|
Report Date : |
09.10.2013 |
IDENTIFICATION DETAILS
|
Name : |
LINDE ENGINEERING INDIA PRIVATE LIMITED (w.e.f. 18.12.2007) |
|
|
|
|
Formerly Known
As : |
LINDE PROCESS TECHNOLOGIES INDIA PRIVATE LIMITED |
|
|
|
|
Registered
Office : |
806, Meghdoot 94, Nehru Place, New Delhi – 110019 |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as
on) : |
31.12.2012 |
|
|
|
|
Date of
Incorporation : |
11.11.1987 |
|
|
|
|
Com. Reg. No.: |
55-29740 |
|
|
|
|
Capital Investment
/ Paid-up Capital : |
Rs.5.000 Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U64203DL1987PTC029740 |
|
|
|
|
PAN No.: [Permanent Account No.] |
AAACL0084E |
|
|
|
|
Legal Form : |
Private Limited Liability Company |
|
|
|
|
Line of Business
: |
Subject is
engaged in the business of Engineering and Construction in the Oil and Gas
Sector and Infrastructure Sector. |
|
|
|
|
No. of Employees
: |
50 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
A (60) |
|
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 2200000 |
|
|
|
|
Status : |
Good |
|
|
|
|
Payment Behaviour : |
Regular |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is a subsidiary of Linde AG, Germany is an old and a well established
company having a fine track record. Company has incurred loss in the year 2012. However, overall financial
position of the company appears to good. Rating also takes into consideration financial support from its parent
company. Trade relations are reported as fair. Business is active. Payment are
regular and as per commitments. The company can be considered for normal business dealing 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 – March 31st, 2013
|
Country Name |
Previous Rating (31.12.2012) |
Current Rating (31.03.2013) |
|
|
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
We are living in a world
where volatility and uncertainty have become the New Normal. We saw a
change of government in countries like Tunisia, Egypt, Libya and Vietnam. Once
powerful countries in Europe are now fighting for bankruptcy. We have
taken growth in the developing part of the world for granted but economic
growth in China and India has begun to slow. Companies that were synonymous
with their product categories just a few years ago are now no longer in
existence. Kodak, the inventor of the digital camera had to wind up its
operations, HMV, the British entertainment retailing company and Borders, once
the second largest bookstore have shut down due to their inability to evolve
their business models with the changing time. Readers’ Digest, Thomson Register
are no more !
There is another
megatrend happening. The World order is changing as economic power shifts from
West to East. According to McKinsey study, it took Britain more than 100 years
to double its economic output per person during its industrial revolution and the
US later took more than 50 years to do the same. More than a century later,
China and India have doubled their GDP per capital in 12 and 18 years
respectively. By 2020, emerging Asia will become the world’s largest consuming
block, overtaking North America.
The years after the
outbreak of the global financial crisis, the world economy continues to remain
fragile. The Indian economy demonstrated remarkable resilience in the initial years
of the contagion but finally lost ground last year. GDP growth slowed down.
Currency has been weakening. There is a marked deceleration in agriculture,
industry and services. Dampening sentiment led to a cut-back in investment as
well as private consumption expenditure. Inflation remained at high
levels fuelled by the pressure from the food and fuel sectors. The large fiscal
and current account deficit s continued to cause grave concern. It is
imperative that India regains its growth trajectory of 8-9 % sooner than later.
This is crucially important given the need to create gainful livelihood
opportunities for the millions living in poverty as also the large contingent
of young people joining the job market every year.
EXTERNAL AGENCY RATING
|
Rating Agency Name |
CRISIL |
|
Rating |
Long Term Rating: AA |
|
Rating Explanation |
High credit quality and low credit risk |
|
Date |
02.09.2013 |
|
Rating Agency Name |
CRISIL |
|
Rating |
Short Term Rating: A1+ |
|
Rating Explanation |
Very Strong degree of safety and lowest
credit risk. |
|
Date |
02.09.2013 |
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
Contact No.: 91-11-26431054
LOCATIONS
|
Registered Office : |
806, Meghdoot 94, Nehru Place, New Delhi – 110019, India |
|
Tel. No. : |
91-11-26431054/ 26418996 |
|
Fax No.: |
91-11-26437922 |
|
E-Mail : |
|
|
Website : |
|
|
|
|
|
Corporate Office : |
Linde House, Opposite Vuda Office, VIP Road, Karelibaug, Vadodara –
390018, Gujarat, India |
|
Tel. No. : |
91-265-3056789 |
|
Fax No. : |
91-265-2335213/ 2461757 |
|
E-Mail : |
|
|
Area : |
Big Area = (Ground + 3 Floor) |
|
Location : |
Leased |
|
|
|
|
Regional Office : |
Mumbai: 02, Lokesh Co-operative Housing Society, Plot No. 27, Sector 15, Koperkhairne,
Navi Mumbai – 400709, Tel. No.: 91-22-27542699 E-Mail : veegeec@vsnl.com ‘Neethi Neekethan’ Tel No.: 91-484-2355664 E-mail: chitturs@yahoo.com |
DIRECTORS
(AS ON 25.06.2013)
|
Name : |
Dr. Rainhart Vogel |
|
Designation : |
Managing Director |
|
Address : |
Dresden, Gustav-Freytag-str18, Dresden, 01277, Germany |
|
Date of Birth/Age : |
16.02.1961 |
|
Date of Appointment : |
04.11.2009 |
|
DIN No. : |
02883845 |
|
|
|
|
Name : |
Mr. Chittranjan R. Dua |
|
Designation : |
Director |
|
Address : |
88, Sunder Nagar, New Delhi – 110003, India |
|
Date of Birth/Age : |
03.11.1951 |
|
Date of Appointment : |
11.11.1987 |
|
DIN No. : |
00036080 |
|
|
|
|
Name : |
Mr. Juergon Nowicki |
|
Designation : |
Director |
|
Address : |
Thalerweg 21, 82041, Oberhaching, Germany, 82041, Germany |
|
Date of Birth/Age : |
04.01.1964 |
|
Date of Appointment : |
22.05.2012 |
|
DIN No. : |
05312658 |
|
|
|
|
Name : |
Dr. Samir Serhan |
|
Designation : |
Director |
|
Address : |
AM Hochwald 30, 82319, Straberg-82319, Germany |
|
Date of Birth/Age : |
03.07.1961 |
|
Date of Appointment : |
13.05.2010 |
|
DIN No. : |
02885325 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
(AS ON 25.06.2013)
|
Names of Shareholders |
|
No. of Shares |
|
|
|
|
|
AG Linde, Germany |
|
49980 |
|
|
|
20 |
|
|
|
|
|
Total |
|
50000 |
(AS ON 23.08.2013)
|
Names of Allottees |
|
No. of Shares
Allotted |
|
|
|
|
|
AG Linde, Germany |
|
22600 |
|
|
|
|
|
Total |
|
22600 |
(AS ON 30.06.2013)
Equity Shares Break – up
|
Category |
|
Percentage |
|
|
|
|
|
Foreign holdings [Foreign institutional investors, Foreign Companies, Foreign Financial Institutions, Non-resident Indian or Overseas corporate bodies or others] |
|
100.00 |
|
|
|
|
|
Total
|
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Subject is
engaged in the business of Engineering and Construction in the Oil and Gas
Sector and Infrastructure Sector. |
GENERAL INFORMATION
|
No. of Employees : |
50 [Approximately] |
|||||||||||||||||||||||||||||||||||||||
|
|
|
|||||||||||||||||||||||||||||||||||||||
|
Bankers : |
·
Canara Bank Moosapet X Road, Specialized SSI Branch, Kukatpally, Hyderabad-500072,
Andhra Pradesh, India ·
Deutsche Bank Mumbai Fort Branch, Maharashtra, India ·
Standard Chartered Bank, Vadodara Branch, Gujarat, India ·
Citi Bank Vadodara Branch, Gujarat, India |
|||||||||||||||||||||||||||||||||||||||
|
|
|
|||||||||||||||||||||||||||||||||||||||
|
Facilities : |
|
|||||||||||||||||||||||||||||||||||||||
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
BSSR and Company Chartered Accountants |
|
Address : |
1st Floor, Lodha Excelus Apolllo Mills Compound, N.M. Joshi
Marg, Mahalaxmi, Mumbai – 400011, Maharashtra, India |
|
PAN No.: |
AAKFB4430H |
|
|
|
|
Holding Company : |
· Linde AG, Germany |
|
|
|
|
Fellow Subsidiaries : |
· Linde Engineering Dresden GmbH (Linde KCA) · Selas-Linde GmbH · Linde Kryotechnik AG · BOC India Limited · Linde Process Plants Inc. · Linde Engineering Middle East LLC · Linde Engineering (Hangzhou) Company Limited · Linde Engineering Taiwan Limited · Hydro-Chem (Division of Selas-Linde GmbH) · Cryostar SAS · Linde Engineering North America Inc. (Formerly known as Selas Fluid Processing Corporation) · Linde Engineering Far East Limited |
CAPITAL STRUCTURE
(AS ON 25.06.2013)
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
400000 |
Equity Shares |
Rs.100/- each |
Rs.40.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
72600 |
Equity Shares |
Rs.100/- each |
Rs.7.260
Millions |
|
|
|
|
|
(AS ON 31.12.2012)
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
100000 |
Equity Shares |
Rs.100/- each |
Rs.10.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
50000 |
Equity Shares |
Rs.100/- each |
Rs.5.000
Millions |
|
|
|
|
|
FINANCIAL DATA
[All figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
|
31.03.2012 |
31.03.2011 |
|
I.
EQUITY AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
|
5.000 |
5.000 |
|
(b) Reserves & Surplus |
|
543.358 |
918.730 |
|
(c) Money received against share warrants |
|
0.000 |
0.000 |
|
|
|
|
|
|
(2) Share
Application money pending allotment |
|
0.000 |
0.000 |
|
Total
Shareholders’ Funds (1)+(2) |
|
548.358 |
923.730 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
|
0.000 |
0.000 |
|
(b) Deferred tax liabilities (Net) |
|
0.000 |
0.000 |
|
(c)
Other long term liabilities |
|
0.000 |
0.000 |
|
(d)
long-term provisions |
|
113.394 |
58.651 |
|
Total
Non-current Liabilities (3) |
|
113.394 |
58.651 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a)
Short term borrowings |
|
784.574 |
39.189 |
|
(b)
Trade payables |
|
810.835 |
914.045 |
|
(c)
Other current liabilities |
|
333.033 |
375.202 |
|
(d)
Short-term provisions |
|
499.248 |
113.430 |
|
Total
Current Liabilities (4) |
|
2427.690 |
1441.866 |
|
|
|
|
|
|
TOTAL |
|
3089.442 |
2424.247 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a)
Fixed Assets |
|
|
|
|
(i)
Tangible assets |
|
153.029 |
181.441 |
|
(ii)
Intangible Assets |
|
47.949 |
65.484 |
|
(iii)
Capital work-in-progress |
|
5.903 |
7.646 |
|
(iv) Intangible assets under development |
|
0.000 |
0.000 |
|
(b) Non-current
Investments |
|
0.000 |
0.000 |
|
(c) Deferred tax assets
(net) |
|
237.404 |
28.547 |
|
(d) Long-term Loan
and Advances |
|
156.005 |
70.897 |
|
(e)
Other Non-current assets |
|
0.000 |
0.000 |
|
Total
Non-Current Assets |
|
600.290 |
354.015 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a)
Current investments |
|
0.000 |
0.000 |
|
(b)
Inventories |
|
0.000 |
20.906 |
|
(c)
Trade receivables |
|
1034.217 |
477.211 |
|
(d)
Cash and cash equivalents |
|
145.326 |
389.944 |
|
(e)
Short-term loans and advances |
|
508.789 |
371.760 |
|
(f)
Other current assets |
|
800.820 |
810.411 |
|
Total
Current Assets |
|
2489.152 |
2070.232 |
|
|
|
|
|
|
TOTAL |
|
3089.442 |
2424.247 |
|
SOURCES OF FUNDS |
|
|
31.12.2010 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
|
|
5.000 |
|
|
2] Share Application Money |
|
|
0.000 |
|
|
3] Reserves & Surplus |
|
|
516.682 |
|
|
4] (Accumulated Losses) |
|
|
0.000 |
|
|
NETWORTH |
|
|
521.682 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
|
|
0.000 |
|
|
2] Unsecured Loans |
|
|
0.000 |
|
|
TOTAL BORROWING |
|
|
0.000 |
|
|
DEFERRED TAX LIABILITIES |
|
|
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
|
|
521.682 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
|
|
86.016 |
|
|
Capital work-in-progress |
|
|
139.169 |
|
|
|
|
|
|
|
|
INVESTMENT |
|
|
0.000 |
|
|
DEFERREX TAX ASSETS |
|
|
43.167 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
|
|
40.090
|
|
|
Sundry Debtors |
|
|
655.229
|
|
|
Cash & Bank Balances |
|
|
615.142
|
|
|
Other Current Assets |
|
|
1.055
|
|
|
Loans & Advances |
|
|
314.797
|
|
Total
Current Assets |
|
|
1626.313 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditor |
|
|
362.529
|
|
|
Other Current Liabilities |
|
|
833.079
|
|
|
Provisions |
|
|
177.375
|
|
Total
Current Liabilities |
|
|
1372.983
|
|
|
Net Current Assets |
|
|
253.330
|
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
|
|
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
|
|
521.682 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.12.2012 |
31.12.2011 |
31.12.2010 |
|
|
|
SALES |
|
|
|
|
|
|
|
|
|
|
|
|
|
Income from Engineering
Services and Equipment Supply |
|
|
|
|
|
|
|
- Domestic |
NA |
NA |
56.348 |
|
|
|
- Exports |
NA |
NA |
421.430 |
|
|
|
Contract Revenue |
NA |
NA |
1574.948 |
|
|
|
Other Income |
NA |
NA |
93.265 |
|
|
|
TOTAL (A) |
NA |
NA |
2145.991 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Project Supplies and Expenses |
NA |
NA |
1053.984 |
|
|
|
Employee Remuneration and Benefits |
NA |
NA |
711.720 |
|
|
|
Operating and General Expenses |
NA |
NA |
283.861 |
|
|
|
(Increase) / Decrease in inventory |
NA |
NA |
(13.781) |
|
|
|
TOTAL (B) |
NA |
NA |
2035.784 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
NA |
NA |
110.207 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
NA |
NA |
5.558 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
(467.420) |
634.960 |
104.649 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
62.990 |
59.230 |
33.644 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
(530.410) |
575.730 |
71.005 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
175.910 |
173.680 |
(10.030) |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
(354.500) |
402.050 |
81.035 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
884.870 |
482.820 |
468.196 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Interim Dividend Paid |
0.000 |
0.000 |
50.000 |
|
|
|
Corporate Dividend Tax |
0.000 |
0.000 |
8.305 |
|
|
|
Transfer to General Reserve |
0.000 |
0.000 |
8.103 |
|
|
BALANCE CARRIED
TO THE B/S |
530.370 |
884.870 |
482.823 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
FOB Value of Export (Materials and Services) |
1048.320 |
1577.854 |
1111.11 |
|
|
|
Others |
3.024 |
4.795 |
7.065 |
|
|
TOTAL EARNINGS |
1051.344 |
1582.649 |
1118.175 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
196.109 |
91.584 |
NA |
|
|
|
Capital Goods |
1.091 |
36.765 |
NA |
|
|
TOTAL IMPORTS |
197.200 |
128.349 |
NA |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
(7507.00) |
8041.00 |
1621.00 |
|
KEY RATIOS
|
PARTICULARS |
|
31.12.2012 |
31.12.2011 |
31.12.2010 |
|
PAT / Total Income |
(%) |
NA
|
NA
|
3.78 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
NA
|
NA
|
3.46 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
(18.64)
|
24.11 |
4.15 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
(0.97)
|
0.62 |
0.14 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
1.43
|
0.04 |
0.00 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.03
|
1.44 |
1.18 |
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 |
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 |
No |
|
10] |
Designation of contact person |
No |
|
11] |
Turnover of firm for last one 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 |
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 |
BACKGROUND
The company is a company
incorporated in India and registered under the Companies Act, 1956. The Company
is a wholly owned subsidiary of Linde AG, Germany. The Company is primarily
engaged in the business of engineering and Construction in the oil and gas
sector and infrastructure sector.
OPERATIONS
During the year,
orders amounting to Rs.3688.670 million Indian rupees were completed as against
Rs.3382.120 million Indian rupees for the previous year. Order booking for
domestic projects has been comparatively lower than last year. This was due to
delay in decision by several customers, in line with the economic scenario in
India. At the same time, the Company has secured substantial orders in 2013,
from Reliance Industries Limited. There are promising orders of engineering
outsourcing services for export and use outside India, primarily from Linde AG.
The Company has enhanced its engineering capacity further to cope up with
increase in the likely order intake of its engineering and other services for
export and use outside India. The Company has learnt the complete spectrum of
EPC activities with commissioning of Hydrogen plant in 2010, progressing
formidably in Sulfur recovery block in 2012 and crude oil storage facility for
execution in 2013. The Company suffered substantial losses in current year due
to onerous contract from ISPRL, which was mainly due to inaccurate estimation
of costs at the proposal stage and subsequent execution of the project. The
major portion of losses on this project is attributable to in-house use of
Engineering and Construction manhours which have far exceeded the Budget. In
addition, the delays in completion of HPCL, has also contributed large losses
in the current year. The company has taken corrective steps not to repeat
inaccuracies at the time of quoting for a job in future. Additionally team
efforts have been emphasized to work successfully in EPC business, by
implementing teamwork projects and lessons learnt databases.
FUTURE OUTLOOK
The company is
making every effort to secure further orders from Indian industry as well as
overseas bodies for detail engineering, global procurement and project
execution. The business prospects have started showing positive signs for
growth in Indian as well as global industries and directors expressed keen interest
to take necessary action to achieve the required growth of the company.
CONTINGENT
LIABILITIES
|
Particulars |
31.12.2012 [Rs. in millions] |
31.12.2011 [Rs. in millions] |
31.12.2010 [Rs. in millions] |
|
|
|
|
|
|
Claims against the company not acknowledged as debt: Sales tax matters |
20.575 |
20.575 |
0.000 |
|
Claims against the company not acknowledged as debt: Income-tax
matters |
33.122 |
17.140 |
0.000 |
|
Guarantees given by Bank on behalf of the Company for execution and
performance of contracts |
0.000 |
0.000 |
860.264 |
|
|
|
|
|
|
Total |
53.697 |
37.715 |
860.264 |
INDEX OF CHARGES: NO CHARGES EXIST FOR COMPANY
FIXED ASSETS:
·
Computer Software
·
Leasehold Improvement
·
Office Equipments
·
Electrical Equipments and Installation
·
Computer Hardware
·
Vehicles
NEWS
LINDE INVESTS IN CROP
SCIENCE AS CHALLENGE TO FOOD SECURITY INTENSIFIES
Munich, 13 May 2013 – Linde Gases, a division of the Linde
Group, today announced the launch of its Crop Science business. The
re-energized product and service offering – previously referred to as its
"fumigants" business – is recognition of Linde's renewed commitment
to combating the increasing challenges facing the world food supply chain.
Tomorrow also
marks the opening of Linde's new plant in the Czech Republic, which will
manufacture the group's latest environmentally friendly fumigant. The new
fumigant, to be marketed as EDN®, will be used to limit the impact
of pests and disease on timber and in agriculture.1
Global research
by the Department of Agriculture and Food in Australia has confirmed that a
third of the world's food supply is lost or wasted – enough to feed over two
billion people. Over half of this food loss is attributable to destruction by
crop pests. There are an estimated 70,000 species of crop pests responsible for
over 1.4 trillion US dollars of economic losses each year, and as crop pests
are predicted to outpace the growth of environmental pests and animal diseases
over the next 20 years, this problem will only intensify.
Leading Linde's
Crop Science program, gas applications manager, Chris Dolman, said,
"Unwanted and harmful organisms are an increasingly global and complex
problem, ranging from microorganisms such as bacteria and moulds to arthropods
such as insects and spiders, to specific types of plants."
The issue of crop
pests is further aggravated by population growth. Predications around food
production indicate that food growth will need to increase by 70 to 100 percent
over the next 30 years to meet demand.2
Globalization and the movement of people and goods also create new
opportunities for pests: entry into new geographical regions, the finding of
new vectors, hosts and environments, and the development of new genetic
combinations.
With these
challenges in mind, Linde's newly formed Crop Science business will offer
innovative fumigant products to protect both food produce itself and the producer's
investment, while allowing for genuine sustainable agriculture. The products
are highly effective substitutes for the universal – and now mainly banned
component – Methyl bromide (MBr), which has for some time been the global
standard for fumigation. Linde's fumigant product range is considerably more
environmentally friendly and comprises of naturally occurring active
ingredients that degrade to earth-friendly metabolites. The fumigant range also
fully complies with UN Directives, such as the Montreal Protocol, and has no
known global warming potential.
Dolman added,
"The move to strengthen our Crop Science business reinforces Linde's
commitment to food security and to help protect the global food supply chain.
Linde has always played a pioneering role in innovative gas technologies and
has a strong heritage in environmental care and scientific research. It is well
placed to lead the way with innovative solutions for crop protection."
Linde's
innovative Crop Science product range includes VAPORMATE™ and EDN™. Linde also
has a dedicated team to ensure farmers and producers select the most
appropriate fumigant product to meet their needs and to comply with local
regulatory requirements. Further information can be found at http://cropscience.linde-gas.com In recognition of Linde's dedicate to sustainabilty performance, in
September 2012 the Group was added to the Dow Jones Sustainability Indexes
(DJSI World). Analysts at the Sustainable Asset Management Group (SAM)
recognized in particular the Group's activities in the areas of climate change,
environmental management systems and risk and crisis management.3
ABOUT THE LINDE GROUP:
The Linde Group
is a world-leading gases and engineering company with around 62,000 employees
in more than 100 countries worldwide. In the 2012 financial year, Linde
generated revenue of EUR 15.280 bn. The strategy of the Group is geared towards
long-term profitable growth and focuses on the expansion of its international
business with forward-looking products and services. Linde acts responsibly
towards its shareholders, business partners, employees, society and the
environment – in every one of its business areas, regions and locations across
the globe. The company is committed to technologies and products that unite the
goals of customer value and sustainable development.
LINDE HAS DECIDED TO CALL
AND REDEEM EUR 400 M UNDATED SUBORDINATED BOND
Munich, 06
May 2013 – The Linde
Group has decided to call and redeem the EUR 400 m Undated Subordinated Bond
issued by Linde Finance B.V. in 2003 and guaranteed by Linde AG at its nominal
amount. Call and Redemption of the bond shall be made in accordance with the
terms and conditions of the Bond on July 3, 2013.
"Our solid
financial position and strong equity base allow us to redeem the subordinated
bond on its first call date," said Georg Denoke, member of the Executive
Board and CFO of Linde AG. "This decision marks no change in our
conservative financing strategy of long-term orientation and safeguarding
liquidity. Any future plans for our other outstanding subordinated instruments'
call options will be done on a case-by-case basis."
ABOUT THE
LINDE GROUP:
The Linde Group
is a world-leading gases and engineering company with around 62,000 employees
in more than 100 countries worldwide. In the 2012 financial year, Linde
generated revenue of EUR 15.280 bn. The strategy of the Group is geared towards
long-term profitable growth and focuses on the expansion of its international
business with forward-looking products and services. Linde acts responsibly
towards its shareholders, business partners, employees, society and the
environment – in every one of its business areas, regions and locations across
the globe. Linde is committed to technologies and products that unite the goals
of customer value and sustainable development.
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.61.69 |
|
|
1 |
Rs.99.20 |
|
Euro |
1 |
Rs.83.69 |
INFORMATION DETAILS
|
Information
Gathered by : |
PDT |
|
|
|
|
Report Prepared
by : |
NIT |
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 |
6 |
|
--LIQUIDITY |
1~10 |
7 |
|
--LEVERAGE |
1~10 |
6 |
|
--RESERVES |
1~10 |
7 |
|
--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 |
|
60 |
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.