MIRA
INFORM REPORT
|
Report Date : |
25.01.2011 |
IDENTIFICATION DETAILS
|
Name : |
TYCO VALVES AND
CONTROLS INDIA PRIVATE LIMITED |
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Formerly Known As : |
MULTI SARASAN
VALVES LIMITED |
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Registered Office : |
302/A, Ivory
Terrace, |
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Country : |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
18.06.1981 |
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Com. Reg. No.: |
04-4441 |
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CIN No.: [Company
Identification No.] |
U28999GJ1981PTC004441 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
BRDT00697E |
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Legal Form : |
Private Limited
Liability Company |
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Line of Business : |
Manufacturer and Exporter
of Valves, Actuators and Controls. |
RATING & COMMENTS
|
MIRA’s Rating : |
B (30) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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Maximum Credit Limit : |
USD 1400000 |
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Status : |
Moderate |
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Payment Behaviour : |
Slow But Correct |
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Litigation : |
Clear |
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Comments : |
The management has not filed the financials of the company with the government
departments since 2007, and also declined to part with the same. Trade relations are reported as fair.
Business is active. Payments are reported to be slow but correct. The company can be considered for business dealings with some caution. |
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 |
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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 DECLINED BY
|
Name : |
Mr. Sandip Kashekar |
|
Designation : |
Accounts Manager |
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Contact No.: |
91-2676-300200 |
|
Date : |
22.01.2011 |
LOCATIONS
|
Registered Office : |
302/A, |
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Tel. No.: |
91-265-22332767 |
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Mobile No.: |
91-9426522240 (Mr. Nestor C. Sequeiros) |
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Fax No.: |
91-265-22336926 |
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E-Mail : |
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Corporate Office : |
Survey No. 150,
Maghasar Halol – |
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Tel. No.: |
91-2676-220461/220056/300200 |
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Fax No.: |
91-265-220162 |
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Administrative Office : |
R 701, TTC
Industrial Area, Midcm Rabale, Navi Mumbai – 400 701, |
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Tel. No.: |
91-22-27605765/27605767 |
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Fax No.: |
91-22-27694638 |
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Marketing Office: |
No.23, C Mahindra Apartments, No.3A, 3rd Floor, T Nagar,
Chennai-600 017, |
DIRECTORS
|
Name : |
Mr. Iqbal Singh
Malhotra |
|
Designation : |
Managing Director |
|
Address: |
4th
Floor, Plot No. 31, Vithal Nagar, JVPD Scheme of 10th Road, Vile
Parle (West), Mumbai, Maharashtra, India |
|
Date of Birth:
|
28.09.1949 |
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Qualification:
|
B. E. Mechnical |
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Experience: |
33 Years |
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Date of
Appointment : |
10.04.2006 |
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Nature of
Employment: |
Contractual for 5
Years |
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|
Name : |
Mr. Nestor Luis
Claudio Sequerios |
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Designation : |
Director |
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Address: |
Room No. 4702,
Block 1, The |
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Date of Birth:
|
21.12.1967 |
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Qualification:
|
Graduate |
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Date of
Appointment : |
10.04.2006 |
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Din No: |
00296251 |
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|
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Name : |
Mr. Michael
Bright |
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Designation : |
Director |
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Address: |
91 Sunset Way, |
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Date of Birth:
|
02.10.1957 |
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Date of
Appointment : |
10.11.1997 |
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Name : |
Mr. Edward James |
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Designation : |
Director |
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Name : |
Mr. John Harper |
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Designation : |
Director |
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Name : |
Mr. Doug Hyun
Choo |
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Designation : |
Director |
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Address: |
29 Leonie Hill,
No. 17-02, |
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Date of Birth:
|
15.06.1961 |
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Date of
Appointment : |
01.05.2003 |
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Din No: |
00296241 |
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Date of
Ceasing: |
11.07.2005 |
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Name : |
Mr. Jan Van Rolef
Van Ooijen |
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Designation : |
Director |
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Address: |
169 ( |
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Date of Birth:
|
27.11.1959 |
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Date of
Appointment : |
10.04.2006 |
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Din No: |
00296249 |
KEY EXECUTIVES
|
Name : |
Mr. Sandip Kashekar |
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Designation : |
Accounts Manager |
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Name: |
Mr. Shinkhede |
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Manager – Production |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 29.09.2007
|
Names of Shareholders |
|
No. of Shares |
|
Iqbal Singh Bhagwat Singh Malhotra |
|
1 |
|
Tyco Asia Singapore Private Limited |
|
18998638 |
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Total
|
|
18998639 |
As on 29.09.2007
|
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 Valves, Actuators and Controls. |
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Products : |
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Exports : |
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Products : |
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Countries : |
Worldwide |
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Imports : |
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Products : |
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Countries : |
Worldwide |
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Terms : |
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Selling : |
L/C, Cash and Credit |
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Purchasing : |
L/C, Cash and Credit |
PRODUCTION STATUS
|
Particulars |
Unit |
Actual Production |
|
Machined Casting |
Nos. |
16029 |
|
Butterfly Valves |
Nos. |
35914 |
|
Lunkenheimer / Angel Valves |
Nos. |
1618 |
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Knife Gate Valves |
Nos. |
1402 |
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Special Products |
Nos. |
267 |
GENERAL INFORMATION
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Suppliers : |
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Customers : |
·
Wholesalers ·
Retailers ·
End Users ·
OEM’s |
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No. of Employees : |
Approximately 400 |
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Bankers : |
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Facilities : |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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|
Name : |
Deloitte Haskins and Sells Chartered Accountants |
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Address : |
31, Nutan Bharat Society, Alkapuri, Vadodara – 390 007, |
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Tel. No.: |
91-265-2333776 |
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Fax No.: |
91-265-2339729 |
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Pan No: |
AADFD2337G |
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Sister Concerns: |
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Associates/Subsidiaries : |
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CAPITAL STRUCTURE
As on 29.09.2007
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
35000000 |
Equity Shares |
Rs. 10/- Each |
Rs.350.000 millions |
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|
|
|
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Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
18998639 |
Equity Shares |
Rs. 10/- Each |
Rs.189.986 millions |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES
OF FUNDS |
31.03.2007 |
31.03.2006 |
31.03.2005 |
|
|
SHAREHOLDERS
FUNDS |
|
|
|
|
|
1] Share Capital |
189.986 |
189.986 |
189.986 |
|
|
2] Advance
against Share Capital |
3.441 |
3.441 |
3.441 |
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|
3] Reserves &
Surplus |
904.691 |
675.735 |
361.762 |
|
|
4] (Accumulated
Losses) |
0.000 |
0.000 |
0.000 |
|
NETWORTH
|
1098.118 |
869.162 |
555.189 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
0.000 |
0.182 |
0.474 |
|
|
2] Unsecured Loans |
0.000 |
0.000 |
0.000 |
|
TOTAL BORROWING
|
0.000 |
0.182 |
0.474 |
|
|
DEFERRED TAX
LIABILITIES |
0.000 |
0.000 |
0.423 |
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|
|
|
|
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TOTAL
|
1098.118 |
869.344 |
556.086 |
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APPLICATION OF FUNDS
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FIXED ASSETS [Net Block]
|
79.297 |
59.236 |
63.000 |
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Capital work-in-progress
|
0.000 |
0.000 |
1.286 |
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INVESTMENT
|
0.000 |
0.000 |
0.000 |
|
DEFERREX TAX ASSETS
|
12.338 |
1.544 |
0.000 |
|
|
|
|
|
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CURRENT ASSETS, LOANS & ADVANCES
|
|
|
|
|
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Inventories
|
334.064 |
253.574 |
133.839
|
|
|
Sundry Debtors
|
296.143 |
366.408 |
140.482
|
|
|
Cash & Bank Balances
|
511.321 |
223.050 |
443.460
|
|
|
Other Current Assets
|
0.000 |
0.000 |
0.000
|
|
|
Loans & Advances
|
322.589 |
535.686 |
40.762
|
Total Current Assets
|
1464.117 |
1378.718 |
758.543 |
|
Less : CURRENT LIABILITIES & PROVISIONS
|
|
|
|
|
|
|
Current Liabilities
|
368.548 |
459.886 |
263.715
|
|
|
Provisions
|
89.086 |
110.268 |
3.028
|
Total Current Liabilities
|
457.634 |
570.154 |
266.743 |
|
Net
Current Assets
|
1006.483 |
808.564 |
491.800 |
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES
|
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
TOTAL
|
1098.118 |
869.344 |
556.086 |
|
PROFIT & LOSS
ACCOUNT
|
PARTICULARS |
31.03.2007 |
31.03.2006 |
31.03.2005 |
|
|
Sales Turnover |
1643.621 |
1622.535 |
743.493 |
|
|
Other Income |
NA |
NA |
NA |
|
|
Total Income |
NA |
NA |
NA |
|
|
|
|
|
|
|
|
Profit/(Loss) Before Tax |
324.221 |
416.755 |
161.419 |
|
|
Provision for Taxation |
95.265 |
102.782 |
51.401 |
|
|
Profit/(Loss) After Tax |
228.956 |
313.973 |
110.018 |
|
|
|
|
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|
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Earnings in Foreign Currency : |
|
|
|
|
|
|
Export Earnings |
495.423 |
656.043 |
238.658 |
|
|
Commission Earnings |
4.748 |
6.892 |
11.659 |
|
|
Other Earnings |
1.669 |
4.290 |
0.000 |
|
Total Earnings |
501.840 |
667.225 |
250.317 |
|
|
|
|
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|
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|
Imports : |
|
|
|
|
|
|
Raw Materials and Components |
286.056 |
245.442 |
169.123 |
|
|
Stores & Spares, Tools |
1.902 |
3.085 |
2.295 |
|
|
Traded Goods |
189.910 |
188.467 |
59.939 |
|
|
Capital Goods |
1.117 |
0.145 |
0.000 |
|
Total Imports |
478.985 |
437.139 |
231.357 |
|
|
|
|
|
|
|
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Expenditures : |
|
|
|
|
|
|
Depreciation |
17.396 |
15.086 |
14.079 |
|
|
Interest |
0.258 |
3.525 |
1.983 |
|
|
Other Expenditure |
1301.746 |
1187.169 |
566.012 |
|
Total Expenditure |
1319.400 |
1205.780 |
582.074 |
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Earnings Per Share (Rs.) |
|
|
|
|
|
Basic |
12.05 |
16.53 |
NA |
|
|
Diluted |
11.84 |
16.23 |
NA |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2007 |
31.03.2006 |
31.03.2005 |
|
Net Profit Margin (PBT/Sales) |
(%) |
19.73
|
25.68 |
21.71 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
2.10
|
28.98 |
19.65 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.29
|
0.48 |
0.29 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
0.42
|
0.66 |
0.48 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
3.20
|
2.42 |
2.84 |
LOCAL AGENCY FURTHER INFORMATION
DETAILS OF SUNDRY
CREDITORS ARE NOT AVAILABLE.
FORM – 8
|
Name of the
company |
KEYSTONE INDIA PRIVATE LIMITED |
|
Presented By |
Shri I.S. Malhotra, the
Director |
|
Date and description
of instrument creating the change |
Agreement of Loan
Dated 18.12.1994 and Agreement of Hypothecation of Goods and Assets dated
18.12.1994. |
|
Amount secured by
the charge/amount owing on the securities of charge |
Rs.20.300 Millions (consisting of DC credit Rs.5.500 Millions, Export
Packing credit Rs.1.500 Millions, DCC on Trading Rs.2.500 Millions, D.D.P.
Inland Rs.3.500 Millions, D.D.P. Cheques Rs.0.500 Millions, Bank Guarantee
Rs.5.500 Millions and Term Loan of Rs.1.800 Millions) |
|
Short particular
of the property charged. If the property acquired is subject to charge, date
of the acquired of the property should be given |
Hypothecation of
borrower’s entire goods movables and other assets, present and future
including book-debts, outstanding moneys receivables, refund claims etc. |
|
Name and Address
and description of the person entitled to the charge. |
State Bank of |
|
Date and brief description of instrument
modifying the charge |
Supplemental Agreement
of hypothecation of goods and assets
dated 10.02.1999 and Supplemental Agreement of Loan dated 10.02.1999 for
increase in overall Limit upto Rs.45.000 Millions. |
Trade Reference:
·
Techno
Forge Limited
·
Dutta
Controls
Financial Statement:
1)
Contingent Liabilities:
(Amount in Millions)
|
|
|
31.03.2007 |
|
Claim against the
company not acknowledged as debts |
|
|
|
Income Tax |
|
|
|
A. Y. 2003-04 |
|
12.107 |
|
A. Y. 2004-05 |
|
7.033 |
|
Sales Tax |
|
0.670 |
FIXED ASSETS:
- Leasehold Improvements
- Buildings
- Plant and Machinery
- Patterns
and Tools
- Furniture and Equipments
- Office Equipment
- Computers
- Vehicles
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.45.58 |
|
|
1 |
Rs.72.79 |
|
Euro |
1 |
Rs.62.01 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
3 |
|
OPERATING SCALE |
1~10 |
3 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
3 |
|
--PROFITABILIRY |
1~10 |
3 |
|
--LIQUIDITY |
1~10 |
3 |
|
--LEVERAGE |
1~10 |
3 |
|
--RESERVES |
1~10 |
3 |
|
--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 |
NO |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
30 |
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.