MIRA INFORM REPORT
|
Report Date : |
22.02.2014 |
IDENTIFICATION DETAILS
|
Name : |
DANFOSS POWER SOLUTIONS INDIA PRIVATE LIMITED (w.e.f. 06.09.2013) |
|
|
|
|
Formerly Known
As : |
SAUER-DANFOSS INDIA PRIVATE LIMITED
|
|
|
|
|
Registered
Office : |
Gat No.94-100, Hi-Cliff Industrial Estate, Wagholi-Rahu Road, Village Kesnand,
Off Nagar Road, Pune – 412207, Maharashtra |
|
|
|
|
Country : |
|
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|
|
|
Financials (as
on) : |
31.03.2013 |
|
|
|
|
Date of
Incorporation : |
05.02.2001 |
|
|
|
|
Com. Reg. No.: |
11-131740 |
|
|
|
|
Capital Investment
/ Paid-up Capital : |
Rs.201.572 Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U00000PN2001PTC |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
DELS14697E |
|
|
|
|
PAN No.: [Permanent Account No.] |
AAFCS2954P |
|
|
|
|
Legal Form : |
Private Limited Liability Company |
|
|
|
|
Line of Business
: |
Importing
and marketing mobile hydraulic products, providing specialized after sales
service and manufacture of mobile hydraulic products and their components. |
|
|
|
|
No. of Employees
: |
Information declined by management |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (47) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 2500000 |
|
|
|
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
Usually Correct |
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|
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|
Litigation : |
Clear |
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|
|
|
Comments : |
Subject is an established company having a satisfactory track record. There seems some dip in the turnover and profitability of the company
during financial year 2013 however general financial position of the company
is good. No borrowings recorded by the company. Trade relations are reported as fair. Business is active. Payments are
reported to be usually correct 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.
INDIAN ECONOMIC OVERVIEW
The worst is over for India’s economy with gross domestic product likely
to expand 5 %to 5.5 % this year and more than 6 % in 2015, according to Moody’s
Analytics. Concerns over the rupee and current account deficit are under
control, said the agency. Ratings firm Crisil has forecast 6 % growth for
2014/15 up from the estimated 4.8 % for 2013/14. Total economic growth,
infrastructure bottlenecks and lack of transparency and consistency in foreign
direct investment policies seem to have taken a toll on India’s attractiveness
as an investment destination, says an Ernst & Young survey. Projects
with FDI component fell 16.4 % across the globe in 2012 from the previous
year. The drop in India was steeper at 21 %. State run carrier Air India
is doling out free tickets to its 24000 employees, even as it expects to incur
a loss of Rs.39000 mn this financial year and has a debt of Rs.350000 mn.
550000 number of jobs generated across India in 2013, a fall of 0.4 % as
compared to with a year earlier. The National Capital Region has a
one-fourth share in total jobs created, according to a study by industry lobby
group Assochem, Banks, real estate, automobile and telecommunications sectors
are showing a rise of job creation. $ 805 mn investments by venture capital
firms in India during 2013, registering a drop of about 18 % over the previous
year. The Information Technology and IT-Enabled Services Industry retained
its status as the favourable venture capital investors in 2013. Pakistan has
temporarily banned gold imports for the second time in six months, as it tries
to stem smuggling into India. India’s import duty on gold is 10 % and curbs on
purchases have dried up legal imports into what used to be the world’s biggest
bullion buyers. The World Gold Council puts the amount smuggled into India at
upto 200 tonnes in 2013. The Reserve Bank of India has proposed that unclaimed
bank deposits estimated to be about Rs.35000 mn be used for education and
awareness among depositors. According to the plan, deposits that have not
been claimed for at least 10 years will be transferred to the scheme.
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 DECLINED BY
|
Name : |
Mr. M. Rawat |
|
Designation : |
Finance Head |
|
Contact No.: |
91-22-66287800 |
|
Date : |
21.02.2014 |
LOCATIONS
|
Registered Office/ Factory : |
Gat No.94-100, Hi-Cliff Industrial Estate, Wagholi-Rahu Road, Village
Kesnand, Off Nagar Road, Pune – 412207, Maharashtra, India |
|
Tel. No.: |
91-22-66287800 |
|
Fax No.: |
91-22-66287845/ 46 |
|
E-Mail : |
|
|
Website : |
DIRECTORS
(AS ON 30.09.2013)
|
Name : |
Mr. Upinder Kishen Razdan |
|
Designation : |
Managing Director |
|
Address : |
Survey No.70/A/5/1, Flat No.304, Sicilian Apartment, BT Kawade Road, Ghorpadi
Gaon, Pune 411001, Maharashtra, India |
|
Date of Appointment : |
11.07.2005 |
|
DIN No.: |
00918554 |
|
PAN No.: |
AUZPM1319D |
|
|
|
|
Name : |
Mr. Helge Jorgensen |
|
Designation : |
Director |
|
Address : |
Runevaenget 89 Guderup Nordborg Denmark 6430 |
|
Date of Appointment : |
26.02.2007 |
|
DIN No.: |
01609165 |
|
|
|
|
Name : |
Mr. Mohan Rawat |
|
Designation : |
Director |
|
Address : |
402, Coleus Nyati Meadow, Wadgaon Sheri Kalyani Nagar, Pune - 411014, Maharashtra,
India |
|
Date of Appointment : |
16.05.2007 |
|
DIN No.: |
01923910 |
|
PAN No.: |
AUZPM1319E |
|
|
|
|
Name : |
Mr. Stefan Koenig |
|
Designation : |
Director |
|
Address : |
Koenig-Heinrich-Weg 200, 22455, Hamburg, Germany 22455 |
|
Date of Appointment : |
31.12.2008 |
|
DIN No.: |
02687964 |
|
|
|
|
Name : |
Mr. Michael Skjerning |
|
Designation : |
Director |
|
Address : |
325, Sassafras Drive Easley south Carolina 29642 |
|
Date of Birth/Age : |
30.01.1961 |
|
Date of Appointment : |
30.09.2010 |
|
DIN No.: |
03194796 |
KEY EXECUTIVES
|
Name : |
Mr. M. Rawat |
|
Designation : |
Finance Head |
|
|
|
|
Name : |
Mr. Mohan Lal |
|
Designation : |
Company Secretary |
|
Date of Appointment : |
01.07.2007 |
|
PAN No.: |
AELPR4955A |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
(AS ON 30.09.2013)
|
Name of Shareholders |
No. of Shares |
%age |
|
Danfoss Power Solutions
(Holding) Aps, Denmark {Formerly Sauer-Danfoss (Holdings) Aps} |
20157162 |
100.00 |
|
Danfoss Power Solutions (Neumunster)
Gmbh, Germany {Formerly Sauer-Danfoss (Neumunster) Gmbh, Germany} |
1 |
0.00 |
|
|
|
|
|
Total |
201,57,163 |
100.00 |
(AS ON 30.09.2013)
Equity Shares Break – up
|
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 : |
Importing
and marketing mobile hydraulic products, providing specialized after sales
service and manufacture of mobile hydraulic products and their components. |
||||
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Products : |
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GENERAL INFORMATION
|
No. of Employees : |
Information declined by management |
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Bankers : |
Not Divulged |
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Facilities : |
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Banking
Relations : |
-- |
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Auditors : |
|
|
Name : |
BSR
and Company Chartered Accountants |
|
Address : |
703,
7th Floor, Godrej Castlemaine Next to Ruby Hall Clinic Bund Garden
Road, Pune - 411001, Maharashtra, India |
|
PAN No.: |
AAAFB9852F |
|
|
|
|
Holding company : |
·
Sauer-Danfoss Holding ApS, Denmark |
|
|
|
|
Ultimate Holding Company
: |
·
Sauer-Danfoss Inc, United States |
|
|
|
|
Fellow Subsidiary Company
: |
·
Sauer-Danfoss Limited, United Kingdom ·
Sauer-Danfoss GmbH and Company OHG, Germany
·
Sauer-Danfoss (NA) Company, United States ·
Sauer-Danfoss Inc, United States ·
Sauer-Danfoss, Aps, Denmark ·
Sauer-Danfoss Sp Z.o.o., Poland ·
Sauer-Danfoss S.r.l, Italy ·
Sauer – Danfoss Hidraulica Limited, Brazil ·
Sauer-Danfoss A.S, Slovakia ·
Danfoss A/S, Denmark ·
Sauer-Danfoss AB, Sweden ·
Daikin Sauer Danfoss Manufacturing Limited,
Japan ·
Sauer-Danfoss DMH(Shanghai) Company
Limited, China ·
Sauer-Danfoss-Daikin Pte Limited, Singapore
·
Sauer-Danfoss -Daikin Pty Limited,
Australia ·
Sauer Shanghai Hydrostatic Transmission
Company Limited, China ·
Sauer-Danfoss-Daikin Mobile Hydraulics
(Shanghai) Company Limited, China ·
Sauer-Danfoss Hidraulica Mobil Ltda, china |
CAPITAL STRUCTURE
(AS ON 30.09.2013)
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
21000000 |
Equity Shares |
Rs.10/- each |
Rs.210.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
20157163 |
Equity Shares |
Rs.10/- each |
Rs.201.572
Millions |
|
|
|
|
|
FINANCIAL DATA
[All figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
I.
EQUITY
AND LIABILITIES |
|
|
|
|
(1)Shareholders'
Funds |
|
|
|
|
(a) Share Capital |
201.572 |
201.572 |
64.900 |
|
(b) Reserves & Surplus |
414.902 |
326.506 |
216.448 |
|
(c) Money
received against share warrants |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
(2) Share Application money pending
allotment |
0.000 |
0.000 |
136.672 |
|
Total
Shareholders’ Funds (1)+(2) |
616.474 |
528.078 |
418.020 |
|
|
|
|
|
|
(3) Non-Current
Liabilities |
|
|
|
|
(a) long-term borrowings |
0.000 |
45.905 |
123.815 |
|
(b) Deferred tax liabilities (Net) |
0.000 |
0.000 |
0.000 |
|
(c) Other long term
liabilities |
0.000 |
0.000 |
0.000 |
|
(d) long-term
provisions |
30.584 |
23.302 |
23.143 |
|
Total Non-current
Liabilities (3) |
30.584 |
69.207 |
146.958 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term
borrowings |
0.000 |
47.660 |
37.165 |
|
(b) Trade
payables |
142.053 |
185.793 |
128.566 |
|
(c) Other
current liabilities |
27.597 |
25.762 |
17.816 |
|
(d) Short-term
provisions |
3.312 |
7.171 |
18.145 |
|
Total Current
Liabilities (4) |
172.962 |
266.386 |
201.692 |
|
|
|
|
|
|
TOTAL |
820.020 |
863.671 |
766.670 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed
Assets |
|
|
|
|
(i)
Tangible assets |
270.364 |
277.848 |
201.697 |
|
(ii) Intangible
Assets |
0.000 |
0.000 |
0.000 |
|
(iii)
Capital work-in-progress |
0.000 |
23.312 |
0.560 |
|
(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) |
9.992 |
4.921 |
5.006 |
|
(d) Long-term Loan and Advances |
3.319 |
6.533 |
5.513 |
|
(e) Other
Non-current assets |
0.000 |
0.000 |
0.000 |
|
Total Non-Current
Assets |
283.675 |
312.614 |
212.776 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current
investments |
0.000 |
0.000 |
0.000 |
|
(b)
Inventories |
115.732 |
162.956 |
143.675 |
|
(c) Trade
receivables |
254.114 |
278.732 |
262.883 |
|
(d) Cash
and cash equivalents |
123.391 |
33.814 |
76.236 |
|
(e)
Short-term loans and advances |
43.108 |
75.555 |
17.805 |
|
(f) Other
current assets |
0.000 |
0.000 |
53.295 |
|
Total
Current Assets |
536.345 |
551.057 |
553.894 |
|
|
|
|
|
|
TOTAL |
820.020 |
863.671 |
766.670 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
|
|
SALES |
|
|
|
|
|
|
|
TOTAL (A) |
1370.141 |
1494.965 |
1391.027 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Operating Expenses |
1189.097 |
1287.676 |
1133.560 |
|
|
|
TOTAL (B) |
1189.097 |
1287.676 |
1133.560 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
181.044 |
207.289 |
257.467 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
6.394 |
13.039 |
19.831 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
174.650 |
194.250 |
237.636 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
45.118 |
30.789 |
29.228 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
129.532 |
163.461 |
208.408 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
41.136 |
53.403 |
72.219 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
88.396 |
110.058 |
136.189 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
326.506 |
216.448 |
80.259 |
|
|
|
|
|
|
|
|
|
|
BALANCE CARRIED
TO THE B/S |
414.902 |
326.506 |
216.448 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Export Earnings |
226.190 |
173.199 |
130.223 |
|
|
TOTAL EARNINGS |
226.190 |
173.199 |
130.223 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials and Stores and Spares |
140.654 |
291.389 |
243.822 |
|
|
|
Capital Goods |
0.577 |
85.781 |
0.289 |
|
|
TOTAL IMPORTS |
141.231 |
377.170 |
244.111 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
4.39 |
-- |
-- |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
PAT / Total Income |
(%) |
6.45
|
7.36 |
9.79 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
15.99
|
19.57 |
27.38 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.21
|
0.31 |
0.50 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
0.00
|
0.18 |
0.39 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
3.10
|
2.07 |
2.75 |
FINANCIAL ANALYSIS
[all figures are
in Rupees Millions]
DEBT EQUITY RATIO
|
Particular |
31.03.2011 |
31.03.2012 |
31.03.2013 |
|
|
(INR in Mlns.) |
(INR in Mlns.) |
(INR in Mlns.) |
|
Share Capital |
64.900 |
201.572 |
201.572 |
|
Reserves & Surplus |
216.448 |
326.506 |
414.902 |
|
Net worth |
281.348 |
528.078 |
616.474 |
|
|
|
|
|
|
long-term borrowings |
123.815 |
45.905 |
0.000 |
|
Short term borrowings |
37.165 |
47.660 |
0.000 |
|
Total borrowings |
160.980 |
93.565 |
0.000 |
|
Debt/Equity ratio |
0.572 |
0.177 |
0.000 |
YEAR-ON-YEAR GROWTH
|
Year on Year Growth |
31.03.2011 |
31.03.2012 |
31.03.2013 |
|
|
(INR in Mlns) |
(INR in Mlns) |
(INR in Mlns) |
|
Total Income |
1,391.027 |
1,494.965 |
1,370.141 |
|
|
|
7.472 |
(8.350) |
NET PROFIT MARGIN
|
Net Profit Margin |
31.03.2011 |
31.03.2012 |
31.03.2013 |
|
|
(INR) |
(INR) |
(INR) |
|
Total Income |
1,391.027 |
1,494.965 |
1,370.141 |
|
Profit |
136.189 |
110.058 |
88.396 |
|
|
9.79% |
7.36% |
6.45% |
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 |
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 |
Yes |
|
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 |
----- |
|
23] |
Banking Details |
No |
|
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 |
Yes |
|
33] |
Voter ID No of Proprietor/Partner/Director,
if available |
No |
|
34] |
External Agency Rating, if available |
No |
UNSECURED LOANS
|
Particulars |
31.03.2013 |
31.03.2012 |
|
|
(Rs. In Millions) |
|
|
Long Term
Borrowings |
|
|
|
Rupee Term Loans From Banks |
0.000 |
15.000 |
|
|
|
|
|
Short Term
Borrowings |
|
|
|
Rupee term Loans from Banks |
0.000 |
47.660 |
|
|
|
|
|
Total |
0.000 |
62.660 |
NOTE:
The Registered office of the company has been
shifted from S-454, Greater Kailash, Part II, New Delhi – 110048, India, to the
present address w.e.f. 07.01.2008.
PERFORMANCE OF THE
COMPANY
The Company, which is a
wholly owned subsidiary of Danfoss Power Solutions Holding Aps), was
incorporated on February 5, 2001. The Company was incorporated to carry on the
business of importing and marketing Mobile Hydraulic Products, providing
specialized after-sales service and manufacturing of Mobile Hydraulic Products
and
Components. Main industry
segments, to which the Company contributes, include Agriculture Machinery,
Construction Industry and Material Handling Industry. Over the period Company
has been able to establish a very strong customer base in India with some of
the biggest OEM's in India. Today the Company is one of the pioneers in the
Indian hydraulic market with leadership position in several hydraulic
applications, Company has a state-of-art manufacturing facility in Pune,
Maharashtra where it manufactures Steering Valve, Brake Valve and Valve Blocks
which are sold to both domestic as well as foreign customers in Europe, America
and other countries. Company has its' sales offices in major metro cities.
Besides, the Company has a wide network of distributors to cater to Indian
customers.
Inspite of the tough
economic environment in the country, Company has witnessed some revival in the
demand during the recent months, specifically from Agriculture application
market. However construction and material handing had remained flat in terms of
sales growth. Danfoss as group saw this period as a great opportunity to
restructure and consolidate its business so that it adepts to challenge
economic environment globally.
During this period,
management continued to invest to enhance it production capacity in India.
There has been a strong focus on optimization of vertical integration in the
manufacturing operation of the Company. Several activities were carried out in
order to further indigenize the critical components which are used for it
manufacturing activities. This has helped the Company in reducing the cost of
manufactured products and has made the Company's product more competitive in
Indian Market. As informed last that Company was successful in developing a low
cost value solutions for its steering products, this year Company was able to
implement the new solutions with some of the key customers. Management is
further exploring the export opportunities in different countries with the
newly developed product. Continuous focus on Research and Development
activities within the group has benefited to optimize the BOM and operation
cost and give a great value proposition to the customers.
FINANCIAL
RESULTS
Year 2012-13 was a tough
year in terms of sales due to decline in domestic sales volume. Company's gross
revenues were down by 8.6 as compared to previous financial year ended 31st
March 2012. There was tremendous pressure from the customers for price
reduction due to low price offering from the competition in domestic market. In
manufacturing operation, Company carried out various indigenization activities
to reduce the import content and gain from low cost sourclng from local
suppliers. Due to substantial depreciation in rupee against the USD and Euro
during the year, Company's import cost in DLC operation remained high. As a
result, operating profit margins were lower at 13.2 during the current year in
comparison with 13,9 during the previous year. The Company earned a PAT of
Rs.88.000 Millions during the year as compared to Rs.110.000 Millions during
the previous year ended 31st March 2012. Cash flow during the year
remained robust. Free cash was used for the prepayment of term loan of the
Company, which resulted in substantial saving in interest cost during the year.
Company's Reserve and Surplus as on 31st March 2013 stands at
Rs.414.900 Millions as compared to Rs.326.500 Millions as on 31st
March 2012.
COMPANY
OVERVIEW
The Company is a private company
domiciled and headquartered in India. The Company was incorporated on 5
February 2001 under the Companies Act, 1956 for the purpose of importing and
marketing mobile hydraulic products, providing specialized after sales service
and manufacture of mobile hydraulic products and their components. Prior to
incorporation of the Company, Dantal Hydraulics Private Limited was engaged in
the business of import and sale of products manufactured by Sauer Danfoss Inc.
The Company vide the Asset and Business Transfer Agreement entered into between
itself, Sauer Danfoss Inc and Dantal Hydraulics Private Limited dated 21 May
2001, acquired the business, current assets, fixed assets and related
obligations and liabilities of Dantal Hydraulics Private Limited. The Company
commenced manufacturing operations from 1 January 2003.
CONTINGENT LIABILITIES
|
Particulars |
31.03.2013 |
31.03.2012 |
|
|
(Rs. In
Millions) |
|
|
|
|
|
|
Claims
against company not acknowledged as debt |
0.058 |
0.058 |
|
Other
money for which company is contingently liable |
8.100 |
5.244 |
|
|
|
|
|
Total contingent liabilities |
8.158 |
5.302 |
INDEX OF CHARGES: NO CHARGES EXIST FOR COMPANY
FIXED ASSETS:
· Land
· Building
· Factory Building
· Plant and Equipment
· Furniture and Fixtures
· Vehicles
· Motor Vehicles
· Office Equipment
· Computer
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.62.16 |
|
|
1 |
Rs.103.44 |
|
Euro |
1 |
Rs.85.27 |
INFORMATION DETAILS
|
Information
Gathered by : |
PDT |
|
|
|
|
Report Prepared
by : |
NIT |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
6 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
5 |
|
--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 |
NO |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
47 |
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.