MIRA
INFORM REPORT
|
Report Date : |
01.03.2007 |
IDENTIFICATION
DETAILS
|
Name : |
FOWLER WESTRUP INDIA PRIVATE LIMITED |
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Registered Office : |
198, J Tata Road No. 19, Khetan Bhavan, Mumbai – 400020 |
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Country : |
India |
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Financials (as on) : |
31.03.2006 |
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Date of Incorporation : |
27.01.2000 |
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Com. Reg. No.: |
11-123855 |
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CIN No.: [Company
Identification No.] |
U74999MH2000PTC123855 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
BLRF00404F |
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PAN No.: [Permanent
Account No.] |
AAACF5164H |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
To Manufacturer, Design, develop, Install, Maintain, Commission,
Service, Buy, Sell, Distribute, Import and Export seed processing Machinery
and Transformer Oil Conditioning Machines, Plant, Machinery and any kind of
accessory required for seed processing machinery and transformer oil
conditioning machineries |
RATING &
COMMENTS
|
MIRA’s Rating : |
Ba |
|
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 400000 |
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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 records. 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/Factory : |
198, J Tata Road No. 19, Khetan Bhavan, Mumbai – 400020 |
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Tel. No.: |
91-22-22850028 |
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Website : |
DIRECTORS
|
Name : |
Mr. Mogens Dahl – Nie Lsen |
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Designation : |
Director |
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Address : |
Jupiter Vej – 10 4200 Slage Lse, Denmark |
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Date of Birth/Age : |
02.08.1945 |
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Date of Appointment : |
27.01.2000 |
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Name : |
Mr. Ramaswamy Lakshman Kumar |
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Designation : |
Director |
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Address : |
B – 41, Manish Complex, 10 Convent Road, Bangalore – 560025 |
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Date of Birth/Age : |
10.12.1945 |
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Date of Appointment : |
01.09.2002 |
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Name : |
Mr. Kilar Balakrishna Vijaykumar |
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Designation : |
Director |
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Address : |
F 602, Red Wood, Raheja Residency, 3rd Block, Koramangala,
Bangalore – 560034 |
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Date of Birth/Age : |
01.12.1952 |
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Date of Appointment : |
01.09.2003 |
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Name : |
Ms. Om Prakash Jagati |
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Designation : |
Director |
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Address : |
131, Jnana 38th Main, 4th Cross, BTM
Layout, Bangalore – 560068 |
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Date of Birth/Age : |
05.10.1961 |
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Date of Appointment : |
15.11.2002 |
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Name : |
Mr. Badrinarayan Ramulal Barwale |
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Designation : |
Director |
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Address : |
78 – B, Urvashi Prtit Estate, nepean Sea Road, Mumbai – 400006 |
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Date of Birth/Age : |
13.08.1931 |
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Date of Appointment : |
27.01.2000 |
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Name : |
Mr. Rajendra Badrinarayan Barwale |
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Designation : |
Director |
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Address : |
78 – B, Urvashi Prtit Estate, nepean Sea Road, Mumbai – 400006 |
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Date of Birth/Age : |
12.12.1955 |
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Date of Appointment : |
27.01.2000 |
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Name : |
Mr. Sudhir Dravid |
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Designation : |
Director |
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Address : |
SPWD Building, 2nd Floor, 14A Vishnu Digambar Marg, New
Delhi – 110002 |
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Date of Birth/Age : |
03.05.1966 |
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Date of Appointment : |
27.01.2000 |
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Name : |
Mr. Goyal Arun |
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Designation : |
Director |
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Address : |
334 Jeniffer Lane, Roselle – 60172, USA |
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Date of Birth/Age : |
04.05.1945 |
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Date of Appointment : |
01.08.2001 |
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Name : |
Mr. Jalan Ramkrishan |
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Designation : |
Director |
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Address : |
56 Rajmahal Vilas Extention, 1st Block, 4th
Cross, Bangalore – 560094 |
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Date of Birth/Age : |
30.07.1943 |
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Date of Appointment : |
05.02.2001 |
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Name : |
Mr. Jacob Lund |
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Designation : |
Director |
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Address : |
Mildursvej 3, DK – 4200, Slagelse, Denmark |
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Date of Birth/Age : |
30.11.1963 |
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Date of Appointment : |
01.10.2001 |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
|
Names of Shareholders |
No. of Shares |
|
M/s. John Fowler India Limited |
3000000 |
|
M/s. Westrup A/S |
1560000 |
|
M/s. Industrialisation Fund For Developing |
1440000 |
BUSINESS DETAILS
|
Line of Business : |
To Manufacturer, Design, develop, Install, Maintain, Commission,
Service, Buy, Sell, Distribute, Import and Export seed processing Machinery
and Transformer Oil Conditioning Machines, Plant, Machinery and any kind of
accessory required for seed processing machinery and transformer oil
conditioning machineries |
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|
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Products : |
v Transformer Oil
Conditioning Machinery – 842119.09 v Agricultural
Products Processing Machinery – 843710.00 |
GENERAL
INFORMATION
|
Suppliers |
v Kiran
Engineering v Metallist
Mechanical Engineers v Penta Force
Industrial v SSS Industries v Toyo Paints
Private Limited |
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Bankers : |
ING Vysya Bank Limited, 22 M G Road, Bangalore – 560001 |
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Facilities : |
-- |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
Sharp & Tannan Chartered Accountant |
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Address : |
Ravindra Annexe, 194, Churchgate Reclamation, Dishaw Vaccha Road,
Mumbai – 400020 |
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Memberships : |
Nil |
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Collaborators : |
Nil |
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Associates/Subsidiaries : |
Nil |
CAPITAL STRUCTURE
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
6,000,000 |
Equity Shares |
Rs. 10/- Each |
Rs. 60.000
Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
6,000,000 |
Equity Shares |
Rs. 10/- Each |
Rs. 60.000
Millions |
FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2006 |
31.03.2005 |
31.03.2004 |
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|
SHAREHOLDERS FUNDS |
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|
|
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|
1] Share Capital |
60.000 |
60.000 |
60.000 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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|
3] Reserves & Surplus |
42.865 |
29.527 |
14.132 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
102.865 |
89.527 |
74.132 |
|
|
LOAN FUNDS |
|
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|
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1] Secured Loans |
21.233 |
0.000 |
0.000 |
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2] Unsecured Loans |
26.267 |
22.366 |
19.370 |
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TOTAL BORROWING |
47.500 |
22.366 |
19.370 |
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DEFERRED TAX LIABILITIES |
3.549 |
4.560 |
3.795 |
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TOTAL |
153.914 |
116.453 |
97.297 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
106.949 |
102.170 |
69.010 |
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Capital work-in-progress |
1.666 |
1.667 |
1.667 |
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INVESTMENT |
1.525 |
3.518 |
30.486 |
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DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
36.376
|
27.869 |
15.700 |
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Sundry Debtors |
43.255
|
21.861 |
13.562 |
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Cash & Bank Balances |
7.279
|
4.168 |
2.724 |
|
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Other Current Assets |
0.000
|
0.000 |
0.007 |
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Loans & Advances |
33.321
|
10.181 |
3.018 |
|
Total
Current Assets |
120.231
|
64.079 |
35.011 |
|
|
Less : CURRENT LIABILITIES & PROVISIONS |
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|
|
|
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Current Liabilities |
76.457
|
54.981 |
38.877 |
|
|
Provisions |
0.000
|
0.000 |
0.000 |
|
Total
Current Liabilities |
76.457
|
54.981 |
38.877 |
|
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Net Current Assets |
43.774
|
9.098 |
(3.866) |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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TOTAL |
153.914 |
116.453 |
97.297 |
|
PROFIT & LOSS
ACCOUNT
|
PARTICULARS |
|
31.03.2005 |
31.03.2004 |
|
|
Sales Turnover |
|
180.242 |
100.134 |
|
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Other Income |
|
7.208 |
6.138 |
|
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Total Income |
|
187.450 |
106.272 |
|
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|
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Profit/(Loss) Before Tax |
|
33.643 |
12.856 |
|
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Provision for Taxation |
|
11.464 |
3.036 |
|
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Profit/(Loss) After Tax |
|
22.179 |
9.820 |
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Earnings in Foreign Currency : |
|
|
|
|
|
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Export Earnings |
|
18.624 |
11.437 |
|
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Other Earnings |
|
0.285 |
0.000 |
|
Total Earnings |
|
18.909 |
11.437 |
|
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Imports : |
|
|
|
|
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|
Stores & Spares |
|
14.467 |
5.919 |
|
|
Capital Goods |
|
0.000 |
0.058 |
|
Total Imports |
|
14.467 |
5.977 |
|
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Expenditures : |
|
|
|
|
|
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Cost of Goods Sold |
|
84.832 |
43.300 |
|
|
Payment to Auditors |
|
1.386 |
1.452 |
|
|
Depreciation & Amortization |
|
4.584 |
4.002 |
|
|
Other Expenditure |
|
63.003 |
44.660 |
|
Total Expenditure |
|
153.805 |
93.414 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2006 |
31.03.2005 |
31.03.2004 |
|
PAT / Total
Income |
(%) |
--
|
11.83 |
9.24 |
|
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|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
--
|
17.94 |
12.09 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
--
|
20.23 |
12.35 |
|
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|
|
Return on Investment (ROI) (PBT/Networth) |
|
--
|
0.37 |
0.17 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
1.20
|
0.86 |
0.78 |
|
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|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.57
|
11.65 |
0.90 |
LOCAL AGENCY
FURTHER INFORMATION
Fixed Assets
v
Land
v
Building
v
Plant & Machinery
v
Furniture & Fixture
v
Office Equipment
v
Vehicles
|
Name of the company |
FOWLER WESTRUP INDIA PRIVATE LIMITED |
|
Presented By |
ING Vysya Bank Limited, 22 M G Road, Bangalore – 560001 |
|
1) Date and description of instrument creating the change |
Date – 04.11.2003 Equitable mortage by deposited of title deeds – Letter evidencing
deposit of title deeds |
|
2) Amount secured by the charge/amount owing on the securities of
charge |
Rs. 42.500 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 |
Equitable mortgage of company’s immovable properties bearing No. 249
& 250 situated at Bommasandra industrial area in survey No. 205, 6, 8, 9
& 212 |
|
4) Gist of the terms and conditions and extent and operation of the
charge. |
Rate of Interest & other terms & conditions as applicable and
as advised by the bank from time to time for the respective facilities |
|
5) Name and Address and description of the person entitled to the
charge. |
ING Vysya Bank Limited, 22 M G Road, Bangalore – 560001 |
|
6) Date and brief description
of instrument modifying the charge |
Date – 29.07.2005 Equitable mortage by deposited of title deeds – Letter evidencing
deposit of title deeds |
|
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. |
By the above agreement the loan amount secured by the charge stands
increased from Rs. 42.500 Millions to Rs. 53.300 Millions |
As per website Details
Fowler Westrup (India) Private Limited was incorporated in
the year 2000 and commenced operations in the year 2001.. The Joint venture
promoter John Fowler India has been serving the Indian Industry since
1953. The Joint venture made it possible to absorb new technology rapidly
to serve the domestic as well as global markets. www.johnfowlerindia.com
Fowler Westrup is a joint venture between John Fowler (India) Private Limited and Westrup A/s, Denmark and Industrialization Fund for Developing Countries (IFU), Denmark manufacturing Seed / Grains / Spices machinery for cleaning, separating and grading, Grain Storage Silos Systems and Transformer Oil conditioning and filtration machines. Total solutions are offered and Turnkey Projects are undertaken to meet customer’s requirements.
Fowler Westrup is committed to providing equipments and services of the highest quality standards encompassing suitability for indented use, performance reliability, safety and durability.
FWL is located at Plot No. 249 & 250, 3rd Phase, Bommasandra Industrial Area, Bangalore 560 099, India, close to NH7 on Bangalore Hosur Road, 5 kms from the Electronics City. The modern factory has a state-of-the-art manufacturing facility, comprising of sheet metal shop, paint booth, CNC range of machines, shot blasting, mechanized wooden carpentry shop etc.,
Westrup, Denmark is a leading company in manufacture of equipments for post harvest agricultural equipments for Seed / Grain cleaning, sorting and grading with installations around the world. www.westrup.com
The product range of Fowler Westrup is augmented by the Gravity Separators and De-stoners for Seeds and Grains through Technical Collaboration with Oliver of USA.: www.olivermfgco.com
Fowler Westrup (India) Private Limited has a Technical
Collaboration with a leading European manufacturer Silos Cordoba for Grain
Storage Silos. The manufacturing range includes GIC (Galvanised Iron
Corrugated) Silos with capacity from 10 tons to 1500 tons of Hopper Bottom
Silos and for 250 to 15,000 tons of Flat Bottom Silos. The wallrings of these
silos are made of very high grade galvanized (450 GSM) steel which offers high
resistance to corrosion with clean and maintenance free system. The design
combines the requirement of their clients with the most modern materials and
technological innovations. Fowler Westrup supplies complete Grain Storage
Systems for operations starting from the time the grain arrives by Truck or Rail
or ship up to bagging and delivering for dispatch. www.siloscordoba.com.
The Seed / Grain Processing machinery division of the company manufactures Post harvest machineries like PRE-CLEANERS, FINE CLEANERS, GRAVITY SEPARATORS, DESTONERS, INDENTED CYLINDERS, GRAIN STORAGE SILO SYSTEMS and a variety of CONVEYORS, BUCKET ELEVATORS, BINS, DUST HANDLING EQUIPMENTS and offer turnkey plants for processing hybrid seeds, grains like Rice, Wheat, Maize, nuts, spices, beans, coffee, tea and for most of the agricultural products.
The Transformer Oil conditioning and filtration machines are manufactured under the brand name NIRMAL which can also handle Capacitor Oil and Silicone Fluids. NIRMAL FILTERS for decades have been serving the power sector and is synonymous with Transformer Oil Filtration in India and can provide total custom solutions. NIRMAL FILTERS are available in capacities ranging from 50 to 12,000 liters per hour.
Addition to the basket of products has come through Transformer Oil Regeneration machine. The capability was developed through a Canadian Consultant. Regeneration is the system followed when oil purification is insufficient and restoration of the oil is required to virgin oil specifications. This will ensure the control of acidity level of the oil thus giving prolonged life for the expensive transformers.
Transformer Oil filtration and Regeneration machines are exported to countries in Europe, UK, Gulf Countries, South East Asia and Bangladesh.
Leading companies around the world use their expertise in specialized fabrication for their critical applications like Cryogenic Freezers, Centrifuges, jobs involving precise punching and bending operations.
Fowler Westrup employs qualified and experienced manpower trained in India, Denmark, Spain and USA.
In order to have quick response mechanism to meet customer needs, the company has introduced SAP (ERP Package) to strengthen information network and processing.
In the span of 5 years of commercial operations, the company has been able to establish a cliental of reputed and satisfied customers both in Public and Private sectors for both Seed Processing machines and Transformer Oil Filtration machines.
Fowler Westrup manufactures a range of world-class processing machinery for agricultural products in collaboration with WESTRUP A/S, Denmark and OLIVER MANUFACTURING COMPANY INC. USA. Versatile and proven around the world, Fowler Westrup process machinery is backed by a nation wide sales and service network.
Fowler Westrup process machinery is ideally suited for the processing, handling & storage of seeds, seed spices, grains, tea, coffee, pulses, basmati & non-basmati paddy & rice. The company also provides turn-key solutions to all processing needs.
Range of Products
v Destoner
They offer free sample testing on their imported laboratory machines for establishing required cleaning and grading procedure and also for selection of equipments.
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] 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.44.49 |
|
UK Pound |
1 |
Rs.85.71 |
|
Euro |
1 |
Rs.58.53 |
SCORE & RATING
EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILIRY |
1~10 |
4 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
5 |
|
--CREDIT LINES |
1~10 |
5 |
|
--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 |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
45 |
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 |
|