MIRA
INFORM REPORT
|
Report Date : |
30.05.2014 |
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 : |
India |
|
|
|
|
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 |
|
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 – March 31, 2014
|
Country Name |
Previous Rating (31.12.2013) |
Current Rating (31.03.2014) |
|
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
US investment bank
Goldman Sachs has upgraded its outlook on Indian markets as it expects positive
impact of the election cycle.
India’s economy may
grow 4.7 % in the current financial year, lower than the official estimate of
4.9 %, Fitch Rating said. The global rating agency expects the economy to pick
up in the next two financial years.
Global ratings
agency Standard & Poor said increasing focus by India Inc on lowering debt
is likely to improve their credit profiles.
Singapore (1.1
million Indian tourists in 2012), Thailand (one million), the United Arab Emirates
().98 million) and Malaysia ().82 million) emerged as the preferred holidays
hotspots for Indians. The total figure is expected to increase to 1.93 million
by 2017, according to the latest Eurmonitor international report.
There is a $29.34 bn
outward foreign direct investment by domestic companies between April and
January of 2013/14 which has seen some signs of recovery according to a Care
Ratings report.
There are 264 number
of new companies being set up every day on average during 2014. Most of them
are registered in Mumbai. India had 1.38 million registered companies at the
end of January, 2014.
Twitter like
messaging service Weibo Corporation has filed to raise $ 500 million via a US
initial public offering. Alibaba, which owns a stake in Weibo is expected to
raise about $ 15 billion New York this year in the highest profile Internet IPO
since Facebook’s in 2012.
Bharti Airtel has
raised Rs.2,453.2 crore (350 million Swiss Francs) by selling six-year bonds at
a coupon rate of three per cent and maturing in 2020. This is the largest ever
bond offering by an Indian company in Swiss Francs. Bharat Petroleum
Corporation raised 175 million Swiss Francs by selling five year bonds at 2.98
% coupon rate in February.
Indian Oil
Corporation plans to invest Rs 7650 crore in setting up a petrochemical complex
at its almost complete Paradip refinery in Odhisha in three to four years. The
company board is set to consider the setting up of a 700000 tonne per annum
polypropylene plant at an estimated cost at Rs.3150 crore.
Global chief
information officers at gathering in Bangalore in April to meet Indian startups
at an event called Tech50 Watchout for Little Eye Labs-Facebook type deals in
the making.
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
31-03-2012.
INFORMATION DECLINED
MANAGEMENT NON-COOPERATIVE
(CONTACT NO.: 91-44-47241000)
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
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. 58.84 |
|
|
1 |
Rs. 98.41 |
|
Euro |
1 |
Rs. 80.03 |
INFORMATION DETAILS
|
Information
Gathered by : |
HNA |
|
|
|
|
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.