MIRA INFORM REPORT
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Report No. : |
332273 |
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Report Date : |
16.07.2015 |
IDENTIFICATION DETAILS
|
Name : |
SPX INDIA PRIVATE LIMITED (w.e.f. 28.06.2008) |
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Formerly Known
As : |
FLAIR FILTRATION PRIVATE LIMITED VARUN FLAIR FILTRATION PRIVATE LIMITED |
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Registered
Office : |
Survey No 275, Odhav Road,
Odhav, Ahmedabad – 382415, Gujarat |
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Tel. No.: |
91-141-2398154 |
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Country : |
India |
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Financials (as
on) : |
31.03.2014 |
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Date of Incorporation
: |
26.03.1997 |
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Com. Reg. No.: |
04-079369 |
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Capital
Investment / Paid-up Capital : |
Rs.20.195 Million |
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CIN No.: [Company Identification
No.] |
U51410GJ1997PTC079369 |
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IEC No.: |
Not Available |
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TAN No.: [Tax Deduction &
Collection Account No.] |
Not Available |
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PAN No.: [Permanent Account No.] |
Not Available |
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Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Manufacturing
and trading of industrial filters and filtration systems. |
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No. of Employees
: |
Not Available |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (45) |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Maximum Credit Limit : |
USD 760000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Usually correct |
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Litigation : |
Clear |
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Comments : |
Subject is an established company incorporated during the year 1997.
It is an established company having satisfactory track record. For the financial year ended 2014, the company possesses healthy
operational activity and it has achieved good sales turnover with an average
profitability margin. Ratings also takes into consideration healthy financial risk profile
marked by adequate networth position and zero debt balance sheet profile. Trade relations are reported as fair. Business is active. Payment
terms results to be usually correct. In the view of good financial risk profile, 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 – March 31, 2015
|
Country Name |
Previous Rating (31.12.2014) |
Current Rating (31.03.2015) |
|
India |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
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
31-03-2013.
LOCATIONS
|
Registered Office : |
Survey No 275, Odhav Road,
Odhav, Ahmedabad
– 382415, Gujarat, India |
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Tel. No.: |
Not Available |
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Fax No.: |
Not Available |
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E-Mail : |
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Website : |
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Corporate Office / Factory : |
G-72/73, RIICO Industrial Area, Mansarovar, Jaipur – 302020, Rajasthan,
India |
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Tel No.: |
91-141-2398154 |
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Fax No.: |
91-141-2395048 |
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|
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Delhi Office: |
415, Ansal Chambers – II, 6 Bhikaji Cama Place, New Delhi – 110066,
India |
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Tel. No.: |
91-11-26712308 |
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Fax No.: |
91-11-26712309 |
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Location : |
Owned |
DIRECTORS
AS ON 30.09.2014
|
Name : |
Mr. Rajendra Gadadhar Karandikar |
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Designation : |
Director |
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Address : |
A-1, Mohar Plot No 12, Swasti Shree, Housing Society, Ganesh Nagar, Karve Nagar, Pune – 411052, Maharashtra, India |
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Date of Birth/Age : |
06.10.1966 |
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Date of Appointment : |
01.04.2012 |
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DIN No.: |
03614435 |
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Name : |
Mr. Jeremy Smeltser |
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Designation : |
Director |
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Address : |
513 Wyndham Lane, Waxhaw North Carolina, 28201, United States of America |
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Date of Birth/Age : |
20.01.1975 |
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Date of Appointment : |
29.06.2012 |
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DIN No.: |
05301559 |
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Name : |
Mr. Kevin Lilly |
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Designation : |
Director |
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Address : |
4825 Noras Path Road, Charlotte, Nc, 28226, United States of America |
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Date of Appointment : |
08.02.2008 |
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DIN No.: |
01670355 |
KEY EXECUTIVES
|
Name : |
Mr. Anurag Lakhotia |
|
Designation : |
Secretary |
|
Address : |
106/42 Vijay Path, Mansarovar, Jaipur – 302020, Rajasthan, India |
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Date of Appointment : |
14.02.2005 |
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PAN No.: |
AAVPL1540M |
MAJOR SHAREHOLDERS
AS ON 30.09.2014
|
Names of Shareholders |
No. of Shares |
|
UDI Mauritius Limited, Mauritius |
2019490 |
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SPX Flow Technology USA Inc., USA |
10 |
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|
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Total |
2019500 |
Equity Share Break up (Percentage of Total Equity)
AS ON 30.09.2014
|
Category |
Percentage |
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Foreign holdings [Foreign institutional
investor(s), Foreign companie(s) Foreign financial institution(s),
Non-resident Indian(s) or Overseas Corporate bodies or Others] |
100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturing
and trading of industrial filters and filtration systems. |
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Products : |
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Brand Names : |
Not Available |
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Agencies Held : |
Not Available |
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Exports : |
Not Available |
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Imports : |
Not Available |
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Terms : |
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Selling : |
Not Available |
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Purchasing : |
Not Available |
PRODUCTION STATUS – NOT AVAILABLE
GENERAL INFORMATION
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Suppliers : |
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Customers : |
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No. of Employees : |
Not Available |
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Bankers : |
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Auditors : |
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Name : |
Deloitte Haskins and Sells Chartered Accountants |
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Address : |
7th Floor, Building 10, Tower B, DLF Cyber City Complex, DLF
City Phase-II, Gurgaon – 122002, Haryana, India |
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PAN No.: |
AABFD2095B |
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Memberships : |
Not Divulged |
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Collaborators : |
Not Divulged |
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Holding Company : |
·
UDI Mauritius Limited, |
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Ultimate Holding Company : |
·
SPX corporation, |
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Companies under common control / Fellow Subsidiaries : |
·
SPX Flow Technology USA, Inc (Formerly Dollinger Corporation, USA) ·
SPX Flow Technology Kerry Limited, Ireland
(Formerly Dollinger International, Ireland) ·
SPX Service Solutions, USA (Upto 3 December,
2012) ·
SPX International Limited, UK (Formerly SPX Flow
Technology (Plenty Group), UK) ·
SPX Flow Technology Korea Co. Limited (Formerly
Jemaco Flair Corporation, Korea) ·
SPX Process Equipment, Singapore ·
SPX Process Equipment Pte Limited ·
SPX Corporation, China ·
SPX Communication technology, USA (Formerly
Dielectrical Communication) ·
Dealer Equipment and Services, USA (Upto 3
December 2012) ·
SPX Australia Pty Limited, Australia (Upto 3
December 2012) ·
SPX Korea Company Limited (Upto 3 December 2012) ·
SPX Service Solution Germany Gmbh (Upto 3
December 2012) ·
SPX Service Solution, Japan (Upto 3 December
2012) ·
SPX Italia S.r.l. (Upto 3 December 2012) ·
SPX Transport and Industrial Solutions (Suzhou)
Co. (Upto 3 December 2012) ·
SPX Flow Technology (Shanghai) Co. Limited, China
(Formerly APV Manufacturing (Shanghai) Co. Limited) ·
SPX France, SARL (Upto 3 December 2012) ·
Valley Forge (UK) Limited (Upto 3 December 2012) ·
Valley Forge USA (Upto 3 December 2012) ·
SPX Middle East FZE, United Arab Emirates (UAE) ·
SPX Flow Technology DO Brazil Industria E
Comercio LTDA ·
SPX Hydraulic Technologies, Singapore ·
SPX Flow Technology (India) Private Limited ·
SPX United Kingdom Limited, UK (Upto 3 December
2012) ·
SPX Diagnostic Tools USA (Upto 3 December 2012) ·
Matra Werke Gmbh Germany (Upto 3 December 2012) ·
SPX Flow Technology Australia ·
SPX Thermal Equipments and Services USA ·
SPX Flow Technology New Zealand Limited ·
SPX Flow Technology Warendorf Gmbh ·
SPX Heat Transfer LLC, USA ·
SPX Flow Technology Moers Gmbh, Germany ·
SPX Flow Technology Etten-Leur B.V., The
Netherlands ·
SPX Flow Technology Singapore Pte. Limited,
Singapore ·
SPX Genfare USA |
CAPITAL STRUCTURE
AS ON 30.09.2014
Authorised Capital:
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
3000000 |
Equity Shares |
Rs.10/- each |
Rs.30.000 Million |
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Issued, Subscribed & Paid-up Capital:
|
No. of Shares |
Type |
Value |
Amount |
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|
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|
2019500 |
Equity Shares |
Rs.10/- each |
Rs.20.195 Million |
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FINANCIAL DATA
[all figures are
in Rupees Million]
ABRIDGED
BALANCE SHEET
|
SOURCES OF FUNDS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
I.
EQUITY
AND LIABILITIES |
|
|
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|
(1)Shareholders' Funds |
|
|
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(a) Share Capital |
20.195 |
20.195 |
20.195 |
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(b) Reserves & Surplus |
247.287 |
226.998 |
126.622 |
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(c) Money
received against share warrants |
0.000 |
0.000 |
0.000 |
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|
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(2) Share Application money pending
allotment |
0.000 |
0.000 |
0.000 |
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Total
Shareholders’ Funds (1) + (2) |
267.482 |
247.193 |
146.817 |
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(3)
Non-Current Liabilities |
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(a) long-term borrowings |
0.000 |
0.000 |
0.000 |
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(b) Deferred tax liabilities (Net) |
0.040 |
1.049 |
0.690 |
|
(c) Other long term
liabilities |
0.000 |
0.000 |
0.000 |
|
(d) long-term
provisions |
7.349 |
4.799 |
6.662 |
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Total Non-current
Liabilities (3) |
7.389 |
5.848 |
7.352 |
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(4) Current
Liabilities |
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(a) Short
term borrowings |
0.000 |
0.000 |
0.000 |
|
(b) Trade
payables |
76.158 |
85.191 |
196.058 |
|
(c) Other
current liabilities |
21.630 |
6.465 |
69.498 |
|
(d) Short-term
provisions |
1.209 |
0.611 |
0.497 |
|
Total Current
Liabilities (4) |
98.997 |
92.267 |
266.053 |
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|
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TOTAL |
373.868 |
345.308 |
420.222 |
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II.
ASSETS |
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(1)
Non-current assets |
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(a) Fixed
Assets |
|
|
|
|
(i)
Tangible assets |
25.629 |
26.636 |
27.576 |
|
(ii) Fixed
assets held for sale |
0.000 |
0.000 |
16.169 |
|
(iii)
Intangible Assets |
0.000 |
0.000 |
0.000 |
|
(iv)
Capital work-in-progress |
0.000 |
0.000 |
0.000 |
|
(v)
Intangible assets under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current Investments |
0.000 |
0.000 |
0.000 |
|
(c) Deferred tax assets (net) |
0.000 |
0.000 |
5.238 |
|
(d)
Long-term Loan and Advances |
15.725 |
16.286 |
25.541 |
|
(e) Other
Non-current assets |
4.407 |
6.062 |
5.163 |
|
Total Non-Current
Assets |
45.761 |
48.984 |
79.687 |
|
|
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(2)
Current assets |
|
|
|
|
(a)
Current investments |
0.000 |
0.000 |
0.000 |
|
(b)
Inventories |
30.591 |
45.308 |
105.945 |
|
(c) Trade
receivables |
58.909 |
68.690 |
95.185 |
|
(d) Cash and
cash equivalents |
218.022 |
172.338 |
124.422 |
|
(e)
Short-term loans and advances |
18.546 |
8.827 |
14.046 |
|
(f) Other
current assets |
2.039 |
1.161 |
0.937 |
|
Total
Current Assets |
328.107 |
296.324 |
340.535 |
|
|
|
|
|
|
TOTAL |
373.868 |
345.308 |
420.222 |
PROFIT
& LOSS ACCOUNT
|
|
PARTICULARS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
||
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SALES |
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|
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Income |
346.550 |
292.590 |
NA |
|
|
|
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Other Income |
11.420 |
9.770 |
NA |
|
|
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TOTAL |
357.970 |
302.360 |
NA |
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|
Less |
EXPENSES |
327.870 |
281.240 |
NA |
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PROFIT/(LOSS)
BEFORE TAX |
30.100 |
21.120 |
NA |
||
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Less |
TAX |
9.810 |
6.300 |
NA |
||
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PROFIT/(LOSS)
AFTER TAX |
20.290 |
14.820 |
18.791 |
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EARNINGS IN
FOREIGN CURRENCY |
190.671 |
137.384 |
92.701 |
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IMPORTS |
|
|
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|
|
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Raw Materials & Components |
60.401 |
62.786 |
62.125 |
|
|
|
|
Traded Goods |
0.000 |
59.239 |
107.265 |
|
|
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TOTAL IMPORTS |
60.401 |
122.025 |
169.390 |
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|
Earnings Per
Share (Rs.) |
10.05 |
7.34 |
9.30 |
||
CURRENT MATURITIES
OF LONG TERM DEBT DETAILS
|
Particulars |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
Current Maturities of Long term debt |
NA |
NA |
NA |
|
Cash generated from operations |
51.916 |
57.751 |
49.562 |
|
Net cash flow from (used in) operating activities |
40.268 |
30.160 |
36.904 |
KEY
RATIOS
|
PARTICULARS |
|
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
Net Profit Margin PAT / Sales |
(%) |
5.85 |
5.07 |
NA |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets) |
(%) |
8.05 |
6.12 |
NA |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.11 |
0.09 |
NA |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
0.00 |
0.00 |
0.00 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
3.31 |
3.21 |
1.28 |
FINANCIAL ANALYSIS
[all figures are
in Rupees Million]
DEBT EQUITY RATIO
|
Particular |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
Rs.
In Million |
Rs.
In Million |
Rs.
In Million |
|
Share Capital |
20.195 |
20.195 |
20.195 |
|
Reserves & Surplus |
126.622 |
226.998 |
247.287 |
|
Net
worth |
146.817 |
247.193 |
267.482 |
|
|
|
|
|
|
long-term borrowings |
0.000 |
0.000 |
0.000 |
|
Short term borrowings |
0.000 |
0.000 |
0.000 |
|
Total
borrowings |
0.000 |
0.000 |
0.000 |
|
Debt/Equity
ratio |
0.000 |
0.000 |
0.000 |
LOCAL AGENCY FURTHER INFORMATION
|
Sr. No. |
Check list by
info agents |
Available in
Report (Yes/No) |
|
1 |
Year of establishment |
Yes |
|
2 |
Constitution of the entity -Incorporation
details |
Yes |
|
3 |
Locality of the entity |
Yes |
|
4 |
Premises details |
No |
|
5 |
Buyer visit details |
-- |
|
6 |
Contact numbers |
Yes |
|
7 |
Name of the person contacted |
No |
|
8 |
Designation of contact person |
No |
|
9 |
Promoter’s background |
Yes |
|
10 |
Date of Birth of Proprietor / Partners /
Directors |
Yes |
|
11 |
Pan Card No. of Proprietor / Partners |
No |
|
12 |
Voter Id Card No. of Proprietor / Partners |
No |
|
13 |
Type of business |
Yes |
|
14 |
Line of Business |
Yes |
|
15 |
Export/import details (if applicable) |
No |
|
16 |
No. of employees |
No |
|
17 |
Details of sister concerns |
No |
|
18 |
Major suppliers |
No |
|
19 |
Major customers |
No |
|
20 |
Banking Details |
Yes |
|
21 |
Banking facility details |
No |
|
22 |
Conduct of the banking account |
-- |
|
23 |
Financials, if provided |
Yes |
|
24 |
Capital in the business |
Yes |
|
25 |
Last accounts filed at ROC, if applicable |
Yes |
|
26 |
Turnover of firm for last two years |
Yes |
|
27 |
Reasons for variation <> 20% |
-- |
|
28 |
Estimation for coming financial year |
No |
|
29 |
Profitability for last three years |
Yes |
|
30 |
Major shareholders, if available |
Yes |
|
31 |
External Agency Rating, if available |
No |
|
32 |
Litigations that the firm/promoter
involved in |
-- |
|
33 |
Market information |
-- |
|
34 |
Payments terms |
No |
|
35 |
Negative Reporting by Auditors in the
Annual Report |
No |
NO CHARGES EXIST FOR COMPANY.
FIXED ASSETS:
·
Land
·
Building
·
Plant and Machinery
·
Furniture and Fixture
·
Office Equipment
·
Computer
·
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.63.38 |
|
|
1 |
Rs.99.13 |
|
Euro |
1 |
Rs.69.69 |
INFORMATION DETAILS
|
Analysis Done by
: |
TRI |
|
|
|
|
Report Prepared
by : |
NKT |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL
CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
5 |
|
--PROFITABILITY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
5 |
|
--CREDIT LINES |
1~10 |
5 |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
NO |
|
--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 |
|
45 |
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.