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MIRA
INFORM REPORT
|
Report Date : |
01.10.2008 |
IDENTIFICATION
DETAILS
|
Name : |
GEA PROCESS ENGINEERING (INDIA) PRIVATE LIMITED |
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Formerly Known As : |
L&T-NIRO LIMITED FOOD DIVISION (DAIRY) OF LARSEN AND TOUBRO LIMITED |
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Registered Office : |
L and T House, Ballard Estate, Mumbai – 400038, Maharashtra |
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Country : |
India |
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Financials (as on) : |
31.03.2006 |
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Date of Incorporation : |
05.02.1992 |
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Com. Reg. No.: |
11-65230 |
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CIN No.: [Company
Identification No.] |
U74999MH1992PTC065230 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
BRDL00183B |
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PAN No.: [Permanent
Account No.] |
AAACL0566H |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Providing total solutions for Dairy, Food, Brewery
and Beverage, Chemicals, Petro Chemicals, Pharmaceuticals etc. |
RATING &
COMMENTS
|
MIRA’s Rating : |
Ba |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
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|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Maximum Credit Limit : |
USD 700000 |
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Status : |
Good |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Subject is a well – established and reputed company having fine track.
Trade relations are fair. Business is active. General financial position is satisfactory.
Payments are reported as usually correct and as per commitments. The company can be considered good for normal business dealings. |
LOCATIONS
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Registered Office : |
L and T House, Ballard Estate, Mumbai – 400038, Maharashtra, India |
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Tel. No.: |
91-22-22618181 |
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E-Mail : |
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Website : |
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Corporate Office : |
Block No.8, P O Dumad, Savil Road, Vadodara – 391740, Gujarat, India |
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Tel. No.: |
91-265-3061700/ 701 |
DIRECTORS
|
Name : |
Mr. Kapil Kumar |
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Designation : |
Managing Director |
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Address : |
302, Orloff Apartment, 38 Haribhakti Colony, Race Cource, Baroda –
390015, Gujarat, India |
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Date of Birth/Age : |
02.09.1944 |
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Date of Appointment : |
21.09.2005 |
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Name : |
Mr. Andersen Michael |
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Designation : |
Director |
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Address : |
Hoelmarksvej 17, DK – 2860, Soeberg, Denmark |
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Date of Birth/Age : |
09.02.1968 |
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Date of Appointment : |
26.05.2006 |
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Name : |
Mr. Raman Madhok |
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Designation : |
Whole Time Director |
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Address : |
B-1 Zuari Colony, Zuarinagar, Goa – 403726, India |
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Date of Birth/Age : |
02.02.1945 |
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Date of Appointment : |
27.02.1993 |
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Name : |
Mr. Shankar R. Mathur |
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Designation : |
Director |
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Address : |
301, Orloff Apartment, 38 Haribhakti Colony, Race Cource, Baroda –
390015, Gujarat, India |
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Date of Birth/Age : |
06.05.1946 |
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Date of Appointment : |
31.05.2002 |
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Name : |
Mr. Niels Lykke Graugaard |
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Designation : |
Director |
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Address : |
Bregnebakken, DK – 3460, Birkeroed, Denkmark |
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Date of Birth/Age : |
04.02.1947 |
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Date of Appointment : |
31.05.2002 |
KEY EXECUTIVES
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Name : |
Mr. Naveen Kumar Sood |
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Designation : |
Company Secretary |
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Address : |
22, Nandishwar Colony, New Sama Road, Baroda – 390008, Gujarat, India |
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Date of Birth/Age : |
17.06.1962 |
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Date of Appointment : |
21.06.2004 |
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Name : |
Mr. Naresh Daryani |
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Designation : |
Company Secretary |
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Address : |
B-43/169, Sant Kanwar Colony, Baroda – 390006, Gujarat, India |
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Name : |
Mr. Ninad Raje |
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Designation : |
Finance and Accountant |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
(As on 21.09.2005)
|
Names of Shareholders |
|
No. of Shares |
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Niro A/S |
|
7999992 |
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Raman Madhok |
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1 |
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Niels Lykke Graugaard |
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1 |
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Shankar R. Mathur |
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1 |
|
Andersen Michael |
|
1 |
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Brijesh C A |
|
1 |
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R. Sampath Kumar |
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1 |
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Grover Vikram |
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1 |
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Andersen E. Ole |
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1 |
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Total |
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8000000 |
(As on 31.03.2006)
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Category |
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Percentage |
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Directors or relatives of directors |
|
100.00 |
BUSINESS DETAILS
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Line of Business : |
Providing total solutions for Dairy, Food, Brewery
and Beverage, Chemicals, Petro Chemicals, Pharmaceuticals etc. |
GENERAL
INFORMATION
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Bankers : |
IDBI Tower Wtc Complex, Cuffe Parade, Mumbai – 400005, Maharashtra,
India
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
Deloitte Haskins and Sells Chartered Accountant |
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Address : |
31, Nutan Bharat Society, Alkapuri, Baroda – 390007, Gujarat, India |
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Tel No.: |
91-265-2333776 |
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Fax No.: |
91-265-2339729 |
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Holding Company
: |
NIRO A/S, Denmark |
CAPITAL STRUCTURE
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
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45000000 |
Equity Shares |
Rs.10/- each |
Rs.450.000 Millions |
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Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
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|
|
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8000000 |
Equity Shares |
Rs.10/- each |
Rs.80.000
Millions |
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FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
|
31.03.2006 |
31.03.2005 |
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|
SHAREHOLDERS FUNDS |
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1] Share Capital |
|
80.000 |
80.000 |
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2] Share Application Money |
|
0.000 |
0.000 |
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3] Reserves & Surplus |
|
56.565 |
49.755 |
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4] (Accumulated Losses) |
|
0.000 |
0.000 |
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NETWORTH |
|
136.565 |
129.755 |
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LOAN FUNDS |
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1] Secured Loans |
|
28.206 |
0.000 |
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2] Unsecured Loans |
|
350.704 |
0.000 |
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TOTAL BORROWING |
|
378.910 |
0.000 |
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DEFERRED TAX LIABILITIES |
|
0.000 |
0.000 |
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TOTAL |
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515.475 |
129.755 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
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475.322 |
4.177 |
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Capital work-in-progress |
|
3.700 |
0.000 |
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INVESTMENT |
|
0.000 |
89.000 |
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DEFERREX TAX ASSETS |
|
9.545 |
11.013 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
|
73.725 |
229.983 |
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Sundry Debtors |
|
386.596 |
77.519 |
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Cash & Bank Balances |
|
8.214 |
44.761 |
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Other Current Assets |
|
0.000 |
0.000 |
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Loans & Advances |
|
118.615 |
59.168 |
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Total
Current Assets |
|
587.150 |
411.431 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
|
481.118 |
357.236 |
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Provisions |
|
79.124 |
28.630 |
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Total
Current Liabilities |
|
560.242 |
385.866 |
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Net Current Assets |
|
26.908 |
25.565 |
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MISCELLANEOUS EXPENSES |
|
0.000 |
0.000 |
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TOTAL |
|
515.475 |
129.755 |
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PROFIT & LOSS
ACCOUNT
|
PARTICULARS |
|
31.03.2006 |
31.03.2005 |
|
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Sales Turnover |
|
871.710 |
556.610 |
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Other Income |
|
0.000 |
0.000 |
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Total Income |
|
871.710 |
556.610 |
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Profit/(Loss) Before Tax |
|
35.270 |
39.760 |
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Provision for Taxation |
|
28.460 |
13.420 |
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Profit/(Loss) After Tax |
|
6.810 |
26.340 |
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Export Value |
|
1.170 |
1.260 |
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Expenditures : |
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Financial Charge |
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14.620 |
0.260 |
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Depreciation & Amortization |
|
41.970 |
0.730 |
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Other Expenditure |
|
779.850 |
515.860 |
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Total Expenditure |
|
836.440 |
516.850 |
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KEY RATIOS
|
PARTICULARS |
|
|
31.03.2006 |
31.03.2005 |
|
PAT / Total Income |
(%) |
|
0.78 |
4.73 |
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Net Profit Margin (PBT/Sales) |
(%) |
|
4.05 |
7.14 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
|
3.32 |
9.57 |
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Return on Investment (ROI) (PBT/Networth) |
|
|
0.26 |
0.31 |
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Debt Equity Ratio (Total Liability/Networth) |
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|
6.88 |
2.97 |
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Current Ratio (Current Asset/Current Liability) |
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|
1.05 |
1.07 |
LOCAL AGENCY
FURTHER INFORMATION
Form 8:
|
Corporate identity
number of the company |
U74999MH1992PTC065230 |
|
Name of the
company |
GEA PROCESS ENGINEERING (INDIA) PRIVATE LIMITED |
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Address of the
registered office or of the principal place of business in India of the company |
L and T House, Ballard Estate, Mumbai – 400038, Maharashtra, India |
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This form is for |
Creation of charge |
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Type of charge |
Immovable Property |
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Particular of
charge holder |
Industrial Development Bank of India Limited IDBI Tower Wtc Complex, Cuffe Parade, Mumbai – 400005, Maharashtra,
India CIN No.: L65190MH2004GOI48838 Email : Sn.baheti@idbi.co.in |
|
Nature of
instrument creating charge |
Memorandum of
Entry |
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Date of instrument
Creating the charge |
09.08.2007 |
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Amount secured by
the charge |
Rs.300.000
Millions |
|
Brief of the
principal terms an conditions and extent and operation of the charge |
Rate of
interests: BPLR – 1.75%
Presently Effective 11.50% Terms of Repayment: Cash Credit
Repayment on Demand Margin: 25% on stock and
Book debts Extent and
Operation of the charge: The Mortgage of
the properties mentioned to secure the repayment of Cash Credit facilities |
|
Particulars of
the property charged |
All that piece
and parcel of land being non-agricultural land bearing 1.
R. S. No.7
14 Block No. 8 admeasuring 15447 sq. mtrs (166220 sq. ft.) 2.
R. S. No.7
14 Block No. 8 admeasuring 15447 sq. ft. (166220 sq. ft.) 3.
R. S. No.6,
Block No. 4 admeasuring 0-34-40 (34014 sq. fts.) Of mouje dumad of
registration district and sub district Vadodara. |
Website
Details:
Profile:
Subject formerly known as L&T-Niro Limited and Food Division (Dairy) of Larsen & Toubro Limited, India, are
now a part of Company Division
(P-Division), world leader in liquid and solid processing
technologies. GEA P-Division
focuses on Liquid Processing, Membrane Filtration, Concentration, Drying,
Powder Processing & Handling, and supplies customized and advanced
plant & equipment with safe and reliable process controls. GEA
P-Division is part of the Process Engineering segment of GEA Group Aktiengesellschaft, Germany.
They are pioneers in the supply of plants and
equipment to the Dairy, Food, Brewery & Beverage sectors in India. Most
of India's large automated Dairies above 400,000 litres per day and powder
plants (Evaporation, Spray Drying, Powder conveying, Packing etc) above 30
Tons per day have been supplied by on a turnkey basis; they are undisputed
leaders in the Dairy Sector.
Chemicals, Petrochemicals, Pharmaceutical, Biotechnology,
Power are few other indicative sectors - not exhaustive – they have been
catering to. They impact day-to-day life of the
populace directly or indirectly by supplying plants and systems
to a broad range of industry segments. Various products handled by
include Polymers, Dyestuffs, Acids, Detergents, Dicalcium Phosphate,
Tannins, HDPE, PVC, Resins, Polypropylene, Soap, Tile Clay, Carbides,
Agrochemicals, Pharma Products, Fertilizers, Gelatine, Glycerine,
Zeolites, Silica, Alumina etc.
Subject has
a strong Project Management Team and they have supplied several high-tech
plants to the leading manufacturers in Food & Dairy, Brewery and
Chemical sectors on a turnkey and EPC (Engineering, Procurement &
Construction) basis. They offer total solutions - from "Concept to Commissioning" with
GEA's
integrated strength in Process Technology, Basic & Detailed
Engineering, Equipment Fabrication, Automation, Project
Management, Construction & Commissioning to build turnkey
projects for a complete range of plants & systems.
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.46.94 |
|
UK Pound |
1 |
Rs.85.57 |
|
Euro |
1 |
Rs.67.79 |
SCORE & RATING
EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
6 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
7 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
6 |
|
--LEVERAGE |
1~10 |
6 |
|
--RESERVES |
1~10 |
6 |
|
--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 |
NO |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
54 |
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 |
|