MIRA
INFORM REPORT
|
Report Date : |
9th June, 2006 |
IDENTIFICATION
DETAILS
|
Name : |
3M
ELECTRO & COMMUNICATION INDIA PRIVATE LIMITED |
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Formerly Known As : |
Pouyet
Communication India Private Limited |
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Registered Office : |
A/ 63
& 64 Pipdic Industrial Estate, Mettupalayam, Pondicherry – 605 009. |
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Country : |
India |
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Date of Incorporation : |
09.11.1995 |
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Com. Reg. No.: |
59-01156 |
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|
Legal Form : |
Private
Limited Liability Company |
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Line of Business : |
Marketing
of Water Filter and Chemicals |
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|
Comments : |
Subject
was incorporated an 8.01.2000 in India as a Foreign Company. Mr. Cyril D’
Souza was country manager. India
operation was takeover by newly incorporated company called 3 M Electro
Communication India Private Limited. W.e.f. April 2006. The erstwhile Indian
operation was employing 8 people who has been absorbed by new company. If we
get more details, we shall supplement the some. |
LOCATIONS
|
Registered Office : |
A/ 63
& 64 Pipdic Industrial Estate, Mettupalayam, Pondicherry – 605 009. |
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Tel. No.: |
91-413-2278617 |
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Fax No.: |
91-413-2273161 |
DIRECTORS
|
Name : |
Mr.
Cyril D’ Souza |
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Designation : |
Country
Manager |
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Tel. No.: |
91-22-55031971 |
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|
|
|
Name : |
Mr.
Amit Laroya |
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Designation : |
Director |
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Address : |
404,
Athens II, Prestige Acropolis No. 20, Hosur Road, Bangalore – 560 035, India. |
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Date of Birth/Age : |
29.09.1964 |
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Date of Appointment : |
30.10.2004 |
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|
|
|
Name : |
Mr. J
Natarajan |
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Designation : |
Director |
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Address : |
8m –
307, I Block, HRB, Layout Kalyan Nagar, Bangalore – 560 043, India. |
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Date of Birth/Age : |
11.07.1996 |
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Date of Appointment : |
30.07.2003 |
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|
|
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Name : |
Mr.
Maria Pinto |
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Designation : |
Director |
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Address : |
1,
First Floor, Sona Palace, 34, Norris Road, Richmond Town, Bangalore – 560
025, India. |
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Date of Birth/Age : |
12.05.1969 |
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Date of Appointment : |
29.10.2003 |
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|
|
|
Name : |
Mr.
Kishore Rao |
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Designation : |
Director |
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Address : |
A-2,
Crescent Apartments, 8-8/1, Cunningham Crescent, Vasanthanagar, Bangalore –
560 052, India |
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Date of Birth/Age : |
12.08.1952 |
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Date of Appointment : |
04.08.2005 |
BUSINESS DETAILS
GENERAL
INFORMATION
|
No. of Employees : |
8 |
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Bankers : |
HSBC
Bank, Andheri, Mumbai |
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Facilities : |
-- |
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Banking Relations : |
-- |
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Associates/Subsidiaries : |
Nil |
CAPITAL STRUCTURE
Authorised
Capital :
|
No.
of Shares |
Type |
Value |
Amount |
|
500000 |
Equity
Shares |
Rs. 10/- each |
Rs. 5.000 Millions |
Issued,
Subscribed & Paid-up Capital :
|
No.
of Shares |
Type |
Value |
Amount |
|
500000 |
Equity
Shares |
Rs. 10/- each |
Rs. 5.000 Millions |
FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED
BALANCE SHEET
|
SOURCES OF FUNDS |
|
31.03.2005 |
31.03.2004 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
|
5.000 |
5.000 |
|
|
2] Share Application Money |
|
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
|
161.722 |
156.262 |
|
|
4] (Accumulated Losses) |
|
0.000 |
0.000 |
|
|
NETWORTH |
|
166.722 |
161.262 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
|
0.000 |
0.000 |
|
|
2] Unsecured Loans |
|
0.000 |
0.000 |
|
|
TOTAL BORROWING |
|
0.000 |
0.000 |
|
|
DEFERRED TAX LIABILITIES |
|
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
|
166.722 |
161.262 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
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FIXED ASSETS [Net Block] |
|
40.653 |
57.130 |
|
|
Capital work-in-progress |
|
2.626 |
1.023 |
|
|
|
|
|
|
|
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INVESTMENT |
|
0.000 |
0.000 |
|
|
DEFERREX TAX ASSETS |
|
3.166 |
0.522 |
|
|
|
|
|
|
|
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CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
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Inventories |
|
19.849 |
22.961 |
|
|
Sundry Debtors |
|
51.560 |
49.457 |
|
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Cash & Bank Balances |
|
73.479 |
49.454 |
|
|
Other Current Assets |
|
0.720 |
0.494 |
|
|
Loans & Advances |
|
8.479 |
6.377 |
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Total Current Assets |
|
154.087 |
128.743 |
|
|
Less : CURRENT LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Current Liabilities |
|
32.871 |
24.639 |
|
|
Provisions |
|
0.939 |
1.517 |
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Total Current Liabilities |
|
33.810 |
26.156 |
|
|
Net Current Assets |
|
120.277 |
102.587 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
|
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
|
166.722 |
161.262 |
|
PROFIT
& LOSS ACCOUNT
|
PARTICULARS |
|
31.03.2005 |
31.03.2004 |
|
Sales Turnover [including other income] |
|
183.586 |
145.890 |
|
|
|
|
|
|
Profit/(Loss)
Before Tax |
|
11.387 |
6.985 |
|
Provision
for Taxation |
|
5.928 |
0.559 |
|
Profit/(Loss)
After Tax |
|
5.459 |
6.426 |
|
|
|
|
|
|
Export
Value |
|
13.511 |
6.038 |
|
|
|
|
|
|
Import
Value |
|
52.305 |
40.470 |
|
|
|
|
|
|
Total
Expenditure |
|
172.199 |
138.905 |
KEY
RATIOS
|
PARTICULARS |
|
|
31.03.2005 |
31.03.2004 |
|
PAT / Total Income |
(%) |
|
2.97 |
4.40 |
|
|
|
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|
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|
Net
Profit Margin (PBT/Sales) |
(%) |
|
6.20 |
4.79 |
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Return
on Total Assets (PBT/Total
Assets} |
(%) |
|
5.68 |
3.73 |
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|
|
|
|
|
|
Return
on Investment (ROI) (PBT/Networth) |
|
|
0.07 |
0.04 |
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|
|
|
|
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Debt
Equity Ratio (Total
Liability/Networth) |
|
|
0.20 |
0.16 |
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|
|
|
|
|
|
Current
Ratio (Current
Asset/Current Liability) |
|
|
4.56 |
4.92 |
LOCAL AGENCY
FURTHER INFORMATION
FIXED
ASSETS:
Leasehold
Land, Goodwill, Building on Leasehold Land, Plant & Machinery, Electrical
Installation, Office Equipments, Furniture & Fittings, Vehicles etc.
|
Name of the company |
3M ELECTRO & COMMUNICATION INDIA PRIVATE LIMITED |
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Presented By |
Mr. R. Rameah , Managing Director |
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1) Date and description of instrument creating the change |
05.03.1998 Letter of Hypothecation (Stock) Letter of Hypothecation (Book Debts) |
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2) Amount secured by the charge/amount owing on the securities of charge |
Rs. 10.000 Millions |
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3) Short particular of the property charged. If the property acquired is subject to charge, date of the acquired of the property should be given |
First Charge on the stock of Raw materials, Work in process, Finished Goods, Goods in transit and other merchandise what so ever, present and future book debts, Bills, Money receivables present & future. |
|
4) Gist of the terms and conditions and extent and operation of the charge. |
Facilities: OD/EPC/EPS/TED Interest: Prime Lending Rate (PLR), plus Interest Tax 18.87% p.a. at prevailing rates subject to change from time to time by the bank. Period: One Year Repayment: Overdraft Facilities will be payable on demand. Other Terms & Conditions: As per enclosed in agreement. |
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5) Name and Address and description of the person entitled to the charge. |
CREDIT LYONNIAS, Westminster, 2nd Floor, 108, Dr. Radhakrishnan, Mylapore, Chennai – 600 004. |
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6) Date and brief description of instrument modifying the charge |
Date: 24.04.2003. Letter of Continuing Security (For Overdrafts/ Commercial Advance) |
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7) Particulars of modifications specifying the terms and conditions or the extent of operations of the charge in which modification is made and the details of the modification. |
Facility: Overdraft /Commercial Advance/ Short Term Loan: Rs. 45.000 Millions Letter of Credit / Acceptance/ Gurantees: Rs. 10.000 Millions Rate of Interest: Overdraft /Commercial Advance/ Short Term Loan is linked to PLR & Negotiable at the time of draw down. Repayment: The Dues under the Overdraft /Commercial Advance/ facility are repayable on Demand/ on or before the expiry of the validity of the facility. |
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Name of the company |
3M ELECTRO & COMMUNICATION INDIA PRIVATE LIMITED |
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Presented By |
Shri R. Devadass, Director |
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1) Date and description of instrument creating the change |
05.03.1998 Letter of Hypothecation (Stock) Letter of Hypothecation (Book Debts) |
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2) Amount secured by the charge/amount owing on the securities of charge |
Rs. 10.000 Millions |
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3) Short particular of the property charged. If the property acquired is subject to charge, date of the acquired of the property should be given |
First Charge on the stock of Raw materials, Work in process, Finished Goods, Goods in transit and other merchandise what so ever, present and future book debts, Bills, Money receivables present & future. |
|
4) Gist of the terms and conditions and extent and operation of the charge. |
Facilities: OD/EPC/EPS/TED Interest: Prime Lending Rate (PLR), plus Interest Tax 18.87% p.a. at prevailing rates subject to change from time to time by the bank. Period: One Year Repayment: Overdraft Facilities will be payable on demand. Other Terms & Conditions: As per enclosed in agreement. |
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5) Name and Address and description of the person entitled to the charge. |
CREDIT LYONNIAS, Westminster, 2nd Floor, 108, Dr. Radhakrishnan, Mylapore, Chennai – 600 004. |
|
6) Date and brief description of instrument modifying the charge |
Hypothecation of Stock & Book Debts 26.06.2002 |
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7) Particulars of modifications specifying the terms and conditions or the extent of operations of the charge in which modification is made and the details of the modification. |
Facility: Overdraft /Commercial Advance: Rs. 25.000 Millions Letter of Credit / Acceptance/ Gurantees: Rs. 15.000 Millions Forward Cover : Rs. 6.000 Millions Short Term Loan: 20.000 Millions Rate of Interest: Overdraft /Commercial Advance/ Short Term Loan is linked to PLR & Negotiable at the time of draw down. Repayment: The Dues under the Overdraft /Commercial Advance/ facility are repayable on Demand/ on or before the expiry of the validity of the facility. Validity: 30.09.2002 |
|
Name of the company |
3M ELECTRO & COMMUNICATION INDIA PRIVATE LIMITED |
|
Presented By |
Shri R. Devadass, Director |
|
1) Date and description of instrument creating the change |
05.03.1998 Letter of Hypothecation (Stock) Letter of Hypothecation (Book Debts) |
|
2) Amount secured by the charge/amount owing on the securities of charge |
Rs. 10.000 Millions |
|
3) Short particular of the property charged. If the property acquired is subject to charge, date of the acquired of the property should be given |
First Charge on the stock of Raw materials, Work in process, Finished Goods, Goods in transit and other merchandise what so ever, present and future book debts, Bills, Money receivables present & future. |
|
4) Gist of the terms and conditions and extent and operation of the charge. |
Facilities: OD/EPC/EPS/TED Interest: Prime Lending Rate (PLR), plus Interest Tax 18.87% p.a. at prevailing rates subject to change from time to time by the bank. Period: One Year Repayment: Overdraft Facilities will be payable on demand. Other Terms & Conditions: As per enclosed in agreement. |
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5) Name and Address and description of the person entitled to the charge. |
CREDIT LYONNIAS, Westminster, 2nd Floor, 108, Dr. Radhakrishnan, Mylapore, Chennai – 600 004. |
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6) Date and brief description of instrument modifying the charge |
01.02.2002 Letter of Hypothecation (Stock) Letter of Hypothecation (Book Debts) |
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7) Particulars of modifications specifying the terms and conditions or the extent of operations of the charge in which modification is made and the details of the modification. |
Facility: Overdraft /Commercial Advance: Rs. 25.000 Millions Letter of Credit / Acceptance/ Guarantees: Rs. 15.000 Millions Forward Cover : Rs. 6.000 Millions Short Term Loan: 20.000 Millions Rate of Interest: Overdraft /Commercial Advance/ Short Term Loan is linked to PLR & Negotiable at the time of draw down. Repayment: The Dues under the Overdraft /Commercial Advance/ facility are repayable on Demand/ on or before the expiry of the validity of the facility. Validity: 31.12.2002 |
|
Name of the company |
3M ELECTRO & COMMUNICATION INDIA PRIVATE LIMITED |
|
Presented By |
Shri R. Devadass, Director |
|
1) Date and description of instrument creating the change |
05.03.1998 Letter of Hypothecation (Stock) Letter of Hypothecation (Book Debts) |
|
2) Amount secured by the charge/amount owing on the securities of charge |
Rs. 10.000 Millions |
|
3) Short particular of the property charged. If the property acquired is subject to charge, date of the acquired of the property should be given |
First Charge on the stock of Raw materials, Work in process, Finished Goods, Goods in transit and other merchandise what so ever, present and future book debts, Bills, Money receivables present & future. |
|
4) Gist of the terms and conditions and extent and operation of the charge. |
Facilities: OD/EPC/EPS/TED Interest: Prime Lending Rate (PLR), plus Interest Tax 18.87% p.a. at prevailing rates subject to change from time to time by the bank. Period: One Year Repayment: Overdraft Facilities will be payable on demand. Other Terms & Conditions: As per enclosed in agreement. |
|
5) Name and Address and description of the person entitled to the charge. |
CREDIT LYONNIAS, Westminster, 2nd Floor, 108, Dr. Radhakrishnan, Mylapore, Chennai – 600 004. |
|
6) Date and brief description of instrument modifying the charge |
01.09.2002 Letter of Hypothecation (Stock) Letter of Hypothecation (Book Debts) |
|
7) Particulars of modifications specifying the terms and conditions or the extent of operations of the charge in which modification is made and the details of the modification. |
Facility: OD/EPC/EPS/TED – facilities sanction to Rs. 25.000 Millions LC/GTEE/ACCP – Non Fund facilities sanction to Rs. 15.000 Millions Forex Cover – Forex Cover Facilities Sanction to Rs. 6.000 Millions OD Facilities:- Interest Rate: Interest Rate for OD Facilities presently is 12.5% p.a. a sper bank letter dated 01.08.2001. Interest Rate are subject to charge time to time at the discreption of the bank. Margin: 25% on Stock and 30% on Book Debts Validity:- up to 31.12.2001. Repayment:- Overdraft facilities are repayable on demand. |
|
Name of the company |
3M ELECTRO & COMMUNICATION INDIA PRIVATE LIMITED |
|
Presented By |
Shri R. Devadass, Director |
|
1) Date and description of instrument creating the change |
05.03.1998 Letter of Hypothecation (Stock) Letter of Hypothecation (Book Debts) |
|
2) Amount secured by the charge/amount owing on the securities of charge |
Rs. 10.000 Millions |
|
3) Short particular of the property charged. If the property acquired is subject to charge, date of the acquired of the property should be given |
First Charge on the stock of Raw materials, Work in process, Finished Goods, Goods in transit and other merchandise what so ever, present and future book debts, Bills, Money receivables present & future. |
|
4) Gist of the terms and conditions and extent and operation of the charge. |
Facilities: OD/EPC/EPS/TED Interest: Prime Lending Rate (PLR), plus Interest Tax 18.87% p.a. at prevailing rates subject to change from time to time by the bank. Period: One Year Repayment: Overdraft Facilities will be payable on demand. Other Terms & Conditions: As per enclosed in agreement. |
|
5) Name and Address and description of the person entitled to the charge. |
CREDIT LYONNIAS, Westminster, 2nd Floor, 108, Dr. Radhakrishnan, Mylapore, Chennai – 600 004. |
|
6) Date and brief description of instrument modifying the charge |
01.09.2002 Letter of Hypothecation (Stock) Letter of Hypothecation (Book Debts) Special Hypothecation Agreement (Non Funded Facilities) Letter of Continuity |
|
7) Particulars of modifications specifying the terms and conditions or the extent of operations of the charge in which modification is made and the details of the modification. |
Facility: OD/EPC/EPS/TED – facilities enhanced from Rs. 17.500 Millions to Rs. 25.000 Millions LC/GTEE/ACCP – Non Fund facilities sanction to Rs. 15.000 Millions Forex Cover – Forex Cover Facilities Sanction to Rs. 6.000 Millions OD Facilities:- Interest Rate: Prime Lending Rate (PLR) presently is 16.0% p.a. + Interest Tax.. Interest Rate are subject to charge time to time at the discretion of the bank. Margin: 25% on Stock and 30% on Book Debts Validity:- up to 30.11.1999. Repayment:- Overdraft facilities are repayable on demand. |
As per
website details
Profile
Cuno:
Today & Tomorrow
CUNO is a world leader in the design, manufacture, and
marketing of a comprehensive line of filtration products for the separation,
clarification, and purification of fluids and gasses. Its proprietary products
include uses in the healthcare, industrial, and drinking water markets. The
Company operates a total of eight manufacturing facilities in the United
States, Europe, Japan, Brazil, Australia & Asia and has sales offices
throughout the world. The need for filtration is estimated at nearly $3 billion
worldwide, and filtration markets are currently growing at a rate of 7 to 8
percent annually.
A
History of Ingenuity
CUNO was the surname of the company founder, Charles Cuno, who began manufacturing operations in 1912 for a variety of products, primarily for automobiles, in Meriden, Connecticut. The Company grew and developed new products for filtration that included engine and hydraulic metal filters. Filtration and separation became the primary focus during the 1960's through 1980's. From 1986 to 1996, CUNO was the Fluid Purification business of Commercial Intertech. In September of 1996, CUNO Incorporated became a publicly listed company (NASDAQ: CUNO) following the distribution of one share of the new company's stock for every common share of Commercial Intertech stock held by shareholders of Commercial Intertech.
CMT REPORT [Corruption, Money
laundering & Terrorism]
The
Public Notice information has been collected from various sources including but
not limited to: The Courts, India Prisons Service, Interpol, etc.
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
|
Indian Rupees |
|
US
Dollar |
1 |
Rs.46.06 |
|
UK
Pound |
1 |
Rs.85.27 |
|
Euro |
1 |
Rs.58.88 |
RATING EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
>86 |
Aaa |
Possesses an extremely sound financial
base with the strongest capability for timely payment of interest and
principal sums |
Unlimited |
|
71-85 |
Aa |
Possesses adequate working capital. No
caution needed for credit transaction. It has above average (strong)
capability for payment of interest and principal sums |
Large |
|
56-70 |
A |
Financial & operational base are
regarded healthy. General unfavourable factors will not cause fatal effect.
Satisfactory capability for payment of interest and principal sums |
Fairly Large |
|
41-55 |
Ba |
Overall operation is considered normal.
Capable to meet normal commitments. |
Satisfactory |
|
26-40 |
B |
Unfavourable & favourable factors
carry similar weight in credit consideration. Capability to overcome financial
difficulties seems comparatively below average/normal. |
Small |
|
11-25 |
Ca |
Adverse factors are apparent. Repayment of
interest and principal sums in default or expected to be in default upon
maturity |
Limited with full security |
|
<10 |
C |
Absolute credit risk exists. Caution
needed to be exercised |
Credit not recommended |