MIRA
INFORM REPORT
|
Report Date : |
02.06.2011 |
IDENTIFICATION DETAILS
|
Name : |
INOX INDIA LIMITED |
|
|
|
|
Registered Office : |
|
|
|
|
|
Country : |
|
|
|
|
|
Financials (as on) : |
31.03.2010 |
|
|
|
|
Date of Incorporation : |
21.12.1976 |
|
|
|
|
Com. Reg. No.: |
04-18945 |
|
|
|
|
Capital Investment / Paid-up Capital : |
Rs. 90.764 Millions |
|
|
|
|
CIN No.: [Company
Identification No.] |
U99999GJ1976PLC018945 |
|
|
|
|
TAN No.: [Tax
Deduction & Collection Account No.] |
BRDI00238A BRDI00194F |
|
|
|
|
PAN No.: [Permanent
Account No.] |
AAACI4416P |
|
|
|
|
Legal Form : |
A Closely Held Public Limited Liability Company. |
|
|
|
|
Line of Business : |
Manufacturers, Exporter and Importer of Cryogenic Tanks, Cold Converter Systems, Vacuum Insulated Tanks, Atmospheric Vaporisers, Cryo Containers, Disposable Gas Cylinder, etc. |
|
|
|
|
No. of Employees
: |
200 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
A (60) |
|
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 5487000 |
|
|
|
|
Status : |
Good |
|
|
|
|
Payment Behaviour : |
Regular |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is a well established and reputed company having fine track records. Financial Position of the company appears to be sound. Trade relations are reported as fair. Payments are reported to be regular and as per commitments.
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 : |
|
|
Tel. No.: |
91-265-2343125/ 235912/ 2343226/ 3056100/ 2343123/ 2343124/ 2653056100 |
|
Fax No.: |
91-265-2333398/ 2341449/ 2333398 |
|
E-Mail : |
|
|
Website : |
|
|
Area : |
500 sq. ft. |
|
Location : |
Owned |
|
|
|
|
Factory 1: |
Village Katol, Kalol, Near |
|
Area : |
48258 sq. mtrs. |
|
Location : |
Owned |
|
|
|
|
Factory 2: |
|
|
Location : |
Owned |
|
|
|
|
Factory : |
Located at ·
Kandala ·
Silvassa ·
Kalol ·
Gandhidham, ·
Bhuj |
DIRECTORS
AS ON 12.07.2010
|
Name : |
Mr. Devndrakumar Sidhhomal Jain |
|
Designation : |
Director |
|
Address: |
47, Golf, Links, |
|
Date of Birth: |
02.03.1929 |
|
Date of Appointment : |
16.04.1979 |
|
DIN No.: |
00029782 |
|
|
|
|
Name : |
Mr. Pavankumar Devendra Jain |
|
Designation : |
Director |
|
Address: |
31, Benzer Terrace, |
|
Date of Birth: |
17.05.1951 |
|
Date of Appointment : |
16.04.1979 |
|
DIN No.: |
00030098 |
|
|
|
|
Name : |
Mr. Vivekkumar Devenkumar Jain |
|
Designation : |
Director |
|
Address: |
47, Golf, Links, |
|
Date of Birth: |
30.08.1955 |
|
Date of Appointment : |
14.06.2007 |
|
DIN No.: |
00029968 |
|
|
|
|
Name : |
Mr. Siddharth Pavankumar Jain |
|
Designation : |
Director |
|
Address: |
Benzer Terrace, 94, Sea Face, Worli, Mumbai – 400018, |
|
Date of Birth: |
21.09.1978 |
|
Date of Appointment : |
17.03.2004 |
|
DIN No.: |
00030202 |
|
|
|
|
Name : |
Mr. Parag Padmakar Kulkarni |
|
Designation : |
Director |
|
Address: |
C -404 Samrajya Flat opposite Sabri Vidyalaya, off |
|
Date of Birth: |
07.09.1950 |
|
Date of Appointment : |
25.09.1999 |
|
DIN No.: |
00209184 |
|
|
|
|
Name : |
Mr. Ronaldo Sullam |
|
Designation : |
Director |
|
Address: |
8, |
|
Date of Birth: |
09.03.1941 |
|
Date of Appointment : |
11.03.2010 |
|
DIN No.: |
00509312 |
KEY EXECUTIVES
|
Name : |
Mr. Pavankumar Logar |
|
Designation : |
Company Secretary |
|
Address : |
102, Samrajya Flat opposite |
|
Date of Birth/Age : |
10.06.1965 |
|
Date of Appointment : |
13.12.1993 |
|
PAN.: |
AAKPL3184G |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 12.07.2010
|
Name of Shareholders |
|
No. of Shares |
|
|
|
|
|
Vivek Kumar Jain |
|
972264 |
|
Devendra Kumar Jain |
|
261362 |
|
Nandita Jain |
|
1198422 |
|
Pavan Kumar Jain |
|
1898028 |
|
Siddarth Kumar Jain |
|
1126560 |
|
Parag P. Kulkarni |
|
30100 |
|
Pavan R. Logar |
|
4600 |
AS ON 12.07.2010
Equity Share Break up (Percentage of Total Equity)
|
Category |
Percentage |
|
Bodies corporate |
0.04 |
|
Directors or relatives of Directors |
98.55 |
|
Other top fifty shareholders |
1.41 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturers, Exporter and Importer of Cryogenic Tanks, Cold Converter Systems, Vacuum Insulated Tanks, Atmospheric Vaporisers, Cryo Containers, Disposable Gas Cylinder, etc |
||||||||||||
|
|
|
||||||||||||
|
Products : |
· Cold Convertor Systems · Vacuum Insulated Tanks · Atmospheric Vaporisers · Cryo Containers · Disposable Gas Cylinders
|
||||||||||||
|
|
|
GENERAL INFORMATION
|
No. of Employees
: |
200 (Approximately) |
||||||||||||||||||
|
|
|
||||||||||||||||||
|
Bankers : |
·
Bank of
·
Centurion Bank Limited, Productivity House,
·
IDBI Bank Limited, Concorde,
·
ABN Amro Bank N.V., Alkapuri,
·
ICICI Bank Limited, ·
HDFC
Bank, ·
Standard
Chartered Bank, Abhijeet II, Ground Floor, Near Mithakali Six
Road, Ahmedabad –
380006, ·
HDFC
Bank Limited HDFC Bank House Senapati Bapat Marg,
(W), Mumbai – 400013, |
||||||||||||||||||
|
|
|
||||||||||||||||||
|
Facilities : |
Notes : 1. Foreign Currency Loan from ICICI Bank is Secured by First Charge on Wind Mill & Equitable Mortgage on land for Wind Mill. 2. Foreign Currency Loan from SCB is Secured by First
Charge by way of hypothecation on present and future movable fixed assets of
the Company except windmill and also to be secured by way of mortgage of
immovable assets of the Company except land for windmill and
further Equity Shares of Cryogenic Vessel Alternatives Inc., 3. Working Capital Loans from Banks are secured by hypothecation of Stocks and Book debts alongwith all movable assets, Present and future. |
|
|
|
|
Banking
Relations : |
Fair |
|
|
|
|
Auditors : |
|
|
Name : |
S. C. Bandi and Company Chartered Accountants |
|
Address : |
812, Maker Chamber V, 221, Nariman Point, Mumbai - 400021,
|
|
PAN.: |
AACPB7792A |
|
|
|
|
Memberships : |
·
Confederation of Indian Industry |
|
|
|
|
Associates/Subsidiaries : |
· Refron Valves Limited · Gujarat Flurochemicals Limited · Inox Air Products Limited · Inox Leisure Limited · Siddhomal Paper Conversion Company Private Lmited ·
Cryogenic Vessel Alternative Inc., ·
Inox India Limited ·
Inox Wind Limited |
CAPITAL STRUCTURE
As on 12.07.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
20000000 |
Equity shares |
Rs.10/- each |
Rs.200.000 millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
9076350 |
Equity shares |
Rs.10/- each |
Rs.90.764
millions |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
90.764 |
90.764 |
90.764 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
1281.162 |
856.033 |
606.986 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
1371.926 |
946.797 |
697.750 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
1189.709 |
248.124 |
118.964 |
|
|
2] Unsecured Loans |
0.000 |
140.000 |
100.000 |
|
|
TOTAL BORROWING |
1189.709 |
388.124 |
218.964 |
|
|
DEFERRED TAX LIABILITIES |
78.436 |
67.808 |
62.080 |
|
|
|
|
|
|
|
|
TOTAL |
2640.071 |
1402.729 |
978.794 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
573.928 |
534.205 |
508.421 |
|
|
Capital work-in-progress |
7.730 |
1.666 |
6.805 |
|
|
|
|
|
|
|
|
INVESTMENT |
1197.488 |
0.592 |
0.746 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
504.979
|
753.347 |
695.496 |
|
|
Sundry Debtors |
409.241
|
214.170 |
189.743 |
|
|
Cash & Bank Balances |
67.602
|
7.595 |
0.591 |
|
|
Other Current Assets |
3.533
|
0.704 |
0.118 |
|
|
Loans & Advances |
243.700
|
270.130 |
97.648 |
|
Total
Current Assets |
1229.055
|
1245.946 |
983.596 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
190.915
|
178.399 |
225.308 |
|
|
Other Current Liabilities |
159.075
|
185.358 |
282.109 |
|
|
Provisions |
18.528
|
16.505 |
14.133 |
|
Total
Current Liabilities |
368.518
|
380.262 |
521.550 |
|
|
Net Current Assets |
860.537
|
865.684 |
462.046 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.388 |
0.582 |
0.776 |
|
|
|
|
|
|
|
|
TOTAL |
2640.071 |
1402.729 |
978.794 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
2376.582 |
2363.625 |
1867.980 |
|
|
|
Income from Operations |
36.290 |
20.384 |
17.386 |
|
|
|
Income from Power Generation |
20.275 |
20.169 |
15.597 |
|
|
|
Other Income |
30.842 |
4.868 |
18.281 |
|
|
|
TOTAL (A) |
2463.989 |
2409.046 |
1919.244 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Increase/ decrease in Stock |
266.751 |
(81.400) |
(127.742) |
|
|
|
Consumption of materials |
1019.042 |
1336.348 |
1146.226 |
|
|
|
Manufacturing Expenses |
497.553 |
648.696 |
485.994 |
|
|
|
TOTAL (B) |
1783.346 |
1903.644 |
1504.478 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
680.643 |
505.402 |
414.766 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
32.882 |
28.384 |
18.143 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
647.761 |
477.018 |
396.623 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
37.943 |
41.667 |
25.589 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
609.818 |
435.351 |
371.034 |
|
|
|
|
|
|
|
|
|
Less |
TAX (I) |
150.750 |
133.028 |
123.015 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-I) (J) |
459.068 |
302.323 |
248.019 |
|
|
|
|
|
|
|
|
|
Less |
PRELIMINARY
EXPENSES WRITTEN OFF |
0.194 |
0.194 |
0.194 |
|
|
|
|
|
|
|
|
|
Less |
TAX RELATING TO
PRIOR YEARS (Net) |
0.000 |
(0.012) |
0.000 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
642.466 |
443.420 |
278.690 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Transfer to General Reserve |
50.000 |
50.000 |
30.000 |
|
|
|
Interim Dividend |
45.382 |
45.382 |
45.382 |
|
|
|
Tax on Dividend |
7.713 |
7.713 |
7.713 |
|
|
BALANCE CARRIED
TO THE B/S |
998.245 |
642.466 |
443.420 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
FOB Value of Exports of Goods/ Services |
848.678 |
907.778 |
682.576 |
|
|
|
Other recoveries on Exports |
39.875 |
36.231 |
28.410 |
|
|
|
EOU Exports through other in F.C. |
0.000 |
154.218 |
111.823 |
|
|
TOTAL EARNINGS |
888.553 |
1098.227 |
822.809 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
375.793 |
599.317 |
556.299 |
|
|
|
Stores & Spares |
1.432 |
1.832 |
1.440 |
|
|
|
Capital Goods |
27.219 |
4.877 |
5.446 |
|
|
TOTAL IMPORTS |
404.444 |
606.026 |
563.185 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
50.58 |
33.31 |
27.33 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
PAT / Total Income |
(%) |
18.63
|
12.55 |
12.92 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
25.66
|
18.42 |
19.86 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
33.82
|
24.45 |
24.87 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.44
|
0.46 |
0.53 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
1.13
|
0.66 |
1.06 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
3.33
|
3.28 |
1.88 |
LOCAL AGENCY FURTHER INFORMATION
STRATEGIC ACQUISITION
During the year, the Company has made investment in 70%
equity shares of Cryogenic Vessels Alternatives Inc. (CVA Inc.), a
As required under Section 212 of the Companies Act, 1956, a
statement of the Company’s interest in Cryogenic Vessel Alternatives Inc.,
alongwith the Balance Sheet, Profit and Loss Account and Auditors’ Report of
Cryogenic Vessel Alternatives Inc. with it’s subsidiaries viz. CVA Canada Inc.
and CVA China LLC are annexed hereto.
Performance:
The company has been able to achieve sales turnover of Rs.2464.000 Millions, achieving growth of 2.28%; despite depressed market for capital goods. The profit of Rs.459.100 Millions, after tax has however continued to grow at 52%.
Contingent
Liabilities not provided for in respect of:-
|
Particulars |
As on 31.03.2010 (Rs. in Millions |
As on 31.03.2009 (Rs. in Millions) |
|
Guarantees given by Banks |
290.887 |
396.964 |
|
Disputed Excise Duty Matters |
7.297 |
5.291 |
|
Disputed Income Tax Matters |
5.663 |
6.311 |
|
Disputed Service Tax Matters |
1.260 |
0.127 |
|
Disputed Custom Duty Matters |
2.850 |
2.525 |
|
Claims against the Company not acknowledged as debts i)In respect of labour matters ii) Others |
Amount Not Ascertainable 2.796 |
Amount Not Ascertainable 2.796 |
FORM 8:
|
Corporate
identity number of the company |
U99999GJ1976PLC018945 |
|
Name of the
company |
INOX INDIA
LIMITED |
|
Address of the
registered office or of the principal place of business in |
|
|
This form is for |
Modification of Charge |
|
Type of charge |
Immovable
Property |
|
Particular of
charge holder |
Standard Chartered
Bank, Abhijeet II,Ground Floor, Near Mithakali Six Roads, Ahmedabad- 380006,
Gujarat, India |
|
Nature of
description of the instrument creating or modifying the charge |
Registered
Memorandum of Entry. |
|
Date of
instrument Creating the charge |
25.11.2010 |
|
Amount secured by
the charge |
Rs.135.600
Millions |
|
Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest:
As per Facility
Agreement. Terms of
Repayment: 16 quarterly equal
installments from the end of 15th month from the disbursement.. Margin: As applicable if
any. Extent and
Operation of the charge: Secured by way of
first charge on Immovable Properties of the Company except immovable assets
specifically mortgaged to ICICI Bank for its term loan. More Particularly
described in Second Schedule of attached Memorandum of Entry dated 25.11.2010 Others: Security of first
charge on Immovable Properties of the Company (except immovable assets specifically
mortgaged to ICICI Bank for its term loan) has been created in favour of
Standard Chartered Bank for the purpose of securing External Commercial
Borrowing to the extent of USD 3 mio(facility amount) granted to Inox India
Limited. For the purpose of filing Form 8, the facility amount equivalent in
Indian Rupees has being calculated at the prevailing foreign currency
exchange rate. |
|
Short particulars
of the property charged |
|
|
Particulars of
the present modification |
By present
modification existing charge of USD 3 mio(Equivalent to INR 135.600 Millions)
for Inox India Limited is now also secured by first charge on Immovable
Properties of the Company except immovable assets specifically mortgaged to
ICICI Bank for its term loan. More Particularly described in Second Schedule
of attached Memorandum of Entry dated 25.11.2010. All the other terms and
conditions remain unchanged. |
FIXED ASSETS:
Tangible Assets:
· Land - Freehold
· Buildings
· Plant and Machinery
· Cylinders on Lease
· Wind Mill
· Electrical Installations
· Office equipments
· Air conditioners
· Furniture and Fixtures
· Vehicles
Intangible Assets:
· Technical Know – how
· Software
OTHER INFORMATION:
The provisions relating to licensed capacity
are not applicable to the business of the company except for disposable Gas
cylinder being 100% EOU Unit in which registered Capacity is same as of the
Installed capacity.
WEBSITE
DETAILS:
Profile:
In a few short years since its inception in 1992, has grown
to become a market leader in the highly challenging field of vacuum insulated
cryogenic equipment in
Subject is part of a US$2 billion capital INOX Group of
Professionally managed companies, having prominent position in varied business
activities spanning from Industrial gases, Cryogenics, Refrigerants, Chemicals,
Carbon Credits, Renewable Energy to Family entertainment.
Subject has its factory at Kalol
near Vadodara and Kandla near Gandhidham,
Kalol Plant
INOX India’s modern plant is
located at Kalol, near Vadodara, in
Spread over 30,000 m2, and 19,000
m2 workshop areas, this plant is manned by more than 280 engineers, technicians
and support staff. Kalol works is accredited with ASME “U” stamp and all
approvals and certification required for cryogenic product manufacturing.
Kalol plant manufactures perlite
and super-insulated cryogenic tanks & containers, the latest generation
standard customer station tanks, large bulk storage tanks, LN2 Dewars , all
types of transport tanks, micro bulk storage units, vaporizers, pressure
regulating and control skids, CO2 based dry cleaning machines, deposable
cylinders, and customized equipment.
Self reliant with ‘dish’ head
spinning machine shop providing high quality dished ends for inner and outer
vessels. Cryogenic tank repair and rehab facility offers long term support to
our valued customers.
Kalol Plant
Operational since 2007 with a
strategic advantage of location very near major sea-ports, INOX India’s new
Kandla plant is a major boost to our production capacity, allowing us to enter
newer markets.
Spread over 39,000 m2 total area,
this plant is located in a Special Economic Zone (SEZ) at Kutchh,
Kandla work is accredited with
ASME “U” stamp and all approvals and certification required for cryogenic
product manufacturing.
Kandla plant manufactures standard
customer station tanks, large bulk storage tanks, flat bottom tanks, water bath
vaporizers, pressure regulating and control skids and specially engineered
equipment.
To name a
few...
· Three axis seam tracking devices on column and boom welding machines ensure precision during automatic welding.
·
In house X-ray and
Gamma ray facility.
·
Special purpose equipments
for perfect insulation.
·
Pre-pinching with
digital readout system provides accuracy in large width plate rolling
machine.
·
High pressure water
jet cleaning system for thorough cleaning required in oxygen duty.
·
Helium Leak
detection for absolute vacuum tightness.
·
Two stage
vacuum pumping system for better ultimate vacuum.
Press Release
INOX India Limited,
INOX India is a leading global player with product offerings
that span the entire cryogenic value chain including storage, transportation
and distribution. Its market presence extends across nearly 100 countries and
its wide product range is used in various industries such as Industrial Gases,
LNG Distribution, CryoBio Medical and Scientific research in Space, Nuclear and
Superconductivity. Cryogenic Vessel Alternatives, with revenues of
approximately US $60 Million last year, has comprehensive manufacturing and
repair facilities for cryogenic transportation equipment at Mont Belvieu,
While INOX India leads the market in stationary storage tanks, CVA is a specialist in large cryogenic transport tanks and mobile Oil/Gas Field pumping units. This complementary market leadership, know-how and product range between the two companies will strengthen their current positions around the world. Both INOX and CVA will continue to offer their customers great products and services, while enhancing their current product offerings globally. The synergies of both these companies and the reinforced depth of talent and expertise will create an unmatched technical knowledge pool and provide a strong platform for sustainable growth and ongoing success
Chris Carr, Hector Villarreal and Dean Corbin, erstwhile owners of CVA, will continue to play leadership roles and leverage the significant geographical market and product synergies resulting from this new partnership.
Speaking at the occasion Mr. Parag P. Kulkarni, Director and
CEO, INOX India said, The completion of this acquisition by INOX India is a
major step forward in our global strategy and represents an exciting future for
both businesses.
Mr. Chris Carr, CEO of CVA commented that, Together we are a balanced company, strategically well placed to compete at the leading edge of a rapidly growing cryogenic industry
INOX India Ltd
Established in 1992, INOX India Ltd. is part of the INOX
Group which has interest in diverse businesses including Industrial Gases,
Refrigerant Gases, Fluoro Chemicals, PTFE, Renewable Energy, Cryogenic
Equipment and Entertainment. Over a short span, INOX India has secured its
position as a global player, offering total solutions in cryogenic storage,
transportation and distribution engineering across nearly 100 countries with
exports accounting to almost 60%. It is also one of the five top manufacturers
of disposable refrigerant gas cylinders globally. It has three ultra modern
facilities in
Cryogenic Vessel Alternatives (CVA)
CVA is the
worlds largest manufacturer of cryogenic transportation equipment like Transport
Trailers, Truck Mount Trailers, ISO / IMO Containers and mobile Oil/Gas Field
pumping units. It has comprehensive manufacturing and repair facilities for
cryogenic transportation equipment and mobile Oil/Gas Field pumping units, with
presence across
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] 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.44.89 |
|
|
1 |
Rs.73.84 |
|
Euro |
1 |
Rs.64.76 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
7 |
|
PAID-UP CAPITAL |
1~10 |
6 |
|
OPERATING SCALE |
1~10 |
7 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
7 |
|
--PROFITABILIRY |
1~10 |
6 |
|
--LIQUIDITY |
1~10 |
7 |
|
--LEVERAGE |
1~10 |
6 |
|
--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 |
|
60 |
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.