MIRA
INFORM REPORT
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Report Date : |
30.05.2011 |
IDENTIFICATION DETAILS
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Name : |
FLSMIDTH MINERALS PRIVATE LIMITED (w.e.f. 2004) |
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Formerly Known As : |
FULLER K C P MINERALS FFE MINERALS INDIA PRIVATE LIMITED |
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Registered Office : |
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Country : |
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Financials (as on) : |
31.03.2008 |
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Date of Incorporation : |
03.01.1996 |
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Com. Reg. No.: |
034056 |
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Capital Investment / Paid-up Capital : |
Rs.10.000 Millions |
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CIN No.: [Company
Identification No.] |
U14299TN1996PTC034056 |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Manufacturers and Exporter of Cement Machineries. The Subject also
supplying feeding, sizing, crushing and screening equipments |
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No. of Employees : |
1000 (Approximately) |
RATING & COMMENTS
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MIRA’s Rating : |
B |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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Maximum Credit Limit : |
USD 5019508 |
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Status : |
Moderate |
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Payment Behaviour : |
Unknown |
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Litigation : |
Clear |
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Comments : |
Subject is an established company having moderate track. The
management has not filed the financials of the company with the government
departments after 2008. However, trade relations are reported as fair.
Business is active. Payment terms are unknown. The company can be considered for business dealings with some caution. |
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 – June 30, 2010
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Country Name |
Previous Rating (01.04.2010) |
Current Rating (30.06.2010) |
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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 |
INFORMATION DENIED BY
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Name : |
Ms. Prasanna |
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Designation : |
Accountant |
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Contact No.: |
91-44-47481000 |
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Date : |
09.05.2011 |
LOCATIONS
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Registered Office : |
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Tel. No.: |
91-44-47485003 / 1000 |
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Fax No.: |
91-44-27411000 |
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E-Mail : |
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Website : |
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Location : |
Commercial |
DIRECTORS
As on 30.06.2008
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Name : |
Mr. Rudolph Michael Edge |
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Designation : |
Managing Director and Whole time Director |
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Address : |
Crystal Cove – Flat 11, 3rd floor, 59, Satyadev Avenue, MRC
Nagar, Chennai 600028, Tamilnadu, India |
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Date of Birth/Age : |
10.10.1946 |
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Date of Appointment : |
01.07.2004 |
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Name : |
Mr. George Luis Robles |
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Designation : |
Director |
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Address : |
254, |
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Date of Birth/Age : |
24.02.1950 |
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Date of Appointment : |
03.01.1996 |
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Name : |
Mr. John Francis Mertz |
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Designation : |
Director |
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Address : |
65, |
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Date of Birth/Age : |
19.09.1957 |
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Date of Appointment : |
03.01.1996 |
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Name : |
Mr. Narayanan Sankar |
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Designation : |
Director |
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Address : |
194, T. T. K, Road, Chennai 600018, |
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Date of Birth/Age : |
21.09.1961 |
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Date of Appointment : |
15.11.2007 |
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Name : |
Mr. Egil Molsted Madsen |
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Designation : |
Director |
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Address : |
Old AG Villa, Dancing Waves, 10 Copper Beach Road, Akkara ECR, Chennai
– 600119, Tamilnadu, India |
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Date of Birth/Age : |
26.12.1965 |
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Date of Appointment : |
15.11.2007 |
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Name : |
Mr. Gautam Maitra |
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Designation : |
Managing Director |
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Address : |
Flat 8 E Block 3 B, Rani Meyyammai, Towers 66/122, |
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Date of Birth/Age : |
30.06.1956 |
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Date of Appointment : |
15.11.2007 |
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Name : |
Mr. Lutz Landmesser |
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Designation : |
Director |
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Address : |
Bahnhofstrasse 48, Oberolm – 55270, |
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Date of Birth/Age : |
21.09.1961 |
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Date of Appointment : |
15.11.2007 |
KEY EXECUTIVES
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Name : |
Mr. Srivatsan Sugunan Eluppai |
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Designation : |
Secretary and Vice President [Fin] |
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Address : |
W 134, First Floor, 3rd street, Park Road, Anna Nagar, Western
Extension, Chennai 600101, Tamilnadu, India |
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Tel. No. : |
91-44-47485003 |
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Fax No. : |
91-44-27470301 |
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E-mail: |
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Date of Birth : |
31.07.1954 |
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Date of Appointment : |
25.09.1997 |
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Name : |
Mr. Rudolph Michael Edge |
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Designation : |
CEO, Executive Vice Chairman and Vice President (APAC - Region) |
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Address : |
Crystal Cove – Flat 11, 3rd floor, 59, Satyadev Avenue, MRC
Nagar, Chennai 600028, Tamilnadu, India |
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Name : |
Mr. Egil Molsted Madsen |
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Designation : |
Secretary |
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Address : |
Old AG Villa, Dancing Waves, 10 Copper Beach Road, Akkara ECR, Chennai
– 600119, Tamilnadu, India |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 29.09.2008
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Names of Shareholders |
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No. of Shares |
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Flsmidth Minerals Holdings ApS |
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999900 |
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Rudolph Michael Edge |
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100 |
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Total |
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1000000 |
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Equity Share
Break-up [As on 29.09.2008] |
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Percentage of
Holding |
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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 |
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100.00 |
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Total |
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100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturers and Exporter of Cement Machineries. The Subject also
supplying feeding, sizing, crushing and screening equipments |
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Products : |
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Terms : |
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Selling : |
Cash and Credit |
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Purchasing : |
Cash and Credit |
GENERAL INFORMATION
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Suppliers : |
Ř
ARF
Engineering Private Limited Ř
Balaji
Engineers Ř
Pandiyan
Ferro Casting Private Limited Ř
Prakasa
Spectro Cast Private Limited Ř
Bethall
Engineering Company Ř
CRR
Engineering Works Ř
Caretech
Engineers Ř
Hi-tech
Castings Ř
Mars
Engineering Works Ř
MEC
Engineers Ř
Moulds
and Dies Limited Ř
Musaruj
Engineering Limited Ř
RC
Das Engineering Ř
Shreeram
Polyplast Ř
Shri
Industries Ř
Sree
Pavithra Industries Ř
Sri
Shanmuga Industries Ř
Uni
Abex Alloys Private Limited Ř
Abon
Engineering Private Limited Ř
FFE
Minerals Engineering Private Limited Ř
FFE
Minerals Technequip Ř
FLSmidth
and Co A/S |
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Customers : |
Ř
Titan Ř
Ř
Tinto Ř
Xstrata Ř
Ispat
Metallic Ř
Konkola
Copper Mines Plc, Ř
FFE
Minerals USA Inc. Ř
FFE
Minerals Ř
FFE
Minerals Vecor Private Limited Ř
Moller
Materials Handling GmbH Ř
MVT
Materials Handling GmbH |
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No. of Employees : |
1000 (Approximately) |
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Bankers : |
Ř
The
Hongkong and Ř
ABN
Amro Bank NV Ř
ICICI
Bank Limited Ř
Corporation Bank,
Ř
Standard
Chartered Bank, Ř
Canara Bank, Ř
State Bank of |
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Facilities : |
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Banking
Relations : |
Good |
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Auditors : |
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Name : |
B. Ramaratnam Deloitte Haskins and Sells Chartered Accountants |
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Address : |
5, Nandanam Extension, |
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Holding Company: |
FFE Minerals Holding ApS |
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Ultimate Holding Company: |
FL Smidth and Company A/S |
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Fellow Subsidiaries : |
Ř FLSmidth Private Limited Ř
FLSmidth Minerals Private Limited, ( Ř
FLSmidth Minerals Ř
FLSmidth Minerals S.A ( Ř FLSmidth MVT GMBH, ABON Ř Engineering, Möller Materials Handling GMBH Ř FLSmidth Minerals Private Limited. (Vecor) Ř FLSmidth Koch, GMBH Ř FLSmidth Dorr-Oliver Eimco GMBH Ř FLSmidth Dorr-Oliver Eimco Inc |
CAPITAL STRUCTURE
As on 31.03.2008
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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5000000 |
Equity Shares |
Rs.10/- each |
Rs.50.000 Millions |
Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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1000000 |
Equity Shares |
Rs.10/- each
|
Rs.10.000
Millions |
(The above shares are held by the holding company,
FLSmidth Minerals Holding ApS,
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
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SOURCES OF FUNDS |
31.03.2008 (3 Months) |
31.12.2007 |
31.12.2006 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
10.000 |
10.000 |
10.000 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
1210.048 |
1106.654 |
695.649 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
1120.048 |
1116.654 |
705.649 |
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LOAN FUNDS |
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1] Secured Loans |
34.829 |
33.911 |
33.455 |
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2] Unsecured Loans |
0.000 |
0.000 |
0.000 |
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TOTAL BORROWING |
34.829 |
33.911 |
33.455 |
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DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
3.005 |
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TOTAL |
1254.877 |
1150.565 |
742.109 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
105.068 |
101.880 |
71.342 |
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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INVESTMENT |
1060.116 |
1103.933 |
1060.667 |
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DEFERREX TAX ASSETS |
1.582 |
6.689 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
27.412
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17.031
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12.639
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Sundry Debtors |
2002.116
|
2256.360
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2065.434
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Cash & Bank Balances |
104.815
|
87.238
|
58.827
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Other Current Assets |
0.000
|
0.000
|
0.000
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Loans & Advances |
632.282
|
400.516
|
342.122
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Total
Current Assets |
2766.625
|
2761.145
|
2479.022
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
2575.965
|
2765.265
|
2808.695
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Provisions |
102.549
|
57.817
|
60.227
|
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Total
Current Liabilities |
2678.514
|
2823.082
|
2868.922
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Net Current Assets |
88.111
|
[61.937]
|
[389.900]
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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TOTAL |
1254.877 |
1150.565 |
742.109 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
31.03.2008 (3 Months) |
31.12.2007 |
31.12.2006 |
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SALES |
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Income |
|
NA |
3894.146 |
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Other Income |
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NA |
94.223 |
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TOTAL |
1042.939 |
NA |
3988.369 |
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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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TOTAL |
934.402 |
NA |
3545.274 |
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PROFIT BEFORE
TAX |
108.537 |
604.835 |
443.095 |
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Less |
TAX |
7.951 |
191.648 |
145.679 |
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PROFIT AFTER TAX |
100.586 |
413.187 |
297.416 |
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EARNINGS IN
FOREIGN CURRENCY |
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Export
of Goods on FOB |
198.463 |
1607.316 |
911.595 |
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Professional
and Consultation Fee |
21.735 |
85.797 |
76.348 |
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Sales
Commission |
0.000 |
1.682 |
6.853 |
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TOTAL EARNINGS |
220.198 |
1694.795 |
994.796 |
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IMPORTS |
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Components
& Spare Parts |
44.102 |
583.163 |
321.450 |
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Capital
Goods |
1.551 |
31.429 |
10.003 |
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TOTAL IMPORTS |
45.653 |
614.592 |
331.453 |
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Earnings Per
Share (Rs.) |
100.59 |
-- |
-- |
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KEY RATIOS
|
PARTICULARS |
|
31.03.2008 (3 Months) |
31.12.2007 |
31.12.2006 |
|
PAT / Total Income |
(%) |
9.64
|
NA
|
7.45
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Net Profit Margin (PBT/Sales) |
(%) |
NA
|
NA
|
11.37
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Return on Total Assets (PBT/Total Assets} |
(%) |
3.77
|
21.12
|
17.37
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Return on Investment (ROI) (PBT/Networth) |
|
0.09
|
0.54
|
0.62
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Debt Equity Ratio (Total Liability/Networth) |
|
2.42
|
2.56
|
4.11
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Current Ratio (Current Asset/Current Liability) |
|
1.03
|
0.98
|
0.86
|
LOCAL AGENCY FURTHER INFORMATION
NOTE:
The Subject Company was originally incorporated on 03.01.1996 as Fuller
‘KCP Mineral Processing Limited’ and subsequently changed their name to ‘FFE
Minerals India Private Limited’. The
Subject has further changed to its present name i.e. ‘Flsmidth Minerals Private
Limited’ with effect from 04.07.2007 as per registry records vide SRN No.
A17432071 dated 04.07.2007
COMPANY PERFORMANCE
Since the performance is for three months in 2008, the turnover figures are not comparable compared to turnover figures achieved in 2007.However, the Company orders secured during three months is 4.732 millions against Rs.5.684 millions secured in 2007.Order backlog at the end of 31st March 2008 is Rs.11.318 millions as against Rs.7.450 millions at the end of the year 2007.
Particulars regarding
Capacity and Production
Mineral and non mineral processing machinery Equipment and components
(No. of units not quantifiable)**
The company is not required to obtain an Industrial License for its products.
**Since the quantity denominations and the type of components are dissimilar in nature, it would be impracticable to disclose the quantitative information in respect thereof.
FORM 8
Bankers Charges
Report as per Registry
|
Name of the company |
FFE Minerals
India Private Limited |
|
Presented By |
E. S. Srivastan,
Secretary and Vice President [Finance] |
|
1) Date and description of instrument creating the change |
08.10.2002 Hypothecation agreement for stocks and book debts in favour
of Standard Chartered Bank |
|
2) Amount secured by the charge/amount owing on the securities of
charge |
Rs.65.000
Millions |
|
3) Short particular of the property charged. If the property acquired
is subject to charge, date of the acquired of the property should be given |
Hypothecation of
raw material, finished goods, goods in process and other stocks, present and
future book debts, outstanding monies receivables etc. |
|
4) Gist of the terms and conditions and extent and operation of the
charge. |
The charge
operates as a continuing security for the credit facilities extended to the
company terms and conditions of which are stated in the agreement dated
08.10.2002 |
|
5) Name and Address and description of the person entitled to the
charge. |
Standard
Chartered Bank 19, Rajajj Salai,
Chennai 600001 |
|
6) Date and brief description
of instrument modifying the charge |
Supplementary
hypothecation agreement of stocks and book dated 15.04.2005 favouring
Standard Chartered Bank |
|
7) Particulars of modifications specifying the terms and conditions or
the extent of operations of the charge in which modification is made and the
details of the modification. |
Charge increased
from Rs. 65 Millions to Rs. 250 Millions |
FIXED ASSETS
- Building
- Plant and Machinery
- Computers
- Air conditioners and refrigerators
- Furniture and fixture
- Office equipments
- Vehicles
- Electrical fittings
- Electrical installations
- Temporary Sheds at site
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.45.21 |
|
|
1 |
Rs.74.30 |
|
Euro |
1 |
Rs.64.40 |
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.