MIRA INFORM REPORT
|
Report Date : |
16.03.2013 |
IDENTIFICATION DETAILS
|
Name : |
UOP INDIA PRIVATE LIMITED |
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Registered Office : |
Plot No. 2 A, Malviya Nagar Corner Market, Malviya Nagar, New
Delhi-110017, |
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Country : |
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Financials (as on) : |
31.03.2012 |
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Date of Incorporation : |
23.04.1999 |
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Com. Reg. No.: |
55-099471 |
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Capital
Investment / Paid-up Capital : |
Rs. 29.509 Millions |
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CIN No.: [Company
Identification No.] |
U74210DL1999PTC099471 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
DELU01557D |
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PAN No.: [Permanent
Account No.] |
AAACU2687E |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Subject is engaged in the business as Provider of Engineering and Consultancy Services to the Oil and Gas Industries and other Group Companies. |
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No. of Employees : |
50 (Approximately) |
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RATING & COMMENTS
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MIRA’s Rating : |
Ba (54) |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Maximum Credit Limit : |
USD 4700000 |
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Status : |
Good |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Subject is a subsidiary of UOP LLC, US. It is a well established company having a good track record. There
appears sharp fall in its sales turnover and profitability during the year
2011-2012 However, general financial position of the company appears to be good.
Networth seems to be strong. The promoters appears to be well experienced. The subject gets good support from its group companies. 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 normal for 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.
ECGC Country Risk Classification List – June 30, 2012
|
Country Name |
Previous Rating (31.03.2012) |
Current Rating (30.06.2012) |
|
India |
A1 |
A1 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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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.
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
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Registered Office : |
Plot No. 2 A, 1st Floor, Malviya Nagar Corner Market,
Malviya Nagar, New Delhi-110017, |
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Tel. No.: |
91-124-5031361 / 4031361-65 / 4153012 / 6753012 |
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Fax No.: |
91-124-5031369 / 4031369-70 |
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E-Mail : |
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Head Office : |
UOP LLC |
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Corporate Office : |
Unitech Trade Centre, 1st Floor, Sector-43,
Block C, Sushant Lok, Phase-1, Gurgaon-122002, |
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Tel. No.: |
91-124-4031361-65 |
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Fax No.: |
91-124-4031369-70 |
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E-Mail : |
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Factory : |
Industrial Park, Pace City-II, Sector-36, Gurgaon-122004, |
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Tel. No.: |
91-124-24373288 / 91 |
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Fax No.: |
91-124-24373283/84 |
DIRECTORS
As on 01.08.2012
|
Name : |
Mr. Marek Stefn Karol Turowicz |
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Designation : |
Managing Director |
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Address : |
Sundaram Farms, |
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Date of Birth/Age : |
26.02.1955 |
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Date of Appointment : |
01.12.2009 |
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DIN No.: |
01782692 |
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Name : |
Mr. Kartik Suryanarayanan |
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Designation : |
Additional Director |
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Address : |
N: 4: 27, Phase: II, |
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Date of Birth/Age : |
16.08.1967 |
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Date of Appointment : |
01.12.2009 |
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DIN No.: |
02976063 |
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Name : |
Mr. Raman Chopra |
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Designation : |
Additional Director |
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Address : |
L : 10, Lajpat Nagar: III, New Delhi-110024, India |
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Date of Birth/Age : |
13.10.1954 |
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Date of Appointment : |
18.08.2011 |
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DIN No.: |
01710334 |
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Name : |
Mr. Glen William Davies (Foreigner) |
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Designation : |
Director |
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Address : |
UOP LTD., Liongate, Lady mead, Guildford, |
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Date of Appointment : |
20.11.2001 |
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DIN No.: |
01782697 |
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Name : |
Mr Simon Hallifax Hobbs |
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Designation : |
Additional Director |
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Address : |
Honeywell International, 708, |
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Date of Birth/Age : |
28.11.1953 |
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Date of Appointment : |
01.12.2009 |
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DIN No.: |
02976155 |
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Name : |
Mr. Arthur Athanasios Fourtstizis (Foreigner) |
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Designation : |
Additional Director |
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Address : |
Satyam Farm, Triveri Estate, Gadaipur, |
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Date of Birth/Age : |
08.09.1957 |
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Date of Appointment : |
01.12.2009 |
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Date of Change / Resignation : |
18.03.2005 |
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DIN No.: |
02976209 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 01.08.2012
|
Names of Shareholders |
No. of Shares |
|
UOP LLC, USA |
2950907 |
|
UOP Process International N. A., USA |
1 |
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Total |
2950908 |
Equity Share Break up (Percentage of Total Equity)
As on 01.08.2012
|
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 |
100.00 |
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Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Subject is engaged in the business as Provider of Engineering
and Consultancy Services to the Oil and Gas Industries and other Group
Companies. |
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Products : |
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GENERAL INFORMATION
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No. of Employees : |
50 (Approximately) |
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Bankers : |
Not Available |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
Price Waterhouse Chartered Accountants |
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Address : |
8th Floor, Building No.8, DLF,Phase II, Gurgoan – 122002,
Haryana, India |
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Pan No.: |
AAEFP3641G |
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Holding Company : |
UOP LLC, USA |
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Ultimate Holding Company: |
Honeywell Inc, USA |
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Fellow Subsidiaries : |
(CIN U74899DL1995PTC071592)
(CIN L29299PN1984PLC017951) |
CAPITAL STRUCTURE
As on 01.08.2012
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
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7500000 |
Equity Shares |
Rs.10/- each |
Rs. 75.000 Millions |
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Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
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|
2950908 |
Equity Shares |
Rs.10/- each |
Rs. 29.509
Millions |
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FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2012 |
31.03.2011 |
31.03.2010 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
29.509 |
29.509 |
29.509 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
1163.246 |
1053.390 |
613.640 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
1192.755 |
1082.899 |
643.149 |
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LOAN FUNDS |
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1] Secured Loans |
0.000 |
0.000 |
0.000 |
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2] Unsecured Loans |
550.000 |
0.000 |
0.000 |
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TOTAL BORROWING |
550.000 |
0.000 |
0.000 |
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DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
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TOTAL |
1742.755 |
1082.899 |
643.149 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
1062.813 |
181.357 |
205.797 |
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Capital work-in-progress |
434.038 |
746.781 |
81.272 |
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INVESTMENT |
0.000 |
0.000 |
0.000 |
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DEFERREX TAX ASSETS |
15.881 |
66.294 |
46.079 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
0.000
|
89.502
|
0.000
|
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Sundry Debtors |
494.000
|
405.193
|
317.239
|
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Cash & Bank Balances |
64.727
|
138.487
|
504.824
|
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Other Current Assets |
120.997
|
0.000
|
2.117
|
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Loans & Advances |
206.587
|
101.269
|
127.873
|
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Total
Current Assets |
886.311
|
734.451 |
952.053 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
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|
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Sundry Creditors |
318.494
|
0.000
|
0.000
|
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Other Current Liabilities |
321.749
|
546.719
|
465.430
|
|
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Provisions |
16.045
|
99.265
|
176.622
|
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Total
Current Liabilities |
656.288
|
645.984 |
642.052 |
|
|
Net Current Assets |
230.023
|
88.467 |
310.001 |
|
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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TOTAL |
1742.755 |
1082.899 |
643.149 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2012 |
31.03.2011 |
31.03.2010 |
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SALES |
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Income |
|
2331.900 |
2730.017 |
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Other Income |
|
|
16.297 |
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TOTAL |
2042.100 |
2331.900 |
2746.314 |
|
|
|
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|
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Less |
EXPENSES |
|
|
|
|
|
|
|
|
|
|
1877.187 |
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Administrative Expenses |
|
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Advertising Expenses |
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TOTAL |
NA |
NA |
1877.187 |
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PROFIT BEFORE
TAX |
NA |
NA |
869.127 |
|
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Less |
TAX |
NA |
NA |
221.420 |
|
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PROFIT AFTER TAX
|
109.900 |
439.700 |
647.707 |
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Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
NA |
NA |
(69.806) |
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BALANCE CARRIED
TO THE B/S |
NA |
NA
|
577.901 |
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EARNINGS IN
FOREIGN CURRENCY |
|
|
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Inter Company Revenue |
NA |
829.900 |
1367.763 |
|
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TOTAL EARNINGS |
NA |
829.900 |
1367.763 |
|
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IMPORTS |
|
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|
|
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|
Components |
NA |
NA |
58.917 |
|
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TOTAL IMPORTS |
NA |
NA |
58.917 |
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|
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|
Earnings Per
Share (Rs.) |
109.86 |
439.74 |
219.49 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
PAT / Total Income |
(%) |
5.38
|
18.86
|
23.58 |
|
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Net Profit Margin (PBT/Sales) |
(%) |
NA
|
NA
|
31.84 |
|
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Return on Total Assets (PBT/Total Assets} |
(%) |
NA
|
NA
|
72.19 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
NA
|
NA
|
1.35 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
0.46
|
0.59
|
1.00 |
|
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|
Current Ratio (Current Asset/Current Liability) |
|
1.35
|
1.14
|
1.48 |
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) |
No |
|
21] |
Market information |
---------------------- |
|
22] |
Litigations that the firm / promoter involved in |
---------------------- |
|
23] |
Banking Details |
No |
|
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 |
No |
UNSECURED LOAN :
|
Particulars |
As
on 31.03.2012 |
As
on 31.03.2011 |
|
Loans and Advances from related Parties |
550.000 |
0.000 |
|
Total |
550.000 |
0.000 |
OPERATIONS AND FUTURE OUTLOOK:
During the year, the company has achieved a turnover (sales, technical services and other income) of Rs. 2042.100 Millions against Rs. 2331.900 Millions during the previous year. The Company has recorded Profit of Rs.109.900 Millions after tax during the year against Profit of Rs. 439.700 Millions after tax during previous year. The business units of the company continue to have great potential in India and we are hopeful of good volume in future from all the line of business. The Company is committed to follow the Honeywell Global initiatives that is Growth, Productivity, Cash, People and Enablers. The Company has dedicated resources for business development activities in the country. They provide support to various businesses to identify the opportunities in areas like sourcing, research and development and establish new business opportunities in India
FIXED ASSETS :
- Office
Equipments
- Furniture and
Fixtures
- Vehicles
- Computers
- Leasehold
Improvements
- 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.54.34 |
|
|
1 |
Rs.80.90 |
|
Euro |
1 |
Rs.70.73 |
INFORMATION DETAILS
|
Report Prepared
by : |
RSMK |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
6 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILIRY |
1~10 |
6 |
|
--LIQUIDITY |
1~10 |
6 |
|
--LEVERAGE |
1~10 |
6 |
|
--RESERVES |
1~10 |
6 |
|
--CREDIT LINES |
1~10 |
6 |
|
--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 |
|
54 |
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.