MIRA
INFORM REPORT
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Report Date : |
09.07.2011 |
IDENTIFICATION DETAILS
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Name : |
MAN FORCE TRUCKS PRIVATE LIMITED |
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Registered
Office : |
Mumbai – |
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Country : |
India |
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Financials (as
on) : |
31.03.2010 |
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Date of Incorporation
: |
08.03.2006 |
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Com. Reg. No.: |
11-022147 |
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Capital
Investment / Paid-up Capital : |
Rs. 1115.942 millions |
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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 tones GVW to 49 tones GCW as regular haulage trucks, tractor heads
and tippers. |
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No. of Employees
: |
Not divulged by the management. |
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 3600000 |
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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.
INFORMATION DECLINED BY
|
Name : |
Mr. Nitin Bakil |
|
Designation : |
Senior General Manager in Finance |
|
Date : |
08.07.2011 |
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
|
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 : |
Mr. 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 |
KEY EXECUTIVES
|
Name : |
Mr. Nitin Bakil |
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Designation : |
Senior General Manager in Finance |
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 tones GVW to 49 tones GCW as regular haulage trucks, tractor
heads and tippers. |
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Products : |
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PRODUCTION STATUS AS ON 31.03.2010
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Particulars |
Unit |
Licensed
Capacity |
Installed
Capacity |
Actual
Production |
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Commercial Vehicles |
Nos. |
24000 |
24000 |
1943 |
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Notes: The installed capacity is on triple shift
basis as estimated by the Directors and accepted by the Auditors without
verification. During the financial year, the factory operated on single shift
basis.
GENERAL INFORMATION
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No. of Employees : |
Not divulged by the management. |
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Bankers : |
·
State Bank of India, Corporate Accounts Group,
Voltas House, Ballard Estate, Mumbai -400001, Maharashtra, India |
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Facilities : |
Notes: Item No.1 is secured by first charge on all fixed assets (including equitable
mortgage over land and buildings) and second charge on all current assets of
the company, both present and future. Charge created in favour of bankers to
the company rank par. Item No.2 and 3 is secured by hypothecation of Company’s entire current
assets both present and future. Charges created in favour of bankers to the
company rank pari passu inter se. |
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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 : |
·
Force Motors Limited (ceases to be Holding
Company w.e.f.20th June 2009) |
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Other Related Parties : |
·
Jaya Hind Industries Limited ·
Pinnacle Industries Limited ·
MAN Nutzfahrzeuge Osterrrieich AG ·
MAN Nutzfahrzeuge AG ·
Jaya Hind Investments Private Limited |
CAPITAL STRUCTURE
AS ON 31.03.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
112000000 |
Equity Shares |
Rs.10/- each |
Rs. 1120.000 Millions |
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Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
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|
111594202 |
Equity Shares |
Rs.10/- each |
Rs. 1115.942
Millions |
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FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
|
SHAREHOLDERS FUNDS |
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1] Share Capital |
1115.942 |
1000.000 |
1000.000 |
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2] Share Application Money |
0.000 |
2600.000 |
0.000 |
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3] Reserves & Surplus |
2484.058 |
0.000 |
0.000 |
|
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4] (Accumulated Losses) |
(2680.679) |
(2377.353) |
(1113.970) |
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|
NETWORTH |
919.321 |
1222.647 |
(113.970) |
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|
LOAN FUNDS |
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|
|
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|
1] Secured Loans |
1546.561 |
1432.018 |
1197.487 |
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2] Unsecured Loans |
500.000 |
0.000 |
0.000 |
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TOTAL BORROWING |
2046.561 |
1432.018 |
1197.487 |
|
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DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
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TOTAL |
2965.882 |
2654.665 |
1083.517 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
2361.943 |
1670.223 |
1619.390 |
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Capital work-in-progress |
6.980 |
589.269 |
90.833 |
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INVESTMENT |
0.000 |
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 |
2343.916
|
2683.310
|
1371.087 |
|
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Sundry Debtors |
541.642
|
169.019
|
122.326 |
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|
Cash & Bank Balances |
158.816
|
64.681
|
208.831 |
|
|
Other Current Assets |
0.000
|
0.000
|
0.000 |
|
|
Loans & Advances |
915.958
|
774.560
|
530.282 |
|
Total
Current Assets |
3960.332
|
3691.570 |
2232.526 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
2721.469
|
2755.099
|
2710.799 |
|
|
Other Current Liabilities |
584.497
|
497.480
|
128.677 |
|
|
Provisions |
57.407
|
43.818
|
19.756 |
|
Total
Current Liabilities |
3363.373
|
3296.397 |
2859.232 |
|
|
Net Current Assets |
596.959
|
395.173
|
(626.706) |
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|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
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TOTAL |
2965.882 |
2654.665 |
1083.517 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
|
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SALES |
|
|
|
|
|
|
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Income |
3908.746 |
1620.214 |
|
|
|
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Other Income |
184.707 |
42.746 |
|
|
|
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TOTAL (A) |
4093.453 |
1662.960 |
1273.610 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Material |
3267.100 |
1946.524 |
|
|
|
|
Other Expenses |
953.536 |
823.432 |
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|
|
TOTAL (B) |
4220.636 |
2769.956 |
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|
|
|
|
|
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Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
(127.183) |
(1106.996) |
|
|
|
|
|
|
|
2169.190 |
|
|
Less |
FINANCIAL
EXPENSES (D) |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
(127.183) |
(1106.996) |
|
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
176.143 |
155.685 |
|
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
(303.326) |
(1262.681) |
(895.580) |
|
|
|
|
|
|
|
|
|
Less |
TAX (I) |
0.000 |
0.701 |
74.598 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-I) (J) |
(303.326) |
(1263.382) |
(970.178) |
|
|
|
|
|
|
|
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|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
(2377.353) |
(1113.971) |
NA |
|
|
|
|
|
|
|
|
|
|
BALANCE CARRIED
TO THE B/S |
(2680.679) |
(2377.353) |
NA |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Export Earnings |
1407.743 |
(538.065) |
NA |
|
|
TOTAL EARNINGS |
1407.743 |
(538.065) |
NA |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
0.000 |
(8.620) |
NA |
|
|
|
Stores & Spares |
260.443 |
(1632.281) |
NA |
|
|
|
Capital Goods |
1.906 |
(276.989) |
NA |
|
|
|
Others |
8.104 |
(0.690) |
NA |
|
|
TOTAL IMPORTS |
270.453 |
(1918.580) |
NA |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
(2.72) |
(12.63) |
(9.70) |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
PAT / Total Income |
(%) |
(7.41)
|
(75.99)
|
(76.18) |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
(7.76)
|
(77.93) |
NA |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
(4.80)
|
(23.55)
|
(23.25) |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
(0.33)
|
(1.03)
|
(7.86) |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
5.88
|
3.87
|
(35.59) |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.18
|
1.12
|
0.78 |
LOCAL AGENCY FURTHER INFORMATION
The Details of
sundry creditors:
Rs.
In Millions
|
Particulars |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
Sundry Creditors |
2721.469
|
2755.099
|
2710.799 |
OPERATIONS:
During the year under report, the number of vehicles produced, increased
from 744 nos. to 1943 nos. an increased of 161%. The manufacturing capability, the
processes and the quality of the Product at the Plant has now been fully
established. Supplies of essential components from local vendors have improved
during the year, in terms of quantity. This is also driven by the improved
liquidity position of the company and the favorable payment terms now offered
to the suppliers.
PROJECTS:
The new state of the art, ‘Cathodic Electro Deposition Paint Shop’ (CED)
is fully operational. This Paint shop is located in the building specially
built by force motors for this.
FINANCE:
The company’s proposal for grant of moratorium of one year for repayment
of Term Loan has been accepted by the Consortium of Bankers.
To tide over the liquidity issues, the Company was assisted by FORCE
Group Promoters, by placing an inter-corporate deposit of Rs. 500.000 millions
during the year under report.
By the end of first quarter in current year, the Company has reached a
production of about 350 vehicles per month and will ramp-up to 500 vehicles per
month by the end of 2nd quarter. Further, localization of critical
imported components is expected to improve margins and liquidity, and will
minimize inventory of imported materials.
FORM 8
|
This form is for |
Modification of
charge |
|
Charge identification
number of the modified |
10025251 |
|
Corporate
identity number of the company |
U34102PN2006PTC022147 |
|
Name of the
company |
Man Force Trucks
Private Limited |
|
Address of the
registered office or of the principal place of business in |
|
|
Type of charge |
Immovable
Property |
|
Particular of
charge holder |
State Bank of Corporate
Accounts Group, Voltas House, Ballard Estate, Mumbai – 400001, |
|
Nature of
description of the instrument creating or modifying the charge |
Memorandum of
Deposit of Title Deeds Executed on 28.06.2007. |
|
Date of
instrument Creating the charge |
28.06.2007 |
|
Amount secured by
the charge |
Rs.2170.000 Millions
|
|
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 |
|
|
Particulars of
the present modification |
|
FIXED ASSETS
·
Lease Hold Land
·
Building
·
Plant and Machinery and
Equipments
·
Dies and Jigs
·
Electric Installation
·
Furniture and Fixture
·
Vehicles
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.44.32 |
|
|
1 |
Rs.70.74 |
|
Euro |
1 |
Rs.63.64 |
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.