MIRA
INFORM REPORT
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Report Date : |
28.02.2011 |
IDENTIFICATION DETAILS
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Name : |
CATERPILLAR INDIA PRIVATE LIMITED |
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Registered
Office : |
7th Floor, |
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Country : |
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Financials (as
on) : |
31.03.2010 |
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Date of
Incorporation : |
07.12.2000 |
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Com. Reg. No.: |
18-46255 |
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CIN No.: [Company Identification
No.] |
U29244TN2000FTC046255 |
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TAN No.: [Tax Deduction &
Collection Account No.] |
CHEC02709A |
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PAN No.: [Permanent Account No.] |
AABCC4615K |
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Legal Form : |
Private Limited Liability Company. |
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Line of Business
: |
Manufacturer, Exporter and Distributor of Earth Moving Equipments. |
RATING & COMMENTS
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MIRA’s Rating : |
Ba (53) |
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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 15000000 |
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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 a subsidiary of Caterpillar Commercial SA, It is a well established company having satisfactory track. Available
information indicates high financial responsibility of the company. 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. |
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 PARTED BY (General Details)
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Name : |
Mr. Ramani |
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Designation : |
Accountant |
LOCATIONS
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Registered Office : |
7th Floor, |
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Tel. No.: |
91-44-42691001-2 |
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Mobile No. : |
91-984297708 (Mr. Srinivasan) |
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Fax No.: |
91-44-42691003 |
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E-Mail : |
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Website : |
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Factory : |
P.O. Meinnallatur, Thiruvallur, Chennai – 602 004, |
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Tel. No.: |
91-44-27461085 /47600000 |
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Fax No.: |
91-44-27461097 |
DIRECTORS
As on 22.09.2010
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Name : |
Mr. Kevin R
Thieneman |
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Designation : |
Director |
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Address : |
30 Mount
Elizabeth Link, |
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Date of Birth/Age : |
15.02.1963 |
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Date of Appointment : |
17.01.2007 |
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Name : |
Mr. Alexis De Vliegher |
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Designation : |
Director |
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Address : |
17-06-2007, 9831, 31/A, Ponstraat, |
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Date of Birth/Age : |
03.06.1972 |
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Date of Appointment : |
01.07.2010 |
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Name : |
Mr. Ramkrishna Subbaraman |
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Designation : |
Whole time Director |
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Address : |
Flat No. A – 902, Sunny Valley Appt, Plot No – 27, Sec – 12, Dwarka, |
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Date of Birth/Age : |
01.12.1955 |
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Date of Appointment : |
11.03.2008 |
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Name : |
Mr. Rengarajan Sundararajan |
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Designation : |
Whole time Director |
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Address : |
Flat 401, Building No. 10, Shanthi Park Apartments, Jayanagar 9th
Block, Bangalore – 560 069, Karnataka. |
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Date of Birth/Age : |
11.04.1965 |
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Date of Appointment : |
24.07.2006 |
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Name : |
Mr. Ganesh Ramamurthy Iyer |
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Designation : |
Whole time Director |
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Address : |
2, |
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Date of Birth/Age : |
01.06.1968 |
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Date of Appointment : |
01.10.2008 |
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Name : |
Mr. Ajay Shankar |
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Designation : |
Whole time Director |
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Address : |
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Date of Birth/Age : |
26.08.1948 |
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Date of Appointment : |
01.10.2008 |
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Name : |
Mr. Phillip L Pennington |
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Designation : |
Whole time Director |
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Address : |
Pt. Natra Raya, JL, Raya Naragaong Km. 19, Cileungis, Bogor, Indonesia
– 16820. |
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Date of Birth/Age : |
13.06.1964 |
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Date of Appointment : |
01.10.2008 |
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Name : |
De Vliegher Alexis Marie Suzanne Pierre Antonie |
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Designation : |
Whole Time Director |
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Address : |
17-06-2007, 9831, 31/A, Pontstraat |
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Date of Birth/Age : |
03.06.1972 |
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Date of Appointment : |
22.09.2010 |
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Name : |
Mr. Donald J. Chenevert |
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Designation : |
Whole time Director |
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Address : |
# 4, Adarsh Palm Meadows, Ramagondanalli, Airport – |
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Date of Birth/Age : |
08.06.1967 |
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Date of Appointment : |
28.07.2008 |
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Date of Ceasing: |
30.06.2010 |
KEY EXECUTIVES
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Name : |
Mr. TCA Varadharajan |
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Designation : |
Secretary |
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Address : |
B-304, Mahaveer Springs, 15th Main, Rose Garden Road, JP
Nagar, 5th Phase, Bangalore-560078, Karnataka, India |
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Date of Birth/Age : |
15.07.1964 |
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Date of Appointment : |
01.06.2010 |
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Name : |
Mr. Ajay Joseph Thopurathu |
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Designation : |
Secretary |
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Address : |
G6, B Block, Manjumnatha Residency, Kaggadasapura Main Road,
Bangalore-560075, |
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Date of Birth/Age : |
27.08.1974 |
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Date of Appointment : |
11.03.2008 |
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Date of Ceasing: |
07.01.2010 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 22.09.2010
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Names of Shareholders |
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No. of Shares |
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Caterpillar
Commercial S.A., |
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169216359 |
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Caterpillar
Commercial |
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75 |
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Caterpillar Inc, |
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7199928 |
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Total |
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176416362 |
Equity Share capital Breakup
(As on 30.09.2010)
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Category
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Percentage |
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Foreign holdings
(Foreign institutional investor(s), Foreign companies (s) foreign financial institution
(s), Non – resident Indian(s) or Overseas corporate bodies or Others) |
100% |
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Total |
100% |
BUSINESS DETAILS
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Line of Business : |
Manufacturer, Exporter and Distributor of Earth Moving
Equipments. |
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Products : |
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Brand Names : |
“Caterpillar” |
PRODUCTION STATUS AS ON 31.03.2010
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Particulars |
Unit |
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Installed
Capacity |
Actual
Production |
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Earthmoving Machinery (Including Bulldozers, Dumpers and Loaders) |
Nos. |
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2310 |
1560 |
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Diesel Engines |
Nos. |
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2500 |
1984 |
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Generating Sets |
Nos. |
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600 |
355 |
GENERAL INFORMATION
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Suppliers : |
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Customers : |
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No. of Employees : |
Approximately 300 |
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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 : |
Price Waterhouse
and Company Chartered
Accountants |
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Address : |
32, |
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Tel. No.: |
91-44-28291597 /
28292046 |
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Holding Company : |
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Ultimate Holding Company : |
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Associates: |
Asimco Internatinal Castings ( |
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Fellow Subsidiaries : |
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CAPITAL STRUCTURE
As on 31.03.2010
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
|
197000000 |
Equity Shares |
Rs.10/- each |
Rs.1970.000 Millions |
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Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
|
176416362 |
Equity Shares |
Rs.10/- each |
Rs.1764.164
Millions |
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Note:
Of the above:
i)
Number of Equity Shares
held by Catterpillar Commercial SA,
ii)
Number of Equity Shares
issued for consideration other than cash pursuant to a scheme of amalgamation
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 |
1764.164 |
1692.164 |
1692.164 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
1967.851 |
974.643 |
1229.580 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
3732.015 |
2666.807 |
2921.744 |
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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 |
2500.243 |
2478.986 |
1729.987 |
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TOTAL BORROWING |
2500.243 |
2478.986 |
1729.987 |
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DEFERRED TAX LIABILITIES |
109.910 |
0.000 |
0.000 |
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TOTAL |
6342.168 |
5145.793 |
4651.721 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
2928.577 |
2613.067 |
1508.646 |
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Capital work-in-progress |
100.667 |
432.257 |
390.828 |
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INVESTMENT |
0.000 |
0.000 |
0.000 |
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DEFERREX TAX ASSETS |
0.000 |
144.250 |
7.495 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
5613.469
|
7270.230
|
4200.626 |
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Sundry Debtors |
2418.958
|
2684.869
|
2556.640 |
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Cash & Bank Balances |
55.733
|
152.975
|
194.593 |
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Other Current Assets |
0.000
|
0.479
|
0.210 |
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Loans & Advances |
1776.671
|
2055.083
|
998.638 |
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Total
Current Assets |
9864.831
|
12163.636
|
7950.707 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Sundry Creditors |
4590.921
|
8325.524
|
4767.062 |
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Other Current Liabilities |
1665.260
|
1598.807
|
199.119 |
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Provisions |
295.726
|
283.086
|
239.774 |
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Total
Current Liabilities |
6551.907
|
10207.417
|
5205.955 |
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Net Current Assets |
3312.924
|
1956.219
|
2744.752 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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TOTAL |
6342.168 |
5145.793 |
4651.721 |
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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 |
13933.794 |
15097.837 |
13933.523 |
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Other Income |
3056.472 |
2213.816 |
1545.580 |
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TOTAL |
16990.266 |
17311.653 |
15479.103 |
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Less |
EXPENSES |
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Office Expenses |
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Administrative Expenses |
|
17680.325 |
14763.345 |
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Advertising Expenses |
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TOTAL |
1599.071 |
17680.325 |
14763.345 |
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PROFIT BEFORE
TAX |
1391.195 |
(368.672) |
715.758 |
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Less |
TAX |
336.429 |
(113.735) |
242.306 |
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PROFIT AFTER TAX
|
1054.766 |
(254.937) |
473.452 |
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Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
555.802 |
810.739 |
(233.462) |
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Less |
APPROPRIATIONS |
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Transfer to General Reserve |
50.000 |
0.000 |
0.000 |
|
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BALANCE CARRIED
TO THE B/S |
1560.568 |
555.802 |
239.990 |
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EARNINGS IN
FOREIGN CURRENCY |
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Export Earnings |
5826.488 |
4863.990 |
2557.929 |
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Income from engineering design services |
1823.224 |
1649.391 |
1164.560 |
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Fees for Business Support Service |
275.267 |
274.967 |
137.199 |
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Service fee fro Marketing support |
98.785 |
0.000 |
0.000 |
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TOTAL EARNINGS |
8023.764 |
6788.348 |
3859.688 |
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IMPORTS |
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Raw Materials |
3488.194 |
7370.890 |
2559.712 |
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Traded Items |
54.599 |
1176.658 |
1596.563 |
|
|
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Capital Goods |
247.919 |
498.110 |
222.721 |
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TOTAL IMPORTS |
3790.712 |
9045.658 |
4378.996 |
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Earnings Per
Share (Rs.) |
5.98 |
-- |
-- |
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KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
PAT / Total Income |
(%) |
6.21 |
(1.47) |
3.05 |
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Net Profit Margin (PBT/Sales) |
(%) |
9.98 |
(2.44) |
5.13 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
10.87 |
(2.49) |
7.26 |
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Return on Investment (ROI) (PBT/Networth) |
|
0.37 |
(0.14) |
0.24 |
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Debt Equity Ratio (Total Liability/Networth) |
|
2.43 |
4.76 |
2.37 |
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Current Ratio (Current Asset/Current Liability) |
|
1.51 |
1.19 |
1.53 |
LOCAL AGENCY FURTHER INFORMATION
Note:
The registered office of the company has been shifted from 6 B, GST Road, Street Thomas Mount, Chennai
– 600 016,
Financial Results:
During the year, the company made a profit of rs. 1391.195 Millions.
After charging for the current tax, deferred tax and accounting for the minimum
alternate tax credit for the period, the accumulated profit stood at Rs.
1560.568 Millions.
Machine Division:
During the year, the company experienced a significant downturn along
with the rest of the global economy. Actions were taken to control cost during
these difficult economic conditions and to continue building on the
improvements already made in People, Quality and Velocity during a period of
significantly lower demand. The company experienced significantly improvements
in order in the beginning of 2010 as the
Power Systems
Division:
The company shipped several new models of gas and diesel engines and
exported these products to various parts of the world. The division experienced
some growth during the year because of the introduction of the new models but
not to the extent expected because of the significant global downturn.
Significant efforts were made to control costs in order to put a very effective
cost structure in place. A number of process improvements wsere made which are
aiding the ramp up since early 2010.
Engineering Design
Centre:
The Engineering Design Centre has recorded a full year foreign exchange
earning of Rs. 1823.000 Millions as against Rs. 1649.000 Millions in the
previous year. This division continues to play a major role in Caterpillar’s
global research, design and manufacturing engineering activities with focus on
product developments.
Amalgamation of
Caterpillar Commercial Private Limited with The company:
During the year, the Hon’ble High Court of Judicature at Madras Approved
the amalgamation of Caterpillar Commercial Private Limited with the company
vide its order dated December 15, 2009.
History:
Subject was
incorporated on 7th December, 2000 at Chennai in Tamilnadu having
Company Registration Number 46255.
Subject is a
world’s leading manufacturer of construction and mining equipments, diesel and natural
gas engines and industrial turbines.
Caterpillar Inc.
USA had a license arrangement with Hindustan Motors Limited to manufacture its
machinery.
Through a business
transfer agreement with Hindustan Motors Limited on 12.11.2000 for acquiring
earth moving division with its factories at Trivellore and Pondicherry
Caterpillar Inc. acquired Hindustan Motors.
Subject was formed with the permission of foreign investment promotion
board of Government of India and a 100% subsidiary of Caterpillar Inc.,
Subject became a
subsidiary of Caterpillar Commercial NV,
Subject has
established a design center and has obtained approval from Software Technology
Parks of India for deriving tax benefits.
Caterpillar
products and components today are manufactured in 42 plants in
The company’s
marketing headquarters are located in Peoria and Mossville, IIIinois; San
Diego, California; Miami, Florida; Cary, North Carolina; Melbourne, Australia,
Gosselies, Belgium, Piracicaba, Brazil; Peterborough, England; Kiel, Germany;
Hong Kong, People’s Republic of China, Tokyo, Japan; Singapore and Geneva,
Switzerland.
The dealers for
Caterpillar in
FIXED ASSETS:
·
· Buildings
· Plant and Machinery
· Equipment
· Furniture and Fittings
· 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.45.37 |
|
|
1 |
Rs.73.25 |
|
Euro |
1 |
Rs.62.68 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
6 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILIRY |
1~10 |
6 |
|
--LIQUIDITY |
1~10 |
6 |
|
--LEVERAGE |
1~10 |
6 |
|
--RESERVES |
1~10 |
6 |
|
--CREDIT LINES |
1~10 |
6 |
|
--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 |
|
53 |
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.