MIRA
INFORM REPORT
|
Report Date : |
04.07.2012 |
IDENTIFICATION DETAILS
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Name : |
SCHWING STETTER ( |
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Registered
Office : |
F-71, |
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Country : |
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Financials (as
on) : |
31.12.2010 |
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Date of
Incorporation : |
18.06.1998 |
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Com. Reg. No.: |
18-046270 |
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Capital
Investment / Paid-up Capital : |
Rs. 240.945 Millions |
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CIN No.: [Company Identification
No.] |
U45309TN1998PTC046270 |
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TAN No.: [Tax Deduction &
Collection Account No.] |
CHES20172F |
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PAN No.: [Permanent Account No.] |
AADCS5069D |
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Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
The subject is engaged in the business of manufacturing and marketing
of ready-mix concrete handling machinery and related spares and services. |
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No. of Employees
: |
Not Available |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (52) |
|
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 6900000 |
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Status : |
Good |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Subject is a well-established and reputed company having fine track.
Trade relations are reported as fair. Business is active. Directors are reported
to be experienced and respectable businessmen. Payments are reported to be
regular 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 – September 30, 2011
|
Country Name |
Previous Rating (30.06.2011) |
Current Rating (30.09.2011) |
|
India |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
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 |
LOCATIONS
|
Registered Office / Corporate Office
/ Factory : |
F-71, SIPCOT Industrial Park, Irungattukottai, Sriperumbudur,
Kanchipuram-602105, Tamilnadu, India |
|
Tel. No.: |
91-44-27156780 / 1 / 27156537 / 8 / 47108100 / 37178100 |
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Fax No.: |
91-44-27156539 |
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E-Mail : |
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Website : |
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Branch Office : |
Located At ·
Mumbai ·
Bangalore ·
Hyderabad ·
Chandigarh ·
Pune ·
New Delhi ·
Ahmedabad ·
Cochin ·
Kolkata |
DIRECTORS
As on 04.05.2011
|
Name : |
Mr. Ananthanarayan Sundaresan |
|
Designation : |
Managing Director |
|
Address : |
No.2D, Block II, |
|
Date of Birth/Age : |
24.05.1957 |
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Date of Appointment : |
06.01.2002 |
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DIN No.: |
01028552 |
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Name : |
Mr. Gerhard Schwing |
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Designation : |
Chairman cum Director |
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Address : |
Holbeinstr 3, |
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Date of Birth/Age : |
13.09.1947 |
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Date of Appointment : |
25.02.2008 |
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DIN No.: |
02166664 |
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Name : |
Mr. Achim Michael Waldemar Schoder |
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Designation : |
Director |
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Address : |
Stuttgarter Strate 86, Kirschheim |
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Date of Birth/Age : |
21.03.1953 |
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Date of Appointment : |
25.02.2008 |
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DIN No.: |
02166685 |
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Name : |
Mr. Gunther DR Abolins |
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Designation : |
Director |
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Address : |
Raupolzer Weg 22A, Bad |
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Date of Birth/Age : |
01.11.1950 |
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Date of Appointment : |
29.05.2008 |
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DIN No.: |
02330188 |
KEY EXECUTIVES
|
Name : |
Mr. Subramanian Raghavan Angarai |
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Designation : |
Company Secretary |
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Address : |
Flat P2, Ragavilla No.15, Jagadambal Colony, I, Street Royapettah,
Chennai-600014, |
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Date of Birth/Age : |
18.08.1958 |
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Date of Appointment : |
01.07.2003 |
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Pan No.: |
AIGPS3888L |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 04.05.2011
|
Names of Shareholders |
No. of Shares |
|
Schwing GmbH, Germany |
24094510 |
|
Schwing Verwaltungs-UND Beteliligungs GmbH, Germany |
1 |
|
TOTAL |
24094511 |
AS ON 04.05.2011
|
Equity Shares
Break Up |
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 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
The subject is engaged in the business of manufacturing and marketing
of ready-mix concrete handling machinery and related spares and services. |
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Products : |
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PRODUCTION STATUS (AS ON 31.12.2010)
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Particulars |
Unit |
Installed
Capacity |
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Concrete Mixers |
Nos. |
4500 |
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Concrete Pumps |
Nos. |
1800 |
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Batching Plants and Recycling Plants |
Nos. |
1344 |
*Installed capacities are as certified by the management
and have not been verified by the auditors as this is a technical matter.
GENERAL INFORMATION
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No. of Employees : |
Not Available |
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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 : |
BSR and Company Chartered Accountants |
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Address : |
No. 10, |
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Tel. No.: |
91-44-39145000 |
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Fax No.: |
91-44-39145999 |
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Pan No.: |
AAAFB9852F |
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Holding Company : |
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Fellow Subsidiaries : |
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CAPITAL STRUCTURE
AS ON 31.12.2010
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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25000000 |
Equity Shares |
Rs.10/- each |
Rs. 250.000 Millions |
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Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
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|
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|
24094511 |
Equity Shares |
Rs.10/- each |
Rs. 240.945
Millions |
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Note:
Of the above shares, 24094510 equity shares
are held by the holding company, Schwing GmbH.
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE SHEET
|
SOURCES OF FUNDS |
31.12.2010 |
31.12.2009 |
31.12.2008 |
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|
SHAREHOLDERS FUNDS |
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|
|
|
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1] Share Capital |
240.945 |
240.945 |
240.945 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
1486.072 |
1213.389 |
1374.356 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
1727.017 |
1454.334 |
1615.301 |
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LOAN FUNDS |
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1] Secured Loans |
1458.674 |
1748.061 |
1818.786 |
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2] Unsecured Loans |
107.331 |
700.000 |
0.000 |
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TOTAL BORROWING |
1566.005 |
2448.061 |
1818.786 |
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DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
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TOTAL |
3293.022 |
3902.395 |
3434.087 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
493.455 |
555.602 |
595.868 |
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Capital work-in-progress |
18.222 |
2.298 |
5.506 |
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INVESTMENT |
13.000 |
0.000 |
0.000 |
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DEFERREX TAX ASSETS |
14.182 |
21.988 |
35.099 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
2847.566
|
3116.614 |
4215.207
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Sundry Debtors |
778.091
|
821.303 |
723.635
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Cash & Bank Balances |
460.308
|
376.219 |
49.258
|
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Other Current Assets |
0.000
|
0.000 |
0.000
|
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Loans & Advances |
211.278
|
208.728 |
306.970
|
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Total
Current Assets |
4297.243
|
4522.864 |
5295.070 |
|
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Sundry Creditors |
1281.386
|
990.842 |
2155.880 |
|
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Other Current Liabilities |
183.249
|
161.177 |
201.646
|
|
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Provisions |
84.541
|
58.285 |
139.930
|
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Total
Current Liabilities |
1549.176
|
1210.304 |
2497.456 |
|
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Net Current Assets |
2748.067
|
3312.560 |
2797.614
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MISCELLANEOUS EXPENSES |
6.096 |
9.947 |
0.000 |
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TOTAL |
3293.022 |
3902.395 |
3434.087 |
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PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.12.2010 |
31.12.2009 |
31.12.2008 |
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SALES |
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Sales Excluding Excise Duty |
8079.670 |
4773.640 |
7359.580 |
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Service Income |
203.770 |
112.610 |
145.880 |
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Other Income |
137.620 |
118.170 |
83.660 |
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TOTAL |
8421.060 |
5004.420 |
7589.120 |
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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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TOTAL |
7721.510 |
4729.010 |
6741.330 |
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PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION |
699.550 |
275.410 |
847.790 |
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Less |
DEPRECIATION/
AMORTISATION |
84.730 |
89.400 |
91.340 |
|
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PROFIT BEFORE
TAX |
614.820 |
186.010 |
756.450 |
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Less |
TAX |
208.250 |
72.270 |
267.240 |
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PROFIT AFTER TAX
|
406.570 |
113.740 |
489.210 |
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Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
1116.550 |
1305.720 |
1038.880 |
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Less |
APPROPRIATIONS |
|
|
|
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|
|
|
Transfer to General Reserve |
40.660 |
11.370 |
48.920 |
|
|
|
Transfer to Debenture Redemption Reserves |
74.080 |
16.830 |
0.000 |
|
|
|
Tax on Dividend |
133.880 |
274.710 |
173.450 |
|
|
BALANCE CARRIED
TO THE B/S |
1274.500 |
1116.550 |
1305.720 |
|
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EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
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Export Earnings |
105.572 |
80.197 |
273.648 |
|
|
|
Freight reimbursement |
0.320 |
0.000 |
0.000 |
|
|
|
Interest income |
8.986 |
7.156 |
0.000 |
|
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TOTAL EARNINGS |
114.878 |
87.353 |
273.648 |
|
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IMPORTS |
|
|
|
|
|
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|
Components & Spares |
1420.636 |
797.476 |
3635.608 |
|
|
|
Capital Goods |
0.000 |
9.913 |
24.732 |
|
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TOTAL IMPORTS |
1420.636 |
807.389 |
3660.340 |
|
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Earnings Per
Share (Rs.) |
16.87 |
4.72 |
20.30 |
|
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KEY RATIOS
|
PARTICULARS |
|
31.12.2010 |
31.12.2009 |
31.12.2008 |
|
PAT / Total Income |
(%) |
4.83
|
2.27 |
6.45 |
|
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|
Net Profit Margin (PBT/Sales) |
(%) |
7.61
|
3.90 |
10.28 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
12.80
|
3.65 |
12.76 |
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Return on Investment (ROI) (PBT/Networth) |
|
0.36
|
0.13 |
0.47 |
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Debt Equity Ratio (Total Liability/Networth) |
|
1.80
|
2.52 |
2.67 |
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Current Ratio (Current Asset/Current Liability) |
|
2.77
|
3.74 |
2.12 |
LOCAL AGENCY FURTHER INFORMATION
|
Check List by Info Agents |
Available in Report (Yes / No) |
|
1. Year of Establishment |
Yes |
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2. Locality of the firm |
Yes |
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3. Constructions of the firm |
Yes |
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4. Premises details |
No |
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5. Type of Business |
Yes |
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6. Line of Business |
Yes |
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7. Promoter’s background |
Yes |
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8. No. of Employees |
No |
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9. Name of person contacted |
No |
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10. Designation of contact person |
No |
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11. Turnover of firm for last three years |
Yes |
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12. Profitability for last three years |
Yes |
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13. Reasons for variation <> 20% |
------- |
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14. Estimation for coming financial year |
No |
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15. Capital in the business |
Yes |
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16. Details of sister concerns |
Yes |
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17. Major suppliers |
No |
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18. Major customers |
No |
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19. Payments terms |
No |
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20. Export / Import details |
No |
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21. Market information |
------ |
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22. Litigations that the firm / promoter involved |
------ |
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23. Banking Details |
Yes |
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24. Banking facility details |
Yes |
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25. Conduct of the banking account |
------ |
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26. Buyer visit details |
------ |
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27. Financials, if provided |
Yes |
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28. Incorporation details, if applicable |
Yes |
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29. Last accounts filed at ROC |
No |
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30. Major Shareholders, if available |
Yes |
COMPANY BACKGROUND
Subject a wholly owned subsidiary of SCHWING GmbH, Germany was
incorporated on June 18, 1998. The Company is engaged in the business of
manufacturing and marketing of readymix concrete handling machinery and related
spares and services. The Company operates predominantly in domestic market.
PERFORMANCE OF THE
COMPANY
- The Directors
are pleased to inform that the Company has swiftly come out of the
meltdown situation faced during the previous year 2009 and was able to
achieve significant growth both in the top line as well as in the bottom
line, during the year 2010.
- In the year 2010, the Company recorded a increase of 69.26% in
turnover, compared to the previous year. The profit before tax was higher
by 230.53% over the previous year.
- The Company continues to face intensive competition from new players
in the field, mainly in the pricing front. However, the key factors, viz.
quality and service are shielding them from the aggression of competition.
- The Company has been continuously upgrading the vendors to align
themselves to its growth rate.
- The Company participated in the largest fair for construction
equipments in Germany viz. ‘Bauma Fair’ in April, 2010. Participation in
this fair had given enormous exposure to the upcoming Indian contractors
and they were able to gain knowledge of the new technical developments in
the construction techniques, which are adopted in the developed countries
like Germany.
- 2 new service centres and 2 spares depots were inaugurated during
the year.
FORM 8
|
Corporate
identity number of the company |
U45309TN1998PTC046270 |
|
Name of the
company |
SCHWING STETTER
(INDIA) PRIVATE LIMITED |
|
Address of the
registered office or of the principal place of business in |
F-71, SIPCOT Industrial Park, Irungattukottai, Sriperumbudur, Kanchipuram-602105,
Tamilnadu, India |
|
This form is for |
Modification of
charge |
|
Charge
identification number of the charge to be modified |
90285699 |
|
Type of charge |
·
Book
debts ·
Movable
property (not being pledge) |
|
Particular of
charge holder |
State Bank of India, Overseas Branch, No.86, Rajaji Salai,
Chennai-600001, Tamilnadu, India |
|
Nature of
instrument creating charge |
Letters for
Ceding Pari Passu Charge |
|
Date of
instrument Creating the charge |
16.04.2012 |
|
Amount secured by
the charge |
Rs. 200.000
Millions |
|
Brief of the principal
terms an conditions and extent and operation of the charge |
Rate of interest As per the
existing Terms and Conditions. Terms of repayment As per the
existing Terms and Conditions. Margin As per the
existing Terms and Conditions. Extent and operation of the charge As mentioned in
the "Letter for ceding - Pari Passu Charge" |
|
Short particulars
of the property charged (Including location of the property) |
Pari Passu First
Charge on all the Current Assets of the Company and Second Pari Passu Charge
all the Fixed Assets of the Company |
|
Date of
instrument modifying the charge |
25.04.2011 |
|
Particulars of
the present modification |
By the present
modification the existing Credit Facilities to an extent of Rs. 200.000
Millions remain same and secured by all the Current Assets of the Company by
way of Pari Passu First Charge and all the Fixed Assets of the Company by way
of Second Pari Passu Charge. |
FIXED ASSETS
- Leasehold
Improvements
- Buildings
- Plant and
Machinery
- Office and
Communication Equipments
- Electrical
Installation
- Furniture and
Fixtures
- Vehicles
- Software
- Computers
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.54.81 |
|
|
1 |
Rs.86.04 |
|
Euro |
1 |
Rs.69.06 |
INFORMATION DETAILS
|
Report Prepared
by : |
DPK |
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 |
5 |
|
--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 |
NO |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
52 |
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.