MIRA
INFORM REPORT
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Report Date : |
14.07.2007 |
IDENTIFICATION DETAILS
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Name : |
EATON INDUSTRIES PRIVATE LIMITED |
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Registered Office : |
145 Off |
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Country : |
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Financials (as on) : |
31.03.2006 |
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Date of Incorporation : |
20.06.2003 |
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Com. Reg. No.: |
18053 |
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CIN No.: [Company
Identification No.] |
U29299PN2003PTC018053 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
PNEE01352B |
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PAN No.: [Permanent
Account No.] |
AAPCE6351P |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
The subject is engaged in providing services
to different segments like Electrical, Fluid Power, Truck, Automotive, etc. |
RATING & COMMENTS
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MIRAs Rating : |
Aa |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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 |
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Maximum Credit Limit : |
USD 2300000 |
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Status : |
Good |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Subject is a well-established and reputed company having fine
track. The company is progressing
well. 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. Fundamentals are strong and healthy. The company can be considered normal for business dealings at usual
trade terms and conditions. The company can be regarded as a promising business partner in a
medium to long-run. |
LOCATIONS
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Registered Office : |
145 Off |
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Tel. No.: |
91-20-274744079 |
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Fax No.: |
91-20-27483012 |
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E-Mail : |
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Website : |
DIRECTORS
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Name : |
Mr. Shriram Parmeshwaran |
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Designation : |
Director |
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Address : |
B 901, Mantri Lawns, Gaikwad Nagar, Aundh, Pune 411 038, |
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Date of Birth/Age : |
17.12.1961 |
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Date of Appointment : |
30.06.2004 |
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Name : |
Mr. Robber Eric Parmenter |
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Designation : |
Director |
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Address : |
2909, |
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Date of Appointment : |
17.10.1999 |
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Name : |
Mr. David Ray Barrie |
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Designation : |
Director |
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Address : |
108 Hunting Trail, Moroland Hills, Oh 44022, |
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Date of Birth/Age : |
03.10.1952 |
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Date of Appointment : |
20.05.2002 |
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Name : |
Mr. John Alfred Saldanha |
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Designation : |
Director |
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Address : |
43 / 44 |
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Date of Birth/Age : |
19.01.1946 |
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Date of Appointment : |
28.06.2002 |
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Name : |
Mr. Suresh Venkiteswaran |
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Designation : |
Alternate Director to Mr. Shriram Parmeshwaran |
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Address : |
C- 11, Kumar Elixir, |
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Date of Appointment : |
31.1.2005 |
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Name : |
Mr. Kowng Hui Ming |
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Designation : |
Alternate Director to David Barrie, alfred Saldanha and Robber Eric
Parmenter |
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Address : |
11th Floor, Homg Kong New |
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Date of Appointment : |
31.01.2005 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
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Names of Shareholders |
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No. of Shares |
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Eaton International |
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779922 |
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Eaton Corporation |
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80 |
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Total |
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780002 |
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Category |
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Percentage
of Holding |
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Foreign holdings (Foreign institutional investor(s), Foreign companie(s)
Foreign financial institution(s), Non-resident Indian(s) or overseas
corporate bodies or others |
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100.00 |
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Total |
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100.00 |
BUSINESS DETAILS
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Line of Business : |
The subject is engaged in providing services
to different segments like Electrical, Fluid Power, Truck, Automotive, etc. |
GENERAL INFORMATION
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No. of Employees : |
58,000 |
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Bankers : |
Not Available |
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Banking
Relations : |
Good |
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Auditors : |
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Name : |
S R Batliboi and Associates Chartered Accountants |
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Address : |
The Metropole, F 1, 1st Floor, |
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Associates /
Subsidiaries: |
v
Eaton International v
Eaton Corporation |
CAPITAL STRUCTURE
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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6000000 |
Equity Shares |
Rs. 10.00 each |
Rs. 60.000 millions |
Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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780002 |
Equity Shares |
Rs. 10.00 each |
Rs. 7.800
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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7.800 |
7.800 |
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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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573.404 |
124.143 |
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4] (Accumulated Losses) |
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0.000 |
0.000 |
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NETWORTH |
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581.204 |
131.943 |
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LOAN FUNDS |
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1] Secured Loans |
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5.858 |
9.270 |
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2] Unsecured Loans |
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0.000 |
0.000 |
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TOTAL BORROWING |
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5.858 |
9.270 |
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DEFERRED TAX LIABILITIES |
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0.000 |
0.000 |
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TOTAL |
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587.062 |
141.213 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
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71.458 |
34.117 |
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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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0.263 |
0.104 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
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0.000 |
0.000 |
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Sundry Debtors |
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279.548 |
55.577 |
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Cash & Bank Balances |
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42.013 |
62.278 |
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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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223.958 |
4.554 |
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Total
Current Assets |
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545.519 |
122.409 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
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43.485 |
18.552 |
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Provisions |
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3.243 |
0.552 |
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Total
Current Liabilities |
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46.728 |
19.104 |
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Net Current Assets |
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498.791 |
103.305 |
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MISCELLANEOUS EXPENSES |
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0.000 |
0.000 |
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TOTAL |
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587.062 |
141.213 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
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31.03.2006 (Estimated) |
31.03.2005 (Estimated) |
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Sales Turnover |
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1000.000 |
500.000 |
KEY RATIOS
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PARTICULARS |
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31.03.2006 |
31.03.2005 |
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Debt Equity Ratio (Total Liability/Networth) |
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0.09 |
0.22 |
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Current Ratio (Current Asset/Current Liability) |
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11.67 |
6.41 |
LOCAL AGENCY FURTHER INFORMATION
Website details attached:
Eaton Corporation is a global, diversified industrial manufacturer that
leverages its technology strength to focus on rapid growth, reflected in 2006
sales of $11.1 billion. It is a global leader in fluid power systems;
electrical power quality, distribution & control; automotive engine air
management and power train controls for fuel economy & safety in trucks.
Eaton has 58,000 employees spread across more than 125 countries.
Subject is a subsidiary of Eaton Corporation;
Areas of business
Electrical
The Electrical segment had sales of $3.8 billion in 2006. The business is a
leader in electrical control, power distribution, uninterruptible power systems
and industrial automation products and services. The Electrical segment
provides customer-driven solutions that serve the changing needs of the
industrial, utility, light commercial, residential and original equipment
markets.
Fluid Power
The Fluid Power segment had sales of $3.2 billion in 2006. The business is a worldwide
leader in the design, manufacture and marketing of a comprehensive line of
reliable, high-efficiency hydraulic systems and components for use in mobile,
industrial and aerospace applications. Mobile and industrial markets include
agriculture, construction, mining, forestry, utility, civil engineering,
offshore, marine, material handling, machine tools, molding and primary metals.
Truck
the Truck segment, with sales of $2.3 billion in 2006, is a leader in the
design, manufacture and marketing of drive train systems and components for
medium-duty and heavy-duty commercial vehicles. In concert with its
manufacturing and marketing partners, Eaton markets the "Roadranger
System" a complete line of drive train components and truck systems,
including manual and automatic transmissions, clutches, driveshaft, steer and
drive axles, trailer axles, tire pressure control systems and collision warning
systems.
Automotive
Subjects automotive segment, with sales of $1.8 billion in 2006, is a partner
to the passenger car and light-truck industry. Principal products include
superchargers, engine valves, valve train components, cylinder heads, locking
and limited slip differentials, sensors, actuators, intelligent cruise control
systems, tire valves, fluid connectors, decorative body moldings and spoilers.
Services and
Support
- The bold
titles below link to information about the markets our operations serve.
- The links
below each title access product line-specific contact information.
- Enter a
keyword in the field at right to see a product listing containing only
products with that keyword
Aerospace
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Aerospace Switches: Toggle, Rocker,
Pushbutton and Limit |
Motion Control - Electro Mechanical |
Automotive
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Cylinder Deactivation |
Fuel Vapor Controls |
Electrical
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AC/DC Hydraulic-Magnetic Circuit
Breakers |
Motor Control Centers |
Fluid Power and
Hydraulics
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Adapters |
Hydrostatic Power Steering |
Truck Components
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Anti-Lock Braking Systems |
Tire Pressure Management |
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 Intl
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 companys 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 |
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US Dollar |
1 |
Rs. 40.47 |
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|
1 |
Rs. 82.08 |
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Euro |
1 |
Rs. 55.74 |
SCORE & RATING EXPLANATIONS
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SCORE FACTORS |
RANGE |
POINTS |
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HISTORY |
1~10 |
7 |
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PAID-UP CAPITAL |
1~10 |
7 |
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OPERATING SCALE |
1~10 |
8 |
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FINANCIAL CONDITION |
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--BUSINESS SCALE |
1~10 |
9 |
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--PROFITABILIRY |
1~10 |
7 |
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--LIQUIDITY |
1~10 |
9 |
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--LEVERAGE |
1~10 |
9 |
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--RESERVES |
1~10 |
8 |
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--CREDIT LINES |
1~10 |
8 |
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--MARGINS |
-5~5 |
-- |
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DEMERIT POINTS |
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--BANK CHARGES |
YES/NO |
YES |
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--LITIGATION |
YES/NO |
NO |
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--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
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MERIT POINTS |
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--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
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--EXPORT ACTIVITIES |
YES/NO |
YES |
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--AFFILIATION |
YES/NO |
YES |
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--LISTED |
YES/NO |
NO |
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--OTHER MERIT FACTORS |
YES/NO |
YES |
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TOTAL |
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72 |
This score serves as a reference to assess SCs 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
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
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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 |
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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 |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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26-40 |
B |
Unfavourable & favourable factors carry similar weight in credit
consideration. Capability to overcome financial difficulties seems
comparatively below average/normal. |
Small |
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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 |
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<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
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NR |
In view of the lack of information, we have no basis upon which to
recommend credit dealings |
No Rating |
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