|
Report Date : |
16.10.2012 |
IDENTIFICATION DETAILS
|
Name : |
ALFA LAVAL INDIA LIMITED |
|
|
|
|
Registered
Office : |
Mumbai-Pune Road, Dapodi, Pune–411 012, Maharashtra |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as on)
: |
31.12.2011 |
|
|
|
|
Date of
Incorporation : |
15.12.1937 |
|
|
|
|
Com. Reg. No.: |
11-002732 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs.181.600
Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U29299PN1937PLC002732 |
|
|
|
|
Legal Form : |
A Closely Held Public Limited Liability Company |
|
|
|
|
Line of Business
: |
Manufacturer of Process Vessels, Fermenters, Reactors. |
|
|
|
|
No. of Employees
: |
12600 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
Aa (73) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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 |
|
Maximum Credit Limit : |
USD 19580000 |
|
|
|
|
Status : |
Excellent |
|
|
|
|
Payment Behaviour : |
Regular |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is a part of Alfa Laval Group, a multinational operations. It is
a well established and reputed company having excellent track. Financial
position is good. Fundamentals are strong and healthy. Trade relations are
fair. Payments are regular and as per commitments. The company can be considered good for any 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 – 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 |
EXTERNAL AGENCY RATING
|
Rating Agency Name |
CRISIL |
|
Rating |
AA+ (Long Term Rating) |
|
Rating Explanation |
High degree of safety to carry very low credit risk. |
|
Date |
September 2012 |
|
Rating Agency Name |
CRISIL |
|
Rating |
A1+ |
|
Rating Explanation |
Very strong degree of safety. It carry lowest credit risk. |
|
Date |
September 2012 |
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/ Head Office/ Factory 1 : |
Mumbai-Pune Road, Dapodi, Pune–411 012, Maharashtra, India |
|
Tel. No.: |
91-20-27107100/ 66119100/ 27147721/ 7728/ 776321/ 797711 |
|
Fax No.: |
91-20-27147711/ 779479 |
|
E-Mail : |
|
|
Website : |
|
|
|
|
|
Factory 2 : |
Gat Nos.30 to 33 and 74 to 82, |
|
Tel. No.: |
91-2113-282367 |
|
Fax No.: |
91-2113-282301 |
|
E-Mail : |
|
|
|
|
|
Factory 3 : |
E-7/ E-8, M.I.D.C. Estate, Satara - 415 004, |
|
Tel. No.: |
91-2162-244503 |
|
Fax No.: |
91-2162-244268 |
|
|
|
|
|
v
Plot
No. R-674, MIDC Rebale, TTC Industrial Area, Post Ghansoli, Navi Mumbai - 400
701, Maharashtra, India |
|
|
|
|
Sales and Service Network : |
Located at: v
v
v
v Chennai v
v
v
v
v
v
v Kolkata v Mumbai v
v
v Pune v
v
v Cochin |
DIRECTORS
AS ON 21.06.2012
|
Name : |
Mr. Giuseppe Falciola |
|
Designation : |
Director |
|
Address : |
7, Via De Gasperi Milano, Vedano Al Lamro, Italy |
|
Date of Birth/Age : |
21.09.1942 |
|
Date of Appointment : |
23.02.2006 |
|
Date of Cessation : |
22.06.2012 |
|
DIN No.: |
00533587 |
|
|
|
|
Name : |
Mr. Jose Antonio Hernanz Arroyo |
|
Designation : |
Managing Director |
|
Address : |
13-3, Avenida De Torrelodones, Madrid, Torrelodones-Colonia,
Spain-28250 |
|
Date of Birth/Age : |
16.04.1952 |
|
Date of Appointment : |
01.01.2010 |
|
PAN No.: |
AEUPH8555B |
|
DIN No.: |
02848196 |
Other Directorship:
|
S.No. |
CIN/LLPIN |
Name
of the Company/ LLP |
Current
designation of the Director/ Designated Partner |
Date
of appointment at current designation |
Original
date of appointment |
Company/
LLP Status |
Defaulting
status |
|
1 |
U29299PN1937PLC002732 |
ALFA
LAVAL INDIA LIMITED |
Managing
director |
01/02/2010 |
01/01/2010 |
Active |
NO |
|
Name : |
Mr. Raymond John Field |
|
Designation : |
Director Appointed in Casual
Vacancy |
|
Address : |
41 D, Pat Heung, Ha Che Tsuen, Yuen Long, Hong Kong, China |
|
Date of Birth/Age : |
11.05.1954 |
|
Date of Appointment : |
27.07.2011 |
|
DIN No.: |
00867545 |
Other Directorship:
|
S.No. |
CIN/LLPIN |
Name
of the Company/ LLP |
Current
designation of the Director/ Designated Partner |
Date
of appointment at current designation |
Original
date of appointment |
Company/
LLP Status |
Defaulting
status |
|
1 |
U29299PN1937PLC002732 |
ALFA
LAVAL INDIA LIMITED |
Director |
22/06/2012 |
27/10/2004 |
Active |
NO |
KEY EXECUTIVES
|
Name : |
Mr. Viswanathan Chandrasekhar |
|
Designation : |
Company Secretary |
|
Address : |
C3/18 and 19, Salunke Vihar Road, Oxford Comforts, Wanowrie,
Pune-411040, Maharashtra, India |
|
Date of Birth/Age : |
20.01.1958 |
|
Date of Appointment : |
20.08.1993 |
|
PAN No.: |
AANPC6399P |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 21.06.2012
Note: Shareholder
details file attach.
AS ON 21.06.2012
|
Equity Shares
Break Up |
Percentage of
Holding |
|
Nationalized or
other banks |
0.03 |
|
Foreign holdings( Foreign institutional investor(s),
Foreign companie(s) Foreign financial institution(s), Non-resident Indian(s)
or Overseas Corporate bodies or Others |
97.01 |
|
Bodies corporate |
0.39 |
|
Other top fifty shareholders |
0.66 |
|
Others |
1.91 |
|
TOTAL |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer of Process Vessels, Fermenters, Reactors. |
||||||||
|
|
|
||||||||
|
Products : |
|
GENERAL INFORMATION
|
No. of Employees : |
12600 (Approximately) |
|
|
|
|
Bankers : |
v
Bank of v Standard Chartered Bank v
Bank of v Industrial Development Bank of India Limited v The Hongkong and Shanghai Banking Corporation Limited |
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
S R Batliboi and Associates Chartered Accountant |
|
Address : |
C-401, Fourth Floor, Panchshil Tech Park, Yerwada, Pune-411006,
Maharashtra, India |
|
PAN No.: |
AABFS3421N |
|
|
|
|
Holding Company : |
Alfa Laval Corporate AB Sweden |
|
|
|
|
Ultimate Holding Company : |
Alfa Laval AB Sweden |
|
|
|
|
Fellow Subsidiaries : |
Australia Alfa Laval Australia Pty Limited Belgium Alfa Laval Corporate AB Belgian Branch Brazil Alfa Laval Ltda Bulgaria Alfa Laval Limited Canada Alfa Laval Inc Greece Alfa Laval AEBE Hungary Alfa Laval Kft India ·
Alfa Laval Support Services Private Limited ·
Tranter India Private Limited Indonesia PT Alfa Laval Italy ·
Alfa Laval SpA ·
Astepo S.r.l ·
Alfa Laval Parma S.r.l Chile Alfa Laval S.A.C.I. China ·
Alfa Laval (China) Limited ·
Alfa Laval Flow Equipment (Kunshan) Company
Limited ·
Alfa Laval (Jiangyin) Manufacturing Company
Limited ·
Alfa Laval (Shanghai) Technologies Company ·
Wuxi MCD Gasket Company Limited Japan Alfa Laval KK South Korea Alfa Laval Korea Limited Czech Republic Alfa Laval Spol S.R.O. Malaysia Alfa Laval (Malaysia) Sdn Bhd Denmark ·
Alfa Laval Copenhagen A/S ·
Alfa Laval Tank Equipment A/S ·
Alfa Laval Kolding A/S ·
Alfa Laval Nakskov A/S ·
Alfa Laval Nordic A/S ·
Scandi Brew Netherlands ·
Alfa Laval Groningen B.V. ·
Alfa Laval Merco B.V. ·
Alfa Laval Benelux N.V-S.A. ·
Alfa Laval Benelux B.V. Finland ·
Alfa Laval Nordic OY ·
Alfa Laval Vantaa OY Norway Alfa Laval Nordic A/S France ·
Alfa Laval Vicarb SAS ·
Alfa Laval SAS ·
Alfa Laval Spiral SAS ·
Alfa Laval Moatti SAS ·
MCD SAS ·
Packinox SA Phillipines Alfa Laval Philippines Inc Poland ·
Alfa Laval Polska Sp. z. o. o ·
Alfa Laval Krakow Sp.z .o. o Germany Alfa Laval (Germany) Mid Europe GmbH Portugal Alfa Laval Portugal Ltda Qatar Alfa Laval Service Operations Qatar LLC Russia AO Alfa Laval Potok Singapore Alfa Laval Singapore Pte Limited South Africa Alfa Laval (Pty) Limited Spain Alfa Laval Iberia SA Sweden ·
Alfa Laval Tumba AB ·
Alfa Laval Treasury International AB ·
Alfa Laval Holding AB ·
Alfa Laval Lund AB ·
Alfa Laval Nordic AB ·
Alfa Laval (Thailand) Limited Taiwan Alfa Laval Taiwan Limited Thailand Alfa Laval Quality Moving AB Turkey Alfa Laval Makine Sanayii ve Ticaret Limited. Sti UAE Alfa Laval Middle East Limited United Kingdom ·
Alfa Laval Limited ·
Alfa Laval Pumps Limited USA ·
Alfa Laval Inc ·
Alfa Laval Thermal Inc ·
Alfa Laval Distribution Inc Venezuela Alfa Laval Venezolana S.A. |
CAPITAL STRUCTURE
AS ON 31.12.2011
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
20000000 |
Equity Shares |
Rs.10/- each |
Rs. 200.000 Millions |
|
|
|
|
|
Issued Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
18160567 |
Equity Shares |
Rs.10/- each |
Rs. 181.610
Millions |
|
|
|
|
|
Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
18160483* |
Equity Shares |
Rs.10/- each |
Rs. 181.600
Millions |
|
|
|
|
|
NOTES
a)
441,845 9/10 (Previous year 441,845 9/10) equity
shares of Rs.10 each have been allotted as fully paid up pursuant to contracts
for consideration other than cash;
b)
29,988 (Previous year 29,988) equity shares of
Rs.10 each have been allotted as fully paid up, pursuant to the right exercised
by a lender of converting a part of the loan advanced by them to the Company;
c)
8,822,989 (Previous year 8,822,989) equity shares of
Rs.10 each have been allotted as fully paid up Bonus shares by capitalization
of general reserve, securities premium, capital reserve and export reserve.
* includes
16,120,281 (Previous year 16,120,281) Equity shares of Rs.10 each held by Alfa
Laval Corporate AB, Sweden the Holding Company (Alfa Laval AB, the Ultimate
Holding Company)
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.12.2011 |
31.12.2010 |
31.12.2009 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
181.600 |
181.600 |
181.600 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
4715.020 |
4040.740 |
3593.070 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
4896.620 |
4222.340 |
3774.670 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
0.000 |
0.000 |
0.000 |
|
|
2] Unsecured Loans |
0.000 |
0.000 |
46.060 |
|
|
TOTAL BORROWING |
0.000 |
0.000 |
46.060 |
|
|
DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
4896.620 |
4222.340 |
3820.730 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
1152.310 |
964.950 |
977.760 |
|
|
Capital work-in-progress |
267.550 |
116.490 |
23.580 |
|
|
|
|
|
|
|
|
INVESTMENT |
548.780 |
1305.510 |
1233.850 |
|
|
DEFERREX TAX ASSETS |
141.930 |
82.360 |
32.890 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
2377.050
|
1994.610
|
1759.940
|
|
|
Sundry Debtors |
2593.280
|
1980.990
|
1766.140
|
|
|
Cash & Bank Balances |
1075.160
|
522.710
|
395.050
|
|
|
Other Current Assets |
247.270
|
240.180
|
284.180
|
|
|
Loans & Advances |
1148.910
|
918.100
|
605.640
|
|
Total
Current Assets |
7441.670
|
5656.590 |
4810.950 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
1959.560
|
1529.830
|
1221.520
|
|
|
Other Current Liabilities |
2216.180
|
1405.740
|
1294.670
|
|
|
Provisions |
479.880
|
967.990
|
742.110
|
|
Total
Current Liabilities |
4655.620
|
3903.560 |
3258.300 |
|
|
Net Current Assets |
2786.050
|
1753.030
|
1552.650
|
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
4896.620 |
4222.340 |
3820.730 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.12.2011 |
31.12.2010 |
31.12.2009 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
11541.740 |
8360.340 |
8875.730 |
|
|
|
Other Income |
409.000 |
231.990 |
121.130 |
|
|
|
TOTAL (A) |
11950.740 |
8592.330 |
8996.860 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Consumption materials changes inventories |
7003.720 |
4605.650 |
0.000 |
|
|
|
Manufacturing service costs |
687.820 |
495.650 |
6990.440 |
|
|
|
Contract cost |
231.530 |
137.990 |
0.000 |
|
|
|
Employee related expenses |
974.110 |
809.270 |
0.000 |
|
|
|
Administrative selling other expenses |
1009.400 |
753.280 |
0.000 |
|
|
|
TOTAL (B) |
9906.580 |
6801.840 |
6990.440 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
2044.160 |
1790.490 |
2006.420 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
0.620 |
5.300 |
5.250 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
2043.540 |
1785.190 |
2001.170 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
139.340 |
127.100 |
129.570 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
1904.200 |
1658.090 |
1871.600 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
598.830 |
576.880 |
638.210 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
1305.370 |
1081.210 |
1233.390 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
2218.740 |
1880.070 |
1301.850 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Transfer to General Reserve |
131.000 |
109.000 |
124.000 |
|
|
|
Dividend |
544.810 |
544.810 |
454.010 |
|
|
|
Tax on Dividend |
86.280 |
88.730 |
77.160 |
|
|
BALANCE CARRIED
TO THE B/S |
2762.020 |
2218.740 |
1880.070 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Export Earnings |
4735.140 |
2609.150 |
NA |
|
|
|
Commission Earnings |
2.300 |
3.360 |
NA |
|
|
|
Other Earnings |
41.460 |
93.270 |
NA |
|
|
TOTAL EARNINGS |
4778.900 |
2705.780 |
NA |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
2623.790 |
1600.020 |
NA |
|
|
|
Stores & Spares |
210.040 |
196.120 |
NA |
|
|
|
Capital Goods |
227.100 |
48.580 |
NA |
|
|
TOTAL IMPORTS |
3060.930 |
1844.720 |
NA |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
71.88 |
59.54 |
67.92 |
|
KEY RATIOS
|
PARTICULARS |
|
31.12.2011 |
31.12.2010 |
31.12.2009 |
|
PAT / Total Income |
(%) |
10.92
|
12.58 |
13.70 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
16.50
|
19.83 |
21.08 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
21.80
|
24.73 |
32.33 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.39
|
0.39 |
0.49 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
0.95
|
0.92 |
0.87 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.60
|
1.45 |
1.47 |
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 |
Yes |
|
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 |
No |
|
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) |
Yes |
|
21] |
Market information |
----- |
|
22] |
Litigations that the firm
/ promoter involved in |
----- |
|
23] |
Banking Details |
Yes |
|
24] |
Banking facility details |
Yes |
|
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 |
Yes |
|
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 |
Yes |
NATURE OF OPERATIONS
Subject is engaged
in the manufacture and sale of industrial equipment and process solutions. The
Company sells high speed separators heat exchangers and flow equipment amongst
other products besides offering process solutions to various industries.
OPERATIONS AND
FINANCIAL RESULTS
In the wake of an
uncertain business environment that pervaded during the year under review, the
order intake, in the aggregate, moved past the 10 billion rupee mark to Rs 11,126.59
Millions (2010 : Rs9,052.87 Millions) registering an increase of about 23% over
the previous year with some major orders from the Food industry and a very good
flow of business from the Principals. The healthy order backlog at the
commencement of the year helped in augmentation of the sales revenues which
also crossed the ten billion rupee mark to reach Rs.11,541.74 Millions (2010:
Rs.8,360.34 Millions) reflecting an increase of about
38% year on year.
With exchange gain, export benefits and profit on sale of mutual fund
investments boosting the other income, the total income for the year was at
Rs.11,950.74 Millions (2010:Rs.8,592.33 Millions). While the earnings before
depreciation, interest and taxation regained the two billion rupee mark, the overall
profitability could not grow in line with the sales turnover growth due to
higher provisioning and incidence of higher costs. The financial performance of
the Company for the year
DELISTING OF
EQUITY SHARES:
The Company had
received a communication from Alfa Laval Corporate AB, Sweden, the Promoter,
informing of its decision to seek a voluntary delisting of the equity shares of
the Company from the stock exchanges on which they are presently listed, being
Bombay Stock Exchange Limited and National Stock Exchange of India Limited
in accordance with the Securities and
Exchange Board of India ( Delisting of Equity Shares) Regulations, 2009 with
the objectives of obtaining full ownership of the Company and of providing an
exit opportunity to the public shareholders. This was followed up with further
communications by the Promoter conveying the floor price of Rs.2,045/- per
equity share and an indicative offer price of Rs.2,850/- per equity share. The
Promoter who currently holds 88.77% of the paid-up equity share capital of the
Company is proposing to acquire from the Public shareholders the outstanding
2,040,202 Equity Shares constituting 11.23% of the paid-up equity share capital
of the Company through a reverse book building process scheduled to be conducted
between February 15, 2012 and February 22, 2012 which will determine the exit
price for the Promoter to decide thereon. The acquisition of the equity shares
by the Promoter is conditional upon a minimum of 1,020,101 equity shares being
tendered at or below the exit price so as to cause the Promoter’s shareholding
to increase to 94.38% of the paid-up equity share capital of the Company.
Meanwhile, the Company has applied for and obtained the in principle approval
from the above Stock Exchanges for the proposed voluntary delisting of the
equity shares of the Company.
FIXED ASSETS
·
Free Hold Land
·
Leasehold Land
·
Buildings and Roads
·
Plant and Machinery
·
Furniture and Fixtures
·
Vehicles
·
Computer Software
WEB SITE DETAILS
PROFILE
Subject traces its presence in India since
1937. A sales company of Alfa Laval Group, Alfa Laval India has its local
registered office at Pune. Factories in India located in Maharashtra
manufacture and supply key components and systems in Separation, Heat Transfer
and Flow technology.
Evolution of Alfa Laval in India
1937
Incorporated as Vulcan Trading Company
Private Limited, wholly owned subsidiary of the Swedish Match Company, representing leading Swedish
Companies in India, including Alfa Laval.
1961
Started
Manufacturing set up at Pune.
1965
Vulcan Trading
merged with Alfa Laval Ltd. and was re-christened as Vulcan Laval Limited.
1981
Alfa Laval AB
became majority share holder.
1987
Name changed to
Alfa Laval India Limited.
1993
Alfa Laval India
became the subsidiary company of Alfa Laval AB.
Alfa Laval India is:
·
An acknowledged supplier of Plate and Spiral
Exchangers, Centrifugal Separators and Decanters and Sanitary Flow Equipment.
·
A Group Manufacturing Unit for certain models of Separators,
Decanters and Sanitary Flow Equipment for global market.
·
A global hub for executing Alfa Laval projects in
Distillery and vegetable oil refineries in South Africa, China, Nigeria, Middle
East, Turkey, Russia and Bangladesh.
·
Equipped with special expertise in process
equipment fabrication in SS and other exotic metals.
PRESS RELEASE
A FULL RANGE OF PROVEN COLD
BLOCK SOLUTIONS FOR BREWERIES
2012-09-19
With complete concepts for cold block, Alfa Laval
offers breweries both big and small proven solutions to achieve optimal
fermentation and beer production management. This ranges from optimized work
and beer cooling systems, customized large-scale valve clusters and the routing
systems interconnecting fermentation, storage, maturation and bright beer
vessels to the integrated systems enabling efficient thermal treatment,
filtering and cleaning-in-place.
Whether investing in new production
facilities or expanding existing ones, breweries face numerous challenges to
expand and optimize production capability. These include time and capital
hurdles to meet the evolving demands of consumers in a timely and
financially-viable manner. With more than three decades of experience in the
brewing industry, Alfa Laval can help breweries meet their expansion and
optimization targets by offering proven cold block solutions.
The track record speaks volumes of the
increasingly important role that Alfa Laval’s cold block solutions play in the
worldwide beer industry. With over 40 completed projects since 2000 for global
breweries including ABInBev, SAB Miller, Heineken, Carlsberg and Baltika, the
Alfa Laval approach to cold block solutions – flexibility in design, execution
and operation – is gaining traction among customers throughout Europe, North
and South America, Africa and Asia.
Wide ranging, proven concepts
The Alfa Laval cold block solutions are
designed based on an array of established functional concepts, each evolved
from years of accumulated industry experience in the brewing process. Known as
‘construction sets’, these concepts are the building blocks that can be
arranged into cold block solutions tailored to the customer’s exacting process
needs. By deploying flexible construction sets, Alfa Laval can furthermore
adapt them into cold block solutions accommodating variation in design (to easily incorporate new
functionality and technologies), execution
(to improve procurement, installation and commissioning of new projects) and operation (to optimize the functionality
of the cold block in accordance to local demand).
Full range of components
The flexible cold block solutions also
benefit from Alfa Laval’s experience in the design and manufacture of key
components used in the brewing process. From optimized plate heat exchangers,
pumps and valves to modularized high speed separators, decanters, yeast
propagators, CIP and deaeration systems, customers benefit from the accumulated
knowhow embedded in the wide array of components and modules supplied by Alfa Laval.
This includes specialist expertise in proprietary tank equipment, such as the
Iso-Mix system for optimizing fermentation and tank cleaning, operator-friendly
swing bend panels, top tank systems and critical instruments for sampling and
measuring.
Global presence
To better address breweries’ global as well as local demands, Alfa Laval
has four competence centers in China, Denmark, India and Russia where
specialists design and engineer the cold block systems, with sister facilities in
Brazil, China, India and Russia providing installation and production support.
This network is backed by a global parts and service organization with offices
in over 100 countries and regions.
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 hom 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. 53.11 |
|
|
1 |
Rs. 85.14 |
|
Euro |
1 |
Rs. 68.60 |
INFORMATION DETAILS
|
Report Prepared
by : |
DPT |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
9 |
|
PAID-UP CAPITAL |
1~10 |
8 |
|
OPERATING SCALE |
1~10 |
8 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
8 |
|
--PROFITABILIRY |
1~10 |
8 |
|
--LIQUIDITY |
1~10 |
8 |
|
--LEVERAGE |
1~10 |
8 |
|
--RESERVES |
1~10 |
8 |
|
--CREDIT LINES |
1~10 |
8 |
|
--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 |
YES |
|
--OTHER MERIT FACTORS |
YES/NO |
NO |
|
TOTAL |
|
73 |
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.