MIRA
INFORM REPORT
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Report Date : |
12.03.2011 |
IDENTIFICATION DETAILS
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Name : |
KLOECKNER DESMA MACHINERY PRIVATE LIMITED |
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Registered
Office : |
No. 53, Madhuban, Near Madalpur, Under |
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Country : |
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Financials (as
on) : |
31.03.2010 |
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Date of
Incorporation : |
25.04.1995 |
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Com. Reg. No.: |
04-25601 |
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CIN No.: [Company Identification
No.] |
U28999GJ1995FTC025601 |
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TAN No.: [Tax Deduction &
Collection Account No.] |
AHMK00539A |
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PAN No.: [Permanent Account No.] |
AAACK8768N |
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Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Manufacturers and Sellers of Injection Moulding Machines, Rubber
Moulding Machines, Unit Sole Machines, Shoe Soling Machines and Moulds. |
RATING & COMMENTS
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MIRA’s Rating : |
Ba (49) |
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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 360000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Usually Correct |
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Litigation : |
Clear |
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Comments : |
Subject is an established company having satisfactory track. Trade
relations are reported as fair. Business is active. Payments are reported to
be usually correct and as per commitments. The company can be considered normal for business dealings at usual
trade terms and conditions. |
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
Management non co- operative
LOCATIONS
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Registered Office : |
No. 53, Madhuban, Near Madalpur, Under |
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Tel. No.: |
91-79-22901782 |
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Mobile No.: |
91-9822395625 (Mr. Nayan Tope) |
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Fax No.: |
91-79-22901785 |
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E-Mail : |
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Website : |
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Area : |
884 Sq. ft. |
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Location : |
Owned |
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Factory : |
Plot No. 10, Road No. 1, GIDC, Kathwada, Torrent Power Substalien,
Ahmedabad – 382445, |
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Tel. No.: |
91-79-22901782/ 66190000 |
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Fax No.: |
91-79-22901785 |
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Area : |
2200 Sq. Mtr. |
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Location : |
Leased |
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Branches : |
Pune "B-106, 1st Floor,
Jay Ganesh Vision (Multiplex), Akurdi, Pune-410033 Phone : 91 20
27442717 E-mail : klocknerwest@vsnl.net
, desmapune@desmaindia.com 14, Ground Floor, World
Trade Centre, Phone : 91 11 23411162 / 5152 8152 Fax: 91 11 23411161 E-mail: klockner@bol.net.in , desmadelhi@desmaindia.com Chennai Old no.99 / New no.
145, Vardammal Garden 3rd Street, Barraca Road, Kilpauk, Chennai - 600
010, Tamilnadu, India Tel/Fax : 91 44
26651720 E-mail :desmachennai@dataone.in |
DIRECTORS
As on 08.09.2010
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Name : |
Mr. Valentin C. Reisgen |
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Designation : |
Chairman |
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Address : |
Durestrabe 5, 41466 |
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Date of Birth/Age : |
11.09.1956 |
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Date of Appointment : |
30.03.2005 |
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Date of Ceasing : |
01.02.2009 |
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Name : |
Mr. Mahendra Narsinhbhai Patel |
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Designation : |
Managing Director |
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Address : |
15, Kairavi Bunglows, Near Sarathi Hotel, Bodekdev,
Ahmedabad – 380054, |
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Date of Birth/Age : |
17.01.1949 |
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Qualification : |
M.Sc [Indl. Engg. and Admn.] from |
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Date of Appointment : |
25.04.1995 |
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Name : |
Mr. Wolfgang Koliwer |
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Designation : |
Director |
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Address : |
Kloeckner Desma Elastomertechnick Gmbh
Ander Bara D 78567 |
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Date of Birth/Age : |
16.12.1923 |
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Qualification : |
25.04.1995 |
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Date of Ceasing : |
30.03.2005 |
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Name : |
Mr. Gurucharan Singh Bhuller |
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Designation : |
Director |
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Address : |
KBM Consulting GmbH, |
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Date of Birth/Age : |
02.12.1940 |
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Date of Appointment : |
25.04.1995 |
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Name : |
Dr. Scholz Bernd |
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Designation : |
Director |
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Address : |
Kolceckner Strasse, 29, 4705, |
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Date of Birth/Age : |
02.02.1947 |
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Date of Appointment : |
19.06.1997 |
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Name |
Mr. Arun Bhaskerrai Mankodi |
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Designation |
Whole Time Director |
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Address |
A/ 702, Devraj Flats, Near Judges Bunglow,
Ahmedabad – 380 054, |
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Date of Birth |
18.05.1960 |
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Date of Appointment |
27.04.2006 |
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Name |
Mr. Burkhard Becker |
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Designation |
Director |
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Address |
Tippelstr 43 A, OT Niederbonsfeld, |
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Date of Birth |
02.02.1960 |
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Date of Appointment |
04.03.2009 |
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Name |
Mr. Martin Schuermann |
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Designation |
Director |
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Address |
Hohenstrabe 16, Stockach – 78333, |
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Date of Birth |
10.07.1962 |
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Date of Appointment |
23.05.2007 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 08.09.2010
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Names of Shareholders |
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No. of Shares |
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Klocekner Desma
Elastomertechnik GmbH, |
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8999991 |
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Kloeckner Mercator Maschinenbau GmbH, |
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9 |
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Total |
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9000000 |
As on 08.09.2010
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Category |
Percentage |
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Foreign holdings( Foreign institutional investor(s),
Foreign companie(s) Foreign financial institution(s), Non-resident Indian(s)
or Overseas Corporate bodies or Others |
100.00 |
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Total |
100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturers and Sellers of Injection Moulding Machines, Rubber
Moulding Machines, Unit Sole Machines, Shoe Soling Machines and Moulds. |
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Products : |
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GENERAL INFORMATION
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Suppliers : |
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No. of Employees : |
350 (Approximately) |
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Bankers : |
State
Bank of |
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Facilities : |
Secured Loans
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Banking
Relations : |
- |
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Auditors : |
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Name : |
Price Water House Chartered Accountant |
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Address : |
252, Veer Savarkar Marg, |
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Collaboration : |
The company has technical and financial collaborations with : ·
Kloekner Desma Elastomertechnik GmbH, - For manufacturing and marketing of Desma
Rubber Industrial Moulding Machines in ·
Kloeckner Desma Schumaschinen GmbH, -
For manufacturing and marketing of KDS Shoe
Making Machines in
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Holding Company : |
Kloeckner Desma Elastomertechnik GmbH, |
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Ultimate Holding Company: |
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Subsidiaries : |
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Associates : |
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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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10000000 |
Equity Shares |
Rs.10/- each |
Rs.100.000 millions |
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Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
|
9000000 |
Equity Shares |
Rs.10/- each |
Rs.90.000
millions |
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Notes:
Of the above 8999991 equity shares are held by
Kloeckner Desma Elastomertechnik GmbH, Germany and 9 equity shares are held by Kloeckner
Mercator Maschinenbau GmbH as a nominee of Kloeckner Desma Elastomertechnik GmbH, Germany, both of which are
the subsidiaries of Saigitter Mannesmann GmbH, Germany the Ultimate Holding
Company.
Of the above 8500000 shares of Rs.10/- Each were allotted as fully paid
up bonus shares by capitalization of general reserve and profit and Loss
account.
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 |
90.000 |
90.000 |
50.000 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
116.139 |
68.841 |
88.838 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
206.139 |
158.841 |
138.838 |
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LOAN FUNDS |
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1] Secured Loans |
2.937 |
3.109 |
90.771 |
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2] Unsecured Loans |
187.803 |
191.080 |
50.015 |
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TOTAL BORROWING |
190.740 |
194.189 |
140.786 |
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DEFERRED TAX LIABILITIES |
5.396 |
4.218 |
1.628 |
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TOTAL |
402.275 |
357.248 |
281.252 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
256.745 |
261.236 |
79.616 |
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Capital work-in-progress |
0.599 |
2.860 |
39.599 |
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INVESTMENT |
65.377 |
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 |
111.429
|
113.977
|
101.538 |
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Sundry Debtors |
76.315
|
13.908
|
53.361 |
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Cash & Bank Balances |
10.513
|
78.870
|
104.427 |
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Other Current Assets |
0.188
|
0.133
|
0.049 |
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Loans & Advances |
17.648
|
23.969
|
13.003 |
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Total
Current Assets |
216.093
|
230.857
|
272.378 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Sundry Creditors |
64.470
|
68.294 |
67.505 |
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Other Current Liabilities |
46.715
|
55.195
|
27.137 |
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Provisions |
25.354
|
14.215
|
15.698 |
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Total
Current Liabilities |
136.539
|
137.704
|
110.340 |
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Net Current Assets |
79.554
|
93.153
|
162.038 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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TOTAL |
402.275 |
357.248 |
281.252 |
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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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Sales and Other Income |
532.215 |
376.289 |
341.513 |
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TOTAL (A) |
532.215 |
376.289 |
341.513 |
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Less |
EXPENSES |
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TOTAL (B) |
422.132 |
306.322 |
267.617 |
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Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
110.083 |
69.967 |
73.896 |
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Less |
FINANCIAL
EXPENSES (D) |
6.654 |
18.147 |
11.110 |
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PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
103.429 |
51.820 |
62.786 |
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Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
22.706 |
9.223 |
8.575 |
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PROFIT BEFORE
TAX (E-F) (G) |
80.723 |
42.597 |
54.211 |
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Less |
TAX (H) |
27.108 |
17.330 |
21.230 |
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PROFIT AFTER TAX
(G-H) (I) |
53.615 |
25.267 |
32.981 |
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Less |
APPROPRIATIONS |
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Transfer to General Reserve |
0.000 |
0.000 |
2.500 |
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Proposed Dividend |
0.747 |
4.500 |
2.500 |
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Tax on Proposed Dividend |
0.747 |
0.765 |
0.425 |
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Capitalized by way of Bonus Issue |
0.000 |
28.429 |
0.000 |
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BALANCE CARRIED
TO THE B/S |
117.209 |
68.841 |
77.268 |
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EARNINGS IN
FOREIGN CURRENCY |
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Export Earnings |
105.031 |
57.472 |
65.810 |
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Commission Earnings |
3.233 |
0.000 |
3.101 |
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|
1.798 |
5.815 |
0.810 |
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Others |
0.000 |
0.000 |
0.039 |
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TOTAL EARNINGS |
110.062 |
63.287 |
69.760 |
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IMPORTS |
68.741 |
62.458 |
52.852 |
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Earnings Per
Share (Rs.) |
5.84 |
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KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
PAT / Total Income |
(%) |
10.07
|
6.71
|
9.66 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
17.07
|
8.61
|
13.84 |
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Return on Investment (ROI) (PBT/Networth) |
|
0.39
|
0.27
|
0.39 |
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Debt Equity Ratio (Total Liability/Networth) |
|
1.59
|
0.87
|
0.79 |
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Current Ratio (Current Asset/Current Liability) |
|
1.58
|
1.68
|
2.47 |
LOCAL AGENCY FURTHER INFORMATION
Details of Sundry Creditors:
|
Particulars |
31.03.2010 (Rs. in millions) |
31.03.2009 (Rs. in millions) |
31.03.2008 (Rs. in millions) |
|
Sundry Creditors |
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Micro and Small
enterprises |
11.400 |
4.145 |
8.140 |
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Other |
53.070 |
64.149 |
59.365 |
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Total |
64.470 |
68.294 |
67.505 |
YEAR IN
RETROSPECT:
The Directors are pleased to inform that during the year:
·
The company has achieved highest ever total income
of Rs.532.215 millions. This represents growth in total income over 41%.
·
Company has delivered highest ever total no. of
machines 89.
·
The company has achieved highest ever Export Sales
in the year. The company has received new orders from Countries like
·
The company successfully developed and delivered
special machines, Moulds and cold Runner Blocks for the electrical market.
Enabling it to diversify the Company has successfully maintained its leading
place in the automotive and electrical markets.
·
The company continues to rule the market with above
90% share in the injection moulding business. During the injection moulding
business. During the year, the company has emerged viotorious against steep
price increase of basic raw materials and various commodities. This was
achieved by the efforts put in the management and the employees for
reengineering and cost reduction.
Bankers Charges
Report as per Registry
|
Name of the company |
KLOECKNER DESMA
MACHINERY PRIVATE LIMITED |
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Presented
By |
Mr.
Mahendrabhai N. Patel, Managing Director
|
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1) Date and description of instrument creating the change |
01.10.2002, No instrument, A Mortgage by deposit of title deeds was made by Klockner Desma Machinery Private Limited, (borrower) in favour of State Bank of India (Bank). |
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2) Amount secured by the charge/amount owing on the securities of charge |
Rs. 21.000 millions |
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3) Short particular of the property charged. If the property acquired is subject to charge, date of the acquired of the property should be given |
All that piece or parcel of leasehold land known as Plot/Shed No. 5119 and 5120 (Phase-IV) in the Vatva Industrial Area/ Estate consisting of Revenue Survey No. 317, within the village limit of Ramol of Descroi Taluka in the Registration District Ahmedabad and Sub-District of Ahmedabad – 5, (Narol) containing by admeasurement 2200 sq. meters or thereabouts together with all or any superstructure standing thereon. |
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4) Gist of the terms and conditions and extent and operation of the charge. |
The
immovable property described in Column No. 3 hereinabove mortgaged and
charged to the Bank by Memorandum of Entry dated 01.10.2002 for securing the
due repayment, discharge by the borrower to the bank of its demand cash
credit (stocks an |
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5) Name and Address and description of the person entitled to the charge. |
State
Bank of Vatva Industrial Estate Branch, Vatva, Ahmedabad
– 382 445, |
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6) Date and brief description of instrument modifying the charge |
07.12.2004, Memorandum of Entry by way of Extension made by Klockner Desma Machinery Private Limited (borrower) in favour of State Bank of India (Bank). |
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7) Particulars of modifications specifying the terms and conditions or the extent of operations of the charge in which modification is made and the details of the modification. |
The securities described in Column No. 3, hereinabove are
mortgaged and charged to the bank for securing the due repayment discharged
an |
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This form is for |
Modification of
charge |
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Charge
identification number of the modified |
90095002 |
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Corporate
identity number of the company |
U28999GJ1995PTC025601 |
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Name of the
company |
KLOECKNER DESMA
MACHINERY PRIVATE LIMITED |
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Address of the
registered office or of the principal place of business in |
53, Madhuban,
Near Madalpur Under Bridge, Ellisbridge, Ahmedabad – 380006, |
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Type of charge |
v
Book
Debts v
Movable
Property |
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Particular of
charge holder |
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Nature of
description of the instrument creating or modifying the charge |
Memorandum for
Recording Extension of Mortgage By Deposit of Title Deeds Covering Enhanced Limits |
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Date of
instrument Creating the charge |
02.11.2008 |
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Amount secured by
the charge |
Rs. 250.000
millions |
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Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest CC – 0.25% above
SBAR Term Loan – 0.50%
above SBAR EPC / PCFC – as
per bank/ RBI Instructions Terms of
Repayment CC/ EPC/ PCFC –
Repayable on demand Term Loan –
Repayable in 12 installments of Rs. 7.500 millions each, 7 installments of
Rs. 10.000 millions each and 1 installment of Rs. 9.000 millions commencing
from December 2009. Margin Fund Base Limits Raw material –
25% Semi finished /
Finished goods – 30% Domestic
receivables – 50% EPC/ PCFC – 10% Term Loan – 32% Non fund based
Limits Letter of credit /
Bank Guarantee – 10% Extent and
Operation of the charge By way of first
charge as security for payment and discharge by the borrower to bank on
demand all monies under the facilities. |
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Short particulars
of the property charged |
Hypothecation of
all present and future stock, goods, raw materials, book debts, movable plant
and machineries and other movable assets, by way of first charge for various
credit facilities upto the aggregate limit Rs. 250.000 millions. |
FIXED ASSETS:
v
v Plant and Machinery
v Patterns and Dies
v Furniture and Fixtures
v Office Equipment
v Computers
v Vehicles
Intangible Assets
v Computer Software
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.45.21 |
|
|
1 |
Rs.72.55 |
|
Euro |
1 |
Rs.62.43 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILIRY |
1~10 |
6 |
|
--LIQUIDITY |
1~10 |
6 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
6 |
|
--CREDIT LINES |
1~10 |
5 |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
NO |
|
--AFFILIATION |
YES/NO |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
49 |
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.