MIRA
INFORM REPORT
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Report Date : |
07.03.2011 |
IDENTIFICATION DETAILS
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Name : |
SULZER PUMPS INDIA LIMITED |
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Registered Office : |
9, |
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Country : |
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Financials (as on) : |
31.12.2009 |
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Date of Incorporation : |
19.06.1974 |
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Com. Reg. No.: |
11-17561 |
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CIN No.: [Company
Identification No.] |
U99999MH1974PLC017561 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
MUMS36628E |
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PAN No.: [Permanent
Account No.] |
AAACK2238F |
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Legal Form : |
A Closely Held Public Limited Liability Company. |
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Line of Business : |
Manufacturer and Exporter of Single Stage Pumps. |
RATING & COMMENTS
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MIRA’s Rating : |
Ba (46) |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal commitments. |
Satisfactory |
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Maximum Credit Limit : |
USD 5394992 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Usually Correct |
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Litigation : |
Clear |
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Comments : |
Subject is an established company having satisfactory track. Trade
relations are reported as fair. Business is active. Payments are reported to
be usually correct 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
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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 |
INFORMATION DENIED BY
Management non co-operative (Name not disclosed)
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/ Factory : |
9, |
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Tel. No.: |
91-22-65134321 Extension 560/ 39130500 |
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Fax No.: |
91-22-27606814 |
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E-Mail : |
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Website : |
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Area : |
Owned |
DIRECTORS
As on 29.09.2010
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Name : |
Mr. Ashwin T Bondal |
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Designation : |
Director |
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Address : |
5-595m D Narendra Villal, Dr. B Ambedkar Road, Matunga, Mumbai-400019,
Maharashtra, India |
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Date of Birth/Age : |
14.03.1951 |
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Date of Appointment : |
01.08.2008 |
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Name : |
Mr. Markus A Tritschler |
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Designation : |
Director |
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Address : |
Markus Tritschler, Frohbergstieg 20 |
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Date of Birth/Age : |
18.08.1953 |
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Date of Appointment : |
09.06.2008 |
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Name : |
Mr. Clemens Bleyl |
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Designation : |
Director |
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Address : |
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Date of Birth/Age : |
08.12.1955 |
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Date of Appointment : |
15.05.2007 |
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Name : |
Ms. Heena Doshi |
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Designation : |
Director |
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Address : |
302, Mahavir Sadan, |
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Date of Birth/Age : |
25.08.1957 |
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Date of Appointment : |
25.09.2006 |
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Name : |
Mr. Pooran Tahilramaney |
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Designation : |
Director |
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Address : |
White House Apartment, 301, |
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Date of Birth/Age : |
14.04.1928 |
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Date of Appointment : |
23.06.2006 |
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Name : |
Mr. Venkatasubramanian Ramanathan |
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Designation : |
Managing Director |
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Address : |
603, Opal Powai Vihar, Powai, Mumbai-400076, |
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Date of Birth/Age : |
17.02.1961 |
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Date of Appointment : |
01.08.2009 |
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Name : |
Mr. Vijay Mattoo |
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Designation : |
Managing Director |
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Address : |
803, The Sovereign, SN-212/2, Kalayani Nagar, Pune-411 014, |
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Date of Birth/Age : |
08.12.1955 |
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Date of Appointment : |
10.09.2008 |
KEY EXECUTIVES
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Name : |
Mr. Bharat Kumar Dagha |
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Designation : |
Key Executive |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 29.06.2010
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Names of Shareholders |
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No. of Shares |
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Anil Pooran |
|
100 |
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Chetan Jayantilal Shah |
|
2000 |
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Chetan Jayantilal Shah |
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1000 |
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Heena Doshi |
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100 |
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N R Hariharan |
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100 |
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Javerbai Shivji Vikamsey |
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1000 |
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Jayantilal Premiji Shah |
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2000 |
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Jayashri Suresh Dikshit |
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100 |
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Nitin Mahadev Kane |
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100 |
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Anand S Kothekar |
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100 |
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Mayur V Shah |
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100 |
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Neemjee Gangji Shah |
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2500 |
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Pramod Kumar Singhal |
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250 |
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Pratapsey Ratansi Mercant |
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500 |
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Rajan Raghunath Raje |
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100 |
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Sadhana Hiren Dand |
|
500 |
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Shashank Chandrakant Patil |
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500 |
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Sulzer Pumps Limited |
|
2488250 |
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Theresa Joseph Aranjo |
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100 |
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Tahilramaney Pooran |
|
600 |
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Total |
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2500000 |
As on 29.06.2010
Equity Share Breakup (Percentage of Total Equity)
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Category |
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Percentage of
Holding |
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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) |
|
99.53 |
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Others |
|
0.47 |
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Total |
|
100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer and Exporter of Single Stage Pumps. |
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Products : |
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Exports : |
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Products : |
Single Stage Pumps and Industrial Pumps |
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Countries : |
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Terms : |
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Selling : |
Cash |
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Purchasing : |
Cash |
PRODUCTION STATUS (As on 31.12.2009)
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Particulars |
Unit |
Licensed
Capacity |
Installed
Capacity |
Actual
Production |
|
Pumps |
Nos. |
# |
@ |
2196 |
|
Spares |
Nos. |
# |
@ |
** |
# Not covered under the industries (Development
and Regulation) Act 1951, as certified by the management.
@ Assembled against firm orders. Hence
Installed Capacity dependent upon orders.
** Spares comprise of companies dissimilar in
nature and hence quantitative information in respect thereof has not been
furnished.
GENERAL INFORMATION
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Customers : |
OEM’s and Manufacturer |
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No. of Employees : |
100 |
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Bankers : |
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Banking
Relations : |
- |
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Auditors : |
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Name : |
Price Waterhouse Chartered Accountant |
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Address : |
252, Veer Savarkar Marg, |
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E-Mail : |
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Holding Company : |
Sulzer Pumps Limited, |
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Ultimate Holding Company: |
Sulzer Limited, |
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Associates/Subsidiaries : |
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CAPITAL STRUCTURE
As on 29.06.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
5000000 |
Equity Shares |
Rs.10/- each |
Rs.50.000 Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
2500000 |
Equity Shares |
Rs.10/- each |
Rs.25.000
Millions |
Note:
Of the above, 2488250 (Previous year 2488250) Equity
Shares of Rs. 10 each are held by Sulzer Pumps Limited, Switzerland, the
holding company, a subsidiary of Sulzer Limited, Switzerland.
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 |
25.000 |
25.000 |
25.000 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
1323.748 |
936.304 |
589.858 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
1348.748 |
961.304 |
614.858 |
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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 |
1348.748 |
961.304 |
614.858 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
304.329 |
269.820 |
246.631 |
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Capital work-in-progress |
32.014 |
54.042 |
53.997 |
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INVESTMENT |
0.000 |
0.000 |
0.000 |
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DEFERREX TAX ASSETS |
197.249 |
121.067 |
39.514 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
158.789
|
148.366
|
144.455 |
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Sundry Debtors |
1377.161
|
1011.548
|
660.169 |
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Cash & Bank Balances |
348.189
|
353.024
|
399.969 |
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Other Current Assets |
0.060
|
0.331
|
0.171 |
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Loans & Advances |
170.547
|
105.613
|
97.197 |
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Total
Current Assets |
2054.746
|
1618.882
|
1301.961 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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|
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Sundry Creditors |
521.297
|
470.109 |
780.706 |
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Other Current Liabilities |
320.268
|
306.226
|
178.798 |
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Provisions |
398.025
|
326.172
|
67.741 |
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Total
Current Liabilities |
1239.590
|
1102.507
|
1027.245 |
|
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Net Current Assets |
815.156
|
516.375
|
274.716 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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TOTAL |
1348.748 |
961.304 |
614.858 |
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PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.12.2009 |
31.12.2008 |
31.12.2007 |
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SALES |
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Income |
2892.828 |
2811.164 |
2296.340 |
|
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Service Charges |
10.943 |
9.822 |
9.570 |
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Other Income |
19.732 |
25.064 |
4.840 |
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|
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TOTAL (A) |
2923.503 |
2846.050 |
2310.750 |
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Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of Goods Sold |
1374.571 |
1432.167 |
1507.649 |
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|
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Employee Cost |
393.525 |
383.474 |
217.258 |
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|
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Administrative Expenses |
506.177 |
438.982 |
197.113 |
|
|
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TOTAL (B) |
2274.273 |
2254.623 |
1922.020 |
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|
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Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
649.229 |
591.427 |
38.873 |
|
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|
|
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|
Less |
FINANCIAL
EXPENSES (D) |
14.877 |
17.434 |
19.266 |
|
|
|
|
|
|
|
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|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
634.352 |
573.993 |
369.464 |
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|
|
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Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
43.626 |
38.301 |
35.253 |
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|
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|
PROFIT BEFORE
TAX (E-F) (G) |
590.726 |
535.692 |
334.211 |
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|
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|
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Less |
TAX (H) |
202.785 |
288.750 |
118.553 |
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PROFIT AFTER TAX
(G-H) (I) |
387.941 |
346.942 |
215.658 |
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Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
829.014 |
482.071 |
266.413 |
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|
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BALANCE CARRIED
TO THE B/S |
1216.955 |
829.014 |
482.071 |
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EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Export Earnings |
1291.837 |
933.894 |
907.070 |
|
|
|
Service Charges |
0.378 |
0.172 |
0.000 |
|
|
TOTAL EARNINGS |
1292.215 |
934.066 |
907.070 |
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IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
193.493 |
318.232 |
306.603 |
|
|
|
Trading Purchases |
14.099 |
0.000 |
266.665 |
|
|
|
Stores & Spares |
0.141 |
0.079 |
0.002 |
|
|
|
Capital Goods |
1.924 |
2.782 |
4.115 |
|
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TOTAL IMPORTS |
209.657 |
321.093 |
577.385 |
|
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|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
155.18 |
138.78 |
86.26 |
|
KEY RATIOS
|
PARTICULARS |
|
31.12.2009 |
31.12.2008 |
31.12.2007 |
|
PAT / Total Income |
(%) |
13.27
|
12.19
|
9.33 |
|
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|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
20.42
|
19.06
|
14.55 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
25.04
|
28.36
|
21.58 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.44
|
0.56
|
0.54 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
0.92
|
1.15
|
1.67 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.66
|
1.47
|
1.27 |
LOCAL AGENCY FURTHER INFORMATION
Sundry Creditors
Details:
|
Particulars
|
Rs.
In Millions 31.03.2010 |
Rs.
In Millions 31.03.2009 |
Rs.
In Millions 31.03.2008 |
|
Sundry Creditors |
|
|
|
|
Due to micro and small enterprises Due to other than micro and small enterprises |
0.000 521.297 |
0.000 470.109 |
0.000 780.706 |
PERFORMANCE
REVIEW
At the
beginning of 2009 considering the global economic crisis, the Company had anticipated
a reduction in order intake however, we are happy to report that in 2009 the
Company registered a marginal increase in order intake of 1.25% over the
previous year. The order intake in 2009 was INR 2,913 Mio as compared to INR
2,877 Mio in 2008.
In
2009 despite a sales increase of only 2.94% over 2008, the Profit before tax
increased by 10% over 2008.
The
technology transfer program embarked in 2008, continued successfully into 2009,
with the economy in general showings signs of improvement, strong growth
expected in the domestic power segment and continued availability of new
technology, the Company expects further improvement in Order Intake compared to
2009. However, pressure on margin remains.
The
Company continues to focus strongly on improving environmental, health and
safety and various measures are being implemented in relation to this.
Last
year, the company has completed successful implementation of SAP ERP system
based on Sulzer Pumps Global Template. The company has gone live in SAP as per
the schedule in the month of May 2009.
Fixed Assets:
·
·
·
·
Plant and Machinery
·
Patents, Jigs and Fixtures
·
Equipments
·
Furniture and Fixture
·
Vehicles
·
Computers
AS PER WEBSITE
Company
Overview:
Subject is a provider of innovative products and services
who can satisfy the needs in centrifugal pumping. They offer the wide portfolio
to business partners in the Oil and Gas and Hydrocarbon Processing Industries,
to contractors and operators of Pulp and Paper mills and Power Generation
Plants as well as for customers in the Water Treatment and Distribution, Food,
Metals and Fertilizer businesses. The state-of-the-art manufacturing facilities
are located on all continents with sales offices, service centers and
representatives in more than 150 countries around the globe.
Since pumping for them is not just a business but a passion,
they operate the pump industry's widest network of service centers in order to
support the clients in the operation of their pumping and other rotating
equipment. The services include training, preventive maintenance, spare parts,
replacement pumps, retrofits, field services and repairs.
In the research and development department they focus on
hydraulics, cavitation, erosion, corrosion and mechanical design as well as
product development, where the engineers work in close cooperation with the
customers to implement innovative ideas for the improvement of products and
processes throughout the total product lifecycle. The ultimate goal is to offer
each customer the pumping solution which best suits their requirements. The
expanded range of high-quality products includes both standard types and
special tailor made designs.
Resources
and Facilities:
The comprehensively equipped workshop facility has
appropriate machine tools, inspection and assembly areas to facilitate overhaul
and repair activities. Additional part manufacturing support is provided by
Sulzer Pumps global network of production facilities. The office facilities house
engineering, contract administration and sales staff providing in-house
services for most hydraulic, mechanical and metallurgical problems. For more
complex projects, full access to the Sulzer Pumps central engineering and
technology groups delivers industry leading mechanical design and hydraulic
development support.
Core Competencies
·
Repair and
refurbishment of all types of centrifugal pumps (either Sulzer or non-Sulzer
manufacture).
·
Equipment performance
and material upgrades to meet changing process requirements.
·
Provision of
skilled field personnel for on-site overhauls, supervision of installation and
commissioning work plus machinery diagnostics and trouble shooting.
·
Round the clock
emergency response cover.
·
Tailored
engineering solutions to enhance equipment reliability and effectiveness.
·
Management
services in association with long term equipment support contracts.
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.44.99 |
|
|
1 |
Rs.73.23 |
|
Euro |
1 |
Rs.62.80 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
5 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
5 |
|
--CREDIT LINES |
1~10 |
5 |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
NO |
|
--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 |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
46 |
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.