MIRA INFORM REPORT
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Report No. : |
315410 |
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Report Date : |
01.04.2015 |
IDENTIFICATION DETAILS
|
Name : |
PUTZMEISTER CONCRETE MACHINES PRIVATE LIMITED (w.e.f. 28.01.2008) |
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Formerly Known
As : |
DYNAJET MACHINERY INDIA PRIVATE LIMITED |
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Registered
Office : |
Plot No. N4, Phase IV, Verna Industrial Estate, Verna, Salcete, Goa –
403722 |
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Country : |
India |
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Financials (as
on) : |
31.03.2014 |
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Date of
Incorporation : |
14.06.2005 |
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Com. Reg. No.: |
24-004057 |
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Capital
Investment / Paid-up Capital : |
Rs.325.000
Million |
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CIN No.: [Company Identification
No.] |
U29120GA2005PTC004057 |
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TAN No.: [Tax Deduction &
Collection Account No.] |
Not Available |
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PAN No.: [Permanent Account No.] |
AACCD2090G |
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Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
The Company is in the business of manufacturing and trading of concrete pumps and its parts and sub- assemblies and providing related services. |
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No. of Employees
: |
500 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (42) |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Status : |
Satisfactory |
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Payment Behaviour : |
Slow but correct |
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Litigation : |
Clear |
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Comments : |
Subject is a wholly-owned subsidiary of “Putzmeister Concrete Pumps
GmbH, Germany”. It is an established company having satisfactory track. The company has accumulated losses. However, the ratings also take into consideration the strong brand
name, financial support that company receives from its parent company. Trade relations are fair. Business is active. Payments are reported to
be slow but correct. 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.
EXTERNAL AGENCY RATING
|
Rating Agency Name |
CRISIL |
|
Rating |
Long Term Rating : “BBB-” |
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Rating Explanation |
Moderate degree of safety and moderate credit risk. |
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Date |
December, 2014 |
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
31-03-2014.
INFORMATION PARTED BY
|
Name : |
Mr. Gautam Mahambreg |
|
Designation : |
Finance Manager |
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Contact No.: |
91-832-6696000 |
|
Date : |
31.03.2015 |
LOCATIONS
|
Registered Office/ Factory : |
Plot No. N4, Phase IV, Verna Industrial Estate, Verna, Salcete, Goa –
403722, India |
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Tel. No.: |
91-832-6696000 |
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Fax No.: |
91-832-6696300 |
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E-Mail : |
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Website : |
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Area : |
67000 sq. m. |
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Location : |
Owned |
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Service Locations : |
Located at: · Bangalore · Delhi · Jamnagar · Hyderabad · Mumbai |
DIRECTORS
AS ON 29.09.2014
|
Name : |
Mr. Wilfried Andre Theissen |
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Designation : |
Managing Director |
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Address : |
Flat 3, at 187, Samudra Darshan, Kalapur, Tiswadi, Goa – 403001, India
|
|
Date of Birth/Age : |
20.12.1959 |
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Qualification : |
Degree
in management |
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Experience : |
26
Years |
|
Date of Appointment : |
26.03.2012 |
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DIN No. : |
05310584 |
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PAN No.: |
CJNPS3901G |
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|
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Name : |
Gerald Ernst Karch |
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Designation : |
Director |
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Address : |
Schwabisch Gmund, Sandweb 63, NA Germany 73527 |
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Date of Birth/Age : |
10.01.1964 |
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Date of Appointment : |
09.08.2013 |
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DIN No. : |
06693375 |
KEY EXECUTIVES
|
Name : |
Mr. Gautam Mahambreg |
|
Designation : |
Finance Manager |
|
Name : |
Manisha Santosh Naik |
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Designation : |
Secretary |
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Address : |
Gurudatta Complex, M G Road, Flat No.302, Panaji – 403001, Goa, India |
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Date of Birth/Age : |
19.09.1990 |
|
Date of Appointment : |
10.02.2014 |
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PAN No.: |
AUYPN5769M |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 29.09.2014
|
Names of Shareholders |
|
No. of Shares |
|
Putzmeister Concrete Pumps GmbH, Germany |
|
32499999 |
|
Stabau GmbH, Germany |
|
1 |
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Total
|
|
32500000 |
AS ON 29.09.2014
|
Equity Share Breakup |
|
Percentage of Holding |
|
Category |
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Foreign holdings [Foreign institutional investors, Foreign Companies, Foreign Financial Institutions, Non-resident Indian or Overseas corporate bodies or others] |
|
100.00 |
BUSINESS DETAILS
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Line of Business : |
The Company is in the business of manufacturing and trading of concrete pumps and its parts and sub- assemblies and providing related services. |
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Products : |
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Brand Names : |
Not Divulged |
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Agencies Held : |
Not Divulged |
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Exports : |
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Products : |
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Countries : |
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Imports : |
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Products : |
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Countries : |
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Terms : |
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Selling : |
Cash and Credit (30 days / 60 days / 90 days) |
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Purchasing : |
Cash and Credit (30 days / 60 days / 90 days) |
PRODUCTION STATUS : NOT AVAILABLE
GENERAL INFORMATION
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Suppliers : |
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Customers : |
End Users and OEMs
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No. of Employees : |
500 (Approximately) |
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Bankers : |
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Facilities : |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
B.B.S.R. and Company Chartered Accountants |
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Address : |
703, 7th Floor, Godrej Castlemaine, Next to Ruby Hall Clinic, Bund Garden Road, Pune – 411 001, Maharashtra, India |
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PAN No. : |
AAKFB4397F |
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Holding Company: |
Putzmeister Concrete Pumps GmbH (holds 99.99% of the equity share capital) |
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Ultimate holding
Company: |
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Fellow Subsidiary Companies: |
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CAPITAL STRUCTURE
AS ON 31.03.2014
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
65,000,000 |
Equity Shares |
Rs.10/- each |
Rs.650.000 Million |
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|
|
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Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
32,500,000 |
Equity Shares |
Rs.10/- each |
Rs.325.000
Million |
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|
|
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FINANCIAL DATA
[all figures are
in Rupees Million]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
I.
EQUITY AND LIABILITIES |
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|
|
|
(1) Shareholders' Funds |
|
|
|
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(a) Share Capital |
325.000 |
325.000 |
325.000 |
|
(b) Reserves & Surplus |
(220.231) |
(171.339) |
(78.265) |
|
(c) Money received against share warrants |
0.000 |
0.000 |
0.000 |
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(2) Share Application money pending allotment |
238.000 |
238.000 |
238.000 |
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Total
Shareholders’ Funds (1) + (2) |
342.769 |
391.661 |
484.735 |
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(3)
Non-Current Liabilities |
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(a) Long-term borrowings |
39.712 |
59.568 |
79.424 |
|
(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 |
19.910 |
8.640 |
6.874 |
|
Total
Non-current Liabilities (3) |
59.622 |
68.208 |
86.298 |
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(4) Current Liabilities |
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(a)
Short term borrowings |
701.953 |
783.337 |
179.848 |
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(b)
Trade payables |
606.882 |
312.719 |
1181.435 |
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(c)
Other current liabilities |
85.439 |
83.917 |
164.077 |
|
(d)
Short-term provisions |
21.478 |
18.380 |
22.052 |
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Total
Current Liabilities (4) |
1415.752 |
1198.353 |
1547.412 |
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TOTAL |
1818.143 |
1658.222 |
2118.445 |
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II.
ASSETS |
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(1) Non-current assets |
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(a) Fixed Assets |
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(i)
Tangible assets |
468.899 |
463.134 |
477.103 |
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(ii)
Intangible Assets |
27.920 |
37.136 |
1.342 |
|
(iii)
Capital work-in-progress |
20.906 |
2.707 |
0.000 |
|
(iv) Intangible assets under
development or work-in-progress |
0.000 |
0.000 |
14.293 |
|
(b) Non-current
Investments |
0.000 |
0.000 |
0.000 |
|
(c) Deferred tax assets
(net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan
and Advances |
18.404 |
22.903 |
25.412 |
|
(e)
Other Non-current assets |
0.045 |
0.045 |
0.025 |
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Total
Non-Current Assets |
536.174 |
525.925 |
518.175 |
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(2) Current assets |
|
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(a)
Current investments |
0.000 |
0.000 |
0.000 |
|
(b)
Inventories |
724.362 |
628.687 |
1019.561 |
|
(c)
Trade receivables |
349.250 |
325.030 |
354.972 |
|
(d)
Cash and cash equivalents |
0.792 |
5.131 |
4.568 |
|
(e)
Short-term loans and advances |
207.565 |
173.449 |
221.169 |
|
(f)
Other current assets |
0.000 |
0.000 |
0.000 |
|
Total
Current Assets |
1281.969 |
1132.297 |
1600.270 |
|
|
|
|
|
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TOTAL |
1818.143 |
1658.222 |
2118.445 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
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SALES |
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Turnover |
2506.300 |
2350.900 |
2445.100 |
|
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Other Income |
NA |
NA |
NA |
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TOTAL |
NA |
NA |
NA |
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Less |
EXPENSES |
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TOTAL |
NA |
NA |
NA |
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PROFIT/
(LOSS) BEFORE TAX |
NA |
NA |
(22.800) |
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Less |
TAX |
NA |
NA |
0.253 |
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PROFIT/
(LOSS) AFTER TAX |
(48.800) |
(93.000) |
(23.053) |
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EARNINGS IN
FOREIGN CURRENCY |
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FOB
value of exports |
842.288 |
327.683 |
290.697 |
|
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Commission
/ Interest income |
5.182 |
0.000 |
20.191 |
|
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TOTAL EARNINGS |
847.470 |
327.683 |
310.888 |
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IMPORTS |
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Capital Goods |
18.953 |
1.710 |
43.645 |
|
|
|
Trading Goods |
112.931 |
138.791 |
152.633 |
|
|
|
Raw Materials |
837.750 |
283.572 |
1288.913 |
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TOTAL IMPORTS |
969.634 |
424.073 |
1485.191 |
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|
Earnings /
(Loss) Per Share (Rs.) |
(1.50) |
(2.86) |
(0.71) |
|
Expected Sales ( 2014-2015 ) : Rs.2800.000 Million
The above information has been parted by Mr. Gautam Mahambreg.
KEY RATIOS
|
PARTICULARS |
|
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
Net Profit Margin |
(%) |
(1.95) |
(3.96) |
(0.94) |
|
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|
Return on Total Assets (PBT/Total Assets} |
(%) |
139.45 |
142.00 |
(1.08) |
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Return on Investment (ROI) (PBT/Networth) |
|
7.31 |
6.00 |
(0.05) |
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|
Debt Equity Ratio (Total Debt/Networth) |
|
2.16 |
2.15 |
0.53 |
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|
|
Current Ratio (Current Asset/Current Liability) |
|
0.91 |
0.94 |
1.03 |
FINANCIAL ANALYSIS
[all figures are
in Rupees Million]
DEBT EQUITY RATIO
|
Particular |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
(Rs. In Million) |
(Rs. In Million) |
(Rs. In Million) |
|
Share Capital |
325.000 |
325.000 |
325.000 |
|
Reserves & Surplus |
(78.265) |
(171.339) |
(220.231) |
|
Share Application money pending allotment |
238.000 |
238.000 |
238.000 |
|
Net worth |
484.735 |
391.661 |
342.769 |
|
|
|
|
|
|
long-term borrowings |
79.424 |
59.568 |
39.712 |
|
Short term borrowings |
179.848 |
783.337 |
701.953 |
|
Total borrowings |
259.272 |
842.905 |
741.665 |
|
Debt/Equity ratio |
0.535 |
2.152 |
2.164 |
YEAR-ON-YEAR GROWTH
|
Year on Year Growth |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
(Rs. In Million) |
(Rs. In Million) |
(Rs. In Million) |
|
Sales |
2445.100 |
2350.900 |
2506.300 |
|
|
|
(3.853) |
6.610 |
NET PROFIT MARGIN
|
Net Profit Margin |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
(Rs. In Million) |
(Rs. In Million) |
(Rs. In Million) |
|
Sales |
2445.100 |
2350.900 |
2506.300 |
|
Profit/loss |
(23.053) |
(93.000) |
(48.800) |
|
|
(0.94%) |
(3.96%) |
(1.95%) |
LOCAL AGENCY FURTHER INFORMATION
CURRENT MATURITIES OF
LONG-TERM DEBT:
|
Particulars |
31.03.2014 (Rs. in million) |
31.03.2013 (Rs. in million) |
31.03.2012 (Rs. in million) |
|
Current maturities of long-term debt |
19.856 |
19.856 |
19.856 |
|
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 |
Yes |
|
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 |
Yes |
|
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 |
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] |
PAN of Proprietor/Partner/Director, if available |
Yes |
|
32] |
Date
of Birth 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 |
|
Unsecured Loans |
31.03.2014 (Rs.
in Million) |
31.03.2013 (Rs.
in Million) |
|
LONG-TERM
BORROWINGS |
|
|
|
Rupee term loans from banks |
39.712 |
59.568 |
|
SHORT-TERM
BORROWINGS |
|
|
|
Working
capital loans from banks |
|
|
|
Cash
Credit from Banks |
567.059 |
672.324 |
|
Buyers'
Credit from Banks |
22.819 |
23.816 |
|
Total
|
629.590 |
755.708 |
INDEX OF CHARGES: NO
CHARGES EXIST FOR COMPANY
COMPANY BACKGROUND
The company hereinafter referred to as (the Company) was incorporated on 14 June 2005 by two Indian shareholders under the Indian Companies Act 1956. Putzmeister Concrete Pumps GmbH (earlier Putzmeister AG) invested in the Company in July 2005 and the Company became a subsidiary of Putzmeister Concrete Pumps GmbH with effect from 22nd July, 2005. The Company’s manufacturing facility is located at Verna Industrial Estate, Goa. The Company is in the business of manufacturing and trading of concrete pumps and its parts and sub- assemblies and providing related services.
STATE OF COMPANYS
AFFAIRS
Operating in a volatile and uncertain environment, the Company demonstrated the resilience of its business model and achieved a turnover of Rs. 2506.300 Million, compared to Rs. 2350.900 Million in the previous year. The Company has decreased the amount of losses incurred to nearly Rs. 48.800 Million, as compared to last year loss of Rs.93.000 Million.
FIXED ASSETS
Tangible assets
· Land
· Buildings
· Factory Building
· Plant and Equipment
· Factory Equipments
· Furniture and Fixtures
· Vehicles
· Office Equipment
· Computer Equipments
· Other Equipments
Intangible Assets
· Computer Software
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.62.59 |
|
|
1 |
Rs.92.46 |
|
Euro |
1 |
Rs.67.51 |
INFORMATION DETAILS
|
Information
Gathered by : |
PPT |
|
|
|
|
Analysis Done by
: |
SUC |
|
|
|
|
Report Prepared
by : |
SNT |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
4 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILIRY |
1~10 |
2 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
6 |
|
--RESERVES |
1~10 |
2 |
|
--CREDIT LINES |
1~10 |
6 |
|
--MARGINS |
-5~5 |
--- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
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 |
|
42 |
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.