MIRA
INFORM REPORT
|
Report Date : |
19.03.2011 |
IDENTIFICATION DETAILS
|
Name : |
GRUNDFOS PUMPS INDIA PRIVATE LIMITED |
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Registered
Office : |
No.118 |
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Country : |
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Financials (as
on) : |
31.12.2009 |
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Date of
Incorporation : |
13.03.1998 |
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Com. Reg. No.: |
18-40102 |
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CIN No.: [Company Identification
No.] |
U29309TN1998PTC040102 |
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TAN No.: [Tax Deduction & Collection
Account No.] |
CHEG02229D |
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PAN No.: [Permanent Account No.] |
AAACG8981B |
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Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Manufacturer,
Exporter and Importer of all Kinds of Pumps like Circulator Pumps (UP),
Submersible Pumps (SP) and Centrifugal Pumps (CR). |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (45) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Maximum Credit Limit : |
USD 2300000 |
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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
|
Country Name |
Previous Rating (31.12.2009) |
Current Rating (01.04.2010) |
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|
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
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 PARTED BY
|
Name : |
Mr. Gopal |
|
Designation : |
Senior Manager Finance |
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Contact No.: |
91-44-24966800 |
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Date : |
18.03.2011 |
LOCATIONS
|
Registered Office : |
No.118 |
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Tel. No.: |
91-44-24966800/ 45966800 |
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Fax No.: |
91-44-24966868/ 45966868/ 24966969 |
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E-Mail : |
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Website : |
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Location : |
Owned |
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Regional Office : |
Located at: · Mumbai ·
·
· Kolkata ·
·
· Pune · Ahmedabad ·
· Vizag |
DIRECTORS
(AS ON 17.03.2010)
|
Name : |
Mr. Nugahalli Krishna Ranganath |
|
Designation : |
Managing Director |
|
Address : |
APT 5, Sreshtha Apartments, Old No.57, |
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Date of Birth/Age : |
13.03.1956 |
|
Date of Appointment : |
06.03.2008 |
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Email : |
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Name : |
Mr. Carlo Domenico Prola |
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Designation : |
Chairman |
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Address : |
Laskedalen 81, 8220 |
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Date of Birth/Age : |
15.02.1952 |
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Date of Appointment : |
06.03.2008 |
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Email : |
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Name : |
Mr. Keld Fensten Madsen |
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Designation : |
Director |
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Date of Birth/Age : |
21.02.1956 |
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Date of Appointment : |
25.01.1999 |
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Name : |
Mr. Knud Valdemar Mork |
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Designation : |
Director |
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Date of Birth/Age : |
11.01.1958 |
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Date of Appointment : |
23.03.2005 |
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Name : |
Mr. Bjarne Torben Madsen |
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Designation : |
Director |
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Address : |
Hobrovej 21, Hojslev 7840 Danish |
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Date of Birth/Age : |
08.01.1968 |
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Date of Appointment : |
04.03.2009 |
KEY EXECUTIVES
|
Name : |
Mr. Palamadai Subramanian Margabandu |
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Designation : |
Company Secretary |
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Date of Appointment : |
11.06.2007 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
(AS ON 17.03.2010)
|
Names of Shareholders |
|
No. of Shares |
|
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|
Nugahalli Krishna Ranganath |
|
1 |
|
Grundfos Holding AG, |
|
1373436 |
|
Grundfos A/S |
|
10 |
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Total |
|
1373447 |
(AS ON 30.06.2010)
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Category |
|
Percentage |
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Foreign holdings [Foreign institutional investors, Foreign Companies, Foreign Financial Institutions, Non-resident Indian or Overseas corporate bodies or others] |
|
99.99 |
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Directors or relatives of directors |
|
0.01 |
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|
|
|
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Total
|
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer,
Exporter and Importer of all Kinds of Pumps like Circulator Pumps (UP), Submersible
Pumps (SP) and Centrifugal Pumps (CR). |
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Exports : |
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Products : |
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Countries : |
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GENERAL INFORMATION
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Bankers : |
Not Available |
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Facilities : |
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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 : |
ASV N Ramanas Tower, |
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Tel No.: |
91-44-66885000 |
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Fax No.: |
91-44-66885050 |
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Holding Company : |
·
Grundfos Holding AG |
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Associates/Subsidiaries : |
· Grundfos A/S ·
Grundfos Pumps ·
Grundfos · Grundfos Singapore Pte Limited · Grundfos Management · Bombas Grundfos DE Mexico Manufacturing · Grundfos Distribution Services ·
Grundfos · Grundfos (PTY) Limited ·
Grundfos Manufacturing ·
|
CAPITAL STRUCTURE
Authorised Capital:
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
3000000 |
Equity Share |
Rs.100/- each |
Rs.300.000 Millions |
|
|
|
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|
Issued, Subscribed & Paid-up Capital:
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
1373447 |
Equity Share |
Rs.100/- each |
Rs.137.345
Millions |
|
|
|
|
|
NOTE:
(All the Equity Shares are held by Grundfos
Holding AG,
Of the above, 40000 shares of rs.100/- each
were issued to the shareholders of erstwhile amalgamating company of Grundfos Engineering
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.12.2009 |
31.12.2008 |
31.12.2007 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
137.345 |
137.345 |
137.345 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
427.414 |
367.275 |
258.775 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
564.759 |
504.620 |
396.120 |
|
|
LOAN FUNDS |
|
|
|
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|
1] Secured Loans |
0.000 |
0.000 |
0.000 |
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2] Unsecured Loans |
195.479 |
107.822 |
0.000 |
|
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TOTAL BORROWING |
195.479 |
107.822 |
0.000 |
|
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DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
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|
|
|
|
|
|
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TOTAL |
760.238 |
612.442 |
396.120 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
507.822 |
243.792 |
248.623 |
|
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Capital work-in-progress |
113.134 |
38.031 |
2.406 |
|
|
|
|
|
|
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INVESTMENT |
0.000 |
0.000 |
0.000 |
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DEFERREX TAX ASSETS |
55.232 |
26.439 |
9.687 |
|
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|
|
|
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CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
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Inventories |
341.656
|
365.504 |
269.998 |
|
|
Sundry Debtors |
457.175
|
381.555 |
196.510 |
|
|
Cash & Bank Balances |
86.417
|
35.751 |
32.106 |
|
|
Other Current Assets |
0.000
|
0.000 |
0.000 |
|
|
Loans & Advances |
157.309
|
111.076 |
64.982 |
|
Total
Current Assets |
1042.557
|
893.886 |
563.596 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditor |
496.059
|
362.192 |
213.131 |
|
|
Other Current Liabilities |
376.946
|
214.538 |
108.226 |
|
|
Provisions |
85.502
|
12.976 |
106.835 |
|
Total
Current Liabilities |
958.507
|
589.706 |
428.192 |
|
|
Net Current Assets |
84.050
|
304.180 |
135.404 |
|
|
|
|
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|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
760.238 |
612.442 |
396.120 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.12.2009 |
31.12.2008 |
31.12.2007 |
|
|
|
SALES |
|
|
|
|
|
|
|
TOTAL (A) |
2096.000 |
1828.000 |
1548.000 |
|
|
|
|
|
|
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|
Less |
EXPENSES |
|
|
|
|
|
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|
Office Expenses |
|
|
|
|
|
|
Administrative Expenses |
1853.568 |
1613.971 |
1248.032 |
|
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Advertising Expenses |
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|
|
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TOTAL (B) |
1853.568 |
1613.971 |
1248.032 |
|
|
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Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
242.432 |
214.029 |
299.968 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
10.065 |
5.532 |
0.263 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
232.367 |
208.497 |
299.705 |
|
|
|
|
|
|
|
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Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
36.520 |
34.409 |
32.062 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
195.847 |
174.088 |
267.643 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
68.708 |
65.447 |
95.647 |
|
|
|
|
|
|
|
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|
PROFIT AFTER TAX
(G-H) (I) |
127.139 |
108.641 |
171.996 |
|
|
|
|
|
|
|
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Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
274.795 |
166.295 |
98.191 |
|
|
|
|
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Add: |
PROFIT OF
ERSTWHILE AMALGAMATING COMPANY AS AT JAN 1, 2006 |
-- |
-- |
8.658 |
|
|
|
|
|
|
|
|
|
Less: |
PROFIT (LOSS) OF
GRUNDFOS ENGINEERING INDIA PRIVATE LIMITED – AMALGAMATING COMPANY, FOR YEAR
2006. |
-- |
-- |
0.353 |
|
|
|
|
|
|
|
|
|
Add: |
DEFERRED TAX OF
THE ERSTWHILE AMALGAMATING COMPANY ADJUSTED AGAINST RESERVE |
-- |
(0.141) |
-- |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Transfer to General Reserve |
12.714 |
-- |
17.199 |
|
|
|
Tax on Dividend |
67.000 |
-- |
94.998 |
|
|
BALANCE CARRIED
TO THE B/S |
322.220 |
274.795 |
166.295 |
|
|
|
|
|
|
|
|
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EXPORT VALUE |
56.143 |
27.154 |
NA |
|
|
|
|
|
|
|
|
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IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
1021.747 |
864.608 |
NA |
|
|
|
Capital Goods |
1.907 |
3.223 |
NA |
|
|
TOTAL IMPORTS |
1023.654 |
867.831 |
NA |
|
|
|
|
|
|
|
|
|
|
Earnings Per Share
(Rs.) |
92.57 |
79.10 |
-- |
|
KEY RATIOS
|
PARTICULARS |
|
31.12.2009 |
31.12.2008 |
31.12.2007 |
|
PAT / Total Income |
(%) |
6.07
|
5.94 |
11.11 |
|
|
|
|
|
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|
Return on Total Assets (PBT/Total Assets} |
(%) |
12.63
|
15.30 |
32.95 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.35
|
0.34 |
0.68 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
2.04
|
1.38 |
1.08 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.09
|
1.52 |
1.32 |
LOCAL AGENCY FURTHER INFORMATION
PERFORMANCE FOR
YEAR 2009:
During the year 2009, the total income of the Company grew to Rs.2,096
million from Rs.1,828 million in the
previous year.
Profit before Interest and Depreciation grew to Rs.242 Million from Rs.214 Million in the previous year,
Similarly Profit after Tax was higher at Rs.127 Million, as against Rs.109
Million during the previous year.
FIXED ASSETS:
· Land
·
Buildings on
· Buildings
· Office Equipment
· Vehicles
· Factory Equipment
· Air Conditioner
· Tools
· Plant and Machinery
· Furniture and Fixtures
· EDP Equipment
WEBSITE DETAILS:
PROFILE:
What began as a liaison office for Grundfos Gulf
Distribution in Mumbai in 1997, Grundfos India has expanded by leaps and bounds
with a Head office, Warehouse and Service-cum-Training centre in Chennai and 10
regional offices at Mumbai, Delhi, Bangalore, Kolkata, Hyderabad, Cochin, Pune,
Ahmedabad, Nagpur and Vizag.
Starting in 1998 with 4 employees and 4 distri-butors, Grundfos
In March 2005, Grundfos
Grundfos
These values and ideals are reflected not only in the pumps and pump systems
produced, but also in the relation with customers, employees, partners - and
surroundings.
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.45.09 |
|
|
1 |
Rs.72.82 |
|
Euro |
1 |
Rs.63.43 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
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 |
NO |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
45 |
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.