MIRA INFORM REPORT

 

 

Report Date :

01.11.2011

 

IDENTIFICATION DETAILS

 

Name :

T D W INDIA LIMITED

 

 

Registered Office :

Plot No. 16, Phase – lll, Alindra Savli GIDC, Opposite Overhead Tank, Savli, District- Vadodara – 391775, Gujarat 

 

 

Country :

India

 

 

Financials (as on) :

31.12.2009

 

 

Date of Incorporation :

03.11.1992

 

 

Com. Reg. No.:

04-039396

 

 

Capital Investment / Paid-up Capital :

Rs. 3.176 Millions 

 

 

CIN No.:

[Company Identification No.]

U29246GJ1992PLC039396

 

 

TAN No.:

[Tax Deduction & Collection Account No.]

BRDT00229F

 

 

Legal Form :

A Closely Held Public Limited Liability Company

 

 

Line of Business :

Providing Refineries, Petrochemicals Plants, Transmission Pipelines, Distribution Systems And Other Process Industries Engineered Equipments and Services to Meet All Maintenance Needs.

 

 

No. of Employees :

Information Declined by Management 

 

RATING & COMMENTS

 

MIRA’s Rating :

Ba (53)

 

RATING

STATUS

PROPOSED CREDIT LINE

41-55

Ba

Overall operation is considered normal. Capable to meet normal commitments.

Satisfactory

 

Maximum Credit Limit :

USD 1420000

 

 

Status :

Good

 

 

Payment Behaviour :

Regular

 

 

Litigation :

Clear

 

 

Comments :

Subject is a well established company having fine track. Financial Position of the company 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.

 

INFORMATION DELINED BY

 

Name :

Ms. Pranami Patel

Designation :

Account Executive

Date :

31.10.2011

 

LOCATIONS

 

Registered Office  :

Plot No. 16, Phase – lll, Alindra Savli GIDC, Opposite Overhead Tank, Savli, District- Vadodara – 391775, Gujarat 

Tel. No.:

91-2667-619900

Fax No.:

91-2667-619501

E-Mail :

anjeev.pandey@tdwilliamson.com

bhargav.dave@tdwilliamson.com

nishant.pradhan@tdwilliamson.com

Website :

www.tdwilliamson.com

 

 

 

 

 

DIRECTORS

 

As on 30.06.2010

 

Name :

Mr. Robert Doyle Mcgrew

Designation :

Director

Address :

11119 Harvard Avenue, Tulsa, 74137, Oklahoha, USA

Date of Birth/Age :

20.07.1962

Date of Appointment :

03.04.2006

DIN No.:

00065381

 

 

Name :

Ms. Judith Seymour Eliot

Designation :

Director

Address :

1764 E Joth Street, Tulsa, 74114, Oklahoha, USA

Date of Birth/Age :

16.05.1954

Date of Appointment :

03.06.1994

DIN No.:

01339356

 

 

Name :

Mr. Daniel Binkly Bruce

Designation :

Director

Address :

216, S Forest Ridge BLVD, Broken Arrow, Tulsa, 740101277, USA

Date of Birth/Age :

04.11.1957

Date of Appointment :

18.06.1996

DIN No.:

01339441

 

 

Name :

Mr. Robert Allen Johnson

Designation :

Director

Address :

11002, South Toledo, Tulsa, 741377121, USA

Date of Birth/Age :

09.11.1948

Date of Appointment :

20.08.1999

DIN No.:

01339510

 

 

Name :

Mr. Richard Brooks Williason

Designation :

Alternate Director For Ms. Judith Seymour Eliot

Address :

1230 E Hazel BI, VD, Tulsa, 741140000, USA

Date of Birth/Age :

26.03.1943

Date of Appointment :

30.01.1995

DIN No.:

01339562

 

 

Name :

Mr. Rameshchandra Pandharinath Medhekar

Designation :

Alternate Director for Mr. Daniel Binkly Bruce

Address :

4, Milan Park, Nizampura, Baroda – 390002, Gujarat, India

Date of Birth/Age :

16.02.1933

Date of Appointment :

20.08.1999

DIN No.:

01685366

 

 

Name :

Rathina Gunavel Rathunam

Designation :

Director

Address :

9, V.P.R. Road, Chokkikulam, Madurai – 625002, India

Date of Birth/Age :

25.09.1965

Date of Appointment :

01.05.2002

DIN No.:

01688069

 

 

Name :

Mr. Samyak Sahani

Designation :

Additional Director

Address :

5A, Pragati Nagar Society, Near Arunachal Society, Subhanpura, Vadodara – 390023, Gujarat, India

Date of Birth/Age :

11.09.1974

Date of Appointment :

01.06.2010

DIN No.:

03153922

 

 

Name :

Dixit  Babulal Kadakia

Designation :

Additional Director

Address :

7425 E 98th St, Tulsa, 74133, United State of America, U.S.A

Date of Birth/Age :

01.04.1955

Date of Appointment :

29.06.2010

DIN No.:

02447007

 

KEY EXECUTIVES

 

Name :

Ms. Pranami Patel

Designation :

Account Executive

 

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

 

As on 30.06.2010

 

Names of Shareholders

 

No. of Shares

TDW Inc, USA

 

317493

Judith Seymour Eliot

 

1

Jack O. Bolt

 

1

Daniel Binkly Bruce

 

1

Pete W Samoff

 

1

Richard Brooks Williamson

 

2

Rathina Gunavel Rathinam

 

10

Vasant Patel

 

10

Samyak Sahani

 

10

Robert Allen Johnson

 

1

Nishant Nalin Predhan

 

1

Seshan Ayer

 

1

 

Equity Share Break up (Percentage of Total Equity)

 

As on 30.06.2010

 

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

99.975

Directors or relatives of Directors

0.005

Other top fifty shareholders

0.02

Total

100.00

 

BUSINESS DETAILS

 

Line of Business :

Providing Refineries, Petrochemicals Plants, Transmission Pipelines, Distribution Systems And Other Process Industries Engineered Equipments and Services to Meet All Maintenance Needs.

 

 

Products/ Services :
  • Online or offline cleaning
  • Pig launchers and  receivers
  • Pipeline modifications
  • Pig tracking and location services
  • Geometry inspections
  • Pipe section isolation
  • MFL corrosion inspections
  • Consulting services
  • Hydrotesting
  • Flow testing
  • Marker placement services
  • Repair sleeves (composite/steel)
  • Internal inhibitor application
  • Cut out and repair
  • Hot tapping and plugging
  • Welding and weld repair

 

GENERAL INFORMATION

 

No. of Employees :

Information Declined by Management 

 

 

Bankers :

Not Available

 

Banking Relations :

--

 

 

Auditors :

 

Name :

R.K. Kinra and Company

Chartered Accountants

Address :

10/29, West Patel Nagar, 3rd Floor, New Delhi – 110008, India

PAN.:

AAEFR8284P

 

 

Holding Company  :
  • T.D. Williamson, Inc

 

 

Sister Company  :
  • T.D. Williamson (U.K) Limited
  • T.D. Williamson (France) S.A.S
  • T.D. Williamson De Mexico, S.A de C.V
  • T.D. Williamson Australia Private Limited
  • T.D. Williamson Italiana S.r.l
  • TDW Services Latinoamericana, C.A
  • Magple Systems Inc.
  • T.D Williamson Asia Pacific Private Limited
  • T.D. Williamson (Thailand) Limited
  • T.D. Williamson Shanghai Pipeline Technology and Services Limited 

 

CAPITAL STRUCTURE

 

AS ON 31.12.2009

 

Authorised Capital :

No. of Shares

Type

Value

Amount

1190000

Equity Shares

Rs. 10/- Each

Rs.11.900 Millions

1000

14% Redeemable Preference Shares

Rs.100/- Each

Rs.0.100 Million

 

 

 

 

 

Total

 

Rs.12.000 Millions

 

Issued, Subscribed & Paid-up Capital :

No. of Shares

Type

Value

Amount

317570

Equity Shares

Rs. 10/- Each

Rs.3.175 Million.

 

 

 

 

 

 

 

 

 

 

 

 

 

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

3.176

3.176

3.176

2] Share Application Money

0.000

0.000

0.000

3] Reserves & Surplus

351.406

219.327

150.519

4] (Accumulated Losses)

0.000

0.000

0.000

NETWORTH

354.582

222.503

153.695

LOAN FUNDS

 

 

 

1] Secured Loans

0.000

0.000

0.000

2] Unsecured Loans

0.000

0.000

0.000

TOTAL BORROWING

0.000

0.000

0.000

DEFERRED TAX LIABILITIES

2.319

1.923

1.757

 

 

 

 

TOTAL

356.901

224.426

155.452

 

 

 

 

APPLICATION OF FUNDS

 

 

 

 

 

 

 

FIXED ASSETS [Net Block]

136.596

60.338

28.974

Capital work-in-progress

0.000

0.000

0.000

 

 

 

 

INVESTMENT

0.000

0.000

0.000

DEFERREX TAX ASSETS

0.000

0.000

0.000

 

 

 

 

CURRENT ASSETS, LOANS & ADVANCES

 

 

 

 

Inventories
31.680

50.770
2.445

 

Sundry Debtors
106.413

45.655
56.998

 

Cash & Bank Balances
106.547

119.831
83.091

 

Other Current Assets
30.477

8.183
13.235

 

Loans & Advances
1.046

0.067
2.190

Total Current Assets
276.163

224.506

157.959

Less : CURRENT LIABILITIES & PROVISIONS
 

 

 

 

Sundry Creditors
44.117

34.516

1.211

 

Other Current Liabilities
7.237

15.634

20.589

 

Provisions
4.504

10.268

9.681

Total Current Liabilities
55.858

 60.418

31.481

Net Current Assets
220.305

164.088

126.478

 

 

 

 

MISCELLANEOUS EXPENSES

0.000

0.000

0.000

 

 

 

 

TOTAL

356.901

224.426

155.452

 

 

 

 

PROFIT & LOSS ACCOUNT

 

 

PARTICULARS

31.12.2009

31.12.2008

31.12.2007

 

SALES

 

 

 

 

 

Commission

0.000

1.456

0.000

 

 

Sales

249.250

134.259

126.249

 

 

Job Work Earnings

150.413

122.507

96.953

 

 

Interest Received

11.713

8.811

3.281

 

 

Other Income

0.000

0.000

2.031

 

 

TOTAL                                    

411.376

267.033

228.514

 

 

 

 

 

Less

EXPENSES

 

 

 

 

 

Cost of Goods Sold

122.570

59.566

49.552

 

 

Staff Cost

29.638

19.105

12.447

 

 

Other Expenses

77.566

74.918

57.436

 

 

TOTAL                                    

229.774

153.589

119.435

 

 

 

 

 

Less

PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION

181.602

113.444

109.079

 

 

 

 

 

Less/ Add

DEPRECIATION/ AMORTISATION                    

7.505

5.890

5.010

 

 

 

 

 

 

PROFIT BEFORE TAX

174.097

107.544

104.069

 

 

 

 

 

Less

TAX                                                                 

58.755

38.614

35.077

 

 

 

 

 

 

PROFIT AFTER TAX

115.342

68.940

68.992

 

 

 

 

 

 

Fringe Benefit Tax

0.000

0.792

1.267

 

Provision For Deferred Tax

0.395

0.166

0.432

 

Excess FBT Provision Written back

0.000

0.552

0.000

 

Excess Tax Provision Written back

16.417

0.273

0.000

 

 

 

 

 

Add

PREVIOUS YEARS’ BALANCE BROUGHT FORWARD

217.816

149.009

81.716

 

 

 

 

 

Less

APPROPRIATIONS

349.575

217.816

149.009

 

 

 

 

 

 

BALANCE CARRIED TO THE B/S

349.575

217.816

149.009

 

 

 

 

 

 

EARNINGS IN FOREIGN CURRENCY

19.371

19.659

32.072

 

 

 

 

 

 

Earnings Per Share (Rs.)

363.20

217.09

217.25

 

KEY RATIOS

 

PARTICULARS

 

 

31.12.2009

31.12.2008

31.12.2007

PAT / Total Income

(%)
28.04

25.82
30.19

 

 
 

 
 

Net Profit Margin

(PBT/Sales)

(%)
69.85

80.10
82.43

 

 
 

 
 

Return on Total Assets

(PBT/Total Assets}

(%)
42.18

37.75
55.67

 

 
 

 
 

Return on Investment (ROI)

(PBT/Networth)

 
0.49

0.48
0.68

 

 
 

 
 

Debt Equity Ratio

(Total Liability/Networth)

 
0.16

0.20
0.20

 

 
 

 
 

Current Ratio

(Current Asset/Current Liability)

 
4.94

3.72
5.02

 

LOCAL AGENCY FURTHER INFORMATION

 

DETAILS OF SUNDRY CREDITORS

 

Particular

31.12.2009

31.12.2008

31.12.2007

 

 

 

 

Creditors

44.117

34.516

1.211

 

CONTINGENT LIABILITIES

 

Bank Guarantee given to various customers as Advance Performance and Earnest money amount to Rs.30.522 millions. 

 

FIXED ASSETS

 

  • Electrical Fittinges
  • Furniture and Fixtures
  • Computer
  • Plant and Machinery
  • Office Equipment
  • Vehicle

 

 

 

 

 

 

 

 

 

 

 

 

 

 

CMT REPORT (Corruption, Money Laundering & Terrorism]

 

The Public Notice information has been collected from various sources including but not limited to: The Courts, India Prisons Service, Interpol, etc.

 

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.48.87

UK Pound

1

Rs.78.11

Euro

1

Rs.68.36

 

 

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

6

--PROFITABILIRY

1~10

6

--LIQUIDITY

1~10

6

--LEVERAGE

1~10

6

--RESERVES

1~10

6

--CREDIT LINES

1~10

6

--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

 

53

 

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

-

 

 

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.