MIRA
INFORM REPORT
|
Report Date : |
15.07.2011 |
IDENTIFICATION DETAILS
|
Name : |
FL SMIDTH PRIVATE LIMITED |
|
|
|
|
Registered Office : |
|
|
|
|
|
Country : |
|
|
|
|
|
Financials (as on) : |
31.03.2010 |
|
|
|
|
Year of Establishment: |
18.04.2000 |
|
|
|
|
Com. Reg. No.: |
18-44765 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs.268.433 Millions |
|
|
|
|
CIN No.: [Company
Identification No.] |
U26941TN2000PTC044765 |
|
|
|
|
TAN Number: |
CHEF02179C |
|
|
|
|
Legal Form : |
Private Limited Liability Company |
|
|
|
|
Line of Business : |
Manufacturers and Exporters of Industrial Coolers, Oil Coolers,
Industrial Oil Coolers, Panel Coolers, etc. |
|
|
|
|
No. of Employees : |
Not Available |
RATING & COMMENTS
|
MIRA’s Rating : |
A (67) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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 |
|
Maximum Credit Limit : |
USD 25000000 |
|
|
|
|
Status : |
Good |
|
|
|
|
Payment Behaviour : |
Regular |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is a subsidiary of FL SMIDTH AND COMPANY It is a well established company having good track. Financial position
of the company appears to be sound. Directors are reported to be experienced
an Company can be considered good for normal 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 : |
|
|
|
|
|
Factory : |
34, |
|
Tel. No.: |
91-44-4748-3000 |
|
Fax No.: |
91-44-2474-0301 |
|
|
|
|
Corporate Office : |
FLSmidth House, 34, Egatoor, Kelambakkam (Rajiv Gandhi Salai –
Chennai) |
|
Tel. No.: |
91-44-47481000 / 27411000 |
|
Fax No.: |
91-44-27470301/ 0302 |
|
E-Mail : |
|
|
|
|
|
Overseas Office : |
Located at ·
·
|
DIRECTORS
As on : 27.09.2010
|
Name : |
Mr. Rasmussen H Jorgen |
|
Designation : |
Director |
|
Address : |
Vallerod Danevej, DK 2060, Runosted, |
|
Date of Birth/Age : |
25.06.9152 |
|
Date of Appointment : |
22.08.2006 |
|
|
|
|
Name : |
Mr. Tofte Erix Poul |
|
Designation : |
Director |
|
Address : |
Oestererogade, 106 2 Pin Dx – 2100, |
|
Date of Birth/Age : |
16.07.1956 |
|
Date of Appointment : |
22.08.2006 |
|
|
|
|
Name : |
Ms. Malini N Harish |
|
Designation : |
Director |
|
Address : |
1702, |
|
Date of Birth/Age : |
20.03.1948 |
|
Date of Appointment : |
22.08.2006 |
|
|
|
|
Name : |
Mr. Erik Birch |
|
Designation : |
Director |
|
Address : |
Hellerupvej 58, 3th 2900, Hellerup 2900, |
|
Date of Birth/Age : |
24.02.1953 |
|
Date of Appointment : |
28.01.2009 |
|
|
|
|
Name : |
Mr. N Shankar |
|
Designation : |
Director |
|
Address : |
202, |
|
Date of Birth/Age : |
10.11.1945 |
|
Date of Appointment : |
22.08.2006 |
|
|
|
|
Name : |
Mr. Bech C Anders |
|
Designation : |
Director |
|
Address : |
2/515, |
|
Date of Birth/Age : |
23.10.1960 |
|
Date of Appointment : |
21.07.2006 |
|
|
|
|
Name : |
Mr. Jhon Francis Martz |
|
Designation : |
Director |
|
Address : |
65 Sokol Dr. Kutztown PA, 19530, |
|
Date of Birth/Age : |
19.09.1957 |
|
Date of Appointment : |
10.09.2009 |
|
|
|
|
Name : |
Mr. Edge Michael Rudolph |
|
Designation : |
Director |
|
Address : |
Crystal Cova Flat 11, IIIrd Floor, 59, Satadev MRC Nagar, Chennai –
600028, |
|
Date of Birth/Age : |
10.10.1946 |
|
Date of Appointment : |
10.07.2009 |
|
|
|
|
Name : |
Mr. V Vijayagopal |
|
Designation : |
Director |
|
Address : |
GF 2, Akshaya 12, Hamie |
|
Date of Birth/Age : |
22.03.1962 |
|
Date of Appointment : |
06.11.2000 |
|
|
|
|
Name : |
Mr. Maitra Gutam |
|
Designation : |
Director |
|
Address : |
Flat 8E, Blaock 3 B Rani, Meyyammai Towers, 66/122 Sathiadev AVE MRC
Nagar, Chennai – 600028, Tamilandu, India |
|
Date of Birth/Age : |
30.06.1956 |
|
Date of Appointment : |
10.07.2009 |
|
|
|
|
Name : |
Mr. Martin Stig Solberg |
|
Designation : |
Additional Director |
|
Address : |
2/227, |
|
Date of Birth/Age : |
20.08.1974Flat 8 |
|
Date of Appointment : |
29.04.2009 |
|
|
|
|
Name : |
Mr. Sridharan Natrajan |
|
Designation |
Director |
|
Address : |
D-2, New No.4, Old No.40, Saravana Stree, T. Nagar, Chennai – 600017, |
|
Date of Birth/Age : |
19.09.1952 |
|
Date of Appointment : |
19.08.2009 |
|
|
|
|
Name : |
Mr. Hansen Moltke Bjarne |
|
Designation : |
Managing Director |
|
Address : |
Dronn Margrethes Vej 36, |
|
Date of Birth/Age : |
11.10.1961 |
|
Date of Appointment : |
06.05.2010 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on : 27.09.2010
|
Names of Shareholders |
|
No. of Shares |
|
|
|
|
|
Flsmidth Minerals Holding |
|
1699900 |
|
Flsmidth Minerals Holding Aps and Flsmidth
A/S, |
|
100 |
|
Flsmidth Minerals Holding |
|
24143314 |
|
|
|
|
|
Total |
|
25843314 |
As on : 27.09.2010
|
Category |
Percentage |
|
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 |
|
Bodies corporate |
0.00 |
|
Directors or relatives of Directors |
0.00 |
|
Other top fifty shareholders |
0.00 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturers and Exporters of Industrial Coolers, Oil Coolers,
Industrial Oil Coolers, Panel Coolers, etc. |
||||||||
|
|
|
||||||||
|
Products: |
|
GENERAL INFORMATION
|
No. of Employees : |
Not Available |
|||||||||||||||||||||||||||||||||
|
|
|
|||||||||||||||||||||||||||||||||
|
Bankers : |
|
|||||||||||||||||||||||||||||||||
|
|
|
|||||||||||||||||||||||||||||||||
|
|
|
|||||||||||||||||||||||||||||||||
|
Facilities : |
|
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
Deloitte Haskins and Sells Chartered Accountant |
|
Address : |
No. 5, Nandanam Extension, |
|
Tel. No.: |
91-44-24345726 |
|
Fax No.: |
91-44-24346079 |
|
|
|
|
Holding Company : |
|
|
|
|
|
Ultimate Holding Company: |
|
|
|
|
|
Fellow Subsidiary Companies : |
|
|
|
|
|
Subsidiary Company : |
|
CAPITAL STRUCTURE
As on : 31.03.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
27000000 |
Equity Shares |
Rs.10/- each |
Rs.270.000 Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
26843314 |
Equity Shares |
Rs.10/- each |
Rs.268.433
Millions |
(All of the above
shares are held by FLSmidth Minerals Holding Aps.
FINANCIAL DATA
[all figures are in
Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2010 |
31.03.2009 |
31.12.2007 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
268.433 |
268.433 |
20.000 |
|
|
2] Share Application Money |
0.000 |
0.000 |
98.433 |
|
|
3] Reserves & Surplus |
5909.757 |
4711.973 |
1801.731 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
6178.190 |
4980.406 |
1920.164 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
16.160 |
32.545 |
3.635 |
|
|
2] Unsecured Loans |
0.000 |
99.056 |
0.527 |
|
|
TOTAL BORROWING |
16.160 |
131.601 |
4.162 |
|
|
DEFERRED TAX LIABILITIES |
57.989 |
30.524 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
6252.339 |
5142.531 |
1924.326 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
1684.732 |
1894.750 |
1007.253 |
|
|
Capital work-in-progress |
3.997 |
43.266 |
119.708 |
|
|
|
|
|
|
|
|
INVESTMENT |
2492.813 |
1323.985 |
638.442 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
5.101 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
414.598
|
296.458 |
285.619 |
|
|
Sundry Debtors |
7509.923
|
6876.712 |
2893.370 |
|
|
Cash & Bank Balances |
976.037
|
1169.760 |
664.168 |
|
|
Other Current Assets |
0.000
|
0.000 |
0.000 |
|
|
Loans & Advances |
2006.519
|
2398.994 |
837.625 |
|
Total
Current Assets |
10907.077
|
10741.924 |
4680.782 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Other Current Liabilities |
8359.135
|
8596.081 |
4423.516 |
|
|
Provisions |
477.145
|
265.313 |
103.444 |
|
Total
Current Liabilities |
8836.280
|
8861.394 |
4526.960 |
|
|
Net Current Assets |
2070.797
|
1880.530 |
153.822 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
6252.339 |
5142.531 |
1924.326 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2010 |
31.03.2009 |
31.12.2007 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
14750.683 |
18819.067 |
6494.140 |
|
|
|
Other Income |
446.695 |
408.327 |
260.206 |
|
|
|
TOTAL |
15197.378 |
19227.394 |
6754.346 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Administrative Expenses |
|
|
|
|
|
|
Advertising Expenses |
13413.448 |
16626.083 |
5845.763 |
|
|
|
Interest |
|
|
|
|
|
|
Depreciation |
|
|
|
|
|
|
TOTAL |
13413.448 |
16626.083 |
5845.763 |
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX |
1783.930 |
2601.311 |
908.583 |
|
|
|
|
|
|
|
|
|
Less |
TAX |
594.756 |
959.288 |
335.494 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
|
1189.174 |
1642.023 |
573.089 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
1112.232 |
1714.001 |
111.141 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Transfer to General Reserve |
0.000 |
(15.650) |
(16.828) |
|
|
|
Transfer to Foreign Projects Reserves
Account |
8.072 |
40.692 |
46.600 |
|
|
BALANCE CARRIED
TO THE B/S |
2309.479 |
1112.232 |
1714.001 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN FOREIGN
CURRENCY |
|
|
|
|
|
|
|
Export Earnings |
535.515 |
1659.651 |
434.515 |
|
|
|
Commission Earnings |
7.522 |
7.420 |
0.468 |
|
|
|
Technical Services |
1190.479 |
1732.153 |
728.331 |
|
|
|
Other Earnings |
5.661 |
0.000 |
0.000 |
|
|
TOTAL EARNINGS |
1739.177 |
3399.224 |
1163.314 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw material |
47.642 |
123.426 |
115.840 |
|
|
|
Capital material |
9.692 |
77.997 |
113.773 |
|
|
|
Spares and components |
1086.073 |
1631.500 |
764.353 |
|
|
TOTAL IMPORTS |
1143.407 |
1832.923 |
993.966 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
44.29 |
132.75 |
21.34 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.12.2007 |
|
PAT / Total Income |
(%) |
7.82
|
8.54 |
8.48 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
12.09
|
143.00 |
13.99 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
14.16
|
20.58 |
15.97 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.28
|
0.52 |
0.47 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
1.43
|
1.80 |
2.35 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.23
|
1.21 |
1.03 |
LOCAL AGENCY FURTHER INFORMATION
PERFORMANCE REVIEW :
The performance of the company was
satisfactory during the period
FIXED ASSETS:
- Equipment (R
and D)
- Plant and
Machinery
- Electrical
Installation
- Drawing
Equipments
- Computers
- Refrigerator
and Air Conditioners
- Furniture,
Fixtures and Office Equipments
- Vehicles
- Leasehold
- Assets held
for disposal
- Temporary
Structure
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.44.53 |
|
|
1 |
Rs.71.80 |
|
Euro |
1 |
Rs.63.15 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
7 |
|
OPERATING SCALE |
1~10 |
8 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
8 |
|
--PROFITABILIRY |
1~10 |
8 |
|
--LIQUIDITY |
1~10 |
8 |
|
--LEVERAGE |
1~10 |
7 |
|
--RESERVES |
1~10 |
8 |
|
--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 |
|
67 |
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.