MIRA
INFORM REPORT
|
Report Date : |
22.08.2014 |
IDENTIFICATION DETAILS
|
Name : |
FLSMIDTH PRIVATE LIMITED |
|
|
|
|
Formerly Known
As : |
FLS AUTOMATION INDIA PRIVATE LIMITED |
|
|
|
|
Registered
Office : |
FLSmidth House, 34,
Egatoor, Rajiv Gandhi Salai, Kelambakkam, Chennai – 603103, Tamilnadu |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as
on) : |
31.03.2013 |
|
|
|
|
Date of
Incorporation : |
18.04.2000 |
|
|
|
|
Com. Reg. No.: |
18-044765 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs. 258.433
Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U26941TN2000PTC044765 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
CHEF02179C |
|
|
|
|
PAN No.: [Permanent Account No.] |
AAACF4997N |
|
|
|
|
Legal Form : |
Private Limited Liability Company |
|
|
|
|
Line of Business
: |
Manufacturing and Supplying of equipment for cement plants,
supervision of erection and commissioning of cement plants and also
undertakes turn-key projects for minerals processing industries and renders
related services. |
|
|
|
|
No. of Employees
: |
Not Divulged |
RATING & COMMENTS
|
MIRA’s Rating : |
A (67) |
|
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 30280000 |
|
|
|
|
Status : |
Good |
|
|
|
|
Payment Behaviour : |
Regular |
|
|
|
|
Litigation : |
Exist |
|
|
|
|
Comments : |
Subject is a part of “FLSmidth Group”. It is a well-established
company having fine track record. The company possesses a strong financial profile marked by a
significant comfort from healthy capital structure as reflected from its Zero
debt position, strong debt protection metrics and comfortable liquidity
position alongwith the healthy cash and liquid investment balance during
FY13. Trade relations are trustworthy. Business is active. Payment terms are
reported as regular and as per commitment.
In view of strong support from its parent company, the subject can be
considered 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 – 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 that 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.
EXTERNAL AGENCY RATING
|
Rating Agency Name |
ICRA |
|
Rating |
Fund based facilities : “AA-” |
|
Rating Explanation |
High degree of safety and very low credit
risk. |
|
Date |
January 2014 |
|
Rating Agency Name |
ICRA |
|
Rating |
Non fund based facilities (Short term) :
“A1+” |
|
Rating Explanation |
Very strong degree of safety and lowest
credit risk. |
|
Date |
January 2014 |
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.
LOCATIONS
|
Registered Office : |
FLSmidth House, 34,
Egatoor, Rajiv Gandhi Salai, Kelambakkam, Chennai – 603103, Tamilnadu,
India |
|
Tel. No.: |
91-44-47481000/ 27411000 |
|
Fax No.: |
91-44-27470301/ 0302 |
|
E-Mail : |
|
|
Website : |
|
|
|
|
|
Head Office : |
Express Trade Tower 3, 1st and 2nd Floor, Plot No.79, Hero Honda Chowk, Sector-34, Gurgaon - 122001, Haryana, India |
|
Tel. No.: |
91-124-308700 |
|
E-Mail : |
|
|
|
|
|
Factory : |
Plot No. 7, Sector-8, HSIIDC Growth Centre, Bawal, District Rewari - 123501, Haryana, India |
|
Tel. No.: |
91-1284-337501-02 |
DIRECTORS
AS ON 30.09.2013
|
Name : |
Bjarne Moltke Hansen |
|
Designation : |
Managing Director |
|
Address : |
2151, Dr. Rajangardens, Uthandi – 600119, Tamilnadu, India |
|
Date of Birth/Age : |
11.10.1961 |
|
Date of Appointment : |
27.09.2010 |
|
PAN No.: |
AFLPH4354Q |
|
DIN No.: |
03073824 |
|
|
|
|
Name : |
Mr. Narayanan Sankar |
|
Designation : |
Director |
|
Address : |
194, TTK Road, Chennai – 600018, Tamilnadu, India |
|
Date of Birth/Age : |
19.11.1945 |
|
Date of Appointment : |
22.08.2006 |
|
DIN No.: |
00007843 |
|
|
|
|
Name : |
Mr. Natarajan Sridharan |
|
Designation |
Director |
|
Address : |
D-2, New No.4, Old No.40, Saravana Street, T. Nagar, Chennai – 600017,
|
|
Date of Birth/Age : |
19.09.1952 |
|
Date of Appointment : |
23.09.2011 |
|
PAN No.: |
AALPS0369M |
|
DIN No.: |
01192398 |
|
|
|
|
Name : |
Vegulaparanan Kasi Viswanathan |
|
Designation : |
Director |
|
Address : |
15 A1, Palace Road, Bangalore – 560052, Karnataka, India |
|
Date of Birth/Age : |
20.11.1950 |
|
Date of Appointment : |
29.09.2011 |
|
DIN No.: |
01782934 |
|
|
|
|
Name : |
Ben Guren |
|
Designation : |
Director |
|
Address : |
Havneholmen 74, 3tv, 1561, Kobenhavn V |
|
Date of Birth/Age : |
04.06.1960 |
|
Date of Appointment : |
28.12.2012 |
|
DIN No.: |
05298100 |
|
|
|
|
Name : |
Per Mejnert Kristensen |
|
Designation : |
Director |
|
Address : |
Skovduevej 20, 2970 Horsholm |
|
Date of Birth/Age : |
03.08.1967 |
|
Date of Appointment : |
28.12.2012 |
|
DIN No.: |
05298109 |
|
|
|
|
Name : |
Peter James Flanagan |
|
Designation : |
Director |
|
Address : |
13181, Woodridge Oak, Dr. Draper Ut 84020, Draper |
|
Date of Birth/Age : |
13.06.1965 |
|
Date of Appointment : |
28.12.2012 |
|
DIN No.: |
06375493 |
|
|
|
|
Name : |
Carsten Riisberg Lund |
|
Designation : |
Director |
|
Address : |
Wallerfanger, Strabe 25, 66740, Saarlouis |
|
Date of Birth/Age : |
03.12.1962 |
|
Date of Appointment : |
28.12.2012 |
|
DIN No.: |
06375501 |
|
|
|
|
Name : |
Stephen James Gaffney |
|
Designation : |
Additional director |
|
Address : |
12 Perth Street, Camp Hill, Queensland 4152 |
|
Date of Birth/Age : |
06.05.1971 |
|
Date of Appointment : |
07.05.2013 |
|
DIN No.: |
06571464 |
|
|
|
|
Name : |
Thomas Schulz |
|
Designation : |
Additional director |
|
Address : |
Slottsvagen 43 18352 Taby |
|
Date of Birth/Age : |
16.03.1965 |
|
Date of Appointment : |
07.05.2013 |
|
DIN No.: |
06588663 |
KEY EXECUTIVES
|
Name : |
Mr. Viraraghavan Vijayagopal |
|
Designation : |
Secretary |
|
Address : |
GF 2, Akshaya, 12, Chamie, R S Road, Nandanam, Chennai – 600035,
Tamilnadu, India |
|
Date of Birth/Age : |
27.05.1962 |
|
Date of Appointment : |
06.11.2000 |
|
PAN No.: |
AADPV2272J |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 30.09.2013
|
Names of Shareholders |
No. of Shares |
Percentage of Holding |
|
FLSmidth Minerals Holding Aps, Denmark |
1699900 |
6.58 |
|
FLSmidth Minerals Holding Aps and FLSmidth A/S, Denmark |
100 |
0.00 |
|
FLSmidth Minerals Holding Aps, Denmark |
24143314 |
93.42 |
|
|
|
|
|
Total |
25843314 |
100.00 |
AS ON 30.09.2013
|
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] |
100.00 |
|
|
|
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturing and Supplying of equipment for cement
plants, supervision of erection and commissioning of cement plants and also
undertakes turn-key projects for minerals processing industries and renders related
services. |
||||||
|
|
|
||||||
|
Products/ Services : |
|
GENERAL INFORMATION
|
No. of Employees : |
Not Divulged |
|
|
|
|
Bankers : |
· Karnataka Bank Limited Fort Branch, Bombay, Maharashtra, India |
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
Deloitte Haskins and Sells Chartered Accountants |
|
Address : |
ASV 'N' Ramana Tower, No.52, Venkatnarayana Road, T.
Nagar, Chennai – 600017, Tamilnadu, India |
|
Income-tax
PAN of auditor or auditor's firm : |
AACFD3771D |
|
|
|
|
Ultimate Holding
Company : |
FLSmidth and Comapny A/S, Denmark |
|
|
|
|
Holding Company
of the Holding Company : |
FLSmidth A/S, Denmark |
|
|
|
|
Holding Company
: |
FLSmidth Minerals Holding ApS, Denmark |
|
|
|
|
Subsidiary
Company : |
· Ludowici India Private Limited [U74210TN2006PTC058522] FLSmidth Pfister India Limited (Formerly known as
Transweigh (India) (Limited) [U29196MH1987PLC043015] |
|
|
|
|
Fellow
Subsidiaries : |
· FLSmidth Minerals A/S, Denmark FLSmidth Airloq A/S, Denmark NL Supervision Company A/S, Denmark FLSmidth Inc. USA FLSmidth Krebs Inc. USA FLSmidth Salt Lake City, Inc., USA FLSmidth Boise Inc. USA FLSmidth Spokane Inc., USA FLSmidth Dorr-Oliver Inc. USA FLSmidth Pty Limited, Australia FLSmidth ABON Pty Limited, Australia FLSmidth Machinery Industry (Qingdao) Ltd, China FLSmidth (Beijing) Limited, China FLSmidth Qingdao Limited, China FLSmidth WiesbadenGmbH , Germany FLSmidth HamburgGmbH, Germany FLSmidth Wadgassen GmbH, Germany FLSmidth Pfister GmbH, Germany FLSmidth Maag gear AG, Switzerland FLSmidth Milano S.r.l, Italy FLSmidth Ventomatic SPA, Italy FLSmidth Kovako B.V., Netherland FL Smidth SA, Spain NL Supervision Company A/S, UAE, (Middle East) FLSmidth Limited, UK FLSmidth (Pty) Limited. South Africa FLS Automation South Africa (Pty.) Limited, South Africa FLSmidth Maag Gear SP. Z.O.O., Poland FLSmidth Limited, Canada FLSmidth LTDa, Brazil FLSmidth Wuppertal GmbH – Germany FLSmidth Spol. S.r.o. - Czech Republic FLSmidth Rus OOO, Russia SLS Corporation, USA ESSA Australia Limited, Australia Excel Foundry and Machine Inc, USA FLSmidth (Jersey) Limited, UK FLSmidth SA, Chile FLSmidth GmbH, Austria PT FLSmidth, Indonesia FLSmidth Maag Gear SPA, Italy FLSmidth Roymec (Pty) Limited, South Africa FLSmidth (UK) Limited, United Kingdom FLSmidth Sioux City Inc., USA Flsmidth Middle East, UAE (Branch of FLSmidth A/S,
Denmark) Ludowici Australia Pty Limited, Australia Ludowici Pty Limited, Australia Ludowici Mining Process India (Private) Limited, India
[U29240TN2008PTC070046] |
CAPITAL STRUCTURE
AFTER 30.09.2013
Authorised Capital : Rs. 377.000 Millions
Issued, Subscribed & Paid-up Capital : Rs. 258.433
Millions
AS ON 31.03.2013
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
33,000,000 |
Equity Shares |
Rs. 10/- each |
Rs. 330.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
25,843,314 |
Equity Shares |
Rs. 10/- each |
Rs. 258.433
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 |
258.433 |
258.433 |
258.433 |
|
(b) Reserves & Surplus |
7312.122 |
7021.744 |
6448.131 |
|
(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) |
7570.555 |
7280.177 |
6706.564 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
0.000 |
0.000 |
0.979 |
|
(b) Deferred tax liabilities (Net) |
0.000 |
0.000 |
0.000 |
|
(c) Other long term
liabilities |
669.689 |
625.564 |
496.490 |
|
(d) long-term
provisions |
18.003 |
48.424 |
25.678 |
|
Total Non-current
Liabilities (3) |
687.692 |
673.988 |
523.147 |
|
|
|
|
|
|
(4)
Current Liabilities |
|
|
|
|
(a)
Short term borrowings |
0.000 |
0.000 |
0.000 |
|
(b)
Trade payables |
3906.429 |
3241.556 |
2300.281 |
|
(c)
Other current liabilities |
2845.354 |
4415.487 |
6834.959 |
|
(d) Short-term
provisions |
1597.572 |
1219.970 |
872.232 |
|
Total Current
Liabilities (4) |
8349.355 |
8877.013 |
10007.472 |
|
|
|
|
|
|
TOTAL |
16607.602 |
16831.178 |
17237.183 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1)
Non-current assets |
|
|
|
|
(a)
Fixed Assets |
|
|
|
|
(i)
Tangible assets |
3125.330 |
1779.619 |
1784.559 |
|
(ii) Intangible
Assets |
1.793 |
0.282 |
2.363 |
|
(iii)
Capital work-in-progress |
71.649 |
30.905 |
16.443 |
|
(iv)
Intangible assets under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current Investments |
663.176 |
2279.020 |
1616.743 |
|
(c) Deferred tax assets (net) |
121.548 |
93.299 |
72.529 |
|
(d) Long-term Loan and Advances |
550.965 |
446.295 |
179.718 |
|
(e) Other
Non-current assets |
819.625 |
879.328 |
740.657 |
|
Total Non-Current
Assets |
5354.086 |
5508.748 |
4413.012 |
|
|
|
|
|
|
(2)
Current assets |
|
|
|
|
(a)
Current investments |
170.990 |
160.376 |
1108.228 |
|
(b)
Inventories |
789.159 |
627.388 |
596.100 |
|
(c)
Trade receivables |
6299.881 |
6474.732 |
6866.510 |
|
(d) Cash
and cash equivalents |
1492.411 |
1342.459 |
840.551 |
|
(e)
Short-term loans and advances |
1373.679 |
1377.991 |
1869.998 |
|
(f)
Other current assets |
1127.396 |
1339.484 |
1542.784 |
|
Total
Current Assets |
11253.516 |
11322.430 |
12824.171 |
|
|
|
|
|
|
TOTAL |
16607.602 |
16831.178 |
17237.183 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
18726.302 |
18678.980 |
19853.820 |
|
|
|
Other Income |
262.831 |
211.276 |
407.951 |
|
|
|
TOTAL |
18989.133 |
18890.256 |
20261.771 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
TOTAL |
18345.890 |
17690.468 |
18682.857 |
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX |
643.243 |
1199.788 |
1578.914 |
|
|
|
|
|
|
|
|
|
Less |
TAX |
208.823 |
603.164 |
586.428 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
|
434.420 |
596.624 |
992.486 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Contract Revenue |
597.247 |
58.660 |
250.000 |
|
|
|
Export of Products ,Spares, Parts and Components |
491.896 |
262.494 |
123.708 |
|
|
|
Sale from Services |
2574.877 |
1936.853 |
1593.283 |
|
|
|
Commission Received |
39.873 |
3.781 |
3.292 |
|
|
|
Recovery of Costs |
60.200 |
55.887 |
37.539 |
|
|
|
Dividend Income |
0.898 |
0.237 |
0.000 |
|
|
TOTAL EARNINGS |
3764.991 |
2317.912 |
2007.822 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Capital Goods |
13.348 |
14.099 |
7.774 |
|
|
|
Raw Materials |
206.368 |
5.985 |
22.272 |
|
|
|
Stores & Spares |
1396.311 |
1885.836 |
2162.820 |
|
|
TOTAL IMPORTS |
1616.027 |
1905.920 |
2192.866 |
|
|
|
|
|
|
|
|
|
|
Earnings Per Share
(Rs.) |
16.81 |
23.09 |
37.89 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
PAT / Total Income |
(%) |
2.29 |
3.16 |
4.90 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
3.43 |
6.42 |
7.95 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
4.08 |
8.32 |
10.17 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.08 |
0.16 |
0.24 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
0.00 |
0.00 |
0.00 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.35 |
1.28 |
1.28 |
FINANCIAL ANALYSIS
[all figures are
in Rupees Millions]
DEBT EQUITY RATIO
|
Particular |
31.03.2011 |
31.03.2012 |
31.03.2013 |
|
|
(Rs.
In Millions) |
(Rs.
In Millions) |
(Rs.
In Millions) |
|
Share Capital |
258.433 |
258.433 |
258.433 |
|
Reserves & Surplus |
6448.131 |
7021.744 |
7312.122 |
|
Net
worth |
6706.564 |
7280.177 |
7570.555 |
|
|
|
|
|
|
long-term borrowings |
0.979 |
0.000 |
0.000 |
|
Short term borrowings |
0.000 |
0.000 |
0.000 |
|
Total
borrowings |
0.979 |
0.000 |
0.000 |
|
Debt/Equity
ratio |
0.000 |
0.000 |
0.000 |
YEAR-ON-YEAR GROWTH
|
Year
on Year Growth |
31.03.2011 |
31.03.2012 |
31.03.2013 |
|
|
(Rs.
In Millions) |
(Rs.
In Millions) |
(Rs.
In Millions) |
|
Sales |
19853.820 |
18678.980 |
18726.302 |
|
|
|
(5.917) |
0.253 |
NET PROFIT MARGIN
|
Net
Profit Margin |
31.03.2011 |
31.03.2012 |
31.03.2013 |
|
|
(Rs.
In Millions) |
(Rs.
In Millions) |
(Rs.
In Millions) |
|
Sales |
19853.820 |
18678.980 |
18726.302 |
|
Profit |
992.486 |
596.624 |
434.420 |
|
|
5.00% |
3.19% |
2.32% |
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 |
Yes |
|
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 |
Yes |
|
33] |
Voter ID No of
Proprietor/Partner/Director, if available |
No |
|
34] |
External Agency Rating,
if available |
Yes |
LITIGATION DETAILS
CHENNAI COURT
CASE STATUS INFORMATION SYSTEM
|
Case Status: |
Pending |
|
Status Of: |
APPLICATION |
|
Case No.: |
877 |
|
Year : |
2013 |
|
Petitioner : |
M/S. ENGINEERING
PROJECTS |
|
Respondent : |
M/S. FLSMIDTH
PRIVATE LIMITED |
|
Pet's Advocate : |
M/S.K.THYAGARAJAN |
|
Res's Advocate : |
|
|
Category : |
NO CATEGORY
MENTIONED |
|
|
Last Listed on:
No Date Mentioned |
|
Case Updated on
: |
Feb 22 2013 |
|
No Connected
Application(s) |
No Connected Matter(s) |
INDEX OF CHARGES: NO
CHARGES EXIST FOR COMPANY
CORPORATE INFORMATION
Subject was incorporated on 18 April 2000 and is a
subsidiary of FLSmidth Minerals Holding ApS, Denmark. The Ultimate Holding Company
is FLSmidth and Comapny A/S, Denmark. The Company is engaged in the business of
manufacturing and supplying of equipment for cement plants, supervision of
erection and commissioning of cement plants and also undertakes turn-key
projects (including erection and commissioning) for minerals processing
industries ("Project Division") and renders related services. The
Company also renders certain engineering, information technology and related
services to its Group Companies. During the year ended 31 March 2013, pursuant
to the receipt of approval from Hon?ble High Court of Judicature at Madras for
the Scheme of Amalgamation between EEL India Private Limited ("EEL /
Product Division") a Wholly Owned Subsidiary and the Company, the assets
and liabilities of EEL have been transferred to the Company w.e.f 1 April
2011..
MERGER
The Scheme of amalgamation of EEL India Private Limited with the Company was approved by the High Court of Judicature at Madras on 3rd January 2013 with effect from 1st April 2011 (the Appointed Date) which has been given effect to in the accounts.
During the year, Ludowici India Private Limited became a
subsidiary of the Company. FLSmidth Pfister India Limited (formerly Transweigh
(India) Limited) continued to be a wholly-owned subsidiary of the Company. A
statement pursuant to Section 212 of the Companies Act, 1956 is enclosed.
PERFORMANCE REVIEW
The performance of the Company was satisfactory during the
period.
SCHEME OF
AMALGAMATION OF EEL INDIA PRIVATE LIMITED
EEL, a wholly owned subsidiary of the Company is engaged in manufacturing of Bag Packing (Roto Packers) and Bag Loading Systems, Silo feeding and extraction system, Belt & Chain type bucket elevators, Bulk loading systems and other material handling equipment for Cement, Chemical, Fertilizer, Sugar and other industries.
The Board of Directors of the Company on 2 August 2012, approved the Scheme of Amalgamation of EEL with the Company, with effect from 1 April 2011 (the Appointed Date) under Sections 391 to 394 of the Companies Act, 1956. This Scheme was approved by the Hon'ble High Court of Judicature at Madras on 3 January 2013. The parties to the Scheme of Amalgamation filed the certified copy of the said Order with the Registrar of Companies on 29 January 2013.
CONTINGENT
LIABILITIES:
|
Particulars |
31.03.2013 (Rs.
In Millions) |
31.03.2012 (Rs.
In Millions) |
|
Bills drawn on customers and discounted with Banks |
76.332 |
0.000 |
|
Outstanding letters of credit with Bankers favouring
Company’s Suppliers are as below: |
|
|
|
- US Dollars |
0.000 |
2.221 |
|
- SEK |
11.736 |
0.000 |
|
- Indian Rupees |
101.918 |
0.000 |
|
Claims against the Company Not acknowledged as Debts: |
|
|
|
Service Tax matters in Appeal |
7.462 |
7.462 |
|
Penalty for Non-fulfillment of Export Obligations and the
anticipated customs duty liability |
57.387 |
57.387 |
|
The demand raised by the ESIC department against which
Company had filed an appeal before |
1.628 |
0.000 |
|
ESI Court , Gurgaon. (Amount deposited Rs.0.418 Million) |
|
|
|
Show Cause Notices Not acknowledged as Debts: |
|
|
|
- Service Tax |
21.557 |
21.557 |
|
- Income Tax |
0.000 |
9.577 |
|
Liquidated damages deducted by customers not accepted by the
Company and pending settlement |
187.515 |
380.244 |
|
(a) The Company has received an order from the Commissioner of Central
Excise - III Commissionerate dated 31 March 2008, wherein the Service Tax Input
Credit on Commission paid for Procuring Contract relating to the year
2006-2007 amounting to Rs. 5.697 Millions has been disallowed on the premise
that there is no nexus between Input Service and Manufacture / Output
Service. The Company has filed an appeal against the above order before
Customs, Excise and Service Tax Appellate Tribunal (CESTAT) on 24 June 2008,
for which a stay was granted by CESTAT. The appeal is yet to be listed for
hearing. Similarly, the Company has also received an order from the
Commissioner of Customs and Central Excise (Appeals) dated 28 October 2008,
wherein the Service Tax Input Credit on Commission paid for Procuring
Contract relating to the year 2005-2006 amounting to Rs. 1.765 Millions has
been disallowed on the premise that there is no nexus between Input Service
and Manufacture / Output Service. The Company has filed an appeal against the
above order before Customs, Excise and Service Tax Appellate Tribunal
(CESTAT) on 10 February 2009, for which a stay has been granted by CESTAT. (b) FFE Minerals India Limited (Merged with FLSmidth Private Limited
w.e.f 01 April 2008) had obtained an Advance Authorization License from the
Office of Directorate General of Foreign Trade (DGFT), Chennai for a CIF
Value of Rs. 58.503 Millions for import of items duty free as specified in
the License with an obligation to export the resultant export product for a
FOB value of Rs. 90.000 Millions within 24 months from the date of issue of
License. The Export Obligation period expired on 30 April 2008. During the
year ended 31 March 2011, the Company received an order from the Joint
Directorate General of Foreign Trade (JDGFT) dated 25 March 2011, specifying
that the Company has not submitted the required import / export documents
towards the export commitment for duty free import of goods / items and hence
an amount of Rs. 34.475 Millions has been levied as penalty towards
non-fulfillment of export obligations in full against the License in addition
to the Customs Duty and Interest. The Company has quantified the estimated
customs duty claim on this account as Rs. 22.912 Millions. The Company filed
a reply on 4 May 2011 with the Additional Director of Foreign Trade, New
Delhi against the above order. The appeal has been transferred to JDGFT Chennai
and all relevant documents required for redemption have been provided. The
issue is now pending before the JDGFT Chennai. |
||
FIXED ASSETS:
· Land
Buildings
Office
building
Factory
building
Plant
and equipment
Other
plant and equipment
Furniture
and fixtures
Vehicles
Motor
vehicles
Office
equipment
Computer
equipments
Other
equipments
Computer
software
PRESS RELEASE
FLSMIDTH MAAG GEAR
EXPANDS IN INDIA
On 28 April 2014 FLSmidth MAAG Gear inaugurated its first assemble and
service unit in India. This is now part of the FLSmidth manufacturing unit at
Bawal Growth Centre of Rewari District in Haryana at the Delhi – Jaipur
national highway. With its state of the art facilities the new gearbox
assembling unit follows the business and market requirements in India and
neighbouring countries.
Cement consumption in India has been increasing steadily and is expected
to continue to rise further in the future. To comply with this trend the new FLSmidth
MAAG Gear facility will assemble selected types and sizes of gearboxes locally,
not only for the cement but also for the minerals and power industries. Using
this local base in India means that over 200 gearbox types will be supported
more efficiently. Services such as inspection, maintenance and overhaul for
different gearboxes in the Cement, Minerals and Power Industry are now offered.
The FLSmidth MAAG Gear facility is part of the new FLSmidth plot
covering 70’000 m2 in the booming Bawal Growth Centre. So far three impressive
manufacturing buildings have been completed. With space for two additional
buildings, the FLSmidth area allows for further future growth.
FLSmidth MAAG Gear plans to build around 30 gearboxes a year in the new
assemble plant. Throughout the past two years diverse qualifying processes have
been used to identify local suppliers who reach the quality standards for our
various gearbox components. However, all toothed parts will still be imported
from FLSmidth MAAG Gear Sp. Z o.o., Poland, where recent major investments have
been made in top level bevel gear cutting and testing equipment.
“This state of art assembly shop confirms our highest standards in terms
of equipment, operation, process and safety. A perfect base for assembling the
basic range of WPU for vertical mills, and PPU for roller presses and other
applications. I am sure this new facility will bring our gearing excellence
closer to our customers taking us to the next stage of business in India” says
Simon Jensen, President and CEO, FLSmidth MAAG Gear.
The inauguration was attended by Freddy Svane, Danish Ambassador to
India along with Thomas Schulz, Group CEO, Simon Jensen, CEO – FLSmidth MAAG
Gear and Bjarne Moltke Hansen, Country Head, FLSmidth India. And took place
under the eyes of important customers and suppliers.
About FLSmidth MAAG Gear AG
FLSmidth MAAG Gear develops, produces and maintains gear units for the
cement, minerals- and other heavy-duty industries. It is a global leader in gear
solutions and belongs to the listed Danish FLSmidth group.
In the Swiss Headquarters, FLSmidth MAAG Gear employs 100 experts in
development, design, finance and sales. Along with 240 additional staff they
produce drive systems in the workshops Elblag (Poland), Milano (Italy) and
Bawal (India).
The former MAAG Zahnräder AG celebrated its 100th anniversary in 2013.
Founded by Max Maag, famous for his tooth-gear calculation, the company has
long been a worldwide leading supplier of drive systems for gear solutions
which follow the highest quality standards. Todays’ product range covers
gearboxes for mills, kilns, pumps, dryers etc, as well as maintenance concepts
for all equipment.
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. 60.77 |
|
|
1 |
Rs. 100.72 |
|
Euro |
1 |
Rs. 80.56 |
INFORMATION DETAILS
|
Analysis Done by
: |
SUB |
|
|
|
|
Report Prepared
by : |
BVA |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
7 |
|
OPERATING SCALE |
1~10 |
8 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
8 |
|
--PROFITABILIRY |
1~10 |
8 |
|
--LIQUIDITY |
1~10 |
8 |
|
--LEVERAGE |
1~10 |
7 |
|
--RESERVES |
1~10 |
8 |
|
--CREDIT LINES |
1~10 |
7 |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
NO |
|
--LITIGATION |
YES/NO |
YES |
|
--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 |
|
67 |
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.