MIRA
INFORM REPORT
|
Report Date : |
13.01.2011 |
Note: Given address could not be confirmed.
IDENTIFICATION DETAILS
|
Name : |
GEA BGR ENERGY SYSTEM INDIA LIMITED |
|
|
|
|
Registered
Office : |
New No. 60 (Old No. 100), |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as
on) : |
31.03.2009 |
|
|
|
|
Date of
Incorporation : |
28.06.2007 |
|
|
|
|
Com. Reg. No.: |
18-64141 |
|
|
|
|
CIN No.: [Company Identification
No.] |
U40105TN2007PLC064141 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
CHEG08678F |
|
|
|
|
Legal Form : |
A Closely Held Public Limited Liability Company |
|
|
|
|
Line of Business
: |
Supplier of Tube Cleaning System and Debris Filter on turnkey basis
for Power and Desalination Plants worldwide |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (45) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 3300000 |
|
|
|
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
Usually Correct |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is a joint venture between GEA Energietechnik GmbH, 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 : |
New No. 60 (Old No. 100), |
|
Tel. No.: |
91-44-24326171 |
|
Fax No.: |
91-44-24364656 |
|
E-Mail : |
|
|
Website : |
DIRECTORS
(AS ON 30.09.2009 )
|
Name : |
Mr. Balakrishnan Govindaswamy Raghupathy |
|
Designation : |
Director |
|
Address : |
60 (Old No. 100), Abhiramapruam, |
|
Date of Birth/Age : |
28.09.1952 |
|
Date of Appointment : |
28.06.2007 |
|
|
|
|
Name : |
Mrs. Sasikala Raghupathy |
|
Designation : |
Director |
|
Address : |
60 (Old No. 100), Abhiramapruam, |
|
Date of Birth/Age : |
14.05.1956 |
|
Date of Appointment : |
28.06.2007 |
|
|
|
|
Name : |
Mr. Ramanujam Ramesh Kumar |
|
Designation : |
Director |
|
Address : |
14 (Old No. |
|
Date of Birth/Age : |
15.05.1962 |
|
Date of Appointment : |
28.06.2007 |
|
|
|
|
Name : |
Mr. |
|
Designation : |
Director |
|
Address : |
A5, Shanti Haven, 128, S T Mary’s Road, Alwarpet, Chennai-600018, |
|
Date of Birth/Age : |
15.05.1959 |
|
Date of Appointment : |
01.08.2007 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
(AS ON 30.09.2009 )
|
Names of Shareholders |
|
No. of Shares |
|
Mr. B G Raghupathy |
|
5004000 |
|
Saskikala Raghupathy |
|
10000 |
|
R Swarnamugi |
|
6000 |
|
|
|
6000 |
|
A Swaminathan |
|
6000 |
|
V R Mahadevan |
|
6000 |
|
R Ramesh Kumar |
|
6000 |
|
R Priyadarshini |
|
6000 |
|
Total |
|
5050000 |
Equity Share Breakup (Percentage of Total Equity)
(AS ON 30.09.2009)
|
Category |
|
Percentage |
|
Directors or relatives of directors |
|
99.76 |
|
Other top fifty shareholders |
|
0.24 |
|
Total
|
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Supplier of Tube Cleaning System and Debris Filter on turnkey basis
for Power and Desalination Plants worldwide |
||||||
|
|
|
||||||
|
Products : |
|
PRODUCTION STATUS (AS ON 31.03.2009
|
Particulars |
Unit |
|
Installed
Capacity |
Actual
Production |
|
Tube Cleaning System |
Nos. |
|
75 |
54 |
|
Debris Filter |
Nos |
|
75 |
19 |
GENERAL INFORMATION
|
Bankers : |
State Bank of |
||||||||||||||||||||||||
|
|
|
||||||||||||||||||||||||
|
Facilities : |
|
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
R V Chander and Associates Chartered Accountant |
|
Address : |
“Kalpataru”, No. 87, |
|
|
|
|
Associates/Subsidiaries : |
·
BGR Energy Systems Limited ·
Progen Systems and Technologies Limited ·
Schmitz India Private Limited ·
BGR Enertech Sdn. ·
Cuddalore PopwerGen Corporation Limited ·
Germanischer Lloyd Industrial Services India
Private Limited ·
Sasikala Estate Private Limited ·
Mega Funds India Limited ·
GEA Cooling Tower Technologies ( |
CAPITAL STRUCTURE
As on 31.03.2009
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
6000000 |
Equity Share |
Rs. 10/- each |
Rs. 60.000 Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
5050000 |
Equity Share |
Rs. 10/-
each |
Rs. 50.500
Millions |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
|
31.03.2009 |
31.03.2008 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
|
50.500 |
0.500 |
|
|
2] Share Application Money |
|
0.061 |
50.061 |
|
|
3] Reserves & Surplus |
|
34.278 |
16.311 |
|
|
4] (Accumulated Losses) |
|
0.000 |
0.000 |
|
|
NETWORTH |
|
84.839 |
66.872 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
|
95.922 |
4.492 |
|
|
2] Unsecured Loans |
|
157.500 |
459.000 |
|
|
TOTAL BORROWING |
|
253.422 |
463.492 |
|
|
DEFERRED TAX LIABILITIES |
|
6.153 |
3.113 |
|
|
|
|
|
|
|
|
TOTAL |
|
344.414 |
533.477 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
|
25.060 |
21.799 |
|
|
Capital work-in-progress |
|
4.924 |
0.049 |
|
|
|
|
|
|
|
|
INVESTMENT |
|
0.000 |
0.000 |
|
|
DEFERREX TAX ASSETS |
|
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
|
91.011
|
96.283 |
|
|
Sundry Debtors |
|
357.826
|
246.611 |
|
|
Cash & Bank Balances |
|
32.837
|
70.323 |
|
|
Other Current Assets |
|
0.726
|
0.049 |
|
|
Loans & Advances |
|
37.291
|
232.422 |
|
Total
Current Assets |
|
519.691
|
645.688 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
|
88.782
|
80.490 |
|
|
Other Current Liabilities |
|
92.253
|
42.476 |
|
|
Provisions |
|
24.226
|
11.093 |
|
Total
Current Liabilities |
|
205.261
|
134.059 |
|
|
Net Current Assets |
|
314.430
|
511.629 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
|
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
|
344.414 |
533.477 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
|
31.03.2009 |
31.03.2008 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
|
443.058 |
320.580 |
|
|
|
Other Income |
|
10.084 |
0.000 |
|
|
|
TOTAL (A) |
|
453.142 |
320.580 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of Materials |
|
259.139 |
178.345 |
|
|
|
Cost of Manufacture |
|
13.768 |
18.003 |
|
|
|
Administrative Expenses |
|
82.908 |
69.919 |
|
|
|
Selling Expenses |
|
18.101 |
10.946 |
|
|
|
Increase/Decrease in Stock |
|
18.711 |
[1.002] |
|
|
|
TOTAL (B) |
|
392.627 |
276.211 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
|
60.515 |
44.369 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
|
12.884 |
7.470 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
|
47.631 |
36.899 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
|
2.012 |
5.826 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
|
45.619 |
31.073 |
|
|
|
|
|
|
|
|
|
Less |
TAX (I) |
|
15.836 |
14.762 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-I) (J) |
|
29.783 |
16.311 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Transfer to General Reserve |
|
2.978 |
-- |
|
|
|
Proposed Dividend |
|
10.100 |
-- |
|
|
|
Corporate Dividend Tax |
|
1.716 |
-- |
|
|
BALANCE CARRIED
TO THE B/S |
|
14.989 |
-- |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Export Earnings |
|
137.772 |
102.920 |
|
|
TOTAL EARNINGS |
|
137.772 |
102.920 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials, Components and Consumables |
|
16.127 |
11.465 |
|
|
TOTAL IMPORTS |
|
16.127 |
11.465 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
|
5.90 |
-- |
|
KEY RATIOS
|
PARTICULARS |
|
|
31.03.2009 |
31.03.2008 |
|
PAT / Total Income |
(%) |
|
6.57 |
5.09 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
|
10.30 |
9.69 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
|
8.37 |
4.66 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
|
0.54 |
0.46 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
|
5.41 |
8.94 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
|
2.53 |
4.82 |
LOCAL AGENCY FURTHER INFORMATION
Financial Performance:
The company achieved a turnover of Rs. 443.058
Millions and profit before tax and profit after tax of Rs. 45.619 Millions and
Rs. 29.783 Millions respectively.
Business Performance and Future Outlook:
The company executed orders successfully for
various domestic and International clients like BHEL, TATA Power, BGR Energy,
MPGCL, Ansaldo, Sozidine, Power Machines, Metka Etc. The outlook for the year
ahead looks promising as the leading PSU customer is gearing up to procure
Condensor on load tube cleaning system (“COLTS”) in large grantities. The
company is looking forward to a milestone year with regard to order booking.
The business potential in
Contingent Liabilities:
There are no claims against the company
acknowledged as a dept.
Letter of credit as on March 31, 2009 is Rs.
12.682 Millions (Rs. 0.839 Million)
Bankers Charges
Report as per Registry
|
Corporate
identity number of the company |
U40105TN2007PLC064141 |
|
Name of the
company |
GEA BGR ENERGY SYSTEM INDIA LIMITED |
|
Address of the
registered office or of the principal place of business in |
New No. 60 (Old No. 100), |
|
This form is for |
Creation of
Charge |
|
Type of charge |
Immovable Property |
|
Particular of
charge holder |
State Bank of |
|
Nature of
instrument creating charge |
Form C-9-
Memorandum of Deposit for Creation of charge for term loan/ overall limit |
|
Date of
instrument Creating the charge |
20.10.2009 |
|
Amount secured by
the charge |
Rs. 350.000
Millions |
|
Brief of the
principal terms an conditions and extent and operation of the charge |
Rate of Interest a) Cash Credit (Hypothecation) – at SBAR
(i.e.) at 13.75% % p.a. with monthly rest. b) EPC- at 2.75% below SBAR (i.e.) at 11.00%
p.a. with monthly rests Terms of
Repayment Repayable on
demand. The facility, which has been sanctioned on 15.05.2008, is available
for 12 months subject to review every
six months, when it may be cancelled/ reduced depending upon the conduct and utilization of the advance, or
as per the banks scheme. Margin a) Cash Credit (Raw Material, Stock ansd
finished goods) – 20% b) Cash Credit (Receivables) – 30% c) Letter of Credit and Bank Guarantee – 15% d) EPC – 15% Extent and
Operation of the charge Second charge on
immovable properties situated at |
|
Short particulars
of the property charged |
All those piece
and parcel of the land measuring an extent of 19772.29 sq.yds (16518.20
s.mts) comprising of in Plot No. A4, A5, A6, A7 and E7 at Ida Pannamgadu
Village within panchayat limits of Ramapuram, Tada Mandalam Sullupret Taluk,
Nellore District in the state of Andhr Pradesh together with all building and
structures thereon and all plant and machinery attached to the earth or permanently fastened to
anything attached to the earth. |
Fixed Assets:
·
Land
·
Building
·
Plant and Machinery
·
Furniture and Fixtures
·
Computers
·
Office Equipments
·
Electrical Installation
·
Vehicles
·
Goodwill
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.45.16 |
|
|
1 |
Rs.70.64 |
|
Euro |
1 |
Rs.58.68 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
5 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
5 |
|
--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 |
|
45 |
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.