MIRA
INFORM REPORT
|
Report Date : |
24.10.2013 |
IDENTIFICATION DETAILS
|
Name : |
GEA COOLING TOWER TECHNOLOGIES ( |
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Registered
Office : |
443, Anna Salai, ( |
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Country : |
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Financials (as
on) : |
31.12.2011 |
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Date of
Incorporation : |
22.04.1996 |
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Com. Reg. No.: |
18-035263 |
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Capital
Investment / Paid-up Capital : |
Rs. 10.000
Millions |
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CIN No.: [Company Identification
No.] |
U29191TN1996PTC035263 |
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PAN No.: [Permanent Account No.] |
AAACG7891G |
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Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Subject
is engaged in design, engineering, supply and commissioning of cooling towers
and air cooled condensers as contractor. |
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No. of Employees
: |
Not Available |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (43) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 960000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Slow but correct |
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Litigation : |
Clear |
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Comments : |
Subject is an established company having satisfactory track record. The
management of the company has not filled its financials after financial year
December 2011. However, as per available financials the company seems to have
satisfactory track record. Trade relations are reported as fair. Business is
active. Payments are reported to be slow but correct. The Company can be considered normal for business dealings at usual
trade terms and conditions. |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – 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 |
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High |
B2 |
|
Very High |
C1 |
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Restricted |
C2 |
|
Off-credit |
D |
INDIAN ECONOMIC OVERVIEW
The finance ministry
has started preparations for Budget 2014/15. With general elections scheduled to
be held by May next year, there will only be an interim budget. The new
government will present the fiscal Budget.
The Supreme Court
has barred clinical trials for new drugs till a monitoring mechanism is put in
place to protect the lives of people on which the drugs are tested.
Mumbai has been
named the world’s second most honest city according to a survey on 15 cities
worldwide by Readers’ Digest magazine. Finnish capital Helsinki bagged the top
spot for the world’s most honest city while Lisbon, the capital of Portugal,
proved to be the least honest. The survey put hundreds of people to test
in four continents to find out just how honest they were by dropping wallets
and seeing how many would be returned.
3.7 % Growth of the
core sector in August, a seven month high. This takes the overall growth in
April-August this year to 2.3 % compared with 6.3 % in the corresponding period
next financial year.
$19 million
Estimated average spending by companies across the globe including India, on
social media this year, according to a global study by information technology
major Tata Consultancy Services. This will rise to $ 24 million in 2015.
Rising inflation,
fewer employment avenues and dwindling earnings are taking a toll on the
spending capacity in India. Over 72 % respondents from middle and lower middle
income families would be forced to slash their Diwali expenditure by 40 % and
on average spend nearly 25 % of their monthly salary on Diwali, according to a
survey by Assochem.
Analysts believe the
shutdown of the US government would have limited impact in sectors such as IT
or tourism that are dependent on Visa clearances.
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.: 91-44-24326171
LOCATIONS
|
Registered Office : |
443, Anna Salai, (Guna Building), Teynampet, Chennai – 600018,
Tamilnadu, India |
|
Tel. No.: |
91-44-24326171 |
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Fax No.: |
91-44-24364656 |
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E-Mail : |
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|
Website : |
DIRECTORS
As on: 28.06.2012
|
Name : |
Mr. Balkrishnan Govindaswamy Raghupathy |
|
Designation : |
Director |
|
Address : |
60 (Old No.100), Abhiramapuram, |
|
Date of Birth/Age : |
28.09.1952 |
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Date of Appointment : |
22.04.1996 |
|
DIN No.: |
00174472 |
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Name : |
Mr. Ramanujam Ramesh Kumar |
|
Designation : |
Director |
|
Address : |
14 (Old No.W-3), |
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Date of Birth/Age : |
15.05.1962 |
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Date of Appointment : |
20.05.1999 |
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DIN No.: |
00176265 |
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Name : |
Mr. Constantis Michael Klokkaris |
|
Designation : |
Director |
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Address : |
Wipfelweg No.8, Dortmund Germany – 44265 |
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Date of Birth/Age : |
15.06.1975 |
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Date of Appointment : |
22.06.2011 |
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DIN No.: |
03580954 |
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|
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Name : |
Mr. Michael Andersen |
|
Designation : |
Director |
|
Address : |
Dusseldorf, Germany |
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Date of Birth/Age : |
09.02.1968 |
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Date of Appointment : |
22.06.2011 |
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DIN No.: |
00950233 |
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Name : |
Mr. Joerg Jeliniewski |
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Designation : |
Nominee director |
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Address : |
Granit Street No.8, Herne – 44627 |
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Date of Birth/Age : |
27.02.1962 |
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Date of Appointment : |
05.11.2009 |
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DIN No.: |
02837967 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on: 28.06.2012
|
Names of Shareholders |
|
No. of Shares |
|
Gea Energietechnik GmbH, Germany |
|
510000 |
|
BGR Energy Systems Limited, |
|
10000 |
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BGR Investment holdings Company Limited, India |
|
120000 |
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Priya Securities Private Limited, |
|
120000 |
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Vani Securities Private Limited, |
|
120000 |
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Arjun Securities Private Limited, |
|
120000 |
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Total |
|
1000000 |
Equity Share Break up (Percentage of Total Equity)
As on: 28.06.2012
|
Category |
|
Percentage |
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|
|
Foreign holdings [Foreign institutional investors, Foreign Companies, Foreign Financial Institutions, Non-resident Indian or Overseas corporate bodies or others] |
|
51.00 |
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Bodies corporate |
|
49.00 |
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|
|
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Total
|
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Subject
is engaged in design, engineering, supply and commissioning of cooling towers
and air cooled condensers as contractor. |
GENERAL INFORMATION
|
No. of Employees : |
Not Available |
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Bankers : |
ABN Amro Bank, 19/1, Haddows Road, Chennai – 600006, Tamilnadu, India |
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Facilities : |
(Rs.
In Millions)
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Banking
Relations : |
-- |
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Auditors : |
|
|
Name : |
Fraser and Ross Chartered Accountants |
|
Address : |
Asv N Ramana Tower,52 Venkatnarayana Road, T Nagar, Chennai – 600017, Karnataka, India |
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Tel. No.: |
91-44-66885000 |
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Fax No.: |
91-44-66885050 |
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PAN No.: |
AAAFF0644F |
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Holding Company : |
Gea Energietechnik GmbH, Germany |
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Associates/Subsidiaries : |
BGR Energy Systems Limited |
CAPITAL STRUCTURE
As on: 28.06.2012
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
5000000 |
Equity Shares |
Rs.10/- each |
Rs. 50.000 Millions |
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Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
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|
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|
1000000 |
Equity Shares |
Rs.10/- each |
Rs. 10.000
Millions |
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FINANCIAL DATA
[all figures are in
Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.12.2011 |
31.12.2010 |
31.12.2009 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
10.000 |
10.000 |
10.000 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
230.902 |
137.115 |
75.969 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
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NETWORTH |
240.902 |
147.115 |
85.969 |
|
|
LOAN FUNDS |
|
|
|
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|
1] Secured Loans |
41.646 |
0.724 |
21.071 |
|
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2] Unsecured Loans |
0.000 |
0.000 |
0.000 |
|
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TOTAL BORROWING |
41.646 |
0.724 |
21.071 |
|
|
DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
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|
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|
|
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TOTAL |
282.548 |
147.839 |
107.040 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
6.441 |
6.839 |
7.490 |
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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INVESTMENT |
0.000 |
0.000 |
0.000 |
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DEFERREX TAX ASSETS |
9.371 |
12.395 |
8.435 |
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CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
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Inventories |
0.000
|
0.000
|
0.000 |
|
|
Sundry Debtors |
1102.614
|
743.272
|
561.454 |
|
|
Cash & Bank Balances |
154.274
|
125.705
|
94.725 |
|
|
Other Current Assets |
0.000
|
0.000
|
0.000 |
|
|
Loans & Advances |
74.987
|
93.086
|
77.173 |
|
Total
Current Assets |
1331.875
|
962.063
|
733.352 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
428.719
|
270.107
|
244.397 |
|
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Other Current Liabilities |
503.584
|
412.090
|
280.732 |
|
|
Provisions |
132.836
|
151.261
|
117.108 |
|
Total
Current Liabilities |
1065.139
|
833.458
|
642.237 |
|
|
Net Current Assets |
266.736
|
128.605
|
91.115 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
282.548 |
147.839 |
107.040 |
|
PROFIT & LOSS ACCOUNT
|
|
PARTICULARS |
31.12.2011 |
31.12.2010 |
31.12.2009 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
|
1466.298 |
1186.145 |
|
|
|
Other Income |
|
10.457 |
4.859 |
|
|
|
TOTAL (A) |
1695.410 |
1476.755 |
1191.004 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Material and Project Related Goods |
|
1254.788 |
1023.931 |
|
|
|
Personnel Cost |
|
55.034 |
40.099 |
|
|
|
Administration, Selling and General Expenses |
|
18.042 |
26.567 |
|
|
|
TOTAL (B) |
1552.600 |
1327.864 |
1090.597 |
|
|
|
|
|
|
|
|
Less |
PROFIT
/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
Including
financial and |
148.891 |
100.407 |
|
|
|
|
Depreciation |
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
|
0.427 |
3.277 |
|
|
|
|
|
|
|
|
|
|
PROFIT
/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
|
148.464 |
97.130 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
|
1.296 |
1.307 |
|
|
|
|
|
|
|
|
|
|
PROFIT / (LOSS)
BEFORE TAX (E-F) (G) |
142.810 |
147.168 |
95.823 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
49.020 |
51.039 |
37.823 |
|
|
|
|
|
|
|
|
|
|
PROFIT / (LOSS)
AFTER TAX (G-H) (I) |
93.790 |
96.129 |
58.000 |
|
|
|
|
|
|
|
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|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
109.664 |
58.218 |
41.216 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Transfer to General Reserve |
NA |
9.700 |
5.900 |
|
|
|
Proposed Dividend |
NA |
30.000 |
30.000 |
|
|
|
Corporate Dividend Tax |
NA |
4.983 |
5.098 |
|
|
BALANCE CARRIED
TO THE B/S |
NA |
109.664 |
58.218 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Export Earnings |
0.598 |
36.847 |
81.357 |
|
|
TOTAL EARNINGS |
0.598 |
36.847 |
81.357 |
|
|
|
|
|
|
|
|
|
|
IMPORTS VALUE |
208.172 |
136.091 |
272.850 |
|
|
|
|
|
|
|
|
|
|
Earnings /
(Loss) Per Share (Rs.) |
93.79 |
96.13 |
58.00 |
|
%20PRIVATE%20LIMITED%20-%20240670%2024-Oct-2013_files/image001.gif){kind=small}
KEY RATIOS
|
PARTICULARS |
|
31.12.2011 |
31.12.2010 |
31.12.2009 |
|
PAT / Total Income |
(%) |
0.00 |
6.51
|
4.87 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
8.42 |
10.04
|
8.08 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
10.68 |
15.19
|
12.93 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.59 |
1.00
|
1.11 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
0.17 |
0.01
|
0.25 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.26 |
1.15
|
1.14 |
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 |
No |
|
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 |
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 |
No |
REVIEW OF OPERATIONS
During the financial year 2011, the company’s operations continued its growth trajectory by registering growth in turnover. The company’s total income has risen to an all-time high of Rs. 1695.000 million and the operating profit was Rs. 146.000 million. In view of the proposed investments, the directors decided not to declare dividend for the FY 2011 and to augment resources.
During the year under review, the company has successfully booked orders for Rs. 2147.000 million. Significant amongst these are dry cooling orders from Soma Enterprise Limited for Rs. 301 million, Maruti Suzuki India Limited for Rs. 201.000 million, Suryadev Power Limited for Rs. 312.000 million, large natural draught cooling towers at RRVUNL, Kalsindh, Rajasthan for 2 x 600 MW for Rs.420.000 million, and 2 x 500 MW at Chandrapur, Maharashtra for Rs. 149.000 million from BGR Energy Systems Limited The Company also booked an order from BGR Energy Systems Ltd for Marwa Thermal Power Project, Chatishgarh for 2 x 500 MW for Rs. 266.000 million in January 2012. The Company has received repeat orders from Maruti Suzuki India Limited, Thermax Limited and other customers. The Company has also successfully completed contracts for Ambuja Cements, Jindal saw and Manikhar Cements.
FUTURE OUTLOOK
The company carries over an order book of Rs. 2390.000 million. The outlook in the Indian Power and process sector, despite significant slowdown and sectoral challenges, continues to be promising and capacity addition and new projects are taking off at a slow pace. The company continues to focus on captive power and cement / steel sector as well as retrofitting of wet and dry cooled systems.
INDEX OF CHARGES
|
S.No. |
Charge ID |
Date of Charge
Creation/Modification |
Charge amount
secured |
Charge Holder |
Address |
Service Request
Number (SRN) |
|
1 |
80046630 |
09/06/2008 * |
440,000,000.00 |
ABN AMRO BANK |
19/1, HADDOWS ROAD, CHENNAI, CHENNAI, Tamil Nadu - 600006, INDIA |
A41621657 |
* Date of charge modification
FIXED
ASSETS:
· Building
· Air conditioner
· Genset
· Office Equipments
· Furniture and Fixtures
· Electrical Equipments
· Mould
·
Vehicles
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. 61.53 |
|
|
1 |
Rs. 99.75 |
|
Euro |
1 |
Rs. 84.75 |
INFORMATION DETAILS
|
Information
Gathered by : |
PDT |
|
|
|
|
Report Prepared
by : |
DPH |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
4 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
5 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
5 |
|
--CREDIT LINES |
1~10 |
4 |
|
--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 |
|
43 |
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.