MIRA
INFORM REPORT
|
Report Date : |
09.04.2008 |
IDENTIFICATION
DETAILS
|
Name : |
EMPIRE MACHINE
TOOLS – DIVISION OF EMPIRE INDUSTRIES LIMITED |
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Registered Office : |
Empire House, 414, Senapati Bapat Marg, Lower Parel, Mumbai, 400013,
Maharashtra |
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Country : |
India |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
17.10.1900 |
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Com. Reg. No.: |
176 |
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CIN No.: [Company
Identification No.] |
L17120MH1900PLC000176 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
MUME04628B |
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PAN No.: [Permanent
Account No.] |
AAACE2757R |
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Legal Form : |
Public limited liability company. The company's shares are listed on the Stock Exchanges. |
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Line of Business : |
Manufacturing of Glass Bottles, Cranes, Industrial
Equipments, OC Filters, Bleach Washers and Brown Stock Washers. It also acts as Traders and Commission
Agents. |
RATING &
COMMENTS
|
MIRA’s Rating : |
A |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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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Maximum Credit Limit : |
USD 1400000 |
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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
diversified, old established company having fine track. Trade relations are
fair. Payments are correct and as per commitments. The company has invaluable
real estate whose current price can be magnanimous (huge) in realty dealings. The company can
be considered good for nay normal business dealings. It can be
regarded as a promising business partner in a medium to long-run. |
LOCATIONS
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Registered Office : |
414, Senapati Bapat Marg, Mumbai - 400 013, Maharashtra, INDIA. |
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Tel. No.: |
91-22-2493 4170/ 2493 7340/ 2493 8411/ 4203/ 66555453/ 66534917 |
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Fax No.: |
91- 22-24935363/ 2493 9143/ 7203 |
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E-Mail : |
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Website : |
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Factory : |
L B Shastri Marg, Vikhroli, Mumbai - 400 083, Maharashtra, INDIA |
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Factory : |
MIDC Industrial Area, Engineering Zone, Ambernath, Maharashtra, India. |
DIRECTORS
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Name : |
Mr. S C Malhotra |
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Designation : |
Chairman |
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Name : |
Mr. Ranjit Malhotra |
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Designation : |
Vice Chairman |
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Name : |
Mr. N V Khote |
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Designation : |
Director |
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Name : |
Mr. R A Maskati |
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Designation : |
Director |
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Name : |
Mr. J N Guzder |
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Designation : |
Director |
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Name : |
Mr. F A A Jasdanwalla |
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Designation : |
Director |
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Date of
Appointment : |
28.06.2007 |
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Name : |
Mr. Dileep Malhotra |
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Designation : |
Joint Managing Director |
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Name : |
Mr. K. C. Khanna |
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Designation : |
Director |
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Date of
Appointment : |
28.06.2007 |
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Name : |
Mr. Rajbir Singh |
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Designation : |
Director |
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Date of
Appointment : |
28.06.2007 |
KEY EXECUTIVES
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Name : |
Mr. S. K. Gulati |
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Designation : |
Director Finance and Company Secretary |
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Name : |
Mr. K C Khanna |
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Designation : |
Director |
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Date of
Birth/Age : |
January 22, 1938 |
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Qualification
: |
B.A. (Economics & Political Science); F.C.A.(Eng. & Wales),
F.C.A. |
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Experience : |
He has varied
industrial and real estate experience of which 16 years overseas, the UK,
Germany, USA, Dubai and Advisor to international banks and multinational
companies, the Times media group and finance companies, a State Government,
Swedish groups, etc. |
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Date of
Appointment : |
June 28, 2007 |
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Name : |
Mr. Bhattacharjee P.K. |
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Designation : |
Director
Corporate |
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Date of
Birth/Age : |
67 Years |
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Qualification
: |
B.Tech.fHons.) (Mech. Engg.) |
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Experience : |
45 Years |
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Date of
Appointment : |
07.08.1969 |
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Previous
Employment : |
Consultant, Ibcon Private Limited Mumbai
(3 Years) |
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Name : |
Mr. Gulati S. K. |
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Designation : |
Director Finance & Company Secretary |
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Date of
Birth/Age : |
68 Years |
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Qualification
: |
B.Com.(Hons.) A.C.S., F.C.A. |
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Experience : |
45 Years |
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Date of
Appointment : |
02.05.1975 |
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Previous
Employment : |
Administrative Manager, Machine Division,
Crompton Greaves Limited Mumbai (9 Years) |
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Name : |
Mr. Jamilla Varavala |
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Designation : |
Head Design |
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Date of
Birth/Age : |
48 Years |
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Qualification
: |
S.S.C. |
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Experience : |
18 Years |
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Date of
Appointment : |
01.08.2000 |
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Previous
Employment : |
Lecturer, Sophia College Mumbai (12 Years)
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Name : |
Mrs Lakshmi Raman |
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Designation : |
Head Academics |
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Date of
Birth/Age : |
33 Years |
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Qualification
: |
B.Com., MCS |
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Experience : |
13 Years |
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Date of
Appointment : |
02.01.2003 |
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Previous
Employment : |
Sr. Manager –Academics Zee Interactive
Learning Sys. Limited, Mumbai (3 Years) |
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Name : |
Mr. Narasimhan N.S.L |
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Designation : |
Director Empire Industrial Equipment /
Empire Instru. |
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Date of
Birth/Age : |
58 Years |
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Qualification
: |
B.E., M.M.S. (Marketing); M.F.M. |
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Experience : |
33 Years |
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Date of
Appointment : |
01.04.200 |
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Previous
Employment : |
Chief Executive Heatly & Gresnam
(I) Limited Delhi (10 Years & 7 Months) |
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Name : |
Mr. Rao P. N. |
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Designation : |
Director |
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Date of
Birth/Age : |
56 Years |
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Qualification
: |
B. E. [Mech] |
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Experience : |
32 Years |
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Date of
Appointment : |
01.01.1980 |
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Previous
Employment : |
Asst. Sales Engineer Voltas Limited |
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Name : |
Mr. Sen K. K. |
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Designation : |
Director |
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Date of
Birth/Age : |
58 Years |
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Qualification
: |
B. Tech |
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Experience : |
37 Years |
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Date of
Appointment : |
21.06.1971 |
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Name : |
Mr. Shroff J |
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Designation : |
General Manager |
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Date of
Birth/Age : |
57 Years |
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Qualification
: |
B. Sc. Ceramic Engineering |
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Experience : |
35 Years |
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Date of
Appointment : |
06.04.1987 |
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Previous
Employment : |
Chief Glass Tech. Universal Glass
Sahibabad |
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Name : |
Mr. Vishal Gupta |
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Designation : |
President |
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Date of
Birth/Age : |
35 Years |
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Qualification
: |
B. E. Computers |
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Experience : |
10 Years |
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Date of
Appointment : |
17.04.2002 |
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Name : |
Mr. Vora K M |
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Designation : |
Sr. Manager Administration |
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Date of
Birth/Age : |
69 Years |
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Qualification : |
B. Sc. [Hons.] |
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Experience : |
42 Years |
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Date of
Appointment : |
01.07.1992 |
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Name : |
Mr. Rajbir Singh |
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Designation : |
Director |
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Date of
Birth/Age : |
November 5, 1954 |
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Qualification
: |
Graduate |
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Experience : |
He has experience in Financial
Consultancy. |
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Date of
Appointment : |
June 28, 2007 |
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Name : |
Mr. S C Malhotra |
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Designation : |
Chairman |
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Date of
Birth/Age : |
73 years |
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Qualification
: |
Intermediate Arts & Certificate of NDA |
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Experience : |
57
years |
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Date of
Appointment : |
01/11/65 |
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Previous
Employment : |
Chief Executive - Kohinoor Mills (Division
of Killick India Limited Mumbai - 6 years) |
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Name : |
Mr. Dileep Malhotra |
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Designation : |
Joint Managing Director |
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Date of
Birth/Age : |
42 years |
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Qualification
: |
B.A., MBA (USA) |
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Experience : |
16 years |
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Date of
Appointment : |
01.10.1999 |
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Previous
Employment : |
Empire Securities & Capital Limited - Managing Director (3 years) |
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Name : |
Mr. Ranjit Malhotra |
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Designation : |
Vice Chairman |
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Date of
Birth/Age : |
49 years |
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Qualification
: |
MBA (USA) |
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Experience : |
26 years |
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Date of Appointment
: |
01.10.1998 |
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Previous
Employment : |
Empire International Private Limited
- Managing Director ( 6 years) |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
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Names of Shareholders |
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No. of Shares |
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Promoters |
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56.46 |
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Financial Institutions and Banks |
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19.28 |
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Corporate Bodies |
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12.48 |
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Others |
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11.78 |
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Total |
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturing of Glass Bottles, Cranes, Industrial
Equipments, OC Filters, Bleach Washers and Brown Stock Washers. It also acts as Traders and Commission
Agents. |
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Products : |
Generic Names of Principal Products / Services of the company are:
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PRODUCTION STATUS
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Particulars |
Unit |
Licensed
Capacity |
Installed
Capacity |
Actual
Production |
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Bottles |
M.T. |
37,548 |
37,548 |
29,594 |
GENERAL
INFORMATION
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Customers : |
Ř Centor Metalcut Inc. Ř Heinrich Muller Maschinen Fabrik GmbH Ř MG Systems and Welding Inc. Ř Otto Buhler Maschinen Fabrik GmbH and Company KG Ř Platarg Engineering Company Ř Strickop-Westofen GmbH Ř Trumpf GmbH+ company Ř USF Spencer and Halstead Ř W. A. Whitey and Company Ř Carl Ziess Industrielle Messtechnik GmbH Ř Carl Ziess IMT Corporation Ř Romer Ř Imetric S. A. Ř Hek GmbH Ř Horst Witte Greatebau Ř
Mahr GmbH |
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No. of Employees : |
1000 |
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Bankers : |
Ř Indian Bank, Mumbai Ř Allahabad Bank, Mumbai Ř Bank of India, Mumbai Ř Bank of Baroda, Mumbai Ř Central Bank of India, Mumbai |
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Facilities : |
Secured Loans :
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
R. A. Patel &
Company Chartered
Accountants |
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Associates/Subsidiaries : |
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CAPITAL STRUCTURE
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
75,50,000 |
Equity Shares |
Rs.10/- each |
Rs. 75.500 millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
5999998 |
Equity Shares |
Rs.10/- each |
Rs. 59.999 millions |
FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2007 |
31.03.2006 |
31.03.2005 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
60.000 |
59.999 |
59.999 |
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2] Reserves & Surplus |
290.557 |
246.369 |
210.642 |
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NETWORTH |
350.557 |
306.368 |
270.641 |
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LOAN FUNDS |
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1] Secured Loans |
184.036 |
47.877 |
85.649 |
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2] Unsecured Loans |
223.749 |
158.364 |
172.523 |
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TOTAL BORROWING |
407.785 |
206.241 |
258.172 |
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DEFERRED TAX LIABILITIES |
27.429 |
18.604 |
21.230 |
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TOTAL |
785.771 |
531.213 |
550.043 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
765.645 |
562.011 |
524.153 |
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INVESTMENT |
0.046 |
0.045 |
12.046 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
84.601 |
120.430 |
112.302 |
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Sundry Debtors |
245.193 |
202.250 |
232.362 |
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Cash & Bank Balances |
13.939 |
10.768 |
19.226 |
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Loans & Advances |
130.730 |
130.313 |
129.497 |
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Total Current Assets |
474.463 |
463.761 |
493.387 |
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Less : CURRENT LIABILITIES & PROVISIONS |
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Current Liabilities |
412.265 |
467.238 |
465.860 |
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Provisions |
42.118 |
27.366 |
13.683 |
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Total Current Liabilities |
454.383 |
494.604 |
479.543 |
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Net Current Assets |
20.080
|
(30.843)
|
13.844 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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TOTAL |
785.771 |
531.213 |
550.043 |
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PROFIT & LOSS
ACCOUNT
|
PARTICULARS |
31.03.2007 |
31.03.2006 |
31.03.2005 |
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Sales Turnover |
522.826 |
637.734 |
922.308 |
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Other Income |
585.227 |
440.743 |
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Total Income |
1108.053 |
1078.477 |
922.308 |
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Profit/(Loss) Before Tax |
116.145 |
91.870 |
53.653 |
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Provision for Taxation |
30.326 |
29.023 |
14.347 |
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Profit/(Loss) After Tax |
85.819 |
62.847 |
39.306 |
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Earnings in Foreign Currency : |
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Export Earnings |
17.612 |
8.807 |
NA |
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Commission Earnings |
316.142 |
311.772 |
NA |
|
|
Other Earnings |
0.401 |
2.749 |
NA |
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Total Earnings |
334.155 |
323.328 |
NA |
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Imports : |
|
|
|
|
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Raw Materials |
24.413 |
36.641 |
NA |
|
|
Stores & Spares |
2.441 |
1.425 |
NA |
|
|
Capital Goods |
13.045 |
0.000 |
NA |
|
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Others |
15.255 |
23.613 |
NA |
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Total Imports |
55.154 |
61.679 |
NA |
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Expenditures : |
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Cost of Goods Sold |
406.328 |
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Personnel |
266.730 |
223.029 |
868.654 |
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Other
Expenses |
253.969 |
223.745 |
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Depreciation & Amortization |
37.784 |
34.458 |
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Interest |
27.097 |
32.966 |
|
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Total Expenditure |
991.908 |
986.607 |
868.654 |
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QUARTERLY RESULTS
|
PARTICULARS |
30.06.2007 |
30.09.2007 |
30.12.2007 |
|
Type |
1st
Quater |
2nd
Quarter |
3rd Quarter |
|
Sales
Turnover |
265.000 |
270.400 |
286.700 |
|
Other
Income |
49.700 |
50.800 |
68.100 |
|
Total
Income |
314.700 |
321.200 |
354.800 |
|
Total
Expenditure |
261.900 |
266.400 |
292.800 |
|
Operating
Profit |
52.800 |
54.800 |
62.000 |
|
Interest |
11.900 |
8.500 |
10.800 |
|
Gross
Profit |
40.900 |
46.300 |
51.200 |
|
Depreciation |
11.200 |
11.000 |
13.400 |
|
Tax |
9.300 |
12.500 |
0.000 |
|
Reported
PAT |
18.400 |
22.800 |
26.600 |
KEY RATIOS
|
PARTICULARS |
31.03.2007 |
31.03.2006 |
31.03.2005 |
|
Debt-Equity Ratio |
0.93 |
0.81 |
1.11 |
|
Long Term
Debt-Equity Ratio |
0.78 |
0.67 |
0.97 |
|
Current Ratio |
0.86 |
0.88 |
0.97 |
|
TURNOVER RATIOS |
|
|
|
|
Fixed Assets |
0.95 |
1.05 |
0.94 |
|
Inventory |
9.52 |
7.79 |
8.56 |
|
Debtors |
4.36 |
4.17 |
3.28 |
|
Interest Cover
Ratio |
5.28 |
3.78 |
2.40 |
|
Operating Profit
Margin(%) |
18.55 |
17.58 |
17.42 |
|
Profit Before
Interest And Tax Margin(%) |
14.68 |
13.77 |
11.82 |
|
Cash Profit
Margin(%) |
12.72 |
10.76 |
10.66 |
|
Adjusted Net
Profit Margin(%) |
8.85 |
6.96 |
5.06 |
|
Return On Capital
Employed(%) |
22.53 |
23.98 |
16.95 |
|
Return On Net
Worth(%) |
26.27 |
21.87 |
15.29 |
LOCAL AGENCY
FURTHER INFORMATION
HISTORY
The company was incorporated on 17th October 1900 at Mumbai in Maharashtra having Company Registration Number 176.
Established as The Empire Dyeing and Manufacturing Company, Empire Industries acquired its present name in 1975. It is a multi-faceted company engaged in activities like dyeing, designing and fabrication of medium and heavy-duty cranes, marketing of machine tools, manufacture of glass bottles and designing of electronic instruments and instrumentation systems.
The company’s textile division – Empire Dying, which had diversified into trading speciality fabric, was eventually closed in 1993-94 due to poor performance. Garlic Engineering is its crane manufacturing division. This division which has manufacturing facilities in Ambernath has a technical collaboration with a German firm to manufacture steel mill duty cranes and port cranes. The company manufacturers amber bottles for the pharmaceutical industry through its bottle-making division, Vitrum Glass. The other divisions are Empire Machine and Tools, Empire Chemicals and Empire Instrumentation.
During 1999-2000, the company has entered into a Revenue Sharing Agreement with Wigan & Leigh (I) Limited to impact education in the field of fashion technology, advertising & graphic design and business management. The Empire Institute of Learning is expanding the educational institutions in Mumbai and as a part of this it has also made collaboration with Mountain State University, U.S.A. and the Cambrian College of Applied Arts and Technology, Canada to deliver its MBA programs in Mumbai, Maharashtra.
BUSINESS
The company is engaged in the business of Manufacturing of Glass Bottles, Cranes, Industrial Equipments, OC Filters, Bleach Washers and Brown Stock Washers. It also acts as Traders and Commission Agents.
Empire Machine Tools is engaged in agency business related to metal forming machinery including flame cutting, die casting and heat treatment equipments and other material testing and metrology equipments. Its MCAT division markets machine tools with applications of cutting of metal by turning, milling, boring and grinding, etc.
Empire Chemicals focused more on pharmaceuticals, industrial chemicals and pigments to overcome recessionary market conditions. The company’s glass division was awarded ISO 9002 in October 1998. Imported automatic inspection machines are now being installed on all four glass bottle forming machine lines.
The company's fixed assets of important value include goodwill, land, building & flats, plant & machinery, plant & machinery under erection, furniture & office equipments, Books, vehicles, furnaces, furnaces under construction, technical know-how fees, moulds & castings.
OPERATIONS:
Vitrum Glass:
This Division
manufactures world class Amber Glass Bottles for the Pharmaceutical Industry.
Over one million bottles are manufactured every day on four fully automatic
production lines. The division undertook rebuilding its Glass Melting Furnace
and major overhauling of machinery and equipment. This has resulted in 10% fuel
saving, better quality of glass and higher productivity. The division is all
set to achieve higher turnover both local and exports in coming years.
EMPIRE MACHINE
TOOLS - MFTM
(Metal Forming, Testing
& Metrology):
This Division is
engaged in agency business covering sales, execution and service support of
hi-tech machines in Metal Forming, Metrology, Assembly Lines, Welding, Melting,
Heat Treatment and Process Consultancy. Demand for integrated solutions is
increasing from customers. Local sourcing for turnkey jobs is becoming a new
area of activity. Higher investment in automobile sector is opening up new
opportunities. This Division has done well and is expected to repeat its good
performance in the current year as well.
EMPIRE MACHINE
TOOLS - MCAT
(Metal Cutting
& Allied Technologies):
Due to increase in
automotive business and also increase in participation of private sector in
high value machines, the share of private sector business has increased. This
has had some impact on the division's profitability due to heavier competition
in the private sector. The Division had success in selling machiftes to the
automotive sector, Defence and Aerospace. Backlog on orders is very good and
billing will be good in the current year also.
Empire Chemicals:
This Division has
focused on establishing Pharma API (Active Pharmaceutical Ingredients) and
Intermediates business. Due to continued pressure on the Chinese currency -
i.e. global efforts to force China to revalue the Chinese Yuan upwards, the
year faced many hurdles from the pricing point of view. During the year, the
Division has succeeded in finalizing long-term contracts especially related to
Taiwan and has also added some prestigious
Indian Pharmaceutical
customers with whom trials have been successfully concluded. The Division
expects to do good business in the current year.
Empire
Instrumentation:
This division
which deals with'hifh value Medical Equipments has performed better during the
financial year compared to the last year. The customer base has been extended.
Ground work has been done to achieve greater revenue in the year ahead.
Government customers in the West and South have also been covered over and
above the extended reach achieved in the North. Consolidations in terms of our
Principals on the one side and the customers on the other should help the
division to grow from strength to strength.
Empire Industrial
Equipment:
This Division has
gained considerably during the financial year due to substantial growth in Oil
and Gas, Steel plants and Auto Ancillary (Forging) Sectors. Some major value
Orders have been obtained from the Refinery Sector. The future for this
Division appears good with greater penetrations expected into these growing
sectors. The Division expects to improve its performance during the current
year.
Empire Life
Sciences:
This Division has
commenced its activities during the current year and is engaged in importing
and marketing of hi-tech and High-end aesthetics equipments in the field of
cosmetology. Demand for feeling and looking good is increasing at a much
greater pace these days in India. This division is bringing latest patented
"elos" (Electrical Optical Scenergy) technology to India, which is
much superior technology compared to the conventional Laser or PL (Intense Pulse Light) already in use in
India. The "elos" technology can provide number of aesthetics
applications such as skin tightening; skin rejuvenation; wrinkle reduction etc.
Looking at the excellent opportunities available in these aesthetics areas this
division is expected to do well in the current year.
Empire Pharmakem
This Division has
also commenced the activities during the current year and supplies quality
imported drugs and other pharmaceutical exa'pients to pharma industries. The
Division represents specialty molecule manufacturers in the pharmaceutical
sector from China and India. The demand for products dealt by the division is
good. The Division expects to do good business in the first year of operation
in the current year.
CAPITAL
EXPENDITURE:
The Major Capital
Expenditure of Rs.141.100 Millions was incurred on partial construction of a
seven storied building admeasuring approx. 1,86,000 Sq. Ft. for Information
Technology industries at Company's vacant land at Vikhroli. The said building
is expected to be completed by end of August, 2007 and would be rented on Leave
& License basis to well reputed Companies/Banks. The Company has also spent
Rs.108.300 Millions on rebuilding of
the furnace and updation of bottle making machineries in our Vitrum Glass
factory at Vikhroli.
Management
Discussion and Analysis
Overall Review
The Company is
engaged in the manufacture of Amber Glass Bottles for the Pharmaceutical
Industry. It represents a number of foreign manufacturers of Precision Machine
Tools, Measuring Instruments, Electronic Instruments, Instrumentation Systems
and Chemicals. The performance of all these Divisions is reviewed in the
Directors' Report.
Industry Structure
& Development -
The Vitrum Glass
Division is manufacturing Amber Glass Bottles for the Pharmaceutical Industry
by using its production capacity fully. This Division is not in a position to
increase the capacity of the unit by installing new machines due to Government
restrictions on expansion in Mumbai City. However, the Division is making
efforts to increase the production by accelerating the speed of Machines.
Opportunities
& Risks
The Company has
developed Industrial Properties at its Lower Parel premises for the use of office
purposes and entered into Leave & License Agreements with various
Multinational Companies and Banks, such as ABN AMRO Central Enterprise Services
Private Limited, ICICI Bank Limited, Maersk India Private Limited, Saurer India
Private Limited, Television Eighteen India Limited, Turner International
(India) Private Limited and ABN AMRO Bank. The demand from the Pharmaceutical
Industry for Glass Containers manufactured by Vitrum Glass Unit is sufficient
and hence the Company does not foresee any risks for the product in near
future. The revenue of the Divisions involved in agency businesses for
marketing the products manufactured by foreign principals are dependent on the
Government Policies declared from time to time.
Human Resources
During the year under
review, cordial relationship was maintained between the management and the
employees. The Directors place on record their appreciation for the support and
contribution of all employees of the Company.
Website Details:
Empire Industries Limited is a 105
year old public limited company - a multi-faceted conglomerate with interests
in diverse businesses and associated with several international partners in
each operating division.
The areas of interest are pursued through autonomous divisions, each headed by
an Executive Divisional Director who has independent charge over his department
and reports to the Board of Directors for performance.
The Board of Directors consists of eminent personalities and is Chaired by Mr.
Satish Chandra Malhotra who has been at the helm for the past 42 years. During
this period, the company has diversified and expanded many fold.
Today, Empire stands proud with a paid up capital and reserves of Rupees 350
million, and its revalued assets cross the Rupees 5 billion mark Its permanent
employee strength exceeds 1000.
The Company's central and administrative offices are located in Mumbai, which
is the commercial Capital of India. Besides this, the Company has regional
offices spread all over the country to facilitate market coverage.
Empire Machine Tools is a solutions provider for the Industry of high
technology global trends covering areas of :-
Ř
Consultancy
Ř
Equipment for Manufacture
Ř
Equipment for Assembly
Ř
Equipment for Testing
Ř
Equipment for Measurement
Ř
Equipment Automation
EMPIRE MACHINE TOOLS, METAL FORMING, TESTING & METROLOGY DIVISION, (EMT-MFTM) is a division of Empire Industries Limited Mumbai - India. EMT-MFTM is engaged in Sales and Service of high quality, advanced technology - Metal Forming, Testing and Metrology Equipments and Project Consultancy for Engineering Industries.
Countries:
The company represents reputed manufacturers from Europe, USA and Japan. Some of these representations have been active over 50 years.
Market Segment:
The company is actively offering, its application knowledge on products and its services to customers in various manufacturing industries and users covering
Ř
Automobiles and auto ancillaries
Ř Aircraft and Aerospace
Ř
Defence Hardware Production
Ř Power Generation Equipment
Ř
Machine tools and machinery manufacturers
Ř Telecommunication Equipment, Computer and Electronic component manufacturers
Ř
Rail Coach and Locomotive
Ř Ship Builders
Ř
Precision fabricators
Ř Metal processing plants (e.g. Steel Mills, Casting Units, Forging Units, Rolling Units, etc.)
Ř
Commercial Tool Rooms
Ř
Educational Institutions and Research laboratories
Products:
The products offered cover a range of hi-tech equipment from overseas for
Ř Metal Forming, Fabricating and Joining Machines for Coils, Plates, Sheets, Bars, Tubes, Strips and Wires. E.g. Presses and Press Lines with or without Tooling and Dies, Plate, Wire and Strip Rolling, Bending, Notching, Swaging, Stretching, Punching, Forging Presses including Screw Presses, Open Die and Radial Forging and Extrusion Presses, Up setters and Nosing Presses, Electron Beam, Laser and Conventional Arc and Spot Welding Machines, Friction Welding, Friction Stir Welding, Riveting, Gluing, etc.
Ř Machines for Processing Metals with Thermal Processes E.g. Laser Cutting, Vacuum Heat Treatment and Vacuum Induction Melting and Degassing Furnaces, Vacuum Arc Re-melting Furnaces, Directional Solidification Furnaces, Induction Hardening of Crank Shafts and Cylinder Blocks, Powder Compacting Presses, Boiler and Core Leaching Autoclaves, Gas Carburizing of Gears, Metal Deposition Equipments, High Pressure and Gravitational Die Casting, etc.
Ř Robotic Welding, Handling, Filling, Painting, Online Measuring, Hemming systems, etc.
Ř Specialized Systems for Automotive Industry e.g. BIW System, Chassis Marriage System, Filling System, End Of Line Equipments, Engine and Transmission Assembly and Testing Sytems including Cold Engine Testing, Dynamometers, ECOS, TCF Lines, Painting Systems, etc.
Ř Surface Preparation Systems E.g. Shot Blasting and Peening, Carburizing, Ion-Nitriding, Deburring, Polishing, Coating, Painting etc.
Ř Prototyping, Low Volume Production and Reverse Engineering Machines and Software E.g. Fluid Cell Presses, Elastomer Presses, Rapid Prototying, Laser Sintering, 3D Scanning, Laser Beam Digitizing, Industrial Computer Tomography, Vacuum Casting, Prototype Panels, Soft Toolings, etc
Ř Metrology Machines and Testing Equipments E.g. Co-ordinate Measuring Machines, Portable CMM's, Optical Metrology, Material/System Testing, etc
Apart from above
Equipments EMT-MFTM also offer Consultancy Service from Leading Companies and
Experts around the globe in the fields of
Ř Automotive Industry – eg. Styling, Simultaneous Engineering, Detail Engineering, Planning, Body Engineering, BIW, TCF, Assembly Systems, Layout, Logistics, New Product introduction, Turnkey solutions including local supplies, Plant Layout Engineering, Feasibility Study, Relocation Planning and Services, Cost Reduction Engineering, etc.
Manufacturers:
EMT- MFTM represents some of the world’s most reputed companies. A few of these companies are
Ř Trumpf
Ř Zeiss
Ř
3D Systems
Ř MCP-HEK
Ř ACB
Ř
Fagor
Ř Nikon
Ř Techmeta
Ř
Durr/Schenck
Marketing :
To make a proper assessment of customer's requirements, and make the most appropriate recommendations, a team of highly qualified engineers are periodically trained at foreign manufacturers' works and through technical courses conducted by premier organizations in the country. They are also exposed to the latest technology at International Exhibitions around the world. Pre-sales application demonstrations, time studies, benchmarking, cost justification and audio-visuals technical seminars are conducted regularly, to convince customers about the techno - commercial suitability of the high tech products offered by the company.
Order Execution:
Order execution is followed up closely by competent staff that has many years of experience dealings with public and private sector companies, import procedures and taxes, and with foreign principals from different countries that have their individual export regulations and norms of operation.
After Sales Service:
After sales services cover site preparation recommendations, installations, preventive and breakdown maintenance, training of customers on machine operation, application and repair. This is carried out by a team of engineers trained at regular intervals at foreign manufacturers' works. Providing them service and calibration tools and instruments, diagnostic spares and complete service documentation further enhances their capabilities. Prompt service is offered both in-house at our Modern Networked Service Centre in Mumbai or at customers-site, according to the individual necessities.
Customer Friendly Setup:
All activities of marketing, order execution and after sales service are streamlined and coordinated through professionally computerized data handling. The All India market is covered by specialists based at its Head Office in Mumbai and at its Regional Offices in Delhi, Kolkata, Bangalore, Chennai & Hyderabad. The total strength in this division is about 100. More than 40% of the field staff are engaged in after-sales-service, and our market image is mainly known by their ability on back-up service.
Local representatives in the different industrial pockets closely keep in touch
with customers and bring them closer to the organization. They ensure customer
satisfaction, by ensuring quick and quality response from Empire Machine Tools
at all times.
Sister Organisation:
EMT_MFTM synergises their efforts in the market with their sister organization namely EMPIRE MACHINE TOOLS -METAL CUTTING AND ALLIED TECHNOLOGIES DIVISION (EMT-MCAT) who look after the following products in the same market segments :
Metal Cutting Machines for Tool Rooms such as Precision Universal CNC Milling and Boring Machines, Machining Centres & CNC Tool & Cutter Grinders, Die Spotting Machines, CNC Lathes and Mill Turn Centres.
Machine Tools for Production Floor such as Flexible Manufacturing Systems, High Speed & High Performance Vertical Machining Centres, CNC Mill Turns, Roll Grinders, Roll Turning Lathes, Portal Type Milling Machines, Slideway Grinders, Surface Grinders, Internal & Face Grinding Machines, Vertical Turret Lathes, Vertical Turning, Boring & Milling Machines, Horizontal Boring Machines from world leaders.
The All India market of this EMT-MCAT division is covered by specialists based at its Head Office in Mumbai and at its Regional Offices in Delhi, Kolkata, Bangalore, Chennai & Hyderabad. The total strength in this division is about 50.
Co-operation:
The active co-operation between the two divisions EMT- MFTM & EMT- MCAT, both approaching the same target group of clients, has resulted in many satisfied customer who have benefited through purchase of most of their high- tech imported machines and consultancy services from EMPIRE MACHINE TOOLS.
Empire
Machine Tools is a solutions provider for the Industry of high technology
global trends covering areas of:-
- Consultancy
- Equipment for
Manufacture
- Equipment
for Assembly
- Equipment for
Testing
- Equipment for
Measurement
- Equipment
Automation
Press Release:
Empire Industries
Ltd. Announces Closing of Acquisition of Parr Metal Fabricators
WINNIPEG, MANITOBA--(Market wire - Jan. 8, 2008) – Empire Industries Limited.("Empire") (TSX VENTURE:EIL), one of Western Canada's fastest growing steel fabrication and construction service providers today announced that it has successfully completed its previously announced purchase of the assets and business of Parr Metal Fabricators Ltd. ("Parr Metal") of Winnipeg, Manitoba.
Highlights:
- Purchase price of $0.45M plus working capital, estimated to be $0.6M
- Purchase price payable in cash at closing with working capital to be paid 90
days after closing
- In 2006, Parr Metal generated revenue of $5 million and normalized EBITDA of
$0.5 million.
- Long term property lease of $108,000 per year for a 22,000 square foot shop
and 8,000 square foot office.
- Two year option to purchase the property for $1.2 million with a right of
first refusal if this option is not exercised.
- Current management will be staying on.
Parr Metal has been in operation for over 30 years. Parr Metal is a leading
custom fabricator of carbon steel, Stainless steel and aluminum industrial
piping and products, such as pressure vessels, pressure piping, tanks,
Stacks and conveyor systems.
"Parr Metal fills an important role in Empire's strategic plan,"
stated Guy Nelson, CEO of Empire Industries Limited "With Parr Metal's
custom plate and tank fabrication capability, Empire has taken another step
towards fulfilling its mission of creating shareholder value by adding value to
steel."
"We have worked with Empire for years, both as a supplier and as a
customer. It was only natural for the two companies to join forces," said
Cesare Sacco, General Manager of Parr Metal. "The Parr Metal management
team is looking forward to working with Empire as part of the same team."
About Empire Industries Limited
Subject is a public company that was formed in July 2006 in a reverse takeover
of Empire Iron Works Ltd., a Western Canadian steel fabricator and construction
services provider that commenced operations in 1958. Empire is one of Western
Canada's fastest growing steel fabrication and construction service providers.
Empire's mission is to increase shareholder value by adding value to steel.
Empire realizes its mission by growing profits organically and through
strategic acquisitions in the burgeoning industrial, commercial and institutional
construction marketplace of Western Canada. Empire trades on the TSX Venture
Exchange under the trading symbol EIL.
This press release contains forward-looking statements, within the meaning of
applicable securities legislation, concerning Empire's business and affairs.
These statements are identifiable by their use of verbs such as
"expect", as well as by the use of future or conditional tenses.
These forward looking statements are based on current expectations, and are
naturally subject to uncertainty and changes in circumstances that may cause
actual results to differ materially. Readers are cautioned not to place undue
reliance on such forward-looking statements. Empire assumes no obligation to
revise or update these forward-looking statements to reflect the occurrence of
unanticipated future events, except as may be required under applicable
securities laws. . EBITDA is a non-GAAP measure, defined as earnings before
interest and bank charges, income taxes, depreciation and amortization.
The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this release.
Empire Industries
Announces Infrastructure Contract to Fabricate and Install BC's Coast Meridian
Overpass
PORT COQUITLAM, BRITISH COLUMBIA -- (Market wire - Feb. 6, 2008) – Empire Industries Limited ("Empire") (TSX VENTURE:EIL), one of western Canada's fastest growing steel fabrication and construction service providers announced today that its BC subsidiary had been awarded a $21 million contract to fabricate and install the Coast Meridian Overpass for SNC-Lavalin Constructors Pacific Inc. The project involves fabricating and installing a 580 meter-long cable-stayed bridge over the CP Railway yards linking north and south Port Coquitlam with two lanes in each direction, a sidewalk and two bicycle lanes.
Empire has more than tripled its capacity in the past 18 months and has been
actively pursuing additional work to utilize this capacity. This contract
increases Empire's current backlog to $101 million from the last reported
backlog of $73 million at November 30, 2007.
"Empire has greatly increased its capabilities and capacity in
infrastructure fabrication and installation when it acquired George Third &
Son in 2006, KWH Constructors and Dynamic Structures Ltd. in 2007, so we were
particularly pleased to be awarded this important regional infrastructure
project. We are also very pleased to be working with SNC-Lavalin again, who
were awarded the design and construction contract for this project last month
by the City of Port Coquitlam. Approximately 75 per cent of this contract will
occur in 2008 with completion scheduled for late 2009," said Guy Nelson,
CEO of Empire.
About Empire Industries Limited
Subject is a public company that was formed in July 2006 in a reverse takeover
of Empire Iron Works Ltd., a Western Canadian steel fabricator and construction
services provider that commenced operations in 1958. Empire is one of Western
Canada's fastest growing steel fabrication and construction service providers. Empire's
mission is to increase shareholder value by adding value to steel. Empire
realizes its mission by growing profits organically and through strategic
acquisitions in the burgeoning industrial, commercial and institutional
construction marketplace of Western Canada. Empire trades on the TSX Venture
Exchange under the trading symbol EIL.
This press release contains forward-looking statements, within the meaning of
applicable securities legislation, concerning Empire's business and affairs.
These statements are identifiable by their use of verbs such as
"expect", as well as by the use of future or conditional tenses.
These forward looking statements are based on current expectations, and are
naturally subject to uncertainty and changes in circumstances that may cause
actual results to differ materially. Readers are cautioned not to place undue
reliance on such forward-looking statements. Empire assumes no obligation to
revise or update these forward-looking statements to reflect the occurrence of
unanticipated future events, except as may be required under applicable
securities laws.
The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this release.
Empire Industries
Ltd. Reports The Successful Acquisition of Tornado Technologies Inc.
December 3, 2007
EMPIRE INDUSTRIES LTD. AND TORNADO
TECHNOLOGIES INC. REPORTS THE SUCCESSFUL ACQUISITON OF TORNADO BY EMPIRE
NEWS RELEASE- FOR IMMEDIATE RELEASE:
Winnipeg, Manitoba, December 3, 2007 – Empire Industries Ltd.
("Empire") (EIL: TSX.V), one of western Canada's fastest growing
steel fabrication and construction service providers, and Tornado Technologies
Inc. ("Tornado") (TDO: TSX.V), jointly announced today the successful
completion of the previously announced amalgamation pursuant to which Empire
has acquired all of the issued and outstanding common shares of Tornado on the
basis of 2.09 common shares of Empire for each outstanding common share of
Tornado (the "Transaction").
In connection with completion of the Transaction, Messrs. Bill Rollins and
Robert Marshall have been appointed to Empire's board of directors effective on
completion of the Transaction. All of Tornado’s senior management remains
in place.
Letters of Transmittal were previously forwarded to shareholders of Tornado to be utilized by them in order to exchange their certificates representing common shares of Tornado for certificates representing common shares of Empire.
The common shares of Tornado have been halted from trading on the TSX Venture Exchange and will remain halted indefinitely pending the issuance of a Bulletin of the TSX Venture Exchange confirming the formal de-listing of the common shares of Tornado from such exchange.
Highlights of the Acquisition:
➢ Pro forma
revenue for the six months ending June 30, 2007 of $79 million
➢ Pro forma
EBITDA for the six months ending June 30, 2007 of $5.2 million
➢ Pro forma
total assets at June 30, 2007 of $115 million
➢ Pro forma
shareholders' equity at June 30, 2007 of $39.5 million ($0.45 per share)
➢ Combined
employees of approximately 800
➢ Share
exchange ratio of 2.09 will result in approximately 31 million Empire common
shares being issued to Tornado shareholders, bringing the total number of
Empire shares issued and outstanding to approximately 88.6 million. (June 30,
2007 pro forma)
“Empire has a strategic mandate to focus its business on three core product
areas; steel fabrication (structural, plate and pipe), steel construction and
maintenance services and industrial equipment manufacturing targeted for the
western Canadian market place. The acquisition of Tornado greatly enhances
Empire's plate steel fabrication capability as well as its industrial equipment
manufacturing capability. Empire is pleased to join these two high quality
businesses together as one public company. The Transaction increases our
Alberta steel fabrication capacity concurrent with strengthening our balance
sheet. Moreover, we have identified specific synergistic benefits that we will
begin taking advantage of." said Guy Nelson, CEO of Empire.
"Tornado is excited about joining forces with Empire. Empire's mix of
business immediately extends Tornado's operations and sales opportunities
across Western Canada. This Transaction provides the combined company with the
scale and breadth of product offering needed to take advantage of the
tremendous opportunities both companies have in Western Canada," stated
Bill Rollins, CEO of Tornado.
About Empire Industries Ltd.
Empire Industries Ltd. (“Empire”) is a public company that was formed in July
2006 in a reverse takeover of Empire Iron Works Ltd., a Western Canadian steel
fabricator and construction services provider that commenced operations in
1958. Empire is one of Western Canada’s fastest growing steel fabrication and
construction service providers. Empire’s mission is to increase shareholder
value by adding value to steel. Empire realizes its mission by growing
profits organically and through strategic acquisitions in the burgeoning
industrial, commercial and institutional construction marketplace of Western
Canada. Empire trades on the TSX Venture Exchange under the trading symbol EIL.
About Tornado Technologies Inc.
Tornado Technologies Inc. ("Tornado") has been in operation since
1985 and went public in 1997. Tornado designs, fabricates and sells a wide
range of products to the oil and gas industry. It manufactures three primary
product lines; combustion equipment (including flares, incinerators, pilots,
ignition systems, and flame & detonation arrestors), production equipment
(separators, knock-out tanks, and production tanks), metering skids,
dehydrators, treaters and line-heaters) and truck mounted equipment (hydrovac
and vacuum trucks). Tornado changed its name from Petro Field Industries Inc. effective
April 17, 2007. Tornado has three fabrication plants in Alberta (Calgary,
Stettler and Gadsby) and one in Houston, Texas. Tornado is now a wholly owned
subsidiary of Empire.
The TSX Venture Exchange does not
accept responsibility for the adequacy or accuracy of this release.
This press release contains forward-looking statements,
within the meaning of applicable securities legislation, concerning Empire’s
business and affairs. These statements are identifiable by their use of
verbs such as “expect”, as well as by the use of future or conditional
tenses. These forward looking statements are based on current
expectations, and are naturally subject to uncertainty and changes in
circumstances that may cause actual results to differ materially. Readers
are cautioned not to place undue reliance on such forward-looking
statements. Empire assumes no obligation to revise or update these
forward-looking statements to reflect the occurrence of unanticipated future
events, except as may be required under applicable securities laws.
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. 39.94 |
|
UK Pound |
1 |
Rs. 78.81 |
|
Euro |
1 |
Rs. 63.05 |
SCORE & RATING
EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
7 |
|
PAID-UP CAPITAL |
1~10 |
7 |
|
OPERATING SCALE |
1~10 |
7 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
7 |
|
--PROFITABILIRY |
1~10 |
7 |
|
--LIQUIDITY |
1~10 |
7 |
|
--LEVERAGE |
1~10 |
7 |
|
--RESERVES |
1~10 |
7 |
|
--CREDIT LINES |
1~10 |
7 |
|
--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 |
YES |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
63 |
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 |
|