MIRA
INFORM REPORT
|
Report Date : |
02.06.2008 |
IDENTIFICATION
DETAILS
|
Name : |
PERMASTEELISA [INDIA] PRIVATE LIMITED |
|
|
|
|
Registered Office : |
# 9/1, 4th and 5th Floor, Dhondusa Complex, Residency
Road, Richmond Circle, Bangalore – 560025, Karnataka |
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Country : |
India |
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|
|
|
Financials (as on) : |
31.03.2006 |
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Date of Incorporation : |
28.04.1995 |
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Com. Reg. No.: |
08-17712 |
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CIN No.: [Company
Identification No.] |
U27101KA1995PTC017712 |
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|
Legal Form : |
Private Limited Liability Company |
|
|
|
|
Line of Business : |
Design, Construction and Installation of Architectural Envelopes. |
RATING &
COMMENTS
|
MIRA’s Rating : |
B |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Unfavourable & favourable factors carry similar weight in credit
consideration. Capability to overcome financial difficulties seems
comparatively below average. |
Small |
|
Status : |
New Company |
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|
|
|
Payment Behaviour : |
Regular |
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|
|
|
Litigation : |
Clear |
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Comments : |
Subject is a new operation in India and as such a part of
multi-national operations. Trade relations are fair. Financial position is moderate.
Payments are usually correct and as per commitments. The company can be considered normal for business dealings at usual
trade terms and conditions with slight caution, initially. |
LOCATIONS
|
Registered Office : |
# 9/1, 4th and 5th Floor, Dhondusa Complex,
Residency Road, Richmond Circle, Bangalore – 560025, Karnataka, India |
|
Tel. No.: |
91-80-41121021 to 23 |
|
Fax No.: |
91-80-41121020 |
|
E-Mail : |
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|
Website : |
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|
|
|
|
Corporate Office : |
15/16, Primrose road, Bangalore – 560025, Karnataka, India |
|
Tel. No.: |
91-80-25590633 |
|
Fax No.: |
91-80-22106412 |
DIRECTORS
|
Name : |
Mr. Bir Mohan Singh |
|
Designation : |
Director |
|
Address : |
Embassy Casabella, 28/1 Kasturba Cross Road, Bangalore – 560001,
Karnataka, India |
|
Date of Birth/Age : |
18.01.1934 |
|
Date of Appointment : |
25.03.1999 |
|
|
|
|
Name : |
Mr. Gian Luigi Formelli |
|
Designation : |
Director |
|
Address : |
# 35, Hume Avenue, # 6-03, Singapore |
|
Date of Birth/Age : |
17.01.1958 |
|
Date of Appointment : |
23.08.2002 |
|
|
|
|
Name : |
Mr. Lucio Mafessanti |
|
Designation : |
Director |
|
Address : |
13-15, Governor, Maquire Frive, Moore Bank, New Douth Wales 2170,
Australia |
|
Date of Birth/Age : |
16.03.1948 |
|
Date of Appointment : |
28.04.1995 |
|
|
|
|
Name : |
Mr. Singh Satpal |
|
Designation : |
Director |
|
Address : |
B – 203, Poornima Apartments, 23 Peddar Road, Mumbai – 400026,
Maharashtra, India |
|
Date of Birth/Age : |
02.11.1957 |
|
Date of Appointment : |
21.09.2000 |
|
|
|
|
Name : |
Mr. Loh Raymond |
|
Designation : |
Director |
|
Address : |
Block 419 # 09 215, Woodlands St 41, Singapore – 730419 |
|
Date of Appointment : |
04.04.2003 |
|
Date of Ceasing : |
27.08.2004 |
|
|
|
|
Name : |
Mr. Franco Guiseppe |
|
Designation : |
Director |
|
Address : |
38/F, MLC Towers, 248, Queens Road, East Wanchai NA |
|
Date of Birth/Age : |
03.12.1965 |
|
Date of Appointment : |
27.08.2004 |
|
|
|
|
Name : |
Mr. Selvan Ramanathan |
|
Designation : |
Director |
|
Address : |
# 22, Clive Street, Cuddalore – 607003, Tamilnadu, India |
|
Date of Birth/Age : |
27.08.1971 |
|
Date of Appointment : |
06.11.2006 |
KEY EXECUTIVES
|
Name : |
Mr. S Viswanathan |
|
Designation : |
Company Secretary |
|
Address : |
No. 9, Sai Bhavan, I-B, Main, 7th Cross, B M P Mico Layout,
BTM II, Stage, Bangalore – 560076, Karnataka, India |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
(As on 31.03.2006)
|
Names of Shareholders |
|
No. of Shares |
|
|
|
|
|
Permasteelisa Pacific Holdings Limited |
|
75999 |
|
ECIE Impact Private Limited |
|
23950 |
|
Rangan Venkat |
|
25 |
|
Singh Bir |
|
25 |
|
|
|
|
|
Total |
|
99999 |
(As on 31.03.2006)
|
Category |
|
Percentage |
|
|
|
|
|
Foreign holdings [Foreign institutional investors, Foreign Companies, Foreign Financial Institutions, Non-resident Indian or Overseas corporate bodies or others] |
|
76.00 |
|
Bodies corporate |
|
23.95 |
|
Directors or relatives of directors |
|
0.03 |
|
Other top fifty shareholders |
|
0.02 |
|
|
|
|
|
Total
|
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Design, Construction and Installation of Architectural Envelopes. |
GENERAL
INFORMATION
|
Bankers : |
Not Available |
|
|
|
|
Banking
Relations : |
- |
|
|
|
|
Auditors : |
|
|
Name : |
K P Rao and Company Chartered Accountants |
|
Address : |
Poornima, 25, State Bank Road, Bangalore – 560001, Karnataka, India |
CAPITAL STRUCTURE
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
200000 |
Equity Shares |
Rs. 100/- each |
Rs. 20.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
99999 |
Equity Shares |
Rs. 100/- each |
Rs. 10.000
Millions |
|
|
|
|
|
FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
|
31.03.2006 |
31.03.2005 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
|
10.000 |
10.000 |
|
|
2] Share Application Money |
|
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
|
0.000 |
0.000 |
|
|
4] (Accumulated Losses) |
|
[22.983] |
[28.937] |
|
|
NETWORTH |
|
[12.983] |
[18.937] |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
|
0.000 |
43.000 |
|
|
2] Unsecured Loans |
|
16.080 |
11.849 |
|
|
TOTAL BORROWING |
|
16.080 |
54.849 |
|
|
DEFERRED TAX LIABILITIES |
|
|
|
|
|
|
|
|
|
|
|
TOTAL |
|
3.097 |
35.912 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
|
37.014 |
22.560 |
|
|
Capital work-in-progress |
|
0.000 |
0.000 |
|
|
|
|
|
|
|
|
INVESTMENT |
|
0.008 |
0.008 |
|
|
DEFERREX TAX ASSETS |
|
19.630 |
15.738 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
|
153.334 |
29.806 |
|
|
Sundry Debtors |
|
105.555 |
84.268 |
|
|
Cash & Bank Balances |
|
0.116 |
0.757 |
|
|
Other Current Assets |
|
0.000 |
0.000 |
|
|
Loans & Advances |
|
34.783 |
15.147 |
|
Total
Current Assets |
|
293.788 |
129.978 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Current Liabilities |
|
331.820 |
131.792 |
|
|
Provisions |
|
15.523 |
0.580 |
|
Total
Current Liabilities |
|
347.343 |
132.372 |
|
|
Net Current Assets |
|
[53.555] |
[2.394] |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
|
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
|
3.097 |
35.912 |
|
PROFIT & LOSS
ACCOUNT
|
PARTICULARS |
|
31.03.2006 |
31.03.2005 |
|
Sales Turnover (Including Other Income) |
|
399.762 |
244.981 |
|
Total Income |
|
399.762 |
244.981 |
|
|
|
|
|
|
Profit/(Loss) Before Tax |
|
3.162 |
[35.394] |
|
Provision for Taxation |
|
[2.792] |
[10.916] |
|
Profit/(Loss) After Tax |
|
5.954 |
[24.478] |
|
|
|
|
|
|
Import Value |
|
92.401 |
62.433 |
|
|
|
|
|
|
Expenditures : |
|
|
|
|
Total Expenditure |
|
396.600 |
280.375 |
KEY RATIOS
|
PARTICULARS |
|
|
31.03.2006 |
31.03.2005 |
|
PAT / Total Income |
(%) |
|
1.49 |
[9.99] |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
|
0.79 |
[14.45] |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
|
0.96 |
[23.20] |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
|
[0.24] |
[1.87] |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
|
[27.99] |
[9.89] |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
|
0.85 |
0.98 |
LOCAL AGENCY
FURTHER INFORMATION
As Per Website
Profile:
The Group operates in four continents through more than 60 companies located in 27 countries and 20 directly and indirectly owned plants.
The Group has four operative sub-holdings, located in Europe, in America and in
Asia: three held by Permasteelisa Spa and one by Gartner. The Asia Pacific
Holding Company, owned 80% by Permasteelisa International B.V., was listed on
the Singapore Stock Exchange in October 1997. The parent company Permasteelisa
S.p.A. was listed on the Italian Stock Exchange (Piazza Affari Milan) on 23
July 1999. In December 2000 it acquired the German company Josef Gartner and Co
KG, a leader in the aluminium and steel architectural envelopes.
The Group is controlled by Holding Bau (a company owned by the management of Permasteelisa) and Invest industrial, that have acquired approximately a 15% stake of Permasteelisa from Holding Bau. This shareholders agreement represents the relative majority of Permasteelisa share capital, equal to 30%, while the remaining is public.
Progressive worldwide expansion has always been one of Permasteelisa's primary goals. A global presence enables the Group to take full advantage of business opportunities and compensate for the cyclical trends in individual markets, allowing it to maximize efficiency in the management of resources and investment in new technology. Permasteelisa principal centers are in Italy in Vittorio Veneto (in the province of Treviso), in Germany (Gundelfingen), in the Netherlands (Middelburg), in the USA (Windsor CT), in Singapore, in China, Hong Kong (Donguan) and in Thailand (Bangkok). These head offices include research laboratories and product test centers. All operations related to the management and execution of contracts take place here, from assisting the architect in the preliminary architectural design phase through to the production and the testing, from the assembly of components in the factories through to onsite installation.
The Group's organizational structure consists in a network of companies all over the world. Thus it can offer local clients a flexible allocation of resources and an efficient management of contracts, with all the advantages of a global operation which has developed high experience and know-how internationally.
History
1985 - Permasteelisa starts its expansion by taking over and integrating into the Group over more and more companies specializing in the engineering and production of curtain walls and internal partitions, with the consequence that orders started to be no longer limited to the Italian market, but were extended to the whole of Europe.
1986 - The first important step towards international markets took place with the acquisition of a minority interest in the Australian company, Permasteel Industries Pty Ltd., which produced steel doors and windows. The name Permasteelisa results from the combination of the name Permasteel and ISA.
1988 - Incorporation of Permasteelisa Spa, ultimate Parent company of the Permasteelisa Group. The company implemented worldwide growth strategies during the Nineties, achieving a significant presence in Europe and Asia, thanks to the creation of several companies with local partners.
1990/1992 - The Group undertook a corporate reorganization and continued the process of international expansion. Permasteelisa UK Ltd. and Permasteelisa Benelux S.A. were established to create a stable presence in the important English market and later on the acquisition of significant contracts in Belgium. The Singapore company Permasteelisa Pacific Pte. Ltd. was also established in order to develop a significant presence in the Asian market.
In Italy, Steelbenetton and Alcom were taken over and integrated into the Group.
1993/1995 - The Company's growth in Europe and Asia continued with the creation of numerous subsidiaries in different countries, such as Thailand, Taiwan, China, France and Spain.
1995/1997 - Scheldebouw (Holland), Belgometal (Belgium) and Permasteelisa Hong Kong was established. Permasteelisa Pacific Holdings was listed on the Singapore Stock Exchange.
1998/2000 - Permasteelisa Cladding Technologies Inc.
was established in order to create a stable presence in the important U.S.
market, where it operates with two divisions, for internal furnishings and
external facades respectively.
The parent company Permasteelisa S.p.A. was listed on the Italian Stock Exchange (Piazza Affari Milan).
2001/2002 - The Group acquired Gartner, the German
leader in the market of aluminium and steel architectural envelopes.
Allied Bronze Inc. was acquired in order to complete the
range of products and services in the US market.
Permasteelisa Espańa and Permasteelisa Japan were established.
2003 - In March 2003, Permasteelisa S.p.A. has purchased the entire share capital of Glassalum Holding Corporation, a Miami based US company, specialized in claddings for monumental buildings, allowing the Group to become leader in the engineering, manufacturing and installation of architectural envelopes also in the US market.
PRESS
RELEASE:
Publication exemption for financial report related
to the second quarter results:
01/04/2007 – 30/06/2007
Vittorio Veneto, July 23, 2007 -
Permasteelisa S.p.A., as in previous years, will follow the exemption provided
for by the Art. 82, paragraph 2/a of Consob Resolution n° 11971 of May 14 1999,
Implementation Rules of Legislative Decree n° 58 of February 24 1998, which
exempts the company from publishing the second quarter financial
report
related to the period 01/04/2007 – 30/06/2007.
Permasteelisa
S.p.A. also informs that the half-year Report, related to the period 01/01/2007
- 30/06/2007, will be available at the registered office and at Borsa Italiana
S.p.A, within 75 days from end of the semester.
For further information, please contact:
Elisabetta Floccari Giorgio
Zambeletti, Sara Balzarotti
Permasteelisa S.p.A. Ad
Hoc CommunicatioAdvisors
Tel. +39 0438 505115 Tel.
+39 02 7606741
Fax +39 0438 694506 Mob.
+39 335 1415584
e.floccari@permasteelisa.it
sara.balzarotti@adhoccommunication.com
The Permasteelisa Group is one of the world’s
leading operators in the design, construction and installation of architectural
envelopes. The Group provides solutions with a high technological content and
works closely with the leading names in contemporary architecture.
Active on four continents, with a network of more
than 60 companies in 27 nations. Decentralised production and project
management enables Permasteelisa to be effective locally, while maintaining
high quality standards in all markets.
Via four research centres and collaboration with
the most prestigious international universities, Permasteelisa promotes the
development and application of innovative eco-compatible technologies which
ensure significant levels of energy saving and improve the living conditions
experienced in internal environments.
The many hundreds of major architectural works
completed by Permasteelisa, or under construction around the world, include the
Sydney Opera House, various European Parliament buildings in Brussels and
Strasbourg, the Canary Wharf development in London, the headquarters of France
Télévision in Paris, the headquarters of ABN AMRO in Amsterdam, the Guggenheim
in Bilbao, the principal buildings in the financial heart of Frankfurt, the
headquarters of Deutsche Post in Bonn, the airports serving Munich, Brussels
and Venice, the Suntec City complex, Vob Towers and the headquarters of the
Stock Exchange in Singapore, the airports serving Hong Kong (interior
fittings), Bangkok and Singapore, the Cheung Kong Center, the Bank of China and
the International Financial Center in Hong Kong, the Taipei Financial Center in
Taiwan, Jin Mao in Shanghai, the headquarters of Telekom Malesia in Kuala
Lumpur, the Walt Disney Concert Hall in Los Angeles, the Museum of Modern Art
in
New York and the headquarters of many leading
financial institutions.
Board of directors approves 2006 results, up sharply on 2005 thanks
partly to major restructuring.
Dividend of EUR 0.30 per share proposed Board approves ambitious
business plan for 2007-2010 that will cover both the core business of external
cladding for large buildings and the promising interiors sector.
CONSOLIDATED HIGHLIGHTS
|
|
2006 (€/000) |
2005 (€/000) |
Change |
|
Sales |
1.095.688 |
986.840 |
+ 108.848 |
|
EBITDA |
32.376 |
-296 |
+ 32.672 |
|
% |
2,95 % |
-0,03 % |
|
|
EBIT |
20.472 |
-12.487 |
+ 32.959 |
|
% |
1,87 % |
-1,27 % |
|
|
Results before taxation |
7.024 |
-22.167 |
+ 29.191 |
|
Net results |
330 |
-26.263 |
+ 26.593 |
|
|
December 2006 (€/000) |
December 2005 (dati in €/000) |
Change |
|
Net Financial Position |
-34.316 |
-57.498 |
+23.182 |
|
Shareholders’ equity |
175.029 |
186.091 |
-11.062 |
|
Debt/Equity |
0,20 |
0,31 |
|
COMPANY HIGHLIGHTS
|
|
2006 (€/000) |
2005 (€/000) |
Change |
|
Sales |
106.625 |
80.450 |
+26.175 |
|
Net results |
4.343 |
2.182 |
+2.161 |
Milan, 27 March
2007 – Today, Permasteelisa SpA’s board of directors approved the draft results
of Permasteelisa SpA and the consolidated results for 2006.
Group revenues reached
an all-time high, after recording an increase of approximately 11% versus 2005.
The growth was significant not only by its quantity, but also in terms of
quality, given the markets in which it was achieved: for the exterior walls
business, the rise was recorded mainly in the traditionally strong regions of
northern Europe (UK and Ireland + 32.5%) and North America (New York +31.9%).
This made up for the loss of business in the west coast region of the US, where
the company has decided to suspend operations, at least temporarily. The
interiors business made a significant contribution: sales in this business shot
up by more than 40%, thanks to interior walls and shopfitting.
2006 was a record
year for new orders too: the company acquired orders worth EUR 1,064
million, up 16.7% on the previous year. As with revenues, orders are
increasingly concentrated in those markets and products that have made the
group’s name over the years. North America is still a core market, with growth
of around 34%, while Europe saw an increase of more than 9%, thanks mainly to
the long-awaited recovery in the German market (34%). In Asia, Hong Kong did
particularly well, more than doubling its orders in the space of a year. Note
that this performance came in the wake of the decision to dramatically reduce
activity in steel and glass façades, where new orders fell from EUR 59 million
to EUR 37 million.
Orders in the
interiors business shot up by over 23%, thanks mainly to shopfitting. The
excellent orders trend continued into the first quarter of 2007, and the
outlook remains excellent for the next few months, thanks to good prospects for
the group’s main markets.
EBIT came in at more
than EUR 20 million, or 1.87% of sales, thanks to an improvement in both the production
mix and in general operating efficiency. This is an important result: although
the margin is not yet in line with past results and expected profitability, it
nonetheless shows a definite turnaround compared with 2005, and confirms the
company’s expectations of a rapid recovery. In this respect, note that the EBIT
margin for the last quarter was higher than the average annual figure,
confirming the positive outlook for 2007.
Pre-tax profit included one-off
costs totaling over EUR 3 million; nevertheless the figure was positive to the
tune of more than EUR 7 million, versus a loss of around EUR 22 million in
2005. Financial charges stood at 0.9% of sales, the same percentage as in 2005.
Net profit stood at
break-even level, as a result of high tax charges due to negative results from
subsidiaries operating in low-tax countries, and to the failure to record
deferred tax assets in regions where such assets
are not yet
recoverable in view of current conditions.
The group’s net
debt stood at EUR 34.3 an improvement on the EUR 57.4 million recorded at
31 December 2005. It should be noted that, given revenue volumes and payment
methods within Permasteelisa, the group’s financial position can be
significantly affected by individual receipts and payments.
Business plan
Permasteelisa’s
management, with the help of an international consultancy firm, has drawn up a
business plan for 2007-2010, which today was approved by the board of
directors.
Under the plan,
the group will focus on developing its core business of external façades and
cladding, as well as its interiors business.
In the external
cladding business, the group plans to consolidate its leadership further.
Here, revenues are expected to grow steadily thanks partly to a positive market
environment. At the same time, the company will begin improving efficiency in
its order selection and management processes, with the aim of maintaining the
profitability of its orders.
The interiors business
is also expected to grow: the group plans to focus on the shops segment, which
is considered to have the best future growth rates.
Organic revenue
growth may also be accompanied by external growth; the group will examine any
acquisition opportunities that may arise.
As a result of the
above strategies, the group aims to generate revenues of around EUR 1.8
billion by 2010, of which EUR 450 million will come from the interiors business.
The EBIT margin is forecast at around 8%.
Permasteelisa
SpA
The
non-consolidated results show revenues of EUR 106.6 million, with net profit of
EUR 4.3 million.
In
light of this performance, the board of directors has voted to propose the
distribution of a gross dividend of EUR 0.30 per share (the same as in 2005),
payable from 5 July 2007 (coupon number 8, ex-date 2 July 2007). The proposal
will be submitted to the shareholders' meeting, scheduled for 30 April 2007,
with a second session on 8 May 2007 if necessary.
The
board also voted to schedule an extraordinary session of the shareholders’
meeting for 30 April 2007, with a second session on 2 May 2007 and a third
session on 8 May 2007 if necessary. This meeting will vote on amendments to the
group’s articles of association, in particular on the proposal to increase the
number of board members, and on the chairman’s casting vote.
Presentation
to the financial community
The
group’s 2006 results and its three-year business plan will be presented at 2 pm
today, 27 March 2007, by the Chairman Davide Croff and the Chief Executives, in
the Auditorium of Banca IMI, Corso Matteotti 6, Milan.
The Permasteelisa Group is one of the world’s
leading operators in the engineering, manufacturing and installation of
architectural envelopes. The Group provides solutions with a high technological
content and works closely with the leading names in contemporary architecture.
Active on four continents, with a network of more
than 60 companies in 27 nations. Decentralised production and project
management enables Permasteelisa to be effective locally, while maintaining
high quality standards in all markets.
Via four research centres and collaboration with
the most prestigious international universities, Permasteelisa promotes the
development and application of innovative eco-compatible technologies which ensure
significant levels of energy saving and improve the living conditions
experienced in internal environments.
The many hundreds of major architectural works
completed by Permasteelisa, or under construction around the world, include the
Sydney Opera House, various European Parliament buildings in Brussels and
Strasbourg, the Canary Wharf development in London, the headquarters of France
Télévision in Paris, the headquarters of ABN AMRO in Amsterdam, the Guggenheim
in Bilbao, the principal buildings in the financial heart of Frankfurt, the
headquarters of Deutsche Post in Bonn, the airports serving Munich, Brussels
and Venice, the Suntec City complex, Vob Towers and the headquarters of the
Stock Exchange in Singapore, the airports serving Hong Kong (interior
fittings), Bangkok and Singapore, the Cheung Kong Center, the Bank of China and
the International Financial Center in Hong Kong, the Taipei Financial Center in
Taiwan, Jin Mao in Shanghai, the headquarters of Telekom Malesia in Kuala
Lumpur, the Walt Disney Concert Hall in Los Angeles, the Museum of Modern Art
in New York and the headquarters of many leading financial institutions.
Profit
And Loss Account
For the year ended 31 December 2006
|
|
2006 |
2005 |
|
In thousand of
euro |
|
|
|
|
|
|
|
Revenues |
99.140 |
76.378 |
|
Other income |
7.486 |
4.072 |
|
Total operating revenues |
106.626 |
80.450 |
|
|
|
|
|
Raw material costs |
[58.350] |
[46.753] |
|
Costs for services and use of third-party assets |
[23.107] |
[16.218] |
|
Payroll costs |
[20.781] |
[16.231] |
|
Depreciation and amortization |
[2.903] |
[3.042] |
|
Receivables write-downs |
0 |
[122] |
|
Provisions for risks and charges |
0 |
0 |
|
Other operating costs |
[260] |
[541] |
|
Costs for capitalised in-house work |
36 |
106 |
|
Total operating costs |
[105.366] |
[82.801] |
|
|
|
|
|
Operating result before non recurring costs |
1.260 |
[2.351] |
|
|
|
|
|
Non recurring costs |
[3.275] |
0 |
|
|
|
|
|
Operating result |
[2.015] |
[2.351] |
|
|
|
|
|
Financial income |
16.525 |
11.051 |
|
Financial expenses |
[10.268] |
[6.787] |
|
Net financing income (expenses) |
6.257 |
4.264 |
|
|
|
|
|
Revaluation of equity investments |
0 |
0 |
|
Write-downs of equity investments |
0 |
[172] |
|
Profit/(loss) before tax |
4.242 |
1.741 |
|
|
|
|
|
Income tax expense |
101 |
441 |
|
Profit/(loss) after tax |
4.343 |
2.182 |
Balance
sheet
As at 31 December 2006
In thousand of euro
|
|
31 December 2006 |
31 December 2005 |
|
|
|
|
|
Assets |
|
|
|
Intangible fixed assets |
1.400 |
788 |
|
Tangible fixed assets |
33.075 |
34.883 |
|
Equity investments in subsidiaries |
100.140 |
59.638 |
|
Financial receivables from subsidiaries |
2.000 |
3.000 |
|
Other non-current assets |
83 |
0 |
|
Deferred tax assets |
2.486 |
4.179 |
|
Total non-current assets |
139.184 |
102.488 |
|
|
|
|
|
Contract works in progress and inventories |
26.584 |
17.120 |
|
Trade receivables |
10.830 |
6.339 |
|
Amounts receivable from consolidated subsidiaries |
25.175 |
17.772 |
|
Financial receivables from subsidiaries |
49.680 |
69.500 |
|
Tax receivables |
4.111 |
7.892 |
|
Other current assets |
1.292 |
485 |
|
Cash and cash equivalents |
3.423 |
210 |
|
Total current assets |
121.093 |
119.318 |
|
Total assets |
260.277 |
221.806 |
|
|
|
|
|
Equity |
|
|
|
Share capital |
6.900 |
6.900 |
|
Legal reserve |
1.653 |
1.653 |
|
Share premium |
26.790 |
26.790 |
|
Revaluation reserve |
3.523 |
3.523 |
|
Extraordinary reserve |
33.378 |
39.601 |
|
Foreign Exchange Risk Hedging Reserve |
[270] |
175 |
|
Other reserves |
5.101 |
1.298 |
|
Retained earnings |
4.367 |
1.997 |
|
Total equity |
81.441 |
81.937 |
|
|
|
|
|
Liabilities |
|
|
|
Amounts payables to banks and other financial creditors |
52.607 |
0 |
|
Severance indemnity fund |
2.579 |
2.348 |
|
Deferred tax liabilities |
277 |
303 |
|
Provisions for risks and charges |
207 |
256 |
|
Total non-current liabilities |
55.670 |
2.907 |
|
|
|
|
|
Amounts payables to banks and other financial creditors |
43.157 |
80.346 |
|
Excess of progress billings over work-in-progress |
2.194 |
3.855 |
|
Trade payables to third parties |
31.202 |
21.651 |
|
Amounts payable to subsidiaries |
2.090 |
4.253 |
|
Financial payables to subsidiaries |
38.687 |
22.619 |
|
Tax payables |
932 |
791 |
|
Other current liabilities |
4.903 |
3.447 |
|
Total current liabilities |
123.165 |
136.962 |
|
Total net equity and liabilities |
260.277 |
221.806 |
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.42.59 |
|
UK Pound |
1 |
Rs.84.16 |
|
Euro |
1 |
Rs.56.99 |
SCORE & RATING
EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
3 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
3 |
|
--PROFITABILIRY |
1~10 |
- |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
- |
|
--CREDIT LINES |
1~10 |
6 |
|
--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 |
|
33 |
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 |
|