MIRA
INFORM REPORT
|
Report Date : |
28.06.2011 |
IDENTIFICATION DETAILS
|
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 94, |
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Country : |
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Financials (as on) : |
31.12.2010 |
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Date of Incorporation : |
11.11.1987 |
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Com. Reg. No.: |
55-29740 |
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Capital Investment / Paid-up Capital : |
Rs.5.000 Millions |
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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. |
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No. of Employees : |
50 Approximately |
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 2100000 |
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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.
INFORMATION PARTED BY
|
Name : |
Mr. Vivek Agrawal |
|
Designation : |
Account Manager |
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Contact No.: |
91-9099986109 |
|
Date : |
24.06.2011 |
LOCATIONS
|
Registered Office : |
806, Meghdoot 94, |
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Tel. No. : |
91-11-26431054 |
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E-Mail : |
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Website : |
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Corporate Office : |
Linde House, Opp Vuda Office, |
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Tel. No. : |
91-265-3056789 |
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Fax No. : |
91-265-2335213 / 2461757 |
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E-Mail : |
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Area : |
Big Area = (Ground + 3 Floor) |
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Location : |
Leased |
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Regional Office : |
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 12.04.2011
|
Name : |
Mr. C. R. Dua |
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Designation : |
Director |
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Address : |
88, Sunder Nagar, |
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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 : |
Kreuzlingerstrabe 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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Date of Ceasing : |
04.11.2009 |
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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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Date of Ceasing : |
23.09.2010 |
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Name : |
Mr. Werner Krummet |
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Designation : |
Managing 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 : |
01.05.2010 |
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DIN No. : |
01567563 |
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Name : |
Dr. Rainhart Vogel |
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Designation : |
Managing 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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DIN No. : |
02883845 |
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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 |
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DIN No. : |
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MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 12.04.2011
|
Names of Shareholders |
|
No. of Shares |
|
AG Linde, Germany |
|
49980 |
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20 |
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Total |
|
50000 |
Equity Share Breakup (As on 12.04.2011)
|
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. |
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Exports : |
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Products : |
Engineering Services |
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Countries : |
·
·
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Terms : |
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Selling : |
Credit (30 days) |
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Purchasing : |
Cash and Credit (30 days) |
GENERAL INFORMATION
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Customers : |
MNC Company’s |
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No. of Employees : |
50 Approximately |
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Bankers : |
·
Citi Bank, Vadodara Branch ·
Deutsche Bank, Mumbai Facility : OD – 50.000 millions Bank Guarantee – 780.000 millions
Bank Guarantee – 1000.000 millions |
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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 : |
·
Linde KCA Dresden GMBH ·
Selas-Linde GMBH ·
Linde Kryotechnik AG ·
Linde BOC Process Plants LLC ·
BOC India Limited ·
Linde Cryoplants ·
Line Process Plants, Inc. ·
Linde Engineering Middle East LLC |
CAPITAL STRUCTURE
As on 12.04.2011
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 |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.12.2010 |
31.12.2009 |
31.12.2008 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
5.000 |
5.000 |
5.000 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
516.682 |
493.952 |
413.927 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
521.682 |
498.952 |
418.927 |
|
|
LOAN FUNDS |
|
|
|
|
|
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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|
|
|
|
|
|
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TOTAL |
521.682 |
498.952 |
418.927 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
86.016 |
71.315 |
80.012 |
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Capital work-in-progress |
139.169 |
0.000 |
0.000 |
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|
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INVESTMENT |
0.000 |
0.000 |
0.000 |
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|
DEFERREX TAX ASSETS |
43.167 |
31.167 |
37.367 |
|
|
|
|
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|
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CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
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Inventories |
40.090
|
26.309
|
8.029 |
|
|
Sundry Debtors |
655.229
|
649.469
|
203.960 |
|
|
Cash & Bank Balances |
615.142
|
146.570
|
400.771 |
|
|
Other Current Assets |
1.055
|
6.413
|
3.179 |
|
|
Loans & Advances |
314.797
|
240.086
|
137.880 |
|
Total
Current Assets |
1626.313
|
1068.847
|
753.819 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
362.529
|
220.270
|
164.511 |
|
|
Current Liabilities |
833.079
|
331.305
|
106.496 |
|
|
Provisions |
177.375
|
120.802
|
181.264 |
|
Total
Current Liabilities |
1372.983
|
672.377
|
452.271 |
|
|
Net Current Assets |
253.330
|
396.470
|
301.548 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
521.682 |
498.952 |
418.927 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.12.2010 |
31.12.2009 |
31.12.2008 |
|
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|
SALES |
|
|
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Income from
Engineering Services and Equipment Supply |
|
|
|
|
|
|
- Domestic |
56.348 |
12.575 |
NA |
|
|
|
- Exports |
421.430 |
294.261 |
NA |
|
|
|
Contract Revenue |
1574.948 |
1412.710 |
NA |
|
|
|
Other Income |
93.265 |
130.681 |
NA |
|
|
|
TOTAL (A) |
2145.991 |
1850.227 |
NA |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Project Supplies and Expenses |
1053.984 |
977.069 |
NA |
|
|
|
Employee Remuneration and Benefits |
711.720 |
461.133 |
NA |
|
|
|
Operating and General Expenses |
283.861 |
158.585 |
NA |
|
|
|
(Increase) / Decrease in inventory |
(13.781) |
(18.281) |
NA |
|
|
|
TOTAL (B) |
2035.784 |
1578.506 |
NA |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
110.207 |
271.721 |
NA |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
5.558 |
3.927 |
NA |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
104.649 |
267.794 |
89.760 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
33.644 |
27.942 |
24.460 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
71.005 |
239.852 |
65.300 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
(10.030) |
74.421 |
(7.910) |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
81.035 |
165.431 |
73.210 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
468.196 |
404.714 |
331.500 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Interim Dividend Paid |
50.000 |
73.000 |
0.000 |
|
|
|
Corporate Dividend Tax |
8.305 |
12.406 |
0.000 |
|
|
|
Transfer to General Reserve |
8.103 |
16.543 |
0.000 |
|
|
BALANCE CARRIED
TO THE B/S |
482.823 |
468.196 |
404.710 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Engineering Services – Export |
1027.681 |
278.517 |
388.560 |
|
|
|
Engineering Materials – Export |
83.429 |
374.837 |
0.000 |
|
|
|
Others |
7.065 |
8.728 |
0.000 |
|
|
TOTAL EARNINGS |
1118.175 |
662.082 |
388.560 |
|
|
|
|
|
|
|
|
|
|
Earnings Per Share
(Rs.) |
1621.00 |
3309.00 |
-- |
|
KEY RATIOS
|
PARTICULARS |
|
31.12.2010 |
31.12.2009 |
31.12.2008 |
|
PAT / Total Income |
(%) |
3.78
|
8.94 |
NA |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
14.86
|
78.17 |
NA |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
4.15
|
21.04 |
7.83 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.14
|
0.48 |
0.16 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
2.63
|
1.35 |
1.08 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.18
|
1.59 |
1.67 |
LOCAL AGENCY FURTHER INFORMATION
DETAILS OF SUNDRY
CREDITORS
|
Particulars |
As
on 31.12.2010 Rs.
in millions |
As
on 31.12.2009 Rs.
in millions |
As
on 31.12.2008 Rs.
in millions |
|
Dues to Micro and Small Enterprises |
0.540 |
4.535 |
1.240 |
|
Others |
361.989 |
215.735 |
163.271 |
|
Total |
362.529 |
220.270 |
164.511 |
OPERATIONS
During the year,
orders amounting to Rs.2064.590 million were completed as against Rs.1709.690
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
FUTURE OUTLOOK
The company is making
every effort to secure further orders from lndian 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.
NEW OFFICE BUILDING ON LEASE.
Company has
shifted w.e.f. 1st February, 2011 from 38 Nutan Bharat Society to
'LINDE HOUSE' Opp. VUDA Office, VIP Road, Karelibaug, Vadodara – 390 018
CONTINGENT
LIABILITIES
|
Particulars |
As
on 31.12.2010 Rs.
in millions |
As
on 31.12.2009 Rs.
in millions |
|
Guarantee given by bank on behalf of the Company for execution and performance
of contracts |
860.264 |
677.471 |
TRADE REFERENCES
·
Indian Oil Corporation
·
HPCL – Mahul (Project)
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.45.10 |
|
|
1 |
Rs.71.88 |
|
Euro |
1 |
Rs.63.75 |
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.