MIRA
INFORM REPORT
|
Report Date : |
08.01.2011 |
* The registered office address of the company has been shifted from Survey No.125,
Plot No.79, IDA Mallapur,
IDENTIFICATION DETAILS
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Name : |
AIR LIQUIDE ENGINEERING INDIA PRIVATE LIMITED |
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Registered
Office : |
Plot no.6, APIIC Layout, |
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Country : |
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Financials (as
on) : |
31.03.2009 |
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Date of Incorporation
: |
26.05.1992 |
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Com. Reg. No.: |
014284 |
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CIN No.: [Company Identification
No.] |
U74210AP1992PTC014284 |
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TAN No.: [Tax Deduction &
Collection Account No.] |
HYDL00249E |
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Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Manufacturer and Exporter of Natural Gas |
RATING & COMMENTS
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MIRA’s Rating : |
B (26) |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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Maximum Credit Limit : |
USD 122036 |
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Status : |
Moderate |
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Payment Behaviour : |
Slow |
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Litigation : |
Clear |
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Comments : |
Subject is a joint venture between Air Liquide International, The company can be considered 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) |
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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 (GENERAL INFORMATION)
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Name : |
Mr. Pravin |
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Designation : |
HR Department |
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Contact No.: |
91-11-40550269 |
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Date : |
05.01.2011 |
LOCATIONS
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Registered Office : |
Plot no.6, APIIC Layout, |
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Tel. No.: |
91-40-23461711 |
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E-Mail : |
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Website : |
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Location : |
Owned |
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Head Office : |
A-24/9, Mohan Co-Operative
Industrial Estate, |
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Tel. No.: |
91-11-4055 0200 |
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Fax No.: |
91-11-4055 0201 / 4055 0202 |
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Factory 1 : |
Roorkee: Dharuhera: Plot No - 36, Sector -
8, Dharuhera Industrial Area, Dharuhera, District : Rewari, Panipat: Naphtha Jhakri Cracker
Complex, IOCL, Panipat, Jhagadia: 38/1, GIDC Industrial
Area, Jhagadia, District: Bharuch, |
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Regional Office: |
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DIRECTORS
AS ON 30.09.2009
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Name : |
Mr. Martin Fregeau |
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Designation : |
Director |
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Address : |
Pent House No.7e, Shangrila Apartments, 8-2-269/3, Road No.2, Banjara
Hills, |
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Date of Birth/Age : |
08.12.1962 |
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Date of Appointment : |
27.09.2008 |
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Name : |
Mr. Philippe Roujoh |
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Designation : |
Director |
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Address : |
Sarna Firm House, Chattarpur, |
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Date of Birth/Age : |
15.10.1953 |
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Date of Appointment : |
30.03.2008 |
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Name : |
Mr. Malladi Samba Siva Sastry |
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Designation : |
Director |
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Address : |
3-5-1093/18, S V Colony, Narayanguda, |
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Date of Appointment : |
01.10.2006 |
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Name : |
Mr. Dominique Gruson |
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Designation : |
Director |
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Address : |
Paschimi Marg 29, Vasant Vihar, |
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Date of Birth/Age : |
16.05.1958 |
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Date of Appointment : |
06.12.2007 |
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Name : |
Mr. Magnet Didir |
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Designation : |
Director |
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Address : |
Rez De Cchausse, 27 Rue De La Marseillaise, |
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Date of Birth/Age : |
10.11.1960 |
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Date of Appointment : |
27.09.2008 |
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Name : |
Mr. Emmanue Salien |
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Designation : |
Director |
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Address : |
27, Rue De La Marseillaise, |
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Date of Birth/Age : |
09.10.1963 |
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Date of Appointment : |
20.09.2006 |
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Name : |
Mr. Venkatesh Prabhu |
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Designation : |
Director |
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Name : |
Mr. Satish Kochhar |
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Designation : |
Director |
KEY EXECUTIVES
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Name : |
Mr. Pravin |
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Designation : |
HR Department |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 30.09.2009
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Names of Shareholders |
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No. of Shares |
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M |
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3 |
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Air Liquide International, France |
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99000 |
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Cryogenic Industrial Consultants |
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65997 |
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Total |
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165000 |
AS ON 30.09.2009
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Category |
Percentage |
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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 |
60.00 |
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Bodies corporate |
40.00 |
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Total |
100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer and Exporter of Natural Gas |
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Terms : |
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Selling : |
L/C, Cash, Credit |
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Purchasing : |
Cash, Credit |
GENERAL INFORMATION
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Customers : |
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No. of Employees : |
Above 5000 (Approximately) |
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Bankers : |
Canara Bank, Branch |
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Facilities : |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
S N Dhawan and Company Chartered Accountant |
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Address : |
C-37, |
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Holding Company: |
Air Liquide International, |
CAPITAL STRUCTURE
AS ON 31.03.2009
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
300000 |
Equity Shares |
Rs.100/- each |
Rs.30.000 Millions |
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Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
165000 |
Equity Shares |
Rs.100/-
each |
Rs.16.500
Millions |
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Of the above 99000
(Previous Year of Establishment 99000) Equity Share are held by Air Liquide International,
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2009 |
31.03.2008 |
31.03.2007 |
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|
SHAREHOLDERS FUNDS |
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1] Share Capital |
16.500 |
16.500 |
16.500 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
14.009 |
14.009 |
186.098 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
30.509 |
30.509 |
202.598 |
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LOAN FUNDS |
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1] Secured Loans |
0.000 |
0.000 |
47.117 |
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2] Unsecured Loans |
378.461 |
85.157 |
0.000 |
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TOTAL BORROWING |
378.461 |
85.157 |
47.117 |
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DEFERRED TAX LIABILITIES |
0.000 |
14.119 |
9.625 |
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TOTAL |
408.970 |
129.785 |
259.340 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
205.813 |
174.734 |
176.230 |
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Capital work-in-progress |
0.000 |
52.028 |
1.059 |
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INVESTMENT |
0.000 |
0.000 |
0.000 |
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DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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|
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Inventories |
390.558
|
554.832 |
554.757 |
|
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Sundry Debtors |
507.691
|
471.322 |
408.680 |
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Cash & Bank Balances |
87.034
|
30.054 |
2.373 |
|
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Other Current Assets |
73.431
|
0.000 |
0.000 |
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Loans & Advances |
323.965
|
325.447 |
265.750 |
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Total
Current Assets |
1382.679
|
1381.655 |
1231.560 |
|
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Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
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Sundry Creditors |
655.709
|
278.978 |
301.077 |
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Other Current Liabilities |
943.732
|
952.923 |
626.152 |
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Provisions |
71.562
|
72.639 |
223.393 |
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Total
Current Liabilities |
1671.003
|
1304.540 |
1150.622 |
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Net Current Assets |
(288.324)
|
77.115 |
80.938 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
1.113 |
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Profit and Loss account |
464.387 |
(174.092) |
0.000 |
|
|
|
|
|
|
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TOTAL |
408.970 |
129.785 |
259.340 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2009 |
31.03.2008 |
31.03.2007 |
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SALES |
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Income |
1962.586 |
1346.448 |
1491.627 |
|
|
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Other Income |
18.450 |
131.729 |
63.276 |
|
|
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TOTAL (A) |
1981.036 |
1478.177 |
1554.903 |
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|
|
|
|
|
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Less |
EXPENSES |
|
|
|
|
|
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Operating Expenses |
1708.362 |
0.000 |
0.000 |
|
|
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Personal Expenses |
157.431 |
0.000 |
0.000 |
|
|
|
General and Administration Expenses |
445.611 |
0.000 |
0.000 |
|
|
|
Consumption of Raw Materials |
0.000 |
1028.171 |
1065.250 |
|
|
|
Employees Remunerations and Benefits |
0.000 |
92.783 |
72.398 |
|
|
|
Site Work |
0.000 |
52.314 |
104.876 |
|
|
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Selling and Marketing Expenses |
100.992 |
|
|
|
|
|
Other Expenses |
153.732 |
296.283 |
229.255 |
|
|
|
Increased / (Decreased) in stock |
0.000 |
(119.656) |
(138.698) |
|
|
|
Provisions |
0.000 |
71.521 |
75.020 |
|
|
|
Miscellaneous Expenditure Written Off |
0.000 |
1.113 |
1.113 |
|
|
|
Extra Ordinary Project Expenses |
0.000 |
28.611 |
0.000 |
|
|
|
TOTAL (B) |
2566.128 |
1451.140 |
1409.214 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
(585.092) |
27.037 |
145.689 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
37.080 |
5.839 |
1.318 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
(622.172) |
21.198 |
144.371 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
22.012 |
11.698 |
8.215 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
(644.184) |
9.500 |
136.156 |
|
|
|
|
|
|
|
|
|
Less |
TAX (I) |
(5.705) |
7.498 |
52.552 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-I) (J) |
(638.479) |
2.002 |
83.604 |
|
|
|
|
|
|
|
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|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
174.092 |
172.090 |
88.486 |
|
|
|
|
|
|
|
|
|
|
BALANCE CARRIED TO
THE B/S |
(464.387) |
174.092 |
172.090 |
|
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|
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|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Export Earnings |
NA |
1047.836 |
1048.841 |
|
|
|
Commission Earnings |
NA |
11.498 |
27.113 |
|
|
TOTAL EARNINGS |
NA |
1059.334 |
1075.954 |
|
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|
|
|
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|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
NA |
494.675 |
745.868 |
|
|
|
Capital Goods |
NA |
38.301 |
49.959 |
|
|
TOTAL IMPORTS |
NA |
532.976 |
795.827 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
(3.870) |
-- |
-- |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2009 |
31.03.2008 |
31.03.2007 |
|
PAT / Total Income |
(%) |
(32.22)
|
0.13 |
5.37 |
|
|
|
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|
Net Profit Margin (PBT/Sales) |
(%) |
(32.82)
|
0.70 |
9.12 |
|
|
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|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
(40.55)
|
0.61 |
9.67 |
|
|
|
|
|
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|
Return on Investment (ROI) (PBT/Networth) |
|
(21.77)
|
0.31 |
0.67 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
67.17
|
46.01 |
5.95 |
|
|
|
|
|
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|
Current Ratio (Current Asset/Current Liability) |
|
0.82
|
1.05 |
1.07 |
LOCAL AGENCY FURTHER INFORMATION
SUNDRY CREDITORS
DETAILS
Rs. In Millions
|
Particulars |
31.03.2009
|
31.03.2008 |
31.03.2007 |
|
|
|
|
|
|
Sundry Creditors |
655.709
|
278.978 |
301.077 |
Activities
The company is a joint venture (60:40) between Air Liquide
internaiional:
After more than a decade of limited activity, the company has grown up
to Rs.1981.036 millions turnover in FY 2008-2009, mainly from third party turn
key projects in
Highlights of the
year
The company has been managed by the local partner since its inception
including for a substantial part of the year under review. A Group audit was
requested in January ZOOS and has revealed significant gaps in internal
controls mainly in finance arid procurement
Consequent to the internal audit conducted by in-house internal auditors
from Air Liquide Group, the Company has uncovered irregularities and
unauthorized transactions in procurement and operation activities of involving
some of the Company's employees / directors. These irregularities have severely
impacted the profitability of the Company in the current year and significantly
eroded its Net Worth.
The identification and analysis of these activities in February prompted
the Company to take immediate necessary actions as quickly as possible while
inspecting the market integrity- The actions so mentioned include:
i)
Acceptances of resignations hum tins perpetrators
ii)
Actson plan prepared for internal
iii)
Roping in the legal advisors for a legal
due-diligence.
FORM 8
|
Corporate
identity number of the company |
U74210AP1992PTC014284 |
|
Name of the
company |
AIR LIQUIDE ENGINEERING INDIA PRIVATE LIMITED |
|
Address of the
registered office or of the principal place of business in |
Plot no.6, APIIC Layout, |
|
This form is for |
Modification of
charge |
|
Type of charge |
Book debts Movable property
(not being pledge) |
|
Particular of
charge holder |
|
|
Nature of
instrument creating charge |
Second
Supplemental Hypothecation Agreement |
|
Date of
instrument Creating the charge |
04.10.2006 |
|
Amount secured by
the charge |
Rs. 50.000
millions |
|
Brief of the
principal terms an conditions and extent and operation of the charge |
Rate of interest Facility Rate Of interest 1) Cash
Credit BNPP PLR (14.5%) Within Which
1a) Short Term
Loan- BNPP Tenor Likened PLR 1b)Bill Discounting- Market Related 1c) Export
Packing - As per BNPP Tariff 2)Letter of
Credit - As Per BNPP Tariff Within Which 2a)Bank
Guarantee - 2% Terms of repayment The Borrower
hereby agrees with the lender to repay the credit facilities as per the terms
of sanction/agreement and undertakes to the lender that the balance due to
it, on the sanctioned credit facilities at any time, shall be paid on demand
at the office of the Lender. Margin As May Be
Notified By The Bank From Time To Time. Extent and operation of the charge First Charge On
The Hypothecated Assets Of The Company. |
|
Short particulars
of the property charged (Including location of the property) |
First charge on
all (i) the moveable
assets such as raw materials, stock in process, finished goods, lying at
various factories, godowns, warehouses, retail outlets etc. wherever
situated, or in transit, both present and future, belonging to the borrower,and
(ii) the book
debts, outstanding moneys receivables, claims and bills which are now due and
owing or which may at any time hereafter during the continuance of this
security become due and owing to the borrower in the course of its business |
|
Date of
instrument modifying the charge |
04.09.2006 |
|
Particulars of
the present modification |
Realignment of
facility available for utilization under various forms of sub limits
interchangeable at bank's discretion subject to overall funded and non funded
limits aggregating INR 150 Million |
Fixed Assets:
·
Land
·
Building
·
Plant and Machinery and
Equipments
·
Electrical Installations
·
Air Conditioning
·
Computers
·
Software
·
Motor Vehicles
·
Furniture and Fittings
·
Office Equipment
·
Library
·
Temporary Shed
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.70.04 |
|
Euro |
1 |
Rs.58.93 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
3 |
|
OPERATING SCALE |
1~10 |
2 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
3 |
|
--PROFITABILIRY |
1~10 |
2 |
|
--LIQUIDITY |
1~10 |
3 |
|
--LEVERAGE |
1~10 |
3 |
|
--RESERVES |
1~10 |
2 |
|
--CREDIT LINES |
1~10 |
3 |
|
--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 |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
26 |
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.