MIRA INFORM REPORT
|
Report No. : |
315486 |
|
Report Date : |
03.04.2015 |
IDENTIFICATION DETAILS
|
Name : |
GEA ECOFLEX INDIA PRIVATE LIMITED |
|
|
|
|
Registered
Office : |
Plot No. A-31/32, Nighoje, Chakan, Pune – 410501, Maharashtra |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as
on) : |
31.12.2014 |
|
|
|
|
Date of
Incorporation : |
24.03.2005 |
|
|
|
|
Com. Reg. No.: |
11-140270 |
|
|
|
|
Capital Investment
/ Paid-up Capital : |
Rs. 0.109 Million |
|
|
|
|
CIN No.: [Company Identification
No.] |
U28129PN2005PTC140270 |
|
|
|
|
IEC No.: |
Not Available |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
Not Available |
|
|
|
|
PAN No.: [Permanent Account No.] |
AACCG3264H |
|
|
|
|
Legal Form : |
Private Limited Liability Company |
|
|
|
|
Line of Business
: |
Manufacturer of Plate Heat Exchanger (PHE). |
|
|
|
|
No. of Employees
: |
150 (Approximately) (50 Permanent, 100 Contract) |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (44) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
Slow but correct |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is a subsidiary of “GEA ECOFLEX GMBH” It is an established company having satisfactory track record. The company has incurred a loss during FY 2014 however, reserves level
of the company is decent. General financial position of the company is normal
and acceptable for business dealings. Trade relations are reported as fair. Business is active. Payments terms
are reported to be slow but correct. The company can be considered normal for business dealings at usual
trade terms and conditions. |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
EXTERNAL AGENCY RATING
Not Available
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 : |
Ms. Maria Nadar |
|
Designation : |
Account Executive |
|
Contact No.: |
91-22-27642025 |
|
Date : |
31.03.2015 |
LOCATIONS
|
Registered Office / Factory : |
Plot No. A-31/32, Nighoje, Chakan, Pune – 410501, Maharashtra, India |
|
Tel. No.: |
91-2135-619500 |
|
Fax No.: |
Not Available |
|
E-Mail : |
|
|
Website : |
|
|
Location : |
Owned |
|
|
|
|
Head Office : |
403/404, Ody Ssey IT Park, Road No. 9, Waghle Industrial Estate, Thane
(W) – 400604, Maharashtra, India |
|
|
|
|
Branches : |
|
DIRECTORS
AS ON 30.06.2014
|
Name : |
Mr. Virendra Jhamb |
|
Designation : |
Director |
|
Address : |
6-D, Juniper Eden Woods, Off. |
|
Date of Birth/Age : |
23.03.1965 |
|
Qualification : |
B.E. Mechanical,
M. Tech |
|
Date of Appointment : |
24.03.2005 |
|
DIN No.: |
01914151 |
|
|
|
|
Name : |
Mr. Klaus Peter Gloeckner |
|
Designation : |
Director |
|
Address : |
Gehaegestr. 20 C, Hanover, 30655 Germany |
|
Date of Birth/Age : |
22.04.1967 |
|
Date of Appointment : |
24.03.2005 |
|
DIN No.: |
00878600 |
|
|
|
|
Name : |
Mr. Volker Brock Guenthev |
|
Designation : |
Director |
|
Address : |
AM Potthof 17, Laatzen, 30880, Germany |
|
Date of Birth/Age : |
24.09.1968 |
|
Date of Appointment : |
16.10.2009 |
|
DIN No.: |
02863103 |
|
|
|
|
Name : |
Mr. Mik Jorn Hansen |
|
Designation : |
Director |
|
Address : |
14 Jalan, Jambu Ayer, Singapore-588776 |
|
Date of Birth/Age : |
14.08.1958 |
|
Date of Appointment : |
24.03.2005 |
|
DIN No.: |
01994621 |
KEY EXECUTIVES
|
Name : |
Ms. Maria Nadar |
|
Designation : |
Account Executive |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 30.06.2014
|
Names of Shareholders |
No. of Shares |
Percentage of
Holding |
|
Mik Jorn Hansen |
100 |
0.92 |
|
Gea Ecoflex GmbH, Germany |
10700 |
98.16 |
|
Virendra Vedprakash Jhamb |
100 |
0.92 |
|
Total |
10900 |
100.00 |
As on 19.09.2014
|
Names of Shareholders |
No. of Shares |
|
Gea Ecoflex GmbH, Germany |
37243 |
|
Total |
37243 |
As on 30.06.2014
Equity Share Break up (Percentage of Total Equity)
|
Category |
Percentage of Holding |
|
Foreign holdings( Foreign institutional
investor(s), Foreign companie(s) Foreign financial institution(s), Non-resident
Indian(s) or Overseas Corporate bodies or Others |
99.00 |
|
Directors or relatives of Directors |
1.00 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer of Plate Heat Exchanger (PHE). |
|
|
|
|
Products : |
Plate Heat Exchanger (PHE). |
|
|
|
|
Brand Names : |
Not Available |
|
|
|
|
Agencies Held : |
Not Available |
|
|
|
|
Exports : |
|
|
Products : |
Finished Goods |
|
Countries : |
|
|
|
|
|
Imports : |
|
|
Products : |
Raw Material |
|
Countries : |
|
|
|
|
|
Terms : |
|
|
Selling : |
Cash and Credit |
|
|
|
|
Purchasing : |
Cash and Credit |
PRODUCTION STATUS: Not Available
GENERAL INFORMATION
|
Suppliers : |
|
||||||||||||||||||||||||||||||||||||||||||||
|
|
|
||||||||||||||||||||||||||||||||||||||||||||
|
Customers : |
|
||||||||||||||||||||||||||||||||||||||||||||
|
|
|
||||||||||||||||||||||||||||||||||||||||||||
|
No. of Employees : |
150 (Approximately) (50 Permanent, 100
Contract) |
||||||||||||||||||||||||||||||||||||||||||||
|
|
|
||||||||||||||||||||||||||||||||||||||||||||
|
Bankers : |
|
||||||||||||||||||||||||||||||||||||||||||||
|
|
|
||||||||||||||||||||||||||||||||||||||||||||
|
Facilities : |
|
|
|
|
|
Auditors : |
|
|
Name : |
BBSR and Company Chartered Accountants |
|
Address : |
703, 7th Floor, Godrej Castlemein, Next to Ruby Hall Clinic, Pune – 411001, Maharashtra India |
|
PAN No.: |
AAKFB4397F |
|
|
|
|
Memberships : |
Not Available |
|
|
|
|
Collaborators : |
Not Available |
|
|
|
|
Holding Company:
|
|
|
|
|
|
Intermediate
Holding Company : |
GEA Heat Exchanger GmbH |
|
|
|
|
Ultimate Holding
Company : |
|
|
|
|
|
Subsidiary
Company: |
|
|
|
|
|
Fellow
Subsidiaries : |
|
CAPITAL STRUCTURE
As on 31.12.2013
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
5000000 |
Equity Shares |
Rs.10/- each |
Rs.50.000 Million |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
10900 |
Equity Shares |
Rs.10/- each |
Rs. 0.109 Million |
|
|
|
|
|
After as on 30.06.2014
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
5000000 |
Equity Shares |
Rs.10/- each |
Rs.50.000 Million |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
48143 |
Equity Shares |
Rs.10/- each |
Rs. 0.481 Million |
|
|
|
|
|
FINANCIAL DATA
[all figures are
in Rupees Million]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.12.2013 |
31.12.2012 |
31.12.2011 |
|
|
|
|
|
|
I.
EQUITY AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
0.109 |
0.109 |
0.109 |
|
(b) Reserves &
Surplus |
429.916 |
554.876 |
463.188 |
|
(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) |
430.025 |
554.985 |
463.297 |
|
|
|
|
|
|
(3) Non-Current
Liabilities |
|
|
|
|
(a) long-term borrowings |
1.834 |
0.547 |
1.829 |
|
(b) Deferred tax
liabilities (Net) |
25.602 |
26.798 |
14.258 |
|
(c) Other long term
liabilities |
1.050 |
1.050 |
0.700 |
|
(d) long-term provisions |
17.995 |
13.019 |
5.702 |
|
Total Non-current
Liabilities (3) |
46.481 |
41.414 |
22.489 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
0.000 |
56.134 |
0.000 |
|
(b) Trade payables |
1558.703 |
1310.226 |
1506.194 |
|
(c) Other current
liabilities |
242.910 |
244.280 |
66.323 |
|
(d) Short-term provisions |
24.550 |
53.013 |
42.008 |
|
Total Current Liabilities
(4) |
1826.163 |
1663.653 |
1614.525 |
|
|
|
|
|
|
TOTAL |
2302.669 |
2260.052 |
2100.311 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
465.489 |
467.377 |
380.955 |
|
(ii) Intangible Assets |
3.102 |
4.256 |
0.000 |
|
(iii) Capital
work-in-progress |
11.103 |
19.214 |
3.500 |
|
(iv) Intangible assets
under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current
Investments |
12.186 |
12.186 |
12.186 |
|
(c) Deferred tax assets
(net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
17.916 |
18.513 |
17.362 |
|
(e) Other Non-current
assets |
0.356 |
0.420 |
0.300 |
|
Total Non-Current Assets |
510.152 |
521.966 |
414.303 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
0.000 |
0.000 |
0.000 |
|
(b) Inventories |
466.637 |
408.256 |
568.573 |
|
(c) Trade receivables |
996.429 |
1231.447 |
828.173 |
|
(d) Cash and cash
equivalents |
223.771 |
24.596 |
184.055 |
|
(e) Short-term loans and
advances |
104.314 |
73.694 |
103.875 |
|
(f) Other current assets |
1.366 |
0.093 |
1.332 |
|
Total Current Assets |
1792.517 |
1738.086 |
1686.008 |
|
|
|
|
|
|
TOTAL |
2302.669 |
2260.052 |
2100.311 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.12.2013 |
31.12.2012 |
31.12.2011 |
|
|
|
|
|
|
|
|
TOTAL INCOME |
NA |
NA |
NA |
|
|
|
|
|
|
|
TOTAL EXPENSES |
NA |
NA |
NA |
|
|
|
|
|
|
|
|
|
PROFIT / (LOSS) BEFORE
TAX, DEPRECIATION AND AMORTISATION |
(96.662) |
160.300 |
145.786 |
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION |
31.662 |
25.037 |
21.600 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS) BEFORE TAX |
(128.324) |
135.263 |
124.186 |
|
|
|
|
|
|
|
Less |
TAX |
(3.364) |
43.575 |
37.678 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS) AFTER TAX
|
(124.960) |
91.688 |
86.508 |
|
|
|
|
|
|
|
Add |
PREVIOUS YEARS’ BALANCE
BROUGHT FORWARD |
525.210 |
433.522 |
347.014 |
|
|
|
|
|
|
|
|
Balance Carried to the
B/S |
400.250 |
525.210 |
433.522 |
|
|
|
|
|
|
|
|
EARNINGS IN FOREIGN
CURRENCY |
|
|
|
|
|
F.O.B. Value of Exports |
313.664 |
374.505 |
123.890 |
|
|
F.O.B. Value of Services |
0.842 |
0.000 |
26.626 |
|
|
Insurance |
|
|
|
|
|
TOTAL EARNINGS |
314.506 |
374.505 |
150.516 |
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
Raw Materials |
300.428 |
406.717 |
805.609 |
|
|
Trading Goods |
66.780 |
82.414 |
13.234 |
|
|
Capital Goods |
17.691 |
107.063 |
0.388 |
|
|
TOTAL IMPORTS |
384.899 |
596.194 |
819.231 |
|
|
|
|
|
|
|
|
Earnings / (Loss) Per
Share (Rs.) |
(11464.22) |
8411.74 |
7936.51 |
KEY RATIOS
|
PARTICULARS |
|
31.12.2013 |
31.12.2012 |
31.12.2011 |
|
Return on Total Assets (PBT/Total Assets} |
(%) |
(5.63) |
6.07 |
5.96 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
(0.30) |
0.24 |
0.27 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
0.00 |
0.10 |
0.00 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
0.98 |
1.04 |
1.04 |
FINANCIAL ANALYSIS
[all figures are
in Rupees Million]
DEBT EQUITY RATIO
|
Particular |
31.12.2011 |
31.12.2012 |
31.12.2013 |
|
|
(Rs. In Million) |
(Rs. In Million) |
(Rs. In Million) |
|
Share Capital |
0.109 |
0.109 |
0.109 |
|
Reserves & Surplus |
463.188 |
554.876 |
429.916 |
|
Net worth |
463.297 |
554.985 |
430.025 |
|
|
|
|
|
|
long-term borrowings |
1.829 |
0.547 |
1.834 |
|
Short term borrowings |
0.000 |
56.134 |
0.000 |
|
Total borrowings |
1.829 |
56.681 |
1.834 |
|
Debt/Equity ratio |
0.004 |
0.102 |
0.004 |
LOCAL AGENCY FURTHER INFORMATION
CURRENT MATURITIES OF LONG TERM DEBTS IS NOT AVAILABLE
|
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 |
No |
|
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) |
Yes |
|
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 |
No |
|
33] |
Voter ID No of
Proprietor/Partner/Director, if available |
No |
|
34] |
External Agency Rating,
if available |
No |
VIEW INDEX OF
CHARGES: No Charges Exist for Company
FIXED ASSETS
- Land
- Buildings
- Plant and equipment
- Furniture and fixtures
- Vehicles
- Office equipment
- Leasehold improvements
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts,
1] INFORMATION ON
DESIGNATED PARTY
No exist designating subject or any of its beneficial owners,
controlling shareholders or senior officers as terrorist or terrorist
organization or whom notice had been received that all financial transactions
involving their assets have been blocked or convicted, found guilty or against
whom a judgement or order had been entered in a proceedings for violating
money-laundering, anti-corruption or bribery or international economic or
anti-terrorism sanction laws or whose assets were seized, blocked, frozen or
ordered forfeited for violation of money laundering or international
anti-terrorism laws.
2] Court Declaration :
No exist to suggest that subject is or was
the subject of any formal or informal allegations, prosecutions or other
official proceeding for making any prohibited payments or other improper
payments to government officials for engaging in prohibited transactions or
with designated parties.
3] Asset Declaration :
No records exist to suggest that the property or assets of the subject
are derived from criminal conduct or a prohibited transaction.
4] Record on Financial
Crime :
Charges or conviction
registered against subject: None
5] Records on Violation of
Anti-Corruption Laws :
Charges or
investigation registered against subject: None
6] Records on Int’l
Anti-Money Laundering Laws/Standards :
Charges or
investigation registered against subject: None
7] Criminal Records
No
available information exist that suggest that subject or any of its principals
have been formally charged or convicted by a competent governmental authority
for any financial crime or under any formal investigation by a competent
government authority for any violation of anti-corruption laws or international
anti-money laundering laws or standard.
8] Affiliation with
Government :
No record
exists to suggest that any director or indirect owners, controlling
shareholders, director, officer or employee of the company is a government
official or a family member or close business associate of a Government
official.
9] Compensation Package :
Our market
survey revealed that the amount of compensation sought by the subject is fair
and reasonable and comparable to compensation paid to others for similar
services.
10] Press Report :
No press reports / filings exists on
the subject.
CORPORATE GOVERNANCE
MIRA INFORM as part of its Due Diligence do provide comments on
Corporate Governance to identify management and governance. These factors often
have been predictive and in some cases have created vulnerabilities to credit deterioration.
Our Governance Assessment focuses principally on the interactions
between a company’s management, its Board of Directors, Shareholders and other
financial stakeholders.
CONTRAVENTION
Subject is not known to have contravened any existing local laws,
regulations or policies that prohibit, restrict or otherwise affect the terms
and conditions that could be included in the agreement with the subject.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs. 62.59 |
|
|
1 |
Rs. 92.46 |
|
Euro |
1 |
Rs. 67.51 |
INFORMATION DETAILS
|
Information
Gathered by : |
DIP |
|
|
|
|
Analysis Done by
: |
DIV |
|
|
|
|
Report Prepared
by : |
TRU |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
4 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL
CONDITION |
|
0 |
|
--BUSINESS SCALE |
1~10 |
5 |
|
--PROFITABILITY |
1~10 |
3 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
7 |
|
--CREDIT LINES |
1~10 |
5 |
|
--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 |
YES |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
44 |
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.