MIRA
INFORM REPORT
|
Report Date : |
31.05.2011 |
IDENTIFICATION DETAILS
|
Name : |
POTAIN INDIA PRIVATE LIMITED (w.e.f 24.06.1985) |
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Formerly Known
As : |
SHIRKE CONSTRUCTION EQUIPMENTS PRIVATE LIMITED |
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Registered
Office : |
72/76 Industrial Estate Mundhwa, Pune – 411036, |
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Country : |
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Financials (as
on) : |
31.03.2010 |
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Date of
Incorporation : |
07.09.1970 |
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Com. Reg. No.: |
11-014775 |
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Paid-up Capital
: |
Rs. 19.900 Millions |
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CIN No.: [Company Identification
No.] |
U29150MH1970PTC014775 |
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Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Manufacturer of Equipments for Construction and Post Harvesting |
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No. of Employees
: |
Information not divulged by management |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (46) |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Maximum Credit Limit : |
USD 2700000 |
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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. There
appears huge dip in turnover and profitability of the company. However, 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.
INFORMATION DENIED BY
|
Name : |
Mr. Sunil Adhiya |
|
Designation : |
Company Secretary |
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Contact No.: |
91-9823122984 |
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Date : |
30.05.2011 |
LOCATIONS
|
Registered Office : |
72/76 Industrial Estate Mundhwa, Pune – 411036, |
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Tel. No.: |
91-20-26870151/66829549 |
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Fax No.: |
91-20-26871612 |
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E-Mail : |
DIRECTORS
As On 30.09.2010
|
Name : |
Mr. Eric Paul Max Etchart |
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Designation : |
Director |
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Address : |
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Date of Birth/Age : |
12.07.1956 |
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Date of Appointment : |
19.07.2007 |
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DIN No.: |
01571150 |
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Name : |
Mr. Lawrence Richard John Bryce |
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Designation : |
Director |
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Address : |
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Date of Birth/Age : |
03.05.1962 |
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Date of Appointment : |
19.07.2007 |
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DIN No.: |
01547577 |
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Name : |
Mr. Raman Onkar Joshi |
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Designation : |
Director |
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Address : |
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Date of Birth/Age : |
10.05.1967 |
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Date of Appointment : |
18.08.2008 |
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DIN No.: |
02259775 |
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Name : |
Gills Charles Martin |
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Designation : |
Managing Director |
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Address : |
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Date of Birth/Age : |
10.12.1962 |
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Date of Appointment : |
25.08.2008 |
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DIN No.: |
02284242 |
KEY EXECUTIVES
|
Name : |
Mr. Sunil Adhiya |
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Designation : |
Company Secretary |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As On 30.09.2010
|
Names of Shareholders |
|
No. of Shares |
|
National Securities Depository Limited – Eculy |
|
98999 |
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1 |
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Manitowoc Crane Group Asia PTE Limited
|
|
100000 |
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Total |
|
199000 |
As On 30.09.2010
|
Category |
Percentage |
|
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 : |
Manufacturer of Equipments for Construction and Post Harvesting |
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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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Manufactured Products |
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Tower Cranes |
Nos |
180 |
180 |
53 |
GENERAL INFORMATION
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No. of Employees : |
Not Information not divulged by management |
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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 : |
Haribhakti and Company Chartered Accountant |
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Address : |
42 Free Press House Nariman Point, Mumbai – 400021, |
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Tel. No.: |
91-22-61326990 |
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Fax No.: |
91-22-22856237 |
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Website : |
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Pan No.: |
AAAFH2010F |
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Ultimate Holding Company : |
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Holding Company : |
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Fellow Subsidiaries : |
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CAPITAL STRUCTURE
As On 31.03.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
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|
|
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|
215000 |
Equity Shares |
Rs. 100/- each |
Rs. 21.500 Millions |
|
15000 |
4% Redeemable Non Cumulative Preferences Shares |
Rs. 100/- each |
Rs. 1.500 Millions |
|
|
Total |
|
Rs. 23.000
Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
199000 |
Equity Shares |
Rs. 100/- each |
Rs. 19.900
Millions |
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|
|
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|
Note:
[Out of above,
198,999 (Previous Year: 98,999) Equity Shares are held by Manitowoc Crane Group
Asia Re. Ltd. (the Holding Company) and 1 Equity Share is held by Manitowoc Holding
Asia SAS: Manitowoc Company Inc. is the ultimate Holding Company]
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 |
|
|
|
|
|
1] Share Capital |
19.900 |
9.900 |
9.900 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
679.985 |
194.642 |
140.521 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
699.885 |
204.542 |
150.421 |
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LOAN FUNDS |
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|
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1] Secured Loans |
0.000 |
0.000 |
0.000 |
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2] Unsecured Loans |
0.000 |
322.187 |
220.745 |
|
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TOTAL BORROWING |
0.000 |
322.187 |
220.745 |
|
|
DEFERRED TAX LIABILITIES |
6.786 |
3.292 |
1.060 |
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|
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|
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TOTAL |
706.671 |
530.021 |
372.226 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
184.244 |
203.976 |
202.957 |
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Capital work-in-progress |
0.257 |
0.000 |
13.617 |
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INVESTMENT |
141.127 |
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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|
|
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Inventories |
269.901
|
498.442 |
398.281 |
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Sundry Debtors |
105.938
|
266.421 |
146.162 |
|
|
Cash & Bank Balances |
23.752
|
3.714 |
29.536 |
|
|
Other Current Assets |
9.867
|
26.555 |
0.000 |
|
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Loans & Advances |
89.507
|
110.305 |
51.132 |
|
Total
Current Assets |
498.965
|
905.437 |
625.111 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
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Sundry Creditors |
51.434 |
502.100 |
380.783 |
|
|
Other Current Liabilities |
30.761
|
42.394 |
44.151 |
|
|
Provisions |
35.727
|
34.898 |
44.525 |
|
Total
Current Liabilities |
117.922
|
579.392 |
469.459 |
|
|
Net Current Assets |
381.043
|
326.045 |
155.652 |
|
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|
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|
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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|
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|
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TOTAL |
706.671 |
530.021 |
372.226 |
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PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
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SALES |
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Income |
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Other Income |
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TOTAL |
546.168 |
1029.200 |
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Less |
EXPENSES |
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Office Expenses |
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Administrative Expenses |
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Advertising Expenses |
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Financial Expenses |
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TOTAL |
508.218 |
921.135 |
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PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION |
37.950 |
108.065 |
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Less/ Add |
DEPRECIATION/
AMORTISATION |
22.513 |
24.913 |
NA |
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PROFIT BEFORE
TAX |
15.437 |
83.152 |
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Less |
TAX |
7.493 |
29.032 |
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PROFIT AFTER TAX
|
7.944 |
54.120 |
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Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
124.467 |
70.347 |
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BALANCE CARRIED
TO THE B/S |
132.411 |
124.467 |
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EARNINGS IN
FOREIGN CURRENCY |
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Export Earnings |
143.823 |
444.058 |
95.760 |
|
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TOTAL EARNINGS |
143.823 |
444.058 |
95.760 |
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IMPORTS |
|
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|
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|
Raw Materials, Spares, Components |
44.029 |
313.537 |
435.495 |
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TOTAL IMPORTS |
44.029 |
313.537 |
435.495 |
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Earnings Per
Share (Rs.) |
53 |
546 |
NA |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
PAT / Total Income |
(%) |
1.45
|
5.26 |
NA |
|
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Return on Total Assets (PBT/Total Assets} |
(%) |
2.26
|
7.50 |
NA |
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Return on Investment (ROI) (PBT/Networth) |
|
0.02
|
0.41 |
NA |
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Debt Equity Ratio (Total Liability/Networth) |
|
0.17
|
4.41 |
4.59 |
|
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|
|
|
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|
Current Ratio (Current Asset/Current Liability) |
|
4.23
|
1.56 |
1.33 |
LOCAL AGENCY FURTHER INFORMATION
Nature of
Operations:
Subject a
subsidiary of Manitowoc Crane Group Asia Pte. Limited
Operation of the Company:
As forecasted year
2010, saw slowdown in growth of construction equipment. This directly impacted
the income of the company the total income reduced from Rs. 1029.200 millions
in 2008-09 to 546.168 millions in 2009-10. However, due to the timely initiatives
taken by the company in various Cost reduction programs which helps the company
to maintain profit after taxation for Rs. 7.494 millions in 2009-10 as compared
to 54.120 millions for the year 2008-09.
The details of
sundry creditors:
Rs. In
Millions
|
Particulars |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
Sundry Creditors |
|
|
|
|
Total Outstanding Dues of Micro and Small Enterprises |
- |
- |
-- |
|
Total Outstanding Dues of Creditors other than Micro and Small
Enterprises |
51.434 |
502.100 |
380.783 |
|
Total |
51.434 |
502.100 |
380.783 |
Contingent
Liabilities:
Rs.
In Millions
|
Particulars |
31.03.2010 |
31.03.2009 |
|
Claims against which the company is in appeal |
18.221 |
18.221 |
Form 8:
|
Corporate identity
number of the company |
U29150MH1970PTC014775 |
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Name of the
company |
Potain India
Private Limited |
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Address of the
registered office or of the principal place of business in |
72/76 Industrial Estate
Mundhwa, Pune - 411036, |
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This form is for |
Creation of
charge |
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Type of charge |
Book Debts Movable Property Floating Charge |
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Particular of
charge holder |
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Nature of
instrument creating charge |
Letter of hypothecation
of stock, book debts and machinery |
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Date of
instrument Creating the charge |
27.09.2010 |
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Amount secured by
the charge |
Rs. 100.000
Millions |
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Brief of the
principal terms an conditions and extent and operation of the charge |
Rate of Interest
– As may be decided by the bank from time to time with quarterly rests on
daily debit balances Terms of
Repayment - Payable on Demand Margin - 1)
Uniform Margin Of 25% On All Components Of Inventory For The Purpose Of
Drawing Power Calculation. 2) Margin Of 25%
On Book Debts Excluding Debtors Ageing More Than 180 Days For Purpose Of
Drawing Power Calculation. Extent and
Operation of the charge - Charges On Stock On Trade, Raw Materials, Finished Goods, Goods In
Process Of Manufacturing, Book Debts, Cash Receivables And Movable Plant And
Machinery Being Movable Property Of The Company Including Both Present And
Future. |
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|
Particulars of
the property charged |
Charges On
Stock,Raw Materials,Finished Goods, Goods In Process, Book Debts, Cash
Receivables And Movable Plant And Machinery Being Movable Property Of The
Company Both Present And Future All Movable
Properties Stored, Or Stored, Brought Or To Be Brought In Case Of Transit To
The Factory Or Premises Situated At 72/76, Industrial Estatte Mundhwa, Pune
411036. All Book Debts,
Outstanding Moneys Receivables, Claims And Bills Which Are Now Due And Owing
Or During The Course Of Security Owing To The Borower. |
Fixed Assets:
- Leasehold Improvements
- Plant and machinery
- Computer hardware
- Furniture and fixtures
- Office equipments
- Motor vehicle
- 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.45.10 |
|
|
1 |
Rs.74.27 |
|
Euro |
1 |
Rs.64.35 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
5 |
|
--PROFITABILIRY |
1~10 |
4 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
5 |
|
--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 |
YES |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
46 |
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.