MIRA
INFORM REPORT
|
Report Date : |
13.04.2013 |
IDENTIFICATION DETAILS
|
Name : |
LIEBHERR CMCTEC INDIA PRIVATE LIMITED |
|
|
|
|
Registered
Office : |
Gat No.196-199, Village Dhaygudewadi (Boripardhi), Pune Solapur, National
Highway – 9, Taluka Daund, Pune-412203, Maharashtra |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as
on) : |
31.03.2012 |
|
|
|
|
Date of
Incorporation : |
07.01.2008 |
|
|
|
|
Com. Reg. No.: |
11-133920 |
|
|
|
|
Capital Investment
/ Paid-up Capital : |
Rs. 1255.616 Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U74999N2008FTC133920 |
|
|
|
|
Legal Form : |
Private Limited Liability Company |
|
|
|
|
Line of Business
: |
Subject is engaged interalia in assembly and trading of Concrete Truck
Mixers, construction equipments, its spares and providing after sales
services |
|
|
|
|
No. of Employees
: |
Not Available |
RATING & COMMENTS
|
MIRA’s Rating : |
B (27) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
Maximum Credit Limit : |
USD 2700000 |
|
|
|
|
Status : |
Moderate |
|
|
|
|
Payment Behaviour : |
Slow |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is an established company having moderate track record. There
appears some accumulated losses recorded by the company. However, trade relations
are reported as fair. Business is active. Payments are reported to be slow. The company can be considered for business dealings with some
cautions. |
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 – June 30, 2012
|
Country Name |
Previous Rating (31.03.2012) |
Current Rating (30.06.2012) |
|
India |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
INDIAN ECONOMIC OVERVIEW
India is developing into an open-market economy, yet traces
of its past autarkic policies remain. Economic liberalization, including
industrial deregulation, privatization of state-owned enterprises, and reduced
controls on foreign trade and investment, began in the early 1990s and has
served to accelerate the country's growth, which has averaged more than 7% per
year since 1997. India's diverse economy encompasses traditional village
farming, modern agriculture, handicrafts, a wide range of modern industries,
and a multitude of services. Slightly more than half of the work force is in
agriculture, but services are the major source of economic growth, accounting
for more than half of India's output, with only one-third of its labor force.
India has capitalized on its large educated English-speaking population to
become a major exporter of information technology services and software
workers. In 2010, the Indian economy rebounded robustly from the global
financial crisis - in large part because of strong domestic demand - and growth
exceeded 8% year-on-year in real terms. However, India's economic growth in
2011 slowed because of persistently high inflation and interest rates and
little progress on economic reforms. High international crude prices have
exacerbated the government's fuel subsidy expenditures contributing to a higher
fiscal deficit, and a worsening current account deficit. Little economic reform
took place in 2011 largely due to corruption scandals that have slowed
legislative work. India's medium-term growth outlook is positive due to a young
population and corresponding low dependency ratio, healthy savings and
investment rates, and increasing integration into the global economy. India has
many long-term challenges that it has not yet fully addressed, including
widespread poverty, inadequate physical and social infrastructure, limited
non-agricultural employment opportunities, scarce access to quality basic and
higher education, and accommodating rural-to-urban migration.
|
Source
: CIA |
RBI DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available RBI Defaulters’ list.
EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter in
the publicly available EPF (Employee Provident Fund) Defaulters’ list as of
31-03-2012.
LOCATIONS
|
Registered Office : |
Gat No.196-199, Village Dhaygudewadi (Boripardhi), Pune Solapur,
National Highway – 9, Taluka Daund, Pune-412203, Maharashtra, India |
|
Tel. No.: |
91-2117-305300 |
|
Fax No.: |
91-2117-305301 |
|
E-Mail : |
|
|
|
|
|
Work Shop : |
Gerrnan Springs Industry, Plot No.114/1/3, MIDC, General Block, Bhosari,
Pune-411 026, Maharashtra, India |
DIRECTORS
AS ON 29.09.2012
|
Name : |
Frank Christian Siefert |
|
Designation : |
Director |
|
Address : |
Friedrichshafen, Asternstrabe 5, Germany |
|
Date of Birth/Age : |
01.07.1965 |
|
Date of Appointment : |
07.01.2008 |
|
DIN No.: |
01777784 |
|
|
|
|
Name : |
Mr. Gunther Arnold Hardock |
|
Designation : |
Director |
|
Address : |
Biberach An Der Rib, Talfeldstrabe 35, Germany |
|
Date of Birth/Age : |
19.11.1953 |
|
Date of Appointment : |
07.01.2008 |
|
DIN No.: |
01777725 |
|
|
|
|
Name : |
Mr. Pulok Prasun Gupta |
|
Designation : |
Managing Director |
|
Address : |
Flat No. B 203, Krishna Complex, Ambadi Road, Vasai (West),
Thane-401202, Maharashtra, India |
|
Date of Birth/Age : |
11.08.1961 |
|
Date of Appointment : |
13.07.2009 |
|
DIN No.: |
02765239 |
|
|
|
|
Name : |
Mr. Michael Stefan Hoermann |
|
Designation : |
Director |
|
Address : |
Josef-Lumper, Street 8 , Illertissed-89257, |
|
Date of Birth/Age : |
05.08.1966 |
|
Date of Appointment : |
01.10.2011 |
|
DIN No.: |
05124546 |
|
|
|
|
Name : |
Mr. Matthias Donner |
|
Designation : |
Director |
|
Address : |
Gustav-Mahler, Street-5, Ummendorf-88444 |
|
Date of Birth/Age : |
15.08.1961 |
|
Date of Appointment : |
01.10.2011 |
|
DIN No.: |
03632007 |
KEY EXECUTIVES
|
Name : |
Ms. Swati Sudhir Shukla |
|
Designation : |
Secretary |
|
Address : |
C3/102, Sun Empire, Anand Nagar, Sinhagad Road, Pune-411051,
Maharashtra, India |
|
Date of Birth/Age : |
11.03.1988 |
|
Date of Appointment : |
01.06.2012 |
|
PAN No.: |
CBZPS2248Q |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 29.09.2012
|
Names of Shareholders |
No. of Shares |
|
Liebherr CMCtec GmbH, Germany |
125561560 |
|
Liebherr – Mischtechnik GmbH, Germany |
1 |
|
TOTAL
|
125561561 |
AS ON 29.09.2012
|
Equity Shares
Break Up |
Percentage of
Holding |
|
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 : |
Subject is engaged interalia in assembly and trading of Concrete Truck
Mixers, construction equipments, its spares and providing after sales
services |
GENERAL INFORMATION
|
No. of Employees : |
Not Available |
|
|
|
|
Bankers : |
·
Deutsche Bank AG, Suprem CTS No.133/2, S.
No.133/1+2 and 134/2, Main ITI Road, Aundh, Pune-411007, Maharashtra, India |
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
C V Chitale and Company Chartered Accountant |
|
Address : |
1317,Shukrawar Peth, Gurukrupa Sathe Colony, Pune-411002, Maharashtra,
India |
|
PAN No.: |
AAEFC6355J |
|
|
|
|
Holding Company : |
·
Liebherr - Mischtechnik GmbH ·
Liebherr- CMCtec GmbH |
|
|
|
|
Ultimate Holding Company : |
·
Liebherr- International AG |
|
|
|
|
Other Related Parties : |
·
Liebherr- IT Services GmbH ·
Liebherr Machinery (Xuzhou) Company Limited ·
Liebherr-Purchasing Services GmbH ·
Liebherr Thailand Company Limited ·
Liebherr Africa (PLY) Limited ·
Liebherr Hydraulikbagger GmbH ·
Liebherr Industrias Metalicas ·
Liebherr Werk Biberach GmbH ·
Liebherr International Deutschland GmbH ·
Liebherr India Private Limited |
CAPITAL STRUCTURE
AS ON 31.03.2012
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
127000000 |
Equity Shares |
Rs.10/- each |
Rs. 1270.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
125561561 |
Equity Shares |
Rs.10/- each |
Rs. 1255.616
Millions |
|
|
|
|
|
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
1255.616 |
792.501 |
546.101 |
|
|
2] Share Application Money |
0.000 |
308.000 |
3.899 |
|
|
3] Reserves & Surplus |
(562.350) |
(351.629) |
(69.451) |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
693.266 |
748.872 |
480.549 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
0.000 |
0.000 |
0.000 |
|
|
2] Unsecured Loans |
735.913 |
532.338 |
309.736 |
|
|
TOTAL BORROWING |
735.913 |
532.338 |
309.736 |
|
|
DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
1429.179 |
1281.210 |
790.285 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
593.038 |
427.255 |
128.449 |
|
|
Capital work-in-progress |
915.124 |
746.586 |
549.396 |
|
|
|
|
|
|
|
|
INVESTMENT |
0.000 |
0.000 |
0.000 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
320.007
|
177.006 |
32.071 |
|
|
Sundry Debtors |
19.675
|
18.429 |
13.112 |
|
|
Cash & Bank Balances |
7.331
|
140.947 |
103.894 |
|
|
Other Current Assets |
7.407
|
2.858 |
0.000 |
|
|
Loans & Advances |
122.881
|
98.519 |
8.457 |
|
Total
Current Assets |
477.301
|
437.759 |
157.534 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
413.156
|
296.055 |
45.062 |
|
|
Other Current Liabilities |
139.466
|
25.146 |
0.000 |
|
|
Provisions |
3.662
|
9.189 |
0.032 |
|
Total
Current Liabilities |
556.284
|
330.390 |
45.094 |
|
|
Net Current Assets |
(78.983)
|
107.369 |
112.440 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
1429.179 |
1281.210 |
790.285 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
246.398 |
202.050 |
41.375 |
|
|
|
Other Income |
0.113 |
0.290 |
41.569 |
|
|
|
TOTAL |
246.511 |
202.340 |
82.944 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Office Expenses |
|
|
|
|
|
|
Administrative Expenses |
|
|
|
|
|
|
Advertising Expenses |
|
|
|
|
|
|
TOTAL |
480.633 |
482.108 |
133.409 |
|
|
|
|
|
|
|
|
|
PROFIT
/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION |
(234.122) |
(279.768) |
[including Depreciation ] |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION |
22.069 |
2.360 |
|
|
|
|
|
|
|
|
|
|
Add |
Extra-Ordinary
Items of Prior Period |
45.529 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
|
|
PROFIT / (LOSS)
BEFORE TAX |
(210.662) |
(282.128) |
(50.465) |
|
|
|
|
|
|
|
|
|
Less |
TAX |
0.058 |
0.050 |
0.032 |
|
|
|
|
|
|
|
|
|
|
PROFIT / (LOSS)
AFTER TAX |
(210.720) |
(282.178) |
(50.497) |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
ECB Loan |
NA |
234.000 |
309.210 |
|
|
|
Share Application Money |
NA |
554.400 |
230.061 |
|
|
TOTAL EARNINGS |
NA |
788.400 |
539.271 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Capital Goods |
NA |
462.631 |
66.386 |
|
|
|
Fixed Assets |
NA |
67.878 |
8.378 |
|
|
TOTAL IMPORTS |
NA
|
530.509 |
74.764 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
(1.70) |
(4.73) |
(1.09) |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
PAT / Total Income |
(%) |
(85.48)
|
(139.46) |
(60.88) |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
(85.50)
|
(139.63) |
(121.97) |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
(19.68)
|
(32.62) |
(17.65) |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
(0.30)
|
(0.38) |
(0.11) |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
1.06
|
0.71 |
0.64 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
0.86
|
1.32 |
3.49 |
LOCAL AGENCY FURTHER INFORMATION
|
Sr. No. |
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 |
Yes |
|
8] |
No. of employees |
No |
|
9] |
Name of person contacted |
No |
|
10] |
Designation of contact
person |
No |
|
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 |
No |
|
19] |
Payments terms |
No |
|
20] |
Export / Import details
(if applicable) |
Yes |
|
21] |
Market information |
----- |
|
22] |
Litigations that the firm
/ promoter involved in |
----- |
|
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 |
Yes |
|
31] |
Date of Birth of
Proprietor/Partner/Director, if available |
Yes |
|
32] |
PAN of Proprietor/Partner/Director,
if available |
No |
|
33] |
Voter ID No of
Proprietor/Partner/Director, if available |
No |
|
34] |
External Agency Rating,
if available |
No |
FACILITIES
|
Unsecured Loan |
Rs.
In Millions 31.03.2012 |
Rs.
In Millions 31.03.2011 |
|
Intercorporate Borrowings |
551.534 |
532.338 |
|
Others Loans and Advances |
184.379 |
0.000 |
|
|
|
|
|
TOTAL |
735.913 |
532.338 |
NOTE
Registered office has been shifted from Indo German Chamber of Commerce
710, Nucleus, 1, Church Road, Opposite Police Commissioners Office,
Pune-411001, Maharashtra, India to the present address w.e.f. 01.10.2010
BACKGROUND
Subject was
incorporated on 7th January 2008 as subsidiary of Liebherr-CMCtec GmbH,
Germany. The Company, during the year, has been engaged interalia in assembly
and trading of Concrete Truck Mixers, construction equipments, its spares and
providing after sales services.
FIXED ASSETS
·
Land
·
Plant and Equipment
·
Furniture and Fixtures
·
Vehicles
·
Office Equipments
·
Computer Equipments
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 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 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. 54.44 |
|
|
1 |
Rs. 83.77 |
|
Euro |
1 |
Rs. 71.33 |
INFORMATION DETAILS
|
Report Prepared
by : |
DPT |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
3 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
3 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
3 |
|
--PROFITABILIRY |
1~10 |
3 |
|
--LIQUIDITY |
1~10 |
2 |
|
--LEVERAGE |
1~10 |
3 |
|
--RESERVES |
1~10 |
3 |
|
--CREDIT LINES |
1~10 |
2 |
|
--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 |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
27 |
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.