MIRA
INFORM REPORT
|
Report Date : |
07.05.2011 |
IDENTIFICATION DETAILS
|
Name : |
SIEMENS VAI METALS TECHNOLOGIES PRIVATE LIMITED (w.e.f. 17.06.2007) |
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Formerly Known
As : |
VAI ENGINEERING AND AUTOMATION PRIVATE LIMITED |
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Registered
Office : |
Infinium Digospace, Plot No. 15, Block-CP, Sector – 5 , Salt
Kolkata-700091, |
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Country : |
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Financials (as
on) : |
30.09.2009 |
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Date of
Incorporation : |
07.01.2002 |
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Com. Reg. No.: |
21-94089 |
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Capital
Investment / Paid-up Capital : |
Rs.89.060
Millions |
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CIN No.: [Company Identification
No.] |
U74210WB2002PTC094089 |
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TAN No.: [Tax Deduction &
Collection Account No.] |
CALV01293F |
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PAN No.: [Permanent Account No.] |
AABCV8348L |
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Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Providing Engineering and Automation Service in Metallurgical Industry
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No. of Employees
: |
Not Available |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (47) |
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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 1200000 |
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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 a well 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 |
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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 |
LOCATIONS
|
Registered Office : |
Infinium Digospace, Plot No. 15, Block-CP, Sector – 5 , Salt
Kolkata-700091, West |
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E-Mail : |
DIRECTORS
As on 29.03.2010
|
Name : |
Mr. Ashoke Pan |
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Designation : |
Managing Director |
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Address : |
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Date of Birth/Age : |
16.07.1955 |
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Date of Appointment : |
25.02.2004 |
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Name : |
Mr. Martin Krauss |
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Designation : |
Director |
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Address : |
Seerbergstrasse, 35 Wilhering-4073, |
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Date of Birth/Age : |
12.06.1963 |
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Date of Appointment : |
04.11.2009 |
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|
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Name : |
Mr. Werner Auer |
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Designation : |
Additional Director |
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Address : |
Teistlergutstr 5d, |
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Date of Birth/Age : |
25.04.1955 |
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Date of Appointment : |
29.09.2008 |
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Name : |
Mr. Helmut Riepl |
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Designation : |
Additional Director |
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Address : |
61 Langfeldstrasse, Plesching, |
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Date of Birth/Age : |
08.06.1953 |
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Date of Appointment : |
29.09.2008 |
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Name : |
Mr. Richard Pfeffer |
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Designation : |
Additional Director |
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Address : |
Ringsrt 52, Hemnofen - 91334 |
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Date of Birth/Age : |
03.02.1952 |
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Date of Appointment : |
29.09.2008 |
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Name : |
Mr. Robert Hans Joachim Wagner |
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Designation : |
Additional Director |
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Address : |
Suedring 25 Eckental - 90542 |
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Date of Birth/Age : |
04.09.1962 |
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Date of Appointment : |
29.09.2008 |
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Name : |
Mr. Mplero Castro Juan |
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Designation : |
Additional Director |
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Address : |
16 Loders Close |
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Date of Birth/Age : |
28.04.1960 |
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Date of Appointment : |
29.09.2008 |
KEY EXECUTIVES
|
Name : |
Sukanta Chattapadhyay |
|
Designation : |
Secretary |
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Address : |
B-5/14 ECTP Phase IV, Kolkata-700107, West |
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Date of Birth/Age : |
02.01.1965 |
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Date of Appointment : |
16.04.2002 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 29.03.2010
|
Names of Shareholders |
|
No. of Shares |
|
Siemens Vai Metals Technologies GmbH and Company, |
|
890599 |
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|
1 |
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Total |
|
890600 |
As on 29.03.2010
|
Equity Share Breakup |
|
Percentage of Holding |
|
Category |
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Foreign holdings [Foreign institutional investors, Foreign Companies, Foreign Financial Institutions, Non-resident Indian or Overseas corporate bodies or others] |
|
100.00 |
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Total |
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Providing Engineering and Automation Service in Metallurgical Industry
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GENERAL INFORMATION
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Bankers : |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
S.R. Batliboi and Associates Chartered Accountant |
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Address : |
22, |
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Tel. No.: |
91-33-66153400 |
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Fax No.: |
91-33-22817750 |
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Holding Company: |
Siemens VAI Metals Technologies |
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Fellow Subsidiaries: |
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CAPITAL STRUCTURE
As on 29.03.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
1500000 |
Equity Shares |
Rs.100/- each |
Rs.150.000 Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
890600 |
Equity Shares |
Rs.100/- each |
Rs.89.060
Millions |
FINANCIAL DATA
[all figures are in
Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
30.09.2009 |
30.09.2008 |
30.09.2007 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
89.060 |
89.060 |
89.060 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
211.950 |
104.016 |
20.324 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
301.010 |
193.076 |
109.384 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
0.000 |
0.000 |
0.000 |
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|
2] Unsecured Loans |
0.000 |
0.000 |
0.000 |
|
|
TOTAL BORROWING |
0.000 |
0.000 |
0.000 |
|
|
DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
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|
|
|
|
|
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TOTAL |
301.010 |
193.076 |
109.384 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
36.119 |
38.505 |
18.928 |
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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 |
50.856 |
47.057 |
13.441 |
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CURRENT ASSETS, LOANS & ADVANCES |
|
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Inventories |
0.000
|
0.000
|
0.000
|
|
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Sundry Debtors |
1652.630
|
550.791
|
259.844
|
|
|
Cash & Bank Balances |
558.659
|
627.953
|
225.434
|
|
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Other Current Assets |
321.123
|
278.777
|
67.558
|
|
|
Loans & Advances |
374.989
|
215.602
|
57.546
|
|
Total
Current Assets |
2907.401
|
1673.123
|
610.382
|
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
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|
Sundry Creditors |
1170.381
|
191.812 |
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Other Current Liabilities |
1402.688
|
1233.819
|
468.734
|
|
|
Provisions |
120.297
|
139.978
|
64.633
|
|
Total
Current Liabilities |
2693.366
|
1565.609
|
533.367
|
|
|
Net Current Assets |
214.035
|
107.514 |
77.015 |
|
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|
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
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|
|
|
|
TOTAL |
301.010 |
193.076 |
109.384 |
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PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
30.09.2009 |
30.09.2008 |
30.09.2007 |
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SALES |
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|
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Income |
2581.280 |
1176.640 |
671.540 |
|
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Other Income |
47.440 |
36.390 |
14.090 |
|
|
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TOTAL |
2628.720 |
1213.030 |
685.630 |
|
|
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|
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Less |
EXPENSES |
|
|
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|
|
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|
Own and Project Dedicated Expenses |
2435.810 |
1079.110 |
602.930 |
|
|
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TOTAL |
2435.810 |
1079.110 |
602.930 |
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PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION |
192.910 |
133.920 |
82.700 |
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Less/ Add |
DEPRECIATION/
AMORTISATION |
21.840 |
16.500 |
12.470 |
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PROFIT BEFORE
TAX |
171.070 |
117.420 |
70.230 |
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Less |
TAX |
63.140 |
33.730 |
23.22 |
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PROFIT AFTER TAX
|
107.930 |
83.690 |
47.010 |
|
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EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Service Income |
102.523 |
112.483 |
70.991 |
|
|
|
Export Sales |
0.000 |
17.271 |
59.053 |
|
|
TOTAL EARNINGS |
102.523 |
129.754 |
130.044 |
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IMPORTS |
20.000 |
5.951 |
9.618 |
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|
Earnings Per
Share (Rs.) |
121.19 |
93.97 |
NA |
|
KEY RATIOS
|
PARTICULARS |
|
30.09.2009 |
30.09.2008 |
30.09.2007 |
|
PAT / Total Income |
(%) |
4.11
|
6.90 |
6.86
|
|
|
|
|
|
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|
Net Profit Margin (PBT/Sales) |
(%) |
6.63
|
9.98 |
10.46
|
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|
Return on Total Assets (PBT/Total Assets} |
(%) |
5.81
|
6.86 |
1.12
|
|
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|
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|
Return on Investment (ROI) (PBT/Networth) |
|
0.57
|
0.61 |
0.64
|
|
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|
|
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|
Debt Equity Ratio (Total Liability/Networth) |
|
8.95
|
8.11 |
4.88
|
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.08
|
1.07 |
1.14
|
LOCAL AGENCY FURTHER INFORMATION
BACKGROUND:
VAI India Private Limited was incorporated as a private limited company on
13 January 1995. VAI Automation Private Limited, a company incorporated in
Pursuant to the merger, the name of VAI India Private Limited was
changed to VAI Engineering and Automation Private Limited on 2 December 2003.
Further, the name of the company has been changed to Siemens VAI Metals
Technologies Private Limited (‘VAI’ or ‘the Company’) with effect from 17 June
2007.
OPERATIONS FOR
2008-09 ANDOUTLOOK FOR 2009-10
Global economic situation was exceptional last year. Credit freeze of September
2008 led to a global recession, the market situation deteriorated drastically.
Steel demand and prices crashed blocking further growth rate in Steel
production and straining finances of most steel producers. Despite moderate
economic recovery seen in Q3 and Q4 most projects in private sector were either
delayed or put on hold. Public Sector like Steel Authority of India Ltd could
still finalize several mega projects which were planned earlier. With the
support as well as with the support from Technological Competence Centres of
Siemens VAI, they could secure most of the projects which were decided and
became effective last year.
The Company for the first time ever has achieved order intake of more
than the One Billion INR. Thank You once more for the continuous support.
As of now, client base of the company consist mainly of Government
sector. Since this sector remained unaffected by global economic turmoil, on
going recession has not affected operations of the company in any negative way
except for expected slight influence on growth rates this year.
With projected Indian Gross Domestic Production (GDP) growth exceeding
7% in 2010 and 8% in 201 1 market situation is seen stabilizing. Private sector
players are slowly reviving deferred plans of investment. ESSAR and JSW are going ahead with planned projects at
Hazira and Toranagallu. WELSPUN, and
VlRAJ have started discussions on new green field projects. At the same time
government of lndia is fully committed to investment plans of Steel companies
under its control to provide a boost to the economy. Consequently SAlL and RlNL
are expected to go ahead with announced revamps and other expansion plans. Though full revival of
investment confidence by private sector may still take some time, expansion
plans of SAlL and RlNL and green field steel plant of NMDC offer immediate
potential.
The company continued to invest in human resources and productive
infrastructure during crisis period of last year and due to the continuous
support, the company is now ready to make the best of available and emerging
opportunities.
During the last year, the turnover of the company has increased to be
2.21 times over 2008, whereas the Profit before tax has become 1.46 times over
same period. Since GDP Growth slowdown in lndia has been shallow and short
lived, the directors are hopeful of sales and profit growth in current year
also.
During the last year, the Company has initiated implementation of SAP
system in the organization (SPIRIDON).
During the last year, the company along with the relevant Centres of
Competences, has embarked upon a strategic SMART and M3 Market initiatives.
First reportable results are expected by next year.
As per the company’s continuing commitment towards its service
excellence, the authorities have renewed its certificate for IS0 9001: 2000 and
the company is committed to continue the same in future also.
To improve the presence in
FIXED ASSETS:
Tangible Assets
- Computers
- Electrical Equipments
- Furniture and Fixtures
- Motor Cars
Intangible Assets
Software
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 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.44.78 |
|
|
1 |
Rs.73.43 |
|
Euro |
1 |
Rs.65.27 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
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 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
6 |
|
--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 |
|
47 |
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.