MIRA
INFORM REPORT
|
Report Date : |
26.02.2011 |
IDENTIFICATION DETAILS
|
Name : |
METTLER-TOLEDO INDIA PRIVATE LIMITED |
|
|
|
|
Registered
Office : |
Amar Hills, |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as
on) : |
31.12.2009 |
|
|
|
|
Date of
Incorporation : |
23.03.1998 |
|
|
|
|
Com. Reg. No.: |
11-114109 |
|
|
|
|
CIN No.: [Company Identification
No.] |
U51900MH1998PTC114109 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
MUMM12209B |
|
|
|
|
Legal Form : |
Private Limited Liability Company. |
|
|
|
|
Line of Business
: |
Manufacturer and Exporter of Electronic Weighting Scales and
Weighbridges etc. |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (50) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 1800000 |
|
|
|
|
Status : |
Good |
|
|
|
|
Payment Behaviour : |
Regular |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is a well established company having fine track. General
financial position is good. Trade relations are reported as fair. Business is
active. Payments are reported to be regular and as per commitments. The company can be considered normal for business dealings at usual
trade terms and conditions. |
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
|
Country Name |
Previous Rating (31.12.2009) |
Current Rating (01.04.2010) |
|
|
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
LOCATIONS
|
Registered Office : |
Amar Hills, Saki Vihar Road, Powai, Mumbai-400072, Maharashtra, India |
|
Tel. No.: |
91-22-28031111 / 28570808 |
|
Fax No.: |
91-22-28575071 |
|
E-Mail : |
DIRECTORS
As On : 30.06.2010
|
Name : |
Mr. Ashok Malhotra |
|
Designation : |
Managing Director |
|
Address : |
903-B, 9th Floor, Brentwoods Cooperative Housing Society, Main
Street, Hiranandani Garden, Powai, Mumbai-400076, Maharashtra, India |
|
Date of Birth/Age : |
11.07.1961 |
|
Date of Appointment : |
12.12.2000 |
|
DIN No : |
01534987 |
|
|
|
|
Name : |
Mr. Harimohan Puri |
|
Designation : |
Director |
|
Address : |
16, Heliopolis, S. B. Road, Colaba, Mumbai-40005, Maharashtra, India |
|
Date of Birth/Age : |
12.10.1928 |
|
Date of Appointment : |
23.03.1998 |
|
DIN No : |
00493886 |
|
|
|
|
Name : |
Mr. Andreas Otto Wernle |
|
Designation : |
Director |
|
Address : |
Breitenloostr. 5, Oberwil Nuren, Nuerensdorf, Switzerland-8309 |
|
Date of Birth/Age : |
16.07.1951 |
|
Date of Appointment : |
23.03.1998 |
|
DIN No : |
02350281 |
|
|
|
|
Name : |
Mr. Richard Annping Wong |
|
Designation : |
Director |
|
Address : |
23, Sunbird Avenue, Singapore-487340 |
|
Date of Birth/Age : |
23.06.1964 |
|
Date of Appointment : |
19.01.2009 |
|
DIN No : |
02568299 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 30.06.2010
|
Names of Shareholders |
|
No. of Shares |
|
Mettler-Toledo Holdings AG |
|
4430609 |
|
Microwa Praezisions-Waagen AG |
|
1 |
|
Total |
|
4430610 |
AS ON 30.06.2010
|
Equity Share
Breakup |
|
Percentage of
Holding |
|
Category |
|
|
|
Foreign holdings [Foreign institutional investors, Foreign Companies, Foreign Financial Institutions, Non-resident Indian or Overseas corporate bodies or others] |
|
100.00 |
|
|
Total
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer and Exporter of Electronic Weighting Scales and
Weighbridges etc. |
|
|
|
|
Products : |
·
Electronic Weighting Scales ·
Weighbridges |
|
|
|
PRODUCTION STATUS (As On : 31.12.2009)
|
Particulars |
Unit |
Licensed
Capacity |
Installed
Capacity |
Actual
Production |
|
Electronic Weighting Scale and Components |
Nos. |
30000 |
30000 |
6426 |
|
Weighbridges and Components |
Nos. |
30000 |
30000 |
558 |
|
Weighing Systems |
Nos. |
30000 |
30000 |
638 |
|
Check Weighers, Metal Detectors and Components |
Nos. |
30000 |
30000 |
53 |
|
Pipette |
Nos. |
30000 |
30000 |
1091 |
GENERAL INFORMATION
|
Bankers : |
Not Divulged |
||||||||||||||||||||||||||||||||||||||
|
|
|
||||||||||||||||||||||||||||||||||||||
|
Facilities : |
|
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
Price Waterhouse Chartered Accountant |
|
Address : |
252, Veer Svarkar Marg, Shivaji Park, Dadar (W), Mumbai-400028,
Maharashtra, India |
|
|
|
|
Subsidiaries : |
v Ohaus Weighing
India Private Limited CIN No : U29199MH2006PTC165285 |
|
|
|
|
Holding Company : |
v Mettler-Toledo Holdings
AG, Switzerland holds 99.99% of the equity shares of the company |
|
|
|
|
Ultimate Holding Company : |
·
Mettler-Toledo International lnc. (USA) |
|
|
|
|
Fellow Subsidiaries : |
Ř
Mettler-Toledo GmbH (Switzerland) Ř
Mettler-Toledo Albstadt GmbH (Switzerland) Ř
Mettler-Toledo Logistik AG (Switzerland) Ř
Mettler-Toledo Changzhou Precision Instruments
Limited (China) Ř
Mettler-Toledo (Changzhou) Measurement Technology
Limited (China) Ř
Mettler-Toledo AG (Switzerland) Ř
Metiler-Toledo Inc. (USA) Ř
Mettler-Toledo Limited (Australia) Ř
Mettler-Toledo Thomton Inc. (USA) Ř
Mettler-Toledo Inc. (Canada) Ř
Mettler-Toledo Autochem Inc. (USA) Ř
Ohaus Corporation (USA) Ř
Mettler-Toledo (M) SDN BHD. (Malaysia) Ř
Mettler-Toledo (S.E.A). (Malaysia) Ř
Mettler-Toledo Ga~enGs mbH (Germany) Ř
Mettler-Toledo Safeline Limited (UK) Ř
Cargoscan AS (Norway) Ř
Mettler-Toledo Corporate Function (Switzerland) Ř
Mettler-Toledo International lnc. (Switzerland) Ř
Rainin Instrument Lic (USA) Ř
Mettler-Toledo S.p.A (Italy) |
CAPITAL STRUCTURE
As On : 31.12.2009
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
5000000 |
Equity Shares |
Rs. 10/- each |
Rs. 50.000 millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
4430610 |
Equity Shares |
Rs. 10/- each |
Rs. 44.306
millions |
|
|
|
|
|
Notes : (of the above shares 4430609 (previous year : 4430609)
Equity Shares of Rs.10 each fully paid are held by Mettler-Toledo Holdings AG,
Greifensee, Switzerland)
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.12.2009 |
31.12.2008 |
31.12.2007 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
44.306 |
44.306 |
44.306 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
428.924 |
342.940 |
138.509 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
473.230 |
387.246 |
182.815 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
0.000 |
0.239 |
0.501 |
|
|
2] Unsecured Loans |
0.000 |
63.794 |
55.000 |
|
|
TOTAL BORROWING |
0.000 |
64.033 |
55.501 |
|
|
DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
473.230 |
451.279 |
238.316 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
125.372 |
119.814 |
31.120 |
|
|
Capital work-in-progress |
0.000 |
11.582 |
0.380 |
|
|
|
|
|
|
|
|
INVESTMENT |
0.100 |
0.100 |
18.898 |
|
|
DEFERREX TAX ASSETS |
16.978 |
25.640 |
11.543 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
79.321
|
84.003 |
47.166 |
|
|
Sundry Debtors |
195.608
|
282.809 |
241.004 |
|
|
Cash & Bank Balances |
259.536
|
125.342 |
15.688 |
|
|
Other Current Assets |
0.251
|
1.659 |
0.018 |
|
|
Loans & Advances |
46.974
|
48.132 |
36.952 |
|
Total
Current Assets |
581.690
|
541.945 |
340.828 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
121.328
|
120.169 |
104.294 |
|
|
Other Current Liabilities |
65.283
|
55.435 |
19.910 |
|
|
Provisions |
64.299
|
72.198 |
40.249 |
|
Total
Current Liabilities |
250.910
|
247.802 |
164.453 |
|
|
Net Current Assets |
330.780
|
294.143 |
176.375 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
473.230 |
451.279 |
238.316 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.12.2009 |
31.12.2008 |
31.12.2007 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
758.207 |
819.268 |
719.575 |
|
|
|
Service Revenue |
113.299 |
88.500 |
67.850 |
|
|
|
Software Development |
58.502 |
56.999 |
0.000 |
|
|
|
Commission Income |
88.354 |
136.298 |
125.393 |
|
|
|
Other Income |
12.774 |
11.580 |
20.056 |
|
|
|
TOTAL (A) |
1031.136 |
1112.645 |
932.874 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of Sales |
500.230 |
501.691 |
426.511 |
|
|
|
Employees Remuneration |
204.022 |
193.114 |
142.271 |
|
|
|
Administrative Expenses |
172.084 |
200.665 |
144.697 |
|
|
|
TOTAL (B) |
876.336 |
895.470 |
713.479 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
154.800 |
217.175 |
219.395 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
2.389 |
6.031 |
5.869 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
152.411 |
211.144 |
213.526 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
20.066 |
15.408 |
13.852 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
132.345 |
195.736 |
199.674 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
46.362 |
70.559 |
81.733 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
85.983 |
125.177 |
117.941 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
341.188 |
138.509 |
20.567 |
|
|
|
|
|
|
|
|
|
|
BALANCE CARRIED TO
THE B/S |
427.171 |
263.686 |
138.508 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
Export Earnings |
2.664 |
3.160 |
0.000 |
|
|
|
Service Revenue |
18.554 |
14.365 |
0.810 |
|
|
|
Commission Earnings |
88.354 |
136.298 |
125.393 |
|
|
|
Software Development |
58.502 |
56.999 |
0.000 |
|
|
|
Other Income |
1.823 |
0.465 |
0.236 |
|
|
|
Re-invoiced Income |
0.000 |
0.000 |
0.286 |
|
|
|
Special Discount |
0.000 |
0.000 |
0.066 |
|
|
|
Re-imbursement of expenses received |
0.000 |
0.000 |
0.028 |
|
|
|
TOTAL EARNINGS |
169.897 |
211.287 |
126.819 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
Raw Materials |
301.734 |
272.345 |
200.501 |
|
|
|
Capital Goods |
7.131 |
1.034 |
3.383 |
|
|
|
TOTAL IMPORTS |
308.865 |
273.379 |
203.884 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
19.41 |
28.25 |
26.73 |
|
KEY RATIOS
|
PARTICULARS |
|
31.12.2009 |
31.12.2008 |
31.12.2007 |
|
PAT / Total Income |
(%) |
8.34
|
11.25 |
12.64 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
17.45
|
23.89 |
27.75 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
18.28
|
28.47 |
52.07 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.28
|
0.51 |
1.09 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
0.53
|
0.81 |
1.20 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
2.32
|
2.19 |
2.07 |
LOCAL AGENCY FURTHER INFORMATION
FINANCIAL RESULTS:
The Company has
earned a total income of Rs. 1031.136 millions and a net profit of Rs. 85.984 millions
after tax and Rs. 20.066 millions provided for depreciation. The Company is
expecting to further increase its revenue during the current year. There were
no transfers to Reserves & Surplus account during the year.
FIXED ASSETS
·
Goodwill
·
Software
·
Freehold Land
·
Leasehold Improvements
·
Plant and Machinery
·
Office Equipments
·
Furniture and Fixtures
·
Vehicles
·
Computers
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 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.45.37 |
|
|
1 |
Rs.73.25 |
|
Euro |
1 |
Rs.62.68 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
5 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
6 |
|
--LEVERAGE |
1~10 |
6 |
|
--RESERVES |
1~10 |
6 |
|
--CREDIT LINES |
1~10 |
5 |
|
--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 |
|
50 |
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.