MIRA
INFORM REPORT
|
Report Date : |
18.07.2007 |
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 : |
07.10.1999 |
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Com. Reg. No.: |
25-18053 |
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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
|
MIRAs Rating : |
Aa |
|
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
records. 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.: |
91-20-27474407 to 27474409 |
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Fax No.: |
91-20-27483012/ 27471395 |
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E-Mail : |
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Website : |
DIRECTORS
|
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. Robbert 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 |
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Name : |
Mr. Viswanathan Swaminathan |
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Designation : |
Director |
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Name : |
Mr. Sun John Terri |
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Designation : |
Director |
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Name : |
Mr. Natarajan Sriram |
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Designation : |
Alternate Director to Vishwanathan Swaminathan |
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Name : |
Mr. Tang Meng Kok |
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Designation : |
Alternate to Terri Sun |
KEY EXECUTIVES
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Name : |
Mr. I U Thakur |
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Designation : |
Company Secretary |
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Address : |
D C Chembers, 2nd Floor, Opposite KSB Pumps Limited, Pimpri,
Pune-411018, |
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Tel. No.: |
91-20-27420355, 30621821 |
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E-Mail : |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
|
Names of Shareholders |
|
No. of Shares |
|
Eaton International |
|
779922 |
|
Eaton Corporation |
|
80 |
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Total |
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780002 |
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Category |
|
Percentage
of Holding |
|
Foreign holdings (Foreign institutional investor(s), Foreign companie(s)
Foreign financial institution(s), Non-resident Indian(s) or overseas
corporate bodies or others |
|
100.00 |
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Total |
|
100.00 |
BUSINESS DETAILS
|
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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Holding Company
: |
Eaton International Corporation, |
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Associates /
Subsidiaries: |
v
Eaton International v
Eaton Corporation |
CAPITAL STRUCTURE
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
6000000 |
Equity Shares |
Rs. 10.00 each |
Rs. 60.000 millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
780002 |
Equity Shares |
Rs. 10.00 each |
Rs. 7.800
millions |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
|
31.03.2006 |
31.03.2005 |
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|
SHAREHOLDERS FUNDS |
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1] Share Capital |
|
7.800 |
7.800 |
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2] Share Application Money |
|
0.000 |
0.000 |
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3] Reserves & Surplus |
|
573.404 |
124.143 |
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4] (Accumulated Losses) |
|
0.000 |
0.000 |
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NETWORTH |
|
581.204 |
131.943 |
|
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LOAN FUNDS |
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|
|
|
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1] Secured Loans |
|
5.858 |
9.270 |
|
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2] Unsecured Loans |
|
0.000 |
0.000 |
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TOTAL BORROWING |
|
5.858 |
9.270 |
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DEFERRED TAX LIABILITIES |
|
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 |
|
0.000 |
0.000 |
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DEFERREX TAX ASSETS |
|
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 |
|
279.548 |
55.577 |
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Cash & Bank Balances |
|
42.013 |
62.278 |
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Other Current Assets |
|
0.000 |
0.000 |
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Loans & Advances |
|
223.958 |
4.554 |
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Total
Current Assets |
|
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 |
|
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 |
|
498.791 |
103.305 |
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MISCELLANEOUS EXPENSES |
|
0.000 |
0.000 |
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TOTAL |
|
587.062 |
141.213 |
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PROFIT & LOSS
ACCOUNT
|
PARTICULARS |
|
31.03.2006 |
31.03.2005 |
|
Sales Turnover |
|
606.710 |
202.740 |
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Other Income |
|
35.940 |
9.550 |
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Total Income |
|
642.650 |
212.290 |
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Profit/(Loss) Before Tax |
|
449.620 |
99.420 |
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Provision for Taxation |
|
0.000 |
0.060 |
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Profit/(Loss) After Tax |
|
449.620 |
99.360 |
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Total Expenditure |
|
193.030 |
112.870 |
KEY RATIOS
|
PARTICULARS |
|
|
31.03.2006 |
31.03.2005 |
|
PAT / Total Income |
(%) |
|
69.96 |
46.83 |
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Net Profit Margin (PBT/Sales) |
(%) |
|
69.96 |
46.80 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
|
72.87 |
63.52 |
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Return on Investment (ROI) (PBT/Networth) |
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|
0.77 |
0.75 |
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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
Aerospace
Switches: Toggle, Rocker, Pushbutton and Limit
Avionics Switches
Circuit Breakers
Cockpit Controls
Cockpit Lighting Displays
Dry-Disconnect Couplings
Electrohydraulic Controls
Electrohydraulic Pump and Motor Packages
Electromechanical Actuators
Fluid Connectors, Clamps, Flanges and Seals
Fluid Sensors
Fluid and Pneumatic Controls
Hoses, Fittings and Adapters
Hydraulic Power Generation
Indicators - Illuminated and Non-Illuminated
Keyboards and Panels
Motion Control -
Electro Mechanical
Motors - Electric
Motors - Hydraulics
Noise Dampening
Oil Debris Monitors
Power and Load Management Systems
Pressure Measuring Equipment
Pumps - Hydraulic
Quick-Disconnect Couplings
Relays
Servo Controls - Electro Mechanical
Servo and Utility Actuators
Switches - Illuminated and Non-Illuminated
System Integration
Utility Actuation and Control Subsystems
Automotive
Cylinder
Deactivation
Cylinder Heads
Differentials Aftermarket
Differentials OE
Engine Valves Aftermarket
Engine Valves OE
Fluid Handling
Fuel Vapor
Controls
Mirror Controls & Actuators
Plastic Exterior Trim
Superchargers Aftermarket
Superchargers OE
Transmission Controls
Valve Actuation Products
Electrical
AC/DC
Hydraulic-Magnetic Circuit Breakers
Adjustable Frequency Drives
Adjustable Speed Drives/Motors
Air Conditioning Disconnects
Arc Fault Circuit Interrupters
Brakes and Solenoids
Busway
Circuit Breakers
Circuit Breakers, Heinemann
Contactors and Starters
Contract Manufacturing
Control Relays Timers
Coordinated Outdoor Houses
Count Controls
Count Controls
Crane Control
DC Power Systems - Powerware
Digital Panel Meters
Drives and Motors
Durant Controls
Electrical Advanced Residential Products
Electromechanical Controls
Electronic Operator Interface
Enclosed Control
Excitation Control
Fire Pump Controllers
Flow Totalizers and Controls
Fuses
Fusion Count Controls
Generators and Power Transfer Switches, Residential
Hydraulic-Magnetic Breakers
Integrated Facility Systems
Integrated Home Control
Integrated Power Assemblies
Lighting Contactors
Limit Switches
Loadcenters
Marine Breakers
Medium Voltage Motor Control
Metering
Metering Products
Metering, Electronic - IQ
Miniature Circuit Breakers
Miniature IEC Circuit Breakers
Molded Case Circuit Breakers
Motor Control
Centers
Navy Breakers
Network Protectors
Panelboards
Power Breakers, Med. Voltage
Power Conditioning
Power Factor Correction and Harmonic Mitigation
Power Management
Power Outlet Panels
Predictive Diagnostics
Pressure Switches
Protective Relays
Pushbuttons and Indicating Lights
Ratemeters
Reduced Voltage Starters and Controllers, Open
Relays and Timers
Replacement and Retrofit Parts
Safety Switches and Disconnects
Sensors
Services - Powerware
Software Products (Powerware)
Solid State Relays
Specialty Breakers
Specialty Products
Stacklights
Starters and Contactors, IEC
Starters and Contactors, NEMA
Structured Wiring Solutions
Supplementary Protectors
Surge Suppression
Switchboards
Switches - Illuminated and Non-Illuminated
Switches -Toggle, Rocker and Pushbutton
Switchgear
Temperature Indicators/Controls
Terminal Blocks - Relays and Timers
Thermal Breakers
Timers
Totalizers
Transducers
Transfer Switches
Transformers
Uninterruptible Power Supplies - Powerware
Vacuum Interrupters
Fluid Power and
Hydraulics
Adapters
Brake Valves
Couplings
Customer-Designed Valve Block Assemblies
Cylinder Deactivation
Cylinders
Directional Valves
Disc Valve Motors
Dry-Disconnect Couplings
Filters
Fittings
Fluid Analysis Services
Fluid Handling
Gear Pumps and Motors
Hose - Aeroquip
Hose - Weatherhead
Hose Assemblies
Hydraulic Products and Systems
Hydrostatic
Power Steering
Light Duty Transmissions
Piston Pumps and Motors
Power Units
Proportional Valves
Screw-in Cartridge Valves
Transaxles
Vane Pumps and Motors
Golf Grip
Grips --- Molded Rubber
Industrial Clutches & Brakes
Caliper Brakes
Drum and Disc Products
Hydraulic Clutches & Brakes
Press Brakes
Quick-Release Valves
Rotorseals
Water Cooled Brakes
Truck Components
Anti-Lock
Braking Systems
Clutches -Medium and Heavy-Duty
Driveshafts and Brakes
Steer, Drive & Trailer Axles
Tire Pressure
Management
Transmissions - Automated
Transmissions - Light, Medium and Heavy Duty
VORAD Collision Warning System
Wheel End Systems
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 |
|
US Dollar |
1 |
Rs. 40.36 |
|
|
1 |
Rs. 82.23 |
|
Euro |
1 |
Rs. 55.65 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
7 |
|
PAID-UP CAPITAL |
1~10 |
7 |
|
OPERATING SCALE |
1~10 |
8 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
9 |
|
--PROFITABILIRY |
1~10 |
7 |
|
--LIQUIDITY |
1~10 |
9 |
|
--LEVERAGE |
1~10 |
9 |
|
--RESERVES |
1~10 |
8 |
|
--CREDIT LINES |
1~10 |
8 |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
YES |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
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
|
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 |
|