MIRA
INFORM REPORT
|
Report Date : |
25.05.2011 |
IDENTIFICATION DETAILS
|
Name : |
CONTROL COMPONENT INDIA PRIVATE LIMITED FLUID KINETICS INDIA DIVISION OF CONTROL COMPONENT INDIA PRIVATE
LIMITED |
|
|
|
|
Registered
Office : |
SRJ I Park 6th Floor, Warp Tower, Plot # 13, 14 and 15,
EPIP Zone, Phase – 1, Whitefield Road, Phase, Bangalore – 560066, Karnataka |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as
on) : |
31.03.2010 |
|
|
|
|
Date of
Incorporation : |
04.08.2006 |
|
|
|
|
Com. Reg. No.: |
08-040140 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs.42.407 Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U51909KA2006FT040140 |
|
|
|
|
Legal Form : |
Private Limited Liability Company |
|
|
|
|
Line of Business
: |
The Company is primarily engaged in development of engineering designs
and drawing, providing project management TI services for valves, components,
controllers and its accessories, providing call centre support services,
sales order processing and other related back office engineering support
services (collectively referred to as IT enabled services) primarily
to its group companies |
|
|
|
|
No. of Employees
: |
200 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (47) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 580000 |
|
|
|
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
Usually Correct |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is an established company having satisfactory track. The
company is doing well. 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) |
|
|
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
LOCATIONS
|
Registered Office : |
SRJ I Park 6th Floor, Warp Tower, Plot # 13, 14 and 15,
EPIP Zone, Phase – 1, Whitefield Road, Phase, Bangalore – 560066, Karnataka,
India |
|
Tel. No.: |
91-80-40303500 / 3601 |
|
Fax No.: |
91-80-40303531 / 3561 |
|
E-Mail : |
|
|
Website : |
|
|
|
|
|
Factory : |
@ Overleaf Address state of the art set up |
|
Area : |
4000 sq. ft. |
|
|
|
|
Branches : |
Located At : South America |
|
|
|
|
Overseas offices : |
·
Austria ·
Brazil ·
BRNO ·
China ·
Taiwan ·
Italy ·
Japan ·
Korea ·
Dubai ·
Canada ·
Russia ·
Singapore ·
South Africa ·
Sweden ·
Switzerland ·
UK |
DIRECTORS
AS ON 30.09.2010
|
Name : |
Mr. Subhash Narayan Chomala |
|
Designation : |
Director |
|
Address : |
Apartment No.220, Block 5, Rich Fields, Marathahalli Post, Bangalore –
560037, Karnataka, India |
|
Date of Birth/Age : |
13.10.1967 |
|
Date of Appointment : |
04.08.2006 |
|
|
|
|
Name : |
Mr. Sudheendran Vasudeva |
|
Designation : |
Director |
|
Address : |
No. 1250, 1st Floor, 11th Cross, 22nd
Main, HSR Layout Sector 1, Bangalore – 560034, Karnataka, India |
|
Date of Birth/Age : |
18.04.1974 |
|
Date of Appointment : |
18.05.2007 |
|
|
|
|
Name : |
Mr. Joe Motha |
|
Designation : |
Director |
|
Address : |
349, V Block, KHB Colony, 2nd Floor, B Cross Koramangala,
Bangalore – 560095, Karnataka, India |
|
Date of Birth/Age : |
02.02.1964 |
|
Date of Appointment : |
15.04.2008 |
|
|
|
|
Name : |
Mr. Nedumaran Kesavan |
|
Designation : |
Director |
|
Address : |
VIII, 275 Sreenilayam, Sreekrishna Temple Road, Aluva Ernakulam –
683101, Kerala, India |
|
Date of Birth/Age : |
26.08.1951 |
|
Date of Appointment : |
20.11.2009 |
|
|
|
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 30.09.2010
|
Names of Shareholders |
|
No. of Shares |
|
CCI Valve Technology GmbH, Austria |
|
1 |
|
IMI Overseas Investment Limited, United Kingdom |
|
4240693 |
|
|
|
|
|
Total |
|
4240694 |
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 |
100.00 |
|
|
|
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
The Company is primarily engaged in development of engineering designs
and drawing, providing project management TI services for valves, components,
controllers and its accessories, providing call centre support services,
sales order processing and other related back office engineering support
services (collectively referred to as IT enabled services) primarily
to its group companies |
|
|
|
|
Exports : |
|
|
Countries : |
Austria, Switzerland, USA, Sweden, Japan and Korea |
|
|
|
|
Imports : |
|
|
Countries : |
UK, Switzerland, Japan |
|
|
|
|
Terms : |
|
|
Selling : |
L/C |
|
|
|
|
Purchasing : |
L/C |
PRODUCTION STATUS : 31.03.2010
|
Particulars |
Units |
Installed Capacity |
Production Capacity |
|
|
|
|
|
|
FK Silencers |
Nos. |
NA* |
76 |
|
|
|
|
|
Note : *As Certified by the management and
relied by the auditors, being a technical matter.
GENERAL INFORMATION
|
Suppliers : |
·
IMI Plc (U.K.) ·
CCI, AG, (Switzerland) ·
CCI, KK (Japan) ·
RMS Industries (India) |
||||||||||||||||||
|
|
|
||||||||||||||||||
|
Customers : |
·
CCI Valves Technology Gmbh (Austria) ·
CCI AG, Switzerland ·
CCI RSM, California (USA) ·
CCI Valves Technology AB, (Swedan) ·
CCI KK (Japan) ·
CCI Limited (Korea) |
||||||||||||||||||
|
|
|
||||||||||||||||||
|
No. of Employees : |
200 (approximately) |
||||||||||||||||||
|
|
|
||||||||||||||||||
|
Bankers : |
Not Available |
||||||||||||||||||
|
|
|
||||||||||||||||||
|
Facilities : |
|
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
S.V. Ghatalia and Associates Chartered Accountant |
|
Address : |
13th and 13th Floor, UB City, Canberra Block, No.
24, Vittal Mallya Road, Bangalore – 560001, Karnataka, India |
|
Tel. No.: |
91-80-40275000 |
|
Fax No.: |
91-80-22106000 |
|
|
|
|
Ultimate Holding Company: |
·
IMI Plc |
|
|
|
|
Holding Company : |
·
IMI Overseas Investment Limited, United Kingdom |
|
|
|
|
Fellow Subsidiary Company : |
·
CCI Valve technology, GMBH, Austria ·
CCI AG, Switzerland ·
CCI RSM, California, USA ·
CCI Valve Technology, AB, Sweden ·
CCI KK, Japan ·
CCI Limited, Korea |
|
|
|
CAPITAL STRUCTURE
AS ON 31.03.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
10000000 |
Equity Shares |
Rs.10/- each |
Rs.100.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
4240694 |
Equity Shares |
Rs.10/- each |
Rs.42.407
Millions |
|
|
|
|
|
NOTE :
Of the above 4240693 equity shares of Rs. 10
each, fully paid up IMI overseas Investment Limited, the holding Company.
FINANCIAL DATA
[all figures are in
Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2010 |
31.03.2009 |
31.12.2007 (15 Months ) |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
42.406 |
42.406 |
30.000 |
|
|
2] Share Application Money |
0.000 |
0.000 |
10.000 |
|
|
3] Reserves & Surplus |
102.129 |
86.808 |
18.149 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
144.535 |
129.214 |
58.149 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
0.000 |
0.000 |
0.000 |
|
|
2] Unsecured Loans |
102.000 |
5.249 |
54.043 |
|
|
TOTAL BORROWING |
102.000 |
5.249 |
54.043 |
|
|
DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
246.535 |
134.463 |
112.192 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
96.283 |
89.734 |
88.492 |
|
|
Capital work-in-progress |
64.093 |
0.465 |
1.890 |
|
|
|
|
|
|
|
|
INVESTMENT |
0.000 |
0.000 |
0.000 |
|
|
DEFERREX TAX ASSETS |
7.274 |
3.207 |
2.594 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
2.032
|
2.758 |
0.000 |
|
|
Sundry Debtors |
44.139
|
28.504 |
34.895 |
|
|
Cash & Bank Balances |
19.330
|
1.597 |
0.398 |
|
|
Other Current Assets |
10.955
|
9.504 |
0.000 |
|
|
Loans & Advances |
39.209
|
20.303 |
11.306 |
|
Total
Current Assets |
115.665
|
62.666 |
46.599 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Other Current Liabilities |
32.982
|
18.344 |
24.825 |
|
|
Provisions |
3.798
|
3.265 |
2.558 |
|
Total
Current Liabilities |
36.780
|
21.609 |
27.383 |
|
|
Net Current Assets |
78.885
|
41.057 |
19.216 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
248.535 |
134.463 |
112.192 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2010 |
31.03.2009 |
31.12.2007 (15 Months ) |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
299.544 |
262.962 |
|
|
|
|
Other Income |
0.062 |
0.048 |
|
|
|
|
TOTAL (A) |
299.606 |
263.010 |
182.830 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of sales |
26.498 |
21.970 |
|
|
|
|
Personnel Cost |
123.400 |
104.987 |
|
|
|
|
Operating and Administration Expenses |
117.457 |
92.151 |
|
|
|
|
TOTAL (B) |
267.355 |
219.108 |
|
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
32.251 |
43.902 |
161.131 |
|
|
|
|
|
|
(Including |
|
|
Less |
FINANCIAL
EXPENSES (D) |
3.417 |
3.127 |
financials |
|
|
|
|
|
|
and |
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
28.834 |
40.775 |
Depreciation
expenses) |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
12.055 |
11.067 |
|
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
16.779 |
29.708 |
21.698 |
|
|
|
|
|
|
|
|
|
Less |
TAX (I) |
1.458 |
8.643 |
3.549 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-I) (J) |
15.321 |
21.065 |
18.149 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
39.215 |
18.149 |
0.000 |
|
|
|
|
|
|
|
|
|
|
BALANCE CARRIED
TO THE B/S |
54.536 |
39.215 |
18.149 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Sale of FK Silencers |
19.780 |
23.698 |
0.000 |
|
|
|
IT Enabled services |
258.161 |
234.565 |
182.262 |
|
|
TOTAL EARNINGS |
277.941 |
258.263 |
182.262 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Purchase of Software |
4.762 |
2.934 |
0.000 |
|
|
|
Capital Goods |
5.882 |
2.419 |
13.545 |
|
|
TOTAL IMPORTS |
10.644 |
5.353 |
13.545 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
3.61 |
5.57 |
31.17 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.12.2007 (15 Months ) |
|
PAT / Total Income |
(%) |
5.11
|
8.00 |
9.92 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
5.60
|
1.29 |
-- |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
7.91
|
19.49 |
16.06 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.11
|
0.22 |
0.37 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
0.00
|
0.20 |
1.40 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
3.14
|
2.89 |
1.70 |
LOCAL AGENCY FURTHER INFORMATION
NOTE :
The registered office address of the company has been shifted from A-406,
Prestige St. Jhons Woods, Chikka Adugodi Kormangala, Bangalore – 560029,
Karnataka, India to present w.e.f. 05.12.2006.
Background:
Subject ("the
Company") was incorporated on 4 August 2006 as a private limited company
under the Companies Act, 1956. The registered office of the Company is located
in Bangalore. The Company is primarily engaged in development of engineering
designs and drawing, providing project management TI services for valves,
components, controllers and its accessories, providing call centre support
services, sales order processing and other related back office engineering
support services (collectively referred to as IT enabled services) primarily
to its group companies. The Company is also engaged in manufacturing of industrial
silencers in Hosur Industrial Area, and rendering support services to customers
in India.
Financial Results,
Operations and Outlook For Future :
During the year, the company achieved an income of Rs. 299.610 millions
and an expenditure of Rs. 282.830 million, thus earning a profit of Rs. 16.780
million before tax.
The directors are hopeful of improved performance during the current
year
Fixed Assets :
·
Freehold Land
·
Leasehold Improvements
·
Furniture and Fittings
·
Office Equipments
·
Plant and Machinery
·
Computers
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. 45.25 |
|
|
1 |
Rs. 72.82 |
|
Euro |
1 |
Rs. 63.58 |
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 |
6 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
5 |
|
--CREDIT LINES |
1~10 |
5 |
|
--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 |
|
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.