MIRA INFORM REPORT
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Report Date : |
20.04.2011 |
IDENTIFICATION DETAILS
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Name : |
GEA ECOFLEX INDIA PRIVATE LIMITED |
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Registered Office : |
R 493, MIDC, TTC Industrial Area, Rabale Navi Mumbai-400701, |
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Country : |
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Financials (as on) : |
31.12.2009 |
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Date of Incorporation : |
24.03.2005 |
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Com. Reg. No.: |
11-152198 |
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CIN No.: [Company
Identification No.] |
U28129MH2005PTC152198 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
MUMG10956B |
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PAN No.: [Permanent
Account No.] |
AACCG3264H |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Manufacturer of PHE (Plate Heat Exchanger.) |
RATING & COMMENTS
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MIRA’s Rating : |
A (61) |
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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 1100000 |
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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 subsidiary of GEA Ecoflex GmbH, The company can be considered good for any normal business dealings. |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – April 1, 2010
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Country Name |
Previous Rating (31.12.2009) |
Current Rating (01.04.2010) |
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A1 |
A1 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
INFORMATION PARTED BY
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Name : |
Mr. Ketan |
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Designation : |
Commercial Incharge |
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Date : |
19.04.2011 |
LOCATIONS
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Registered Office/ Factory : |
R 493, MIDC, TTC Industrial Area, Rabale Navi Mumbai – 400701, |
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Tel. No.: |
91-22-27642025/28/29 |
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Fax No.: |
91-22-27693797/65138007/5/27693821 |
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E-Mail : |
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Website : |
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Area : |
Owned |
DIRECTORS
As On 25.06.2010
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Name : |
Mr. Virendra Vedprakash Jhamb |
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Designation : |
Director |
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Address : |
6-D, Juniper Edenwood Off. |
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Date of Birth/Age : |
23.03.1965 |
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Date of Appointment : |
24.03.2005 |
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Name : |
Mr. Mik Ejvind Hansen |
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Designation : |
Director |
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Address : |
14 Jalan, Jambu Ayer, Singapore-588776 |
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Date of Birth/Age : |
14.08.1958 |
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Date of Appointment : |
24.03.2005 |
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Name : |
Mr. Ulrich Ludgwig Fehlauer |
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Designation : |
Director |
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Address : |
Kirchenkamp-24, Dortmund, Germany-44357 |
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Date of Birth/Age : |
15.05.1947 |
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Date of Appointment : |
24.03.2005 |
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Name : |
Mr. Klaus Peter Gloeckner |
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Designation : |
Director |
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Address : |
Gehaegestr.20C, Hanover, Germany-30655 |
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Date of Birth/Age : |
22.04.1967 |
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Date of Appointment : |
24.03.2005 |
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Name : |
Mr. Volker Brock Guenthev |
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Designation : |
Director |
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Address : |
AM Potthof 17, Laatzen-30880 |
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Date of Birth/Age : |
24.09.1968 |
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Date of Appointment : |
16.10.2009 |
KEY EXECUTIVES
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Name : |
Mr. Kedar Deshpandey |
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Designation : |
Accounts Department |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As On 25.06.2010
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Names of Shareholders |
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No. of Shares |
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Gea Ecoflex GmbH – |
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10700 |
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Mik Ejvind Hansen |
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100 |
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Virendra Vedprakash Jhamb |
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100 |
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Total |
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10900 |
As On 25.06.2010
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Equity share
breakup |
Percentage of Holding |
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Category |
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Foreign holdings (Foreign institutional investor (s), Foreign companie
(s) Foreign financial institution (s), Non-resident Indian (s) or Overseas
corporate bodies or Others) |
98.00 |
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Directors or relatives of directors |
2.00 |
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Total |
100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer of PHE (Plate Heat Exchanger.) |
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Exports : |
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Products : |
Plate Heat Exchanger |
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Countries : |
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Imports : |
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Products : |
Steel Plate |
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Countries : |
European Countries |
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Terms : |
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Selling : |
Depends |
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Purchasing : |
Depends |
PRODUCTION STATUS (As on 31.12.2009)
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Particulars |
Unit |
Licensed
Capacity |
Installed
Capacity |
Actual
Production |
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Plate Heat Exchange** |
Nos |
3000 |
3000 |
1676 |
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Brazed Plate Heat Exchange |
Nos |
1000 |
1000 |
-- |
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Components of Plate Heat Exchange |
Nos |
-- |
-- |
97596 |
Note:
* As certified by the management
** The company manufactures plate heat exchangers
of various sizes. However, the installed capacity has been calculated based on
a single representative model of plate heat exchanger.
GENERAL INFORMATION
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Customers : |
Manufacturer |
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No. of Employees: |
70 |
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Bankers : |
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Facilities : |
Note: Secured by hypothecation of assets purchased under hire purchase
agreement. |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
A. Siddharth Chartered Accountant |
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Address : |
12, Dr. Annie Besant Road, Opposite Shiv Sagar Estate, Worli, Mumbai
-400018, Maharashtra, India. |
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Tel. No.: |
91-22-66679000 |
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Fax No.: |
91-22-66679100 |
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Holding Company: |
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Subsidiary Company: |
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Fellow Subsidiary: |
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CAPITAL STRUCTURE
As on 31.12.2009
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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5000000 |
Equity Shares |
Rs. 10/- Each |
Rs. 50.000 Millions |
Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
|
10900 |
Equity Shares |
Rs. 10/- Each |
Rs. 0.109 Million |
Note:
Of the above 10700 (previous year 9800) shares
are held by GEA Ecoflex GmbH, the holding company)
FINANCIAL DATA
[all figures are in
Rupees Millions]
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Particulars |
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31.03.2010 |
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Sales Turnover (Approximately) |
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1500.000 |
Expected Sales (2010-2011) : Rs.1350.000 Millions
ABRIDGED BALANCE
SHEET
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SOURCES OF FUNDS |
31.12.2009 |
31.12.2008 |
31.12.2007 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
0.109 |
0.100 |
0.100 |
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2] Share Application Money |
0.000 |
27.675 |
50.386 |
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3] Reserves & Surplus |
296.232 |
156.767 |
91.832 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
296.341 |
184.542 |
142.318 |
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LOAN FUNDS |
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1] Secured Loans |
0.512 |
0.000 |
0.159 |
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2] Unsecured Loans |
0.000 |
0.000 |
0.000 |
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TOTAL BORROWING |
0.512 |
0.000 |
0.159 |
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DEFERRED TAX LIABILITIES |
6.679 |
3.826 |
0.000 |
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TOTAL |
303.532 |
188.368 |
142.477 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
185.846 |
178.391 |
45.643 |
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Capital work-in-progress |
110.718 |
0.000 |
0.000 |
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INVESTMENT |
12.186 |
12.186 |
12.186 |
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DEFERREX TAX ASSETS |
0.000 |
0.000 |
1.192 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
362.377
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430.678
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203.915 |
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Sundry Debtors |
545.678
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164.093
|
89.730 |
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Cash & Bank Balances |
55.419
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92.317
|
19.806 |
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Other Current Assets |
0.000
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0.000
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0.000 |
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Loans & Advances |
67.789
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131.875
|
44.898 |
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Total
Current Assets |
1031.263
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818.963
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358.349 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Sundry Creditors |
931.553
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639.477
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251.904 |
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Other Current Liabilities |
56.245
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162.097
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20.039 |
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Provisions |
48.683
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19.598
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2.950 |
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Total
Current Liabilities |
1036.481
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821.172
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274.893 |
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Net Current Assets |
(5.218)
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(2.209)
|
83.456 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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TOTAL |
303.532 |
188.368 |
142.477 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
31.12.2009 |
31.12.2008 |
31.12.2007 |
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SALES |
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Income |
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Other Income |
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TOTAL (A) |
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Less |
EXPENSES |
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Office Expenses |
NA |
NA |
NA |
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Administrative Expenses |
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Advertising Expenses |
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TOTAL (B) |
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Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
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Less |
FINANCIAL
EXPENSES (D) |
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PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
182.814 |
110.343 |
110.343 |
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Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
10.574 |
5.891 |
5.088 |
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PROFIT BEFORE
TAX (E-F) (G) |
172.240 |
104.452 |
60.838 |
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Less |
TAX (I) |
60.442 |
39.516 |
21.752 |
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PROFIT AFTER TAX
(G-I) (J) |
111.798 |
64.936 |
39.086 |
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BALANCE CARRIED
TO THE B/S |
111.798 |
64.936 |
39.086 |
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EARNINGS IN
FOREIGN CURRENCY |
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Export Earnings |
63.771 |
69.222 |
67.854 |
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Service charges |
20.693 |
10.176 |
0.000 |
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TOTAL EARNINGS |
84.464 |
79.398 |
67.854 |
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IMPORTS |
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Raw Materials |
494.070 |
476.952 |
79.931 |
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Trading Goods |
497.567 |
30.268 |
27.396 |
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Capital Goods |
2.989 |
19.271 |
0.000 |
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TOTAL IMPORTS |
994.626 |
526.491 |
107.327 |
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Earnings Per
Share (Rs.) |
10.971 |
6.494 |
3.909 |
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KEY RATIOS
|
PARTICULARS |
|
31.12.2009 |
31.12.2008 |
31.12.2007 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
14.15
|
10.47
|
15.06 |
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Return on Investment (ROI) (PBT/Networth) |
|
0.58
|
0.57
|
1.15 |
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Debt Equity Ratio (Total Liability/Networth) |
|
3.50
|
4.45
|
1.93 |
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Current Ratio (Current Asset/Current Liability) |
|
0.99
|
0.99
|
1.30 |
LOCAL AGENCY FURTHER INFORMATION
Details of Sundry
Creditors:
Rs.
In Millions
|
Particular |
31.12.2009 |
31.12.2008
|
31.12.2007
|
|
Outstanding dues to micro and small enterprise |
0.192 |
0.164 |
0.011 |
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Total outstanding dues to creditors other than micro and small
enterprises |
931.361 |
639.312 |
251.893 |
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Manufacturing
Facility
The company has made an investment of Rs. 110.718 millions during the year
towards upcoming new manufacturing facilities at Chakan near Pune. This project
is funded from internal accruals of the company.
CONSERVATION OF
ENERGY AND TECHNOLOGY ABSORPTION
The manufacturing process for assembly of Plate Heat Exchangers do not create any pollution or release harmful chemicals and by-products, which can pollute the atmosphere.
The Company is using thyrister welding machines thus savings on the energy consumption; the main consumer of the electricity in the manufacturing operation.
The Company has designed the plate to suit the Indian requirements in terms of the free flow characteristics and the gap between the plates. This is basically due to the polluted water resources available.
Further GEA Ecoflex
1. Development of the VT-20 Loc In die has taken place at GEA Ecoflex GmbH for us. The training of there personnel conducted to install, operate & maintain this die is already completed.
2. To carry out the various operations in terms of pressing other dies are under development at GEA Ecoflex GmbH; the first step on training of there personnel using these dies has been completed.
3. Further; the training at Presskoweld AG,
The focus of the company continues on absorption of technology received from GEA Ecoflex GmbH. Indigenization of components is making products more competitive for the Indian Industry as well as attempting to final market outside India.
Fixed Assets:
- Plant and Machinery
- Furniture and Fittings
- Office Equipment
- Computers
- Leasehold Improvement
- Vehicle
- Software
As Per Web Site Details:
GEA PHE
Systems - successful and innovative
As part of the international GEA Group GEA PHE Systems specializes in
the plate heat exchanger business. They are one of the leading manufacturers of
plate heat exchangers worldwide.
Partnership makes us strong
Within the GEA Heat Exchangers
segment of GEA Group, Strong individual
companies:
●
GEA
Ecoflex
●
GEA
ViEX
●
GEA
WTT
●
GEA
PHE Systems
●
GEA
PHE Systems
●
GEA
EcoServe
form GEA PHE
Systems, the center of competence and service for gasketed, fully welded and
brazed plate heat exchangers.
all work together
to form GEA PHE Systems. They have production locations in
There service
– for all brands, across the globe
There services are
backed up by 20 years of experience in after-sales & service and by
the competence of GEA PHE Systems as an internationally renowned manufacturer
of high-performance plate heat exchangers.
With a global network
of locations and round-the-clock service, seven days a week, they are at the
disposal anytime, anywhere.
They service all brands of plate heat exchangers. Whether you use products from
GEA PHE Systems or from other manufacturers – at GEA EcoServe you receive full
service from a single source.
Breaking news
12.03.2010
Full steam ahead
thanks to perfect cooling
Small,
compact, powerful: VX plate heat exchangers from GEA PHE Systems cool the new
yacht engine generation from MAN
More power with
simultaneous weight minimisation - that is the formula for success of the new
V12 yacht engine, the most powerful unit in the MAN range of ship engine
design. With a consistent programme of weight reduction measures the engineers
of this traditional Nuremberg-based company have achieved a top rating of 1.78
kg per kW. The 1325 kW diesel engine is cooled by a modified VX plate heat
exchanger (PHE) from GEA PHE Systems. The gasketed seawater cooler is a
component in the closed cooling circuit, fixed firmly to the engine, which
meant that it also had to undergo weight optimisation.
Only titanium plates guarantee corrosion protection on the high seas
The VX
plate heat exchanger is installed on the front side of the engine block directly
in front of the expansion tank of the fresh water circuit. The cooling water
flows through the cylinder heads, charge air cooler and oil cooler at an
operating pressure of around 4 bars. Here the fresh water takes up the complete
waste heat from the engine and transfers it to the seawater in the PHE in
counterflow. As the salt concentration of the seawater would quickly damage
stainless steel grades, GEA PHE Systems always uses titanium plates in seawater
coolers. Only this high-quality material guarantees the necessary corrosion
protection and ensures process reliability on the ocean waves.
VX plate
pressed in titanium for the first time
And this was the challenge faced by the GEA engineers this time. Up until now
the VX plate had never been pressed in titanium. For a good three months at the
Canadian subsidiary GEA ViEX they worked on how to achieve the required weight
reduction of the VX plate without losing any of the pressure resistance as the
second elementary parameter.
As the raw material titanium cannot be easily deformed, it was necessary to
optimise the pressing process. This was successfully achieved by specific
modifications to the pressing tool.
Reduced plate thickness with simultaneous increase in heat transfer
Up until
now plate thicknesses of a minimum of 0.5 mm had been the lower limit, but now
the engineers achieved a VX plate thickness of 0.4 mm and at the same time it
was also possible to increase the heat transfer rate by a good 4%, representing
a further optimisation of the engine cooling performance. The new MAN V12 unit
has a cooling performance of 1060 kW, dissipated via 42 VX plates. VX-13 plates
are fitted in the plate pack as their dimensions fit ideally to the engine
geometry. The heat transfer surface per plate is 0.13 m2. NBR is
used as the gasket material.
A further challenge for the GEA engineers was the transverse installation of
the seawater cooler required by MAN, because standard VX plates have parallel
flow. A simple rotation through 90°C to achieve vertical installation couldn’t
be the answer if emptying and venting the unit was also to be possible.
New gasket allows diagonal flow of the plates
The
solution here was a special gasket that meant that the flow across the plates
could be deflected diagonally without much trouble. Only a new gasket tool was
necessary as GEA ViEX hadn’t previously had a corresponding gasket for diagonal
flow.
VX plate heat exchangers cool high-performance V12 yacht engine
The MAN
V12 with two-stage turbocharger and 1325 kW was launched at the end of last
year and is currently the top-of-the-range model from this traditional
Nuremberg-based company. The completely new engine range, specially tailored
for maritime applications, comprises four models, two V8 and two V12 models,
each available with single-stage and two-stage charging, and all of which are
cooled using a VX plate heat exchanger from GEA PHE Systems.
As a result of a company-wide restructuring process in 2001 MAN set up a
separate business sector “Engines”, based at the main
Optimum combustion process with exemplary emission values
With its series based
around the new V12 yacht engine for the very first time MAN is presenting
high-performance models specially designed for pleasure craft and motor yachts,
with the special feature being the bedplate concept. The bedplate replaces the
individual crankshaft main bearing caps and makes a considerable contribution
to the rigidity of the crankcase and to minimizing sound radiation. The result
of the combination of second-generation common rail injection and an optimally
designed combustion process is high performance combined with exemplary
emission levels.
Info:
The MAN V12 yacht engine is the top-of-the-range model from this traditional
Nuremberg-based company.
The high-performance units are cooled using VX plate heat exchangers from GEA
PHE Systems. In order to meet the customer’s product specifications the VX
plate was pressed using titanium for the first time and fitted with a newly
developed gasket to enable diagonal flow.
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts,
1] INFORMATION ON
DESIGNATED PARTY
No 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.44.68 |
|
|
1 |
Rs.72.56 |
|
Euro |
1 |
Rs.63.53 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
7 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
8 |
|
--PROFITABILIRY |
1~10 |
6 |
|
--LIQUIDITY |
1~10 |
8 |
|
--LEVERAGE |
1~10 |
8 |
|
--RESERVES |
1~10 |
7 |
|
--CREDIT LINES |
1~10 |
7 |
|
--MARGINS |
-5~5 |
- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
NO |
|
--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 |
|
61 |
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 |
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 |
|
- |
NB |
New Business |
- |
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or
its officials.