MIRA
INFORM REPORT
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Report Date : |
08.01.2011 |
IDENTIFICATION DETAILS
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Name : |
MAN FORCE TRUCKS PRIVATE LIMITED |
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Registered
Office : |
Mumbai – |
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Country : |
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Financials (as
on) : |
31.03.2009 |
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Date of
Incorporation : |
08.03.2006 |
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Com. Reg. No.: |
11-22147 |
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CIN No.: [Company Identification
No.] |
U34102PN2006PTC022147 |
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TAN No.: [Tax Deduction &
Collection Account No.] |
PNEM10978C |
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PAN No.: [Permanent Account No.] |
AAECM6932E |
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Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Proving Trucking Solutions. They offer a full range of vehicles, Starting
from 16 tonnes GVW to 49 tonnes GCW as regular haulage trucks, tractor heads
and tippers. |
RATING & COMMENTS
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MIRA’s Rating : |
B (26) |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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Maximum Credit Limit : |
USD 66000000 |
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Status : |
Moderate |
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Payment Behaviour : |
Slow but Correct |
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Litigation : |
Clear |
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Comments : |
Subject is a subsidiary of Force Motors Limited. It is an established
company having moderate track. 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 but correct. In view of Strong Holding Company, the subject can be considered
normal for business dealings at usual trade terms and conditions, with some
caution on accounts of accumulated losses.
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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
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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 DECLINED BY
The Management non cooperative
LOCATIONS
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Registered Office : |
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Tel. No.: |
91-20-27476381 |
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Fax No.: |
91-20-27475984 |
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E-Mail : |
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Website : |
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Factory : |
Pithampur
Industrial Area, Pithampur – 454775, District – Dhar, |
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Tel. No.: |
91-7292-253004 |
DIRECTORS
As On 26.09.2009
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Name : |
Mr. Lars Wrebo |
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Designation : |
Additional Director |
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Address : |
Ehrengutstr. 27, Munchen 80469 |
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Date of Birth/Age : |
04.08.1961 |
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Date of Appointment : |
29.01.2010 |
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DIN No. : |
02979276 |
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Name : |
Mr. Bernd Andreas Maierhofer |
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Designation : |
Additional Director |
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Address : |
Guenter – EICH – Strabe, 7 81927, |
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Date of Birth/Age : |
05.05.1960 |
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Date of Appointment : |
29.01.2010 |
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DIN No. : |
02811407 |
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Name : |
Mr. Abhay Navalmal Firodia |
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Designation : |
Director |
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DIN No. : |
00025179 |
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Name : |
Mr. Sudhir Sukhsampat Mehta |
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Designation : |
Director |
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DIN No. : |
00056867 |
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Name : |
Stefan Hubert Xaver Georg Holzmann |
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Designation : |
Managing Director |
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Address : |
Fahenzhausen Weng Hirtenanger 11 |
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Date of Birth/Age : |
05.10.1953 |
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Date of Appointment : |
10.11.2009 |
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DIN No. : |
02628475 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 20.06.2009
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Names of Shareholders |
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No. of Shares |
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Man Nutzfahrzeuge AG, |
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11594202 |
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Total |
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11594202 |
BUSINESS DETAILS
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Line of Business : |
Proving Trucking Solutions. They offer a full range of vehicles,
Starting from 16 tonnes GVW to 49 tonnes GCW as regular haulage trucks,
tractor heads and tippers. |
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Products : |
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GENERAL INFORMATION
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Bankers : |
·
State Bank of Corporate Accounts Group, Voltas House, Ballard Estate, Mumbai
-400001, |
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Facilities : |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
P. G. Bhagwat Chartered Accountant |
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Address : |
Suit No.101, 102, Orchard, Dr. Pai Marg, Baner, Pune – 411045, |
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Pan No. : |
AAAFB0762E |
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Holding Company : |
CIN: L34102PN1958PLC011172 |
CAPITAL STRUCTURE
(AS ON 26.09.2009)
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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112000000 |
Equity Share |
Rs.10/- each |
Rs.1120.000 Millions |
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Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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100000000 |
Equity Share |
Rs.10/- each |
Rs.1000.000
Millions |
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AS ON 31.03.2009
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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100000000 |
Equity Share |
Rs.10/- each |
Rs.1000.000 Millions |
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Issued Capital :
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No. of Shares |
Type |
Value |
Amount |
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100000000 |
Equity Share |
Rs.10/- each |
Rs.1000.000 Millions |
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Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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100000000 |
Equity Share |
Rs.10/- each |
Rs.1000.000 Millions |
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NOTE:
Out of above 55797101 Equity shares
of Rs.10/- each, are held by Force Motors Limited, a Holding Company.
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2009 |
31.03.2008 |
31.03.2007 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
1000.000 |
1000.000 |
1000.000 |
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2] Share Application Money |
2600.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
0.000 |
0.000 |
0.000 |
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4] (Accumulated Losses) |
(2377.353) |
(1113.970) |
(143.793) |
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NETWORTH |
1222.647 |
(113.970) |
856.207 |
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LOAN FUNDS |
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1] Secured Loans |
1432.018 |
1197.487 |
914.107 |
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2] Unsecured Loans |
0.000 |
0.000 |
0.000 |
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TOTAL BORROWING |
1432.018 |
1197.487 |
914.107 |
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DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
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TOTAL |
2654.665 |
1083.517 |
1770.314 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
1670.223 |
1619.390 |
1237.565 |
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Capital work-in-progress |
589.269 |
90.833 |
125.113 |
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INVESTMENT |
0.000 |
0.000 |
0.000 |
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DEFERREX TAX ASSETS |
0.000 |
0.000 |
73.998 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
2683.310
|
1371.087 |
1043.273 |
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Sundry Debtors |
169.019
|
122.326 |
78.243 |
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Cash & Bank Balances |
64.681
|
208.831 |
61.610 |
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Other Current Assets |
0.000
|
0.000 |
0.000 |
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Loans & Advances |
774.560
|
530.282 |
330.793 |
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Total
Current Assets |
3691.570
|
2232.526 |
1513.919 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Sundry Creditor |
2755.099
|
2710.799 |
1147.191 |
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Other Current Liabilities |
497.480
|
128.677 |
32.939 |
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Provisions |
43.818
|
19.756 |
6.649 |
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Total
Current Liabilities |
3296.397
|
2859.232 |
1186.779 |
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Net Current Assets |
395.173
|
(626.706) |
327.140 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
6.498 |
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TOTAL |
2654.665 |
1083.517 |
1770.314 |
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PROFIT & LOSS
ACCOUNT
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|
PARTICULARS |
|
31.03.2009 |
31.03.2008 |
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SALES |
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Income |
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Other Income |
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TOTAL (A) |
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1662.610 |
1273.610 |
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Less |
EXPENSES |
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Office Expenses |
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Administrative Expenses |
|
2925.291 |
2169.190 |
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Advertising Expenses |
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TOTAL (B) |
|
2925.291 |
2169.190 |
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PROFIT BEFORE
TAX (E-F) (G) |
|
(1262.681) |
(895.580) |
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Less |
TAX (H) |
|
0.701 |
74.598 |
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PROFIT AFTER TAX
(G-H) (I) |
|
(1263.382) |
(970.178) |
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Earnings Per
Share (Rs.) |
|
(12.63) |
(9.70) |
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KEY RATIOS
|
PARTICULARS |
|
31.03.2009 |
31.03.2008 |
31.03.2007 |
|
PAT / Total Income |
(%) |
(75.99)
|
(76.18) |
NA |
|
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Return on Total Assets (PBT/Total Assets} |
(%) |
(23.55)
|
(23.25) |
NA |
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Return on Investment (ROI) (PBT/Networth) |
|
(1.03)
|
(7.86) |
NA |
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Debt Equity Ratio (Total Liability/Networth) |
|
3.87
|
(35.59) |
2.45 |
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Current Ratio (Current Asset/Current Liability) |
|
1.12
|
0.78 |
1.28 |
LOCAL AGENCY FURTHER INFORMATION
The Details of
sundry creditors:
Rs.
In Millions
|
Particulars |
31.03.2009 |
31.03.2008 |
31.03.2007 |
|
Sundry Creditors |
2755.099
|
2710.799 |
1147.191 |
Project:
The project undertaken by the Company for manufacture of Heavy Commercial Vehicles (HCVs) encountered problems initially as reported earlier. During the year the under report, company could achieve mire stable production, as the issues arising out of indigenisation of the cylinder block were resolved. The Company has completed the process of indigenisation of hundreds of components and aggregates, and has achieved the targeted indigenization of all major parts.
The Company is now noised to manufacture upto 24,000 nos of HCVs, with different configurations. The planned capacities in own plant and with suppliers stand established.
A major step, for establishing painting capability commensurate with MAN'S requirement for export vehicles, will stand achieved by the installation and operation of the 'Cathodic Paint Shop'. This is being done with the assistance of Force Motors Limited (Force). This Paint Shop is expected to be operational by second quarter of the current calendar year.
Operations:
Subsequent to the decision to moderate the products for the Indian
markets, and to introduce vehicles with competitive prices and reduced power
density, the Company introduced new products which are better aligned to the
Indian market expectations in both, the Haulage Vehicles, and in the
The following new models in the Haulage vehicles range are introduced in
the domestic market.
(a) CLA25.220- 6x2 Rigid Trucks
(b) CLA40.220-4xZTractor
Similarly the Company introduced in the Tipper market additional tipper
models, so as to take the total number of tipper models offered for both
construction and mining industry to five. The new models offered are as
follows:
(a) CLA25.220-6x4Tipper
(b) CLA 16.220 -4x2 Tipper
(c) CLA31.280- 8x4 Tipper
The Joint Venture-
Change:
FORCE and MAN, the promoters of the Company, agreed to Increase
promoters' contribution and to strengthen their commitment for the project
undertaken by the Company and re-aligned their financial interest in the
company so as to convert the Company into an “Equal Joint Venture’ between
FORCE and MAN. The contractual arrangement in this respect were finalized and
signed between the promoters in the month of December 2008 and steps are being
taken to complete the implementation. It is expected that the new arrangement
will be implemented fully before 30.09.2009.
As per the revised arrangement, the promoters' shareholding will be
equal and the Company will be managed by the Board of Directors, consisting of
ten directors, five of which will be representatives of FORCE, and where as
five will be representatives of MAN. FORCE will nominate the Chairman of the
Board. The day-to-day operations of the Company will be controlled by two
Managing Directors - Managing Director (Commercial) and Managing Director
(Technical) -to be appointed from FORCE representatives and MAN representatives
respectively.
Company has received intimation that Mr. Abhav N. Firodia, Mr. Sudhir
Mehta, Mr. Prasan A. Firodia, Dr. Rolf Bacher and Mr. B. S. Khargonhar will be
the representative of FORCE on the Board of Directors of me Company, whereas
Mr. Lars Wrebo. Mr. Bernd Maierhofer, Ms. Sabine Drzisga, Mr. Thomas Hemmerich
and Mr. Stefan Holzmann will be the MAN's representatives on the Board of
Directors of the Company. As a step in implementation of this revised
arrangement to convert the Company into Equal Joint Venture, MAN has agreed to
subscribe 11594202 equity share of Rs. 10 each for cash at a premium of Rs.
214.25 and has paid a sum of Rs. 2600.000 million as share application money.
The Company is taking steps to allot these shares. On completion of this
process, the Company will cease to be a subsidiary of FORCE.
FORM 8:
|
This form is for |
Modification of
charge |
|
Charge identification
number of the modified |
10025251 |
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Corporate
identity number of the company |
U34102PN2006PTC022147 |
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Name of the
company |
Man Force Trucks
Private Limited |
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Address of the
registered office or of the principal place of business in |
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|
Type of charge |
Immovable
Property |
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Particular of
charge holder |
State Bank of Corporate
Accounts Group, Voltas House, Ballard Estate, Mumbai – 400001, |
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Nature of
description of the instrument creating or modifying the charge |
Memorandum of
Deposit of Title Deeds Executed on 28.06.2007. |
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Date of
instrument Creating the charge |
28.06.2007 |
|
Amount secured by
the charge |
Rs.2170.000
Millions |
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Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest 1.25% Below the
State Bank Advance Rate (SBAR) to a minimum of 9.75% p.a. Terms of
Repayment 1. Door to door tenure loan for 7 years and 3
months. 2. Moratorium
period of 1 year. 3. The repayment
of loan is spread over 5 years commencing from June 2008 to March 2013 in 20
equal quarterly installments. Margin Overall project
Debt Equity Ratio has been 1.27:1 Extent and
Operation of the charge The charge as
modified and in addition to the charge of hypothecation of movable properties
operates as the first charge by way of Joint Equitable Mortgage of the
Immovable properties on pari passu basis to the lenders. |
|
Short particulars
of the property charged |
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Particulars of
the present modification |
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WEBSITE DETAILS:
PROFILE:
Subject is a
50:50 Joint Venture between MAN Nutzfahrzeuge
AG of
Force Motors has
played a pioneering role in the development of light commercial vehicle transport
in
Combining MAN’s proven
leading edge technology with FORCE
Motors 50 years experience in the Indian Commercial Vehicle Industry;
these Trucks are made for the Indian conditions and market, using the Top
Technology from MAN.
With an installed capacity of 24,000 trucks per annum at its
‘state of the art’ plant at Pithampur, near Indore (MP), half the production is
earmarked for exports through the global MAN Sales Organization.
The range of products manufactured includes Mining and
Construction Tippers, Haulage Tractors and Multi Axle Trucks, from 16t GVW to
49t GCW.
PROMOTERS
·
MAN Nutzfahrzeuge AG,
·
Force Motors Limited, Pune ( www.forcemotors.com )
PRESS RELEASE:
OUR FLEET ON THE
STREET – MAN FORCE Extends its CV Line
The launch of New Haulage Trucks and Tippers was a moment of pride for all at Man Force Trucks Private Limited, which has extended its product range in the Indian Market.
The new Haulage range offers a new standard of reliable and durable cargo handlers, which are designed for the long haul. Specially designed mining tippers with the highest body volumes in its class as well as purpose built Construction Tipper range that offer superior productivity complete the range.
Says Sudhir Mehta Managing Director, Man Force Trucks
Private Limited, “We have gained valuable experience in the last 18 months of
manufacturing, selling and supporting over 1500 high end vehicles of the Man
CLA range in the Indian market. We are now poised to enter the next phase, of ‘Mass
Marketing’. It is our aim to gain significant market share in the Haulage
Trucks Market. Our ambition is to establish a strong presence in the full
spectrum of the CV market in
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.70.03 |
|
Euro |
1 |
Rs.58.93 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
3 |
|
OPERATING SCALE |
1~10 |
3 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
2 |
|
--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 |
|
26 |
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.