MIRA INFORM REPORT
|
Report Date : |
09.04.2011 |
Note:
The above address is the old registered office address of the company.
IDENTIFICATION DETAILS
|
Name : |
CARGOTEC INDIA PRIVATE LIMITED (w.e.f 25.10.2007) |
|
|
|
|
Formerly Known
As : |
HIAB LOAD HANDLING EQUIPMENT PRIVATE LIMITED |
|
|
|
|
Registered
Office : |
6th Floor A Wing, Shree Nand Dham, Sector 11, Plot No. 59,
CBD Belapur, Navi Mumbai 400614, |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as
on) : |
31.12.2009 |
|
|
|
|
Date of
Incorporation : |
14.02.2007 |
|
|
|
|
Com. Reg. No.: |
195775 |
|
|
|
|
CIN No.: [Company Identification
No.] |
U29150MH2007FTC195775 |
|
|
|
|
Legal Form : |
Private Limited Liability Company |
|
|
|
|
Line of Business
: |
Trading of material handling equipment such as cranes, hooklifts, forkIifts, straddle carriers,
reach stackers, terminal tractors, log stackers, container spreader and other
related spares. |
RATING & COMMENTS
|
MIRA’s Rating : |
B (27) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
Maximum Credit Limit : |
USD 467000 |
|
|
|
|
Status : |
Moderate |
|
|
|
|
Payment Behaviour : |
Slow |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is an established company having moderate track. Profitability
of the company is under pressure. There appears some accumulated losses recorded
by the company. However, trade relations are reported as fair. Business is
active. Payments are reported to be slow. The company can be considered for business dealings with some caution.
|
NOTES :
Any query related to this report can be made on
e-mail : infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – April 1, 2010
|
Country Name |
Previous Rating (31.12.2009) |
Current Rating (01.04.2010) |
|
|
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
INFORMATION PARTED BY (General Details)
|
Name : |
Ms. Trupti Kamat |
|
Designation : |
Accountant |
|
Date : |
08.04.2011 |
LOCATIONS
|
Registered Office : |
6th Floor A Wing, Shree Nand Dham, Sector 11, Plot No. 59,
CBD Belapur, Navi Mumbai 400614, Maharashtra, India |
|
Tel. No.: |
91-22-27582222 / 67736666 |
|
Fax No.: |
91-22-27582227 |
|
E-Mail : |
|
|
Website : |
|
|
Location : |
Owned |
DIRECTORS
AS ON 14.05.2010
|
Name : |
Mr. Jonne Hankimaa |
|
Designation : |
Director |
|
Date of Birth/Age : |
15.05.1966 |
|
Date of Appointment : |
01.12.2010 |
|
|
|
|
Name : |
Mr. Loh Peng Swee |
|
Designation : |
Director |
|
Date of Birth/Age : |
15.07.1964 |
|
Date of Appointment : |
14.05.2010 |
|
|
|
|
Name : |
Mr. Sommarberg Matti Allan |
|
Designation : |
Director |
|
Date of Birth/Age : |
22.08.1961 |
|
Date of Appointment : |
17.01.2008 |
|
|
|
|
Name : |
Mr. Berg Hans Folke |
|
Designation : |
Director |
|
Date of Birth/Age : |
08.03.1953 |
|
Date of Appointment : |
17.01.2008 |
KEY EXECUTIVES
|
Name : |
Ms. Trupti Kamat |
|
Designation : |
Accountant |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 14.05.2010
|
Names of Equity Shareholders |
No. of Shares |
|
Cargotech |
25059650 |
|
Cargotec Holding |
1 |
|
Total |
25059651 |
|
Names of
Preference Shareholders |
No.
of Shares |
|
Cargotech |
1981807 |
|
Total |
1981807 |
AS ON 14.05.2010
|
Equity Share
Breakup |
|
Percentage of
Holding |
|
Category |
|
|
|
Foreign holdings [Foreign institutional investors, Foreign Companies, Foreign Financial Institutions, Non-resident Indian or Overseas corporate bodies or others] |
|
100.00 |
|
|
Total
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Trading of material handling equipment such as cranes, hooklifts, forkIifts, straddle carriers,
reach stackers, terminal tractors, log stackers, container spreader and other
related spares. |
||||
|
|
|
||||
|
Products : |
|
||||
|
|
|
||||
|
Terms : |
|
||||
|
Selling : |
Cash, Credit |
||||
|
|
|
||||
|
Purchasing : |
Cash, Credit |
PRODUCTION STATUS
As ON 31.12.2008
|
Particulars |
Unit |
Actual
Production |
|
Reach Stackers |
Nos. |
17 |
|
Fork Lift Trucks |
Nos. |
24 |
|
Push Back Tractors |
Nos. |
5 |
GENERAL INFORMATION
|
No. of Employees : |
Not Divulged by Management |
|||||||||||||||||||||||||||
|
|
|
|||||||||||||||||||||||||||
|
Bankers : |
Scheduled Bank |
|||||||||||||||||||||||||||
|
|
|
|||||||||||||||||||||||||||
|
Facilities : |
|
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
Price Waterhouse Chartered Accountant |
|
Address : |
252, Veer Savarkar Marg, |
|
|
|
|
Holding Company : |
|
|
|
|
|
Fellow Subsidiaries : |
CARGOTEC
CORPORATION Cargotec Corporation, Sörnäisten rantatie
23 P.O. Box 61, FI-00501 Helsinki, Finland Personal email addresses: firstname.lastname@cargotec.com
|
CAPITAL STRUCTURE
AS ON 31.12.2009
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
25700000 |
Equity Shares |
Rs. 10 each |
Rs.257.000 millions |
|
2000000 |
15.75% Cumulative Convertible Preference Shares |
Rs. 10 each |
Rs. 20.000 millions |
[During the year, 10,000,000 Equity Shares of Rs. 10 each have been created pursuant to a resolution passed by
the shareholders at their meeting held on 26th February, 2009]
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
25059651 |
Equity Shares |
Rs. 10 each |
Rs.250.597 millions |
|
1981807 |
15.75% Cumulative Convertible Preference Shares |
Rs. 10 each |
Rs. 19.818 millions |
Notes:
(a) During the year, 10,000,000 Equity Shares of Rs. 10 each were
allotted at par pursuant to a resolution passed by the Board of Directors at
its meeting held on 16th February, 2009.
(b) Of the above, 13,049,651 Equity Shares were allotted as fully
paid-up pursuant to the Scheme of Amalgamation of Kalmar India Private Limited
and Cargotec Manufacturing India Private Limited with the company, without
payments being received in cash.
(c) Of the above, 1,981,807 15.75% Cumulative Convertible Preference
shares were allotted as fully paid-up pursuant to the Scheme of Amalgamation of
Kalmar India Private Limited and Cargotec Manufacturing India Private Limited
with the company, without payments being received in cash
(d) All the above shares are held by Cargotec Sweden AB, and its
nominee.
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.12.2009 |
31.12.2008 |
31.12.2007 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
270.415 |
170.415 |
0.100 |
|
|
2] Share Application Money |
100.000 |
100.000 |
20.000 |
|
|
3] Reserves & Surplus |
0.000 |
0.000 |
0.000 |
|
|
4] (Accumulated Losses) |
(253.590) |
(133.988) |
(7.732) |
|
|
NETWORTH |
116.825 |
136.427 |
12.368 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
0.000 |
0.656 |
0.000 |
|
|
2] Unsecured Loans |
297.916 |
150.255 |
4.213 |
|
|
TOTAL BORROWING |
297.916 |
150.911 |
4.213 |
|
|
DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.072 |
|
|
|
|
|
|
|
|
TOTAL |
414.741 |
287.338 |
16.653 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
185.824 |
201.526 |
0.509 |
|
|
Capital work-in-progress |
8.693 |
29.089 |
2.940 |
|
|
|
|
|
|
|
|
INVESTMENT |
0.000 |
0.001 |
0.000 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
204.041
|
260.664 |
20.385 |
|
|
Sundry Debtors |
125.873
|
112.011 |
0.000 |
|
|
Cash & Bank Balances |
2.031
|
1.837 |
0.028 |
|
|
Other Current Assets |
0.000 |
0.000 |
0.000 |
|
|
Loans & Advances |
97.714
|
77.581 |
6.999 |
|
Total
Current Assets |
429.659
|
452.093 |
27.412 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
147.152
|
330.825 |
13.048 |
|
|
Other Current Liabilities |
49.911
|
57.072 |
1.089 |
|
|
Provisions |
12.372
|
7.474 |
0.071 |
|
Total
Current Liabilities |
209.435
|
395.371 |
14.208 |
|
|
Net Current Assets |
220.224
|
56.722 |
13.204 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
414.741 |
287.338 |
16.653 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.12.2009 |
31.12.2008 |
31.12.2007 |
|
|
|
SALES |
|
|
|
|
|
|
|
Sales |
671.589 |
739.938 |
9.960 |
|
|
|
Other Income |
0.000 |
0.000 |
0.000 |
|
|
|
TOTAL (A) |
671.589 |
739.938 |
9.960 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Selling and Distribution Expenses |
|
|
|
|
|
|
Office Expenses |
731.378 |
821.330 |
17.378 |
|
|
|
Administrative Expenses |
|
|
|
|
|
|
Advertising Expenses |
|
|
|
|
|
|
TOTAL (B) |
731.378 |
821.330 |
17.378 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
(59.789) |
(81.392) |
(7.418) |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL EXPENSES (D) |
NA |
NA |
NA |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
(59.789) |
(81.392) |
(7.418) |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
58.324 |
43.311 |
0.041 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
(118.113) |
(124.703) |
(7.459) |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
NA |
NA |
NA |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
NA |
NA |
NA |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN FOREIGN
CURRENCY |
|
|
|
|
|
|
|
Operation and Maintenance Charges |
NA |
34.489 |
0.000 |
|
|
|
Commission Earnings |
NA |
12.800 |
1.682 |
|
|
|
Other Earnings |
NA |
2.614 |
0.000 |
|
|
TOTAL EARNINGS |
NA |
49.903 |
1.682 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
NA |
98.743 |
0.000 |
|
|
|
Stores & Spares |
NA |
81.075 |
3.227 |
|
|
|
Capital Goods |
NA |
26.439 |
0.000 |
|
|
|
Others |
NA |
29.125 |
18.732 |
|
|
TOTAL IMPORTS |
NA |
235.382 |
21.959 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
-- |
(8.81) |
-- |
|
KEY RATIOS
|
PARTICULARS |
|
31.12.2009 |
31.12.2008 |
31.12.2007 |
|
PAT / Total Income |
(%) |
NA
|
NA |
NA |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
(17.58)
|
(16.85) |
(74.88) |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
(19.19)
|
(19.07) |
(26.71) |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
(1.01)
|
(0.91) |
(0.60) |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
4.34
|
4.00 |
1.49 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
2.05
|
1.14 |
1.92 |
LOCAL AGENCY FURTHER INFORMATION
SUNDRY CREDITORS
DETAILS
Rs. In Millions
|
Particulars |
31.12.2009
|
31.12.2008 |
31.03.2007 |
|
|
|
|
|
|
Sundry Creditors |
147.152
|
330.825 |
13.048 |
BACKGROUND
Cargotec India Private Limited (the 'company') was incorporated on 14th February,
2007. The company is a subsidiary of Cargotec Sweden AB, a company Incorporated
In
On 3rd October, 2008, pursuant to a Scheme of
Amalgamation, the entire business and undertaking of Kalmar India Private
Limited and Cargotec Manufacturing India Private Limited has been transferred
to the company with retrospective effect from 1st January, 2008,
Note:
Registered office of the company has been shifted from 10B,
Peenya Industrial Area, II Phase,
FIXED ASSETS:
Intangible Assets
- Goodwlll
- Computer
Software
Tangible Assets
- Building
- Plant and
Machinery
- R and D
Design
- Computers
- Office
Equipment
- Furniture and
Fittings
- Leasehold
Improvements
- Vehicles
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts,
1] INFORMATION ON
DESIGNATED PARTY
No 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.44.04 |
|
|
1 |
Rs.72.20 |
|
Euro |
1 |
Rs.63.40 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
4 |
|
PAID-UP CAPITAL |
1~10 |
3 |
|
OPERATING SCALE |
1~10 |
4 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
3 |
|
--PROFITABILIRY |
1~10 |
2 |
|
--LIQUIDITY |
1~10 |
3 |
|
--LEVERAGE |
1~10 |
3 |
|
--RESERVES |
1~10 |
2 |
|
--CREDIT LINES |
1~10 |
3 |
|
--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 |
|
TOTAL |
|
27 |
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.