MIRA INFORM REPORT
|
Report Date : |
21.09.2013 |
IDENTIFICATION DETAILS
|
Name : |
AUMUND ENGINEERING PRIVATE LIMITED |
|
|
|
|
Registered
Office : |
9 (Old No.5), |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as
on) : |
31.03.2013 |
|
|
|
|
Date of
Incorporation : |
10.06.1996 |
|
|
|
|
Com. Reg. No.: |
18-035709 |
|
|
|
|
Capital Investment
/ Paid-up Capital : |
Rs. 9.999 Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U29130TN1996PTC035709 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
CHEA02473C |
|
|
|
|
Legal Form : |
Private Limited Liability Company |
|
|
|
|
Line of Business
: |
Subject is engineering and
erection services and supply of components to the cement industry. |
|
|
|
|
No. of Employees
: |
Not Available |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (49) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 980000 |
|
|
|
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
Usually Correct |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is a subsidiary of ‘Aumund AG’. It is a well-established
company having a satisfactory track record. It has recorded drastic dip in its sales turnover as well as net profitability
during 2013. However, there appears no external borrowing recorded in the
books of the company. Trade relations are reported as
decent. Business is active. Payment terms are reported as usually correct. In view of strong parent company, the subject 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) |
|
India |
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.
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
|
Registered Office : |
9 (Old No.5), |
|
Tel. No.: |
91-44-28156048/ 43936300/ 28156049 |
|
Fax No.: |
91-44-28156046 |
|
E-Mail : |
rr.associate@hotmail.com |
|
Location : |
leased |
DIRECTORS
AS ON 31.07.2013
|
Name : |
Mr. Anirudharao
Durgaprasad Rao |
|
Designation : |
Director |
|
Address : |
No.27 (Old No.16), M. G. Ramachandran Road, Kalashetra Colony, Chennai
– 600 090, Tamilnadu, India |
|
Date of Birth/Age : |
31.07.1943 |
|
Qualification : |
B.E. PGDBM |
|
Date of Appointment : |
30.07.2012 |
|
DIN No.: |
01814350 |
Other Directorship:
|
S.
No. |
CIN/LLPIN |
Name
of the Company/ LLP |
Current
designation of the Director/ Designated Partner |
Date
of appointment at current designation |
Original
date of appointment |
Company/
LLP Status |
Defaulting
status |
|
1 |
U29130TN1996PTC035709
|
AUMUND
ENGINEERING PRIVATE LIMITED |
Director |
30/07/2012 |
01/04/2002 |
Active |
NO |
|
Name : |
Mr. Raju Guptha |
|
Designation : |
Managing Director |
|
Address : |
FL-2C, Block IV, Kences
Brindavan, EVR Lane, 142 P. H. Road, Chennai – 600010, Tamilnadu, India |
|
Date of Birth/Age : |
25.04.1963 |
|
Qualification : |
BE (HONS) |
|
Date of Appointment : |
30.07.2012 |
|
DIN No.: |
01816332 |
Other Directorship:
|
S.
No. |
CIN/LLPIN |
Name
of the Company/ LLP |
Current
designation of the Director/ Designated Partner |
Date
of appointment at current designation |
Original
date of appointment |
Company/
LLP Status |
Defaulting
status |
|
1 |
U29130TN1996PTC035709
|
AUMUND
ENGINEERING PRIVATE LIMITED |
Managing
director |
30/07/2012 |
06/05/2005 |
Active |
NO |
|
Name : |
Mr. Hans Franz Walker
Aumund |
|
Designation : |
Director |
|
Address : |
Uettel Sheinerweg 105, 47198 |
|
Date of Birth/Age : |
30.09.1944 |
|
Date of Appointment : |
10.06.1996 |
|
DIN No.: |
02202265 |
|
|
|
|
Name : |
Mr. Richard Muller |
|
Designation : |
Director |
|
Address : |
Ruchweid 3, Ch-9917, Oberlunkhofen, Switzerland, 8917 |
|
Date of Appointment : |
10.02.1999 |
|
DIN No.: |
03554275 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 31.07.2013
|
Names of Shareholders |
No. of Shares |
|
Aumund AG, |
999989 |
|
Aumund Forderibav GmbH,
Germany |
1 |
|
TOTAL
|
999990 |
AS ON 31.07.2013
|
Equity Shares
Break Up |
Percentage of
Holding |
|
Foreign holdings( Foreign institutional investor(s), Foreign
companie(s) Foreign financial institution(s), Non-resident Indian(s) or
Overseas Corporate bodies or Others |
100.00 |
|
TOTAL |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Subject is engineering and
erection services and supply of components to the cement industry. |
||||
|
|
|
||||
|
Products : |
|
GENERAL INFORMATION
|
No. of Employees : |
Not Available |
|
|
|
|
Bankers : |
|
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
Delitte Haskins and Sells Chartered Accountant |
|
Address : |
No.52, Venkatanarayana Road, T. Nagar,
Chennai-600017, Tamilnadu, India |
|
Tel. No.: |
91-44-66885000 |
|
Fax No.: |
91-44-66885050 |
|
PAN No.: |
AAAFA1448A |
|
|
|
|
Holding Company : |
|
|
|
|
|
Related Parties : |
|
CAPITAL STRUCTURE
AS ON 31.03.2013
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
2500000 |
Equity Shares |
Rs.10/- each |
Rs. 25.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
999990 |
Equity Shares |
Rs.10/- each |
Rs. 9.999
Millions |
|
|
|
|
|
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
I.
EQUITY
AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
9.999 |
9.999 |
9.999 |
|
(b) Reserves & Surplus |
236.096 |
334.231 |
399.062 |
|
(c) Money
received against share warrants |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
(2) Share Application money pending
allotment |
0.000 |
0.000 |
0.000 |
|
Total
Shareholders’ Funds (1) + (2) |
246.095 |
344.230 |
409.061 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
0.000 |
0.000 |
0.000 |
|
(b) Deferred tax liabilities (Net) |
0.000 |
0.000 |
0.000 |
|
(c) Other long term
liabilities |
0.000 |
0.000 |
0.000 |
|
(d) long-term
provisions |
0.000 |
1.746 |
3.551 |
|
Total Non-current
Liabilities (3) |
0.000 |
1.746 |
3.551 |
|
|
|
|
|
|
(4)
Current Liabilities |
|
|
|
|
(a) Short
term borrowings |
0.000 |
0.000 |
0.000 |
|
(b) Trade
payables |
74.736 |
62.561 |
56.087 |
|
(c) Other
current liabilities |
78.844 |
179.233 |
136.963 |
|
(d) Short-term
provisions |
0.000 |
0.000 |
0.000 |
|
Total Current
Liabilities (4) |
153.580 |
241.794 |
193.050 |
|
|
|
|
|
|
TOTAL |
399.675 |
587.770 |
605.662 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1)
Non-current assets |
|
|
|
|
(a) Fixed
Assets |
|
|
|
|
(i)
Tangible assets |
5.569 |
7.313 |
8.793 |
|
(ii)
Intangible Assets |
0.000 |
1.664 |
3.995 |
|
(iii)
Capital work-in-progress |
0.000 |
0.000 |
0.000 |
|
(b) Non-current Investments |
0.000 |
0.000 |
0.000 |
|
(c) Deferred tax assets (net) |
1.562 |
1.286 |
2.479 |
|
(d) Long-term Loan and Advances |
3.354 |
1.894 |
1.894 |
|
(e) Other
Non-current assets |
0.000 |
0.000 |
0.000 |
|
Total Non-Current
Assets |
10.485 |
12.157 |
17.161 |
|
|
|
|
|
|
(2)
Current assets |
|
|
|
|
(a)
Current investments |
0.000 |
0.000 |
0.000 |
|
(b)
Inventories |
0.000 |
0.000 |
0.000 |
|
(c) Trade
receivables |
243.255 |
196.513 |
399.200 |
|
(d) Cash
and cash equivalents |
119.016 |
360.562 |
175.807 |
|
(e)
Short-term loans and advances |
25.030 |
12.814 |
10.666 |
|
(f) Other
current assets |
1.889 |
5.724 |
2.828 |
|
Total
Current Assets |
389.190 |
575.613 |
588.501 |
|
|
|
|
|
|
TOTAL |
399.675 |
587.770 |
605.662 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
765.109 |
1380.523 |
1104.529 |
|
|
|
Other Income |
NA |
NA |
NA |
|
|
|
TOTAL |
NA |
NA |
NA |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of Material Consumed |
|
|
|
|
|
|
Purchase of Stock In Trade |
|
|
|
|
|
|
Employee benefits expenses |
|
|
|
|
|
|
TOTAL |
NA |
NA |
NA |
|
|
|
|
|
|
|
|
|
PROFIT / (LOSS)
BEFORE TAX |
NA |
NA |
NA |
|
|
|
|
|
|
|
|
|
Less |
TAX |
NA |
NA |
NA |
|
|
|
|
|
|
|
|
|
|
PROFIT / (LOSS)
AFTER TAX |
76.196 |
138.557 |
160.805 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Agency Commission |
14.071 |
15.966 |
23.597 |
|
|
|
|
19.592 |
13.975 |
16.781 |
|
|
|
Service Fees |
5.664 |
4.685 |
4.232 |
|
|
|
|
29.658 |
27.257 |
27.176 |
|
|
TOTAL EARNINGS |
68.985 |
61.883 |
71.786 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Stores & Spares |
NA |
0.000 |
1.171 |
|
|
|
Others |
NA |
0.444 |
1.545 |
|
|
TOTAL IMPORTS |
NA |
0.444 |
2.716 |
|
|
|
|
|
|
|
|
|
|
Earnings /
(Loss) Per Share (Rs.) |
76.20 |
138.56 |
160.81 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
Debt Equity Ratio (Total Debt /Networth) |
|
0.00
|
0.00
|
0.00
|
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
2.53
|
2.38
|
3.05
|
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) |
Yes |
|
21] |
Market information |
----- |
|
22] |
Litigations that the firm
/ promoter involved in |
----- |
|
23] |
Banking Details |
Yes |
|
24] |
Banking facility details |
No |
|
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 |
VIEW INDEX OF
CHARGES
No Charges Exist For Company
CORPORATE
INFORMATION
The company provides engineering
and erection services and supply of components to the cement industry. It also supplies
drawings and markets products of its parent / group companies
FINANCIAL
The turnover of the company for the 2012-13 was Rs. 765.109 Millions and
the net profit after taxation was Rs. 76.196 Millions
BUSINESS OPPORTUNITIES
The cement industry was in a growth made up to
August 2008 after which the economic crisis hit. Further political situation
also changes to worst. This resulted in some existing projects being put on
hold and new projects being delayed. In the year, the company has been able to
obtain all the major orders although the competition was severe due to less
projects in the market place, resulting in lower margins.
The order booking for the year was Euro
12438798/- for imports and Rs. 807.504 Millions for the local manufacturing
parts and Rs. 20.284 Millions for engineering. Considering the present scenario
and the level of competition, they consider this as satisfactory performance.
Export of engineering and software is
satisfactory. During the year, they invoiced Rs. 19.592 Millions towards
engineering and software.
Their export of engineering as well as Rubber
Strips is going on a regular basis to the satisfaction end users.
FIXED ASSETS
- Computers
- Office
Equipment
- Furniture and
Fixtures
- Vehicles
- Technical
Know How
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. 62.24 |
|
UK Pound |
1 |
Rs. 99.89 |
|
Euro |
1 |
Rs. 84.22 |
INFORMATION DETAILS
|
Report Prepared
by : |
DPT |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
5 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
6 |
|
--LEVERAGE |
1~10 |
6 |
|
--RESERVES |
1~10 |
6 |
|
--CREDIT LINES |
1~10 |
5 |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
NO |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
YES |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
49 |
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.