MIRA INFORM REPORT
|
Report Date : |
20.12.2012 |
IDENTIFICATION DETAILS
|
Name : |
FLUOR DANIEL INDIA PRIVATE LIMITED |
|
|
|
|
Registered
Office : |
B-9, LGF, Green Park (Main), New Delhi – 110016 |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as
on) : |
31.03.2011 |
|
|
|
|
Date of
Incorporation : |
11.07.1995 |
|
|
|
|
Com. Reg. No.: |
55-070677 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs.98.804 Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U74899DL1995PTC070677 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
DELF01360C |
|
|
|
|
PAN No.: [Permanent Account No.] |
AAACF0927G |
|
|
|
|
Legal Form : |
Private Limited Liability Company |
|
|
|
|
Line of Business
: |
The Subject is engaged in the business of providing Engineering, Procurement and Construction Consultancy. |
|
|
|
|
No. of Employees
: |
Not Available |
RATING & COMMENTS
|
MIRA’s Rating : |
B (36) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
Maximum Credit Limit : |
USD 3700000 |
|
|
|
|
Status : |
Moderate |
|
|
|
|
Payment Behaviour : |
Unknown |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is an established company having moderate track. The latest
financial is missing from government department. As per previous year company seem to be having satisfactory track
record. Performance capacity is high. Trade relations are reported to be
fair. Business is active. Payments are reported to be unknown. The company can be considered for business dealing with slight
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, 2012
|
Country Name |
Previous Rating (31.03.2012) |
Current Rating (30.06.2012) |
|
India |
A1 |
A1 |
|
Risk Category |
ECGC Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
INDIAN ECONOMIC OVERVIEW
India is developing into an open-market economy, yet traces of
its past autarkic policies remain. Economic liberalization, including
industrial deregulation, privatization of state-owned enterprises, and reduced
controls on foreign trade and investment, began in the early 1990s and has
served to accelerate the country's growth, which has averaged more than 7% per
year since 1997. India's diverse economy encompasses traditional village
farming, modern agriculture, handicrafts, a wide range of modern industries,
and a multitude of services. Slightly more than half of the work force is in
agriculture, but services are the major source of economic growth, accounting
for more than half of India's output, with only one-third of its labor force.
India has capitalized on its large educated English-speaking population to become
a major exporter of information technology services and software workers. In
2010, the Indian economy rebounded robustly from the global financial crisis -
in large part because of strong domestic demand - and growth exceeded 8%
year-on-year in real terms. However, India's economic growth in 2011 slowed
because of persistently high inflation and interest rates and little progress
on economic reforms. High international crude prices have exacerbated the
government's fuel subsidy expenditures contributing to a higher fiscal deficit,
and a worsening current account deficit. Little economic reform took place in
2011 largely due to corruption scandals that have slowed legislative work.
India's medium-term growth outlook is positive due to a young population and
corresponding low dependency ratio, healthy savings and investment rates, and
increasing integration into the global economy. India has many long-term
challenges that it has not yet fully addressed, including widespread poverty,
inadequate physical and social infrastructure, limited non-agricultural
employment opportunities, scarce access to quality basic and higher education,
and accommodating rural-to-urban migration.
|
Source
: CIA |
RBI DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available RBI Defaulters’ list.
EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of
31-03-2012.
LOCATIONS
|
Registered Office : |
B-9, LGF, Green Park (Main), New Delhi – 110016, India |
|
Tel. No.: |
Not Available |
|
Fax No.: |
Not Available |
|
E-Mail : |
|
|
Website : |
|
|
|
|
|
Gurgaon Office : |
10th Floor, Building 10, Tower C, DLF Cyber City, Phase II, Gurgaon -
122 002, Haryana, India |
|
Tel. No.: |
91-124-4570700 |
|
Fax No.: |
91-124-4263269 |
DIRECTORS
As on: 28.09.2012
|
Name : |
Mr. Arun Kumar Jain |
|
Designation : |
Managing Director |
|
Address : |
Flat - 154, Pocket-A–4 DDA SFS Flats, Kalkaji Extension, New Delhi - 110019, India |
|
Date of Birth/Age : |
25.02.1957 |
|
Date of Appointment : |
16.09.2011 |
|
DIN No.: |
03568656 |
|
|
|
|
Name : |
Mr. Ashoke Purohit |
|
Designation : |
Whole Time Director |
|
Address : |
N-14/29, DLF City, Phase – II, Gurgaon – 122002, India |
|
Date of Birth/Age : |
30.06.1952 |
|
Date of Appointment : |
02.04.2001 |
|
PAN No.: |
AANPP6626L |
|
DIN No.: |
00494290 |
|
|
|
|
Name : |
Mr. Naveen Chadha |
|
Designation : |
Whole Time Director |
|
Address : |
E-372, Greater Kailash Part – 1, New Delhi – 110048, India |
|
Date of Birth/Age : |
10.10.1955 |
|
Date of Appointment : |
10.03.2006 |
|
PAN No.: |
AAFPC2077E |
|
DIN No.: |
00041811 |
|
|
|
|
Name : |
Mr. Kanwal Rattan Choudhary |
|
Designation : |
Director |
|
Address : |
116 Antigua Way, Greer SC, 29650 United States of America |
|
Date of Birth/Age : |
20.08.1945 |
|
Date of Appointment : |
14.09.2010 |
|
DIN No.: |
02864305 |
KEY EXECUTIVES
|
Name : |
Ms. Shikha Anand |
|
Designation : |
Secretary |
|
Address : |
106-A, GH-10, Sunder Apartments, Paschim Vihar, New Delhi – 110087,
India |
|
Date of Birth/Age : |
14.11.1983 |
|
Date of Appointment : |
12.07.2010 |
|
PAN No.: |
AYRPS4170L |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on: 28.09.2012
|
Names of Shareholders |
|
No. of Shares |
|
Fluor Daniel Engineers and Consultants Limited, Mauritius |
|
7904340 |
|
Indo-Mauritian Affiliates Limited, Mauritius |
|
1976085 |
|
|
|
|
|
Total |
|
9880425 |
Equity Share Break up (Percentage of Total Equity)
As on: 28.09.2012
|
Category |
|
Percentage |
|
|
|
|
|
Foreign holdings [Foreign institutional investors, Foreign Companies, Foreign Financial Institutions, Non-resident Indian or Overseas corporate bodies or others] |
|
100.00 |
|
Total
|
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
The Subject is engaged in the business of providing Engineering, Procurement and Construction Consultancy. |
GENERAL INFORMATION
|
No. of Employees : |
Not Available |
|
|
|
|
Bankers : |
Not Available |
|
|
|
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
S.R. Batliboi and Company Chartered Accountants |
|
Address : |
Golf View Corporate Tower-B, Sector- 42, Sector Road, Gurgaon - 122002, Haryana, India |
|
Tel. No.: |
91-124-4644000 |
|
Mobile No.: |
91-124-4644050 |
|
PAN No.: |
AALFS0506L |
|
|
|
|
Fellow Subsidiary
Company : |
|
CAPITAL STRUCTURE
As on: 31.03.2011
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
12000000 |
Equity Shares |
Rs.10/- each |
Rs.120.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
9880425 |
Equity Shares |
Rs.10/- each |
Rs.98.804
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 |
98.804 |
101.284 |
101.284 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
849.068 |
973.648 |
1207.531 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
947.872 |
1074.932 |
1308.815 |
|
|
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 |
947.872 |
1074.932 |
1308.815 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
46.858 |
68.230 |
118.937 |
|
|
Capital work-in-progress |
16.903 |
1.600 |
0.844 |
|
|
|
|
|
|
|
|
INVESTMENT |
0.000 |
0.000 |
0.000 |
|
|
DEFERREX TAX ASSETS |
89.991 |
77.915 |
68.787 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
0.000
|
0.000 |
0.000 |
|
|
Sundry Debtors |
133.484
|
92.735 |
433.052 |
|
|
Cash & Bank Balances |
564.500
|
763.386 |
733.979 |
|
|
Other Current Assets |
155.469
|
74.122 |
51.723 |
|
|
Loans & Advances |
298.799
|
237.630 |
290.811 |
|
Total
Current Assets |
1152.252
|
1167.873 |
1509.565 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
110.637
|
60.629 |
158.027 |
|
|
Other Current Liabilities |
64.115
|
20.178 |
48.139 |
|
|
Provisions |
183.380
|
159.879 |
183.152 |
|
Total
Current Liabilities |
358.132
|
240.686 |
389.318 |
|
|
Net Current Assets |
764.120
|
927.187 |
1120.247 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
947.872 |
1074.932 |
1308.815 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
|
|
|
|
|
|
Other Income |
|
|
|
|
|
|
TOTAL |
1263.637 |
1937.712 |
2719.698 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Office Expenses |
|
|
|
|
|
|
Administrative Expenses |
|
|
|
|
|
|
Advertising Expenses |
|
|
|
|
|
|
TOTAL |
1097.337 |
1391.725 |
1630.022 |
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX |
166.300 |
545.987 |
1089.676 |
|
|
|
|
|
|
|
|
|
Less |
TAX |
59.869 |
187.382 |
377.760 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX |
106.431 |
358.605 |
711.916 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Export of Services |
NA |
1917.279 |
2706.236 |
|
|
TOTAL EARNINGS |
NA |
1917.279 |
2706.236 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Capital Goods |
NA |
NA |
0.764 |
|
|
TOTAL IMPORTS |
NA |
NA |
0.764 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
10.00 |
35.00 |
70.00 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
PAT / Total Income |
(%) |
8.42 |
18.51 |
26.18 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
13.87 |
44.17 |
66.91 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.18 |
0.51 |
0.83 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
0.38 |
0.22 |
0.30 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
3.22 |
4.85 |
3.88 |
LOCAL AGENCY FURTHER INFORMATION
|
Sr. No. |
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 |
No |
|
5] |
Type of Business |
Yes |
|
6] |
Line of Business |
Yes |
|
7] |
Promoter's background |
Yes |
|
8] |
No. of employees |
No |
|
9] |
Name of person contacted |
No |
|
10] |
Designation of contact person |
No |
|
11] |
Turnover of firm for last three years |
Yes |
|
12] |
Profitability for last three years |
Yes |
|
13] |
Reasons for variation <> 20% |
-- |
|
14] |
Estimation for coming financial year |
Yes |
|
15] |
Capital in the business |
Yes |
|
16] |
Details of sister concerns |
Yes |
|
17] |
Major suppliers |
No |
|
18] |
Major customers |
No |
|
19] |
Payments terms |
No |
|
20] |
Export / Import details (if applicable) |
No |
|
21] |
Market information |
-- |
|
22] |
Litigations that the firm / promoter involved in |
-- |
|
23] |
Banking Details |
No |
|
24] |
Banking facility details |
No |
|
25] |
Conduct of the banking account |
-- |
|
26] |
Buyer visit details |
-- |
|
27] |
Financials, if provided |
Yes |
|
28] |
Incorporation details, if applicable |
Yes |
|
29] |
Last accounts filed at ROC |
No |
|
30] |
Major Shareholders, if available |
Yes |
|
31] |
Date of Birth of Proprietor/Partner/Director, if available |
Yes |
|
32] |
PAN of Proprietor/Partner/Director, if available |
No |
|
33] |
Voter ID No of Proprietor/Partner/Director, if available |
No |
|
34] |
External Agency Rating, if available |
No |
Note:
The Registered Office of the company has been shifted from 2nd Floor,
MCT House, One Okhla Centre, Block A, Okhla Institutional Area, New Delhi -
110025, India to the present address w.e.f. 20.12.2010.
FINANCIAL REVIEW:
During the year the company has achieved a total income of Rs.1263.637 Millions while it was Rs.1937.712 Millions last year. The company has recorded a profit before tax of Rs.166.301 Millions as against profit of Rs.545.987 Millions recorded last year. Fall in the profits of the company, as compared to the last year, is due to the impact of global economic conditions which prevailed during the year. The global economy is showing symptoms of recovery and business activities are gearing up which is expected to have positive impact in the coming years. Also, the company is aggressively looking into the local market and for this it is not only bidding for but also executing various projects with clients, namely, Jindal Steel and Power, BASF, Rio Tinto etc.
During the current year the company performed work on various global projects, namely, Jetty Boil-Off Gas Recovery Project, Chayvo OPF Expansion Project, Total-Deep Conversion and Marathon- Detroit Coker Refinery Project.
CONTINGENT
LIABILITIES
(Rs. In Millions)
|
Particular |
31.03.2011 |
31.03.2010 |
|
Demand from Income
Tax authorities disputed by Company |
|
|
|
Assessment Year 2004-05 |
43.000 |
43.000 |
|
Assessment Year 2006-07 |
30.890 |
30.890 |
|
Assessment Year 2007-08 |
26.716 |
-- |
FIXED ASSETS:
Tangible Assets
- Office Equipments
- Computer Equipments
- Furniture Fixtures
- Vehicles
- Leasehold Properties
Intangible Assets
- Computer 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.54.74 |
|
|
1 |
Rs.89.02 |
|
Euro |
1 |
Rs.72.48 |
INFORMATION DETAILS
|
Report Prepared
by : |
VRN |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
4 |
|
PAID-UP CAPITAL |
1~10 |
4 |
|
OPERATING SCALE |
1~10 |
4 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
4 |
|
--PROFITABILIRY |
1~10 |
4 |
|
--LIQUIDITY |
1~10 |
4 |
|
--LEVERAGE |
1~10 |
4 |
|
--RESERVES |
1~10 |
4 |
|
--CREDIT LINES |
1~10 |
4 |
|
--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 |
|
36 |
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.