest, depreciation and tax of INR 3.143 Million and lower loss after tax of
INR 8.207 Million as compared to negative earnings before interest,
depreciation and tax of INR 20.990 Million and loss after tax of INR 40.675
Million reported in the previous year.
The Management is
confident of achieving better financial results in the upcoming years. The key
to it, however, lies in ability to scale up the operations of the new
automotive coating center set up at Oragadam near Chennai. The Management is
taking all possible efforts to build a strong customer base at this Unit which
will help in contributing incremental revenues for achieving higher growth
rates in upcoming years.
UNSECURED LOANS:
(INR
In Million)
|
Particulars |
As
on 31.03.2017 |
As
on 31.03.2016 |
|
LONG TERM
BORROWING |
|
|
|
Loans and advances from others |
256.789 |
60.065 |
|
Total |
256.789 |
60.065 |
FIXED ASSETS:
Tangible assets
·
Land
·
Buildings
·
Plant and equipment
·
Furniture and fixtures
·
Vehicles
·
Office equipment
·
Computer equipments
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 |
|
|
1 |
INR |
|
Euro |
1 |
INR |
INFORMATION DETAILS
|
Information
Gathered by : |
SHL |
|
|
|
|
Analysis Done by
: |
PRY |
|
|
|
|
Report Prepared
by : |
KVT |
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.