MIRA
INFORM REPORT
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Report Date : |
16.03.2011 |
IDENTIFICATION DETAILS
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Name : |
TUSHACO PUMPS PRIVATE LIMITED |
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Registered
Office : |
601, 6th Floor, Raheja Plaza-1, ‘A’ Wing, L.B.S. Marg,
Ghatkopar (west), Mumbai – 400086, |
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Country : |
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Financials (as
on) : |
31.03.2010 |
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Date of
Incorporation : |
27.01.1984 |
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Com. Reg. No.: |
11-031941 |
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CIN No.: [Company Identification
No.] |
U29100MH1984PTC031941 |
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TAN No.: [Tax Deduction &
Collection Account No.] |
MUMT11792E |
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PAN No.: [Permanent Account No.] |
AABCT7703K |
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Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Manufacturer and Dealer of Pumps, Filters,
Valves, Mechanical Seals, Heaters, Heating Pumping Units, Repairs and
Renewals of Pumps |
RATING & COMMENTS
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MIRA’s Rating : |
Ba (50) |
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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 1816000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Subject is a well established company having satisfactory track.
General financial position is good. Trade relations are reported as fair.
Business is active. 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
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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 / Corporate and Head Office : |
(A Colfax Business Unit) 601, 6the Floor, Raheja Plaza-1, ‘A’ Wing, L.B.S.
Marg, Ghatkopar (west), Mumbai – 400086, Maharashtra, India |
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Tel. No.: |
91-22-25197300 |
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Fax No.: |
91-22-25197360 |
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E-Mail : |
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Website : |
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Factory : |
Located at |
DIRECTORS
As on 30.09.2010
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Name : |
Mr. Denis Tontodonato |
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Designation : |
Director |
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Address : |
11036, |
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Date of Birth/Age : |
26.07.1948 |
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Date of Appointment : |
23.03.2010 |
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DIN : |
03125930 |
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Name : |
Mr. William Roller |
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Designation : |
Director |
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Address : |
3153, |
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Date of Birth/Age : |
02.07.196 |
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Date of Appointment : |
23.03.2010 |
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DIN : |
03125947 |
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Name : |
Mr. Balakrishnan Vaidyanathan |
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Designation : |
Director |
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Address : |
6/152, Sriniketan, |
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Date of Birth/Age : |
27.01.1967 |
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Date of Appointment : |
22.06.2010 |
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DIN : |
03189038 |
KEY EXECUTIVES
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Name : |
Mr. Balakrishnan Vaidyanathan |
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Designation : |
Secretary |
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Address : |
6/152, Sriniketan, |
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Date of Birth/Age : |
27.01.1967 |
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Date of Appointment : |
09.08.2005 |
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PAN No.: |
AADPV5477B |
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Name : |
Mrs. Neepa S. Turakhia |
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Designation : |
Director’s Wife |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 30.09.2010
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Names of Shareholders |
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No. of Shares |
|
Allweiler Group GMBH, |
|
4035938 |
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Colfax Pumpen GMBH, |
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2 |
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Total |
|
4035940 |
As on 30.09.2010
|
Category |
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 |
97.58 |
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Other top fifty shareholders |
2.42 |
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Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer and Dealer of Pumps, Filters,
Valves, Mechanical Seals, Heaters, Heating Pumping Units, Repairs and
Renewals of Pumps |
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Products : |
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PRODUCTION STATUS AS ON (31.03.2010)
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Particulars |
Unit |
Licensed
Capacity |
Installed
Capacity |
Actual
Production |
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P.D. Pumps |
Nos. |
-- |
14000 |
9356 |
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GENERAL INFORMATION
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Bankers : |
State Bank of |
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Facilities : |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
S. R. Batliboi and Company Chartered Accountant |
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Address 1 : |
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Address 2 : |
Jalan Mill Compund, 95, Ganpatrao Kadam Marg, Lower Parel, Mumbai –
400013, |
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Address 3 : |
6th Floor, |
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Tel. No.: |
91-22-40356300 / 66579200 |
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Fax No.: |
91-22-40356400 / 22876401 |
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PAN No.: |
AALFS0506L |
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Holding Company : |
Allweiler Group GMBH |
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Ultimate Holding Company : |
Colfax Corporation |
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Fellow Subsidiaries : |
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Related Party : |
Par Telecom |
CAPITAL STRUCTURE
As on 30.09.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
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|
5,500,000 |
Equity Shares |
Rs.10/-each |
Rs.55.000 millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
4,035,940 |
Equity Shares |
Rs.10/-each |
Rs.40.359 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 |
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|
|
|
|
1] Share Capital |
40.359 |
40.359 |
40.359 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
413.714 |
319.632 |
268.957 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
454.073 |
359.991 |
309.316 |
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LOAN FUNDS |
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1] Secured Loans |
0.244 |
1.032 |
0.630 |
|
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2] Unsecured Loans |
0.000 |
0.000 |
0.000 |
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TOTAL BORROWING |
0.244 |
1.032 |
0.630 |
|
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DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
1.026 |
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TOTAL |
454.317 |
361.023 |
310.972 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
87.626 |
98.057 |
84.731 |
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Capital work-in-progress |
3.405 |
2.359 |
3.900 |
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INVESTMENT |
0.000 |
0.000 |
0.000 |
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DEFERREX TAX ASSETS |
9.725 |
9.532 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
|
|
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Inventories |
132.854
|
118.839 |
148.141 |
|
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Sundry Debtors |
119.206
|
126.878 |
105.142 |
|
|
Cash & Bank Balances |
166.528
|
84.036 |
40.594 |
|
|
Other Current Assets |
0.000
|
0.000 |
0.000 |
|
|
Loans & Advances |
36.538
|
21.753 |
18.710 |
|
Total
Current Assets |
455.126
|
351.506 |
312.587 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
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Sundry Creditors |
86.503
|
89.628 |
81.507 |
|
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Other Current Liabilities |
8.102
|
6.019 |
4.753 |
|
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Provisions |
6.960
|
4.784 |
3.986 |
|
Total
Current Liabilities |
101.565
|
100.431 |
90.246 |
|
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Net Current Assets |
353.561
|
251.075 |
222.341 |
|
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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TOTAL |
454.317 |
361.023 |
310.972 |
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PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
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|
SALES |
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Income |
606.300 |
528.900 |
429.500 |
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Other Income |
13.900 |
8.900 |
11.300 |
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TOTAL |
620.200 |
537.800 |
440.800 |
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Less |
EXPENSES |
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Office Expenses |
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Administrative Expenses |
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Advertising Expenses |
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Financial Expenses |
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Depreciation |
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TOTAL |
477.400 |
458.100 |
356.200 |
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PROFIT BEFORE
TAX |
142.800 |
79.700 |
84.600 |
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Less |
TAX |
48.700 |
29.000 |
29.400 |
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PROFIT AFTER TAX
|
94.100 |
50.700 |
55.200 |
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BALANCE CARRIED
TO THE B/S |
94.100 |
50.700 |
55.200 |
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EARNINGS IN
FOREIGN CURRENCY |
|
|
|
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|
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Export FOB Value |
55.240 |
68.818 |
57.273 |
|
|
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Commission Received |
0.741 |
2.653 |
5.135 |
|
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TOTAL EARNINGS |
55.981 |
71.471 |
62.408 |
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IMPORTS |
|
|
|
|
|
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|
Raw Materials |
157.833 |
81.924 |
46.727 |
|
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TOTAL IMPORTS |
157.833 |
91.924 |
46.727 |
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|
Earnings Per
Share (Rs.) |
23.31 |
12.56 |
13.67 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
PAT / Total Income |
(%) |
15.17
|
9.43 |
12.52 |
|
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|
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|
Net Profit Margin (PBT/Sales) |
(%) |
23.55
|
15.07 |
19.70 |
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|
Return on Total Assets (PBT/Total Assets} |
(%) |
26.31
|
17.73 |
21.29 |
|
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|
Return on Investment (ROI) (PBT/Networth) |
|
0.31
|
0.22 |
0.27 |
|
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Debt Equity Ratio (Total Liability/Networth) |
|
0.22
|
0.28 |
0.29 |
|
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|
Current Ratio (Current Asset/Current Liability) |
|
4.48
|
3.50 |
3.46 |
LOCAL AGENCY FURTHER INFORMATION
2009-2010 in
Retrospect :
During the year, the company has achieved a 15% growth in sales revenue
in the backdrop of a recessionary slowdown in the economy. The company has
shown a leap in business in the sector of power generation, oil and gas and
OEM’s business. Their profits leaped by about 85% over the previous year backed
by good aftermarket sales and margin (33%)
Operations :
During the year, the company dispatched 9356 Nos. of pumps (previous
year 9055 nos.). This year was achieved despite stiff competition in terms of
new entrants and fierce competitions. In spite of such fierce competition, the
company has maintained its leadership position in the industry.
The focus on improved customer value continues with efforts in areas of
quality up gradation, cost control and improved marketing. The company is
continuously in the process of implementing Colfax business systems (CBS) which
comprises of lean manufacturing practices and processes that would enhance the
overall productivity of the company and give the company the needed competitive
edge in the market. There have been some good improvements shown in the last 12
months.
Nature of Operations :
The company incorporated on 20.01.1984 and
commenced its manufacturing activity on 14.06.1996. The company was acquired by
Colfax Corporation a company incorporated in
FIXED ASSETS :
Plant, Machinery and Patterns
Vehicles
Electrical Installation
Furniture and Fixtures
Computers
Air Conditioners
Leasehold Improvements
Computer Sfotware
Contingent Liabilities
Tax demands in
respect of which company appeals are pending before appropriate authorities
31.03.2010 –
Rs.0.209 million
31.03.2009 –
Rs.1.788 million
Bankers Charges
Report as per Registry
|
This form is for |
Modification of
charge |
|
Charge identification
number of the modified |
90232217 |
|
Corporate
identity number of the company |
U29100MH1984PTC031941 |
|
Name of the
company |
TUSHACO PUMPS
PRIVATE LIMITED |
|
Address of the
registered office or of the principal place of business in |
601, 6the Floor, Raheja Plaza-1, ‘A’ Wing, L.B.S. Marg, Ghatkopar
(west), Mumbai – 400086, |
|
Type of charge |
Book Debts Movable Property
(not being pledge) Immovable
Property |
|
Particular of
charge holder |
State Bank of Email : sbhzomum@bom4.vsnl.net.in
|
|
Nature of
description of the instrument creating or modifying the charge |
1) Supplemental Agreement of Hypothecation of
goods and assets for increase in the over all limit. 2) Supplemental Agreement of Loan for
increase in the overall limit. 3) Letter regarding the grant of individual
limits within the overall limit. |
|
Date of instrument
Creating the charge |
28.12.2007 |
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Amount secured by
the charge |
Rs.30.000 million |
|
Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest
– 0.5% below SBH PLR of 13% PA presently @12.50% PA with monthly basis
subject to change from time to time. Terms of
Repayment – to be renewed every one year from the date of sanction. Margin – Stock – 25% Book Debts /
Receivables – 50% (45 days) Extent and
Operation of the charge – 1st Charge |
|
Short particulars
of the property charged |
1) Hypothecation of all types of Stocks. 2) Equitable mortgage of plot no.22, Village
Dhabal, Daman, 3) Hypothecation of Plant and Machinery. |
|
Date of latest
modification prior to the present modification |
04.12.2006 |
|
Particulars of
the present modification |
Total amount
secured by charge is Rs.30.000 million Cash Credit limit
is Rs.7.500 million and Bank Guarantee limit Rs.22.500 million |
AS PER WEBSITE
COMPANY PROFILE
Tushaco Pumps is a business unit of Colfax Corporation, a world leader
in the development, engineering, manufacturing, distribution, service and
support of pumping and fluid-handling systems. Colfax brings 650 years of combined
experience by bringing together the world known brands Allweiler, Baric,
Houttuin, Imo, Lubrication System Company (LSC), Warren, Tushaco and Zenith and
specializes in positive displacement and centrifugal technologies and pumping
and lubrication systems. Their products support a wide range of industries,
from Power Generation and Oil and Gas to Commercial and Navy Marine to a broad
range of Industrial applications.
Tushaco partners with its customers from the planning stage of the project till
its commissioning by delivering optimum pumping solutions. In critical fluid
handling situations where failure is not an option, they can trust Tushaco to
deliver the application expertise, product portfolio and precision performance
that comes only with the strength and reliability of a market leader.
HISTORY
Tushaco was started in 1968 in
Tushaco was the company which introduced IMO make screw pumps in
In 2005, Tushaco was acquired by Colfax Corporation,
About Colfax Corporation
Colfax
Corporation is a world leader in the development, engineering, manufacturing,
distribution, service and support of pumping and fluid-handling systems.
Specializing in positive displacement and centrifugal technologies, their
products support a wide range of industries, from Power Generation and Oil and
Gas to Commercial and Navy Marine to a
broad range of Industrial applications. For over 10 years, Colfax has remained
at the forefront of fluid-handling management by focusing on customer needs for
precision performance around the world with a portfolio of pump products, deep
expertise in critical applications, strong global resources and a company-wide
commitment to excellence through processes such as the Colfax Business System.
Colfax brings together brands that have led their markets throughout The
Americas, Europe, the Middle East,
BUSINESS SYSTEM
The Colfax Business System is their business management system,
designed to achieve world class excellence in customer satisfaction. The
system, beginning with the voice of the customer, continuously strives to
eliminate waste while improving quality, speed and value thoughout the value
stream. CBS provides a broad range of tools designed to achieve specific
business objectives, with the involvement of all associates.
The Colfax “House of CBS” provides a model for successful implementation
of the Colfax Business System.
The house begins with VOC, or “Voice of the Customer:” Meeting their customer’s
needs in Quality, Delivery and Cost (QDC) will lead to increased customer
satisfaction and profitable sales growth.
Policy Deployment links the strategic vision of the entire organization and
cascades that plan to involve each associate.
The foundation of the house is Total Associate Involvement. Without their
employees, their business would not exist. Without CBS participation from all
associates, they cannot realize their full potential.
The Colfax Business System provides tools and methodologies which drive
business improvement. The steps of the house are a suggested roadmap for implementing
CBS. For instance, benchmarking, 5-S, are the key “first steps” to
building their continuous improvement program.
Founded on lean principles, CBS is a process based on the continuous
improvement philosophy that there is “always a better way.” Therefore, CBS
is not a “project” with a defined end, but instead a culture of
customer-focused process improvement. CBS is applied to the entire
“value-stream,” meaning that it encompasses all areas of the business,
including customers and supplier partners. Each morning, ask theirself “What
will I do today, to make tomorrow better?”
“The best solutions are usually the simplest”. A cornerstone of CBS
process improvement is to “keep it simple.” The most ingenious developments
from the CBS process often seem obvious in hindsight because of the
simplicity of the solutions. Although technology can certainly play a valuable
role in business, eliminating or simplifying will often produce even greater
gains.
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.45.27 |
|
|
1 |
Rs.72.94 |
|
Euro |
1 |
Rs.63.08 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
5 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
6 |
|
--LEVERAGE |
1~10 |
6 |
|
--RESERVES |
1~10 |
5 |
|
--CREDIT LINES |
1~10 |
6 |
|
--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 |
|
50 |
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.