MIRA
INFORM REPORT
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Report Date : |
13.07.2007 |
IDENTIFICATION DETAILS
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Name : |
CATERPILLAR POWER INDIA PRIVATE LIMITED |
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Formerly Known As : |
HINDUSTAN POWERPLUS LIMITED |
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Registered Office : |
6B, GST Road, |
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Country : |
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Financials (as on) : |
31.03.2006 |
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Date of Incorporation : |
18.10.1988 |
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Com. Reg. No.: |
18-16361 |
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CIN No.: [Company
Identification No.] |
U93090TN1988FTC016361 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
BLRH01798G |
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PAN No.: [Permanent
Account No.] |
AAACH2193N |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Manufacturers and Sellers of Diesel Engines. |
RATING & COMMENTS
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MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Maximum Credit Limit : |
USD 4300000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Subject is a well-established and reputed company having satisfactory track.
Directors are reported as experienced and respectable businessmen. Trade
relations are reported as fair. Business is active. Payments are usually
correct and as per commitments. The company can be considered normal for business dealings at usual trade
terms and conditions. |
LOCATIONS
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Registered Office : |
6B, GST Road, St. Thomas Mount, Chennai-600016, |
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Tel. No.: |
91-44-22342240 |
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E-Mail : |
DIRECTORS
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Name : |
Mr. Ashish Maknija |
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Designation : |
Director |
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Address : |
A-1/10, Agrasen Apartment, Sector 7, Flat No.10, Dwaraka, New Delhi-110045 |
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Date of Birth/Age : |
15.04.1966 |
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Date of Appointment : |
28.08.2002 |
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Name : |
Mr. R Raghavan |
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Designation : |
Director |
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Address : |
65, |
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Date of Birth/Age : |
04.03.1950 |
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Date of Appointment : |
28.08.2002 |
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Name : |
Mr. John J Nichols |
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Designation : |
Director |
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Address : |
7-1-50, Shiayocho Tamiku, Kobe, Japan-65508972 |
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Date of Birth/Age : |
16.10.1952 |
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Date of Appointment : |
29.09.2003 |
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Date of Ceasing : |
01.03.2005 |
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Name : |
Mr. Duane E Devore |
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Designation : |
Managing Director |
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Address : |
100, Ramagundanahalli, Whitefields, |
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Date of Birth/Age : |
24.01.1950 |
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Date of Appointment : |
21.01.2002 |
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Date of Ceasing : |
18.02.2005 |
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Name : |
Mr. Paul D Blackburn |
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Designation : |
Director |
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Address : |
Homat # 580, 4-10-2, Minami – Abu, Minato- Ku, |
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Date of Birth/Age : |
27.09.1956 |
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Date of Appointment : |
23.09.2005 |
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Name : |
Mr. Albert T Brown |
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Designation : |
Managing Director |
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Address : |
100, Ramagundanahalli, Whitefields, |
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Date of Birth/Age : |
29.04.1946 |
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Date of Appointment : |
23.09.2005 |
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Name : |
Mr. Richard P Lavin |
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Designation : |
Director |
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Address : |
Kako House, 15-2-6, Setagaya – Ku, |
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Date of Birth/Age : |
16.02.1952 |
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Date of Appointment : |
23.09.2005 |
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Name : |
Mr. Seta C Prager |
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Designation : |
Director |
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Address : |
2, Leonie Hill Road, 91-04, |
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Date of Birth/Age : |
22.08.1959 |
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Date of Appointment : |
08.09.2004 |
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Name : |
Mr. R Ram Mohan |
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Designation : |
Director |
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Address : |
586, 3 Cross, Banasankar, |
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Date of Birth/Age : |
10.12.1953 |
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Date of Appointment : |
30.07.2004 |
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Date of Ceasing : |
23.09.2005 |
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Name : |
Mr. Daniel F Herkelman |
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Designation : |
Managing Director |
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Address : |
5115, |
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Date of Birth/Age : |
12.05.1965 |
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Date of Appointment : |
01.04.2007 |
KEY EXECUTIVES
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Name : |
Mr. D Srinivasan |
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Designation : |
Company Secretary |
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Address : |
Krishna H- No.20, 12th |
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Date of Birth/Age : |
11.01.1957 |
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Date of Appointment : |
18.08.1983 |
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Name : |
Mr. Varadharajan TCA |
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Designation : |
Company Secretary |
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Address : |
B-304, Mahaveer Springs, Rose Garden Road, 15th Main, J P
Nagar, 5th Phase, Bangalore-560078, Karnataka |
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Date of Birth/Age : |
15.07.1964 |
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Date of Appointment : |
13.12.2006 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
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Names of Shareholders |
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Percentage of
Holding |
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Foreign holdings |
|
100.00 |
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Total |
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100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturers and Sellers of Diesel Engines. |
GENERAL INFORMATION
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No. of Employees : |
600 |
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Bankers : |
State
Bank of |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
Price Waterhouse Chartered Accountants |
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Address : |
32, |
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Holding Company : |
Caterpillar Commercial S.A. |
CAPITAL STRUCTURE
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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40000000 |
Equity Shares |
Rs.10/- each |
Rs.400.000 millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
29844610 |
Equity Shares |
Rs.10/- each |
Rs.298.446
millions |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
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SOURCES OF FUNDS |
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31.03.2006 |
31.03.2005 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
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298.446 |
317.751 |
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2] Share Application Money |
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0.000 |
0.000 |
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3] Reserves & Surplus |
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795.022 |
893.091 |
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4] (Accumulated Losses) |
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0.000 |
0.000 |
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NETWORTH |
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1093.468 |
1210.842 |
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LOAN FUNDS |
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1] Secured Loans |
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0.000 |
0.000 |
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2] Unsecured Loans |
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0.000 |
0.000 |
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TOTAL BORROWING |
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0.000 |
0.000 |
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DEFERRED TAX LIABILITIES |
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15.650 |
17.149 |
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TOTAL |
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1109.118 |
1227.991 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
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244.173 |
256.802 |
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Capital work-in-progress |
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1.938 |
0.000 |
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INVESTMENT |
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0.000 |
0.000 |
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DEFERREX TAX ASSETS |
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0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
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648.463 |
824.653 |
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Sundry Debtors |
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338.813 |
156.073 |
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Cash & Bank Balances |
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227.816 |
272.743 |
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Other Current Assets |
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0.250 |
2.372 |
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Loans & Advances |
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32.269 |
59.899 |
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Total
Current Assets |
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1247.611 |
1315.740 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
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333..651 |
302.340 |
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Provisions |
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50.953 |
42.211 |
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Total
Current Liabilities |
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384.604 |
344.551 |
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Net Current Assets |
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863.007 |
971.189 |
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MISCELLANEOUS EXPENSES |
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0.000 |
0.000 |
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TOTAL |
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1109.118 |
1227.991 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
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31.03.2006 (Estimated) |
31.03.2005 (Estimated) |
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Total Income |
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1000.000 |
1000.000 |
KEY RATIOS
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PARTICULARS |
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31.03.2006 |
31.03.2005 |
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PAT / Total Income |
(%) |
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NA |
NA |
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Net Profit Margin (PBT/Sales) |
(%) |
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NA |
NA |
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Return on Total Assets (PBT/Total Assets} |
(%) |
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NA |
NA |
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Return on Investment (ROI) (PBT/Networth) |
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NA |
NA |
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Debt Equity Ratio (Total Liability/Networth) |
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0.35 |
0.28 |
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Current Ratio (Current Asset/Current Liability) |
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3.24 |
3.82 |
LOCAL AGENCY FURTHER INFORMATION
Form 8 Particular for
creation or modification of charges
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Name of the company |
CATERPILLAR
POWER INDIA PRIVATE LIMITED |
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Presented By |
State Bank of |
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1) Date and description of instrument creating the change |
Date : 09.01.1991 Agreement for cash credit : Hypothecation of goods Hypothecation of debts and assets Hypothecation agreement for letters of credit/ guarantee limits (All agreements pertain to the same charge) |
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2) Amount secured by the charge/amount owing on the securities of charge |
Rs.90.000 millions Out of this, Rs.10.000 millions is towards credit limit for issuing various guarantees in respect of import and other transactions. And Rs.35.000 millions is towards credit limit for establishing letter of credit in respect of import/ purchase of raw materials. |
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3) Short particular of the property charged. If the property acquired is subject to charge, date of the acquired of the property should be given |
The whole of the company’s stocks goods, produce, merchandise such as semi finished and finished machined components, castings, forgings, diesel engines, both preset and future by way of first charge, and hypothecation of company’s present and future book debts, outstanding monies, receivables, bill, contracts by way of first charge. |
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4) Gist of the terms and conditions and extent and operation of the charge. |
Interest rate : 1% above state bank advance rate minimum 17.5% p.a. |
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5) Name and Address and description of the person entitled to the charge. |
State Bank of |
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6) Date and brief description of instrument modifying the charge |
Date : 06.01.1996 Agreement for cash credit hypothecation of debts and assets – Form L Agreement for cash credit hypothecation of goods – Form K Agreement for establishing LC/BG – Form K Special General letter of hypothecation COS – 245 – Letter of undertaking – not to create further charge. (All agreements pertain to the same single charge) |
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7) Particulars of modifications specifying the terms and conditions or the extent of operations of the charge in which modification is made and the details of the modification. |
By the above agreements, the amount secured by the charge stand increased from Rs.75.000 millions ot Rs.95.000 millions (CC Hypothecation – Stocks increased form Rs.32.500 millions to Rs.52.500 millions (CC Spares and stores increased from Rs.5.000 millions to Rs.10.000 millions which is sub limit of CC stocks), CC Book debts – Rs.5.000 millions, Bills discounted – Rs.7.500 millions, LC – Rs.20.000 millions, BG – Rs.10.000 millions, remain at the existing level). Rate of interest modified as 19.75% per annum inclusive of interest tax with quarterly rests. The company has undertaken not to create further charge in favour of any one without obtaining prior written permission from the bank. |
Website Details :
Subject was incorporated on 18th October 1988 and commenced business
effective January 02, 1989. The main business of the company is manufacture and
sale of Diesel Engines, Generating sets ranging from 180 KVA to 2275 KVA and
parts thereof. In May 2003, Caterpillar Commercial SA,
Company Facts
Company Name :
Caterpillar Power India Private Limited
Industry :
Manufacturing / Production
Location :
Hosur 635 114
*The company prefers to receive online application for speedier
processing.
Company Tel :
91-4344- 406633, 634
Website :
No. of Employees :
600
History
ABOUT CATERPILLAR 1890.
Benjamin Holt and Daniel Best experimented with various forms of steam
tractors for use in farming. They did so separately, with separate companies.
1904. Holt's first steam track-type tractor. 1906. Holt's first gas track-type
tractor. 1915. Holt "Caterpillar®" track-type tractors are used by
the Allies in World War I. 1925. The Holt Manufacturing Company and the C. L.
Best Tractor Company merge to form Caterpillar Tractor Company 1931. The first
Diesel Sixty Tractor rolled off the assembly line in
Product and Services
Caterpillar engines, engine systems and Gensets provide power to the
world. Their engines provide power to trucks, ships and boats, their own
construction and mining machines, and much more. Electrical power systems
supply both primary and standby power for a variety of uses -- like off-shore
oil rigs, huge mines in remote deserts or mountain ranges, entire communities
in areas not close to a utility power grid, hospitals, schools, factories,
airports and office buildings.
Financial
Their annual ranking of
Culture and Values
6 Sigma The long-term payoff of 6 Sigma will be seen as they develop
future leaders who are prepared to address the increasingly complex issues that
face them as an industry leader. More than 30,000 employees are involved in 6
Sigma and are helping to shape the Caterpillar of tomorrow.
Other Information
Caterpillar Dealer Network Caterpillar's global dealer network provides
a key competitive edge - customers deal with people they know and trust. Almost
all dealerships are independent and locally owned. Many have relationships with
their customers that span at least two generations. Cat dealers serve
equipment, service and financing needs for customers in more than 200
countries. Rental services are offered through more than 1,500 outlets
worldwide. Corporate Governance Caterpillar's reputation for integrity is a
fundamental part of their heritage and one of their most valuable assets. Visit
the Corporate Governance section for a reliable source for the corporate
governance practices their Board has in place to ensure they are building on
Caterpillar's sound reputation. As an industry leader, they recognize their
responsibility to help restore confidence in Corporate America, and they
consider themselves a leader for corporate governance practices. Financial
Strength Caterpillar is financially strong - able to fund product programs for
future customer needs, provide financing for dealers and customers, and reward
its shareholders. They continue to generate significant net free cash flow
enabling investments in strategic growth opportunities. Social Responsibility
Caterpillar's reputation for making a difference in the world is something they
are proud of as a company. In response to the Asian Tsunami disaster,
Caterpillar and its dealers provided machines, money and resources for relief
and recovery efforts. Caterpillar is also proud to be the lead corporate donor
in The Nature Conservancy's Great Rivers Partnership project. And Cat has once
again been named to the Dow Jones Sustainability World Index.
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 records 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 records 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.40.47 |
|
|
1 |
Rs.82.08 |
|
Euro |
1 |
Rs.55.74 |
SCORE & RATING EXPLANATIONS
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SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
6 |
|
OPERATING SCALE |
1~10 |
6 |
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FINANCIAL CONDITION |
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|
--BUSINESS SCALE |
1~10 |
7 |
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--PROFITABILIRY |
1~10 |
5 |
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--LIQUIDITY |
1~10 |
6 |
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--LEVERAGE |
1~10 |
6 |
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--RESERVES |
1~10 |
6 |
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--CREDIT LINES |
1~10 |
6 |
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--MARGINS |
-5~5 |
-- |
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DEMERIT POINTS |
|
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--BANK CHARGES |
YES/NO |
YES |
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--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
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--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
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--EXPORT ACTIVITIES |
YES/NO |
NO |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
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 |
Unfavourable & favourable factors carry similar weight in credit
consideration. Capability to overcome financial difficulties seems
comparatively below average/normal. |
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 |
|
NR |
In view of the lack of information, we have no basis upon which to
recommend credit dealings |
No Rating |
|