MIRA
INFORM REPORT
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Report Date : |
31.01.2011 |
IDENTIFICATION DETAILS
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Name : |
LINDE ENGINEERING INDIA PRIVATE LIMITED (w.e.f. 18.12.2007) |
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Formality Known As : |
LINDE PROCESS TECHNOLOGIES INDIA PRIVATE LIMITED |
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Registered Office : |
806, Meghdoot |
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Country : |
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Financials (as on) : |
31.12.2009 |
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Date of Incorporation : |
11.11.1987 |
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Com. Reg. No.: |
029740 |
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CIN No.: [Company
Identification No.] |
U64203DL1987PTC029740 |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Offering Engineering, Procurement and Supply, Construction and
Commissioning Services to various types of Industries. |
RATING & COMMENTS
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MIRA’s Rating : |
A (65) |
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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 1995808 |
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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 an old and a well established company with good track.
Financial position of the company is good. Trade relations are reported as
fair. Business is active. Payments are regular and as per commitments. The company can be considered good for normal business dealings under
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 |
LOCATIONS
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Registered Office : |
806, Meghdoot, |
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Tel. No. : |
91-11-26431054 |
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E-Mail : |
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Corporate Office : |
38, Nutan Bharat Society, Alkapuri, Vadodara – 390007, Gujarat, India |
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Tel. No. : |
91-265-3056789 |
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Fax No. : |
91-265-2335213 |
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Regional Office : |
K-101/G, Sheikh Sarai, Phase II, Tel. No.: 91-11-29250270 Fax No.: 91-11-29254649 E-Mail : gaur_ak@rediffmail.com Mumbai: 02, Lokesh Co-operative Housing Society, Plot No. 27, Sector 15,
Koperkhairne, Navi Mumbai - 400709 Tel. No.: 91-22-27542699 E-Mail : veegeec@vsnl.com ‘Neethi Neekethan’ Tel No.: 91-484-2355664 E-mail: chitturs@yahoo.com |
DIRECTORS
As On : 31.05.2010
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Name : |
Mr. C. R. Dua |
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Designation : |
Director |
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Address : |
5-C, Sagar |
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Date of Birth/Age : |
30.11.1951 |
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Date of Appointment : |
11.11.1987 |
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Name : |
Mr. Werner Schwarzmeier |
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Designation : |
Director |
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Address : |
Agnesstrasse 6, 80801 Munchen |
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Date of Birth/Age : |
03.05.1949 |
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Date of Appointment : |
23.06.1995 |
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Name : |
Dr. Markus Raab |
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Designation : |
Director |
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Address : |
Kreuzlingerstr ABE 52, 82110 |
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Date of Birth/Age : |
25.04.1943 |
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Date of Appointment : |
16.02.2001 |
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Name : |
Mr. Naresh Chandra |
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Designation : |
Director |
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Address : |
C-4/4053, Vasant Vihar, |
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Date of Birth/Age : |
01.01.1934 |
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Date of Appointment : |
12.02.2004 |
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Name : |
Mr. Werner Chirstian Krumme |
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Designation : |
Director |
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Address : |
Motizburg Ortsteil, Boxdrof Waldteichstr 45A Waldteichstr |
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Date of Birth/Age : |
17.10.1950 |
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Date of Appointment : |
05.04.2007 |
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Name : |
Fr. Rainhart Vogel |
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Designation : |
Director |
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Address : |
Dresden, Gustav-Freytag_str18, Dresden, 01277, Germany |
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Date of Birth/Age : |
16.02.1961 |
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Date of Appointment : |
04.11.2009 |
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Name : |
Dr. Samir Serhan |
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Designation : |
Director |
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Address : |
AM Hochwald 30, 82319, Straberg-82319, Germany |
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Date of Birth/Age : |
03.07.1961 |
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Date of Appointment : |
04.11.2009 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 13.05.2010
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Names of Shareholders |
|
No. of Shares |
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AG Linde, Germany |
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49980 |
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Commercium Immobilie, Germany |
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20 |
Equity Share Breakup (As on 13.05.2010)
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Particulars |
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) |
100.00 |
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Total |
100.00 |
BUSINESS DETAILS
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Line of Business : |
Offering Engineering, Procurement and Supply, Construction and
Commissioning Services to various types of Industries. |
GENERAL INFORMATION
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Bankers : |
Not Available |
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Facilities : |
-- |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
Deloitte Haskins and Sells Chartered Accountant |
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Address : |
31, Nutan Bharat Society, Alkapuri, |
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Tel. No.: |
91-265-2333776 |
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Fax No.: |
91-255-2339729 |
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Holding Company : |
Linde AG, Germany |
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Fellow Subsidiaries : |
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CAPITAL STRUCTURE
As On 31.12.2009
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
100000 |
Equity Share |
Rs.100/- each |
Rs.10.000 Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
50000 |
Equity Share |
Rs.100/-
each |
Rs.5.000
Millions |
(Of the above
49,980 shares are held by Linde AG Germany – the holding company)
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
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 |
5.000 |
5.000 |
5.000 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
493.952 |
413.926 |
340.716 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
498.952 |
418.926 |
345.716 |
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LOAN FUNDS |
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1] Secured Loans |
0.000 |
0.000 |
0.000 |
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2] Unsecured Loans |
0.000 |
0.000 |
0.000 |
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TOTAL BORROWING |
0.000 |
0.000 |
0.000 |
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DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
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TOTAL |
498.952 |
418.926 |
345.716 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
71.315 |
80.011 |
79.024 |
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Capital work-in-progress |
0.000 |
0.000 |
0.701 |
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INVESTMENT |
0.000 |
0.000 |
0.000 |
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DEFERREX TAX ASSETS |
31.167 |
37.366 |
5.307 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
26.310
|
8.029
|
10.230 |
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Sundry Debtors |
668.358
|
203.730
|
231.572 |
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Cash & Bank Balances |
146.570
|
400.771
|
421.262 |
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Other Current Assets |
6.413
|
3.179
|
1.617 |
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Loans & Advances |
218.640
|
140.533
|
74.538 |
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Total
Current Assets |
1066.291
|
756.242
|
739.219 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Sundry Creditors |
356.233
|
164.510
|
132.858 |
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Current Liabilities |
150.138
|
106.496
|
122.647 |
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Provisions |
163.450
|
183.687
|
223.030 |
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Total
Current Liabilities |
669.821
|
454.693
|
478.535 |
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Net Current Assets |
396.470
|
301.549
|
260.684 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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TOTAL |
498.952 |
418.926 |
345.716 |
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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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NA |
NA |
NA |
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Other Income |
NA |
NA |
NA |
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TOTAL (A) |
NA |
NA |
NA |
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Less |
EXPENSES |
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TOTAL (B) |
NA |
NA |
NA |
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Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
NA |
NA |
NA |
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Less |
FINANCIAL
EXPENSES (D) |
NA |
NA |
NA |
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PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
267.790 |
89.760 |
286.180 |
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Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
27.940 |
24.460 |
29.090 |
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PROFIT BEFORE
TAX (E-F) (G) |
239.850 |
65.300 |
257.090 |
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Less |
TAX (I) |
74.420 |
(7.910) |
75.990 |
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PROFIT AFTER TAX
(G-I) (J) |
165.430 |
73.210 |
181.100 |
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Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
404.710 |
331.500 |
149.130 |
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Prior Period Adjustments |
0.000 |
0.000 |
2.320 |
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Less |
APPROPRIATIONS |
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Transfer to General Reserve |
16.540 |
0.000 |
0.000 |
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Dividend |
0.730 |
0.000 |
0.000 |
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|
Tax on Dividend |
12.410 |
0.000 |
0.000 |
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Transitional Gratuity Provision on A/C of
Application of revised AS-15 |
0.000 |
0.000 |
1.050 |
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BALANCE CARRIED
TO THE B/S |
540.460 |
404.710 |
331.500 |
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Earnings Per
Share (Rs.) |
3309 |
-- |
-- |
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KEY RATIOS
|
PARTICULARS |
|
31.12.2009 |
31.12.2008 |
31.12.2007 |
|
Return on Total Assets (PBT/Total Assets} |
(%) |
21.08
|
10.73
|
34.97 |
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Return on Investment (ROI) (PBT/Networth) |
|
0.48
|
0.21
|
0.82 |
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Debt Equity Ratio (Total Liability/Networth) |
|
1.34
|
1.08
|
1.38 |
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|
Current Ratio (Current Asset/Current Liability) |
|
1.59
|
1.66
|
1.54 |
LOCAL AGENCY FURTHER INFORMATION
OPERATIONS
During
the year, orders amounting to Rs.1,709.69 million were completed as against
Rs.907.38 million for the previous year. Order booking for domestic projects
has been comparatively better than last year. The Company has substantial
orders of engineering outsourcing services for export and use outside India,
primarily from Linde AG. The Company is also enhancing its engineering capacity
to almost double as compared to existing capacity
to cope up with increase in the intake of its engineering and other services
for export and use outside India.
FUTURE
OUTLOOK
The company is making every effort to secure further orders from Indian industry as well as overseas bodies for detail engineering, global procurement and project execution. The business prospects have started showing positive signs for growth in Indian as well as global industries and directors expressed keen interest to take necessary action to achieve the required growth of the company
Fixed Assets:
- Computer
Software
- Leasehold
Improvement
- Office
Equipments
- Electrical
Equipments and Installation
- Computer
Hardware
- 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 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.45.74 |
|
|
1 |
Rs.72.73 |
|
Euro |
1 |
Rs.62.73 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
7 |
|
PAID-UP CAPITAL |
1~10 |
7 |
|
OPERATING SCALE |
1~10 |
7 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
7 |
|
--PROFITABILIRY |
1~10 |
8 |
|
--LIQUIDITY |
1~10 |
8 |
|
--LEVERAGE |
1~10 |
7 |
|
--RESERVES |
1~10 |
7 |
|
--CREDIT LINES |
1~10 |
7 |
|
--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 |
|
65 |
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.