MIRA INFORM REPORT
|
Report Date : |
21.10.2014 |
IDENTIFICATION DETAILS
|
Name : |
EMERSON PROCESS MANAGEMENT CHENNAI LIMITED (w.e.f. 03.05.2011) |
|
|
|
|
Formerly Known
As : |
FISHER
SANMAR LIMITED |
|
|
|
|
Registered
Office : |
147, Karapakkam Village, Chennai – 600097, Tamilnadu |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as
on) : |
31.03.2013 |
|
|
|
|
Date of
Incorporation : |
18.02.1985 |
|
|
|
|
Com. Reg. No.: |
18-024245 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs. 8.475 Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U93090TN1985PLC024245 |
|
|
|
|
PAN No.: [Permanent Account No.] |
AAACF0483F |
|
|
|
|
Legal Form : |
A Closely Held Public Limited Liability Company |
|
|
|
|
Line of Business
: |
Subject engaged in the Manufacture of Control Valves, Spares and related Accessories. |
|
|
|
|
No. of Employees
: |
Not Divulged |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (54) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 4600000 |
|
|
|
|
Status : |
Good |
|
|
|
|
Payment Behaviour : |
Regular |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is a well-established company having fine track record. The rating reflects company’s healthy financial risk profile marked by
adequate liquidity position and decent profitability levels of the company. Trade relations are reported as fair. Business is active. Payments are
reported to be regular and as per commitment. 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
Verdict
Implications: Apex court order may alter coal import dynamics. Traders go slow on
talks over coal supply contracts, uncertainty over cancellation of blocks weigh
on stocks.
Recent arrest of the
Chennai head of the Registrar of Companies, the ministry of corporate affairs arm
that ensures that companies file all the information required by the Companies
Act is the latest manifestation of a messy fight between a father and his
adopted son for the control of Rs 40000 mn business empire. The Central Bureau
of Investigation arrested Manumeethi Cholan after he accepted Rs 10 lakhs as
bribe from M A M Ramaswamy, a CBI official said.
Central Bureau of
Investigation books Electrotherm for cheating Central Bank of Rs 4360 mn.
Infosys maintains
revenue guidance. COO Rao says attrition still an area of concern and it would
take a few more quarters to bring down levels to 13-15 %.
DHL to invest
Euro 100 mn in India over next 2 years. The firm has chosen India to pilot its
e-commerce business model for the Asia-Pacific region.
Blackstone may buy
stake in BlueRidge SEZ in line with the fund’s real estate strategy in India.
Kingfisher Airlines
Ltd grounded in October 2012 under the weight of heavy debt and accumulated
losses, recently approached the Delhi high court for relief in two separate
cases. The airline challenged a notice by Punjab & National Bank alleging
that It had wilfully defaulted on Rs 7700 mn of loans and sought more time to
comply with the requirements under the listing agreements with the Stock
Exchanges.
OnMobile likely to
sack another 300 employees. The lay-offs follow a spate of senior-level exits
over the past two years, starting with of its founder. The overall lay-offs
could number around 600 and are driven by the need to cut costs, says a former
employee.
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 DENIED
|
Name : |
Mr. Salai |
|
Designation : |
Finance Head |
|
Contact No.: |
91-44-49034300 |
|
Date : |
20.10.2014 |
LOCATIONS
|
Registered Office : |
147, Karapakkam Village, Chennai – 600097, Tamilnadu, India |
|
Tel. No.: |
91-44-49034300 |
|
Fax No.: |
Not Available |
|
E-Mail : |
DIRECTORS
As on: 30.09.2013
|
Name : |
Mr. Michael Joe Mason |
|
Designation : |
Director |
|
Address : |
502, Springfield Drive, Marshalltown IOWA, 50158, United States of
America |
|
Date of Birth/Age : |
22.07.1951 |
|
Qualification : |
BE |
|
Date of Appointment : |
30.06.2003 |
|
DIN No.: |
00398586 |
|
|
|
|
Name : |
Terry Don Buzbee |
|
Designation : |
Director |
|
Address : |
406, New Salem Road, Marshalltown IOWA, 50158, United States of
America |
|
Date of Birth/Age : |
15.07.1955 |
|
Qualification : |
BE |
|
Date of Appointment : |
30.06.2003 |
|
DIN No.: |
00398731 |
|
|
|
|
Name : |
Mr. Christopher Guild Scales |
|
Designation : |
Whole time director |
|
Address : |
7, Cragmere, Heights Road, Exeter, NH, 038334515, United States of
America |
|
Date of Birth/Age : |
08.11.1962 |
|
Qualification : |
MBA |
|
Date of Appointment : |
29.03.2010 |
|
DIN No.: |
03008344 |
|
|
|
|
Name : |
Mr. Venkataramani Balasubramanian |
|
Designation : |
Whole time director |
|
Address : |
Flat No. 6, Midtown Apartment, 326, TTK Road, Chennai – 600018,
Tamilnadu, India |
|
Date of Birth/Age : |
04.02.1953 |
|
Qualification : |
BE |
|
Date of Appointment : |
31.03.2011 |
|
PAN No.: |
AAAPV2227J |
|
DIN No.: |
00141660 |
|
|
|
|
Name : |
Mr. Pradipta Sen |
|
Designation : |
Director |
|
Address : |
304, Tower – 2, Palms, South City 1, Gurgaon - 122001, Haryana, India |
|
Date of Birth/Age : |
07.10.1958 |
|
Qualification : |
BE |
|
Date of Appointment : |
31.03.2011 |
|
DIN No.: |
00051758 |
|
|
|
|
Name : |
Mr. Sharad Amrut Rane |
|
Designation : |
Director |
|
Address : |
Flat NO. 4, 4th floor, The Residency, Vishweshwar Nagar,
Goregaon (East), Mumbai – 400063, Maharashtra, India |
|
Date of Birth/Age : |
15.03.1959 |
|
Qualification : |
BE |
|
Date of Appointment : |
31.03.2011 |
|
DIN No.: |
02368830 |
|
|
|
|
Name : |
Mr. Kevin Gerard Meyer |
|
Designation : |
Director |
|
Address : |
2260, Marshall Town, BLVD, 1A 50158, United States of America |
|
Date of Birth/Age : |
02.10.1965 |
|
Qualification : |
BE |
|
Date of Appointment : |
14.11.2011 |
|
DIN No.: |
05199658 |
|
|
|
|
Name : |
Mr. John Patrick Wilson |
|
Designation : |
Director |
|
Address : |
2003, Gethmann DR, Marshall Town, IA, 50158, United States of America |
|
Date of Birth/Age : |
09.02.1976 |
|
Qualification : |
B.E.,MBA |
|
Date of Appointment : |
19.11.2012 |
|
DIN No.: |
06430335 |
KEY EXECUTIVES
|
Name : |
Mr. Salai |
|
Designation : |
Finance Head |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on: 30.09.2013
|
Names of Shareholders |
|
No. of Shares |
|
Emerson Network Power (India) Private Limited, India |
|
431995 |
|
Fisher Controls International LLC, India |
|
415500 |
|
Tuhin Mukherjee |
|
1 |
|
CM Sabarinath |
|
1 |
|
Laxman Agalawe |
|
1 |
|
Rajagopalan Vasudevan |
|
1 |
|
Niladri Biswas |
|
1 |
|
|
|
|
|
Total |
|
847500 |
Equity Share Break up (Percentage of Total Equity)
As on: 30.09.2013
|
Category |
|
Percentage |
|
|
|
|
|
Foreign holdings [Foreign institutional investors, Foreign Companies, Foreign Financial Institutions, Non-resident Indian or Overseas corporate bodies or others] |
|
49.00 |
|
Bodies corporate |
|
51.00 |
|
|
|
|
|
Total
|
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Subject engaged in the Manufacture of Control Valves,
Spares and related Accessories. |
||||
|
|
|
||||
|
Products: |
|
GENERAL INFORMATION
|
No. of Employees : |
Not Divulged |
|||||||||||||||
|
|
|
|||||||||||||||
|
Bankers : |
|
|||||||||||||||
|
|
|
|||||||||||||||
|
Facilities : |
(Rs.
In Millions)
|
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
BSR and Associates Chartered Accountants |
|
Address : |
No. 10, M.G. Road, Nungambakkam, Chennai – 600034, Tamilnadu, India |
|
PAN No.: |
AAIFB7355D |
|
|
|
|
Ultimate Holding
company : |
|
|
|
|
|
Associate : |
|
CAPITAL STRUCTURE
As on: 30.09.2013
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
900000 |
Equity Shares |
Rs.10/- each |
Rs. 9.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
847500 |
Equity Shares |
Rs.10/- each |
Rs. 8.475
Millions |
|
|
|
|
|
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 |
8.475 |
8.475 |
8.475 |
|
Reserves & Surplus |
832.373 |
1006.940 |
1146.627 |
|
Net worth |
840.848 |
1015.415 |
1155.102 |
|
|
|
|
|
|
long-term borrowings |
0.000 |
2.222 |
1.541 |
|
Short term borrowings |
655.736 |
677.030 |
617.030 |
|
Total borrowings |
655.736 |
679.252 |
618.571 |
|
Debt/Equity ratio |
0.780 |
0.669 |
0.536 |
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 |
1668.665 |
1980.714 |
2375.139 |
|
|
|
18.701 |
19.913 |
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 |
1668.665 |
1980.714 |
2375.139 |
|
Profit |
250.742 |
174.566 |
139.686 |
|
|
15.03% |
8.81% |
5.88% |
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 |
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 |
No |
|
20] |
Export / Import details (if applicable) |
No |
|
21] |
Market information |
-- |
|
22] |
Litigations that the firm / promoter involved in |
-- |
|
23] |
Banking Details |
Yes |
|
24] |
Banking facility details |
Yes |
|
25] |
Conduct of the banking account |
-- |
|
26] |
Buyer visit details |
-- |
|
27] |
Financials, if provided |
Yes |
|
28] |
Incorporation details, if applicable |
Yes |
|
29] |
Last accounts filed at ROC |
Yes |
|
30] |
Major Shareholders, if available |
Yes |
|
31] |
Date of Birth of Proprietor/Partner/Director, if available |
Yes |
|
32] |
PAN of Proprietor/Partner/Director, if available |
Yes |
|
33] |
Voter ID No of Proprietor/Partner/Director, if available |
No |
|
34] |
External Agency Rating, if available |
No |
UNSECURED LOAN
(Rs.
In Millions)
|
Particulars |
As on 31.03.2013 |
As on 31.03.2012 |
|
SHORT TERM
BORROWINGS |
|
|
|
Intercorporate deposits |
617.030 |
677.030 |
|
|
|
|
|
Total |
617.030 |
677.030 |
FINANCIAL RESULTS:
The total income of the Company increased from Rs. 1990.000 Millions during 2011-12 to Rs. 2380.000 Millions during 2012-13 mainly on account of increase in sales and other income. But the Net profit after taxes reduced from Rs. 170.000 millions in the year 2011-12 to Rs. 139.600 Millions due to increase in cost of production.
Note: No Charges Exist for Company
FIXED ASSETS
- Land
- Buildings
- Plant and equipment
- Furniture and fixtures
- Vehicles
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources including
but not limited to: The Courts,
1] INFORMATION ON
DESIGNATED PARTY
No exist designating subject or any of its beneficial owners,
controlling shareholders or senior officers as terrorist or terrorist
organization or whom notice had been received that all financial transactions
involving their assets have been blocked or convicted, found guilty or against
whom a judgement or order had been entered in a proceedings for violating
money-laundering, anti-corruption or bribery or international economic or
anti-terrorism sanction laws or whose assets were seized, blocked, frozen or
ordered forfeited for violation of money laundering or international anti-terrorism
laws.
2] Court Declaration :
No exist to suggest that subject is or was
the subject of any formal or informal allegations, prosecutions or other
official proceeding for making any prohibited payments or other improper
payments to government officials for engaging in prohibited transactions or
with designated parties.
3] Asset Declaration :
No records exist to suggest that the property or assets of the subject
are derived from criminal conduct or a prohibited transaction.
4] Record on Financial
Crime :
Charges or conviction
registered against subject: None
5] Records on Violation of
Anti-Corruption Laws :
Charges or
investigation registered against subject: None
6] Records on Int’l
Anti-Money Laundering Laws/Standards :
Charges or
investigation registered against subject: None
7] Criminal Records
No
available information exist that suggest that subject or any of its principals
have been formally charged or convicted by a competent governmental authority
for any financial crime or under any formal investigation by a competent
government authority for any violation of anti-corruption laws or international
anti-money laundering laws or standard.
8] Affiliation with
Government :
No record
exists to suggest that any director or indirect owners, controlling
shareholders, director, officer or employee of the company is a government
official or a family member or close business associate of a Government
official.
9] Compensation Package :
Our market
survey revealed that the amount of compensation sought by the subject is fair
and reasonable and comparable to compensation paid to others for similar
services.
10] Press Report :
No press reports / filings exists on
the subject.
CORPORATE GOVERNANCE
MIRA INFORM as part of its Due Diligence do provide comments on
Corporate Governance to identify management and governance. These factors often
have been predictive and in some cases have created vulnerabilities to credit
deterioration.
Our Governance Assessment focuses principally on the interactions
between a company’s management, its Board of Directors, Shareholders and other
financial stakeholders.
CONTRAVENTION
Subject is not known to have contravened any existing local laws,
regulations or policies that prohibit, restrict or otherwise affect the terms
and conditions that could be included in the agreement with the subject.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs. 61.29 |
|
|
1 |
Rs. 98.62 |
|
Euro |
1 |
Rs. 78.15 |
INFORMATION DETAILS
|
Information
Gathered by : |
PRT |
|
|
|
|
Analysis Done by
: |
KAR |
|
|
|
|
Report Prepared
by : |
DPH |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
6 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILIRY |
1~10 |
6 |
|
--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 |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
54 |
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.