MIRA INFORM REPORT
|
Report No. : |
349174 |
|
Report Date : |
09.11.2015 |
IDENTIFICATION DETAILS
|
Name : |
VIRGO VALVES AND CONTROLS PRIVATE LIMITED (w.e.f. 27.11.2013) |
|
|
|
|
Formerly Known
As : |
VIRGO VALVES AND CONTROLS LIMITED |
|
|
|
|
Registered
Office : |
7B, 3rd Floor, Sambhava Chambers, Sir P.M. Road, Fort,
Mumbai – 400001, Maharashtra |
|
Tel. No.: |
91-22-32150281 |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as
on) : |
31.03.2014 |
|
|
|
|
Date of
Incorporation : |
11.06.2004 |
|
|
|
|
Com. Reg. No.: |
11-146916 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs.5.310 Million |
|
|
|
|
CIN No.: [Company Identification
No.] |
U29120MH2004PTC146916 |
|
|
|
|
IEC No.: |
0304030945 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
MUMV11688F |
|
|
|
|
PAN No.: [Permanent Account No.] |
AABCV8733H |
|
|
|
|
Legal Form : |
Private Limited Liability Company |
|
|
|
|
Line of Business
: |
Manufacture of
Industrial valves and accessories for power, chemical, petrochemical,
pharmaceutical, oil and gas industries. |
|
|
|
|
No. of Employees
: |
Information declined by the management |
RATING & COMMENTS
|
MIRA’s Rating : |
A (68) |
|
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 : |
Clear |
|
|
|
|
Comments : |
Subject is a subsidiary of “EMERSON PROCESS MANAGEMENT (INDIA) PRIVATE
LIMITED”. The company is engaged in manufacturing of automated and manually operated
quarter turn valves. Its products include ball, triple offset, gate and check
valves as well as steam products. For the financial year ended 2014, revenue of the company has declined
by 14.70% but company has maintained decent profit margins at 9.62% during
the year under a review. Rating takes into consideration company’s established track record of
business operations marked by its healthy financial profile along with
satisfactory net worth base and sound debt coverage indictors. Rating also takes into account of strong financial and managerial
support that company receives from its holding entity backed by its well
experience management. Trade relations are reported as fair. 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.
EXTERNAL AGENCY RATING
|
Rating Agency Name |
Not Available |
|
Rating |
Not Available |
|
Rating Explanation |
Not Available |
|
Date |
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
31-03-2015.
INFORMATION DENIED
Management non co-operative (91-20-66744000)
LOCATIONS
|
Registered Office : |
7B, 3rd Floor, Sambhava Chambers, Sir P.M. Road, Fort,
Mumbai – 400001, Maharashtra, India |
|
Tel. No.: |
91-22-32150281 |
|
Fax No.: |
Not Available |
|
E-Mail : |
|
|
Website : |
|
|
|
|
|
Head Office : |
277, Hinjewadi Phase II, Maan (Mulshi), Pune - 411057, Maharashtra,
India |
|
Tel. No.: |
91-20-66744000/ 66744021 |
|
Fax No.: |
91-20-66744021 |
|
E-Mail : |
|
|
|
|
|
Overseas Office
: |
Located at
|
DIRECTORS
As on: 22.09.2014
|
Name : |
Terry Don Buzbee |
|
Designation : |
Director |
|
Address : |
406, New Salem Road, Marshalltown Iowa, 50158, United States of America |
|
Date of Birth/Age : |
04.10.2013 |
|
Qualification : |
15.07.1955 |
|
DIN No.: |
00398731 |
|
|
|
|
Name : |
Daniel Glen Button |
|
Designation : |
Director |
|
Address : |
552 Autumn Oaks Drive, Ellisville, Missouri, 63021, , United States of America |
|
Date of Birth/Age : |
07.03.1954 |
|
Date of Appointment : |
04.10.2013 |
|
DIN No.: |
00928557 |
|
|
|
|
Name : |
Mr. Jagdish Shivanand Desai |
|
Designation : |
Director |
|
Address : |
F/2, Shanti Co-Operative Housing Society, Mogal Lane, Mahim, Mumbai – 400016, Maharashtra, India |
|
Date of Birth/Age : |
21.01.1959 |
|
Qualification : |
B.E. (Mech.) |
|
Date of Appointment : |
29.07.2005 |
|
DIN No.: |
00335436 |
|
|
|
|
Name : |
Christopher Guild Scales |
|
Designation : |
Director |
|
Address : |
7 Cragmere Heights Road, Exeter, NH, 038334515, , United States of America |
|
Date of Birth/Age : |
08.11.1962 |
|
Date of Appointment : |
04.10.2013 |
|
DIN No.: |
03008344 |
|
|
|
|
Name : |
Kevin Gerard Meyer |
|
Designation : |
Director |
|
Address : |
2260, Marshall Town, BLVD, Marshall Town, 1A 50158, Marshall Town, 50158, United States of America |
|
Date of Birth/Age : |
02.10.1965 |
|
Date of Appointment : |
04.10.2013 |
|
DIN No.: |
05199658 |
|
|
|
|
Name : |
John Patrick Wilson |
|
Designation : |
Director |
|
Address : |
2003 Gethmann Dr. Marshall Town, IA, Marshall Town, 50158, United States of America |
|
Date of Birth/Age : |
09.02.1976 |
|
Date of Appointment : |
04.10.2013 |
|
DIN No.: |
06430335 |
|
|
|
|
Name : |
Mr. Avnish Gupta |
|
Designation : |
Additional Director |
|
Address : |
D - 501, Irene Tower 1, Aloma County, Baner, Pune - 411045, Maharashtra, India |
|
Date of Appointment : |
26.08.2015 |
|
DIN No.: |
07272016 |
|
|
|
|
Name : |
Sarang Rajaram Sathe |
|
Designation : |
Additional Director |
|
Address : |
B- 1103, Park Titanium, Sr. No. 210/2, 210/5, 211/2, Park Street, Wakad, Pune - 411057, Maharashtra, India |
|
Date of Appointment : |
26.08.2015 |
|
DIN No.: |
07272081 |
KEY EXECUTIVES
|
Name : |
Mr. Manoj Kishore Kohak |
|
Designation : |
Secretary |
|
Address : |
Shree Ramkunj, 43/73, Nav Sahyadri, Housing Society, Karvenagar, Pune
– 411052, Maharashtra, India |
|
Date of Birth/Age : |
28.08.1967 |
|
Date of Appointment : |
30.04.2013 |
|
PAN No.: |
ABJPK9557C |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on: 22.09.2014
|
Names of Shareholders |
|
No. of Shares |
|
Emerson Process Management (India) Private Limited, India |
|
5310911 |
|
Iyengar R. Laxmikant |
|
1 |
|
Khanna Sunil |
|
1 |
|
Balan Chandramauli |
|
1 |
|
Sen T. Pradipta |
|
1 |
|
Rane Sharad |
|
1 |
|
Paithankar Amit |
|
1 |
|
|
|
|
|
Total |
|
5310917 |
Equity Share Break up (Percentage of Total Equity)
As on: 22.09.2014
|
Category |
Percentage |
|
Bodies corporate |
100.00 |
|
Total |
100.00 |
sssss
BUSINESS DETAILS
|
Line of Business : |
Manufacture of
Industrial valves and accessories for power, chemical, petrochemical,
pharmaceutical, oil and gas industries. |
||||
|
|
|
||||
|
Products : |
|
||||
|
|
|
||||
|
Brand Names : |
Not Divulged |
||||
|
|
|
||||
|
Agencies Held : |
Not Divulged |
||||
|
|
|
||||
|
Exports : |
Not Divulged |
||||
|
|
|
||||
|
Imports : |
Not Divulged |
||||
|
|
|
||||
|
Terms : |
Not Divulged |
GENERAL INFORMATION
|
Suppliers : |
|
|||||||||||||||||||||||||||
|
|
|
|||||||||||||||||||||||||||
|
Customers : |
|
|||||||||||||||||||||||||||
|
|
|
|||||||||||||||||||||||||||
|
No. of Employees : |
Information declined by the management |
|||||||||||||||||||||||||||
|
|
|
|||||||||||||||||||||||||||
|
Bankers : |
|
|||||||||||||||||||||||||||
|
|
|
|||||||||||||||||||||||||||
|
Facilities : |
|
|
Banking Relations
: |
|
|
|
|
|
Auditors : |
|
|
Name : |
B S R and Associates LLP Chartered Accountants |
|
Address : |
701-703, 7th Floor, Godrej Castlemaine, Next to Ruby Hall Clinic, Bund Garden, Road, Pune – 411001, Maharashtra, India |
|
PAN No.: |
AADFB6889R |
|
|
|
|
Memberships : |
- |
|
|
|
|
Collaborators : |
- |
|
|
|
|
Ultimate Holding Company: |
|
|
|
|
|
Holding Company : |
|
|
|
|
|
Subsidiary Companies : |
|
|
|
|
|
Fellow Subsidiary |
|
CAPITAL STRUCTURE
As on: 22.09.2014
Authorised Capital:
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
620000000 |
Equity Shares |
Rs.10/- each |
Rs. 620.000 Million |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital:
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
5310917 |
Equity Shares |
Rs.10/- each |
Rs. 5.310 Million |
|
|
|
|
|
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 |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
5.310 |
5.278 |
10.000 |
|
(b) Reserves & Surplus |
4929.617 |
4309.509 |
2,627.918 |
|
(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) |
4934.927 |
4314.787 |
2,637.918 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
0.000 |
537.060 |
204.916 |
|
(b) Deferred tax liabilities (Net) |
59.725 |
68.671 |
0.000 |
|
(c) Other long term
liabilities |
29.364 |
28.276 |
0.000 |
|
(d) long-term
provisions |
41.187 |
28.551 |
5.914 |
|
Total Non-current
Liabilities (3) |
130.276 |
662.558 |
210.830 |
|
|
|
|
|
|
(4)
Current Liabilities |
|
|
|
|
(a) Short
term borrowings |
2846.478 |
1563.467 |
730.876 |
|
(b) Trade
payables |
1142.853 |
1809.323 |
1,133.631 |
|
(c) Other
current liabilities |
881.330 |
566.551 |
131.822 |
|
(d) Short-term
provisions |
17.357 |
13.392 |
4.537 |
|
Total Current
Liabilities (4) |
4888.018 |
3952.733 |
2,000.866 |
|
|
|
|
|
|
TOTAL |
9953.221 |
8930.078 |
4,849.614 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1)
Non-current assets |
|
|
|
|
(a) Fixed
Assets |
|
|
|
|
(i)
Tangible assets |
2006.080 |
1913.910 |
515.699 |
|
(ii)
Intangible Assets |
21.976 |
22.307 |
17.421 |
|
(iii)
Capital work-in-progress |
10.060 |
27.758 |
0.000 |
|
(iv)
Intangible assets under development |
0.000 |
4.791 |
0.000 |
|
(b) Non-current Investments |
523.388 |
542.433 |
716.388 |
|
(c) Deferred tax assets (net) |
0.000 |
0.000 |
10.577 |
|
(d) Long-term Loan and Advances |
240.747 |
81.318 |
198.279 |
|
(e) Other
Non-current assets |
108.427 |
33.237 |
3.742 |
|
Total Non-Current
Assets |
2910.678 |
2625.754 |
1,462.106 |
|
|
|
|
|
|
(2)
Current assets |
|
|
|
|
(a)
Current investments |
0.000 |
0.000 |
0.000 |
|
(b)
Inventories |
2754.698 |
2073.903 |
889.243 |
|
(c) Trade
receivables |
2896.068 |
2729.864 |
1,574.399 |
|
(d) Cash
and cash equivalents |
244.952 |
133.036 |
75.317 |
|
(e)
Short-term loans and advances |
839.800 |
1003.868 |
767.397 |
|
(f) Other
current assets |
307.025 |
363.653 |
81.152 |
|
Total
Current Assets |
7042.543 |
6304.324 |
3,387.508 |
|
|
|
|
|
|
TOTAL |
9953.221 |
8930.078 |
4,849.614 |
PROFIT
& LOSS ACCOUNT
|
|
PARTICULARS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
||
|
|
|
|
|
|
||
|
|
|
Income |
|
|
3825.988 |
|
|
|
|
Other Income |
|
|
122.025 |
|
|
|
|
TOTAL (A) |
7510.945 |
8805.594 |
3948.013 |
|
|
|
|
|
|
|
||
|
Less |
EXPENSES |
|
|
|
||
|
|
|
Cost of Materials |
3598.590 |
5264.704 |
2142.726 |
|
|
|
|
Purchase of Stock-in-trade |
0.000 |
0.000 |
277.979 |
|
|
|
|
Changes in Inventories of finished goods, work-in-progress and
stock-in-trade |
0.000 |
0.000 |
128.160 |
|
|
|
|
Employee Cost and Operating Expenses |
2189.034 |
1766.077 |
189.335 |
|
|
|
|
Other Expenses |
0.000 |
0.000 |
522.732 |
|
|
|
|
TOTAL (B) |
5787.624 |
7030.781 |
3260.932 |
|
|
|
|
|
|
|
||
|
|
PROFIT/(LOSS)
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
1723.321 |
1774.813 |
687.081 |
||
|
|
|
|
|
|
||
|
Less |
FINANCIAL
EXPENSES (D) |
324.008 |
346.145 |
119.393 |
||
|
|
|
|
|
|
||
|
|
PROFIT/(LOSS)
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D)
(E) |
1399.313 |
1428.668 |
567.688 |
||
|
|
|
|
|
|
||
|
Less |
DEPRECIATION/
AMORTISATION (F) |
213.876 |
185.476 |
43.497 |
||
|
|
|
|
|
|
||
|
|
PROFIT/(LOSS)
BEFORE TAX (E-F) (G) |
1185.437 |
1243.192 |
524.191 |
||
|
|
|
|
|
|
||
|
Less |
TAX (H) |
462.208 |
401.445 |
169.574 |
||
|
|
|
|
|
|
||
|
|
PROFIT/(LOSS)
AFTER TAX (G-H) (I) |
723.229 |
841.747 |
354.617 |
||
|
|
|
|
|
|
||
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
3291.122 |
2303.352 |
2057.882 |
||
|
|
|
|
|
|
||
|
|
Additions to Profit
and Loss by virtue of Merger of Virgo Engineers Limited |
0.000 |
500.136 |
0.000 |
||
|
|
|
|
|
|
||
|
Less |
APPROPRIATIONS |
|
|
|
||
|
|
|
Proposed final dividend on equity shares |
84.975 |
232.253 |
63.400 |
|
|
|
|
Tax on dividend |
14.441 |
37.685 |
10.285 |
|
|
|
|
Transfer to General Reserve |
72.323 |
84.175 |
35.462 |
|
|
|
BALANCE CARRIED
TO THE B/S |
3842.612 |
3291.121 |
2303.352 |
||
|
|
|
|
|
|
||
|
|
EARNINGS IN
FOREIGN CURRENCY |
4914.644 |
2728.486 |
3815.027 |
||
|
|
|
|
|
|
||
|
|
Earnings Per
Share (Rs.) |
136.18 |
159.46 |
3546.17 |
||
CURRENT MATURITIES
OF LONG TERM DEBT DETAILS
|
Particulars |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
Current Maturities of Long term debt |
395.555 |
224.972 |
51.093 |
|
Cash generated from operations |
NA |
NA |
NA |
|
Net Cash flows from operating activities |
NA |
NA |
NA |
KEY
RATIOS
|
PARTICULARS |
|
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
Net Profit Margin (PAT / Sales) |
(%) |
NA
|
NA |
9.27 |
|
|
|
|
|
|
|
Operating Profit Margin (PBIDT/Sales) |
(%) |
NA
|
NA |
17.96 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
12.58 |
14.88 |
12.71 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.24 |
0.29 |
0.20 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
0.66 |
0.54 |
0.37 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.44 |
1.59 |
1.69 |
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 |
10.000 |
5.278 |
5.310 |
|
Reserves & Surplus |
2627.918 |
4309.509 |
4929.617 |
|
Money received against
share warrants |
0.000 |
0.000 |
0.000 |
|
Share Application money pending allotment |
0.000 |
0.000 |
0.000 |
|
Net worth |
2637.918 |
4314.787 |
4934.927 |
|
|
|
|
|
|
long-term borrowings |
204.916 |
537.060 |
0.000 |
|
Short term borrowings |
730.876 |
1563.467 |
2846.478 |
|
Current Maturities of
Long-Term Debts |
51.093 |
224.972 |
395.555 |
|
Total borrowings |
986.885 |
2325.499 |
3242.033 |
|
Debt/Equity ratio |
0.374 |
0.539 |
0.657 |
YEAR-ON-YEAR GROWTH
|
Year on Year Growth |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
(Rs. In Million) |
(Rs. In Million) |
(Rs. In Million) |
|
Total income |
3948.013 |
8805.594 |
7510.945 |
|
|
|
123.039 |
(14.703) |
NET PROFIT MARGIN
|
Net Profit Margin |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
(Rs. In Million) |
(Rs. In Million) |
(Rs. In Million) |
|
Total income |
3948.013 |
8805.594 |
7510.945 |
|
Profit |
354.617 |
841.747 |
723.229 |
|
|
8.98% |
9.56% |
9.63% |
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 |
Yes |
|
18 |
Major suppliers |
No |
|
19 |
Major customers |
No |
|
20 |
Banking Details |
Yes |
|
21 |
Banking facility details |
Yes |
|
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 three 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 |
CORPORATE
INFORMATION:
The Company is a
public company domiciled in India, incorporated under the provisions of the
Companies Act, 1956. The company is primarily engaged in the manufacture of
Industrial valves and accessories for power, chemical, petrochemical,
pharmaceutical, oil and gas industries.
INDEX OF CAHREGS:
|
S. NO. |
CHARGE ID |
DATE OF CHARGE
CREATION/MODIFICATION |
CHARGE AMOUNT
SECURED |
CHARGE HOLDER |
ADDRESS |
SERVICE REQUEST
NUMBER (SRN) |
|
1 |
10080918 |
29/06/2010 * |
550,000,000.00 |
Canara Bank |
Industrial Finance Branch, M. G. Road, Pune - 411001, Maharashtra, India |
A91138602 |
|
2 |
90092710 |
28/07/2004 |
35,000,000.00 |
SBI Factors And Commercial Services Private Limited |
Tara Chambers; 2nd Floor ; Mumbai-Pune Road, Wakdewadi, Pune- 411003, Maharashtra, India |
- |
* Date
of charge modification
FIXED ASSETS:
·
Land
·
Building
·
Plant and Machinery
·
Computer
·
Vehicles
·
Furniture and Fixture
PRESS RELEASE:
Emerson Agrees to Purchase Virgo Valves and Controls Limited
Strengthens Emerson Process Management’s presence in oil and gas industry
T. LOUIS, MISSOURI (September 24, 2013): Emerson (NYSE:EMR), announced it has signed an agreement to purchase Virgo Valves and Controls, Limited, a leading manufacturer of ball valves and automation systems based in Pune, India.
A privately held company, Virgo serves diverse markets worldwide, including the oil and gas, power and mining industries. In addition to ball valves, Virgo also manufactures high performance butterfly valves and severe-service valves for critical applications. Virgo will operate within Emerson Process Management’s final controls business, serving customers in the energy and process-related industries.
“Virgo’s leadership in the engineered, on-off valve market is a great strategic fit within our business and strongly complements our Fisher® control valve business,” said Steve Sonnenberg, Emerson’s executive vice president who heads its Emerson Process Management segment. “Their ‘customer first’ focus on meeting or exceeding customer expectations in innovation, quality, performance and on-time delivery aligns perfectly with the solutions that customers have come to expect from Emerson. They are excited about the synergy between our two companies and the opportunities for global business growth.”
Mahesh Desai, co-founder and chairman of Virgo, citing the advantages of Virgo being part of Emerson, said: “The alliance with Emerson, and in particular the Fisher line of products, is a continuation of our growth as a global brand. They appreciate the support of customers, employees and other stakeholders that have been part of their company.”
Since starting operations in 1986, Virgo has focused on the manufacture and sales of engineered on-off valve products, and today has manufacturing locations in Europe, the United States and India. Its sales in more than 60 countries last year were about $250 million, more than 80 percent outside India. The deal is expected to close early next month.
About Emerson Process Management Emerson Process Management an Emerson business, is a leader in helping businesses automate their production, processing and distribution in the chemical, oil and gas, refining, pulp and paper, power, water and wastewater treatment, mining and metals, food and beverage, life sciences and other industries. The company combines superior products and technology with industry-specific engineering, consulting, project management and maintenance services. Its brands include DeltaV™, Fisher®, Micro Motion®, Rosemount®, Bettis®, and Ovation™.
About Emerson Emerson (NYSE: EMR), based in St. Louis, Missouri (USA), is a global leader in bringing technology and engineering together to provide innovative solutions for customers in industrial, commercial, and consumer markets around the world. The company is comprised of five business segments: Process Management, Industrial Automation, Network Power, Climate Technologies, and Commercial & Residential Solutions. Sales in fiscal 2012 were $24.4 billion.
Emerson acquires Pune-based Ameya Transmissions
May 18, 2015: American engineering giant Emerson has acquired Pune-based Ameya Transmissions Gears Pvt Ltd, a manufacturer of gear operators and gearboxes, for an undisclosed amount, the company said in a release.
The deal was routed through its Indian subsidiary Emerson Process Management (India) Private Limited
“Ameya’s reputation as a quality manufacturer is a great strategic fit for Emerson and strongly complements their actuator business,” said Amit Paithankar, managing director of Emerson Process Management.
“This acquisition strengthens their portfolio with the addition of a strong gearbox product platform that enhances their current solutions capabilities for customers in India and around the world," Paithankar added.
Founded in 1970, Ameya Transmissions manufactures and supplies gear operators and its products include quarter-turn and mult -turn worm gear operators for valves, declutchable manual override for pneumatic actuator, worm reduction gear boxes for industrial use etc.
US-based engineering giant Emerson has five business segments: process management, industrial automation, network power, climate technologies and commercial & residential solutions. The company recorded sales of $24.5 billion in 2014.
Two years ago Emerson acquired Virgo Valves and Controls Limited, a manufacturer of ball valves and automation systems. Virgo Valves was the flagship arm of Pune-based Virgo Engineers, which in turn was backed by private equity firm Tano Capital.
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.65.79 |
|
|
1 |
Rs.99.95 |
|
Euro |
1 |
Rs.71.55 |
INFORMATION DETAILS
|
Information
Gathered by : |
NYA |
|
|
|
|
Analysis Done by
: |
KRN |
|
|
|
|
Report Prepared
by : |
MTN |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
8 |
|
PAID-UP CAPITAL |
1~10 |
7 |
|
OPERATING SCALE |
1~10 |
8 |
|
FINANCIAL
CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
7 |
|
--PROFITABILITY |
1~10 |
8 |
|
--LIQUIDITY |
1~10 |
7 |
|
--LEVERAGE |
1~10 |
7 |
|
--RESERVES |
1~10 |
8 |
|
--CREDIT LINES |
1~10 |
8 |
|
--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 |
|
68 |
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.