|
Report Date : |
15.04.2013 |
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
: |
Subject is engaged in the manufacture and sale of industrial equipment
and process solutions. |
|
|
|
|
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. It is a well established and reputed
company having an excellent track record. Financial position is good.
Fundamentals are strong and healthy. Trade relations are decent. 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 Office : |
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 1 : |
Gat No.30 to 33 and 74 to 82, Sarole Veer Road, Sarole – 412 205, Taluka Bhor, District Pune, Maharashtra, India |
|
Tel. No.: |
91-2113-282367 |
|
Fax No.: |
91-2113-282301 |
|
E-Mail : |
|
|
|
|
|
Factory 2 : |
E-7/ E-8, M.I.D.C. Estate, Satara - 415 004, |
|
Tel. No.: |
91-2162-244503 |
|
Fax No.: |
91-2162-244268 |
|
|
|
|
Head Office / Sales and Corporate Office : |
Office No. 301, Global Port Building Survey No. 45/1-10, Mumbai
Bangalore Highway Baner Pune-411045, Maharashtra, India |
|
Tel. No.: |
91-20-67341100 |
|
Fax No.: |
91-20-67341115 |
|
|
|
|
Parts and Service
Centre : |
Plot No. R-674, MIDC
Rebale, TTC Industrial Area, Post Ghansoli, Navi Mumbai - 400 701,
Maharashtra, India |
|
Tel. No.: |
91-22-27691832 |
|
Fax No.: |
91-22-27607834 |
|
|
|
|
Sales Office : |
Located at: v Gujarat v Karnataka v Tamilnadu v West Bengal v Madhya Pradesh v Andhra Pradesh v Mumbai v New Delhi |
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 |
|
|
|
|
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 |
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 attached.
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 : |
Subject is engaged in the manufacture and sale of industrial equipment
and process solutions. |
||||||||
|
|
|
||||||||
|
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 Hong Kong 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 Debts/Networth) |
|
0.00
|
0.00 |
0.01 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.60
|
1.45 |
1.47 |
LOCAL AGENCY FURTHER INFORMATION
“CHARGES”
|
Entity |
Competent Authority |
Regulatory Charges |
Regulatory Actions / Date of Order |
|
Alfa Laval (India) Limited |
BSE |
SEBI (Delisting of Equity Shares) Regulations 2009 |
Delisted due to SEBI (Delisting of Equity Shares) Regulations 2009
from 19-04-2012 29.03.2012 |
|
Alfa Laval (India) Limited |
NSE |
SEBI (Delisting of Equity Shares) Regulations 2009 |
Delisted due to SEBI (Delisting of Equity Shares) Regulations 2009
from 12-04-2012 29.03.2012 |
|
Alfa Laval (India) Limited |
SEBI |
Did Not File Application for Renewal of registration |
Cancelled Registration as Merchant Banker 26.02.1999 |
|
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 |
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 |
Yes |
|
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, the order intake, in the
aggregate, moved past the 10 billion rupee mark to Rs 11,126.59 Millions (2010:
Rs. 9,052.87 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
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 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. 54.44 |
|
|
1 |
Rs. 83.77 |
|
Euro |
1 |
Rs. 71.33 |
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.