MIRA
INFORM REPORT
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Report Date : |
11.03.2011 |
IDENTIFICATION DETAILS
|
Name : |
UTC FIRE AND SECURITY INDIA LIMITED (w.e.f 12.07.2010) |
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Formerly Known
As : |
KIDDE INDIA LIMITED |
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Registered
Office : |
EL-25, TTC Industrial Estate, Mahape, Navi Mumbai – 400710, |
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Country : |
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Financials (as
on) : |
31.03.2010 |
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Date of
Incorporation : |
06.05.1981 |
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Com. Reg. No.: |
11-024364 |
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CIN No.: [Company Identification
No.] |
U29193MH1981FLC024364 |
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Legal Form : |
A closely held public limited liability company |
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Line of Business
: |
Manufacturer of
Fire Fighting Equipment |
RATING & COMMENTS
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MIRA’s Rating : |
B (27) |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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Maximum Credit Limit : |
USD 920000 |
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Status : |
Moderate |
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Payment Behaviour : |
Slow |
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Litigation : |
Clear |
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Comments : |
Subject is a subsidiary of Kidde International Limited, It is an established company having moderate track. There appears huge
accumulated losses recorded by the company. However, trade relations are
fair. Business is active. Payments are reported to be slow. The company can be considered for business dealings with some caution.
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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 |
LOCATIONS
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Registered Office : |
E_-25, TTC Industrial Estate, Mahape, Navi Mumbai – 400710, |
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Tel. No.: |
91-22-67803131 |
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E-Mail : |
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Website : |
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Branches : |
Located at:
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DIRECTORS
As On 30.09.2010
|
Name : |
Mr. Harinath Krishnamurthy |
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Designation : |
Director |
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Address : |
House 400, Lane 415, Tomson Golf Villa, Long Done Avenue, PU Dong,
Shanghai – 200122, China |
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Date of Birth/Age : |
01.03.1965 |
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Date of Appointment : |
10.10.2006 |
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DIN No.: |
01690464 |
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Name : |
Mr. William Douglas Wright |
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Designation : |
Director |
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Address : |
Villa No. 38 |
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Date of Birth/Age : |
11.07.1970 |
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Date of Appointment : |
21.11.2007 |
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DIN No.: |
02010250 |
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Name : |
Mr. |
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Designation : |
Whole Time Director |
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Address : |
D-906, Mantri Elegance, N.S. Palya, |
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Date of Birth/Age : |
20.03.1960 |
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Date of Appointment : |
01.10.2009 |
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DIN No.: |
00145316 |
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Name : |
Mr. Krishnaiah Dayyala |
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Designation : |
Managing Director |
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Address : |
139/1 Road. 3, Mallikarjuna Colony, Oldbewen Pally, Secunderabad –
500011, |
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Date of Birth/Age : |
10.07.1963 |
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Date of Appointment : |
21.04.2010 |
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DIN No.: |
03060630 |
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Name : |
Mr. Nikhil Priyavadan Pathak |
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Designation : |
Managing Director |
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Address : |
101/102, 1st Floor, Building No. 5, Garden Enclave, Near Siddhachal Pokhran Road No. 2, Thane (West), Navi
Mumbai 400610, Maharashtra, India |
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Date of Birth/Age : |
03.09.1965 |
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Date of Appointment : |
15.11.2006 |
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Date of cessation : |
31.01.2010 |
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DIN No.: |
01668137 |
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Name : |
Mr. Devendra Mehta |
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Designation : |
Whole Time Director |
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Address : |
M-25, Mahesh Colony, Jaipur – 302015, |
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Date of Birth/Age : |
19.10.1969 |
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Date of Appointment : |
08.11.2006 |
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Date of cessation : |
01.10.2009 |
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DIN No.: |
01533089 |
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Name : |
Mr. Joy Prakash Gupta |
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Designation : |
Alternate Director |
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Address : |
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Date of Birth/Age : |
28.10.1964 |
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Date of Appointment : |
18.01.2010 |
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Date of cessation : |
25.08.2010 |
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DIN No.: |
02955845 |
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Name : |
Mr. Manish Moreshwar Asarkar |
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Designation : |
Alternate Director |
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Address : |
A-103, Navbharat Co-opt Houseing Society, Plot No. 8, Sector – 02,
Panvel, Mumbai – 410206, |
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Date of Birth/Age : |
07.06.1970 |
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Date of Appointment : |
18.01.2010 |
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Date of cessation : |
25.08.2010 |
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DIN No.: |
02854527 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As On 30.09.2010
|
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 |
98.36 |
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Bodies corporate |
0.15 |
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Other top fifty shareholders |
0.33 |
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Others |
1.16 |
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Total |
100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer of
Fire Fighting Equipment |
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Products : |
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GENERAL INFORMATION
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Bankers : |
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Facilities : |
Note: Amount repayable within one year aggregate Rs. 643.979 millions
(previous period Rs. 373.752 millions) |
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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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Pan No.: |
AAEFP3641G |
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Memberships : |
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Holding Company : |
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Associates/Subsidiaries : |
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CAPITAL STRUCTURE
As On 31.03.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
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35000000 |
Equity Shares |
Rs.10/- each |
Rs. 350.000 Millions |
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Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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29221400 |
Equity Shares |
Rs.10/- each |
Rs. 292.214
Millions |
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Notes:
a. 28,692,638 (Previous Period: 28,692,638) Equity 5 hares of Rs. 10 each fully paid-up are held by Kidde
International LM., U.K., the Holding company and the ultimate holding company
15 United Technologies Corporation Inc.,
b. Of the above, 1,800,000
(Previous Period: 1,800,000) Equity Shares of Rs. 10 each have been allotted as
fully paid-up Bows Shares by way of Capitalisation of General Reserve and
Capital Reserve
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
292.214 |
292.214 |
151.808 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
406.887 |
406.887 |
406.887 |
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4] (Accumulated Losses) |
(929.949) |
(775.691) |
(598.700) |
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NETWORTH |
(230.848) |
(76.590) |
(40.005) |
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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 |
644.311 |
374.354 |
256.279 |
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TOTAL BORROWING |
644.311 |
374.354 |
256.279 |
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DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
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TOTAL |
413.463 |
297.764 |
216.274 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
132.570 |
29.913 |
24.961 |
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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INVESTMENT |
0.000 |
0.000 |
0.000 |
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DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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|
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Inventories |
86.280
|
64.416 |
31.837 |
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Sundry Debtors |
606.902
|
486.084 |
345.267 |
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Cash & Bank Balances |
24.861
|
27.382 |
18.762 |
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Other Current Assets |
81.246
|
169.240 |
104.472 |
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Loans & Advances |
94.072
|
116.174 |
99.310 |
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Total
Current Assets |
893.361
|
863.296 |
599.648 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Sundry Creditors |
297.765
|
328.091 |
243.422 |
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Other Current Liabilities |
235.181
|
218.837 |
112.554 |
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Provisions |
79.522
|
48.517 |
52.359 |
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Total
Current Liabilities |
612.468
|
595.445 |
408.335 |
|
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Net Current Assets |
280.893
|
267.851 |
191.313 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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TOTAL |
413.463 |
297.764 |
216.274 |
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PROFIT & LOSS
ACCOUNT
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|
PARTICULARS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
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SALES |
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Income |
850.115 |
1192.388 |
751.867 |
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Other Income |
26.869 |
20.084 |
20.553 |
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TOTAL (A) |
876.984 |
1212.472 |
772.420 |
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Less |
EXPENSES |
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|
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Consumption of raw material and components |
586.512 |
826.996 |
472.660 |
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Decrease/(increase) in work in progress |
(0.870) |
3.074 |
0.079 |
|
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Manufacturing and other operating expenses |
135.340 |
208.354 |
139.298 |
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|
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Employee costs |
113.625 |
109.866 |
64.479 |
|
|
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Sales, Distribution and Administration Expenses |
145.623 |
187.749 |
97.833 |
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TOTAL (B) |
980.230 |
1336.039 |
774.349 |
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Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
(103.246) |
(123.567) |
(1.929) |
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Less |
FINANCIAL
EXPENSES (D) |
45.374 |
46.553 |
22.194 |
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PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
(148.620) |
(170.120) |
(24.123) |
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Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
5.638 |
4.671 |
3.805 |
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PROFIT BEFORE
TAX (E-F) (G) |
(154.258) |
(174.791) |
(27.928) |
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Less |
TAX (I) |
0.000 |
2.200 |
1.451 |
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PROFIT AFTER TAX
(G-I) (J) |
(154.258) |
(176.991) |
(29.379) |
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Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
(821.094) |
(644.103) |
(614.724) |
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|
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|
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BALANCE CARRIED
TO THE B/S |
(975.352) |
(821.094) |
(644.103) |
|
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EARNINGS IN
FOREIGN CURRENCY |
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|
|
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|
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Export Earnings |
158.138 |
12.829 |
5.980 |
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Commission |
13.953 |
3.156 |
0.168 |
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TOTAL EARNINGS |
172.091 |
15.985 |
6.148 |
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IMPORTS |
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Raw Materials, Components and Spare parts |
229.459 |
385.730 |
184.671 |
|
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TOTAL IMPORTS |
229.459 |
385.730 |
184.671 |
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Earnings Per
Share (Rs.) |
5.28 |
8.12 |
1.94 |
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KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
PAT / Total Income |
(%) |
(17.59)
|
(14.60) |
(3.80) |
|
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|
Net Profit Margin (PBT/Sales) |
(%) |
(18.15)
|
(14.66) |
(3.71) |
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Return on Total Assets (PBT/Total Assets} |
(%) |
(15.04)
|
(19.57) |
(4.47) |
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Return on Investment (ROI) (PBT/Networth) |
|
0.67
|
2.28 |
0.70 |
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Debt Equity Ratio (Total Liability/Networth) |
|
5.44
|
12.66 |
16.61 |
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|
Current Ratio (Current Asset/Current Liability) |
|
1.46
|
1.45 |
1.47 |
LOCAL AGENCY FURTHER INFORMATION
Business Operations
and Future Outlook:
In order to reflect the name
of Parent Company i.e "United Technologies
Corporation" (UTC) and its
main business i.e. 'Fire and
Security' in the name of the Company, the name of the Company has been changed from "KIIIOE INDIA LIMITED" to "UTC FIRE AND SECURITY INDIA LIMITED" Registrar of Companies vide its
letter dated 12.07.2010, approved
the name change and issued a fresh certificate
of incorporation with the new name.
The Company has acquired the GE Security
business in
The Company is in the process of strengthening the operating processes,
exploring the possibilities for localization of products and introduction of
global products from its group
companies, in
The Company has set a clear
vision to be the leading Fire and Security
Technology and Service Provider in
Fixed Assets:
- Goodwill
- Computer
software
- Leasehold
land
- Leasehold
improvements
- Building
- Plant and
machinery
- Electrical
installations
- Furniture and
fittings
- Office equipment
- Computers
Contingent
Liabilities:
Rs.
In Millions
|
Sr. No |
Particulars |
31.03.2010 |
|
i. |
Guarantees (net of expired guarantees) issued by bank on behalf of the
company |
366.951 |
|
ii. |
Claims against the company not acknowledged as debt |
17.467 |
|
iii. |
Demands/show cause notice raised by excise authorities which are
contested by the company |
21.859 |
|
iv. |
Demands raised by the sales tax authorities against which the company
has filed appeals |
51.745 |
|
v. |
Claims of income tax receivables yet to be acknowledged by the
authorities. |
-- |
AS PER WEBSITE
DETAILS
HISTORY
The acquisition of
'Vijay' by Kidde brought together old friends who had worked together in the
wide fire protection arena.
Both groups had long
and proud histories of developing, manufacturing and distributing fire
detection and extinguishing products for all kinds of applications around the
world. Each had a strong military heritage, which led to some market-leading
technologies and products being adapted for commercial and industrial use. The
subsequent acquisition of Kidde by United Technologies Corporation brought the
Kidde and Chubb group companies under a single label "UTC Fire and
Security".
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.45.11 |
|
|
1 |
Rs.72.90 |
|
Euro |
1 |
Rs.62.56 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
3 |
|
OPERATING SCALE |
1~10 |
4 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
3 |
|
--PROFITABILIRY |
1~10 |
2 |
|
--LIQUIDITY |
1~10 |
3 |
|
--LEVERAGE |
1~10 |
3 |
|
--RESERVES |
1~10 |
2 |
|
--CREDIT LINES |
1~10 |
2 |
|
--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 |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
27 |
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.