MIRA
INFORM REPORT
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Report Date : |
15.12.2011 |
IDENTIFICATION DETAILS
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Name : |
CLAAS INDIA PRIVATE LIMITED (w.e.f. 11.11.2008) |
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Formerly Known
As : |
CLAAS INDIA LIMITED |
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Registered
Office : |
A-39, First Floor, New Friends Colony, New Delhi – 110025 |
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Country : |
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Financials (as
on) : |
30.09.2010 |
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Date of
Incorporation : |
05.12.1990 |
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Com. Reg. No.: |
55-042278 |
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Capital
Investment / Paid-up Capital : |
Rs.391.460 Millions |
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CIN No.: [Company Identification
No.] |
U74999DL1990PTC042278 |
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TAN No.: [Tax Deduction &
Collection Account No.] |
DELC07550E |
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PAN No.: [Permanent Account No.] |
AAACE0762A |
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Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Manufacturer of Compact Multi-Crop Combine Harvesters. |
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No. of Employees
: |
Not Available |
RATING & COMMENTS
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MIRA’s Rating : |
Ba (50) |
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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 3600000 |
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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 an company having satisfactory track. The company is doing
well. Trade relations are reported as fair. Business is active. Payments are
reported to be usually correct and as per commitments. The company can be considered normal for business dealings ate usual
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.
ECGC Country Risk Classification List – September 30, 2011
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Country Name |
Previous Rating (30.06.2011) |
Current Rating (30.09.2011) |
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A1 |
A1 |
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Risk Category |
ECGC Classification |
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Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
LOCATIONS
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Registered Office : |
A-39, First Floor, New Friends Colony, New Delhi – 110025, India |
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Tel. No.: |
Not Available |
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Fax No.: |
Not Available |
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E-Mail : |
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Website : |
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Corporate Office / Factory 1 : |
15/3
Mathura Road, Faridabad -
121003, Haryana |
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Tel. No.: |
91-129-4297000 / 2270660 |
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Fax No.: |
91-129-4027464 |
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Factory 2 : |
Village
Marauli Kalan, Morinda By-Pass NH-95, Morinda – 140101, District Ropar,
Punjab |
DIRECTORS
As on 31.03.2011
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Name : |
Mr. Pradeep Kumar Malik |
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Designation : |
Managing Director |
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Address : |
A-39, First Floor, New Friends Colony, New Delhi – 110025, India |
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Date of Birth/Age : |
29.07.1952 |
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Date of Appointment : |
02.10.1997 |
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DIN No.: |
00480002 |
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Name : |
Mr. Walter Kissinger |
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Designation : |
Director |
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Address : |
Blemenweg 22 74193 Schwaigern, Germany |
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Date of Birth/Age : |
04.09.1949 |
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Date of Appointment : |
31.03.2007 |
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DIN No.: |
00075362 |
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Name : |
Mr. Lothar Herbert Kriszun |
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Designation : |
Director |
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Address : |
Arndtstr 17 33330 Gutersloh, Germany |
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Date of Birth/Age : |
08.07.1952 |
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Date of Appointment : |
28.10.2002 |
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DIN No.: |
01151450 |
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Name : |
Mr. Jab Hendrik Mohr |
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Designation : |
Director |
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Address : |
Sudwiese 1 48361, Beelen, Germany |
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Date of Birth/Age : |
03.02.1964 |
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Date of Appointment : |
29.11.2006 |
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DIN No.: |
01221580 |
KEY EXECUTIVES
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Name : |
Mr. Kanwaljit Kaur Kalsi |
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Designation : |
Secretary |
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Address : |
House No.166, Phase XI, Mohali – 160065, Punjab, India |
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Date of Birth/Age : |
12.01.1980 |
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Date of Appointment : |
27.01.2010 |
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PAN No.: |
AQZPK6581F |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 31.03.2011
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Names of Shareholders |
Address |
Preference
Shares |
Equity Shares |
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No. of Shares |
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CLAAS KGaA mbH Germany |
Munstersta Be 33, 33428, Harsewinkel, Germany |
-- |
13999664 |
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CLAAS KGaA mbH and CLAAS France Holding SAS I.G. |
Munstersta Be 33, 33428, Harsewinkel, Germany |
-- |
56 |
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Avenue Du Parc Medicis F-94260, Fresnes Cedex, France |
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CLAAS KGaA mbH and CLAAS Fetigungstechick GmbH |
Munstersta Be 33, 33428, Harsewinkel, Germany |
-- |
56 |
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Dieslstra Be 6 48361, Beelen Germany |
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CLAAS KGaA mbH and CLAAS Sellbsttahrende Emtemaschinen GmbH |
Munstersta Be 33, 33428, Harsewinkel, Germany |
-- |
56 |
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Munstersta Be 33, 33428, Harsewinkel, Germany |
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CLAAS KGaA mbH and CLAAS Industrietechnik GmbH |
Munstersta Be 33, 33428, Harsewinkel, Germany |
-- |
56 |
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Halberstadtr Str 15-19, D-33106, Pederborn, Germany |
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CLAAS KGaA mbH and CLAAS Verrebsgesellschaft GmbH |
Munstersta Be 33, 33428, Harsewinkel, Germany |
-- |
56 |
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Munstersta Be 33, 33428, Harsewinkel, Germany |
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CLAAS KGaA mbH and CLAAS Saulgav GmbH |
Munstersta Be 33, 33428, Harsewinkel, Germany |
-- |
56 |
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Josef-Bautz Str 6 D-88348, Bad. Saukgav, Germany |
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CLAAS KGaA mbH Germany |
Munstersta Be 33, 33428, Harsewinkel, Germany |
2000000 |
-- |
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CLAAS KGaA mbH Germany |
Munstersta Be 33, 33428, Harsewinkel, Germany |
23146000 |
-- |
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Total |
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25146000 |
14000000 |
As on 30.03.2011
Equity Share Break up (Percentage of Total Equity)
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Category |
Percentage |
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Foreign holdings( Foreign institutional
investor(s), Foreign companie(s) Foreign financial 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 Compact Multi-Crop Combine Harvesters. |
GENERAL INFORMATION
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No. of Employees : |
Not Available |
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Bankers : |
Not Available |
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Facilities : |
Note ; 1.
In respect of overdraft from bank amount due
within one year Rs.3.531 Millions (Previous year Rs.12.911 Millions) 2.
The company has taken loan of Rs.86.975 Millions Class
KFaA mbH, Germany. The loan is repayable in installments commencing from
September 30, 2010 with interest payable at the end of each year. Amount due
within one year Rs.4.950 (Previous year Rs.4.775 Millions). Maximum amount
due at any time during the year is Rs.528.895 Millions (previous year 528.895
Millions) |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
Deloitte Haskins and Sell Chartered Accountants |
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Address : |
7th Floor, Building 10, Tower B, DLF Cyber City Complex, DLF City,
Phase II, Gurgaon – 122002, Haryana, India |
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PAN.: |
AABFD2095N |
CAPITAL STRUCTURE
As on 30.09.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
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14000000 |
Equity Shares |
Rs.10/- each |
Rs.140.000 Millions |
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2000000 |
10% Cumulative Redeemable Preferences Shares |
Rs.10/- each |
Rs.20.000 Millions |
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26000000 |
1% Non- Cumulative Redeemable Preferences Shares |
Rs.10/- each |
Rs.260.000 Millions |
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Total |
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Rs.420.000
Millions |
Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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14000000 |
Equity Shares |
Rs.10/- each |
Rs.140.000 Millions |
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25146000 |
1% Non- Cumulative Redeemable Preferences Shares |
Rs.10/- each |
Rs.251.460 Millions |
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Total |
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Rs.391.460 Millions |
Note:
Of the above equity shares 17000000 shares of
Rs.10 each were allotted as fully paid up bonus shares by capitalization of Capital
Redemption Reserve.
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
30.09.2010 |
30.09.2009 |
30.09.2008 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
391.460 |
391.460 |
391.460 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
520.148 |
221.546 |
106.423 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
911.608 |
613.006 |
497.883 |
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LOAN FUNDS |
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1] Secured Loans |
0.000 |
0.000 |
0.00 |
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2] Unsecured Loans |
389.936 |
541.806 |
480.647 |
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TOTAL BORROWING |
389.936 |
541.806 |
480.647 |
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DEFERRED TAX LIABILITIES |
12.145 |
27.365 |
16.530 |
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TOTAL |
1313.689 |
1182.177 |
995.060 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
932.284 |
890.442 |
696.730 |
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Capital work-in-progress |
0.000 |
2.121 |
2.808 |
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Capital Advance |
18.992 |
30.674 |
62.238 |
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INVESTMENT |
0.103 |
0.000 |
0.000 |
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DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
642.652
|
553.746 |
381.182 |
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Sundry Debtors |
209.786
|
24.980 |
77.750 |
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Cash & Bank Balances |
46.165
|
373.818 |
248.399 |
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Other Current Assets |
5.634
|
8.236 |
0.634 |
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Loans & Advances |
70.312
|
62.497 |
82.665 |
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Total
Current Assets |
974.549
|
1023.277 |
790.630 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Sundry Creditors |
361.968
|
299.305 |
263.523 |
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Other Current Liabilities |
151.358
|
450.854 |
286.343 |
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Provisions |
98.913
|
14.178 |
7.480 |
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Total
Current Liabilities |
612.239
|
764.337 |
557.346 |
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Net Current Assets |
362.310
|
258.940 |
233.284 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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TOTAL |
1313.689 |
1182.177 |
995.60 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
30.09.2010 |
30.09.2009 |
30.09.2008 |
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SALES |
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Income |
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Other Income |
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TOTAL (A) |
2618.209 |
2138.961 |
1247.941 |
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Less |
EXPENSES |
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Office Expenses |
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Administrative Expenses |
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Advertising Expenses |
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TOTAL (B) |
2020.085 |
1807.222 |
1152.325 |
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Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
598.124 |
331.739 |
95.616 |
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Less |
FINANCIAL
EXPENSES (D) |
14.129 |
36.665 |
7.286 |
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PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
583.995 |
295.074 |
88.330 |
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Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
124.924 |
114.003 |
37.290 |
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PROFIT BEFORE
TAX (E-F) (G) |
459.071 |
181.071 |
51.040 |
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Less |
TAX (H) |
160.471 |
65.949 |
21.376 |
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PROFIT AFTER TAX
(G-H) (I) |
298.600 |
115.122 |
29.664 |
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Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
217.402 |
102.280 |
72.616 |
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BALANCE CARRIED
TO THE B/S |
516.002 |
217.402 |
102.280 |
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TOTAL EARNINGS |
207.885 |
168.413 |
266.321 |
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Earnings Per
Share (Rs.) |
7.63 |
2.94 |
0.76 |
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KEY RATIOS
|
PARTICULARS |
|
30.09.2010 |
30.09.2009 |
30.09.2008 |
|
PAT / Total Income |
(%) |
11.40
|
5.38 |
2.38 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
28.79
|
9.46 |
3.02 |
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Return on Investment (ROI) (PBT/Networth) |
|
0.50
|
0.30 |
0.10 |
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Debt Equity Ratio (Total Liability/Networth) |
|
1.10
|
2.13 |
2.08 |
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Current Ratio (Current Asset/Current Liability) |
|
1.59
|
1.34 |
1.42 |
LOCAL AGENCY FURTHER INFORMATION
FINANCIAL RESULTS:
Financial Year 2009-10
has been fruitful year for the company with further momentum in improving
operational efficiencies, reduction of cost, shifting of production of from
Faridabad to Morinda. During the year, the company delivered 4000 CROP TIGER
Terra Trac on 7th April, 2010 and achieved the turnover of Rs.
2618.209 Millions and profit before tax of Rs. 459.071 Millions, registering
growth of 22% and 154% respectively over the previous year. Your company
recorded net profit after tax (PAT) of Rs. 298.600 Millions, an increase of
159%.
PERFORMANCE:
The
Company grew incredibly over the last two Business Years. As planned, the
Company shifted its entire production from Faridabad, Haryana to Morinda,
Punjab in the Business year 2010. With the shifting to new plant, the production
of machines grew to 1019.
The
Directors are further please to inform the shareholders of the Company that
turnover of the Company grew by more than 100% in BY 2010 from BY 2008. The
Earning per share increased from Rs. 2.12 in BY 2008 to Rs. 21.33 in BY 2010.
NOTE:
The registered office has been shifted from MCT House I, 3rd
Floor, Block A, Okhla Centre, Okhla Industrial Area, New Delhi – 110025, India”
to the present address w.e.f. 11.01.2008
FIXED ASSETS:
·
Land
·
Building
·
Plant and Machinery
·
Computers
·
Software
·
Office Equipments
·
Furniture and Fixtures
·
Vehicles
WEBSITE DETAILS:
Milestones
1913 Business
established by August Claas at Clarholz, Westphalia
1914 August,
Franz jun. and Bernhard Claas found the firm of Gebr. CLAAS
1919 Move
to Harsewinkel. Manufacture of straw binders
1921 First
CLAAS patent for a knotter for efficient straw binding
1930 Start
of development of the first combine harvester (specially suited to the specific
conditions of harvesting in Europe) )
1931 Production
of the first straw balers.
1936 CLAAS
markets the first combine harvester built in and for Europe
1937 Volume
production of trailed combine harvester starts (reaper-binder)
1946 Construction
of the first self-propelled combine harvester
1953 Construction
of the first self-propelled combine harvester
1956 Paderborn
factory opened
1962 Production
starts at the new baler factory at Metz, France
1968 Launch
of CLAAS engineering for production at Harsewinkel
1969 Range
expands to include green harvest machinery at Saulgau (takeover of the Josef
Bautz agri- cultural machinery factory)
1970 Market
launch of the CLAAS Dominator 80, introducing the most successful series of
combine harvesters the world has ever seen.
1971 Development
of a pick-up sugar cane harvester
1973 Presentation
of the first self- propelled forage harvester
1976 ROLLANT,
the first CLAAS round baler
1983 New
range of JAGUAR self-propelled forage harvesters
1986 Establishment
of the CLAAS Vertriebsgesellschaft sales company (CVG).
1988 QUADRANT,
the first CLAAS large-square baler
1992 CLAAS
engineering for production at the new Beelen factory, Westphalia
1994 Start
of development of AGROCOM (electronic, satellite-assisted agricultural
information system)
1995 Launch
of the LEXION large combine harvester (the most powerful combine harvester in
the world, capable of harvesting up to 40 tonnes of grain in one hour)
1996 Conversion
of the Harsewinkel, Paderborn and Metz plants into independent product
companies
1997 Takeover
of a new plant at Törökszentmiklos, Hungary
1998 Establishment
of the AGROCOM GmbH & Co. Agrarsysteme KG limited partnership for
agricultural information systems and farm management software.
1999 Establishment
of the CLAAS agricultural technology careers foundation (CLAAS Stiftung zur
Förderung des landtechnischen Nachwuchses). Construction of a new combine
harvester plant in Omaha, Nebraska, USA. Establishment of CLAAS Financial
Services S.A.S. (CFS).
2000 New
parts logistics centre at Hamm-Uentrop becomes operational
2001 Laying
of the foundation stone for the brand-new factory building and plant conversion
at Harsewinkel. At € 55 million, this is the biggest-ever corporate investment.
2002 Takeover
of Brötje Automation GmbH by CLAAS Fertigungstechnik GmbH (CFT).
2003 CLAAS
expands its product range with tractors through the acquisition of a majority
stake in RENAULT Agriculture. Combine number 400,000 - a LEXION 480 - leaves
the plant in Harsewinkel
2004 JAGUAR's
anniversary: the 20.000th forage harvester leaves the assembly line with a
special coat of lacquer. The CLAAS tractor is on the road to success in
Germany. The 1000th tractor is handed over during the
"Zentralwirtschaftsfest" in Munich.
2005 Opening
of the combine factory in Krasnodar, South-Russia. A new class is defined with
the LEXION 600.
2006 With
the AXION CLAAS sets new standards for performance and comfort. Formation of
the new CLAAS sales company in Moscow.
2007 Unveiling
of the new TUCANO combine harvester, a premium machine in the upper-middle
segment with all the performance features of the LEXION class. Laying of the
foundation stone of a second combine harvester plant in India, at Chandigarh.
2008 RENAULT Agriculture now 100% CLAAS.
Inauguration of the Crop Tiger plant in Chandigarh, India. Inauguration of the
TECHNOPARC in Krasnodar, Russia.
CLAAS launches the AXOS, a versatile tractor
in the power range up to 100 hp.
2009 Introduction
of the new compact-class AVERO combine harvester.
New XERION 5000 tops 500 hp. CLAAS Agrosystems
brings together the electronics expertise of the CLAAS Group. Formation of a
new CLAAS sales company in Poland.
2010 The
1000th XERION rolls off the production line, with a special white paint finish to
mark the occasion. Opening of the new technology centre in Harsewinkel.
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.53.58 |
|
|
1 |
Rs.82.97 |
|
Euro |
1 |
Rs.69.89 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
6 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILIRY |
1~10 |
6 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
6 |
|
--CREDIT LINES |
1~10 |
5 |
|
--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 |
|
50 |
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.