MIRA
INFORM REPORT
|
Report Date : |
02.04.2012 |
IDENTIFICATION DETAILS
|
Name : |
DRESSER-RAND INDIA PRIVATE LIMITED |
|
|
|
|
Registered
Office : |
Lotus Business Park, 11th Floor, Veera Desai Road, Off
Andheri Link Road, Opposite Fun Republic, Andheri (West), Mumbai – 400 053,
Maharashtra |
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|
|
Country : |
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|
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Financials (as
on) : |
31.03.2011 |
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|
|
Date of
Incorporation : |
01.12.1998 |
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|
|
|
Com. Reg. No.: |
11-117293 |
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|
|
|
Capital
Investment / Paid-up Capital : |
Rs.503.978
Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U29100MH1998PTC117293 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
MUMD06431F |
|
|
|
|
PAN No.: [Permanent Account No.] |
AAACD9897P |
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|
|
|
Legal Form : |
Private Limited Liability Company |
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|
|
|
Line of Business
: |
Manufacturer and Exporter of Gas Compressors. |
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|
|
|
No. of Employees
: |
300 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (54) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 8496000 |
|
|
|
|
Status : |
Good |
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|
|
|
Payment Behaviour : |
Regular |
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|
Litigation : |
Clear |
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|
Comments : |
Subject is a well established company having satisfactory track.
Financial position of the company appears to be 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 good for normal 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 PARTED BY (GENERAL DETAILS)
|
Name : |
Mr. Santosh Khandelwal |
|
Designation : |
Finance Manager |
|
Contact No.: |
91-79-22800800 |
|
Date : |
29.03.2012 |
LOCATIONS
|
Registered Office : |
Lotus Business Park, 11th Floor, Veera Desai Road, Off Andheri
Link Road, Opposite Fun Republic, Andheri (West), Mumbai – 400 053,
Maharashtra, India |
|
Tel. No.: |
91-22-67248600 |
|
Fax No.: |
91-22-67248623 |
|
E-Mail : |
|
|
Website : |
|
|
Location : |
Owned |
|
|
|
|
Factory : |
187, GIDC, Naroda, Ahmedabad – 382 330, |
|
Tel. No.: |
91-79-22800800 |
|
Fax No.: |
91-79-22805566 |
|
Area : |
1500 sq ft |
|
Location : |
Leased |
|
|
|
|
Branch Office : |
Located at: v Kolkata v Chennai v
|
|
|
|
|
Sales Offices in |
Located at: v
v Terengganu v
v
v
v Chennai v Kolkata v Ahmedabad v
v
v
v Mumbai v
|
DIRECTORS
As on 30.09.2011
|
Name : |
Mr. Vijay Ramesh Phatarphekar |
|
Designation : |
Managing Director |
|
Address : |
Flat No.903, Laburnum, |
|
Date of Birth/Age : |
22.06.1955 |
|
Date of Appointment : |
15.11.2007 |
|
DIN No.: |
02138401 |
|
|
|
|
Name : |
Mr. Gabriel Mircea Popescu |
|
Designation : |
Director |
|
Address : |
Kiaramas Sutera Condominium, Unit B 06-03, |
|
Date of Birth/Age : |
14.08.1965 |
|
Date of Appointment : |
19.11.2008 |
|
DIN No.: |
02428230 |
|
|
|
|
Name : |
Mr. Srinath Mukherjee |
|
Designation : |
Additional Director |
|
Address : |
C 402, Amaltas Juhu, |
|
Date of Appointment : |
27.09.2010 |
|
DIN No.: |
03328093 |
KEY EXECUTIVES
|
Name : |
Mr. Santosh Khandelwal |
|
Designation : |
Finance Manager |
|
|
|
|
Name : |
Clement Michael W Fernandes |
|
Designation : |
Secretary |
|
Date of Appointment : |
16.06.2008 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 30.09.2011
|
Names of Shareholders |
|
No. of Shares |
|
Dresser Rand Company, |
|
50397840 |
|
Vijay Ramesh Phatarphekar |
|
1 |
|
Total |
|
50397841 |
As on 30.09.2011
|
Equity Share Breakup |
|
Percentage of Holding |
|
Category |
|
|
|
Foreign holdings [Foreign institutional investors, Foreign Companies, Foreign Financial Institutions, Non-resident Indian or Overseas corporate bodies or others] |
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer and Exporter of Gas Compressors. |
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Products : |
v Turbomachinery Products v Reciprocating Products v Coppus Portable Ventilators v Combined Head and Power Solutions v Control System v Commercial Nuclear Products |
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Exports : |
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Products : |
Gas Compression |
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Countries : |
v
v
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Imports : |
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Products : |
Components |
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Countries : |
v
v
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Terms : |
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Selling : |
Cash and Credit (30/ 60 days) |
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Purchasing : |
Cash and Credit (30/ 60 days) |
PRODUCTION STATUS (AS ON 31.03.2011)
|
Particulars |
Annual Installed
Capacity at the Year End (Nos.) (@) |
Actual
Production for the Year (Nos.) |
|
Process Compressors Complete Machine and Accessories |
183 |
88 |
|
|
|
|
@ The installed
capacity is annual capacity as certified by the management and is not verified
by the auditors, being a technical matter.
GENERAL INFORMATION
|
Customers : |
Wholesalers, Retailers and End Users |
|
|
|
|
No. of Employees : |
300 (Approximately) |
|
|
|
|
Bankers : |
Citi Bank, Branch Fort, Mumbai, |
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|
|
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Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
Price Waterhouse Chartered Accountants |
|
Address : |
Pricewater House, 252, Veer Savarkar Marg, Shivaji Park, Dadar (West),
Mumbai – 400 028, Maharashtra, India |
|
PAN No.: |
AAEFP3641G |
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|
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Holding Company
: |
Dresser-Rand Company, |
|
|
|
|
Fellow Subsidiaries : |
v Dresser-Rand France S.A. v Dresser-Rand Asia Pacific SDN.BHD. v Dresser-Rand Nadrowski GMBH v Dresser-Rand China v Dresser-Rand Millbury v Dresser-Rand International Sales v Dresser-Rand Indonesia v Dresser-Rand Brazil v
Dresser-Rand v Dresser-Rand Columbia v Dresser-Rand GMBH v Dresser-Rand Malaysia v Dresser-Rand Services - ARROW v
Dresser-Rand Thailand |
CAPITAL STRUCTURE
As on 30.09.2011
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
70000000 |
Equity Shares |
Rs.10/- each |
Rs.700.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
50397841 |
Equity Shares |
Rs.10/- each |
Rs.503.978
Millions |
|
|
|
|
|
FINANCIAL DATA
[all figures are
in Rupees Millions].
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
503.978 |
503.978 |
503.978 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
1619.944 |
675.061 |
185.039 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
2123.922 |
1179.039 |
689.017 |
|
|
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 |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
2123.922 |
1179.039 |
689.017 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
340.232 |
275.959 |
292.795 |
|
|
Capital work-in-progress |
19.482 |
1.903 |
0.651 |
|
|
|
|
|
|
|
|
INVESTMENT |
0.000 |
0.000 |
0.000 |
|
|
DEFERRED TAX ASSETS |
98.248 |
94.739 |
69.384 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
571.310
|
654.567
|
850.621 |
|
|
Sundry Debtors |
1126.007
|
1464.363
|
701.690 |
|
|
Cash & Bank Balances |
2033.073
|
877.956
|
1704.412 |
|
|
Other Current Assets |
0.000
|
0.000
|
0.000 |
|
|
Loans & Advances |
184.411
|
191.839
|
420.529 |
|
Total
Current Assets |
3914.801
|
3188.725
|
3677.252 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
488.737 |
563.397
|
743.727 |
|
|
Other Current Liabilities |
1620.641
|
1637.530
|
1613.710 |
|
|
Provisions |
139.463
|
181.360
|
993.628 |
|
Total
Current Liabilities |
2248.841
|
2382.287
|
3351.065 |
|
|
Net Current Assets |
1665.960
|
806.438
|
326.187 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
2123.922 |
1179.039 |
689.017 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
|
|
|
|
|
|
|
|
|
|
Income |
4092.458 |
5251.752 |
3001.650 |
|
|
|
Services Income |
|
|
171.913 |
|
|
|
Other Income |
|
|
94.301 |
|
|
|
TOTAL |
4092.458 |
5251.752 |
3267.864 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Manufacturing and Other Expenses |
2621.180 |
3994.305 |
2750.882 |
|
|
|
TOTAL |
2621.180 |
3994.305 |
2750.882 |
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION |
1471.278 |
1257.447 |
516.982 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION |
36.904 |
71.958 |
66.597 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX |
1434.373 |
1185.489 |
450.385 |
|
|
|
|
|
|
|
|
|
Less |
TAX |
489.490 |
430.145 |
183.602 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
|
944.883 |
755.343 |
266.783 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
NA |
NA |
604.373 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Transfer to General Reserve |
NA |
NA |
26.678 |
|
|
|
Dividend |
NA |
NA |
705.570 |
|
|
|
Tax on Dividend |
NA |
NA |
119.876 |
|
|
BALANCE CARRIED
TO THE B/S |
NA |
NA |
19.032 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Export of Goods (calculated on FOB basis) and services |
1358.546 |
NA |
831.119 |
|
|
|
Other Income |
13.619 |
NA |
7.621 |
|
|
TOTAL EARNINGS |
1372.165 |
NA |
838.740 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials, Complete Machine, Accessories and Spare Parts |
599.638 |
2137.642 |
1680.899 |
|
|
|
Capital Goods |
34.064 |
0.000 |
0.000 |
|
|
TOTAL IMPORTS |
599.638 |
2137.642 |
1680.899 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
18.75 |
14.99 |
5.29 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
PAT / Total Income |
(%) |
23.09 |
14.38
|
8.16 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
NA
|
NA
|
15.00 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
33.71 |
34.22
|
11.34 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.68 |
1.01
|
0.65 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
1.06 |
2.02
|
4.86 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.74 |
1.34
|
1.10 |
LOCAL AGENCY FURTHER INFORMATION
Details of Sundry Creditors:
|
Particulars |
31.03.2011 (Rs. in millions) |
31.03.2010 (Rs. in millions) |
31.03.2009 (Rs. in millions) |
|
Sundry Creditors |
|
|
|
|
- Creditors due small micro enterprises |
39.204 |
|
743.727 |
|
- Creditors due others |
449.533 |
545.779
|
|
|
Total |
488.737 |
563.397
|
743.727 |
|
Check List by Info Agents |
Available in Report (Yes / No) |
|
1) Year of
Establishment |
Yes |
|
2) Locality of
the firm |
Yes |
|
3) Constitutions
of the firm |
Yes |
|
4) Premises
details |
Yes |
|
5) Type of
Business |
Yes |
|
6) Line of
Business |
Yes |
|
7) Promoter’s
background |
-- |
|
8) No. of
employees |
Yes |
|
9) Name of person
contacted |
Yes |
|
10) Designation
of contact person |
Yes |
|
11) Turnover of
firm for last three years |
No |
|
12) Profitability
for last three years |
No |
|
13) Reasons for
variation <> 20% |
-- |
|
14) Estimation
for coming financial year |
No |
|
15) Capital in
the business |
No |
|
16) Details of
sister concerns |
No |
|
17) Major
suppliers |
No |
|
18) Major
customers |
No |
|
19) Payments
terms |
Yes |
|
20) Export / Import
details (if applicable) |
Yes |
|
21) Market
information |
-- |
|
22) Litigations
that the firm / promoter involved in |
-- |
|
23) Banking
Details |
Yes |
|
24) Banking
facility details |
No |
|
25) Conduct of
the banking account |
-- |
|
26) Buyer visit
details |
-- |
|
27) Financials,
if provided |
No |
|
28) Incorporation
details, if applicable |
-- |
|
29) Last accounts
filed at ROC |
-- |
|
30) Major
Shareholders, if available |
-- |
Note: The registered office
of the company has been shifted from 4th Floor, Paville House, Off
Veer Savarkar Marg, Prabha Devi, Mumbai,
OPERATIONS:
The company was impacted during the year on account of lower sales during
the financial year due to lower backlog of previous year.
FUTURE OUTLOOK:
The Company will
continue to focus on operational excellence. Execution of backlog of orders and
converting the same in Billed Sales coupled with cost improvement would be a
major focus to improve profitability.
CONTINGENT
LIABILITIES NOT PROVIDED FOR IN RESPECT OF: (As on 31.03.2011)
(a)Performance Bank guarantees given to Customers – Nil
(b) Central Excise Liability for demands raised – Rs.33.675 millions
(c) Income Tax demands raised for various assessment years – Rs.38.214
millions
FIXED ASSETS:
Intangible Assets
v Goodwill
v Software
Tangible Assets
v Land- Leasehold
v Buildings
v Plant and Machinery
v Electrical Installations
v Furniture, Fixtures and Equipments
v Vehicles
v Small Tools
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.51.15 |
|
|
1 |
Rs.81.80 |
|
Euro |
1 |
Rs.68.34 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
6 |
|
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 |
YES |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
54 |
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.