%20PRIVATE%20LIMITED%2017-Jul-2007_files/image002.jpg){kind=small}
MIRA
INFORM REPORT
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Report Date : |
17.07.2007 |
IDENTIFICATION DETAILS
|
Name : |
NEW |
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Registered Office : |
52, Okhla Industrial Area, Phase – 3, |
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Country : |
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Financials (as on) : |
31.12.2006 |
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Date of Incorporation : |
09.12.1998 |
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Com. Reg. No.: |
097355 |
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CIN No.: [Company
Identification No.] |
U99999DL1988PTC097355 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
DELN02993E |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Manufacturer of Agriculture Tractors, Components and Trading of
Tractors Parts, Agriculture and Other allied Equipments. |
RATING & COMMENTS
|
MIRA’s Rating : |
A |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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|
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 |
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Maximum Credit Limit : |
USD 9671008 |
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Status : |
Good |
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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. Available information indicates high financial responsibility of the
company. Directors are reported as experienced and respectable businessmen.
Company has been successful in wiping off all its previous losses as per last
financials of 31.12.2006. Payments are reported as usually correct and as per
commitments. The company can be considered good for normal business dealings at
usual trade terms and conditions. |
LOCATIONS
|
Registered Office : |
52, Okhla Industrial Area, Phase – 3, |
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Tel. No.: |
91-120-3056000 |
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Fax No.: |
91-120-3056939/29 |
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E-Mail : |
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Website : |
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Area : |
Rented |
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Location : |
2500sq.fts |
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Factory 1 : |
Industrial Plot No. 3, Udyog Kendra, Greater Noida – 201
306, Dist. Gautam Budh Nagar, |
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Tel. No.: |
91-120-2350401/2350402/2568869 |
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Fax No.: |
91-120-2568870 |
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Area : |
60 acres |
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Location : |
Owned |
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DIRECTORS
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Name : |
Mr. Mario Gasparri (Italian) |
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Designation : |
Director |
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Address : |
69, Friends Colony (West), |
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Date of Birth/Age : |
01.01.1960 |
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Experience : |
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Date of Appointment : |
28.11.2002 |
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Name : |
Mr. Michael Stuart (British) |
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Designation : |
Director |
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Address : |
Mulberry Hill, 8, |
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Date of Birth/Age : |
02.11.1950 |
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Date of Appointment : |
30.09.2004 |
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Name : |
Mr. Eduardo Teodorani (Italian) |
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Designation : |
Director |
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Address : |
Flat 51, 162, |
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Date of Birth/Age : |
21.09.1965 |
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Date of Appointment : |
22.06.2004 |
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Name : |
Mr. Allian Gold ( |
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Designation : |
Director |
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Address : |
Strada Val San Martino Superiore, 28510131, |
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Date of Birth/Age : |
11.11.1964 |
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Date of Appointment : |
01.08.2005 |
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Name : |
Mr. Rakesh Malhotra (Indian) |
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Designation : |
Alterante Director to Mr. Alian Gold |
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Address : |
228, Bhera Enclave, |
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Date of Birth/Age : |
06.04.1958 |
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Date of Appointment : |
15.03.2004 |
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Name : |
Mr. Devienne Frederic (Foreign) |
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Designation : |
Director |
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Address : |
2, Rue De La Fontaine Des Sules 78750 Mareil Marly, France |
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Date of Birth/Age : |
11.04.1961 |
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Date of Appointment : |
15.03.2004 |
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KEY EXECUTIVES
|
Name : |
Mr. Vineet Harlalka |
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Designation : |
Company Secretary |
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Address : |
C – 10 / G – 1, |
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Date of Birth/Age : |
28.06.1973 |
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Date of Appointment : |
01.09.2006 |
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MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
|
Names of Shareholders |
No. of Shares |
Percentage of
Holding |
|
CNH Asian Holding Limited NV |
696369925 |
100.000 |
|
Mr. Rakesh Malhotra |
5 |
0.000 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer of Agriculture Tractors, Components and Trading of
Tractors Parts, Agriculture and Other allied Equipments. |
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Imports : |
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Countries : |
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Terms : |
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Selling : |
L/C, Cash, Contact or Credit (30 days). |
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GENERAL INFORMATION
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Suppliers : |
v
New Holland Tractors Plc, v
New Holland Tractors Mauritius Private
Limited, |
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Customers: |
♦
CNH ♦
CNH Italia S.p.A ♦
CNH ♦
Case Corporation ♦
CNH ♦
L and T Case Equipment Private Limited ♦
FIAT India Private Limited ♦
Iveco S.p.A ♦
♦
New Holland Tractors Limited NV |
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No. of Employees : |
1500 |
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Bankers : |
˛ Citibank NA ˛ The Hongkong & Shanghai Banking Corporation Limited ˛ HDFC Cank Limited ˛
State Bank of |
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Banking
Relations : |
Good |
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Auditors : |
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Name : |
S R Batliboi and Associates, Mr. Raman Sobti Chartered Accountants |
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Address : |
U and I Building, Plot No. 47, Sector – 32, Institutional Area,
Gurgaon – 122001, Haryana |
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PAN No.: |
AABFS3421N |
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Associates/Subsidiaries : |
New Holland Argentina SA Calle 28, No. 920 Panamericana KM39.5, Casilla de Correo
39, Garin, Tel. No. 54-332-7452111 Fax No. 54-332-7452347
New Holland Australia Pty Ltd Tel. No. 61-2-9627-5611 Fax No. 61-2-9627-5922
New Zweigniederlassung Osterreich, Eferdinger Strasse 71, 4600
Tel. No. 43-7242-69331 Fax No. 43-7242-69231
New Leon Claeysstraat 3a, 8210 Tel. No. 32-50-253111 Fax No. 32-50-201804
New Av. Juscelino Kubitschek de Oliveira n. 11825, Caiza
Postal 14040, CEP 81503 Tel. No. 55-41-3417111 Fax No. 55-41-3417391
New Holland Canada Limited Versatile Farm Equipment Operations, Tel. No. 1-204-284-6100 Fax No. 1-204-284-9487
New Holland Representative Office 8th Tel. No. 86-10-64624354, 64624355 Fax No. 86-10-64624358
New Bibliotekvej 58, DK-2650 Tel. No. 45-36-39-8100 Fax No. 45-36-39-8118
New Holland France SA 16-18 Rue des Rochettes, BP119, Morigny-Champigny, 91152
Etampes, Tel. No. 33-1-6080-7070 Fax No. 33-1-6080-7250
New Benzstrasse 1, D-74076 Tel. No. 49-7131-1060 Fax No. 49-7131-163797
New Holland Representative Office Orczy Centre, Szeszgyar u.4, H-1086 Budapest, Hungary Tel. No. 36-1-4771060-2 Fax No. 36-1-4771069
New Holland UK Limited Irish Office, Unit B, Tel. No. 353-1-4569040 Fax No. 353-1-4569080
New Viale delle Nazioni 55, 41100 Tel. No. 39-059-591111 Fax No. 39-059-591133
New C/o. ASL Ltd, Jangyang Building 4FL, 195-10 Huam-Dong, Yongsang-Ku, Seoul, Korea Tel. No. 82-2-7952783 Fax No. 82-2-7952784
New 30/B, First Tel. No. 92-21-5887700 Fax No. 92-21-5887905
New Rua Quinta Do Paizinho No. 2-1, Alfragide, 2795 Carnaxide,
Tel. No. 351-1-4245940 Fax No. 351-1-4245941
New Holland Representative Office Str. Aviator Sanatescu 5, Sector 1, Tel. No. 40-1-224-3581, 3582, 3585 Fax No. 40-1-224-3603
New Holland Representative Office C/o. Fiat International SpA, 22/25, Bolshoi Strochenovsky
Pereulok (1st floor – office 200) 113054, Tel. No. 7-095-7969686 Fax No. 7-095-7969698
New Asia Pacific Representative Office, 51 Goldhill Plaza,
#20-09/10, Tel. No. 65-355-6050 Fax No. 65-258-6371
New Holland Espana SA Carretera de Barcelona km 11.3, 28022 Tel. No. 34-91-4387100 Fax No. 34-91-4387172
New Holland UK Limited Tel. No. 44-1268-533000 Fax No. 44-1268-531059
New Holland Representative Office 1, Vasilkovskaja Str., Tel. No. 380-44-263-1046 Fax No. 380-44-267-1416
New Holland North America Inc Tel. No. 1-717-355-1121 Fax No. 1-717-355-1826 |
|
Parent Company: |
v
New v
New Holland Tractors Mauritius Private
Limited, |
CAPITAL STRUCTURE
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
310000000 |
Equity Shares |
Rs.10/- each |
Rs.3100.000 millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
194983600 |
Equity Shares |
Rs.10/- each |
Rs.1949.836
millions |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
|
31.12.2006 |
31.12.2005 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
|
1949.836 |
1949.836 |
|
|
2] Share Application Money |
|
465.928 |
0.000 |
|
|
3] Reserves & Surplus |
|
1.988 |
3.890 |
|
|
4] (Accumulated Losses) |
|
0.000 |
(160.632) |
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NETWORTH |
|
2417.752 |
1793.094 |
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|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
|
166.308 |
346.885 |
|
|
2] Unsecured Loans |
|
0.000 |
0.000 |
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TOTAL BORROWING |
|
166.308 |
346.885 |
|
|
DEFERRED TAX LIABILITIES |
|
0.000 |
0.000 |
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TOTAL |
|
2584.060 |
2139.979 |
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APPLICATION OF FUNDS |
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|
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|
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FIXED ASSETS [Net Block] |
|
1089.334 |
1043.019 |
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Capital work-in-progress |
|
45.183 |
35.166 |
|
|
|
|
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INVESTMENT |
|
0.000 |
0.000 |
|
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DEFERREX TAX ASSETS |
|
0.000 |
0.000 |
|
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|
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|
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CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
|
1180.625 |
581.334 |
|
|
Sundry Debtors |
|
1605.260 |
1128.833 |
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|
Cash & Bank Balances |
|
157.634 |
194.181 |
|
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Other Current Assets |
|
0.000 |
0.000 |
|
|
Loans & Advances |
|
420.590 |
211.829 |
|
Total
Current Assets |
|
3364.109 |
2116.177 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Current Liabilities |
|
1766.074 |
916.758 |
|
|
Provisions |
|
148.492 |
137.545 |
|
Total
Current Liabilities |
|
1914.566 |
1054.303 |
|
|
Net Current Assets |
|
1449.543 |
1061.874 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
|
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
|
2584.060 |
2139.979 |
|
PROFIT & LOSS
ACCOUNT
|
PARTICULARS |
|
31.12.2006 |
31.12.2005 |
|
|
Sales Turnover |
|
7271.000 |
5033.000 |
|
|
Other Income |
|
0.000 |
0.000 |
|
|
Total Income |
|
7271.000 |
5033.000 |
|
|
|
|
|
|
|
|
Profit/(Loss) Before Tax |
|
727.000 |
373.000 |
|
|
Provision for Taxation |
|
100.000 |
19.000 |
|
|
Profit/(Loss) After Tax |
|
627.000 |
354.000 |
|
|
|
|
|
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Earnings in Foreign Currency : |
|
|
|
|
|
|
Export Earnings |
|
2446.842 |
1277.999 |
|
|
Service Rendered |
|
23.815 |
9.551 |
|
|
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|
|
|
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Imports : |
|
|
|
|
|
|
Raw Materials |
|
1124.393 |
512.855 |
|
|
Stores & Spares |
|
3.095 |
1.836 |
|
|
Capital Goods |
|
41.776 |
23.050 |
|
|
Others |
|
14.439 |
1.199 |
|
Total Imports |
|
1183.703 |
538.940 |
|
|
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Expenditures : |
|
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Cost of Goods Sold |
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Manufacturing Expenses |
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Administrative Expenses |
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|
|
|
Raw Material Consumed |
|
|
|
|
|
Purchases made for re-sale |
|
|
|
|
|
Consumption of stores and spares parts |
|
6330.000 |
4464.000 |
|
|
Increase/(Decrease) in Finished Goods |
|
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|
Salaries, Wages, Bonus, etc. |
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Managerial Remuneration |
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Payment to Auditors |
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Interest |
|
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Insurance Expenses |
|
|
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|
|
Power & Fuel |
|
|
|
|
|
Depreciation & Amortization |
|
170.000 |
151.000 |
|
|
Other Expenditure |
|
44.000 |
45.000 |
|
Total Expenditure |
|
6544.000 |
4660.000 |
|
%20PRIVATE%20LIMITED%2017-Jul-2007_files/image003.gif){kind=small}
KEY RATIOS
|
PARTICULARS |
|
|
31.12.2006 |
31.12.2005 |
|
PAT / Total Income |
(%) |
|
8.62 |
7.03 |
|
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|
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|
Net Profit Margin (PBT/Sales) |
(%) |
|
9.99 |
7.41 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
|
16.32 |
11.80 |
|
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Return on Investment (ROI) (PBT/Networth) |
|
|
0.30 |
0.20 |
|
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|
|
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|
Debt Equity Ratio (Total Liability/Networth) |
|
|
0.79 |
0.58 |
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Current Ratio (Current Asset/Current Liability) |
|
|
1.75 |
2.00 |
LOCAL AGENCY FURTHER INFORMATION
Subject was incorporate on May 9, 1995 as a wholly owned subsidiary of
CNH Asian Holding Limited (Formerly New Holland Mauritius Private Limited). The
company is primarily engaged in the manufacturer of agriculture tractors,
components and trading of tractors parts, agriculture and other allied
equipments.
During the year 2005- 06 the subject introduced a wide range of new
product variants. New
The subject has expanded the product offering by marketing Balers,
Mowers and Conditioners, Flail Choppers imported form other CNH facilities. In
2006, 5 balers, 2 Flail Choppers and3 Mowers and conditioners were sold. In
addition to these the subject also started the marketing of sugarcane
harvesters made in
To make Retail financing subject new MOU’s with nationalized banks and
private banks were signed in 2006. To make Wholesale finance available at
attractive terms to Dealers a Wholesale channel finance facility was activate
for key dealers through state bank of
The production in the plant was ramped up in 2006 with the introduction
of second shift operations. Tow nos of Makino machines were added in the
machine shop and major modification were done in the Paint Shop. Most was
implements on the shop floor for enchaining the productivity. Major initiatives
power monitoring system at various locations, compressed air distributions
modification and assuage of electrostatic guns in paint shop were taken to
conserve there source To cater to the additional seating requirements, first
floor was made operational.
Press Clippings: Sources; The Hindu Source: The Hindu Business Line
Upbeat growth in
the domestic market as well as the export potential, New Holland Tractors India
on Friday said that it expects to double its revenue to Rs 10000.000 millions
by 2007.
"Their
revenue should touch Rs 5000.000 millions in 2005, which will be a 50 per cent
growth over 2004. They aim to increase it to Rs 10000.000 millions by
2007," Mr Mario Gasparri, Managing Director and Chief Executive of New
Holland Tractors India, said at a news conference announcing the launch of the
company's new range of tractors.
Mr Gasparri said
that he expected exports (including tractors and components) to constitute 30
per cent of total revenue by 2007, compared with 20 per cent, at present.
New
The company sold
9,714 tractors in 2004, and it aims to increase sales by 40 per cent this year,
Mr Gasparri said.
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.40.36 |
|
|
1 |
Rs.82.23 |
|
Euro |
1 |
Rs.55.65 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
7 |
|
PAID-UP CAPITAL |
1~10 |
8 |
|
OPERATING SCALE |
1~10 |
7 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
9 |
|
--PROFITABILIRY |
1~10 |
6 |
|
--LIQUIDITY |
1~10 |
8 |
|
--LEVERAGE |
1~10 |
8 |
|
--RESERVES |
1~10 |
7 |
|
--CREDIT LINES |
1~10 |
7 |
|
--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 |
|
TOTAL |
|
67 |
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 |
|