|
Report Date : |
12.08.2014 |
IDENTIFICATION DETAILS
|
Name : |
SULZER PUMPS INDIA LIMITED |
|
|
|
|
Registered
Office : |
9, MIDC, |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as
on) : |
31.03.2013 |
|
|
|
|
Date of
Incorporation : |
19.06.1974 |
|
|
|
|
Com. Reg. No.: |
11-017561 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs. 25.000
Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U99999MH1974PLC017561 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
MUMS36628E |
|
|
|
|
PAN No.: [Permanent Account No.] |
AAACK2238F |
|
|
|
|
Legal Form : |
A Closely Held Public Limited Liability Company |
|
|
|
|
Line of Business
: |
Manufacturing and Selling of Single and Multistage
Centrifugal Pumps, Spare Parts and Related Accessories. |
|
|
|
|
No. of Employees
: |
500 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (52) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 8800000 |
|
|
|
|
Status : |
Good |
|
|
|
|
Payment Behaviour : |
Regular |
|
|
|
|
Litigation : |
Exist |
|
|
|
|
Comments : |
Subject is a “Sulzer Pumps Limited, Switzerland”. It is a
well-established company having fine track record. The rating reflects healthy financial risk profile supported by adequate
liquidity position and decent profitability of the company. Trade relations are reported as fair. Business is active. Payments are
reported to be regular and as per commitments. The company can be considered good for normal 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 – June 1, 2014
|
Country Name |
Previous Rating (31.03.2014) |
Current Rating (01.06.2014) |
|
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
N E W S
As per the latest IMF study, the total weigh of emerging markets in the GDP
of the world on a purchasing power parity basis has seen a sizeable shift. It
highlights how as against 51 % in 2005, the emerging economies now account for
close to 56 % of the global purchasing power GDP as per the latest survey. And
with the emerging economies growing at a faster rate than their developed
counterparts, there are every possibility that the their share goes up further
in the coming years. China may surpass the US over the next few years.
Politics and economics are very intricately connected. They tend to
influence each other in ways that could be very complex and far-reaching. The
prospects of the India’s economy have been seriously compromised due to
political corruption. High inflation, poor standard of living are to a great
extent a result of rampant corruption in the country. China on the other hand,
seems to be facing diametrically opposite challenge. American hedge fund
manager Jim Chanos has been keenly following the political and economic
development in the dragon economy and has figured out something that is quite
worrying. He is of the view that the Chinese economy could be heading toward
trouble on account of new Chinese President Xi Jingping’s very aggressive
anti-corruption drive. Chanos believes tat many things such as apartment sales,
luxury products, etc. were largely bought with dirty money. And it is now
beginning to impact consumption. This may indeed be bad news for an economy
that is struggling to transition from an investment-driven export-oriented
economy to a domestic consumption-driven economy.
A study published by Firstpost has revealed that asset classes like real
estate and equities were the biggest beneficiaries of the liberalization
policies. A firm called Ciane Analytics studied returns from assets
including equities, gold, fixed deposits, G-Secs and real estate since 1991.
Real estate outperformed every other asset classes during the 23-year period
with an annualized return of 20 % ! Equities came in second with annualized
return of 15.5 % ! However, while these returns may seem mouthwatering, the
fact is that the return from equities adjusted for inflation came down to just
7.1 %.
Some brief news are as under
. R-Power to buy Jaypee’s hydro assets
. Investors await justice in NSEL case
. India seeks MFN status from Pakistan ahead of meeting
. Ukrain’s clashes with rebels hinder MH17 crash investigation
. India exploring merger of state-owned hydro PSUs
..Higher costs weigh down profit growth to slowest in 9 quarters
..Wal-Mart to expand wholesale business in India
. GMR group moves to strengthen balance sheet
. Central Bank to sell 4 % stake to Life Insurance Corporation
. Tata Chemicals plans to raise up to Rs 10000 mn.
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
31-03-2014.
INFORMATION PARTED BY
|
Name : |
Mr. Sanjay Biswas |
|
Designation : |
Manager |
|
Contact No.: |
91-33-24856007 |
|
Date : |
12.08.2014 |
LOCATIONS
|
Registered/ Head Office/ Factory : |
9, MIDC, Thane Belapur
Road, Digha, Navi Mumbai – 400708, Maharashtra, India |
|
Tel. No.: |
91-22-39130500/ 39130525 |
|
Fax No.: |
91-22-27606812/ 27796811 |
|
E-Mail : |
|
|
Website : |
|
|
|
|
|
Sales Office 1 : |
1A, Ashutosh Mukharjee Road, 4th Floor, Room No.401, Kolkata
– 700020, Maharashtra, India |
|
Tel. No.: |
91-3-24856007 |
|
|
|
|
Sales Office 2 : |
Located at · Chennai · Vadodara · Delhi · Hyderabad |
DIRECTORS
AS ON 29.10.2013
|
Name : |
Mr. Venkatasubramanian Narayanaswami Ramanathan |
|
Designation : |
Managing director |
|
Address : |
603, Opal Powai Vihar, Powai, Mumbai – 400076, Maharashtra, India |
|
Date of Birth/Age : |
17.02.1961 |
|
Qualification : |
B. Sc., M.B.A. (Finance) |
|
Date of Appointment : |
01.08.2009 |
|
PAN No.: |
ASIPR9904Q |
|
DIN No.: |
02740746 |
|
|
|
|
Name : |
Pooran Gokaldas Tahilramaney |
|
Designation : |
Director |
|
Address : |
301, White House Apartment, N. Gamadia Road, Mumbai – 400026,
Maharashtra, India |
|
Date of Birth/Age : |
14.04.1928 |
|
Date of Appointment : |
07.10.1986 |
|
DIN No.: |
00107873 |
|
|
|
|
Name : |
Mrs. Heena Doshi |
|
Designation : |
Alternate director |
|
Address : |
302, Mahavir Sadan, Balaram Street, Grant Road, Mumbai – 400007,
Maharashtra, India |
|
Date of Birth/Age : |
25.08.1957 |
|
Date of Appointment : |
25.09.2006 |
|
DIN No.: |
00364793 |
|
|
|
|
Name : |
Mr. Ashwin Trimbak Bondal |
|
Designation : |
Director |
|
Address : |
5/595-D, Narendra Villa, Dr. B. Ambedkar Road, Matunga, Mumbai –
400019, Maharashtra, India |
|
Date of Birth/Age : |
14.03.1951 |
|
Date of Appointment : |
01.08.2008 |
|
DIN No.: |
00401941 |
KEY EXECUTIVES
|
Name : |
Mr. Rajan Raje |
|
Designation : |
Deputy Manager |
|
Date of Birth/Age : |
57 Years |
|
Qualification : |
B.A., L.L.B. |
|
|
|
|
Name : |
Mr. Sanjay Biswas |
|
Designation : |
Manager |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 29.10.2013
|
Names of Shareholders |
|
No. of Shares |
|
Anil Pooran |
|
100 |
|
Chetan Jayantilal Shah |
|
2000 |
|
Chetan Jayantilal Shah |
|
1000 |
|
Heena Doshi |
|
100 |
|
N.R. Hariharan |
|
100 |
|
Javerbai Shivji Vikamsey |
|
1000 |
|
Jayantilal Premji Shah |
|
2000 |
|
Jayashri Suresh Dikshit |
|
100 |
|
Nitin Mahadev Kane |
|
100 |
|
Anand S. Kothekar |
|
100 |
|
Mayur V. Shah |
|
100 |
|
Neemjee Gangji Shah |
|
2500 |
|
Pramod Kumar Singhal |
|
250 |
|
Pratapsey Ratansi Mercant |
|
500 |
|
Rajan Raghunath Raje |
|
100 |
|
Sadhana Hiren Dand |
|
500 |
|
Shashank Chandrakant Patil |
|
500 |
|
Sulzer Pumps Limited, |
|
2488250 |
|
Theresa Joseph Aranjo |
|
100 |
|
Tahilramaney Pooran |
|
600 |
|
|
|
|
|
Total |
|
2500000 |
AS ON 29.10.2013
|
Equity Share Breakup |
Percentage of Holding |
|
Category |
|
|
Foreign holdings [Foreign institutional investors, Foreign Companies, Foreign Financial Institutions, Non-resident Indian or Overseas corporate bodies or others] |
99.53 |
|
Others |
0.47 |
|
|
|
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturing and Selling of Single and Multistage
Centrifugal Pumps, Spare Parts and Related Accessories. |
||||
|
|
|
||||
|
Products/ Services : |
|
||||
|
|
|
||||
|
Terms : |
|
||||
|
Selling : |
Cash / Credit |
||||
|
|
|
||||
|
Purchasing : |
Cash / Credit |
GENERAL INFORMATION
|
No. of Employees : |
500 (Approximately) |
|
|
|
|
Bankers : |
· Deutsche Bank Citibank N.A. Central Bank of India |
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
Sharp and Tannan Chartered Accountants |
|
Address : |
Ravindra Annexe, 194, Churchgate Reclamation Dinshaw Vaccha
Road, Mumbai, Maharashtra, India |
|
Income-tax
PAN of auditor or auditor's firm : |
AAAFS2967E |
|
|
|
|
Fellow
Subsidiary company : |
· Sulzer Pumps (UK) Limited Sulzer Pumpen (Deutschland) Gmbh Sulzer Pumps (Canada) Inc Sulzer Pumps Asia Pacific Pte Limited Sulzer Pumps Mexico, SA Sulzer Pumps Finland OY Sulzer Pompes France SASU Sulzer Process Pumps US Inc Sulzer Pumps (US) Inc Sulzer Management AG Sulzer Pumps (Anz) Pty Limited Sulzer Dalian Pumps And Compressors Limited Sulzer Pumps (South Africa) Pty Limited Sulzer Pumps Spain SA Sulzer Pumps Middle FZCO Sulzer Brasil SA Sulzer Metco Coatings Limited Sulzer Pumps Suzhou Limited, China Sulzer Pompes Process SASU Sulzer Korea Limited Sulzer Ali And Sons Oil Field Supplies LLC Sulzer Pumpen Oesterreich Gmbh Sulzer Pumps Solution Sweeden Sulzer Bombas Chile Limited Sulzer Daiichi K.K. Sulzer Korea Packaging Shop Sulzer Pumps Rus LLC Sulzer Pumps (Saudi Arabia) Sulzer Tech India Private Limited [U74140MH2006FTC166028] |
|
|
|
|
Holding company
: |
Sulzer Pumps Limited, Switzerland |
|
|
|
|
Ultimate Holding
Company : |
Sulzer Limited, Switzerland |
CAPITAL STRUCTURE
AFTER 29.10.2013
Authorised Capital : Rs. 500.000 Millions
Issued, Subscribed & Paid-up Capital : Rs. 25.000
Millions
AS ON 31.03.2013
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
5,000,000 |
Equity Shares |
Rs. 10/- each |
Rs. 50.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
2,500,000 |
Equity Shares |
Rs. 10/- each |
Rs.25.000
Millions |
|
|
|
|
|
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
|
31.03.2013 [12 Months] |
31.03.2012 [15 Months] |
|
I.
EQUITY AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
|
25.000 |
25.000 |
|
(b) Reserves & Surplus |
|
2,176.988 |
1,767.289 |
|
(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) |
|
2,201.988 |
1,792.289 |
|
|
|
|
|
|
(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 |
|
0.000 |
0.000 |
|
Total Non-current
Liabilities (3) |
|
0.000 |
0.000 |
|
|
|
|
|
|
(4)
Current Liabilities |
|
|
|
|
(a)
Short term borrowings |
|
0.000 |
45.877 |
|
(b)
Trade payables |
|
745.488 |
1,046.272 |
|
(c)
Other current liabilities |
|
527.338 |
290.864 |
|
(d) Short-term
provisions |
|
188.055 |
245.820 |
|
Total Current
Liabilities (4) |
|
1,460.881 |
1,628.833 |
|
|
|
|
|
|
TOTAL |
|
3,662.869 |
3,421.122 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1)
Non-current assets |
|
|
|
|
(a)
Fixed Assets |
|
|
|
|
(i) Tangible
assets |
|
288.719 |
258.841 |
|
(ii)
Intangible Assets |
|
35.199 |
34.812 |
|
(iii)
Capital work-in-progress |
|
1.172 |
7.034 |
|
(iv)
Intangible assets under development |
|
18.894 |
35.129 |
|
(b) Non-current Investments |
|
0.000 |
0.000 |
|
(c) Deferred tax assets (net) |
|
137.900 |
93.578 |
|
(d) Long-term Loan and Advances |
|
250.247 |
216.698 |
|
(e) Other
Non-current assets |
|
0.000 |
0.000 |
|
Total Non-Current
Assets |
|
732.131 |
646.092 |
|
|
|
|
|
|
(2)
Current assets |
|
|
|
|
(a)
Current investments |
|
0.000 |
0.000 |
|
(b)
Inventories |
|
704.475 |
641.782 |
|
(c)
Trade receivables |
|
1,157.190 |
1,715.033 |
|
(d) Cash
and cash equivalents |
|
555.765 |
26.641 |
|
(e)
Short-term loans and advances |
|
512.481 |
391.574 |
|
(f)
Other current assets |
|
0.827 |
0.000 |
|
Total
Current Assets |
|
2,930.738 |
2,775.030 |
|
|
|
|
|
|
TOTAL |
|
3,662.869 |
3,421.122 |
|
SOURCES OF FUNDS |
|
|
31.12.2010 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
|
|
25.000 |
|
|
2] Share Application Money |
|
|
0.000 |
|
|
3] Reserves & Surplus |
|
|
1404.786 |
|
|
4] (Accumulated Losses) |
|
|
0.000 |
|
|
NETWORTH |
|
|
1429.786 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
|
|
0.000 |
|
|
2] Unsecured Loans |
|
|
0.000 |
|
|
TOTAL BORROWING |
|
|
0.000 |
|
|
DEFERRED TAX LIABILITIES |
|
|
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
|
|
1429.786 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
|
|
311.172 |
|
|
Capital work-in-progress |
|
|
40.613 |
|
|
|
|
|
|
|
|
INVESTMENT |
|
|
0.000 |
|
|
DEFERRED TAX ASSETS |
|
|
132.748 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
|
|
184.117 |
|
|
Sundry Debtors |
|
|
1228.033 |
|
|
Cash & Bank Balances |
|
|
542.121 |
|
|
Other Current Assets |
|
|
0.000 |
|
|
Loans & Advances |
|
|
305.335 |
|
Total
Current Assets |
|
|
2259.606 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
|
|
673.201 |
|
|
Other Current Liabilities |
|
|
214.790 |
|
|
Provisions |
|
|
426.362 |
|
Total
Current Liabilities |
|
|
1314.353 |
|
|
Net Current Assets |
|
|
945.253 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
|
|
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
|
|
1429.786 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2013 [12 Months] |
31.03.2012 [15 Months] |
31.12.2010 |
|
|
|
SALES |
|
|
|
|
|
|
|
Revenue from operations |
3,861.782 |
3,776.495 |
2786.537 |
|
|
|
Other Income |
53.915 |
26.352 |
28.026 |
|
|
|
TOTAL (A) |
3,915.697 |
3,802.847 |
2814.563 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of Materials Consumed |
2,147.141 |
|
|
|
|
|
Purchases of Stock-in-Trade |
118.493 |
103.011 |
|
|
|
|
Changes in inventories of finished goods, work-in-progress
and Stock-in-Trade |
(157.776) |
(308.463) |
|
|
|
|
Employees benefits expense |
524.547 |
506.327 |
|
|
|
|
Other expenses |
662.037 |
734.801 |
|
|
|
|
TOTAL (B) |
3,294.442 |
3,166.099 |
2335.503 |
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
621.255 |
636.748 |
479.060 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
2.502 |
2.839 |
9.535 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
618.753 |
633.909 |
469.525 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
64.538 |
71.326 |
52.733 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
554.215 |
562.583 |
416.792 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
144.019 |
199.460 |
149.301 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
410.196 |
363.123 |
267.491 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Export of Goods on F.O.B. Basis |
1391.160 |
1401.104 |
1190.956 |
|
|
|
Service Charges |
227.240 |
0.000 |
1.203 |
|
|
TOTAL EARNINGS |
1618.400 |
1401.104 |
1192.159 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
|
|
515.306 |
438.183 |
|
|
|
Trading Purchases |
|
103.011 |
30.898 |
|
|
|
Stores and Spare Parts |
|
0.289 |
0.138 |
|
|
|
Capital Goods |
|
2.566 |
5.556 |
|
|
TOTAL IMPORTS |
NA
|
621.172 |
474.775 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
164.08 |
145.25 |
107.00 |
|
|
Particulars |
|
|
31.03.2014 |
|
Sales Turnover (Approximately) |
|
|
3800.000 |
|
|
|
|
|
The above information has been parted by Mr. Sanjay Biswas
KEY RATIOS
|
PARTICULARS |
|
31.03.2013 [12 Months] |
31.03.2012 [15 Months] |
31.12.2010 |
|
PAT / Total Income |
(%) |
10.48
|
9.55 |
9.50 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
14.35
|
14.90 |
14.96 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
15.81
|
17.12 |
16.21 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.25
|
0.31 |
0.29 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
0.00
|
0.03 |
0.00 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
2.01
|
1.70 |
1.72 |
FINANCIAL ANALYSIS
[all figures are
in Rupees Millions]
DEBT EQUITY RATIO
|
Particular |
31.03.2012 |
31.03.2013 |
|
|
(Rs.
in Millions) |
(Rs.
in Millions) |
|
Share Capital |
25.000 |
25.000 |
|
Reserves & Surplus |
1,767.290 |
2,176.990 |
|
Net
worth |
1,792.289 |
2,201.988 |
|
|
|
|
|
long-term borrowings |
0.000 |
0.000 |
|
Short term borrowings |
45.877 |
0.000 |
|
Total
borrowings |
45.877 |
0.000 |
|
Debt/Equity
ratio |
0.026 |
0.000 |
YEAR-ON-YEAR GROWTH
|
Year
on Year Growth |
31.12.2010 |
31.03.2012 |
31.03.2013 |
|
|
(Rs.
in Millions) |
(Rs.
in Millions) |
(Rs.
in Millions) |
|
|
2786.537 |
3776.495 |
3861.782 |
|
|
|
35.526 |
2.258 |
NET PROFIT MARGIN
|
Net
Profit Margin |
31.12.2010 |
31.03.2012 |
31.03.2013 |
|
|
(Rs.
in Millions) |
(Rs.
in Millions) |
(Rs.
in Millions) |
|
Sales |
2786.537 |
3776.495 |
3861.782 |
|
Profit |
267.491 |
363.123 |
410.196 |
|
|
9.60% |
9.62% |
10.62% |
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 |
Yes |
|
10] |
Designation of contact
person |
Yes |
|
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 |
Yes |
|
20] |
Export / Import details
(if applicable) |
No |
|
21] |
Market information |
-- |
|
22] |
Litigations that the firm
/ promoter involved in |
Yes |
|
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 |
Yes |
|
33] |
Voter ID No of
Proprietor/Partner/Director, if available |
No |
|
34] |
External Agency Rating,
if available |
No |
|
LITIGATION DETAILS |
||||
|
Bench:- Bombay |
||||
|
Presentation Date : 01/07/2014 |
||||
|
Lodging No. : |
CPL/455/2014 |
Failing Date:- |
01/07/2014 |
|
|
|
||||
|
Petitioner:- |
FORBES AND COMPANY LIMITED |
Respondent:- |
SULZER PUMPS INDIA LIMITED |
|
|
Petn.Adv:- |
M/S. DESAI & DIWANJI (814) |
|
|
|
|
District:- |
MUMBAI |
|||
|
|
||||
|
Bench:- |
SINGLE |
Category:- |
COMPANY PETITION U/SEC 433, 434, 439 COMPANIES ACT |
|
|
Status:- |
Pre-Admission |
Stage:- |
|
|
|
Last Date:- |
10/07/2014 |
|
||
|
Last Coram:- |
REGISTRAR(OS)/PROTHONOTARY AND SR. MASTER |
|||
|
|
|
|||
|
Act. : |
Companies Act & Rules 1956 |
Under Section 433, 434, 439 |
||
CURRENT MATURITIES
OF LONG TERM DEBT: NOT AVAILABLE
INDEX OF CHARGES
|
S.NO. |
CHARGE ID |
DATE OF CHARGE CREATION/MODIFICATION |
CHARGE AMOUNT SECURED |
CHARGE HOLDER |
ADDRESS |
SERVICE REQUEST NUMBER (SRN) |
|
1 |
90186711 |
08/03/2002 * |
15,000,000.00 |
CENTRAL BANK OF INDIA |
NARIMAN POINT BRANCH; CHANDER MUKHI, GROUND FLOOR; NARIMAN POINT, BOMBAY - 400021, MAHARASHTRA, INDIA |
- |
|
2 |
90186460 |
15/10/1999 * |
97,500,000.00 |
THE HONGKONG AND SHANGHAI BANKING CORPORATION LIMITED |
52/60; MAHATMA GANDHI ROAD, FORT, MUMBAI - 400001, MAHARASHTRA, INDIA |
- |
|
3 |
90186309 |
02/02/1996 |
485,000.00 |
NEW INDIA CO.OP. ABNK LIMITED |
P' D'MELLO ROAD BRANCH, 221-225; P. D'MELLO ROAD; FORT, BOMBAY - 400001, MAHARASHTRA, INDIA |
- |
|
4 |
90184028 |
14/11/1995 |
96,500,000.00 |
THE CENTRAL BANK OF INDIA |
NARIMAN POINT BRANCH, CHANDER MUKHI BUILDING, MUMBAI, MAHARASHTRA - 400021, INDIA |
- |
|
5 |
90185737 |
10/07/1991 |
466,600.00 |
CENTRAL BANK OF INDIA |
NARIMAN POINT BRANCH, BOMBAY - 400021, MAHARASHTRA, INDIA |
- |
|
6 |
90185673 |
21/01/1991 |
1,215,000.00 |
CENTRAL BANK OF INDIA |
NARIMAN POINT BRANCH, BOMBAY - 400021, MAHARASHTRA, INDIA |
- |
|
7 |
90183933 |
14/11/1995 * |
17,200,000.00 |
INDUSTRAIL CREDIT
& INVESTMENTCORPORATION OF INDIA |
163; BACKBAY RECLAMATION, MUMBAI - 400020, MAHARASHTRA, INDIA |
- |
|
8 |
90185564 |
14/11/1995 * |
17,200,000.00 |
INDUSTRAIL DEVELOPMENT BANK OF INDIA |
IDBI TOWERS; CUFFE PARADE, COLABA, BOMBAY - 400005, MAHARASHTRA, INDIA |
- |
|
9 |
90185548 |
11/01/1990 |
15,400,000.00 |
INDUSTRAIL CREDIT & INVESTMENTCORPORATION OF INDIA LIMITED |
163; BACKBAY RECLAMATION, MUMBAI - 400020, MAHARASHTRA, INDIA |
- |
|
10 |
90185338 |
30/01/1989 * |
1,000,000.00 |
CENTRAL BANK OF INDIA |
NARIMAN POINT BRANCH; CHANDER MUKHI, GROUND FLOOR; NARIMAN POINT, BOMBAY - 400021, MAHARASHTRA, INDIA |
- |
|
11 |
90185239 |
01/07/1988 * |
8,400,000.00 |
CENTRAL BANK OF INDIA |
NARIMAN POINT BRANCH, BOMBAY - 400021, MAHARASHTRA, INDIA |
- |
|
12 |
90184843 |
15/03/1984 |
69,450.00 |
CENTRAL BANK OF INDIA |
NARIMAN POINT BRANCH, BOMBAY - 400021, MAHARASHTRA, INDIA |
- |
|
13 |
90184513 |
17/02/1994 * |
200,000.00 |
CENTRAL BANK OF INDIA |
NARIMAN POINT BRANCH, BOMBAY - 400021, MAHARASHTRA, INDIA |
- |
|
14 |
90183844 |
19/10/1976 |
1,230,000.00 |
THE MAHARASTRA STATE FINANCEIAL CORPORATION |
NEW EXCELSIOR BUILDING; 7TH; 8TH; & 9TH FLR, A.K. NAYAK MARG; FORT, BOMBAY - 400001, MAHARASHTRA, INDIA |
- |
|
15 |
90184371 |
17/02/1994 * |
150,000.00 |
THE CENTRAL BANK OF INDIA |
NARIMAN POINT BRANCH, BOMBAY - 400021, MAHARASHTRA, INDIA |
- |
* Date of charge modification
UNSECURED LOANS
|
UNSECURED LOANS |
31.03.2013 (Rs.
In Millions) |
31.03.2012 (Rs.
In Millions) |
|
SHORT TERM BORROWINGS |
|
|
|
Working capital loans from banks |
0.000 |
45.877 |
|
|
|
|
|
Total |
0.000 |
45.877 |
COMPANY PROFILE
Subject was incorporated in India on June 19, 1974. The Company is mainly engaged in the manufacturing and sale of single and multistage centrifugal pumps, spare parts and related accessories. The Company's registered office and manufacturing location are situated at Digha, Navi Mumbai.
PERFORMANCE REVIEW
The period due to weak domestic market, partly compensated by increased export witnessed a moderate fall in the order intake. Order received (Apr’12 to Mar’13) is Rs. 3579.000 Millions compared to Rs. 4961.000 Millions in previous period of 15 months. In the last quarter (Jan’13 to Mar’13) company witnessed a slowdown in order intake, but since then it has improved. On the domestic front the company continues to make significant inroads in Power segment particularly in concentrated solar power.
The company continues to focus on cost reduction as the pressure on margins continues, due to overall competitive market situation. The profitability levels have remained unaffected due to improvement in operational efficiency and better after sales business.
The transfer of technology continues based on market demand and further new models particularly to meet the requirements of power and hydro carbon processing industries (HPI) are being introduced.
Based on current backlog and year to date sales your company expects to achieve sales growth of 7% in FY 2013-14. Operational excellence through Lean, growth in after sales business (spare parts, repairs and service) and people development along with further improvements in health, safety and sustainability will continue to remain a focus.
The Company continues to focus strongly on improving environment, health and safety. It has implemented Environmental Management System (EMS) and Occupational Health and Safety Management System (OHSMS) and is committed towards the betterment of Environment and Society at large. The occupational health and safety of its employees, visitors and contractors and compliance with the regulatory requirements are given prime importance. As part of the continual improvement programmes, regular trainings are provided to the employees. Annual surveillance audits are conducted by the third party Certification agency to assess the conformance levels.
The Board wishes to place on record their appreciation for
the excellent cooperation, commitment and efforts put in by employees and union
towards the growth of your company. The Board acknowledges with thanks the
excellent support extended by Sulzer Pumps Limited – Switzerland, and all their
Group Companies.
FIXED ASSETS:
· Land
Buildings
Office
building
Factory
building
Plant
and equipment
Furniture
and fixtures
Vehicles
Office
equipment
Computer
equipments
Other
equipments
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.61.12 |
|
|
1 |
Rs.102.54 |
|
Euro |
1 |
Rs.81.87 |
INFORMATION DETAILS
|
Information Gathered
by : |
PRT |
|
|
|
|
Analysis Done by
: |
KAR |
|
|
|
|
Report Prepared
by : |
NTH |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--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 |
|
DEFAULTERS |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
52 |
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.