MIRA
INFORM REPORT
|
Report Date : |
31.12.2013 |
IDENTIFICATION DETAILS
|
Name : |
SAME DEUTZ-FAHR INDIA PRIVATE LIMITED |
|
|
|
|
Registered
Office : |
72, SIPCOT Industrial Area, Ranipet – 632403, Tamilnadu |
|
|
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|
Country : |
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|
|
|
|
Financials (as
on) : |
31.03.2013 |
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|
|
|
Date of
Incorporation : |
17.12.1999 |
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|
|
|
Com. Reg. No.: |
18-043776 |
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|
|
|
Capital
Investment / Paid-up Capital : |
Rs.743.668 Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U40105TN1999PTC043776 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
CHES07947C |
|
|
|
|
PAN No.: [Permanent Account No.] |
AAHCS1924P |
|
|
|
|
Legal Form : |
Private Limited Liability Company |
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|
|
|
Line of Business
: |
Manufacturer of Tractor Spare Parts. |
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|
|
|
No. of Employees
: |
290 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (46) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 6205000 |
|
|
|
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
Usually correct |
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|
|
|
Litigation : |
Clear |
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|
|
Comments : |
Subject is an established company having satisfactory track record. Overall financial position of the company appears to be decent. Rating
also take into consideration strong support in terms of financial and
operational capabilities form its parent group SAME-Deutz Fahr Group. Trade relations are reported to be fair. Business is active. Payment
terms are reported to be usually correct. The company can be considered 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, 2013
|
Country Name |
Previous Rating (30.06.2013) |
Current Rating (30.09.2013) |
|
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’s current
account deficit narrowed in the quarter ended September as government measures to
curb imports, especially gold, kicked in. The current account deficit,
the excess of a country’s imports of goods and services over exports, narrowed
to $ 5.2 billion from $ 21 billion in the year ago period, according to
provisional Reserve Bank of India data. Finance Minister P. Chidambaram said
the CAD for the year will be less than $ 60 billion or 3 per cent of GDP and
the latest data suggests the government may achieve the target.
India was ranked 94th
among the world’s most corrupt nations list. Denmark and New Zealand topped as
the cleanest while Somalia emerged as the most corrupt.
India’s services
sector activity witnessed a moderate improvement in November over the previous
month, even while indicating the fifth successive monthly contraction,
according the HSBC survey.
$53 million
estimated losses suffered by India due to phishing attacks during the third
quarter, according to a study by RSA. India ranks fourth in the list of nations
hit by phishing attacks. The US remained at the top of the charts. Phishing is
the process of acquiring information such as user names, passwords and credit
card details by sending e-mails disguised as official mails.
Rs.4080 million
worth of mobile-phone-based transactions by July 2013 compared to Rs.260 million
in September, 2012, according to Deloitte report. The number of transactions
has shot up from 94000 to 701000.
India aims to earn
Rs.400000 million from the bandwidth auction set for January. The merger and
acquisition guidelines, cleared by a group of ministers, will be out before the
auction begins so that players can make informed decisions on the auctions.
EXTERNAL AGENCY RATING
|
Rating Agency Name |
ICRA |
|
Rating |
A (LT- Fund Based Facilities) |
|
Rating Explanation |
Adequate credit quality and average credit
risk. |
|
Date |
December 2012 |
|
Rating Agency Name |
ICRA |
|
Rating |
A1 (ST- Non Fund Based Facilities)
(Sublimit) |
|
Rating Explanation |
Very strong degree of safety and lowest
credit risk. |
|
Date |
December 2012 |
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.
INFORMATION PARTED BY
|
Name : |
Mr. S. Tamil Celvan |
|
Designation : |
DGM Finance |
|
Date : |
30.12.2013 |
LOCATIONS
|
Registered Office/ Factory : |
72, SIPCOT Industrial Area, Ranipet – 632403, Tamilnadu, India |
|
Tel. No.: |
91-4172-247156 |
|
Fax No.: |
91-4172-246330/ 244981 |
|
E-Mail : |
DIRECTORS
As on: 30.09.2013
|
Name : |
Mr. Simonetti Filippo |
|
Designation : |
Director |
|
Address : |
Desio MI, Fiume Nr44, Coniugato, Nr.44, |
|
Date of Birth/Age : |
19.07.1967 |
|
Date of Appointment : |
09.01.2009 |
|
DIN No.: |
02414682 |
|
|
|
|
Name : |
Mr. Bhanu Sharma |
|
Designation : |
Managing Director |
|
Address : |
C-2/94, Sector – 36, Noida – 201303, |
|
Date of Birth/Age : |
15.09.1964 |
|
Date of Appointment : |
23.06.2010 |
|
PAN No.: |
AHBPS3172M |
|
DIN No.: |
03113513 |
|
|
|
|
Name : |
Mr. Andrea Angelo Paganelli |
|
Designation : |
Director |
|
Address : |
V Le Dalmazia 169, Vasto CH 66054 |
|
Date of Birth/Age : |
11.06.1967 |
|
Date of Appointment : |
23.06.2011 |
|
DIN No.: |
03375802 |
|
|
|
|
Name : |
Ghislandi Paolo Roberto |
|
Designation : |
Director |
|
Address : |
Viale Cagranda 2, 20162, Milano Italy |
|
Date of Birth/Age : |
30.08.1962 |
|
Date of Appointment : |
21.02.2012 |
|
DIN No.: |
05205427 |
KEY EXECUTIVES
|
Name : |
Mr. S. Tamil Celvan |
|
Designation : |
DGM Finance |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on: 30.09.2013
|
Names of Shareholders |
|
No. of Shares |
|
Same Deutz Fahr Group Spa, Italy |
|
43376952 |
|
Same Deutz Fahr Group Spa, Italy |
|
30989879 |
|
|
|
|
|
Total |
|
74366831 |
Equity Share Break up (Percentage of Total Equity)
As on: 30.09.2013
|
Category |
|
Percentage |
|
|
|
|
|
Foreign holdings [Foreign institutional investors, Foreign Companies, Foreign Financial Institutions, Non-resident Indian or Overseas corporate bodies or others] |
|
100.00 |
|
Total
|
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer of Tractor Spare Parts. |
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Products : |
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Exports : |
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Products : |
Finished Goods |
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Countries : |
·
Europe ·
Australia ·
South Africa
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Imports : |
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Products : |
Raw Materials |
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Countries : |
Italy |
GENERAL INFORMATION
|
Customers : |
End Users |
|
|
|
|
No. of Employees : |
290 (Approximately) |
|
|
|
|
Bankers : |
· Citi Bank N.A. Ground Floor, Club House Road, Chennai - 600061, Tamilnadu, India · Export Import Bank of India, Centre One Building Floor 21, World Trade Centre Complex Cuffe Parade, Mumbai - 400005, Maharashtra, India |
|
|
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|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
Deloitte Haskins and Sells Chartered Accountants |
|
Address : |
Asvn Ramana, Tower 52, Venkatnarayana Road, T Nagar, Chennai – 600017, Tamilnadu India |
|
PAN No.: |
AACFD3771D |
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|
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Holding Company : |
SAME DEUTZ FAHR Group SpA, Italy |
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|
|
|
Fellow Subsidiary
Company : |
· SAME DEUTZ FAHR Sahsuvaroglu Tracto Sanayi VE Ticaret anonim Sirketi, Turkey · SAME DEUTZ FAHR, North America · SAME DEUTZ FAHR Deutschland, Germany · SAME DEUTZ FAHR Holdings and Finance BV, Netherlands · SAME DEUTZ FAHR Trading, Dalian ·
SAME DEUTZ FAHR Trading, Portugal |
|
|
|
|
Others : |
SAME DEUTZ FAHR Italia SpA, Italy |
CAPITAL STRUCTURE
As on: 31.03.2013
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
85000000 |
Equity Shares |
Rs.10/- each |
Rs.850.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
74366831 |
Equity Shares |
Rs.10/- each |
Rs.743.668 Millions |
|
|
|
|
|
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
EQUITY AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
743.668 |
743.668 |
743.668 |
|
(b) Reserves & Surplus |
807.668 |
448.792 |
(202.601) |
|
(c) Money received against share warrants |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
(2) Share Application money pending allotment |
0.000 |
0.000 |
0.000 |
|
Total Shareholders’
Funds (1) + (2) |
1551.336 |
1192.460 |
541.067 |
|
|
|
|
|
|
(3) Non-Current
Liabilities |
|
|
|
|
(a) long-term borrowings |
104.927 |
0.000 |
27.945 |
|
(b) Deferred tax liabilities (Net) |
0.000 |
0.000 |
0.000 |
|
(c) Other long term liabilities |
21.480 |
15.830 |
14.480 |
|
(d) long-term provisions |
23.232 |
21.111 |
19.695 |
|
Total Non-current
Liabilities (3) |
149.639 |
36.941 |
62.120 |
|
|
|
|
|
|
(4) Current
Liabilities |
|
|
|
|
(a) Short term borrowings |
11.783 |
0.000 |
0.000 |
|
(b) Trade payables |
2387.897 |
2905.667 |
2445.521 |
|
(c) Other current liabilities |
31.834 |
67.336 |
12.307 |
|
(d) Short-term provisions |
96.188 |
62.998 |
76.111 |
|
Total Current
Liabilities (4) |
2527.702 |
3036.001 |
2533.939 |
|
|
|
|
|
|
TOTAL |
4228.677 |
4265.402 |
3137.126 |
|
|
|
|
|
|
ASSETS |
|
|
|
|
(1) Non-current
assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
455.208 |
474.193 |
526.130 |
|
(ii) Intangible Assets |
0.000 |
0.000 |
0.000 |
|
(iii) Capital work-in-progress |
0.300 |
3.120 |
0.000 |
|
(iv) Intangible assets under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current Investments |
0.000 |
0.000 |
0.000 |
|
(c) Deferred tax assets (net) |
76.507 |
52.751 |
0.000 |
|
(d) Long-term Loan and Advances |
214.581 |
475.743 |
296.026 |
|
(e) Other Non-current assets |
0.000 |
0.000 |
0.000 |
|
Total Non-Current
Assets |
746.596 |
1005.807 |
822.156 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
0.000 |
0.000 |
0.000 |
|
(b) Inventories |
1705.441 |
1491.590 |
1022.225 |
|
(c) Trade receivables |
1174.055 |
1405.193 |
1160.620 |
|
(d) Cash and cash equivalents |
150.817 |
104.224 |
19.594 |
|
(e) Short-term loans and advances |
448.795 |
257.273 |
111.212 |
|
(f) Other current assets |
2.973 |
1.315 |
1.319 |
|
Total Current
Assets |
3482.081 |
3259.595 |
2314.970 |
|
|
|
|
|
|
TOTAL |
4228.677 |
4265.402 |
3137.126 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
|
|
|
|
|
|
Other Income |
|
|
|
|
|
|
TOTAL |
52.647 |
69.225 |
43.166 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Office Expenses |
|
|
|
|
|
|
Administrative Expenses |
|
|
|
|
|
|
Advertising Expenses |
|
|
|
|
|
|
TOTAL |
46.082 |
61.446 |
30.926 |
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION |
6.565 |
7.779 |
12.240 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION |
1.200 |
1.603 |
9.197 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX |
5.365 |
6.176 |
3.043 |
|
|
|
|
|
|
|
|
|
Less |
TAX |
1.776 |
(0.338) |
0.414 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
|
3.589 |
6.514 |
2.629 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
569.430 |
6156.405 |
3306.039 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
4.83 |
8.76 |
3.53 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
PAT / Total Income |
(%) |
6.82 |
9.41 |
6.10 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
0.13 |
0.15 |
0.14 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.00 |
0.01 |
0.01 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
0.08 |
0.00 |
0.05 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.38 |
1.07 |
0.91 |
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 |
Yes |
|
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 |
No |
|
19] |
Payments terms |
Yes |
|
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 |
No |
|
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 |
Yes |
|
33] |
Voter ID No of Proprietor/Partner/Director, if available |
No |
|
34] |
External Agency Rating, if available |
Yes |
NOTES:
The registered office address has been shifted from Plot No.72, Sipcot
Industrial Complex, Ranipet – 632403,
UNSECURED LOAN
(Rs.
In Millions)
|
Particular |
As on 31.03.2013 |
As on 31.03.2012 |
|
LONG-TERM
BORROWINGS |
|
|
|
Term loans from others |
104.285 |
0.000 |
|
Deferred payment liabilities |
0.642 |
0.000 |
|
SHORT-TERM
BORROWINGS |
|
|
|
Working capital loans from banks |
11.783 |
0.000 |
|
|
|
|
|
Total |
116.710 |
0.000 |
FIXED ASSETS
Tangible Assets
· Land
· Buildings
· Plant and Equipment
· Factory Equipments
· Furniture and Fixtures
· Vehicles
· Office Equipment
· 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.62.00 |
|
|
1 |
Rs.102.17 |
|
Euro |
1 |
Rs.85.19 |
INFORMATION DETAILS
|
Information
Gathered by : |
PDT |
|
|
|
|
Report Prepared
by : |
VRN |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
5 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
6 |
|
--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 |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
|
|
|
|
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.