MIRA
INFORM REPORT
|
Report Date : |
29.11.2013 |
IDENTIFICATION DETAILS
|
Name : |
ACTION CONSTRUCTION EQUIPMENT LIMITED |
|
|
|
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Registered
Office : |
5th Floor, TDI Center, Jasola, New Delhi – 110 076 |
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|
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|
Country : |
India |
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|
|
|
Financials (as
on) : |
31.03.2013 |
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|
|
|
Date of
Incorporation : |
13.01.1995 |
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|
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Com. Reg. No.: |
55-064347 |
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|
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Capital
Investment / Paid-up Capital : |
Rs.197.880
millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
L74899DL1995PLC064347 |
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|
|
|
Legal Form : |
Public Limited Liability Company. The Company’s Shares are Listed on the Stock Exchanges. |
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Line of Business
: |
Manufacturer of Mobile Cranes. |
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No. of Employees
: |
1000 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (51) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 12136000 |
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|
|
|
Status : |
Satisfactory |
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|
|
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Payment Behaviour : |
Regular |
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Litigation : |
Exist |
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Comments : |
Subject is an established company having satisfactory track record. The company’s sales volume has drastically declined resulting in a
sharp drop in its net profitability during 2013, due to volatility in
exchange rates and slowdown in the end user industries i.e. construction,
real estate and infrastructure. However, the financial as well as liquidity position appears to be
sound and healthy. Trade relations are fair.
Business is active. Payment terms are reported as regular. 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 – March 31st, 2013
|
Country Name |
Previous Rating (31.12.2012) |
Current Rating (31.03.2013) |
|
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
The current downturn
provides an opportunity to push ahead with reforms to accelerate growth, says
the latest India Development Update report released by the World Bank. The report
says that the adverse effects of rupee depreciation are likely to be offset by
the gains in the exports performance due to improved external competitiveness.
Since May this year, the local currency has depreciated substantially and fell
to a record level of Rs 68.85 to a dollar on August, 28.
A stagflation like
situation appears to have arisen as inflation jumped to an eight month high of
6.46 % for the month of September. It is up from 6.10 % in August. Growth
continues to be muted with factory output plunging to 0.6 % in August.
Onion prices have risen nearly 300 % from last September. Vegetables cost
nearly 90 % more than they did last year. Wake up to the economic contribution
of slum dwellers. They contribute more than 7.5 % to the country’s gross
domestic product, according to a recent study conducted in 50 top cities.
136000 estimated
number of jobs created during the second quarter of the current financial year.
50000 estimated number of additional jobs in the field of corporate social responsibility
in the coming years.
The International
Finance Corporation expects to come out with its rupee linked bonds issue
before the end of 2013 as a part of its plan to raise $ 1 billion. The Apple
iPhone 5c (Rs 41900 for 16 GB variant) and 5s (Rs 53500 for 16GB variant) has
been launched in India from 1st November.
The Land Acquisition
Act to provide just and fair compensation to farmers will come into force from
January 1 next year, said Rural Development Minister Jairam Ramesh. The Act
replaces a 119 year old registration. The Securities and Exchange Board of
India has approved the trading of currency futures on the Bombay Stock
Exchange. The exchange plans to launch the currency futures platform with
advanced trading technology by the end of November.
EXTERNAL AGENCY RATING
|
Rating Agency Name |
CRISIL |
|
Rating |
Long Term Rating: A- |
|
Rating Explanation |
Adequate degree of safety and low credit risk. |
|
Date |
September 11, 2013 |
|
Rating Agency Name |
CRISIL |
|
Rating |
Short Term Rating: A2+ |
|
Rating Explanation |
Strong degree of safety and low credit risk. |
|
Date |
September 11, 2013 |
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. Rajan Luthra |
|
Designation : |
Chief Financial Officer and Company
Secretary |
|
Contact No.: |
91-1275-280111 |
|
Date : |
25.11.2013 |
LOCATIONS
|
Registered Office / Marketing Head Quarter (Cranes): |
5th Floor, TDI Center, Jasola, New Delhi – 110 076, India |
|
Tel. No.: |
91-11-40549900 (30 Lines) |
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Fax No.: |
91-11-40549922 |
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E-Mail : |
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Website : |
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Location : |
Owned |
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Marketing Head Quarter (Forklift and Backhoe): |
Plot No.7, IInd Floor, Pocket-H Market, Sarita Vihar, New Delhi – 110
076, India |
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Tel. No.: |
91-11-49390000 |
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Fax No.: |
91-11-49390099 |
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E-Mail : |
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Marketing Head Quarter (EED and RCED) : |
912-914, 9th Floor, DLF Tower – A, Jasola, New Delhi – 110
025, India |
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Tel. No.: |
91-11-42429900 |
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Fax No.: |
91-11-42429922 |
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E-Mail : |
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Marketing Head
Quarter (Tractors)/ Correspondence Office/ Product Support Division
and Spare Parts Division/ Research and
Development Centre 1/ Plants 1 : |
Jajru Road, 25th Mile Stone, Mathura Road, Ballabgarh,
Faridabad – 121 004, Haryana, India |
|
Tel. No.: |
91-129-2307922 / 33/ 2306111 |
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Fax No.: |
91-129-2307562 |
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E-Mail : |
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Corporate Office/ Research and Development Centre 2/ Plant 2 : |
Dhudhola Link
Road, Village Dhudhola, Tehsil Palwal, District Faridabad - 121 102, Haryana,
India |
|
Tel. No.: |
91-1275-280111 |
|
Fax No.: |
91-1275-280133 |
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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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Plant 5 : |
45th Mile Stone, Delhi Mathura Road, Prithla, Faridabad,
Haryana, India |
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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 |
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|
|
|
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 |
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|
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Product Support
Division : |
Located at ·
Faridabad |
DIRECTORS
AS ON 31.03.2013
|
Name : |
Mr. Vijay Agarwal |
|
Designation : |
Chairman and Managing Director |
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|
Name : |
Mrs. Mona Agarwal |
|
Designation : |
Whole - time Director |
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|
Name : |
Mr. Sorab Agarwal |
|
Designation : |
Executive Director |
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|
Name : |
Surbhi Garg |
|
Designation : |
Executive Director |
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|
Name : |
Mr. Girish Narain Mehra (IAS Retd.) |
|
Designation : |
Independent Director |
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|
Name : |
Mr. Subhash Chander Verma |
|
Designation : |
Independent Director |
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Date of Birth/ Age : |
13.04.1945 |
|
Qualification : |
Graduate and qualified CAIIB (Associate of Indian Institute of
Bankers) |
|
Date of Appointment : |
21.09.2011 |
|
DIN No.: |
00098019 |
|
|
|
|
Name : |
Dr. Amar Singhal |
|
Designation : |
Independent Director |
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|
|
|
Name : |
Maj. Gen. (Retd.) Dr. Keshav Chandra Agrawal |
|
Designation : |
Independent Director |
|
Date of Birth/ Age : |
15.07.1941 |
|
Qualification : |
Ph. D in Mechanical Engineering from Indian Institute of Technology,
Delhi |
|
Date of Appointment : |
06.09.2010 |
|
DIN No.: |
00098143 |
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|
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KEY EXECUTIVES
|
Name : |
Mr. Rajan Luthra |
|
Designation : |
Chief Financial Officer and Company
Secretary |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 30.09.2013
|
Category of Shareholders |
No. of Shares |
Percentage of
holding |
|
(A) Shareholding of Promoter and Promoter Group |
|
|
|
|
|
|
|
|
67373214 |
68.10 |
|
|
67373214 |
68.10 |
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|
|
|
|
Total shareholding of Promoter and Promoter Group (A) |
67373214 |
68.10 |
|
(B) Public Shareholding |
|
|
|
|
|
|
|
|
179335 |
0.18 |
|
|
179335 |
0.18 |
|
|
|
|
|
|
8389577 |
8.48 |
|
|
|
|
|
|
17134347 |
17.32 |
|
|
4826044 |
4.88 |
|
|
1037483 |
1.05 |
|
|
215874 |
0.22 |
|
|
128824 |
0.13 |
|
|
692785 |
0.70 |
|
|
31387451 |
31.72 |
|
Total Public shareholding (B) |
31566786 |
31.90 |
|
Total (A)+(B) |
98940000 |
100.00 |
|
(C) Shares held by Custodians and against which Depository Receipts
have been issued |
0 |
0.00 |
|
|
0 |
0.00 |
|
|
0 |
0.00 |
|
|
0 |
0.00 |
|
Total (A)+(B)+(C) |
98940000 |
0.00 |
(1) Indian
Individuals / Hindu Undivided Family
Individual shareholders holding nominal
share capital up to Rs.0.100 millionBUSINESS DETAILS
|
Line of Business : |
Manufacturer of Mobile Cranes. |
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Products : |
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Exports : |
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Products : |
·
Finished Goods |
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Countries : |
·
South Africa ·
Nigeria ·
Bangladesh |
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Imports : |
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Products : |
·
Raw Materials |
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Countries : |
·
Europe ·
China |
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Terms : |
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Selling : |
L/C and Credit |
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Purchasing : |
L/C and Credit |
PRODUCTION STATUS (AS ON 31.03.2013):
|
Particulars |
Unit |
Licensed
Capacity |
Installed
Capacity |
Actual
Production |
|
Cranes |
Nos. |
N.A |
7500 |
2726 |
|
Material Handling/ Construction Equipment |
Nos. |
N.A |
1300 |
850 |
|
Agri Equipment |
Nos. |
N.A |
6000 |
3749 |
GENERAL INFORMATION
|
Suppliers : |
Not Divulged |
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Customers : |
End Users · Reliance · Punj Lloyd · ACC · Shapoorji Pallong · Gannon Dunkerley · KEC · Gammon · PSL · NCC · Simplex · IVRCL · Gujarat Ambuja · Patel Engineering · Soma · Airport Authority of India · BHEL · Bridge and Roof · Coal India Limited · Neyveli Lignite Corporation · Chennai Port Trust · COFMOW · Indian Railways · DRDO · HVPNL · HPCL · IOCL · MRPL · Tata · Welspun · Havell's · Petron · Essar · ABG · Hindalco · Unitech · Alston · Reliance ADAG · Kalpataru · Krupp · L & T · MPEB · Ministry of Defence · NALCO · NHPC · Nuclear Power Corporation · Paradip Port Trust · NTPC · IISCO · Bongaigon Refinery · IFFCO · BSNL · Numaligarh Refinery · IPCL |
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No. of Employees : |
1000 (Approximately) |
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Bankers : |
·
ICICI
Bank Limited ·
The
Hongkong and Shanghai Banking Corporation of India Limited ·
Standard
Chartered Bank ·
State
Bank of Patiala ·
Axis
Bank Limited ·
IndusInd Bank Limited, Dr. Gopal Das Building,
28, Barakhamba Road, New Delhi – 110 001, India |
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Facilities : |
Notes: Long Term
Borrowings Terms of Repayment a) Foreign
Currency Loan - Repayable in 16 equal instalments of USD 156250 and USD 125000
each, starting after 15 months from the date of disbursement 30th Jun 2011
and 1st September 2011 respectively with interest rate of USD
LIBOR + 2.65%. b) Rupee Loan -
Repayable in 118 equated monthly instalments, (including interest @10.75%)
starting from 10.04.2012. Security Offered a) (I) Exclusive
Charge on assets financed out of this Loan. (ii) Exclusive
Charge on Immovable assets at industrial unit at Plant IV, Prithla Dhatir
Road, Village Dudholla, Palwal. b) Exclusive Charge on the assets financed out of this loan. Short Term
Borrowings All Credit
Facilities from Banks are secured by way of hypothecation of the Company’s
entire inventory and such other movable including book-debts, bills whether
documentary or clean, outstanding monies, receivables, both present and
future and Plant and Machinery (Except Plant and Machinery financed out of
Foreign Currency Loan) on pari passu basis and First charge by the way of
equitable mortgage of property situated at Bazpur on pari passu basis. |
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|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
Rajan
Chhabra and Company Chartered Accountants |
|
|
|
|
Associate Companies/ Entities : |
·
ACE Steelfab Private Limited (Upto 30.09.2011) ·
ACE TC Rentals Private Limited ·
Namo Metals ·
VMS Holdings Private Limited ·
VMS Equipment |
|
|
|
|
Subsidiary
Companies : |
·
FRESTED Limited, Cyprus - Wholly Owned Subsidiary ·
SC FORMA SA, Romania - Fellow Subsidiary ·
Action Developers Limited, India - Wholly Owned Subsidiary |
CAPITAL STRUCTURE
AS ON 31.03.2013
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
122500000 |
Equity Shares |
Rs.2/- each |
Rs.245.000 millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
98940000 |
Equity Shares |
Rs.2/- each |
Rs.197.880
millions |
|
|
|
|
|
Reconciliation of
number of Equity Shares outstanding:
|
Particulars
|
As at 31st March, 2013 |
|
|
No. of Shares |
Amount (Rs. in millions) |
|
|
As at beginning of the year |
98940000 |
197.880 |
|
Add: Issue of
Shares to the shareholders of amalgamating Company |
-- |
-- |
|
As at end of the year |
98940000 |
197.880 |
Shareholders holding
more than 5% of the Equity Shares in the Company:
|
Particulars
|
As at 31st March, 2013 |
|
|
No. of Shares |
Percentage |
|
|
Mr. Vijay Agarwal / Mrs. Mona Agarwal |
33988707 |
34.35% |
|
Mrs. Mona Agarwal / Mr. Vijay Agarwal |
26586328 |
26.87% |
Rights, preferences and restrictions attached to
the Shares
The Shares of the
Company, having par value of Rs.2.00 per share, rank pari passu in all respects
including voting rights and entitlement to dividend.
LISTING DETAILS:
|
BSE : 532762 NSE : ACE |
|
|
Stock Exchange Place : |
·
National Stock Exchange of India Limited (NSE) ·
Bombay Stock Exchange Limited (BSE) |
|
Listed Date : |
26.09.2006 |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE SHEET
|
SOURCES OF FUNDS |
|
31.03.2013 |
31.03.2012 |
|
I.
EQUITY AND LIABILITIES |
|
|
|
|
(1) Shareholders' Funds |
|
|
|
|
(a) Share Capital |
|
197.880 |
197.880 |
|
(b) Reserves & Surplus |
|
2836.183 |
2778.386 |
|
(c) Money received against share warrants |
|
0.000 |
0.000 |
|
|
|
|
|
|
(2) Share Application money pending allotment |
|
0.000 |
0.000 |
|
Total
Shareholders’ Funds (1) + (2) |
|
3034.063 |
2976.266 |
|
|
|
|
|
|
(3) Non-Current
Liabilities |
|
|
|
|
(a) Long-term borrowings |
|
232.380 |
245.117 |
|
(b) Deferred tax liabilities (Net) |
|
45.008 |
29.206 |
|
(c) Other long
term liabilities |
|
23.679 |
17.400 |
|
(d) Long-term
provisions |
|
13.465 |
16.760 |
|
Total Non-current
Liabilities (3) |
|
314.532 |
308.483 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a)
Short term borrowings |
|
1261.763 |
1165.580 |
|
(b)
Trade payables |
|
996.480 |
746.162 |
|
(c) Other
current liabilities |
|
560.841 |
619.793 |
|
(d) Short-term
provisions |
|
45.634 |
106.411 |
|
Total Current
Liabilities (4) |
|
2864.718 |
2637.946 |
|
|
|
|
|
|
TOTAL |
|
6213.313 |
5922.695 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i)
Tangible assets |
|
2486.360 |
2238.017 |
|
(ii)
Intangible Assets |
|
24.973 |
28.279 |
|
(iii)
Capital work-in-progress |
|
95.277 |
52.985 |
|
(iv)
Intangible assets under development |
|
0.000 |
0.000 |
|
(b) Non-current Investments |
|
29.775 |
28.835 |
|
(c) Deferred tax assets (net) |
|
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
|
713.491 |
660.019 |
|
(e) Other
Non-current assets |
|
5.458 |
13.985 |
|
Total Non-Current
Assets |
|
3355.334 |
3022.120 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a)
Current investments |
|
133.861 |
75.516 |
|
(b)
Inventories |
|
1433.523 |
1357.586 |
|
(c) Trade
receivables |
|
833.400 |
855.513 |
|
(d) Cash
and cash equivalents |
|
165.625 |
199.985 |
|
(e)
Short-term loans and advances |
|
291.570 |
411.975 |
|
(f)
Other current assets |
|
0.000 |
0.000 |
|
Total
Current Assets |
|
2857.979 |
2900.575 |
|
|
|
|
|
|
TOTAL |
|
6213.313 |
5922.695 |
|
SOURCES OF FUNDS |
|
|
31.03.2011 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
|
|
185.770 |
|
|
2] Share Application Money |
|
|
51.813 |
|
|
3] Reserves & Surplus |
|
|
2437.044 |
|
|
4] (Accumulated Losses) |
|
|
0.000 |
|
|
NETWORTH |
|
|
2674.627 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
|
|
715.043 |
|
|
2] Unsecured Loans |
|
|
0.000 |
|
|
TOTAL BORROWING |
|
|
715.043 |
|
|
DEFERRED TAX LIABILITIES |
|
|
10.799 |
|
|
|
|
|
|
|
|
TOTAL |
|
|
3400.469 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
|
|
1519.854 |
|
|
Capital work-in-progress |
|
|
427.543 |
|
|
|
|
|
|
|
|
INVESTMENT |
|
|
76.524 |
|
|
DEFERRED TAX ASSETS |
|
|
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
|
|
1209.448
|
|
|
Sundry Debtors |
|
|
831.422
|
|
|
Cash & Bank Balances |
|
|
239.725
|
|
|
Other Current Assets |
|
|
0.000
|
|
|
Loans & Advances |
|
|
650.147
|
|
Total
Current Assets |
|
|
2930.742 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
|
|
1141.380
|
|
|
Other Current Liabilities |
|
|
281.407
|
|
|
Provisions |
|
|
132.015
|
|
Total
Current Liabilities |
|
|
1554.802 |
|
|
Net Current Assets |
|
|
1375.940
|
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
|
|
0.608 |
|
|
TOTAL |
|
|
3400.469 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
|
|
SALES |
|
|
|
|
|
|
|
Revenue from operations (Net) |
6678.498 |
8555.115 |
6864.755 |
|
|
|
Other Income |
53.790 |
45.431 |
139.006 |
|
|
|
TOTAL (A) |
6732.288 |
8600.546 |
7003.761 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of Materials Consumed |
4699.442 |
6072.987 |
|
|
|
|
Purchase of Stock-in-Trade |
49.942 |
332.421 |
|
|
|
|
Changes in inventories of Finished Goods, Work-in-Progress and
Stock-in-Trade |
77.660 |
7.729 |
|
|
|
|
Employee Benefit Expanses |
486.844 |
445.139 |
|
|
|
|
Selling and Distribution Expenses |
222.196 |
240.244 |
|
|
|
|
Other Expenses |
845.118 |
931.692 |
|
|
|
|
TOTAL (B) |
6381.202 |
8030.212 |
6356.499 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
351.086 |
570.334 |
647.262 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
104.527 |
73.471 |
35.211 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
246.559 |
496.863 |
612.051 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
136.135 |
113.312 |
68.850 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
110.424 |
383.551 |
543.201 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
38.285 |
98.855 |
137.252 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
72.139 |
284.696 |
405.949 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS YEARS’
BALANCE BROUGHT FORWARD |
418.023 |
249.685 |
160.359 |
|
|
|
|
|
|
|
|
|
Add |
Balance of
Amalgamating Company |
-- |
6.640 |
-- |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Proposed Dividend |
19.788 |
19.788 |
185.770 |
|
|
|
Tax on Dividend |
3.363 |
3.210 |
30.854 |
|
|
|
Transfer to General Reserve |
20.000 |
100.000 |
100.000 |
|
|
BALANCE CARRIED
TO THE B/S |
447.011 |
418.023 |
249.684 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Export of Goods (F.O.B. Value) |
105.937 |
220.371 |
101.980 |
|
|
|
Commission Received |
4.294 |
30.708 |
0.000 |
|
|
TOTAL EARNINGS |
110.231 |
251.079 |
101.980 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials, Spare Parts &
Finished Products |
1275.636 |
1527.734 |
1572.991 |
|
|
TOTAL IMPORTS |
1275.636 |
1527.734 |
1572.991 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
|
|
|
|
|
|
-
Basic |
0.73 |
2.97 |
4.45 |
|
|
|
-
Diluted |
0.73 |
2.97 |
4.39 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
PAT / Total Income |
(%) |
1.07 |
3.31 |
5.80
|
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
1.65 |
4.48 |
7.91
|
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
1.81 |
6.57 |
12.21
|
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.04 |
0.13 |
0.20
|
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
0.49 |
0.47 |
0.27
|
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.00 |
1.10 |
1.88
|
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 |
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 |
Yes |
|
19) Payments terms |
Yes |
|
20) Export / Import details (if
applicable) |
Yes |
|
21) Market information |
-- |
|
22) Litigations that the firm / promoter
involved in |
Yes |
|
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 |
Yes |
LITIGATION
DETAILS:
IN THE HIGH COURT OF DELHI AT NEW DELHI
CS(OS) 1774/2013
ESCORTS LIMITED ..... Plaintiff
Through Mr. Santosh Kumar, Adv.
versus
ACTION CONSTRUCTION EQUIPMENT LIMITED
..... Defendant
Through
CORAM:
MS. HEMANI MALHOTRA (DHJS), JOINT REGISTRAR
ORDER
01.11.2013
The Ld. Presiding Officer is on leave today, hence renotify for the same
purpose on 19th December, 2013, the date already fixed.
READER TO JOINT REGISTRAR
NOVEMBER 01, 2013
|
Unsecured Loans |
31.03.2013 (Rs.
in Millions) |
31.03.2012 (Rs.
in Millions) |
|
SHORT TERM
BORROWINGS |
|
|
|
Commercial Papers |
0.000 |
200.000 |
|
Total
|
0.000 |
200.000 |
INDEX OF CHARGES
|
S.No. |
Charge ID |
Date of Charge
Creation/Modification |
Charge amount
secured |
Charge Holder |
Address |
Service Request
Number (SRN) |
|
1 |
10358918 |
12/05/2012 |
300,000,000.00 |
INDUSIND BANK
LIMITED |
DR. GOPAL DAS
BUILDING, 28, BARAKHAMBA ROAD, NEW DELHI, DELHI - 110001, INDIA |
B40880825 |
|
2 |
10359921 |
11/05/2012 |
750,000,000.00 |
AXIS BANK
LIMITED |
PLOT NO.40, SCO
HUDA MAIN MARKET, SECTOR 7, FARIDABAD, HARYANA - 121006, INDIA |
B41318304 |
|
3 |
10363092 |
11/05/2012 |
650,000,000.00 |
THE HONGKONG AND
SHANGHAI BANKING CORPORATION LIMI |
BIRLA HOUSE, 25
BARAKHAMBA ROAD, NEW DELHI, DELHI |
B42665943 |
|
4 |
10336829 |
10/02/2012 |
180,000,000.00 |
ICICI BANK
LIMITED |
LANDMARKRACE
COURCE CIRCLE, ALKAPURI, BARODA, GUJARAT - 390015, INDIA |
B32658544 |
|
5 |
10306734 |
25/08/2011 |
750,000,000.00 |
AXIS BANK
LIMITED |
PLOT NO.40, SCO
HUDA MAIN MARKET, SECTOR 7, FARIDABAD, HARYANA - 121006, INDIA |
B20749305 |
|
6 |
10300988 |
20/10/2012 * |
202,500,000.00 |
STANDARD
CHARTERED BANK |
(ACTING AS AN SECURITY
AGENT) C D U, NARAIN MANZIL, 23 BARAKHAMBA ROAD, NEW DELHI, DELHI - 110001,
INDIA |
B61783684 |
|
7 |
10159418 |
11/05/2012 * |
250,000,000.00 |
STATE BANK OF
PATIALA |
COMMERCIAL BRANCH,
CHANDRALOK BUILDING, 36, JANPATH, NEW DELHI, DELHI - 110001, INDIA |
B39306311 |
|
8 |
10127256 |
11/05/2012 * |
550,000,000.00 |
STANDARD
CHARTERED BANK |
CREDIT
DOCUMENTATION UNIT, NARAIN MANZIL, 23 BARAKHAMBA ROAD, NEW DELHI, DELHI - 110001,
INDIA |
B39145958 |
|
9 |
10107232 |
03/06/2011 * |
650,000,000.00 |
THE HONGKONG AND
SHANGHAI BANKING CORPORATION LIMI |
25 BARAKHAMBA
ROAD, NEW DELHI, DELHI - 110001, INDIA |
B13745765 |
|
10 |
10086771 |
03/06/2011 * |
650,000,000.00 |
THE HONGKONG AND
SHANGHAI BANKING CORPORATION LIMI |
25 BARAKHAMBA
ROAD, NEW DELHI, DELHI - 110001, INDIA |
B13743398 |
|
11 |
10054430 |
28/11/2008 * |
400,000,000.00 |
THE HONGKONG AND
SHANGHAI BANKING CORPORATION LIMITE |
BIRLA TOWERS, 25
BARAKHAMBA ROAD, NEW DELHI, DELHI - 110001, INDIA |
A54692504 |
|
12 |
80002427 |
10/05/2012 * |
800,000,000.00 |
ICICI BANK
LIMITED |
LANDMARKRACE
COURCE CIRCLE, ALKAPURI, BARODA, GUJARAT - 390015, INDIA |
B40142705 |
* Date of charge modification
FINANCIAL HIGHLIGHTS:
FY 2012-13 proved to be a challenging year
amidst global economic uncertainties and disturbances in many parts of the
world. As far as Indian Economy is concerned. Weakness in industry (comprising the
mining and quarrying, manufacturing, electricity, gas and water supply, and
construction sectors registered a growth rate of only 3.5 per cent and3.1 per
cent in 2011-12 and 2012-13 respectively. The rate of growth of the
manufacturing sector was even lower at 2.7 per cent and 1.9 per cent for these
two years respectively. The growth of equipment manufacturing industry is
interlinked with the growth of Infrastructure and indirectly with the growth of
Indian Economy. According to the ministry's estimate, Rs.7 lakh crores of
projects are stalled at various stages due to reasons such as environment
clearances and land acquisition issues. Despite these constraints and
challenging environment, the Company performed reasonably well.
The Company's gross turnover stood at Rs.6928.000 millions, as compared
to Rs.8786.800 millions previous year. The profit before depreciation, interest
and tax stood at Rs.351.000 millions in2012-13, as against Rs.570.300 millions
in 2011-12. The profit after tax was Rs.72.200 millions in2012-13, as against
Rs.284.700 millions in 2011-12. The weakening of Indian Rupee throughout the
year led to a loss of Rs.74.200 millions. Company has taken several steps to
reduce cost and increase its market share in all products.
MANAGEMENT DISCUSSION
AND ANALYSIS
INDUSTRY STRUCTURE AND DEVELOPMENTS
Subsequent the slowdown induced by the
global financial crisis in 2008-09, the Indian economy responded strongly to
fiscal and monetary stimulus and achieved a growth rate of8.6 per cent and 9.3
per cent respectively in 2009-10 and 2010-11. However, with the economy
exhibiting inflationary tendencies, the Reserve Bank of India (RBI) started
raising interest rates in March 2010. High rates as well as policy constraints
adversely impacted investment, and in the subsequent two years viz. 2011-12 and
2012-13, the growth rate slowed to 6.2 per cent and 5.0 per cent respectively.
The moderation in growth is primarily attributable to weakness in
industry (comprising the mining and quarrying, manufacturing, electricity, gas
and water supply, and construction sectors), which registered a growth rate of
only 3.5 per cent and 3.1 percent in 2011-12 and 2012-13 respectively. The rate
of growth of the manufacturing sector was even lower at 2.7 per cent and 1.9 per
cent for these two years respectively. Growth in agriculture has also been weak
in 2012-13, following lower-than-normal rainfall, especially in the initial
phases (months of June and July) of the south-west monsoon.
The economy slowed down so rapidly despite recovering strongly from the
global financial crisis. A number of factors are responsible. First, the boost
to demand given by monetary and fiscal stimulus following the crisis was large.
Final consumption grew at an average of over 8 per cent annually between
2009-10 and 2011-12. The result was strong inflation and a powerful monetary
response that also slowed consumption demand. Second, starting in 2011-12,
corporate and infrastructure investment started slowing both as a result of
investment bottlenecks as well as the tighter monetary policy. Thirdly, even as
the economy slowed, it was hit by two additional shocks: a slowing global
economy, weighed down by the crisis in the Euro area and uncertainties about
fiscal policy in the United States, and a weak monsoon, at least in its initial
phase.
The growth of equipment manufacturing industry is interlinked with the
growth of Infrastructure and indirectly with the growth of Indian Economy. This
industry calls for great expertise, in terms of technology, design and
providing customer satisfaction. Its market is large; however the only
survivors would be the Companies, who would be able to provide good quality
products at most competitive price. The Company’s brand has emerged as brand
for reliability and has been able to win the customer loyalty in all these
years. The Company desires to continue its successful stint in the industry,
through providing complete customer satisfaction by way of reasonable pricing
and good product quality.
SEGMENT WISE OR PRODUCT WISE PERFORMANCE
Company operates mainly in three segments i.e. Cranes, Material
Handling/Construction Equipment and Agri Equipment. The company has a balanced
approach to the Cranes, Material Handling/Construction Equipment and Agri
Equipment, which helps them in capitalizing on their strengths in all three
segments and to respond to market fluctuations and customer strategies.
OUTLOOK
The outlook for 2013-14 is supposed to be
better as compared to 2012-13; the overall economy is expected to grow in the
range of 5.5 to 6.7 per cent in 2013-14. Of course, these projections assume a
normal monsoon, further moderation in inflation as expected (to induce further
relaxation of the tight monetary stance), and mild recovery of global growth as
anticipated. Forecasting at potential turning points is difficult, hence the
relatively wide range this time. Although India is veering towards an economic
trough situation, the long term growth prospects of India are still stable with
positive indications of infrastructure development happening in the segments in
which the Company operates.
The Company recognizes the tough times and
is concentrating through management. They have already initiated significant cost
reduction efforts, optimization of working capital requirements in order to
minimize financing costs. These, coupled with other operational executions will
enable the Company to register better performance in the coming months.
The Management anticipates improvement in the economy and is confident
that when the revival happens, with right focus and proactive approach the
Company will be able to capitalize on the future opportunities.
CONTINGENT
LIABILITIES, NOT PROVIDED FOR:
|
Particulars |
31.03.2013 (Rs.
in Millions) |
31.03.2012 (Rs.
in Millions) |
|
Bank Guarantees |
89.831 |
79.998 |
|
Letter of Credits |
189.724 |
261.434 |
|
Claim against the Company, not acknowledge as Debts |
69.707 |
47.819 |
|
Sales Tax, Excise and Income Tax Matters, pending before Assessing /
Appellate Authorities |
398.085 |
320.149 |
|
Total
|
747.347 |
709.400 |
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
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 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.62.39 |
|
|
1 |
Rs.101.80 |
|
Euro |
1 |
Rs.84.75 |
INFORMATION DETAILS
|
Information Gathered
by : |
PLK |
|
|
|
|
Report Prepared
by : |
SMN |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
6 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
6 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
6 |
|
--CREDIT LINES |
1~10 |
5 |
|
--MARGINS |
-5~5 |
- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
YES |
|
--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 |
YES |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTERS |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
51 |
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.