MIRA
INFORM REPORT
|
Report Date : |
18.12.2008 |
IDENTIFICATION
DETAILS
|
Name : |
POTAIN INDIA PRIVATE LIMITED |
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Formerly Known As : |
SHIRKE CONSTRUCTION EQUIPMENTS PRIVATE LIMITED |
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Registered Office : |
72/76, Industrial Estate,
Mundhwa, Pune 411 036, Maharashtra |
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Country : |
India |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
07.09.1970 |
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Com. Reg. No.: |
11-014775 |
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CIN No.: [Company
Identification No.] |
U29150MH1970PTC014775 |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Manufacturing of Equipment for Construction and Post Harvesting |
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 380000 |
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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 a well established company having satisfactory track. It is a part of Siporex Group a Pune based
medium sized industrial house. Trade relations
are fair. Financial position is
good. Payments are usually correct and as per commitments. The Company can be considered good for normal business dealing at usual trade terms and conditions. |
LOCATIONS
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Registered Office : |
72/76, Industrial Estate,
Mundhwa, Pune 411 036, Maharashtra, India |
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Tel. No.: |
91-20-26870151 |
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Fax No.: |
91-20-26871612 |
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E-Mail : |
DIRECTORS
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Name : |
Mr. Robert Michael Pavrey |
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Designation : |
Director |
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Address : |
345, Vakola Aram Lane, Santacruz (East), Mumbai 400055, Maharashtra,
India |
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Date of Birth/Age : |
16.03.1962 |
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Date of Appointment : |
19.07.2007 |
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Name : |
Mr. Baburao Shirke |
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Designation : |
Director |
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Address : |
1205, Apte Road, Pune, Maharashtra, India |
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Date of Birth/Age : |
01.08.1918 |
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Date of Appointment : |
27.11.1988 |
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Name : |
Mr. Padmaja Shrike |
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Designation : |
Director |
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Address : |
1205, Apte Road, Pune, Maharashtra, India |
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Date of Birth/Age : |
14.10.1958 |
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Date of Appointment : |
16.011999 |
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Name : |
Mr. Eric Paul Etchart |
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Designation : |
Director |
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Address : |
27, Bis Avenue Larochefoucauld, Blarritz 64200 |
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Date of Birth/Age : |
12.07.1956 |
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Date of Appointment : |
19.07.2007 |
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Name : |
Mr. Glen Erwin Tellock |
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Designation : |
Director |
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Address : |
8529, Arrow Road, Manitowoc, Wisconsin 54220 |
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Date of Birth/Age : |
20.02.1961 |
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Date of Appointment : |
19.07.2007 |
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Name : |
Mr. Lawrence Richard Bryce |
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Designation : |
Director |
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Address : |
367, Woodlake Court, Kohler, Wisconsin 53044 |
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Date of Birth/Age : |
03.05.1962 |
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Date of Appointment : |
19.07.2007 |
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Name : |
Mr. Vijay Shirke |
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Designation : |
Director |
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Address : |
1205, Apte Road, Pune 411004, Maharashtra, India |
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Date of Birth/Age : |
04.11.1949 |
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Date of Appointment : |
16.01.1999 |
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Name : |
Mr. Ajay Shirke |
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Designation : |
Director |
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Address : |
1205, Apte Road, Pune 411004, Maharashtra, India |
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Date of Birth/Age : |
26.04.1958 |
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Date of Appointment : |
16.01.1999 |
KEY EXECUTIVES
|
Name : |
Sunil N. Adhiya |
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Designation : |
Company Secretary |
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Address : |
201, Pallavi House, Dr. Ketkar Marg, Erandwane, Pune 411004,
Maharashtra, India |
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Tel No. : |
91-20-25661392 |
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Mobile No. : |
91-9823122984 |
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E-mail : |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
|
Names of Shareholders |
|
No. of Shares |
|
Baburao Govindrao Shirke |
|
310 |
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Vijay Baburao Shirke |
|
210 |
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Jayasingrao Chimanrao Shinde |
|
6000 |
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Padmaja Vijay Shirke |
|
2000 |
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Ajay Baburao Shirke |
|
9020 |
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Pratap Baburao Shirke |
|
1050 |
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Avanti Vijay Shirke |
|
22400 |
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Trust Jay |
|
27300 |
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Gayatri Vijay Shirke |
|
22210 |
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Anavi Ajay Shirke |
|
8500 |
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Total |
|
99000 |
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Equity Share Breakup |
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Percentage of
Holding |
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Directors or relatives of Directors |
|
100.000 |
BUSINESS DETAILS
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Line of Business : |
Manufacturing of Equipment for Construction and Post Harvesting |
GENERAL
INFORMATION
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No. of Employees : |
250 |
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Bankers : |
Bank of
Maharashtra, Deccan Gymkhana Branch, Pune 411004. |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
R. C. Jain & Company Chartered Accountant |
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Address : |
696, Narayan Peth, 1st floor, Kunte Chowk, Laxmi Road, Pune
411030, Maharashtra, India |
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Associates/Subsidiaries : |
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CAPITAL STRUCTURE
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
115000 |
Equity Shares |
Rs. 100/- each |
Rs. 11.500 Millions |
|
15000 |
Preference Shares |
Rs. 100/- each |
Rs. 1.500 Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
99000 |
Equity Shares |
Rs. 100/- each |
Rs. 9.900
Millions |
FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2007 |
31.03.2006 |
31.03.2005 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
9.900 |
9.900 |
9.900 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
68.042 |
173.328 |
107.981 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
77.942 |
183.228 |
117.881 |
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LOAN FUNDS |
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1] Secured Loans |
273.782 |
92.519 |
62.985 |
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2] Unsecured Loans |
0.000 |
0.000 |
0.000 |
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TOTAL BORROWING |
273.782 |
92.519 |
62.985 |
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DEFERRED TAX LIABILITIES |
4.341 |
0.000 |
0.000 |
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TOTAL |
356.065 |
275.747 |
180.866 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
169.578 |
57.276 |
19.912 |
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Capital work-in-progress |
31.114 |
49.737 |
2.529 |
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INVESTMENT |
0.000 |
28.234 |
1.234 |
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DEFERREX TAX ASSETS |
0.000 |
3.008 |
4.197 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
358.804
|
206.884 |
148.807 |
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Sundry Debtors |
121.978
|
101.846 |
41.523 |
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Cash & Bank Balances |
62.592
|
38.463 |
83.689 |
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Other Current Assets |
0.000
|
0.000 |
0.000 |
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Loans & Advances |
184.940
|
74.262 |
37.709 |
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Total
Current Assets |
728.314
|
421.455 |
311.728 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
309.222
|
211.187 |
123.042 |
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Provisions |
263.719
|
72.776 |
35.692 |
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Total
Current Liabilities |
572.941
|
283.963 |
158.734 |
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Net Current Assets |
155.373
|
137.492 |
152.994 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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TOTAL |
356.065 |
275.747 |
180.866 |
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PROFIT & LOSS
ACCOUNT
|
PARTICULARS |
31.03.2007 |
31.03.2006 |
31.03.2005 |
|
|
Sales Turnover (including other income) |
1204.900 |
659.200 |
430.500 |
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Total Income |
1204.900 |
659.200 |
430.500 |
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Profit/(Loss) Before Tax |
339.400 |
103.700 |
28.600 |
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Provision for Taxation |
121.900 |
38.400 |
15.400 |
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Profit/(Loss) After Tax |
217.500 |
65.300 |
13.200 |
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Earnings in Foreign Currency : |
8.400 |
0.000 |
5.800 |
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Total Imports |
290.600 |
183.500 |
77.700 |
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Expenditures : |
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Financial Charges |
33.900 |
11.500 |
4.400 |
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Depreciation & Amortization |
10.500 |
7.100 |
3.800 |
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Other Expenditure |
776.700 |
518.300 |
385.500 |
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Total Expenditure |
821.100 |
536.900 |
393.700 |
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KEY RATIOS
|
PARTICULARS |
|
31.03.2006 |
31.03.2005 |
31.03.2004 |
|
PAT / Total Income |
(%) |
18.05
|
9.90 |
3.06 |
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Net Profit Margin (PBT/Sales) |
(%) |
28.16
|
15.73 |
6.64 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
37.79
|
21.66 |
8.62 |
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Return on Investment (ROI) (PBT/Networth) |
|
4.35
|
0.56 |
0.24 |
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Debt Equity Ratio (Total Liability/Networth) |
|
10.86
|
2.05 |
1.88 |
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Current Ratio (Current Asset/Current Liability) |
|
1.27
|
1.48 |
1.96 |
LOCAL AGENCY
FURTHER INFORMATION
Form 8
Bankers Charges
Report as per Registry
|
Name of the company |
SHIRKE CONSTRUCTION EQUIPMENTS PRIVATE LIMITED |
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Presented By |
Vijay B. Shirke,
Managing Director |
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1) Date and description of instrument creating the change |
Agreement of hypothecation dated 07.08.1997 |
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2) Amount secured by the charge/amount owing on the securities of charge |
Rs. 171.500
Millions |
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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 |
Hypothecation of
present and future movable plant, machinery, goods, stocks, materials,
inventories of raw material semi finished goods stock in trade, goods in
process movables in transit and all of he company’s movable assets and
properties wherever situated and all receivables and book debts present and
future. |
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4) Gist of the terms and conditions and extent and operation of the charge. |
First charge on
all the assets of the company |
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5) Name and Address and description of the person entitled to the charge. |
Bank of
Maharashtra, Deccan Gymkhana Branch, Pune 411004. |
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6) Date and brief description of instrument modifying the charge |
Joint deed of
Hypothecation dated 18.01.2005 |
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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. |
Amount covered
under the charge is increased from Rs. 136.500 Millions to Rs. 200.000
Millions |
Form 8
|
Corporate identity
number of the company |
U29150MH1970PTC014775 |
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Name of the
company |
SHIRKE CONSTRUCTION EQUIPMENTS PRIVATE LIMITED |
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Address of the
registered office or of the principal place of business in India of the company |
72/76, Industrial Estate,
Mundhwa, Pune 411 036, Maharashtra, India |
|
This form is for |
Creation of
charge |
|
Type of charge |
Hypothecation |
|
Particular of
charge holder |
Srei
Infrastructure Finance Limited Vishwa Karma 86C,
Topsia Road, Kolkata 700046, West Bengal |
|
Nature of
instrument creating charge |
Agreement no. LOT
568 Deed of
hypothecation [both the
instruments constitute a single charge] |
|
Date of
instrument Creating the charge |
08.09.2006 |
|
Amount secured by
the charge |
Rs. 6.140
Millions |
|
Brief of the
principal terms an conditions and extent and operation of the charge |
First charge on
Disa make Shot Blasting Machine Rate of interest
10.50% p.a. on monthly rest. No. of EMI 59 Amount of EMI Rs.
0.133 Millions Margin : Rs. 1.535
Millions |
|
Description of
the property charged |
Plant and
machinery |
|
Particulars of
the property charged |
One no. Disa make
shot blasting machine The property is
situated in India |
Press Releases
Potain’s Pune facility begins production
Pune, December 3 Potain, the crane brand of the US-based Manitowoc
family of companies, has begun manufacturing tower cranes in its new Pune
facility.
Talking to presspersons, Mr R. Badrinarayan, Managing Director, said it
would be manufacturing tower cranes with capacities ranging from five tonnes
(maximum capacity) and 50-metres maximum jib length to 25 tonnes and 80-metre
jib capacity.
It may be noted that Potain had begun its operations in Pune in 1982,
when it had signed a licensing agreement with Pune-based Shirke Construction
Equipment, part of the Shirke Group.
The joint venture has so far supplied close to 500 tower cranes for the
domestic market.
In July 2007, Manitowoc acquired 100 per cent shares of Shirke Potain
and named the entity Potain India Private Limited to have a wholly owned
manufacturing facility in India. Asked about value of the acquisition, he
declined to disclose the figures.
Mr Badrinarayan said that the decision to set up its own operations to
serve the market better. He said that in addition to the Pune facility,
Manitowoc also manufacturers Potain tower cranes in France, Portugal, Italy and
China.
Mr Badrinarayan said that the company would also be setting up a crane
care facility on the premises.
He said that the demand would be around 250 to 300 cranes in the
domestic market. He said tower cranes has almost 50 per cent market share,
while lattice boom crawlers and truck crane, rough terrain constituted the
rest. All terrain cranes were are yet to pick up in the domestic market.
CMT REPORT
(Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts, India Prisons Service,
Interpol, etc.
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. 47.33 |
|
UK Pound |
1 |
Rs. 73.92 |
|
Euro |
1 |
Rs. 66.69 |
SCORE & RATING
EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
6 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILIRY |
1~10 |
6 |
|
--LIQUIDITY |
1~10 |
6 |
|
--LEVERAGE |
1~10 |
6 |
|
--RESERVES |
1~10 |
6 |
|
--CREDIT LINES |
1~10 |
6 |
|
--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 |
NO |
|
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. |
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 |
|