MIRA
INFORM REPORT
|
Report Date : |
07.03.2013 |
IDENTIFICATION DETAILS
|
Name : |
AUDCO INDIA LIMITED |
|
|
|
|
Registered
Office : |
L and T House, Ballard Estate, Mumbai-400001, Maharashtra |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as
on) : |
31.03.2012 |
|
|
|
|
Date of
Incorporation : |
23.11.1961 |
|
|
|
|
Com. Reg. No.: |
11-012188 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs. 156.326 millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U74999MH1961PLC012188 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
CHEA07789F/CHEA00336A |
|
|
|
|
PAN No.: [Permanent Account No.] |
AAACA9647E |
|
|
|
|
Legal Form : |
A Closely Held Public Limited Liability Company |
|
|
|
|
Line of Business
: |
Manufacturing and Marketing of Industrial Valves,
Actuators and Accessories, Offshore and Onshore Drilling Systems and
Equipments and Safety Systems and Equipments. |
|
|
|
|
No. of Employees
: |
2000 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
A (63) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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 |
|
Maximum Credit Limit : |
USD 12000000 |
|
|
|
|
Status : |
Good |
|
|
|
|
Payment Behaviour : |
Regular |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is a well established company having a good track record. The
financial position of the company appears to be strong. Performance
capability seems to be high. Liquidity position is good. Trade relations are reported to be fair. Business is active. Payments
are reported to be regular and as per commitment. The company can be considered for normal business dealings at usual
trade terms and condition. |
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 |
ICRA |
|
Rating |
A1+ (Non fund base, Bank Guarantee) |
|
Rating Explanation |
The highest credit quality it carry the lowest credit risk |
|
Date |
September, 2011 |
|
Rating Agency Name |
ICRA |
|
Rating |
AA (Cash Credit) |
|
Rating Explanation |
The high credit it carry low credit risk |
|
Date |
September, 2011 |
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 DECLINED
MANAGEMENT NON CO-OPERATIVE (Tel. No.: 91-22-67525656)
LOCATIONS
|
Registered Office : |
L and T House, Ballard Estate, Mumbai-400001, Maharashtra, India |
|
Tel. No.: |
91-22-67525656 |
|
Fax No.: |
91-22-67525893/ 67525858 |
|
E-Mail : |
|
|
Website : |
|
|
|
|
|
Factory 1 : |
Mount Poonamalle Road, Manapakkam, Chennai-600089, Tamilnadu, India |
|
Tel. No.: |
91-44-22342323 / 22492323 |
|
Fax No.: |
91-44-22345055 /22495055 /22494055 |
|
E mail: |
|
|
|
|
|
Factory 2 : |
B-8, MMDA Industrial Area, Maraimalai Nagar, Chennai-603209, Tamilnadu, India |
|
|
|
|
Factory 3: |
Enathur Village, Kancheepuram-631552, Tamilnadu, India |
|
|
|
|
Factory 4: |
Malumichampatti Village, Coimbatore-641021, Tamilnadu, India |
DIRECTORS
AS ON 24.08.2012
|
Name : |
Mr. Jagdish Pandurang Nayak |
|
Designation : |
Director |
|
Address : |
Gilder House, 2nd floor, 67 F, Bhulabhai Desai Road, Mumbai
400026, Maharashtra, India |
|
Date of Birth/Age : |
13.11.1943 |
|
Date of Appointment : |
07.06.2004 |
|
DIN No.: |
00001644 |
|
|
|
|
Name : |
Mr. Thomas Louis Pajonas |
|
Designation : |
Director |
|
Address : |
917, |
|
Date of Birth/Age : |
16.10.1955 |
|
Date of Appointment : |
06.08.2004 |
|
DIN No.: |
00167306 |
|
|
|
|
Name : |
Mr. John Robert Lenander |
|
Designation : |
Director |
|
Address : |
7004, |
|
Date of Birth/Age : |
07.07.1956 |
|
Date of Appointment : |
07.12.2007 |
|
DIN No.: |
02133034 |
|
|
|
|
Name : |
Mr. Raghavan Sadagopan Thathachari |
|
Designation : |
Director |
|
Address : |
Flat No 302, Emarald Green, Apartments, 108, 6th Main, 8th
Cross Malleswaran, Karnataka – 560003, Bangalore, India |
|
Date of Birth/Age : |
25.03.1946 |
|
Date of Appointment : |
27.05.2008 |
|
DIN No.: |
00002647 |
|
|
|
|
Name : |
Mr. Subramanian Ramakrishnan Subramanian |
|
Designation : |
Director |
|
Address : |
AH-3, 1st Floor, Old No. AH-75, 5th Street, 7th
Main , Shanti Colony, Anna Nagar, Chennai-600040, Tamilnadu, India |
|
Date of Birth/Age : |
05.10.1954 |
|
Date of Appointment : |
24.08.2012 |
|
DIN No.: |
03278824 |
|
|
|
|
Name : |
Mr. Gopinath Sivasankar |
|
Designation : |
Director |
|
Address : |
Villa 83, Phase 1, Palm Meadows, Airport, Whitefield Road,
Ramagondanahalli, Bangalore-560066, Karnataka, India |
|
Date of Birth/Age : |
26.05.1946 |
|
Date of Appointment : |
21.09.2002 |
|
DIN No.: |
00328624 |
KEY EXECUTIVES
|
Name : |
Mr. Nelepally Venkatachalam Venkatasubramaniam |
|
Designation : |
Manager |
|
Address : |
6D, |
|
Date of Birth/Age : |
24.08.1960 |
|
Date of Appointment : |
01.07.2009 |
|
Pan No.: |
AADPV6183C |
|
|
|
|
Name : |
Mr. Rajavel Sundaresan |
|
Designation : |
Secretary |
|
Address : |
No.5, Forth Cross, Gupta Layout, Ulsoor, |
|
Date of Birth/Age : |
27.05.1960 |
|
Date of Appointment : |
09.12.2010 |
|
Pan No.: |
AAPPR3224A |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 24.08.2012
|
Names of
Shareholders |
No. of Shares |
Percentage of Holding |
|
Larsen and Toubro Limited, India |
781626 |
49.999% |
|
AUDCO Limited, India |
781626 |
49.999% |
|
J. P. Nayak and Larsen and Toubro Limited, India |
1 |
0.00006% |
|
Sivasankar Gopinath and AUDCO Limited, India |
1 |
0.00006% |
|
T. L. Pajonas and AUDCO Limited, India |
1 |
0.00006% |
|
N. Hariharan and Larsen and Toubro Limited |
1 |
0.00006% |
|
J. R. Lenander and AUDCO Limited, India |
1 |
0.00006% |
|
S. Raghavan and Larsen and Toubro Limited, India |
1 |
0.00006% |
|
Samuel Barrett and AUDCO Limited, India |
1 |
0.00006% |
|
S. R. Subramanian and Larsen and Toubro Limited, India |
1 |
0.00006% |
|
TOTAL |
1563260 |
100.00 % |
Equity Share Break up (Percentage of Total Equity)
As on 24.08.2012
|
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 |
50.00 |
|
Bodies corporate |
50.00 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturing and Marketing of Industrial Valves,
Actuators and Accessories, Offshore and Onshore Drilling Systems and
Equipments and Safety Systems and Equipments. |
||||
|
|
|
||||
|
Products : |
|
PRODUCTION STATUS AS ON 31.03.2011
|
Particulars |
Unit |
Licensed Capacity |
Installed Capacity |
Actual Production |
|
|
|
|
|
|
|
Industrial Valves |
Nos. |
378584 |
978584 |
525271 |
|
Actuators & Accessories |
Nos. |
NA |
10000 |
1853 |
|
Safety Systems & equipments |
Nos. |
4700 |
2500 |
NA |
|
Offshore and Onshore drilling systems and equipments |
Nos. |
4010 |
1500 |
NA |
NOTES:
* Excludes 900000 Nos. in respect of Entrepreneur's Memoranda filed with Government of India, of which 627000 Nos. is installed.
# Licensing not applicable Installed capacity is based on Entrepreneur's Memoranda filed with Government of India.
1 The installed capacities are as certified by a Director on which certificate the Auditors have placed reliance.
2 Turnover of Rs. 22.397 millions of Actuators and
Accessories is included in respective class of goods (Previous year Rs.40.929
millions).
GENERAL INFORMATION
|
Customers : |
Domestic
Customers ·
Bharat Petroleum ·
CPCL ·
GAIL ·
Indian Oil ·
NTPC ·
ONGC ·
Reliance Petroleum Limited ·
SAIL ·
THERMAX International
Customer ·
ALSTOM ·
Chevron ·
Conoco Phillips ·
Dow ·
DSM ·
Petrofac ·
Petronas ·
Praxair |
|||||||||
|
|
|
|||||||||
|
No. of Employees : |
2000 (Approximately) |
|||||||||
|
|
|
|||||||||
|
Bankers : |
·
Export-Import Bank of India, Centre one, world
trade centre, Cuffe Parade, Mumbai - 400005, Maharashtra, India ·
State Bank of India, Guindy, Chennai-600002,
Tamilnadu, India ·
ABN AMRO Bank N V, 74, Sakhar Bhavan, 7th
Floor, Nariman Point, Mumbai-400021, Maharashtra, India |
|||||||||
|
|
|
|||||||||
|
Facilities : |
|
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
Sharp and Tannan Chartered Accountants |
|
Address : |
Parsn Manere, A Wing, 602, Anna Salai, Chennai – 600006, |
|
Tel. No.: |
91-44-28274368/ 28229534/ 28228386 |
|
Fax No.: |
91-44-28266858 |
|
E-Mail : |
|
|
PAN.: |
AAAFS2512D |
|
|
|
|
Associates : |
· Larsen and Toubro Limited (L & T), India [Shareholder - 50%] · Flowserve (GB) Limited, U.K [Flowserve Group (Shareholder - 50%)] |
|
|
|
|
Subsidiary of L
& T : |
· L & T Infotech Limited · L & T Plastics Machinery Limited · L & T General Insurance Company |
|
|
|
|
Associate of L
& T : |
· L & T Komatsu Limited · L & T Kobelco Machinery Private Limited |
|
|
|
|
Group Company of
Flowserve : |
· Flowserve Flow Control GMBH, Germany · Flowserve Sulphur Springs, U.S.A. · Flowserve Flow Control Pty Limited, Australia · Flowserve Inc, Canada · FLOWSERVE SA (Pty) Limited · Flowserve US Inc · Flowserve Limitorque |
CAPITAL STRUCTURE
As on 31.03.2012
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
1800000 |
Equity Shares |
Rs.100/- each |
Rs.180.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
1563260 |
Equity Shares |
Rs.100/-
each |
Rs.156.326
Millions |
|
|
|
|
|
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
156.326 |
156.326 |
156.326 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
2963.605 |
2573.493 |
2448.232 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
3119.931 |
2729.819 |
2604.558 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
44.267 |
81.932 |
260.383 |
|
|
2] Unsecured Loans |
0.164 |
0.245 |
1.886 |
|
|
TOTAL BORROWING |
44.431 |
82.177 |
262.269 |
|
|
DEFERRED TAX LIABILITIES |
46.865 |
47.990 |
63.246 |
|
|
|
|
|
|
|
|
TOTAL |
3211.227 |
2859.986 |
2930.073 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
778.181 |
828.048 |
831.570 |
|
|
Capital work-in-progress |
0.000 |
0.000 |
7.861 |
|
|
|
|
|
|
|
|
INVESTMENT |
0.000 |
0.000 |
0.000 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
1345.940
|
954.434
|
582.248
|
|
|
Sundry Debtors |
1568.606
|
2811.339
|
3363.969
|
|
|
Cash & Bank Balances |
1235.081
|
0.596
|
0.675
|
|
|
Other Current Assets |
0.283
|
0.444
|
0.117
|
|
|
Loans & Advances |
869.942
|
656.773
|
608.983
|
|
Total
Current Assets |
5019.852
|
4423.586
|
4555.992 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
1285.998
|
1099.711
|
2143.687
|
|
|
Other Current Liabilities |
270.153
|
311.617
|
0.385
|
|
|
Provisions |
1030.655
|
980.320
|
321.278
|
|
Total
Current Liabilities |
2586.806
|
2391.648
|
2465.350 |
|
|
Net Current Assets |
2433.046
|
2031.938
|
2090.642
|
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
3211.227 |
2859.986 |
2930.073 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
5604.712 |
4575.980 |
3700.880 |
|
|
|
Other Income |
178.317 |
175.516 |
151.630 |
|
|
|
TOTAL (A) |
5783.029 |
4751.496 |
3852.510 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of materials consumed |
3680.362 |
|
|
|
|
|
Employee benefit expense |
601.677 |
528.144 |
3263.890 |
|
|
|
Other expenses |
690.073 |
564.440 |
|
|
|
|
Changes in inventories of finished goods, work-in-progress and stock-in-trade |
(175.692) |
(130.254) |
|
|
|
|
TOTAL (B) |
4796.420 |
4204.081 |
3263.890 |
|
|
|
|
|
|
|
|
Less |
PROFIT/
(LOSS) BEFORE INTEREST, TAX,
DEPRECIATION AND AMORTISATION (A-B) |
986.609 |
547.415 |
588.620 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
1.758 |
2.383 |
0.000 |
|
|
|
|
|
|
|
|
|
|
PROFIT
/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
984.851 |
545.032 |
588.620 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
73.705 |
73.743 |
105.115 |
|
|
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE TAX (E-F) (G) |
911.146 |
471.289 |
483.505 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
303.011 |
145.509 |
166.474 |
|
|
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) AFTER TAX (G-H) (I) |
608.135 |
325.780 |
317.031 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
852.529 |
759.846 |
474.518 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Dividend |
187.591 |
171.959 |
31.703 |
|
|
|
Dividend Tax |
30.432 |
28.560 |
0.000 |
|
|
|
General Reserve |
60.814 |
32.578 |
31.703 |
|
|
BALANCE CARRIED
TO THE B/S |
1181.827 |
852.529 |
759.846 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Export Earnings |
1042.880 |
666.271 |
722.473 |
|
|
|
Deemed exports of goods |
81.899 |
214.024 |
181.266 |
|
|
TOTAL EARNINGS |
1124.779 |
880.295 |
903.739 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
148.623 |
137.715 |
91.773 |
|
|
|
Stores & Spares |
384.450 |
319.476 |
204.697 |
|
|
|
Capital Goods |
1.451 |
57.110 |
4.769 |
|
|
TOTAL IMPORTS |
534.524 |
514.301 |
301.239 |
|
|
|
|
|
|
|
|
|
|
Earnings / (Loss)
Per Share (Rs.) |
389.02 |
208.40 |
176.62 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
PAT / Total Income |
(%) |
10.52
|
6.72
|
8.23 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
16.26
|
10.29
|
13.06 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
15.71
|
8.97
|
8.97
|
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.29
|
0.17
|
0.19
|
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
0.01
|
0.03
|
0.10
|
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.94
|
1.85
|
1.85
|
LOCAL AGENCY FURTHER INFORMATION
SUNDRY CREDITORS
DETAILS:
|
Particulars |
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
|
(Rs. In Millions) |
||
|
|
|
|
|
|
Sundry Creditor |
1285.998
|
1099.711
|
2143.687
|
|
|
|
|
|
|
Total |
1285.998
|
1099.711
|
2143.687
|
|
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 |
Yes |
|
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 |
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 |
UNSECURED LOAN
|
Unsecured Loan |
31.03.2012 (Rs.
in Millions) |
31.03.2011 (Rs.
In Millions) |
|
Long-term maturities of finance lease obligations |
0.164 |
0.245 |
|
Total |
0.164 |
0.245
|
FIXED ASSETS
· Land
· Buildings
· Plant and equipment
· Furniture and fixtures
· Vehicles
· Computer
PRESS RELEASE
L&T TO ACQUIRE AUDCO INDIA FROM FLOWSERVE
16 AUGUST 2012
L&T Limited is planning to buyout 50% stake in JV – Audco India Limited from JV partner Flowserve Corp to strengthen its core valves business,according to Mint.
Last year, L&T sold its entire 50% stake in L&T-CASE Equipment Private
Limited to it's JV partner CNH Global NV.
Audco India Limited was incorporated in 1961 as a 50:50 JV between Audco
Limited, UK (Serck Group) and L&T Limited. In 1981 British Tyre and Rubber
(BTR) bought the Serck group thereby acquiring 50% stake in Audco India
In 1998 SIEBE and BTR merged to form Invensys. In 2002 Flowserve USA acquired the flow control division of Invensys acquiring 50% ownership of Audco India. Flowserve USA is a leading valve manufacturer worldwide with gross revenue of USD $4.03 Bn as of FY10.
Currently, Audco has three different plants all based in Chennai which
manufacturers different kinds of industrial valves.
Valves contributed R777.4 Cr to the sales of L&T in 2011-12, the
second-highest revenue generator after switchgear, according to the company’s
annual report for fiscal 2012.
L&T is also looking to selling its 50% stake in equal JV with Japanese
company Komatsu for hydraulic excavators and components. It is also planning to
end business agreement with Swedish truck maker Scania. In 2007, L&T
entered into business agreement with Scania to market its mining trucks. The
Indian partner has since provided marketing and after-sales support to Scania
India for its off-road vehicles.
In 2010, bought out Messer Electric and Castolin Group of Germany from its
equal JV, L&T EWAC Alloys, a market leader in welding solutions.
In 2011, L&T formed 74:26 JV with Europe's Cassidian for defence
electronics.
Recently, it acquired Malaysia based Henikwon Corporation Sdn Bhd, a busduct
systems manufacturer through its Malaysian subsidiary Tamco Switchgear. In
April, the E&A business of L&T acquired UK based Thalest Limited, the
holding company of Serowatch Systems Limited, Bond Instrumentation &
Process Control Limited and Servowatch Inc.
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.54.71 |
|
|
1 |
Rs.82.79 |
|
Euro |
1 |
Rs.71.43 |
INFORMATION DETAILS
|
Information Gathered
by : |
PDT |
|
|
|
|
Report Prepared
by : |
MRI |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
7 |
|
PAID-UP CAPITAL |
1~10 |
7 |
|
OPERATING SCALE |
1~10 |
7 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
7 |
|
--PROFITABILIRY |
1~10 |
7 |
|
--LIQUIDITY |
1~10 |
7 |
|
--LEVERAGE |
1~10 |
7 |
|
--RESERVES |
1~10 |
7 |
|
--CREDIT LINES |
1~10 |
7 |
|
--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 |
NO |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
63 |
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.