|
Report Date : |
07.02.2013 |
IDENTIFICATION DETAILS
|
Name : |
INTEGRATED EQUIPMENT ( |
|
|
|
|
Registered
Office : |
Gat No. 309/2 and 309/3, Kandhapuri Nagar Road, Taluka Shirur –
412209, Kondhapuri, Maharashtra |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as
on) : |
31.03.2010 |
|
|
|
|
Date of
Incorporation : |
14.11.2005 |
|
|
|
|
Com. Reg. No.: |
135950 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs.31.100 Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U28100PN2005PTC135950 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
MUMW02870A |
|
|
|
|
PAN No.: [Permanent Account No.] |
AAACW6150A |
|
|
|
|
Legal Form : |
Private Limited Liability Company |
|
|
|
|
Line of Business
: |
Manufacturer and Exporter of Pipe Fittings and Pressure Control Equipments used in Oil and Gas Industry. |
|
|
|
|
No. of Employees
: |
90 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
B (27) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
Maximum Credit Limit : |
USD 270000 |
|
|
|
|
Status : |
Moderate |
|
|
|
|
Payment Behaviour : |
Unknown |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is a subsidiary of WSI Holdings S A, Panama. It is an established company having a moderate track record. The
latest financials are not available. As per previous year’s, the performance capability appears to be
moderate. However, trade relations are reported to be fair. Business is active.
Payments are unknown. The company can be considered for business dealings with some caution.
Note: Due to technical error in the
government sites, we hereby provide you the report with available details and
we would provide you with a on the same company as soon as we get the
additional information. |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
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 |
B+ (Long Term Rating) |
|
Rating Explanation |
Having high risk of default regarding timely
servicing of financial obligation. |
|
Date |
July 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.
INFORMATION PARTED BY
|
Name : |
Mr. Ratankar Deshpande |
|
Designation : |
Accounts Head |
|
Contact No.: |
91-2137-618888 |
|
Date : |
06.02.2013 |
LOCATIONS
|
Registered Office/ Factory : |
Gat No.309/2 and 309/3, Kandhapuri Nagar Road, Taluka Shirur – 412209,
Kondhapuri, Maharashtra, India |
|
Tel. No.: |
91-2137-618888 |
|
Fax No.: |
91-2137-618889 |
|
E-Mail : |
|
|
Area : |
50000 Sq. ft |
|
Location : |
Owned |
DIRECTORS
AS ON 30.09.2010
|
Name : |
Mr. Brij Mohanlal Rawelchand Sharma |
|
Designation : |
Director |
|
Address : |
17/6-A, Chakrata Road, Dehradun – 248001, Uttarakhand, India |
|
Date of Birth/Age : |
10.01.1936 |
|
Date of Appointment : |
14.11.2005 |
|
DIN No.: |
00069279 |
|
|
|
|
Name : |
Ms. Saroj Brij Mohanlal Sharma |
|
Designation : |
Director |
|
Address : |
17/6-A, Chakrata Road, Dehradun – 248001, Uttarakhand, India |
|
Date of Birth/Age : |
15.01.1938 |
|
Date of Appointment : |
14.11.2005 |
|
DIN No.: |
00069386 |
KEY EXECUTIVES
|
Name : |
Mr. Ratankar Deshpande |
|
Designation : |
Accounts Head |
|
|
|
|
Name : |
Mr. Devesh Tudekar |
|
Designation : |
Company Secretary |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 30.09.2010
|
Names of Shareholders |
|
No. of Shares |
|
WSI International, Panama |
|
3109999 |
|
Mohanlal R Brij Sharma |
|
1 |
|
|
|
|
|
Total
|
|
3110000 |
Equity Share Break up (Percentage of Total Equity)
AS ON 30.09.2010
|
Category |
Percentage |
|
Foreign holdings( Foreign institutional investor(s),
Foreign companie(s) Foreign financial institution(s), Non-resident Indian(s)
or Overseas Corporate bodies or Others |
100.00 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer and Exporter of Pipe Fittings and Pressure Control Equipments used in Oil and Gas Industry. |
|
|
|
|
Exports : |
|
|
Products : |
Finished Goods |
|
Countries : |
USA |
|
|
|
|
Terms : |
|
|
Selling : |
Credit (90 days) |
|
|
|
|
Purchasing : |
Credit (60 days) |
PRODUCTION STATUS (AS ON 31.03.2010)
|
Particulars |
Unit |
Licensed
Capacity |
Installed
Capacity |
Actual
Production |
|
Pulsation dampeners, Blow-out preventers, Tubing hangers, Tree caps, Valves, Flanges, etc. |
Nos. |
175000 |
150000 |
9325 |
* The installed
capacity disclosed above is as per certificate from management which has been
relied upon by the auditors without verification.
GENERAL INFORMATION
|
Suppliers : |
·
Integrated Equipment Inc |
|||||||||||||||
|
|
|
|||||||||||||||
|
Customers : |
Foreign Companies ·
Western India Forgings Private Limited ·
Veneer Machinery Equipment |
|||||||||||||||
|
|
|
|||||||||||||||
|
No. of Employees : |
90 (Approximately) |
|||||||||||||||
|
|
|
|||||||||||||||
|
Bankers : |
State Bank of India, Industrial Finance Branch, Kasarwadi, Pimpri,
Pune – 411034, Maharashtra, India Tel. No.: 91-20-27125244 |
|||||||||||||||
|
|
|
|||||||||||||||
|
Facilities : |
(Rs. In Millions )
|
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
Price Waterhouse and Company Chartered Accountants |
|
Address : |
Mutha Towers, 5th Floor, Suit No.8, Airport Road, Pune –
411006, Maharashtra, India |
|
PAN No.: |
AAEFP5579P |
|
|
|
|
Entities under common control : |
·
WSI Services S.A, US ·
Integrated Equipment International Inc., US ·
Brij Associates Consultants (India) Private
Limited |
|
|
|
|
Holding Company : |
WSI Holdings S A Panama |
CAPITAL STRUCTURE
AS ON 31.03.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
8000000 |
Equity Shares |
Rs.10/- each |
Rs.80.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
3110000 |
Equity Shares |
Rs.10/- each |
Rs.31.100
Millions |
|
|
|
|
|
Of the above, 3,109,999 (previous year 3,109,999) equity shares are held by WSI Holdings S.A., Panama, the holding company
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
|
31.03.2010 |
31.03.2009 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
|
31.100 |
31.100 |
|
|
2] Share Application Money |
|
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
|
36.753 |
29.686 |
|
|
4] (Accumulated Losses) |
|
0.000 |
0.000 |
|
|
NETWORTH |
|
67.853 |
60.786 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
|
104.777 |
55.265 |
|
|
2] Unsecured Loans |
|
9.500 |
16.806 |
|
|
TOTAL BORROWING |
|
114.277 |
72.071 |
|
|
DEFERRED TAX LIABILITIES |
|
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
|
182.130 |
132.857 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
|
125.759 |
62.077 |
|
|
Capital work-in-progress |
|
8.128 |
6.196 |
|
|
|
|
|
|
|
|
INVESTMENT |
|
0.000 |
0.000 |
|
|
DEFERREX TAX ASSETS |
|
0.212 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
|
24.542 |
40.864 |
|
|
Sundry Debtors |
|
24.664 |
41.965 |
|
|
Cash & Bank Balances |
|
8.565 |
16.283 |
|
|
Other Current Assets |
|
8.735 |
0.619 |
|
|
Loans & Advances |
|
19.314 |
13.220 |
|
Total
Current Assets |
|
85.820 |
112.951 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
|
33.379 |
40.303 |
|
|
Other Current Liabilities |
|
3.702 |
7.901 |
|
|
Provisions |
|
0.707 |
0.164 |
|
Total
Current Liabilities |
|
37.788 |
48.368 |
|
|
Net Current Assets |
|
48.031 |
64.584 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
|
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
|
182.130 |
132.857 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
|
|
|
SALES |
|
|
|
|
|
|
|
INCOME
(INCLUDING OTHER INCOME) |
|
106.892 |
179.758 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
TOTAL |
|
99.531 |
155.615 |
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX |
|
7.361 |
24.143 |
|
|
|
|
|
|
|
|
|
Less |
TAX |
|
0.295 |
0.564 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
|
|
7.066 |
23.579 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
|
29.686 |
6.107 |
|
|
|
|
|
|
|
|
|
|
BALANCE CARRIED
TO THE B/S |
|
36.753 |
29.686 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Export Earnings |
|
78.797 |
157.466 |
|
|
TOTAL EARNINGS |
|
78.797 |
157.466 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
|
2.172 |
11.705 |
|
|
|
Capital Goods |
|
0.150 |
0.744 |
|
|
TOTAL IMPORTS |
|
2.322 |
12.449 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
|
2.27 |
7.58 |
|
|
Particulars |
|
31.03.2012 |
31.03.2011 |
|
Sales Turnover (Approximately) |
|
340.000 |
170.000 |
|
|
|
|
|
Expected Sales (2012-2013): Rs.600.000 Millions
The above information has been parted by Mr. Ratankar Deshpande
KEY RATIOS
|
PARTICULARS |
|
|
31.03.2010 |
31.03.2009 |
|
PAT / Total Income |
(%) |
|
6.61 |
13.11 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
|
3.48 |
13.79 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
|
0.11 |
0.40 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
|
1.68 |
1.19 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
|
2.27 |
2.33 |
LOCAL AGENCY FURTHER INFORMATION
Details of Sundry Creditors:
(Rs. In Millions)
|
Particulars |
|
31.03.2011 |
31.03.2010 |
|
Sundry Creditors |
|
|
|
|
Micro, Small and Medium
Enterprises |
|
33.379 |
40.303 |
|
|
|
|
|
|
Total |
|
33.379 |
40.303 |
|
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 |
Yes |
|
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 |
Yes |
|
10] |
Designation of contact person |
Yes |
|
11] |
Turnover of firm for last four years |
Yes |
|
12] |
Profitability for last two 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 |
Yes |
|
18] |
Major customers |
Yes |
|
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 |
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 |
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 |
Yes |
UNSECURED LOAN
(Rs. In Millions)
|
UNSECURED LOAN |
31.03.2010 |
31.03.2009 |
|
From bodies corporate [repayable within a year Rs. Nil, (previous year Rs. Nil)] [includes interest accrued and due Rs. Nil (previous year Rs. 1.449 Millions) and loan denominated in foreign currency Rs. Nil (previous year Rs. 5.357 Millions)] |
9.500 |
16.806 |
|
|
|
|
|
TOTAL |
9.500 |
16.806 |
COMPANY OVERVIEW:
Subject, incorporated in 2006 as Well Site International Services (India) Private Limited, is a subsidiary of WSI Holdings S.A. Panama. The Company is primarily engaged in the manufacture and sale of pipe fittings and pressure control equipment used in the oil and gas industry.
TRADE REFERENCES:
·
Integrated Equipment Inc, USA
·
Western India Forgings Private Limited, Pune
·
Veneer Machinery Equipment, Bangalore
FIXED ASSETS:
Tangible
Assets
·
Freehold Land
·
Building
·
Plant and Machinery
·
Data Processing Equipment
·
Office Equipment
·
Furniture and Fixture
·
Vehicles
Intangible Assets:
· 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 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.53.09 |
|
|
1 |
Rs.83.12 |
|
Euro |
1 |
Rs.72.02 |
INFORMATION DETAILS
|
Information
Gathered by : |
PLK |
|
|
|
|
Report Prepared
by : |
VRN |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
3 |
|
PAID-UP CAPITAL |
1~10 |
3 |
|
OPERATING SCALE |
1~10 |
3 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
3 |
|
--PROFITABILIRY |
1~10 |
3 |
|
--LIQUIDITY |
1~10 |
3 |
|
--LEVERAGE |
1~10 |
3 |
|
--RESERVES |
1~10 |
3 |
|
--CREDIT LINES |
1~10 |
3 |
|
--MARGINS |
-5~5 |
- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--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 |
|
27 |
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.