MIRA
INFORM REPORT
|
Report Date : |
10.10.2008 |
IDENTIFICATION
DETAILS
|
Name : |
MARATHON ELECTRIC INDIA PRIVATE LIMITED (w.e.f. April 22, 2008) |
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Formerly Name: |
G. E. MOTORS INDIA PRIVATE LIMITED |
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Registered Office : |
Sector 11, Model Town, Faridabad - 121006 Haryana |
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Country : |
India |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
13.10.1994 |
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Com. Reg. No.: |
05-032429 |
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CIN No.: [Company
Identification No.] |
U31909HR1994FTC032429 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
RTKG04154D |
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PAN No.: [Permanent
Account No.] |
AAACG5525H |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Manufacture of Electric Motors,
Electric Stampings and Cooler Pumps |
RATING &
COMMENTS
|
MIRA’s Rating : |
Aa |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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71-85 |
Aa |
Possesses adequate working capital. No caution needed for credit
transaction. It has above average (strong) capability for payment of interest
and principal sums |
Large |
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Maximum Credit Limit : |
USD 11000000 |
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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 company having fine track. Available information indicates high financial responsibility of the company. Payments are correct and as per commitments.
The company can be considered good for any normal business dealings. It can be regarded as a promising business partner in a medium to long-run. |
LOCATIONS
|
Registered Office/ Factory : |
Sector - 11, Model Town,
Faridabad - 121 006, Haryana, India |
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Tel. No.: |
91-129-2286421/2281445/25286421/25265340 |
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Fax No.: |
91-129-2286423/2265833/25284855/22284855 |
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E-Mail : |
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Website : |
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Area : |
Large |
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Location : |
Leased- Industrial |
DIRECTORS
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Name : |
Mr. Shatadru Sen |
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Designation : |
Whole time Director |
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Address : |
C-504, First Floor, Chittaranjan Park New Delhi – 110019, India |
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Date of Birth/Age : |
11.12.1965 |
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Date of Appointment : |
29.03.2000 |
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Name : |
Mr. Willia Robert Causev |
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Designation : |
Director |
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Address : |
5515, Buckfield Court Fort Way Ne United States of Ame Rica |
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Date of Birth/Age : |
20.12.1945 |
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Date of Appointment : |
05.04.2000 |
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Name : |
Mr. Shantanu Ghosh |
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Designation : |
Director |
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Address : |
2nd Floor, L-1/8, Hauzkhas Enclave, New Delhi – 110016,
India |
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Date of Birth/Age : |
13.09.1967 |
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Date of Appointment : |
29.01.2004 |
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Name : |
Mr. Maharaj Kishen Trisal |
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Designation : |
Director |
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Address : |
V-9/3, DLF City, Phase III, Gurgaon – 122 001, Haryana, India |
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Date of Birth/Age : |
26.11.1953 |
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Date of Appointment : |
29.09.2006 |
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Name : |
Mr. Sheel Kapoor |
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Designation : |
Additional Director |
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Address : |
Flat No. 86, Plot No. 102, Jai Apartments, Patparganj, New Delhi – 110 092, India |
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Date of Birth/Age : |
02.08.1969 |
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Date of Appointment : |
29.09.2006 |
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Name : |
Mr. Vishwanath Prasad |
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Designation : |
Directors |
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Address : |
House No. 977, Sector – 9, Faridabad – 121006, Haryana, India |
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Date of Birth/Age : |
24.12.1947 |
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Date of Appointment : |
30.09.2006 |
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Name : |
Mr. Gajender S Bains |
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Designation : |
Director |
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Address : |
842, Sector 14, Faridabad, India |
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Date of Appointment : |
01.01.2005 |
KEY EXECUTIVES
|
Name : |
Mr. Gagan Palta |
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Designation : |
Secretary |
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Address : |
Flat-626, Sector-13, Pocket-A, Phase-II, Dharka, New Delhi – 110075,
India |
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Date of Birth/Age : |
28.06.1975 |
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Date of Appointment : |
24.11.2003 |
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Name : |
Mr. Rajesh Kumar |
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Designation : |
Company Secretary |
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Date of Birth/Age : |
15.06.1976 |
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Date of Appointment : |
20.03.2006 |
MAJOR SHAREHOLDERS
(As on 31.03.2007)
|
Names of Shareholders |
No. of Shares |
|
Regal Beloit Electric Motors Inc, USA |
3119994 |
|
Regal Beloit Corporation, USA |
1 |
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Total: |
3119995 |
Equity shares Breakup (percentage of total equity)
(As on 30.09.2007)
|
Category |
Percentage |
|
Foreign holdings (Foreign institutional
investor(s), Foreign companie(s) Foreign financial institution(s),
Non-resident Indian(s) or Overseas corporate bodies or Others |
100.00 |
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Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacture of Electric Motors,
Electric Stampings and Cooler Pumps. |
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Products : |
·
AC Motors ·
Air Compressor ·
Air Moving ·
Appliance ·
Automotive Duty ·
Brake ·
Explosion Proof ·
Farm duty ·
General purpose ·
Heat Exchanger ·
Instant Reverse ·
Inverter Duty ·
New! Value Line Vertical
Hollow Shaft Motor ·
Large AC ·
Pump ·
DC Motors ·
Custom permanent Magnet
Motors ·
DIR Motor ·
Explosion Proof ·
Large DC ·
Permanent Magnet Stock
Motors ·
Separately Excited Motors ·
Series Wound Motors ·
Washdown permanent Magnet
Motors ·
Washdown Duty ·
ECM Motors ·
GE ECM TM 142 Series ·
GE ECM TM 2.3 Series ·
GE ECM TM 58mm Commercial
Refrigeration Motors ·
GE ECM TM 64mm
Refrigeration Motors ·
GE ECM TM Draft Inducers
Motors (44 frame) ·
GE ECM TM ·
Industrial AC ·
Medium AC ·
Tachometer Generator |
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Brand Names : |
"AUE'’ |
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Exports : |
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Countries : |
·
U.S.A. ·
Egypt ·
Saudi Arabia ·
Australia |
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Product: |
Raw materials and accessories |
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Countries : |
·
U. S.A ·
China |
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Terms : |
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Selling : |
Cash, Contract, L/C, Credit (30 days) |
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Purchasing : |
L/C, Credit (30/60 days) or
others |
PRODUCTION STATUS
|
Particulars |
Unit |
Installed Capacity |
|
Electric Motors |
Nos |
5700000 |
|
Electric Fan |
Nos |
500000 |
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Room coolers/blower/housing
units |
Nos |
50000 |
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Domestic Pumps |
Nos |
100000 |
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Electric Stampings |
MT |
15000 |
GENERAL
INFORMATION
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Suppliers : |
G.E. Electric Company, USA |
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Customers : |
· Wholesalers, Manufactures and Government Bodies · Voltas Limited, India · Carrier Aircon Limited, India |
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No. of Employees : |
700 |
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Bankers : |
·
The Hong Kong and Shanghai
Banking Corporation Limited New
Delhi - 110 001, India ·
Deutsche Bank 15-17, Tolstroy House, Tolstroy Marg, New Delhi – 110 001, India |
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Facilities : |
-- |
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Banking
Relations : |
Good |
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Auditors : |
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Name : |
Deloitte Haskins and Sells Chartered Accountant |
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Address : |
3rd Floor, MCT house, One Okhila Centre Block-A, Okhla
Institutional Area, New Delhi - 110025 Delhi, India |
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Holding Company: |
General Electric Company, USA |
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Group Company: |
REGAL-BELOIT It is a leading international manufacturer
of electrical and mechanical motion control products, serving an expansive
array of markets from heavy industry to high technology. Regal-Bloit’s
manufacturing and service facilities are located in United States, Canada,
Mexico, Europe and Asia. |
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Associates/Subsidiaries : |
·
G. E. Power Controls India (G. E. Power India was
established in 1998 with the transfer of GEC- Alsthom's low voltage component
business and AEG-NGEF's low voltage business in India to provide total solutions
in electrical distribution and control. GE Power Controls manufactures,
markets and sells a wide range of products that control and distribute
electricity in homes, commercial building, factories and utilities. These
include air and moulded case circuit breakers, fuses, contractors, switches,
etc. GE Power Controls also offers equipment like switchboards and motor
control centres. Its services division undertakes turnkey electrification and
erection and commissioning projects. A technical development centre a has
been set up to design and develop Switchgear/Controlgear for world markets.)
90/B,
Electronic City, Hosur Road, Bangalore - 561 229, Karnataka Tel.
No. 91-80-8528337-41 Fax.
No. 91-80-8528329 E-mail.
hemant.joshi@geind.ge.com (GE Fanuc Systems ( a joint
venture of GE and Fanuc/Japan) designs, manufactures, assembles, distributes,
sells and supports a wide range of industrial automation control equipment and
software for both process automation and factory automation. These products,
including the comprehensive range of programmable logic controllers and
CIMPLICITY HMI (Human Machine Interface) Software products, incorporate
state-of- the-art components and technology including the Intel range of
microprocessors, Windows 95 and NT-based software systems. GE Fanuc has
historically been the first controls manufacture to feature the latest
technologies in its products.)
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Ultimate Holding Company : |
Regal Beloit Corporation |
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Intermediate Holding Company : |
·
Regal Beloit Electric Motors Inc. ·
Regal Beloit Casa |
CAPITAL STRUCTURE
(As on 30.09.2007)
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
3119995 |
Equity Shares |
Rs.10/- each |
Rs.31.200 millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
3119995 |
Equity Shares |
Rs.10/- each |
Rs.31.200 millions |
FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS
|
31.03.2007 |
31.03.2006 |
31.03.2005 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
31.200 |
31.200 |
31.200 |
|
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
2166.266 |
2212.463 |
1795.493 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
NETWORTH
|
2197.466 |
2243.663 |
1826.693 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
8.372 |
6.126 |
75.466 |
|
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2] Unsecured Loans |
0.000 |
0.000 |
0.000 |
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TOTAL BORROWING
|
8.372 |
6.126 |
75.466 |
|
|
DEFERRED TAX
LIABILITIES |
0.000 |
0.000 |
28.499 |
|
|
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TOTAL
|
2205.838 |
2249.789 |
1930.658 |
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APPLICATION OF FUNDS
|
|
|
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FIXED ASSETS [Net Block]
|
681.435 |
614.149 |
694.148 |
|
Capital work-in-progress
|
23.288 |
37.841 |
15.292 |
|
|
|
|
|
|
|
INVESTMENT
|
0.000 |
0.000 |
0.000 |
|
DEFERREX TAX ASSETS
|
15.448 |
6.574 |
0.000 |
|
|
|
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CURRENT ASSETS, LOANS &
ADVANCES
|
|
|
|
|
|
|
Inventories
|
345.088
|
276.763
|
257.733
|
|
|
Sundry Debtors
|
706.844
|
707.721
|
738.437
|
|
|
Cash & Bank Balances
|
194.686
|
510.676
|
177.842
|
|
|
Other Current Assets
|
0.000
|
0.000
|
0.000
|
|
|
Loans & Advances
|
602.319
|
453.244
|
378.985
|
Total Current Assets
|
1848.937
|
1948.404
|
1552.997
|
|
Less :
CURRENT LIABILITIES & PROVISIONS
|
|
|
|
|
|
|
Current Liabilities
|
301.856
|
289.262
|
273.154
|
|
|
Provisions
|
61.414
|
67.917
|
58.625
|
Total Current Liabilities
|
363.270
|
357.179
|
331.779
|
|
Net Current Assets
|
1485.667
|
1591.225
|
1221.218
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES
|
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
TOTAL
|
2205.838 |
2249.789 |
1930.658 |
|
PROFIT & LOSS ACCOUNT
|
PARTICULARS |
31.03.2007 |
31.03.2006 |
31.03.2005 |
|
|
Sales Turnover |
4275.952 |
3800.801 |
3850.672 |
|
|
Other Income |
303.832 |
336.479 |
356.327 |
|
|
Total Income |
4579.784 |
4137.280 |
4206.999 |
|
|
|
|
|
|
|
|
Profit/(Loss) Before Tax |
292.703 |
526.601 |
578.138 |
|
|
Provision for Taxation |
47.566 |
109.632 |
93.868 |
|
|
Profit/(Loss) After Tax |
245.137 |
416.969 |
484.270 |
|
|
|
|
|
|
|
|
FOB Value |
2872.062 |
2838.327 |
2759.327 |
|
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Export Earnings |
|
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|
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Imports : |
|
|
|
|
|
|
Raw Materials |
666.638 |
400.594 |
411.556 |
|
|
Capital Goods |
132.329 |
12.823 |
61.954 |
|
Total Imports |
798.967 |
413.417 |
473.510 |
|
|
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Expenditures : |
|
|
|
|
|
|
Financial charges |
4.290 |
2.481 |
6.553 |
|
|
Increase/(Decrease) in Finished Goods |
14.377 |
(5.962) |
(14.145) |
|
|
Depreciation & Amortization |
144.665 |
142.930 |
115.972 |
|
|
Other Expenditure |
4123.749 |
3471.230 |
3520.481 |
|
Total Expenditure |
4287.081 |
3610.679 |
3628.861 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2007 |
31.03.2006 |
31.03.2005 |
|
PAT / Total Income |
(%) |
5.35
|
10.08 |
11.51 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
6.85
|
13.86 |
15.01 |
|
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|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
11.57
|
20.55 |
25.73 |
|
|
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|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.13
|
0.23 |
0.32 |
|
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|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
0.17
|
0.16 |
0.22 |
|
|
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|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
5.09
|
5.45 |
4.68 |
LOCAL AGENCY
FURTHER INFORMATION
Form No. 8
|
Name of the company |
G. E. MOTORS INDIA PRIVATE
LIMITED |
|
Presented By |
Mr. Kalyan Ghosh,
Company Secretary GE Motors India
Limited |
|
1) Date and description of instrument creating the change |
Facility-Cum-Hypothecation
Agreement Dated
15th January, 2002. |
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2) Amount secured by the charge/amount owing on the securities of charge |
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3) Short particular of the property charged. If the property acquired is subject to charge, date of the acquired of the property should be given |
Pari-Passu charge
over all the present and future stock and goods belonging to the Company wherever
stored or kept in India including present and future Book debts and
receivables of the Company. |
|
4) Gist of the terms and conditions and extent and operation of the charge. |
Working capital
facilities Rs.100.000 millions Interest : Cash
Credit : Prime Rate + Interest
tax Packing Credit :
RBI Rate Repayable : On
Demand |
|
5) Name and Address and description of the person entitled to the charge. |
Deutsche Bank 15-17, Tolstroy
House, Tolstroy Marg, New Delhi – 110 001, India |
|
6) Date and brief description of instrument modifying the charge |
N.A |
|
7) Particulars of modifications specifying the terms and conditions or the extent of operations of the charge in which modification is made and the details of the modification. |
N.A |
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.48.74 |
|
UK Pound |
1 |
Rs.85.19 |
|
Euro |
1 |
Rs.66.12 |
SCORE & RATING
EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
8 |
|
PAID-UP CAPITAL |
1~10 |
8 |
|
OPERATING SCALE |
1~10 |
8 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
8 |
|
--PROFITABILIRY |
1~10 |
8 |
|
--LIQUIDITY |
1~10 |
8 |
|
--LEVERAGE |
1~10 |
8 |
|
--RESERVES |
1~10 |
8 |
|
--CREDIT LINES |
1~10 |
8 |
|
--MARGINS |
-5~5 |
- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
YES |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
72 |
This score serves as a reference to assess SC’s credit risk
and to set the amount of credit to be extended. It is calculated from a composite
of weighted scores obtained from each of the major sections of this report. The
assessed factors and their relative weights (as indicated through %) are as
follows:
Financial
condition (40%) Ownership
background (20%) Payment
record (10%)
Credit history
(10%) Market trend
(10%) Operational
size (10%)
RATING
EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
>86 |
Aaa |
Possesses an extremely sound financial base with the strongest capability
for timely payment of interest and principal sums |
Unlimited |
|
71-85 |
Aa |
Possesses adequate working capital. No caution needed for credit
transaction. It has above average (strong) capability for payment of interest
and principal sums |
Large |
|
56-70 |
A |
Financial & operational base are regarded healthy. General
unfavourable factors will not cause fatal effect. Satisfactory capability for
payment of interest and principal sums |
Fairly Large |
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
26-40 |
B |
Unfavourable & favourable factors carry similar weight in credit
consideration. Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
11-25 |
Ca |
Adverse factors are apparent. Repayment of interest and principal sums
in default or expected to be in default upon maturity |
Limited with
full security |
|
<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
|
NR |
In view of the lack of information, we have no basis upon which to
recommend credit dealings |
No Rating |
|