MIRA
INFORM REPORT
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Report Date : |
02.07.2011 |
IDENTIFICATION DETAILS
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Name : |
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Registered Office : |
Tower XIV, Cybercity, |
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Country : |
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Financials (as on) : |
31.03.2010 |
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Date of Incorporation : |
12.12.1997 |
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Com. Reg. No.: |
11- 112441 |
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Capital Investment / Paid-up Capital : |
Rs. 3448.574 Millions |
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CIN No.: [Company
Identification No.] |
U74220PN1997PTC112441 |
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Legal Form : |
Private Limited Liability Company |
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Line of Business
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Providing IT and IT Enabled Services |
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No. of Employees
: |
200 (Approximately) |
RATING & COMMENTS
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MIRA’s Rating : |
B (29) |
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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 22000000 |
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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 an established company having moderate track. Profitability
of the Company appears to be low. However trade relations are reported as fair.
Business is active. Payments are reported to be slow but correct. The company can be considered for business dealings with some caution. |
NOTES :
Any query related to this report can be made
on established-mail : infodept@mirainform.com
while quoting report number, name and date.
INFORMATION PARTED BY (General Details)
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Name : |
Mr. Sameer |
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Designation : |
Accounts Manager |
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Contact No.: |
91-20-67264510 |
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Date : |
30.06.2011 |
LOCATIONS
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Registered
Office : |
Tower XIV, Cybercity, |
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Tel. No.: |
91-20-66425013/66425000 |
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Fax No.: |
91-20-66425001 |
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E-Mail : |
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Website : |
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Factory : |
166-167, Gate No. 271-291, At Post Sanawadi, Taluka – Shirur, Pune –
412208, |
DIRECTORS
As on 02.09.2010
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Name : |
Mr. Ranjit Nair |
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Designation : |
Managing Director |
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Address : |
5788, |
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Date of
Birth/Age : |
06.06.1968 |
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Date of
Appointment : |
14.09.2009 |
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DIN No. : |
00634768 |
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Name : |
Mr Don Donahue |
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Designation : |
Director |
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Address : |
6148, |
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Date of
Birth/Age : |
01.06.1952 |
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Date of
Appointment : |
05.03.2004 |
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Date of
Cessation : |
01.04.2010 |
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DIN No. : |
02430169 |
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Name : |
Mr. Jill Hanus |
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Designation : |
Director |
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Address : |
2004,W.8thSt.Cedar Falls,IA, |
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Date of
Birth/Age : |
23.12.1954 |
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Date of
Appointment : |
05.03.2004 |
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Date of
Cessation : |
01.04.2010 |
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DIN No. : |
02416932 |
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Name : |
Mr. Rajesh Kalathur |
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Designation : |
Director |
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Address : |
44, |
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Date of
Birth/Age : |
06.06.1968 |
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Date of
Appointment : |
15.06.2005 |
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DIN No. : |
00634768 |
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Name : |
Mr. John Paulson |
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Designation : |
Director |
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Address : |
503,Marvel Exotica,Lane-7, |
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Date of
Birth/Age : |
03.07.1965 |
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Date of
Appointment : |
30.06.2006 |
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Date of Ceasing
: |
30.03.2009 |
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Name : |
Mr. Sudhakar Balkunje Shenoy |
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Designation : |
Additional Director |
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Address : |
Flat E-102,Amar Ambience Apartments, Ghorpadi, |
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Date of
Birth/Age : |
04.06.1960 |
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Date of
Appointment : |
02.09.2010 |
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DIN No. : |
02565818 |
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Name : |
Mr. Satish Bhimrao Nadiger |
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Designation : |
Director |
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Address : |
No. 601, Building A3, Aditya Shagun, NDA, |
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Date of
Birth/Age : |
13.01.1963 |
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Date of
Appointment : |
01.04.2010 |
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DIN No. : |
00633892 |
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Name : |
Mr. Ashwin Ramani |
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Designation : |
Director |
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Address : |
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Date of
Birth/Age : |
12.11.1971 |
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Date of
Appointment : |
02.09.2010 |
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DIN No. : |
03039755 |
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Name : |
Mr. Shailendra Jagtap |
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Designation : |
Director |
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Address : |
Row House-165, Sn. 46/1/3 and 46/1/2 NIBM Road, Cloud – 9, Kondhwa KD,
Pune – 411028, Maharashtra, India |
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Date of
Birth/Age : |
19.08.1962 |
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Date of
Appointment : |
02.09.2010 |
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DIN No. : |
02298467 |
KEY EXECUTIVES
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Name : |
Mr. Sudhir Thite |
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Designation : |
Company Secretary |
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Address : |
56, Prachi Apartments, Lane 5, Dahanukar Colony, Kothrud, Pune –
411038, |
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Date of Birth/Age : |
27.05.1976 |
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Date of Appointment : |
12.03.2003 |
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Pan No. : |
ACXPT9094L |
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Name : |
Mr. Devendra V Deshpande |
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Designation : |
Company Secretary |
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Name : |
Mr. Sameer Deshpande |
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Designation : |
Accountant |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 02.09.2010
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Names of Shareholders |
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No. of Shares |
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Deere and Company, |
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10 |
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John Deere Asia ( |
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344857343 |
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TOTAL |
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344857353 |
As on 02.09.2010
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Equity Share
Breakup |
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Percentage of
Holding |
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Category |
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Foreign holdings [Foreign institutional investors, Foreign Companies, Foreign Financial Institutions, Non-resident Indian or Overseas corporate bodies or others] |
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100.00 |
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Total
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100.00 |
BUSINESS DETAILS
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Line of Business
: |
Providing IT and IT enabled services |
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Terms : |
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Selling : |
Cash and Credit |
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Purchasing : |
Cash and Credit |
GENERAL INFORMATION
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No. of Employees : |
200 (Approximately) |
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Bankers: |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
Deloitte Haskins and sells Chartered Accountant |
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Address : |
12, |
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Tel. No.: |
91-22-66679000 |
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Fax No.: |
91-22-66679100 |
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Pan No. : |
AACFD4815A |
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Holding Company : |
·
Deere and Company, ·
John Deere Asia ( |
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Subsidiary Companies: |
CIN: U29210PN1998PTC130449 |
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Fellow
Subsidiary Companies : |
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CAPITAL STRUCTURE
As on 31.03.2010
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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366200000 |
Equity Shares |
Rs.10/- each |
Rs.3662.000
Millions |
Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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344857353 |
Equity Share |
Rs.10/- each |
Rs.3448.574
Millions |
Notes:
All the above shares are held by Deere and Company
the holding company, including 10 Equity Shares Held jointly.
As on 02.09.2010
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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653641000 |
Equity Shares |
Rs.10/- each |
Rs.6536.410
Millions |
Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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344857353 |
Equity Share |
Rs.10/- each |
Rs.3448.574
Millions |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
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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 |
3448.574 |
3448.574 |
3448.574 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
1946.148 |
1622.031 |
1364.684 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
5394.722 |
5070.605 |
4813.258 |
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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 |
0.000 |
0.000 |
0.000 |
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TOTAL BORROWING |
0.000 |
0.000 |
0.000 |
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DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
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TOTAL |
5394.722 |
5070.605 |
4813.258 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
994.803 |
628.289 |
460.393 |
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Capital work-in-progress |
0.000 |
0.000 |
4.500 |
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INVESTMENT |
4193.907 |
4117.660 |
4117.660 |
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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 |
0.000 |
0.000 |
0.000 |
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Sundry Debtors |
92.775 |
265.316 |
353.862 |
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Cash & Bank Balances |
41.265 |
76.005 |
72.239 |
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Other Current Assets |
0.000 |
0.000 |
0.000 |
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Loans & Advances |
460.433 |
238.875 |
142.972 |
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Total Current Assets |
594.473 |
580.196 |
569.073 |
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Less : CURRENT LIABILITIES &
PROVISIONS |
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Sundry Creditors |
168.963 |
71.655 |
202.147 |
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Current Liabilities |
151.853 |
130.727 |
102.005 |
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Provisions |
67.645 |
53.158 |
34.216 |
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Total Current Liabilities |
388.461 |
255.540 |
338.368 |
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Net Current Assets |
206.012 |
324.656 |
230.705 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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TOTAL |
5394.722 |
5070.605 |
4813.258 |
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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 |
2885.070 |
2511.584 |
1654.132 |
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Other Income |
0.000 |
00.000 |
00.000 |
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TOTAL |
2885.070 |
2511.584 |
1654.132 |
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Less |
EXPENSES |
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Operating
Expenses |
2381.115 |
2061.578 |
1319.306 |
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TOTAL |
2381.115 |
2061.578 |
1319.306 |
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PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) |
503.955 |
450.006 |
334.826 |
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Less/ Add |
DEPRECIATION/
AMORTISATION |
196.419 |
179.650 |
437.892 |
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PROFIT BEFORE
TAX (E-F) |
307.536 |
270.356 |
196.934 |
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Less |
TAX |
(16.581) |
13.008 |
27.631 |
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PROFIT AFTER TAX
(G-I) |
324.117 |
257.347 |
169.303 |
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Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
516.244 |
258.897 |
89.594 |
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BALANCE CARRIED
TO THE B/S |
840.361 |
516.244 |
258.897 |
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EARNINGS IN
FOREIGN CURRENCY |
2844.705 |
2482.355 |
1630.580 |
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IMPORTS |
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Capital Goods |
47.441 |
145.334 |
78.479 |
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TOTAL IMPORTS |
47.441 |
145.334 |
78.479 |
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Earnings Per
Share (Rs.) |
0.94 |
0.75 |
0.49 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
PAT / Total
Income |
(%) |
11.23 |
10.25 |
10.24 |
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Net Profit
Margin (PBT/Sales) |
(%) |
10.66 |
10.76 |
11.91 |
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Return on Total
Assets (PBT/Total
Assets} |
(%) |
19.35 |
22.37 |
19.13 |
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Return on
Investment (ROI) (PBT/Networth) |
|
0.06 |
0.05 |
0.04 |
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Debt Equity
Ratio (Total
Liability/Networth) |
|
0.07 |
0.05 |
0.07 |
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Current Ratio (Current
Asset/Current Liability) |
|
1.53 |
2.27 |
1.68 |
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LOCAL AGENCY FURTHER INFORMATION
SUNDRY CREDITORS DETAILS:
Rs.
In Millions
|
PARTICULARS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
Sundry Creditors |
|
|
|
|
- total Outstanding dues of Micro Enterprises
and Small Enterprises |
0.169 |
-- |
-- |
|
- Total outstanding dues of creditors
other than Micro Enterprises and Small Enterprises |
168.794 |
71.655 |
202.147 |
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Total
|
168.963 |
71.655 |
202.147 |
NOTE:
The Registered Office of the company has
been shifted from John Deera Technology Centre, Cybercity, Magarpatta City Hadapsar, Pune – 411013,
OPERATIONS:
During the year the Company continues to progress in
providing IT and IT enabled Services The fifth year of this Business had
created substantial value to the present company and is also the Net Positive
Foreign Exchange earner in the fifth year of its operation
The Product Engineering Centre (PEC)
Activities have picked up during the year with additional Engineering Support
being provided by the Company.
Regional Supply Chain Management
continued to support Overseas John Deere Units in sourcing components from
SUBSIDIARY COMPANY:
In the Domestic Market
erstwhile subsidiary of the Company recorded a sale of 28,329 units against
21,546 units sold during the last Financial Year recording a significant growth
of 3l%. During the Current year the country faced less than normal monsoons. However,
after several years of stagnant growth the Domestic market experienced a growth
of more than 30% during the year. Total tractor sales in the Domestic market
was 402,600 numbers against 304,600 numbers sold during the last financial
year. The total domestic market share of the Company increased from 6% in the
last Financial Year to 6.8% during the current Financial Year.
To cater to the growing
needs for Water Management Solution, the Company announced its plan to establish
a manufacturing, sales, and marketing setup in
Merger
During the year the Company submitted application to Bombay High
Court for merger of the operation of its subsidiary company John Deere
Equipment Private Limited into the Company which was approved by the Bombay
High Court in November 2009. This will help in optimizing the synergies of John
Deere operations in
Contingent Liability:
Bank Guarantee outstanding Rs. 2.005 millions (Previous Year Rs. 2.105
millions)
FIXED ASSET AS ON 31.03.2009
(A) Tangible Assts
- Furniture and Fixtures
- Office Equipment
- Computers
- Building
- Leasehold Improvements
- Motor Cars
- Plant and Machinery
(B) Intangible Assts
- Software and Licenses
AS PER WEB SITE DETAILS:
PROFILE:
Subject is a subsidiary of
Deere and Company,
The Indian operations of Deere and Company include a technology center located
at Magarpatta City Pune and John Deere Water Vadodara.
The technology center provides services in the areas of Information technology,
engineering, supply management, embedded systems and technical authoring for
company’s operations world wide.
John Deere Water, formed by the acquisitions of Plastro Irrigation Systems,
T-Systems International, and Roberts Irrigation Products, is one of the leading
irrigation companies in the world today.
To expand its global presence
in Ag equipment, John Deere established a green field project in 1999
under a 50:50 joint venture with Larsen and Toubro Limited (L and T) — An
engineering company of repute from
In 2005, Deere and Company acquired nearly all the remaining shares in this joint venture. The new enterprise, John Deere Equipment Private Limited, Sanaswadi, Pune, operates through a network of 15 area offices, 4 zonal offices and 270 authorized dealers spread across the country.
The factory currently produces modern tractors of 35, 40, 42, 47, 50, 55 and 70
Hp capacities for domestic markets. Tractors manufactured in Sanaswadi are also
exported to the
World-Class Technology
John Deere translates the farmer's interest into superior product features
through its world-class manufacturing facility at Sanaswadi, Pune.
Spread across 112 acres, the factory has a total built up area of around 50,000
sq. meters. Manufacturing is carried out at three inter-linked factories -
Transmission, Engine and Vehicle Assembly.
Modern manufacturing practices like JIT, delivery of components at assembly
stations and movement of tractor parts through an overhead conveyor, ensure
streamlined operations. The total manufacturing effort is geared to provide
total value to the customer through high quality standards.
Transmission Factory
The heart of the factory, the transmission assembly has state-of-the-art
systems adopted from the best assembly practices of renowned leaders. This
provides one of the finest tractor transmission systems.
The 300-odd components in the transmission system are manufactured to precise
tolerances for efficient
transmission of power. High precision CNC machines ensure high quality of components manufactured while CMM machines check adherence to quality standards.
Engine Factory
The engine assembly line is designed to produce one of the worlds highly fuel
efficient and powerful engines. Each station is ergonomically designed with
built-in features to ensure adherence to exacting quality standards. The
engines are transported during assembly on an overhead conveyor.
A leak test at sub assembly stage and as fully assembled engine is conducted to
ensure a 100% leak proof engine.
Pre-operation and post-operation online quality checks are also carried out to
ensure quality. Critical joints are fastened using electric multi spindle
machines capable of torque, yield and angle control.
Cleanliness of components is continuously maintained using special purpose
washing machines both online as well as offline. Finally, every engine is
tested for performance at the Company's Engine Test Cells which are one of the
most modern in the industry.
Highly sophisticated and well-equipped Metrology and Metallurgy laboratories
support the entire manufacturing operation.
Vehicle Factory
The assembly of John Deere tractors is carried out through an overhead
conveyor system. This ensures high productivity through lower operator fatigue and
greater convenience. Inspection loops carry out random auditing of the tractors
under assembly.
Pneumatic tools and torque wrenches with designated torque for fasteners,
provided at every station, ensure high reliability. And at the end of the
assembly line every tractor undergoes final inspection to ensure that stringent
quality standards are met.
IT at the Workplace
A high levels of computerization underlines the operations at John Deere
equipment. The Company is equipped with state-of-the-art computer and
communication facilities, giving it the interconnectivity and interactivity
imperative in today's increasingly competitive market.
The company has implemented SAP system for sales and distribution as well as
integration of manufacturing processes. Area offices, dealers, depots and C and
F agents are networked to enhance efficiency and customer service.
Training is also provided periodically to employees as well as dealers to
upgrade their skills and perform better.
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts,
1] INFORMATION ON
DESIGNATED PARTY
No records exist designating subject or any of its beneficial owners,
controlling shareholders or senior officers as terrorist or terrorist
organization or whom notice had been received that all financial transactions
involving their assets have been blocked or convicted, found guilty or against
whom a judgement or order had been entered in a proceedings for violating
money-laundering, anti-corruption or bribery or international economic or
anti-terrorism sanction laws or whose assets were seized, blocked, frozen or
ordered forfeited for violation of money laundering or international
anti-terrorism laws.
2] Court Declaration :
No records exist to suggest that subject is
or was the subject of any formal or informal allegations, prosecutions or other
official proceeding for making any prohibited payments or other improper
payments to government officials for engaging in prohibited transactions or
with designated parties.
3] Asset Declaration :
No records exist to suggest that the property or assets of the subject
are derived from criminal conduct or a prohibited transaction.
4] Record on Financial
Crime :
Charges or conviction
registered against subject: None
5] Records on Violation of
Anti-Corruption Laws :
Charges or
investigation registered against subject: None
6] Records on Int’l
Anti-Money Laundering Laws/Standards :
Charges or
investigation registered against subject: None
7] Criminal Records
No
available information exist that suggest that subject or any of its principals
have been formally charged or convicted by a competent governmental authority
for any financial crime or under any formal investigation by a competent
government authority for any violation of anti-corruption laws or international
anti-money laundering laws or standard.
8] Affiliation with
Government :
No record
exists to suggest that any director or indirect owners, controlling
shareholders, director, officer or employee of the company is a government
official or a family member or close business associate of a Government official.
9] Compensation Package :
Our market
survey revealed that the amount of compensation sought by the subject is fair
and reasonable and comparable to compensation paid to others for similar
services.
10] Press Report :
No press reports / filings exists on
the subject.
CORPORATE GOVERNANCE
MIRA INFORM as part of its Due Diligence do provide comments on
Corporate Governance to identify management and governance. These factors often
have been predictive and in some cases have created vulnerabilities to credit
deterioration.
Our Governance Assessment focuses principally on the interactions
between a company’s management, its Board of Directors, Shareholders and other
financial stakeholders.
CONTRAVENTION
Subject is not known to have contravened any existing local laws,
regulations or policies that prohibit, restrict or otherwise affect the terms
and conditions that could be included in the agreement with the subject.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.44.58 |
|
|
1 |
Rs.71.75 |
|
Euro |
1 |
Rs.64.80 |
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 |
3 |
|
--PROFITABILIRY |
1~10 |
3 |
|
--LIQUIDITY |
1~10 |
3 |
|
--LEVERAGE |
1~10 |
3 |
|
--RESERVES |
1~10 |
3 |
|
--CREDIT LINES |
1~10 |
3 |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
NO |
|
--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 |
|
29 |
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.