MIRA
INFORM REPORT
|
Report Date : |
05.05.2012 |
IDENTIFICATION DETAILS
|
Name : |
ACTION CONSTRUCTION EQUIPMENT LIMITED |
|
|
|
|
Registered
Office : |
5th Floor, TDI Center, Jasola, New Delhi – 110076 |
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|
Country : |
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|
|
Financials (as
on) : |
31.03.2011 |
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|
|
|
Date of
Incorporation : |
13.01.1995 |
|
|
|
|
Com. Reg. No.: |
55-064347 |
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|
|
|
Capital
Investment / Paid-up Capital : |
Rs.185.770 Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
L74899DL1995PLC064347 |
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|
|
|
Legal Form : |
A Public Limited Liability Company. The Company’s Shares are Listed on
the Stock Exchanges. |
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|
|
|
Line of Business
: |
Manufacturer of |
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|
|
|
No. of Employees
: |
Not Available |
RATING & COMMENTS
|
MIRA’s Rating : |
A (60) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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 |
|
Maximum Credit Limit : |
USD 11000000 |
|
|
|
|
Status : |
Good |
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|
Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Subject is an established company having fine track. Financial
position of the company appears to be good. Trade relations are reported as
fair. Business is active. 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) |
|
|
A1 |
A1 |
|
Risk Category |
ECGC Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
INFORMATION DECLINED BY
|
Name : |
Mr. Rajesh |
|
Designation : |
Accounts Department |
|
Contact No.: |
91-1275-280111 |
|
Date : |
18.04.2012 |
LOCATIONS
|
Registered Office / Marketing Head Quarter (Cranes): |
5th Floor, TDI Center, Jasola, New Delhi – 110076, India |
|
Tel. No.: |
91-11-40549900 (30 Lines) |
|
Fax No.: |
91-11-40549922 |
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E-Mail : |
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|
Website : |
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|
|
|
|
Marketing Head Quarter (Forklift): |
Plot No.7, IInd Floor, Pocket-H Market, Sarita Vihar, New Delhi –
110076, India |
|
Tel. No.: |
91-11-49390000 |
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Fax No.: |
91-11-49390099 |
|
E-Mail : |
|
|
|
|
|
Marketing Head Quarter (EED and RCED) : |
912-914, 9th Floor, DLF Tower – A, Jasola, New Delhi –
110025, India |
|
Tel. No.: |
91-11-42429900 |
|
Fax No.: |
91-11-42429922 |
|
E-Mail : |
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|
|
|
|
Marketing Head Quarter (Tractors) /
Correspondence Office / Product
Support Division and Spare Parts Division / Research and
Development Centre / Plants 1 : |
Jajru Road, 25 Mile Stone, Mathura Road, Ballabgarh, Faridabad –
121004, Haryana, India |
|
Tel. No.: |
91-129-2307922 / 33 |
|
Fax No.: |
91-129-2307562 |
|
E-Mail : |
|
|
|
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|
Research and
Development Centre 1/ Plant 2 : |
Dhudhola Link
Road, Village Dhudhola Tehsil Palwal, District Faridabad - 121 102, Haryana,
India |
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|
|
|
Plant 3 : |
Plot No. C-5/6/7/8,
Industrial Area (UPSIDC), Bazpur-262 123, District Uddham Singh Nagar,
Uttrakhand, India |
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|
|
|
Plant 4 : |
Plot No.40 and
41, Nand Nagar Industrial Estate, Phase-1, Mahuakhera Ganj, Kashipur,
Uttrakhand, India |
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|
|
|
Works : |
Located at ·
Faridabad ·
U.S. Nagar |
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|
|
|
Regional offices |
Located at ·
Chennai ·
Delhi ·
Kolkata ·
Mumbai ·
Vizag |
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|
|
|
Area offices : |
Located at ·
Ahmedabad ·
Bangalore ·
Bhubaneshwar ·
Cochin ·
Guwahati ·
Hyderabad ·
Jaipur ·
Lucknow ·
Patna ·
Pune ·
Raipur ·
Ranchi |
|
|
|
|
Sales and services
dealers : |
Located at ·
Agartala ·
Agra ·
Ahmedabad ·
Aurangabad ·
Bangalore ·
Baroda ·
Begusarai ·
Belgaum ·
Bellary ·
Bhilwara ·
Bhopal ·
Bhubaneshwar ·
Bilaspur ·
Calicut ·
Chandigarh ·
Chandrapur ·
Chennai ·
Chittoor ·
Cochin ·
Coimbatore ·
Dehradun ·
Delhi ·
Durgapur ·
Gandhidham ·
Goa ·
Guwahati ·
Gwalior ·
Hoogly ·
Hyderabad ·
Indore ·
Jaipur ·
Jammu ·
Jamnagar ·
Jamshedpur ·
Jhansi ·
Jharsugada ·
Jodhpur ·
Kanpur ·
Karim Nagar ·
Karnal ·
Kolhapur ·
Kolkata ·
Korba ·
Kota ·
Lucknow ·
Ludhiana ·
Mangalore ·
Mathura ·
Mumbai ·
Nagpur ·
Nasik ·
Noida ·
Panipat ·
Patna ·
Pune ·
Raipur ·
Raigarh ·
Rajkot ·
Ranchi ·
Rohtak ·
Sagar ·
Silchar ·
Singrauli ·
Srinagar ·
Surat ·
Trichy ·
Tuticorn ·
Udaipur ·
Vapi ·
Vijayawada ·
Vizag |
|
|
|
|
Product
Support Division : |
Located at ·
Faridabad |
Besides this, the
company has dedicated at
DIRECTORS
As on 31.03.2011
|
Name : |
Mr.
Vijay Agarwal |
|
Designation : |
Chairman and Managing Director |
|
|
|
|
Name : |
Mrs.
Mona Agarwal |
|
Designation : |
Whole - time Director |
|
|
|
|
Name : |
Mr.
Sorab Agarwal |
|
Designation : |
Executive Director |
|
|
|
|
Name : |
Mr.
Subhash C. Verma |
|
Designation : |
Independent Director |
|
|
|
|
Name : |
Mr.
G.N. Mehra (IAS Retd.) |
|
Designation : |
Independent Director |
|
|
|
|
Name : |
Dr.
Amar Singhal |
|
Designation : |
Independent Director |
|
|
|
|
Name : |
Maj.
Gen. (Retd.) Dr. K.C. Agarwal |
|
Designation : |
Independent Director |
KEY EXECUTIVES
|
Name : |
Mr. Rajan Luthra |
|
Designation : |
Chief Financial Officer and Company
Secretary |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 31.12.2011
|
Category of Shareholder |
Total No. of
Shares |
Total
Shareholding as a % of total No. of Shares |
|
(A) Shareholding of Promoter and Promoter Group |
|
|
|
|
|
|
|
|
60957322 |
65.63 |
|
|
60957322 |
65.63 |
|
|
|
|
|
Total shareholding of Promoter and Promoter Group (A) |
60957322 |
65.63 |
|
(B) Public Shareholding |
|
|
|
|
|
|
|
|
5403904 |
5.82 |
|
|
2909000 |
3.13 |
|
|
8312904 |
8.95 |
|
|
|
|
|
|
6680484 |
7.19 |
|
|
|
|
|
|
12068515 |
12.99 |
|
|
3896555 |
4.20 |
|
|
969220 |
1.04 |
|
|
217224 |
0.23 |
|
|
91196 |
0.10 |
|
|
660800 |
0.71 |
|
|
23614774 |
25.42 |
|
Total Public shareholding (B) |
31927678 |
34.37 |
|
Total (A)+(B) |
92885000 |
100.00 |
|
(C) Shares held by Custodians and against which Depository Receipts
have been issued |
-- |
-- |
|
|
-- |
-- |
|
|
-- |
-- |
|
|
-- |
-- |
|
Total (A)+(B)+(C) |
92885000 |
-- |
(1) Indian
Individuals / Hindu Undivided Family
Individual shareholders holding nominal
share capital up to Rs.0.100 Million BUSINESS DETAILS
|
Line of Business : |
Manufacturer of Mobile Cranes. |
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|
Products : |
|
PRODUCTION STATUS
As on 31.03.2011
|
Particulars |
Unit |
Licensed
Capacity |
Installed
Capacity |
Actual
Production |
|
|
|
|
|
|
|
Cranes |
Nos. |
N.A |
7500 |
4297 |
|
Material Handling / Construction Equipment |
Nos. |
N.A |
1300 |
805 |
|
Tractor |
Nos. |
N.A |
6000 |
3456 |
|
|
|
|
|
|
GENERAL INFORMATION
|
Customers : |
Government
sector ·
Airport Authority of India ·
Indian Railways ·
IFFCO ·
PWD ·
SAIL ·
BSNL ·
State Electricity Boards ·
Heavy Engineering Corporation ·
Numaligarh Refinery ·
BHEL ·
DRDO ·
IPCL ·
Bridge and Roof ·
HVPNL ·
BCCL ·
Coal India Limited ·
HPCL ·
Municipal Corporation ·
Neyveli Lignite Corporation ·
IOCL ·
DGQA ·
Chennai Port Trust ·
MRPL ·
NHPC ·
COFMOW ·
MPEB ·
Nuclear Power Corporation ·
Ministry of Defence ·
IISCO ·
Paradip Port Trust ·
NALCO ·
Bongaigon Refinery ·
NTPC ·
BARC ·
IRCON Cochin ·
Shipyard Private Sector ·
Reliance ·
Grasim ·
Patel Engineering ·
ABB ·
Greenply ·
Petron ·
ABG ·
Gujarat Ambuja ·
Pratibha Industries ·
ACC ·
Havell’s ·
PSL ·
Adani ·
HDIL ·
Punj Llyod ·
AFCONS ·
Hindalco ·
RAMKY ·
Ahluwalia Contracts India ·
Hyundai ·
RK Marbles ·
Alok Industries ·
IDEB ·
SESA GOA ·
Alstom Power ·
IJM Infrastructure ·
SEW ·
B L Kashyap ·
Indu Projects ·
Shapoorji Pallonji ·
Bharati Shipyard ·
ISGEC ·
Shree Cement ·
Bhushan ·
IVR Construction ·
Simplex Infrastructure ·
Birla Cement ·
J KUMAR ·
Sobha Developers ·
BOSCH ·
JAYPEE ·
Sunil Hitech ·
CCCL ·
Jindal ·
Suzuki ·
Dabur ·
JMC ·
TATA ·
Dalmia Cement ·
K Raheja Corp ·
TCI ·
DLF ·
Kalpatru ·
Techno Fab ·
DS Construction ·
KEC ·
TEXMACO ·
EDAC ·
Krupp Industries ·
Torrent Power ·
ELECON ·
L and T ·
UB Engineering ·
ERA ·
LANCO ·
Ultratech Cement ·
Essar ·
Nagarjuna Construction ·
Unitech ·
Gammon ·
Navyuga ·
Unity Infra Projects ·
Gannon Dunkerley ·
Omaxe ·
Vascon ·
Garden Silk Mills ·
OSWAL ·
Wartsila ·
GMR ·
Paharpur Cooling Towers ·
Welspun ·
Parsavnath |
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|
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|
No. of Employees : |
Not Available |
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|
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|
Bankers : |
·
ICICI
Bank Limited ·
The
Hongkong and Shanghai Banking Corporation of India Limited ·
Standard
Chartered Bank ·
State
Bank of Patiala |
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|
|
||||||||||||||||||||||||
|
Facilities : |
|
|
|
|
|
Banking Relations
: |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
Rajan
Chhabra and Company Chartered Accountants |
|
|
|
|
Associate Companies / Entities |
·
ACE Steelfab Private Limited ·
ACE TC Rentals Private Limited ·
Namo Metals ·
VMS Holdings Private Limited |
|
|
|
|
Wholly Owned
Subsidiary : |
·
Frested Limited, Cyprus ·
Action Developers Limited, India |
|
|
|
|
Fellow Subsidiary
: |
·
SC Forma SA, Romania |
CAPITAL STRUCTURE
As on 31.03.2011
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
120000000 |
Equity Shares |
Rs.2/- each |
Rs.240.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
92885000 |
Equity Shares |
Rs.2/- each |
Rs.185.770
Millions |
|
|
|
|
|
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
185.770 |
179.770 |
179.770 |
|
|
2] Share Application Money |
51.813 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
2437.044 |
1529.291 |
1389.704 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
2674.627 |
1709.061 |
1569.474 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
715.043 |
301.798 |
391.399 |
|
|
2] Unsecured Loans |
0.000 |
0.000 |
0.000 |
|
|
TOTAL BORROWING |
715.043 |
301.798 |
391.399 |
|
|
DEFERRED TAX LIABILITIES |
10.799 |
7.508 |
7.774 |
|
|
|
|
|
|
|
|
TOTAL |
3400.469 |
2018.367 |
1968.647 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
1519.854 |
720.975 |
691.171 |
|
|
Capital work-in-progress |
427.543 |
384.201 |
0.493 |
|
|
|
|
|
|
|
|
INVESTMENT |
76.524 |
19.995 |
10.894 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
1209.448
|
563.338 |
508.636 |
|
|
Sundry Debtors |
831.422
|
511.663 |
525.848 |
|
|
Cash & Bank Balances |
239.725
|
188.810 |
177.650 |
|
|
Other Current Assets |
0.000
|
0.000 |
0.000 |
|
|
Loans & Advances |
650.147
|
515.389 |
916.563 |
|
Total
Current Assets |
2930.742
|
1779.200 |
2128.697 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
1141.380
|
590.410 |
498.409 |
|
|
Other Current Liabilities |
281.407
|
178.168 |
82.995 |
|
|
Provisions |
132.015
|
118.135 |
282.015 |
|
Total
Current Liabilities |
1554.802
|
886.713 |
863.419 |
|
|
Net Current Assets |
1375.940
|
892.487 |
1265.278 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.608 |
0.709 |
0.811 |
|
|
|
|
|
|
|
|
TOTAL |
3400.469 |
2018.367 |
1968.647 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
6864.755 |
4271.204 |
4285.019 |
|
|
|
Other Income |
139.006 |
68.676 |
187.053 |
|
|
|
TOTAL (A) |
7003.761 |
4339.880 |
4472.072 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Raw Materials Consumed |
5179.438 |
3226.582 |
3614.353 |
|
|
|
(Increase)/Decrease In Inventories |
43.941 |
29.741 |
(174.637) |
|
|
|
Manufacturing Expenses |
402.728 |
225.517 |
218.861 |
|
|
|
Employees Expenses |
332.421 |
209.071 |
173.665 |
|
|
|
Selling & Distribution
Expenses |
221.705 |
122.857 |
110.834 |
|
|
|
Administrative & Other
Expenses |
176.266 |
120.105 |
137.079 |
|
|
|
TOTAL (B) |
6356.499 |
3933.873 |
4080.155 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
647.262 |
406.007 |
391.917 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
35.211 |
25.781 |
32.868 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
612.051 |
380.226 |
359.049 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
68.850 |
52.521 |
57.390 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
543.201 |
327.705 |
301.659 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
137.252 |
83.304 |
74.315 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
405.949 |
244.401 |
227.344 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
160.359 |
120.772 |
135.493 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Transfer to General Reserve |
100.000 |
100.000 |
200.000 |
|
|
|
Dividend |
185.770 |
89.885 |
35.954 |
|
|
|
Tax on Dividend |
30.854 |
14.929 |
6.111 |
|
|
BALANCE CARRIED
TO THE B/S |
249.684 |
160.359 |
120.772 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Export of Goods (F.O.B. Value) |
101.980 |
42.099 |
131.551 |
|
|
TOTAL EARNINGS |
101.980 |
42.099 |
131.551 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials, Spare Parts &
Finished Products |
1572.991 |
727.845 |
1401.735 |
|
|
TOTAL IMPORTS |
1572.991 |
727.845 |
1401.735 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
|
|
|
|
|
|
-
Basic |
4.45 |
2.72 |
2.53 |
|
|
|
-
Diluted |
4.39 |
2.72 |
2.53 |
|
QUARTERLY RESULTS
|
PARTICULARS |
30.06.2011 |
30.09.2011 |
31.12.2011 |
|
|
1st
Quarter |
2nd
Quarter |
3rd
Quarter |
|
Net Sales |
2150.510 |
2215.400 |
2014.070 |
|
Total Expenditure |
1985.020 |
2048.600 |
1885.310 |
|
PBIDT (Excl OI) |
165.490 |
166.800 |
128.760 |
|
Other Income |
16.230 |
21.020 |
4.330 |
|
Operating Profit |
181.720 |
187.830 |
133.100 |
|
Interest |
10.110 |
17.950 |
22.600 |
|
Exceptional Items |
0.000 |
0.000 |
0.000 |
|
PBDT |
171.610 |
169.880 |
110.490 |
|
Depreciation |
20.660 |
25.030 |
30.750 |
|
Profit Before Tax |
150.950 |
144.840 |
79.750 |
|
Tax |
39.350 |
40.070 |
24.520 |
|
Provisions and contingencies |
0.000 |
0.000 |
0.000 |
|
Profit After Tax |
111.600 |
104.780 |
55.230 |
|
Extraordinary Items |
0.000 |
0.000 |
0.000 |
|
Prior Period Expenses |
0.000 |
0.000 |
0.000 |
|
Other Adjustments |
0.000 |
0.000 |
0.000 |
|
Net Profit |
111.600 |
104.780 |
55.230 |
KEY RATIOS
|
PARTICULARS |
|
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
PAT / Total Income |
(%) |
5.80
|
5.63 |
5.08 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
7.91
|
7.67 |
7.04 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
12.21
|
13.11 |
10.70 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.20
|
0.19 |
0.19 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
0.85
|
0.70 |
0.80 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.88
|
2.01 |
2.47 |
LOCAL AGENCY FURTHER INFORMATION
|
Check List by Info
Agents |
Available in Report
(Yes / No) |
|
1) Year of Establishment |
Yes |
|
2) Locality of the firm |
Yes |
|
3) Constitutions of the firm |
Yes |
|
4) Premises details |
No |
|
5) Type of Business |
Yes |
|
6) Line of Business• |
Yes |
|
7) Promoter’s background |
No |
|
8) No. of employees |
No |
|
9) Name of person contacted |
Yes |
|
10) Designation of contact person |
Yes |
|
11) Turnover of firm for last three years |
Yes |
|
12) Profitability for last three years |
Yes |
|
13) Reasons for variation <> 20% |
-- |
|
14) Estimation for coming financial year |
No |
|
15) Capital in the business |
Yes |
|
16) Details of sister concerns |
Yes |
|
17) Major suppliers |
No |
|
18) Major customers |
Yes |
|
19) Payments terms |
No |
|
20) Export / Import details (if applicable) |
No |
|
21) Market information |
-- |
|
22) Litigations that the firm / promoter |
-- |
|
23) Banking Details |
Yes |
|
24) Banking facility details |
Yes |
|
25) Conduct of the banking account |
-- |
|
26) Buyer visit details |
-- |
|
27) Financials, if provided |
Yes |
|
28) Incorporation details, if applicable |
Yes |
|
29) Last accounts filed at ROC |
Yes |
|
30) Major Shareholders, if available |
No |
FINANCIAL
PERFORMANCE
During the year the gross turnover of the Company has increased to Rs. 7075.900
Millions from Rs. 4378.300 Millions for the year ending 31.3.2010, indicating a
growth of 62% on year over year basis. The profit before tax has increased from
Rs. 327.700 Millions for financial year ending 31.3.2010 to Rs. 543.200
Millions for current financial year ending 31.3.2011, a growth of 66%.
The growth momentum created in the company in financial year 2011 led to
increase in the numbers for all product categories and the same shall be
carried forward going ahead. The company is focused on reducing its costs and
increasing its market share in all the products
CHANGE IN SHARE
CAPITAL
During the year the Authorised Share Capital of the Company was
increased from Rs. 200.000 Millions to Rs. 240.000 Millions.
MANAGEMENT DISCUSSION
AND ANALYSIS
Subject, a synonym for INFRASTRUCTURE GROWTH, is constantly providing
value for money propositions over the years through its landmark developments.
Its state-of-the-art technology and Research and Development is all set to
bring a paradigm shift in the material handling and Construction Equipment
industry.
INDUSTRY STRUCTURE
AND DEVELOPMENTS
Infrastructure and industrial development have a key role to play in
both economic growth and poverty reduction. As India grows, the importance of
infrastructure for sustained economic development cannot be overemphasized.
With Government and private sector focusing on the infrastructure development,
the Indian construction has benefitted in the past and it is set to clock even
greater gains in the coming years. Industry will continue to grow at CAGR of
more than 15 %
OUTLOOK
The long-term demand drivers for material handling and construction
equipment industry comprise low levels of mechanization and penetration of
equipment in the industry. The proposed investments in the highway, ports,
airports, railways, bridges, metros, power pipelines etc will further fuel the
development of this industry.
Leveraging the many opportunities available in the industrial,
infrastructure, construction and agriculture sector, Subject strategy for the
future comprises of increasing presence and becoming market leader in every
product category, it manufactures. Subject intends to strengthen its foothold
in the market and give tremendous benefits to its stakeholders.
CONTINGENT LIABILITIES:
(Rs. In Millions)
|
Particulars |
31.03.2011 |
31.03.2010 |
|
|
|
|
|
Bank Guarantees including Corporate Guarantees |
38.502 |
57.153 |
|
Letter of Credits |
307.397 |
138.249 |
|
Claim against the Company, not acknowledge as Debts |
32.790 |
18.538 |
|
Sales Tax, Excise and Income Tax Matters, pending before Assessing /
Appellate Authorities |
109.593 |
10.752 |
FIXED ASSETS:
TANGIBLE ASSETS
·
Land
·
Building - Factory
·
Building - Office
·
Plant and Machinery
·
Furniture and Fixtures
·
Office Equipment
·
Motor Vehicles
·
Computer
INTANGIBLE ASSETS
·
Computer Software
·
Technical Know How
WEBSITE DETAILS:
PROFILE:
Subject is India’s material handling and construction equipment manufacturing
company with over 50% market share in mobile cranes segment. In addition to
Mobile Cranes, Subject also offers Mobile / Fixed Tower Cranes, Loaders,
Vibratory Rollers, Truck Mounted Cranes, Crawler Cranes, Forklifts, Tractor and
other Construction Equipment. Subject has a consolidated presence in all major
Infrastructure, Construction, Heavy Engineering and Industrial Projects across
the country.
BACKGROUND:
Subject is promoted and managed by professionals having rich experience
in Construction Equipment domain. Subject is a 15 years old enterprise with its
full-fledged state of the art production facilities based at industrial
townships of Faridabad (Haryana) and Kashipur (Uttranchal). These Plants are
fully equipped to produce around 12000 P.A. Construction Equipment and 6000
P.A. Tractors
The workforce comprises of qualified professionals having undaunted
commitment towards total quality management and their strength lies in
standardization of class products. They are dedicated to provide their
customers with latest technology Construction Equipment and efficient sales and
product support aimed at satisfying their real needs.
In their endeavour to expand their business and product offerings, they
have also entered into marketing tie-ups with leading foreign companies which
facilitate the availability of latest technology and machines from around the
world.
BUSINESS OF THE
COMPANY:
The policy of responding with speed and expertise has been rewarded over
the years in the form of repeat business resulting in constant growth making us
one of the leading companies in the Mobile Cranes, Tower Cranes and
Construction Equipment sector in the country. Another factor driving their
growth has been the versatility of their equipment to satisfy a vast range of
possible applications. Their equipment has been successfully used in many
sectors like Infrastructure Construction, Power Projects, Ports and Shipyards,
Dams, Metro Rail, Roads, Mining , Steel Industry, Engineering Industry,
Railways, Cement, Petroleum, Defence, Chemicals and Fertilizer Plants,
Warehousing, Logistics, Building Construction etc., to name a few.
PRESS RELEASE:
ACE Launched new Model 15XW E
15.05.2011
Ace Launched new Model 15XW E in the month of
May 2011.This new 15 Ton crane has been designed with improved kinematics and
load lifting capacity and is available in 4 different boom configurations. With
this model ACE has also launched 3 part fully hydraulic boom with 51 feet
height, special emphasis had been laid on increasing the machine stability by
improving the centre of gravity of the machine.
ACE launched its new generation pick and carry cranes models
25.02.2011
In February 2011 ACE launched its new generation
Pick and Move cranes models FX-120 and FX-150, the main defining features of
these machines are Steering Wheel operated, Slotted boom. Self adjusting hook
block, Front mounted ergonomically designed Cabin, Improved kinematics with low
Center of Gravity.
ACE participated Bauma 2011
31.03.2011
ACE participated Bauma by displaying Pick and
Move Cranes, Truck Mounted Cranes, Forklifts, Road Equipments, Tower Cranes and
tractors, this was the first BAUMA in India.
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.53.72 |
|
|
1 |
Rs.86.97 |
|
Euro |
1 |
Rs.67.01 |
INFORMATION DETAILS
|
Information
Gathered by : |
PDT |
|
|
|
|
Report Prepared
by : |
BSN |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
7 |
|
PAID-UP CAPITAL |
1~10 |
7 |
|
OPERATING SCALE |
1~10 |
7 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
7 |
|
--PROFITABILIRY |
1~10 |
7 |
|
--LIQUIDITY |
1~10 |
6 |
|
--LEVERAGE |
1~10 |
6 |
|
--RESERVES |
1~10 |
7 |
|
--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 |
YES |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
60 |
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.