MIRA
INFORM REPORT
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Report Date : |
23.08.2011 |
IDENTIFICATION DETAILS
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Name : |
KONECRANES INDIA PRIVATE LIMITED |
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Registered Office : |
19, Level 2, |
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Country : |
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Financials (as on) : |
31.03.2010 |
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Date of Incorporation : |
05.02.2007 |
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Com. Reg. No.: |
25-130941 |
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Capital Investment
/ Paid-up Capital : |
Rs.20.000
Millions |
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CIN No.: [Company
Identification No.] |
U74999PN2007PTC130941 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
MUMK16472B |
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PAN No.: [Permanent
Account No.] |
AACCK9930E |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Manufacturer of Standard Duty Cranes, Light Lifting Cranes and certain
Heavy Duty Cranes with limited span / weight of steel structure. |
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No. of Employees
: |
120 Approximately |
RATING & COMMENTS
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MIRA’s Rating : |
Ca (14) |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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 |
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Status : |
Moderate |
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Payment Behaviour : |
Slow |
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Litigation : |
Clear |
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Comments : |
Subject is a subsidiary of KCI Cranes Holding ( The company can be considered for business dealings on a secured trade
terms and conditions. |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
INFORMATION PARTED BY (General Information)
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Name : |
Mr. Aniruddha |
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Designation : |
Accounts Manager |
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Contact No.: |
91-8600700494 |
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Date : |
20.08.2011 |
LOCATIONS
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Registered Office : |
19, Level 2, |
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Tel No.: |
91-20-40047470 |
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Mobile No.: |
91-8600700494 (Mr.Aniruddha) |
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Fax No.: |
91-20-40047475 |
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E-Mail : |
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Website : |
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Area : |
4000 sq. ft. |
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Location : |
Owned |
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Factory : |
AK – 230, Sector 2, |
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Tel. No. : |
91-9939308398 (Mr. Girish Kumar Poosarla) |
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Branch : |
GF 6, Amrapali Complex, Kareli Baug, Vododara – 390018, |
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Tel. No. : |
91-265-3010120 |
DIRECTORS
As on 30.09.2010
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Name : |
Mr. Mikko Uhari Johannes |
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Designation : |
Director |
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Address : |
Vuokontie 13, 13500 |
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Date of Birth/Age : |
08.05.1957 |
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Date of Appointment : |
05.02.2007 |
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Name : |
Ms. Sirpa Talikki Poitsalo |
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Designation : |
Director |
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Address : |
Kalliopurontie 21 B 12, 02920 |
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Date of Birth/Age : |
04.04.1963 |
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Date of Appointment : |
05.02.2007 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 30.09.2010
|
Names of Shareholders |
No. of Shares |
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Konecranes Finance Corporation ( |
100 |
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KCI Cranes Holding ( |
1999900 |
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Total |
2000000 |
Equity Share Breakup (Percentage of total Equity)
As on 30.09.2010
|
Category |
Percentage of
Holding |
|
Foreign holdings (Foreign institutional investor(s), Foreign
companie(s) Foreign fiancial institution(s), Non-resident Indian(s) or
Overseas corporate bodies or others |
100.00 |
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Total |
100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer of Standard Duty Cranes, Light Lifting Cranes and certain
Heavy Duty Cranes with limited span / weight of steel structure. |
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Imports : |
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Products : |
Raw Material |
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Countries : |
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Terms : |
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Selling : |
Cash and Credit (30 / 60 / 90 days) |
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Purchasing : |
L/C, Cash and Credit (30 / 60 / 90 days) |
GENERAL INFORMATION
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Customers : |
End Users |
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No. of Employees : |
120 (Approximately) |
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Bankers : |
Bank of India, Pune Branch, Maharashtra, India |
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Facilities : |
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Banking
Relations : |
--- |
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Auditors : |
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Name : |
J.K. Doshi and Company Chartered Accountant |
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Address : |
19, Ketan Bhavan, |
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Tel No : |
91-22-22820813 |
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Fax No. : |
91-22-22820917 |
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Holding Company : |
KCI Cranes Holding ( |
CAPITAL STRUCTURE
As on 30.09.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
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5000000 |
Equity Shares |
Rs.10/- Each |
Rs.50.000 Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
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|
2000000 |
Equity Shares |
Rs.10/- Each |
Rs.20.000
Millions |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
20.000 |
20.000 |
20.000 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
0.000 |
0.000 |
0.000 |
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4] (Accumulated Losses) |
(40.721) |
(15.391) |
(17.213) |
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NETWORTH |
(20.721) |
4.609 |
2.787 |
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LOAN FUNDS |
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1] Secured Loans |
0.000 |
0.000 |
0.000 |
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2] Unsecured Loans |
50.000 |
0.000 |
13.000 |
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TOTAL BORROWING |
50.000 |
0.000 |
13.000 |
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DEFERRED TAX LIABILITIES |
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|
0.000 |
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TOTAL |
29.279 |
4.609 |
15.787 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
31.540 |
34.943 |
8.250 |
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Capital work-in-progress |
1.556 |
0.000 |
0.000 |
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INVESTMENT |
0.000 |
0.000 |
0.000 |
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DEFERREX TAX ASSETS |
18.370 |
6.993 |
6.457 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
111.905
|
75.420 |
16.327 |
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Sundry Debtors |
102.307
|
126.113 |
43.776 |
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Cash & Bank Balances |
60.880
|
40.609 |
4.922 |
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Other Current Assets |
31.498
|
21.013 |
9.756 |
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Loans & Advances |
35.065
|
17.311 |
8.736 |
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Total
Current Assets |
341.655
|
280.466 |
83.517 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Sundry Creditors |
229.489 |
235.631 |
44.099 |
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Other Current Liabilities |
14.930
|
1.604 |
37.916 |
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Provisions |
119.423
|
80.558 |
0.422 |
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Total
Current Liabilities |
363.842
|
317.793 |
82.437 |
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Net Current Assets |
(22.187)
|
(37.327) |
1.080 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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TOTAL |
29.279 |
4.609 |
15.787 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
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SALES |
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Income |
NA |
NA |
65.054 |
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Other Income |
NA |
NA |
0.000 |
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TOTAL (A) |
NA |
NA |
65.054 |
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Less |
EXPENSES |
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Office Expenses |
NA |
NA |
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Administrative Expenses |
NA |
NA |
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Advertising Expenses |
NA |
NA |
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TOTAL (B) |
NA |
NA |
88.724 |
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PROFIT BEFORE
TAX (A-B) (C) |
(41.463) |
2.417 |
(23.670) |
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Less |
TAX (D) |
(16.129) |
0.595 |
0.000 |
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PROFIT AFTER TAX
(C-D) (E) |
(25.334) |
1.822 |
(23.670) |
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EARNINGS IN
FOREIGN CURRENCY |
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Design Services |
NA |
NA |
6.684 |
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Supervision Services |
NA |
NA |
0.413 |
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Other Services |
NA |
NA |
0.090 |
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TOTAL EARNINGS |
NA |
NA |
7.187 |
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IMPORTS |
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Raw Materials |
NA |
NA |
37.143 |
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Traded Goods |
NA |
NA |
0.862 |
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Fixed Assets |
NA |
NA |
0.047 |
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Salaries |
NA |
NA |
4.583 |
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Others |
NA |
NA |
0.150 |
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TOTAL IMPORTS |
NA |
NA |
42.785 |
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Earnings Per
Share (Rs.) |
- |
- |
(11.83) |
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KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
PAT / Total Income |
(%) |
-
|
- |
(36.39) |
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Net Profit Margin (PBT/Sales) |
(%) |
-
|
- |
(36.39) |
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Return on Total Assets (PBT/Total Assets} |
(%) |
-
|
- |
(25.79) |
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Return on Investment (ROI) (PBT/Networth) |
|
-
|
- |
(8.49) |
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Debt Equity Ratio (Total Liability/Networth) |
|
(19.97)
|
68.95 |
34.24 |
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Current Ratio (Current Asset/Current Liability) |
|
0.94
|
0.88 |
1.01 |
LOCAL AGENCY FURTHER INFORMATION
SUNDRY CREDITORS
DETAILS :
(Rs.
in Millions)
|
Particulars |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
Creditors for Raw Materials |
219.405 |
215.080 |
34.084 |
|
Creditors for Expenses |
10.084 |
20.551 |
10.015 |
|
Total |
229.489 |
235.631 |
44.099 |
CHANGE OF ADDRESS
:
The Registered address of the company has been shifted from 103,
Siddhivinayak Aurum,
PERFORMANCE :
The company embodies in itself, two business
areas :
- BUSINESS AREA EQUIPMENT
- BUSINESS AREA SERVICE
The performance details of the mentioned areas
are as folloews :
BUSINESS AREA EQUIPMENT offers pre-engineered
components, cranes and material handlinh solutions for various customer
segments that include smaller workshops, process industry, nuclear industry,
industries handling heavy loads, ports, shipyards and bulk material terminals.
Business units under BUSINESS AREA EQUIPMENT
are Heavy Duty Cranes (HDC), Standard Duty Cranes (SDC), Workstation Lifting
Solutions (WLS), Lift Trucks, Shipyard Cranes, Ship to Shore Cranes (STS),
Rubber Tyred Gantry Cranes (RTG) and Nuclear Cranes.
There were recessionary trends for the first
quarter, but the order flow increased from the second quarter onwards and the
business sentiments were good throughout the year. In FY 209-2010, the company
expanded its customer got 20 new customers. The market coverage was increased
by pooling in more resources in the sales resources hired in Kolkata, Pune and
Vadodara.
The first process cranes order were received
from Bhushan Steel Limited Toyota Kirloskar. In the standard industrial cranes
segment, substantial orders were received from NSSL Limited, Control Components
India Private Limited, Asia Motor Works and Areva T and D.
In the area of Reach Stackers, the company
received a prestigious order from Concor for 27 RSTs, which was booked by
Konecranes
BUSINESS AREA SERVICE offers service and
maintenance solutions for all industrial crane brands, port equipment and
machine tools. Its core business area emphasizes on Inspections, preventive
maintenance programs, repairs, improvements, on-call services, spare parts,
modernizations, special services such as operational services and consultation.
Business units under BUSINESS AREA SERVICE are
Cranes services, spare parts, modernizations, Machine Tools Services (MTS),
Lift Trucks Service.
Recessionary trends were also seen in this area, but it
moved out of the downward loop quite swiftly and the order flow was good
throughout the year. In FY 2009-2010, 'BUSINESS AREA SERVICE' recorded
significant orders from all sectors with sizable increase in the contract base.
The market coverage was increased by hiring of operatives
and setting up of the service branch at Vadodara (
FIXED ASSETS :
- Prefabricated Building
- Factory Tools and Equipment
- Factory Plant and Machinery
- Theidolite
- Air Conditioner
- Telephone and Mobiles
- Crane 5 T
- Crane 7.5T
- Manufacturing Bed
- Test load
- Generator
- Welding Machine
- Camera
- Office Equipment
- Transformer
- Furniture and Fixture
- Electric Installation
- Computer and Equipment
- Computer Software
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts,
1] INFORMATION ON
DESIGNATED PARTY
No exist designating subject or any of its beneficial owners,
controlling shareholders or senior officers as terrorist or terrorist
organization or whom notice had been received that all financial transactions
involving their assets have been blocked or convicted, found guilty or against
whom a judgement or order had been entered in a proceedings for violating
money-laundering, anti-corruption or bribery or international economic or
anti-terrorism sanction laws or whose assets were seized, blocked, frozen or
ordered forfeited for violation of money laundering or international
anti-terrorism laws.
2] Court Declaration :
No 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.45.95 |
|
|
1 |
Rs.75.76 |
|
Euro |
1 |
Rs.66.01 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
3 |
|
PAID-UP CAPITAL |
1~10 |
2 |
|
OPERATING SCALE |
1~10 |
2 |
|
FINANCIAL CONDITION |
|
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|
--BUSINESS SCALE |
1~10 |
2 |
|
--PROFITABILIRY |
1~10 |
2 |
|
--LIQUIDITY |
1~10 |
1 |
|
--LEVERAGE |
1~10 |
1 |
|
--RESERVES |
1~10 |
- |
|
--CREDIT LINES |
1~10 |
1 |
|
--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 |
|
14 |
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.