%20PRIVATE%20LIMITED%20-%20132455%2025-Feb-2011_files/image002.jpg){kind=small}
MIRA
INFORM REPORT
|
Report Date : |
25.02.2011 |
Note:
Registered office of the company has been shifted from Demag Centre,
S-255/2, Hinjewadi, Pune-411057,
IDENTIFICATION DETAILS
|
Name : |
DEMAG CRANES AND COMPONENTS (INDIA) PRIVATE LIMITED (w.e.f December
2001) |
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Formerly Known As : |
MANNESMANN DEMATIC [ |
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Registered Office : |
Gat No.330, 332, 333, 334, Nanekarwadi, Chakan, Khed,
Pune-410 501, |
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Country : |
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Financials (as on) : |
31.03.2010 |
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Date of Incorporation : |
16.07.1997 |
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Com. Reg. No.: |
11-109449 |
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CIN No.: [Company
Identification No.] |
U29299MH1997PTC109449 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
PNED03871A |
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Legal Form : |
Private limited liability company |
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Line of Business : |
Manufacturer of Magnetic Appliances |
RATING & COMMENTS
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MIRA’s Rating : |
Ba (47) |
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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 600000 |
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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 established company having satisfactory track. 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 at usual trade
terms and conditions. Latest Profit and Loss of the company is not available. |
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) |
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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 |
INFORMATION PARTED BY
|
Name : |
Mr. Samir Ashta |
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Designation : |
Chief Financial Officer |
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Contact No.: |
91-2135-641200 |
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Date : |
23.02.2011 |
LOCATIONS
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Registered/ Head Office/ Factory : |
Gat No.330, 332, 333, 334, Nanekarwadi, Chakan, Khed,
Pune-410 501, |
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Tel. No.: |
91-2135-614200 |
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Fax No.: |
91-2135-614300 |
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E-Mail : |
nilesh.jajodia@demagcranes.co.in
rajesh.kalyanasundaram@demagcranes.co.in
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Website : |
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Area : |
5000 sq.ft (approximately) |
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Location : |
Rented |
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Regional Offices: |
Located at: · Pune ·
· Chennai ·
· Kolkata · Ahmedabad |
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Sales and Services
Offices: |
Located at: ·
·
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Branches : |
Located at:
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DIRECTORS
As on 30.11.2010
|
Name : |
Mr. Klaus Peter Hoffmann |
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Designation : |
Director |
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Address : |
Thueriengerweg, 20, Schwerte, Germany-58239 |
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Date of Birth/Age : |
29.04.1962 |
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Date of Appointment : |
13.06.2008 |
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DIN No. : |
02959898 |
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Name : |
Mr. Chandra Shekhar Mathur |
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Designation : |
Director |
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Address : |
A-12, Nizamuddin (East), |
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Date of Birth/Age : |
10.02.1951 |
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Date of Appointment : |
16.07.1997 |
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DIN No. : |
00003232 |
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Name : |
Mr. Suhas Gangadhar Baxi |
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Designation : |
Director |
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Address : |
H5/503, |
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Date of Birth/Age : |
30.11.1966 |
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Date of Appointment : |
31.08.2006 |
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DIN No. : |
00649689 |
KEY EXECUTIVES
|
Name : |
Mr. Samir Ashta |
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Designation : |
Chief Financial Officer |
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Name : |
Ms. Pooja Hemant Pandya |
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Designation : |
Company Secretary |
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Address : |
403 Building B Chitrakut Society Model Colony, Pune – 411016, |
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Date of Birth/Age : |
20.10.1984 |
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Date of Appointment : |
14.10.2010 |
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Pan No. : |
ATGPP5018G |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 30.11.2010
|
Names of Shareholders |
|
No. of Shares |
|
Demag Cranes and Components GmbH – |
|
299999 |
|
DCC Holdco 5 (FUNF) Gmbh – |
|
1 |
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Total |
|
300000 |
As on 30.11.2010
|
Category |
Percentage |
|
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 Magnetic Appliances |
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Exports : |
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Products : |
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Countries : |
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Imports : |
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Products : |
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Countries : |
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Terms : |
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Selling : |
L/C, Cash and Credit: 30/60/90 Days |
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Purchasing : |
L/C, Cash and Credit: 30/60/90 Days |
PRODUCTION STATUS (As on 31.03.2010)
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Particulars |
Unit |
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Actual
Production |
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EOT Process Cranes |
Nos. |
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21 |
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EOT Cranes |
Nos. |
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328 |
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JIB Cranes |
Nos. |
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90 |
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KBK Cranes |
Nos. |
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329 |
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Chain Hoist |
Nos. |
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314 |
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Drives / Motors |
Nos. |
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300 |
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Others |
Nos. |
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** |
GENERAL INFORMATION
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Customers : |
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No. of Employees : |
350 (approximately) |
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Bankers : |
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Facilities : |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
Deloitte Haskins and Sells, Chartered Accountants |
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Address : |
706, ‘B’ wing, 7th Floor, ICC Trade Tower, International
Convention Centre Senapati Bapat Road, Pune-411016, Maharashtra, India |
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Tel No.: |
91-20-66244600 |
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Fax No.: |
91-20-66244605 |
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Pan No.: |
AACFD4815A |
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Ultimate Holding Company : |
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Holding Company : |
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Fellow Subsidiaries : |
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Relatives of key management personnel : |
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CAPITAL STRUCTURE
As on 31.03.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
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|
|
|
|
300000 |
Equity Shares |
Rs.100/- each |
Rs.30.000 millions |
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Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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|
300000 |
Equity Shares |
Rs.100/- each |
Rs.30.000 millions |
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NOTE:
Of the above 300000 (Previous 300000 shares)
shares of Rs. 100 each are held by Demag Cranes and Components GmbH, (Formerly
known as Mannesmann Dematic AG,
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 |
30.000 |
30.000 |
30.000 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
121.977 |
187.764 |
177.045 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
151.977 |
217.764 |
207.045 |
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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 |
278.186 |
104.360 |
0.000 |
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TOTAL BORROWING |
278.186 |
104.360 |
0.000 |
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DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
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TOTAL |
430.163 |
322.124 |
207.045 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
136.938 |
130.009 |
37.757 |
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Capital work-in-progress |
24.162 |
2.158 |
4.947 |
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INVESTMENT |
0.000 |
0.000 |
0.000 |
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DEFERREX TAX ASSETS |
23.429 |
3.682 |
3.950 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
368.780
|
266.383
|
123.850
|
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Sundry Debtors |
521.392
|
650.294
|
273.948
|
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Cash & Bank Balances |
128.847
|
26.256
|
196.420
|
|
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Other Current Assets |
0.000
|
0.000
|
0.916
|
|
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Loans & Advances |
247.870
|
159.924
|
172.414
|
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Total
Current Assets |
1266.889
|
1102.857
|
767.548
|
|
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Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
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Sundry Creditors |
906.834 |
817.825 |
378.421 |
|
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Other Current Liabilities |
77.953
|
71.258
|
108.187
|
|
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Provisions |
36.468
|
27.499
|
120.549
|
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Total
Current Liabilities |
1021.255
|
916.582
|
607.157
|
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Net Current Assets |
245.634
|
186.275
|
160.391
|
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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|
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TOTAL |
430.163 |
322.124 |
207.045 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
|
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SALES |
|
|
|
|
|
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Income |
|
1701.906 |
1190.365 |
|
|
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Other Income |
|
14.799 |
18.992 |
|
|
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TOTAL (A) |
|
1716.705 |
1209.357 |
|
|
|
|
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Less |
EXPENSES |
|
|
|
|
|
|
|
Manufacturing Expenses |
|
|
166.917 |
|
|
|
Cost of Material |
|
|
866.796 |
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|
|
Employees Remuneration and benefits |
|
1680.828
(Including Financial Expenses) |
76.800 |
|
|
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TOTAL (B) |
|
|
1110.513 |
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|
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Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
|
|
98.844 |
|
|
|
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|
|
|
|
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Less |
FINANCIAL
EXPENSES (D) |
|
|
4.761 |
|
|
|
|
|
|
|
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|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
|
35.877 |
94.083 |
|
|
|
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Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
|
13.941 |
4.981 |
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PROFIT BEFORE
TAX (E-F) (G) |
NA |
21.936 |
89.102 |
|
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|
|
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|
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Less |
TAX (H) |
|
11.217 |
33.501 |
|
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|
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|
PROFIT AFTER TAX
(G-H) (I) |
|
10.719 |
55.601 |
|
|
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Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
|
177.044 |
121.443 |
|
|
|
|
|
|
|
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|
BALANCE CARRIED
TO THE B/S |
|
187.763 |
177.044 |
|
|
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|
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|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
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|
Agency Commission |
4.241 |
9.455 |
1.599 |
|
|
|
Service Charges |
32.369 |
28.064 |
10.139 |
|
|
|
Reimbursement Expenses |
16.73 |
15.728 |
7.184 |
|
|
|
Export Earnings |
0.518 |
75.517 |
7.184 |
|
|
TOTAL EARNINGS |
53.858 |
128.764 |
26.106 |
|
|
|
|
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IMPORTS |
|
|
|
|
|
|
|
Material handling equipment and spares |
559.371 |
847.973 |
641.121 |
|
|
|
Capital Goods |
0.000 |
1.292 |
2.023 |
|
|
TOTAL IMPORTS |
559.371 |
849.265 |
643.144 |
|
|
|
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|
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|
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|
Earnings Per Share
(Rs.) |
NA |
35.73 |
185.34 |
|
%20PRIVATE%20LIMITED%20-%20132455%2025-Feb-2011_files/image003.gif){kind=small}
%20PRIVATE%20LIMITED%20-%20132455%2025-Feb-2011_files/image004.gif){kind=small}
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Particulars |
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|
31.03.2010 |
|
Sales Turnover (approximately) |
|
|
1710.000 |
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Expected Sales (2010-2011) : Rs. 1500.000 Millions
KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
PAT / Total Income |
(%) |
NA
|
0.62
|
4.60
|
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
NA
|
1.29
|
7.49
|
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|
Return on Total Assets (PBT/Total Assets} |
(%) |
NA
|
1.08
|
11.06
|
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Return on Investment (ROI) (PBT/Networth) |
|
NA
|
0.10
|
0.43
|
|
|
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|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
8.55
|
4.69
|
2.93
|
|
|
|
|
|
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Current Ratio (Current Asset/Current Liability) |
|
1.24
|
1.20
|
1.26
|
LOCAL AGENCY FURTHER INFORMATION
BACKGROUND
Subject was
incorporated in
The accompanying
financial statements reflect the results of the activities undertaken by the
Company during the year ended 31.03.2010.
Bankers Charges
Report as per Registry
|
Name of the company |
Mannesmann
Demactic ( |
|
Presented By |
ABN AMRO BANK N.V. |
|
1) Date and description of instrument creating the change |
Facility cum Hypothecation agreement dated 19.10.1998 |
|
2) Amount secured by the charge/amount owing on the securities of charge |
Rs.30.000 millions |
|
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 |
The whole of the current assets of the borrower namely, stocks of raw materials, stocks in process, semi finished and finished goods, stores and spares not relating to plant and machinery, bills receivables and book debts and all other movables, both present and future whether now lying lose or in cases or which are now ling r stored in or about or shall hereinafter from time to Time during the continuance of the security of these present be brought into or upon or be stored or be in or about of the Borrower’s factories, premises and godowns situated tat Pune in the state of Maharashtra or wherever else the same may be or held in by any party to the order or disposition of the borrower or in the course of transit or on in high seas or an order or deliver, in the course of transit or on in high seas or an order or delivery, however and where ever in the possession of the borrower and either by way of substitution or addition. |
|
4) Gist of the terms and conditions and extent and operation of the charge. |
First charge on all the borrower’s current assets to secure the credit facilities to the extent of granted to the company.
Cash credit : CC/OD/Bills Discounted Prime lending rate (currently 16% p.a.)
Letters of Credit/ Guarantees : L/Cs – as per standard rates Guarantees -1% p.a. |
|
5) Name and Address and description of the person entitled to the charge. |
ABN Amro Bank 327, M Pune-411001 |
|
6) Date and brief description of instrument modifying the charge |
Not Applicable |
|
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. |
Not Applicable |
Contingent
Liabilities:
Rs. In Millions
|
Particulars
|
31.03.2010 |
|
Guarantees issued by the company’s bankers for advances
received by the company from customers and performance guarantees to
customers** |
236.960 |
|
Disputed income tax liability * |
-- |
** these guarantees are secured by a corporate guarantee
given by the holding company
* During the year, the company has provided for disputed
income tax liabilities amounting to Rs. 21.751 millions in the books of accounts.
FIXED ASSETS
- Leasehold improvements
- Plant and machinery
- Furniture’s and fixtures
- Computer
- Office equipment
- Vehicles
- Computer software
AS PER WEBSITE
Profile:
With the comprehensive product range of its two Cranes and Handling
Technology/Drives business units, Demag Cranes and Components provides special
solutions in various industries for travel applications, ergonomics and load
handling at the workplace and material flow in production and storage. The
third business unit is dedicated to Service and ensures the economical use of
Demag products with its complete range of services, and thus also lasting
customer satisfaction. Complete control of their own products and understanding
the customer's processes, speaking the customer's language and finding the best
solutions together, are the commitment resulting from a company history going
back more than 180 years.
Cranes and components expertise
History is based on facts and history results in change. The
history of subject began in 1819 with the establishment of Mechanische
Werkstätten Harkort and Company in Wetter an der Ruhr. The company already
started manufacturing overhead travelling cranes in 1840, concentrating on the
production of cranes and crane components at an early date, also including
hoist units with an electric drive since 1910.
Today, subject is a global player with locations in
History
|
1819 |
Establishment of Mechanische
Werkstätten |
|
1840 |
Start of overhead travelling
crane production. |
|
1910 |
Start of production of hoists
with electric motors. |
|
1939 |
Establishment of Demag Zug
GmbH in Wetter. |
|
1953 |
Start of production of mobile cranes
in Wetter (until 1969). |
|
1961 |
Establishment of Bad
Bergzabern plant for the productiion of electric chain hoists and electrical
components. |
|
1962 |
Take-over of electric motor
manufacturer Conz in |
|
1963 |
Start of series crane
production. |
|
1970 |
Establishment of Demag
Systemtechnik GmbH in |
|
1983 |
Establishment of the Uslar plant
for production of brake motors. |
|
1988 |
Participation in Mechanical
Handling Engineering Limited |
|
1990 |
Start of crane production at
the Luisenthal plant in |
|
1991 |
Acquisition of Hans Fehr AG in
|
|
1992 |
Re-organisation of the Demag
group |
|
1994 |
Establishment of Mannesmann Dematic
Company Limited, |
|
1996 |
Take-over of the Mobile Cranes
Division |
|
1997 |
Company name changed to Mannesmann
Dematic AG, Wetter. |
|
1998 |
Establishment of Mannesmann
Dematic (Middle East), |
|
1999 |
Acquisition of Zasche GmbH,
Nördlingen. |
|
2000 |
Mannesmann Dematic becomes
part of the |
|
2001 |
Atecs Mannesmann AG is taken
over by Siemens AG and Bosch GmbH |
|
2002 |
Demag Cranes and Components is
taken over by a Joint Venture between Siemens (19%) and Kohlberg Kravis
Roberts (81%) |
|
2006 |
Consolidation of Demag Cranes
and Components GmbH and Gottwald Port Technology GmbH under Demag Cranes AG
that successfully goes public at the end of June. |
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.45.37 |
|
|
1 |
Rs.73.54 |
|
Euro |
1 |
Rs.62.39 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
5 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
6 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
5 |
|
--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 |
YES |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
47 |
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.