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MIRA
INFORM REPORT
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Report Date : |
30.03.2007 |
IDENTIFICATION
DETAILS
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Correct Name : |
FITCHTNER CONSULTING ENGINEERS (INDIA) PRIVATE LIMITED |
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Registered Office : |
Ganesh Chambers, 64 Eldams Road, Chennai – 600018, Tamilnadu |
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Country : |
India |
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Financials (as on) : |
31.03.2006 |
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Date of Incorporation : |
18.05.1987 |
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Com. Reg. No.: |
18-014366 |
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CIN No.: [Company
Identification No.] |
U74210TN1987PTC014366 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
CHEF03145C/CHEF0114C |
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PAN No.: [Permanent
Account No.] |
AAACF5620Q |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Subject is engaged in the business of Providing Engineering and
Technical Consultancy Services |
RATING &
COMMENTS
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MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Maximum Credit Limit : |
USD 220000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Subject is a well – established and reputed company having
satisfactory track. Directors are reported as experienced and respectable
businessmen. Trade relations are reported as fair. Business is active.
Payments are usually correct and as per commitments. The company can be considered normal for business dealings at usual
trade terms and conditions. |
LOCATIONS
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Registered Office : |
Ganesh Chambers, 64 Eldams Road, Chennai – 600018, Tamilnadu |
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Tel. No.: |
91-44-24359158 |
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Fax No.: |
91-44-24344579 |
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E-Mail : |
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Website : |
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Branches : |
T-451(A&B), Tower 4, 5th Floor,
International InfoTech Park, Vashi Railway Station Complex, Vashi, Navi
Mumbai - 400 705 |
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Tel. No.: |
91 22 2781 1548, 2781 4516 |
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Fax No.: |
91 22 2781 4245 |
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E-Mail : |
DIRECTORS
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Name : |
Mr. G Fichtner |
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Designation : |
Director |
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Address : |
Schottstrasse 1, D 70192 Stuttgart, Germany |
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Date of Birth/Age : |
07.01.1957 |
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Date of Appointment : |
15.09.1999 |
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Name : |
Dr. H N Sharan |
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Designation : |
Director |
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Address : |
Grundstrasse 8 Ch – 8472, Seuzah, Switzerland |
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Date of Birth/Age : |
03.12.1932 |
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Date of Appointment : |
10.02.1990 |
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Name : |
Mr. N Chandrasekaran |
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Designation : |
Managing Director |
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Address : |
2A Milestone Apartments, No. 14 Sriram Nagar South Street, Alwarpet,
Chennai – 600018 |
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Date of Birth/Age : |
23.03.1944 |
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Date of Appointment : |
24.02.1992 |
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Name : |
Mr. D John Martin |
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Designation : |
Director |
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Address : |
Flat No. A6 # 34 Oliver Road, Mylapore, Chennai – 600004 |
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Date of Birth/Age : |
01.10.1943 |
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Date of Appointment : |
15.09.1999 |
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Name : |
Mr. V Raghunathan |
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Designation : |
Director |
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Address : |
3 3 Ellora Cheda Nagar, Mumbai – 400089 |
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Date of Birth/Age : |
01.01.1946 |
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Date of Appointment : |
15.09.1999 |
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Name : |
Mr. N Ramaswami |
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Designation : |
Director |
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Address : |
2, II Floor, SSR Pankajam Enclave II, 24 Arunachalam Road, Saligramam,
Chennai – 600093 |
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Date of Birth/Age : |
08.02.1946 |
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Date of Appointment : |
15.09.1999 |
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Name : |
Mr. V Sudhakar |
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Designation : |
Director |
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Address : |
Flat 3 – A Swarnamukhi Apartment, 39 Arundala Beach Road, Kalakshetra
Colony, Besant Nagar, Chennai – 600090
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Date of Birth/Age : |
25.05.1945 |
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Date of Appointment : |
15.09.1999 |
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Name : |
Mr. S Ganapathi |
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Designation : |
Director |
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Address : |
No. 4 Scheme Road, Mahalingapuram, Kodambakkam, Chennai – 600024 |
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Date of Birth/Age : |
20.03.1950 |
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Date of Appointment : |
28.09.2002 |
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Name : |
Mr. N Paul Christopher |
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Designation : |
Director |
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Address : |
D – 1 Sonali Apartments, 11 Beach Road, Kalakshetra Colony, Besant
Nagar, Chennai – 600090 |
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Date of Birth/Age : |
04.03.1951 |
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Date of Appointment : |
28.09.2002 |
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Name : |
Mr. M Hamza |
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Designation : |
Director |
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Address : |
Schmidstrasse 8, Bad Libenz EII, Germany |
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Date of Birth/Age : |
08.05.1948 |
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Date of Appointment : |
27.01.2004 |
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Name : |
Mr. Jayaram Rangan |
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Designation : |
Director |
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Address : |
B 101 Gray Shot, Ceebros Apartments, 4 Bishop Garden Extn. R A Puram,
Chennai – 600028 |
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Date of Birth/Age : |
15.04.1948 |
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Date of Appointment : |
23.06.2004 |
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Name : |
Mr. G Radhakrishnan |
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Designation : |
Director |
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Address : |
12 Astalakshmi Street, Muthulakshmi Nagar, Chittalapakkam, Chennai –
600064 |
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Date of Birth/Age : |
19.01.1954 |
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Date of Appointment : |
21.07.2005 |
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Name : |
Mr. Christian Reents |
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Designation : |
Director |
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Address : |
B 102 Gray Shot Ceebros Apartments, 4 Bishop Garden Extn. R A Puram,
Chennai – 600028 |
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Date of Birth/Age : |
13.12.1964 |
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Date of Appointment : |
14.06.2006 |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
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Names of Shareholders |
No. of Shares |
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M/s. Fichtner GmbH & Co. KG |
93900 |
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Dr. H N Sharan |
10000 |
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Mr. D John Martin |
2600 |
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Mr. N Ramaswami |
2600 |
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Mr. V Raghunathan |
2600 |
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Mr. S Ganapathi |
700 |
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Mr. N V Sripathy |
700 |
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Mr. N Paul Christopher |
700 |
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Mr. G Radhakrishnan |
700 |
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Ms. K Susheela |
500 |
31.03.2006
Foreign Holding – 91%
Directors or relatives of directors – 9%
BUSINESS DETAILS
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Line of Business : |
Subject is engaged in the business of Providing Engineering and
Technical Consultancy Services |
GENERAL
INFORMATION
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No. of Employees : |
About 100 |
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Bankers : |
ICICI Bank Limited, Chennai – 600034 |
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Facilities : |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
Sivaramakrishnan & Company Chartered Accountant |
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Address : |
Flat No. 9, Archana Apartments, No. 10 Sarangapani Street, T. Nagar,
Chennai – 600017 |
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Tel. No.: |
91-44-28340794/23842949/4522 |
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E-Mail : |
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Associates/Subsidiaries : |
Nil |
CAPITAL STRUCTURE
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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120,000 |
Equity Shares |
Rs. 100/- Each |
Rs. 12.000
Millions |
Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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115,000 |
Equity Shares |
Rs. 100/- Each |
Rs. 11.500 Millions |
FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
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SOURCES OF FUNDS |
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31.03.2006 |
31.03.2005 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
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11.500 |
11.500 |
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2] Share Application Money |
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0.000 |
0.000 |
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3] Reserves & Surplus |
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44.940 |
29.803 |
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4] (Accumulated Losses) |
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0.000 |
0.000 |
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NETWORTH |
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56.440 |
41.303 |
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LOAN FUNDS |
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1] Secured Loans |
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26.609 |
28.013 |
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2] Unsecured Loans |
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1.233 |
3.149 |
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TOTAL BORROWING |
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27.842 |
31.162 |
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DEFERRED TAX LIABILITIES |
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0.000 |
0.000 |
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TOTAL |
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84.282 |
72.465 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
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29.940 |
20.956 |
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Capital work-in-progress |
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0.000 |
0.000 |
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INVESTMENT |
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0.000 |
0.000 |
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DEFERREX TAX ASSETS |
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0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
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23.901 |
22.101 |
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Sundry Debtors |
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67.749 |
48.958 |
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Cash & Bank Balances |
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4.647 |
2.260 |
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Other Current Assets |
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0.000 |
0.000 |
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Loans & Advances |
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29.981 |
16.221 |
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Total
Current Assets |
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126.278 |
89.540 |
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Less : CURRENT LIABILITIES & PROVISIONS |
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Current Liabilities |
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51.103 |
32.851 |
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Provisions |
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20.833 |
5.180 |
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Total
Current Liabilities |
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71.936 |
38.031 |
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Net Current Assets |
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54.342 |
51.509 |
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MISCELLANEOUS EXPENSES |
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0.000 |
0.000 |
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TOTAL |
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84.282 |
72.465 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
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31.03.2006 |
31.03.2005 |
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Sales Turnover |
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223.933 |
113.247 |
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Other Income |
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2.421 |
2.221 |
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Total Income |
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226.354 |
115.468 |
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Profit/(Loss) Before Tax |
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30.791 |
4.547 |
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Provision for Taxation |
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15.654 |
1.580 |
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Profit/(Loss) After Tax |
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15.137 |
2.967 |
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Earnings in Foreign Currency : |
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Other Earnings |
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59.189 |
36.472 |
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Total Earnings |
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59.189 |
36.472 |
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Expenditures : |
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Salaries, Wages, Bonus, etc. |
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76.685 |
40.805 |
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Managerial Remuneration |
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11.499 |
5.163 |
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Payment to Auditors |
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0.091 |
0.088 |
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Interest |
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5.791 |
4.387 |
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Insurance Expenses |
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0.319 |
0.092 |
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Power & Fuel |
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3.087 |
2.072 |
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Other Expenditure |
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98.091 |
58.314 |
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Total Expenditure |
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195.563 |
110.921 |
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KEY RATIOS
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PARTICULARS |
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31.03.2006 |
31.03.2005 |
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PAT / Total
Income |
(%) |
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6.68 |
2.56 |
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Net Profit Margin (PBT/Sales) |
(%) |
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13.60 |
3.93 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
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19.71 |
4.11 |
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Return on Investment (ROI) (PBT/Networth) |
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0.54 |
0.11 |
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Debt Equity Ratio (Total Liability/Networth) |
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1.76 |
1.67 |
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Current Ratio (Current Asset/Current Liability) |
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1.75 |
2.35 |
LOCAL AGENCY
FURTHER INFORMATION
Performance
The Indian economy with a GDP forecast of 8% is consolidating the performance achieved in the last year and looking at the future in a very optimistic way. The government has started giving emphasis for infrastructure so that this GDP growth can be sustained and further improved. The power sector both captive and utility are witnessing substantial growth. The government is introducing ultra mega power projects which can substantially improve utility power market further in the ensuing years.
Having capitalized the emerging opportunities, the company improved its market performance. In the captive power market, the company achieved a record order booking of Rs. 97.800 Millions and in the 250 MW/500 MW cpal fired thermal power market the company secured oder worth Rs. 131.000 Millions and has achieved leadership position. In the water sector, orders have been beeked for about Rs. 25.000 Millions the turn over jumped to Rs. 226.300 Millions in 2005 – 2006 from Rs. 153.600 Millions in 2004 – 2005 reaching a 47.5% rise
Fixed Assets
v Furniture & Fixture
v Office Equipment
v Electrical Appliances
v Computer
v Epabx
v Xerox
v Air Conditioners
v Motor Cars
v Teleconferencing Equipment
As per website
details
FICHTNER India's main engineering office in Chennai and the engineering branch office strategically located at Mumbai ensure proximity to industrial markets and efficient service to various clients.
Engineers in
FICHTNER INDIA have experience
in all aspects of power projects covering from concept to commissioning,
including power equipment manufacture. This varied expertise has given the
cutting edge in finding innovative solutions to the demanding tasks in project
development. These specialists have handled diverse projects across the country
and worldwide with diverse boundary conditions.
Operations
Sector of Activities
FICHTNER
India has more than a decade of experience and expertise in Utility and
Industrial Power Sectors. FICHTNER India strives for quality of highest
standard in each and every aspect of their services to the client.
The
Company' s operations mainly cover
v
Utility Power Plants
v
Captive Power Plants
v
Co-generation Plants
v
Renewable Energy Systems
v
Energy Studies and Energy Transportation
v
Power Distribution Systems
v
Switchyards
v
Infrastructure Works
v
Off-sites and Utilities in Process and Industrial Plants
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.43.59 |
|
UK Pound |
1 |
Rs.85.53 |
|
Euro |
1 |
Rs.58.14 |
SCORE & RATING
EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
5 |
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OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
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|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILIRY |
1~10 |
4 |
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--LIQUIDITY |
1~10 |
6 |
|
--LEVERAGE |
1~10 |
6 |
|
--RESERVES |
1~10 |
5 |
|
--CREDIT LINES |
1~10 |
5 |
|
--MARGINS |
-5~5 |
- |
|
DEMERIT POINTS |
|
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--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
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--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
YES |
|
--AFFILIATION |
YES/NO |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
48 |
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 and their relative weights (as indicated through
%) are as follows:
Financial
condition (40%) Ownership
background (20%) Payment
record (10%)
Credit history
(10%) Market trend
(10%) Operational size (10%)
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 |
|
NR |
In view of the lack of information, we have no basis upon which to
recommend credit dealings |
No Rating |
|