MIRA
INFORM REPORT
|
Report Date : |
01.04.2008 |
IDENTIFICATION
DETAILS
|
Name : |
VA TECH WABAG LIMITED |
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Registered Office : |
11, Murrays Gate Road, Alwarpet, Chennai 600018, Tamilnadu |
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Country : |
India |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
17.02.1995 |
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Com. Reg. No.: |
030231 |
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CIN No.: [Company
Identification No.] |
U45205TN1995PLC030231 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
CHEV02389C |
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Legal Form : |
Closely held Public Limited Liability Company |
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Line of Business : |
Subject provided a comprehensive range of services which includes
Drinking Eater, Industrial Water, Waste Water, Sea and Brackish Water
desalination etc, for the public and private sectors. |
RATING &
COMMENTS
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MIRA’s 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 5800000 |
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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. General financial position is
satisfactory. Fundamentals are strong
and healthy. Trade relations are
fair. Payments are reported as
usually correct and as per commitments. The Company can be considered good for normal business dealings at usual trade terms and conditions. |
LOCATIONS
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Registered Office : |
11, Murrays Gate Road, Alwarpet, Chennai 600018, Tamilnadu, India |
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Tel. No.: |
91-44-42232323 |
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Fax No.: |
91-44-42232324 |
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E-Mail : |
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Website : |
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Branch 1 : |
Bhakti Plaza, 2nd Floor, Near Aundh Police Chowki, Aundhgao,
Pune-411007, Maharashtra, India |
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Tel. No.: |
91-20-66424900 / 66424901 |
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Fax No.: |
91-20-66424949 |
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Branch 2 : |
Ec-33, Sector -1, 1st Floor, Salt Lake City, Kolkata-700064 |
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Tel. No.: |
91-33-23376779/ 23376778 |
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Fax No.: |
91-33-23376779 |
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Branch 3 : |
S-14, Second Floor, Green Park Extension, New Delhi-110016, India |
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Tel. No.: |
91-11-41006634 / 41006635 / 41006636 |
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Fax No.: |
91-11-41006637 |
DIRECTORS
|
Name : |
Mr. Josef Schnaitl |
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Designation : |
Director |
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Address : |
Fraham 39, Seeham 5164 |
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Date of Birth/Age : |
26.02.1957 |
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Name : |
Mr. Rajiv Mittal |
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Designation : |
Director |
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Address : |
No. 13, Jeevarathinam Nagar, Second Street, Adyar, Chennai 600018,
Tamilnadu, India |
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Date of Birth/Age : |
08.04.1960 |
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Date of Appointment : |
27.09.2000 |
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Name : |
Mr. Chandwani Sumit |
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Designation : |
Director |
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Address : |
701, 7th Floor, ICICI Apartment, 1165-B, Near Kirti
College, Dadar [West], Mumbai 400028, Maharashtra, India |
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Date of Birth/Age : |
11.11.1967 |
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Date of Appointment : |
13.09.2005 |
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Name : |
Mrs. Renuka Ramnath |
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Designation : |
Director |
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Address : |
701, Radhika Apartments, Off. Sayani Road, Prabhadevi, Mumbai 400025,
Maharashtra, India |
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Date of Birth/Age : |
14.09.1961 |
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Date of Appointment : |
13.09.2005 |
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Name : |
Mr. Fritz Klaus Grothe |
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Designation : |
Director |
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Address : |
D-40669, Meerbusch, Martinstrasse 9A, Germany |
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Date of Birth/Age : |
27.02.1938 |
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Date of Appointment : |
17.02.1955 |
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Date of Ceasing: |
18.09.1997 |
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Name : |
Mr. Mahadevan Anand |
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Designation : |
Director |
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Address : |
E-510, G. K. III, New Delhi 110048, India |
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Date of Birth/Age : |
04.11.1951 |
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Date of Appointment : |
27.09.2000 |
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Name : |
Dr. Erwin Sebron |
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Designation : |
Director |
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Address : |
Farngasse 2A, A-1220, Vienna, Austria |
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Date of Birth/Age : |
30.01.1944 |
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Date of Appointment : |
04.10.2001 |
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Name : |
Mr. Knut Menzel |
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Designation : |
Director |
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Address : |
45289, Essen, Bungert 27, Germany |
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Date of Birth/Age : |
06.05.1936 |
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Date of Appointment : |
17.02.1995 |
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Date of Ceasing: |
18.09.1997 |
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Name : |
Mr. Kay Hanns Ewaldsen |
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Designation : |
Director |
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Address : |
95326, Kulmbach, Siechengrund 19, Germany |
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Date of Birth/Age : |
20.02.1954 |
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Date of Appointment : |
19.03.1996 |
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Date of Ceasing: |
28.02.1998 |
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Name : |
Mr. Neveille Crook |
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Designation : |
Director |
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Address : |
Lorenz Sandler Sr. 54, D – 95326, Kulmbach, Germany |
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Date of Birth/Age : |
03.04.1948 |
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Date of Appointment : |
03.02.1998 |
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Date of Ceasing: |
24.08.1998 |
KEY EXECUTIVES
|
Name : |
Mr. Ramsundaram S. Sankarannarayanan |
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Designation : |
Secretary |
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Address : |
K. Venkatesan Plot 7, Door 20, Durairaj Street, Thirunagar,
Valasaravakkam, Chennai 600085, Tamilnadu, India |
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Tel. No.: |
91-44-64506228 |
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Date of Birth/Age : |
01.07.1959 |
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Date of Appointment : |
12.03.2007 |
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Name : |
Mr. S. Varadarajan |
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Designation : |
Secretary |
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Address : |
G – 13 A, Block Jain Aashina, 1, Vembulli Amman, Koli Street,
Virugambakkam, Chennai 600078 |
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Date of Birth/Age : |
23.09.1965 |
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Date of Appointment : |
20.01.1997 |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
[As on 13.06.2005]
|
Names of Shareholders |
|
No. of Shares |
|
VA Tech Wabag GmbH |
|
4081593 |
|
Rajiv Mittal |
|
1 |
|
C. R. Pradeep |
|
1 |
|
S. Varadarajan |
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1 |
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S. Ramalingam |
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1 |
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Vasantha Kumar |
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1 |
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M. Mahendranath |
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1 |
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Narayan Saraf |
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1 |
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Equity Share
Break-up [As on 31.03.2007] |
|
Percentage of
Holding |
|
Nationalised or other banks |
|
4.86 |
|
Venture Capital |
|
37.07 |
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Foreign Holdings |
|
39.29 |
|
Directors or relatives of the Directors |
|
9.83 |
|
Other top fifty shareholders |
|
8.95 |
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Total |
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Subject provided a comprehensive range of services which includes
Drinking Eater, Industrial Water, Waste Water, Sea and Brackish Water
desalination etc, for the public and private sectors. |
GENERAL
INFORMATION
|
Bankers : |
Industrial Finance Branch, 55, 155, Anna Salai, Chennai 600002,
Tamilnadu, India |
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Banking
Relations : |
Good |
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Auditors : |
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Name : |
K S Aiyar and Company Chartered Accountants |
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Address : |
No. 74, II Floor, IV Main Road, Cit Nagar, Nandanam, Chennai 600035,
Tamilnadu, India |
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Holding Company : |
CIN No.: L28920TN2004PLC054683 |
CAPITAL STRUCTURE
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
10175000 |
Equity Shares |
Rs. 10/- each |
Rs. 101.750 Millions |
|
4825000 |
Preference Shares |
Rs. 10/- each |
Rs. 48.250 Millions |
|
|
Total |
|
Rs. 150.000
Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
3970776 |
Equity Shares |
Rs. 10/-
each |
Rs. 39.707
Millions |
|
4825000 |
Preference Shares |
Rs. 10/-
each |
Rs. 48.250
Millions |
|
|
Total |
|
Rs. 87.957 Millions |
FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2007 |
31.03.2006 |
31.12.2004 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
87.957 |
40.816 |
40.816 |
|
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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|
3] Reserves & Surplus |
1386.774 |
409.547 |
339.074 |
|
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
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NETWORTH |
1474.731 |
450.363 |
379.890 |
|
|
LOAN FUNDS |
|
|
|
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1] Secured Loans |
47.263 |
254.730 |
0.000 |
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2] Unsecured Loans |
0.000 |
0.000 |
0.000 |
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TOTAL BORROWING |
47.263 |
254.730 |
0.000 |
|
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DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
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TOTAL |
1521.994 |
705.093 |
379.890 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
193.805 |
34.527 |
24.670 |
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Capital work-in-progress |
10.764 |
0.0000 |
0.000 |
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INVESTMENT |
104.731 |
0.250 |
0.250 |
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DEFERREX TAX ASSETS |
28.772 |
48.959 |
15.629 |
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CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
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Inventories |
307.654
|
307.765 |
107.272 |
|
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Sundry Debtors |
1190.409
|
696.813 |
629.069 |
|
|
Cash & Bank Balances |
524.727
|
106.266 |
109.514 |
|
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Other Current Assets |
0.000
|
0.000 |
0.000 |
|
|
Loans & Advances |
624.420
|
349.446 |
303.785 |
|
Total
Current Assets |
2647.210
|
1460.290 |
1149.640 |
|
|
Less : CURRENT LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Current Liabilities |
1310.314
|
687.729 |
654.843 |
|
|
Provisions |
152.974
|
151.204 |
155.456 |
|
Total
Current Liabilities |
1463.288
|
838.933 |
810.299 |
|
|
Net Current Assets |
1183.922
|
621.357 |
339.341 |
|
|
|
|
|
|
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|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.001 |
|
|
|
|
|
|
|
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TOTAL |
1521.994 |
705.093 |
379.890 |
|
PROFIT & LOSS
ACCOUNT
|
PARTICULARS |
31.03.2007 |
31.03.2006 |
31.12.2004 |
|
|
Sales Turnover |
2601.223 |
2753.809 |
2275.283 |
|
|
Other Income |
21.292 |
40.759 |
28.367 |
|
|
Total Income |
2622.515 |
2794.568 |
2303.650 |
|
|
|
|
|
|
|
|
Profit/(Loss) Before Tax |
100.492 |
146.275 |
160.872 |
|
|
Provision for Taxation |
100.823 |
[31.242] |
7.214 |
|
|
Profit/(Loss) After Tax |
[0.331] |
177.517 |
153.658 |
|
|
|
|
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Expenditures : |
|
|
|
|
|
|
Raw Material Consumed |
2206.771 |
2578.437 |
1945.812 |
|
|
Increase/(Decrease) in Finished Goods |
[4.616] |
[200.492] |
38.864 |
|
|
Salaries, Wages, Bonus, etc. |
113.360 |
101.510 |
55.570 |
|
|
Managerial Remuneration |
9.633 |
3.058 |
2.445 |
|
|
Payment to Auditors |
0.624 |
0.369 |
0.278 |
|
|
Interest |
43.649 |
16.668 |
0.762 |
|
|
Insurance Expenses |
0.522 |
0.945 |
0.477 |
|
|
Power & Fuel |
3.776 |
4.593 |
1.915 |
|
|
Depreciation & Amortization |
11.504 |
11.058 |
7.087 |
|
|
Other Expenditure |
136.800 |
132.147 |
89.568 |
|
Total Expenditure |
2522.023 |
2648.293 |
2142.778 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2007 |
31.03.2006 |
31.12.2004 |
|
PAT / Total
Income |
(%) |
[0.01]
|
6.35 |
6.67 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
3.86
|
5.31 |
7.07 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
3.53
|
9.78 |
13.69 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.06
|
0.32 |
0.42 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
1.02
|
2.42 |
2.13 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.80
|
1.74 |
1.41 |
LOCAL AGENCY
FURTHER INFORMATION
Note:
The situation of the registered office of the company was changed from
6, Murrays Gate Road, Alwarpet, Chennai 600018, Tamilnadu, India to 11, Murrays
Gate Road, Alwarpet, Chennai 600018, Tamilnadu, India w.e.f. 05.07.2005.
AS PER WEBSITE DETAILS:
NEWS
VA Tech Wabag Limited, has acquired VA Tech Wabag GmbH, Austria, in a
deal finalised in Vienna on Wednesday.
This acquisition puts VA Tech back on the global map as a leader in the
water management business. This company till 2005 was a subsidiary of VA Tech
Wabag, Austria. In 2005, Siemens acquired the Austrian company while ICICI
Ventures took a majority stake in the Indian company with a management group
headed by Mr Mittal holding a minority stake. The Austrian company has a
presence across the globe with a business volume of over €100 million (Rs 5600
Millions). VA Tech Wabag India, based in Chennai, is a Rs 3000 Millions company
with a presence in India and Asia markets. Due to this acquisition by VA
Tech Wabag, a multinational company will emerge with businesses in Europe,
Asia, Africa and Australia and is set to regain its position among the top
three companies in water management in the world with the global operations
managed out of the Chennai office.
Dilution of stake
VA Tech Wabag had received a $20 million fund infusion from GLG
Partners, UK, which has taken a stake in the company. It is the
first time in the water management sector where an Indian company has acquired
its European counterpart. The Wabag brand name, the modern technology options
and research facilities in Austria and Switzerland will combine with the
design-build-operate skills of Wabag India to offer sustainable water
solutions. VA Tech Wabag has been in India for over a decade and has a
presence in water treatment in the public and private sector and covers
business areas of municipal water and wastewater treatment, industrial water
treatment, operation and maintenance. VA Tech Wabag also has offices in West
Asia and South East Asia, as they are emerging markets that could give nearly
half the business in the current year.
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. 39.97 |
|
UK Pound |
1 |
Rs. 79.53 |
|
Euro |
1 |
Rs. 63.09 |
SCORE & RATING
EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
8 |
|
PAID-UP CAPITAL |
1~10 |
8 |
|
OPERATING SCALE |
1~10 |
8 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
9 |
|
--PROFITABILIRY |
1~10 |
7 |
|
--LIQUIDITY |
1~10 |
8 |
|
--LEVERAGE |
1~10 |
8 |
|
--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 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. |
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 |
|