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|
|
%20PRIVATE%20LIMITED%20-%20515902%2025-Jun-2018_files/image015.jpg){kind=small}
%20PRIVATE%20LIMITED%20-%20515902%2025-Jun-2018_files/image016.jpg)
%20PRIVATE%20LIMITED%20-%20515902%2025-Jun-2018_files/image018.gif)
MIRA INFORM REPORT
|
Report No. : |
515902 |
|
Report Date : |
25.06.2018 |
IDENTIFICATION DETAILS
|
Name : |
SCHWING STETTER (INDIA) PRIVATE LIMITED |
|
|
|
|
Registered
Office : |
F-71, SIPCOT Industrial Park, Irungattukottai, Sriperumbudur,
Kanchipuram – 602105, Tamilnadu |
|
Tel. No.: |
91-44-37178100 |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as
on) : |
31.12.2017 |
|
|
|
|
Date of
Incorporation : |
18.06.1998 |
|
|
|
|
CIN No.: [Company Identification
No.] |
U45309TN1998PTC046270 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
INR 240.945 Million |
|
|
|
|
IEC No.: [Import-Export Code No.] |
0398070385 |
|
|
|
|
PAN No.: [Permanent Account No.] |
AADCS5069D |
|
|
|
|
GSTN : [Goods & Service Tax
Registration No.] |
33AADCS5069D1ZJ |
|
|
|
|
TIN / CST No.: |
33741662410 |
|
|
|
|
Legal Form : |
Private Limited Liability Company |
|
|
|
|
Line of Business
: |
The
Company is engaged in the business of manufacturing and marketing of
ready-mix concrete handling machinery and related spares and services. [Registered Activity] |
|
|
|
|
No. of Employees
: |
Information denied by the management |
RATING & COMMENTS
(Mira Inform has adopted New Rating mechanism w.e.f. 23rd
January 2017)
|
MIRA’s Rating : |
A+ |
|
Credit Rating |
Explanation |
Rating Comments |
|
A+ |
Low Risk |
Business dealings permissible with low
risk of default |
|
Status : |
Good |
|
|
|
|
Payment Behaviour : |
Regular |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject
is a wholly owned subsidiary of “SCHWING GMBH” based in Germany. It was
incorporated in the year 1998 and it is engaged in manufacturing and marketing
of Ready-Mix Concrete Handling Machinery and Related Spares and Services. As per
the financials of December 2017, the company has registered a growth of
32.19% in its revenue as compared to its previous year’s revenue and reported
fair profit margin of 4.81%. Rating
takes into consideration the company’s established track record of business
operations marked by healthy financial risk profile along with strong debt
coverage indicators and good liquidity position. Rating
reflect company’s strong brand and established market position in the
ready-mix (RMC) handling equipment segment. Rating
also takes into account the technology and product support that company
receives from its parent company, “Schwing GMBH”, a global leader in the
RMC-handling equipment sector. Further,
the company has reported a good earnings per share of INR 29.83 against its
face value of INR 10. However,
rating strength is partially offset by the company’s exposure to intense
competition in the domestic RMC and the segment and the segment’s
vulnerability to business cycles. Payments
terms seems to be regular. In view of aforesaid, the company can be considered good 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
|
Country Name |
Previous Rating (31.12.2017) |
Current Rating (01.04.2018) |
|
India |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low Risk |
A2 |
|
Moderately Low Risk |
B1 |
|
Moderate Risk |
B2 |
|
Moderately High Risk |
C1 |
|
High Risk |
C2 |
|
Very High Risk |
D |
EXTERNAL AGENCY RATING
|
Rating Agency Name |
CRISIL |
|
Rating |
Long Term Rating= A |
|
Rating Explanation |
Adequate degree of safety and low credit
risk. |
|
Date |
28.02.2018 |
|
Rating Agency Name |
CRISIL |
|
Rating |
Short Term Rating= A1 |
|
Rating Explanation |
Very strong degree of safety and carry
lowest credit risk. |
|
Date |
28.02.2018 |
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
31-03-2018.
BIFR (Board for Industrial & Financial Reconstruction) LISTING STATUS
Subject’s name is not listed as a Sick Unit in
the publicly available BIFR (Board for Industrial & Financial
Reconstruction) list as of 25.06.2018
IBBI (Insolvency and Bankruptcy Board of India) LISTING STATUS
Subject’s name is not listed in the publicly
available IBBI (Insolvency and Bankruptcy Board of India) list as of report
date.
INFORMATION DENIED BY
|
Name : |
Mr. Kalanidhi |
|
Designation : |
Purchase Department |
|
Contact No.: |
91-9884177913 |
|
Date : |
23.06.2018 |
91-44-37178100 – Continuously Ringing
LOCATIONS
|
Registered Office / Factory 1 : |
F-71, SIPCOT Industrial Park, Irungattukottai, Sriperumbudur,
Kanchipuram – 602105, Tamilnadu, India |
|
Tel. No.: |
91-44-37178100 |
|
Mobile No.: |
91-9884177913 (Mr. Kalanidhi K.) |
|
Fax No.: |
91-44-27156539 |
|
E-Mail : |
|
|
Website : |
|
|
|
|
|
Corporate Office / Factory 2: |
F71 and F72, SIPCOT Industrial Park, Irungattukottai, Sriperumbudur
Taluk, Kanchipuram – 602105, Tamilnadu, India |
|
Tel. No.: |
91-44-27156780/ 1/ 27156537/ 8/ 47108100/ 37178100 |
|
Fax No.: |
91-44-27156539 |
|
|
|
|
Factory 3 : |
D6 and D15, SIPCOT Industrial Park, Irungattukottai, Sriprerumpudur,
Kanchipuram – 602105, Tamilnadu, India |
|
|
|
|
Branch Offices : |
103, Shivalik Arcade, 100 Ft. T.P Anand Nagar Satellite Road,
Opposite Auda Prahlad Nagar Garden, Ahmedabad – 380051, Gujarat, India Also Located at : · Bangalore · Bhubaneswar · Chennai · Cochin · Coimbatore · Goa · Guwahati · Hyderabad · Indore · Jaipur · Jamshedpur · Kolkata · Lucknow · Mohali · Mumbai · Nagpur · New Delhi · Patna · Pune · Raipur · Surat · Vizag |
|
|
|
|
Service Centers : |
Located at : · Ahmedabad · Bangalore · Chennai · Hyderabad · Kolkata · Manesar · Mumbai · Pune · Vizag |
DIRECTORS
AS ON 2018
|
Name : |
Mr. Ananthanarayan Sundaresan |
||||||||
|
Designation : |
Managing Director |
||||||||
|
Address : |
Block No. 2, Flat No. D-2, Magnolia Park, Five Furlong Road, Guindy ,
Chennai-600032, Tamilnadu, India |
||||||||
|
Date of Birth/Age : |
24.05.1957 |
||||||||
|
Qualification : |
AMIE, DEE |
||||||||
|
Date of Appointment : |
06.01.2002 |
||||||||
|
PAN No.: |
ADEPA3158J |
||||||||
|
DIN No.: |
01028552 |
||||||||
|
Other
Directorship :
|
|||||||||
|
|
|
||||||||
|
Name : |
Mr. Subramanian Angarai Raghavan |
||||||||
|
Designation : |
Director |
||||||||
|
Address : |
#P2, 'Ragavilla', New No.2, Old No.15 Jagadambal Colony I Street,
Royapettah Chennai -600014, Tamilnadu, India |
||||||||
|
Date of Birth/Age : |
18.08.1958 |
||||||||
|
Qualification : |
FCA, FCS |
||||||||
|
Date of Appointment : |
28.06.2013 |
||||||||
|
PAN No.: |
AIGPS3888L |
||||||||
|
DIN No.: |
01544903 |
||||||||
|
Other
Directorship :
|
|||||||||
|
|
|
||||||||
|
Name : |
Mr. Gunther Abolins |
||||||||
|
Designation : |
Director |
||||||||
|
Address : |
Raupolzer Weg 22 A Bad Gronenbach 87730 De |
||||||||
|
Date of Birth/Age : |
01.11.1950 |
||||||||
|
Qualification : |
Technical Engineer |
||||||||
|
Date of Appointment : |
29.05.2008 |
||||||||
|
DIN No.: |
02330188 |
||||||||
|
|
|
||||||||
|
Name : |
Mr. Sakthikumar Velayutham Govindarajan |
||||||||
|
Designation : |
Director |
||||||||
|
Address : |
Ceebros Boulevard, Fl-511, 3/381, OMR Rajiv Gandhi Salai,
Thuraipakkam, Chennai-600097, Tamilnadu, India |
||||||||
|
Date of Birth/Age : |
30.01.1965 |
||||||||
|
Qualification : |
BE, MBA |
||||||||
|
Date of Appointment : |
28.06.2013 |
||||||||
|
PAN No.: |
ABDPS0255K |
||||||||
|
DIN No.: |
06475756 |
||||||||
|
Other
Directorship :
|
|||||||||
|
|
|
||||||||
|
Name : |
Mr. Sha Xianliang |
||||||||
|
Designation : |
Director |
||||||||
|
Address : |
Suite 701, Unit 3, Building 1 Jinxiujiayuan, Quanshan District, Jiangs
U Province Xuzhou 221000 China |
||||||||
|
Date of Birth/Age : |
28.10.1962 |
||||||||
|
Qualification : |
Graduation |
||||||||
|
Date of Appointment : |
06.07.2015 |
||||||||
|
DIN No.: |
07189484 |
||||||||
KEY EXECUTIVES
|
Name : |
Mr. Subramanian Angarai Raghavan |
|
Designation : |
Company Secretary |
|
Address : |
#P2, 'Ragavilla', New No.2, Old No.15 Jagadambal Colony I Street, Royapettah, Chennai-600014, Tamilnadu, India |
|
Date of Birth/Age : |
18.08.1958 |
|
Qualification : |
FCA, FCS |
|
Date of Appointment : |
01.07.2003 |
|
PAN No.: |
AIGPS3888L |
|
|
|
|
Name : |
Mr. Govindarajan |
|
Designation : |
Accounts Department |
|
|
|
|
Name : |
Mr. Kalanidhi K. |
|
Designation : |
Deputy Manager |
MAJOR SHAREHOLDERS
AS ON 31.12.2016
|
Names of Shareholders |
|
No. of Shares |
|
Schwing GmbH, Germany |
|
24094510 |
|
Stetter GmbH, Germany |
|
1 |
|
Total |
|
24094511 |
Equity Share Break up (Percentage of Total Equity)
AS ON 29.05.2017
|
Category |
Percentage |
|
Promoters [Bodies
corporate] |
100.00 |
|
Total |
100.00 |
%20PRIVATE%20LIMITED%20-%20515902%2025-Jun-2018_files/image020.gif)
BUSINESS DETAILS
|
Line of Business : |
The
Company is engaged in the business of manufacturing and marketing of ready-mix
concrete handling machinery and related spares and services. [Registered Activity] |
||||||
|
|
|
||||||
|
Products / Services
: |
|
||||||
|
|
|
||||||
|
Brand Names : |
Not Available |
||||||
|
|
|
||||||
|
Agencies Held : |
Not Available |
||||||
|
|
|
||||||
|
Exports : |
Not Divulged |
||||||
|
|
|
||||||
|
Imports : |
Not Divulged |
||||||
|
|
|
||||||
|
Terms : |
Not Divulged |
PRODUCTION STATUS – (NOT AVAILABLE)
GENERAL INFORMATION
|
Suppliers : |
|
||||||||||||||||||||||||||||||
|
|
|
||||||||||||||||||||||||||||||
|
Customers : |
|
||||||||||||||||||||||||||||||
|
|
|
||||||||||||||||||||||||||||||
|
No. of Employees : |
Information denied by the management |
||||||||||||||||||||||||||||||
|
|
|
||||||||||||||||||||||||||||||
|
Bankers : |
|
||||||||||||||||||||||||||||||
|
|
|
||||||||||||||||||||||||||||||
|
Facilities : |
|
|
Auditors : |
|
|
Name : |
Price Waterhouse LLP Chartered Accountants |
|
Address : |
8th
Floor, Prestige Palladium Bayan, 129-140, Greams Road, Chennai – 600006,
Tamilnadu, India |
|
PAN No.: |
AAFFP3698A |
|
|
|
|
Memberships : |
Not Available |
|
|
|
|
Collaborators : |
Not Available |
|
|
|
|
Ultimate Holding
Company : |
·
XCMG Construction Machinery Group Co. Limited,
China |
|
|
|
|
Intermediate
Holding Companies : |
· XCMG (HK) International Corp. Development Co., Hongkong · XCMG Europe Gmbh, Germany · XS Holding Gmbh, Germany |
|
|
|
|
Holding Company : |
· SCHWING GmbH, Germany |
|
|
|
|
Subsidiaries : |
· SCHWING Stetter India Trading GMBH I.L., Germany · SCHWING Stetter Sales and Services Private Limited, India |
|
|
|
|
Fellow subsidiaries
: |
· Stetter GmbH, Germany · SCHWING America Inc., USA (SCHWING USA) · SCHWING Brasilien Equipmentos Industriais Ltda, Brazil (SCHWING Brazil) · SCHWING GmbH, Austria · SCHWING- Stetter S.A France · SCHWING Shanghai Machinery Co Limited, Shanghai, China (SCHWING China) · XCMG Schwing Machinery Co. Limited, China |
|
|
|
|
Parties in which the Ultimate Holding
Company has significant influence : |
· XCMG Imp Exp Co. Limited (XCMG Import & Export) |
CAPITAL STRUCTURE
AS ON 29.05.2017
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
25000000 |
Equity Shares |
INR 10/- each |
INR 250.000 Million |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
24094511 |
Equity Shares |
INR 10/- each |
INR 240.945 Million |
|
|
|
|
|
FINANCIAL DATA
[all figures are
in INR Million]
ABRIDGED
BALANCE SHEET (STANDALONE)
|
SOURCES OF FUNDS |
31.12.2017 |
31.12.2016 |
31.12.2015 |
|
I.
EQUITY
AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
240.945 |
240.945 |
240.945 |
|
(b) Reserves & Surplus |
2935.940 |
2396.360 |
2091.140 |
|
(c) Money
received against share warrants |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
(2) Share Application money pending
allotment |
0.000 |
0.000 |
0.000 |
|
Total
Shareholders’ Funds (1) + (2) |
3176.885 |
2637.305 |
2332.085 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) Long-term borrowings |
39.650 |
70.900 |
118.690 |
|
(b) Deferred tax liabilities (Net) |
0.000 |
0.000 |
0.000 |
|
(c) Other long term
liabilities |
2.260 |
2.460 |
2.050 |
|
(d) Long-term
provisions |
117.060 |
105.750 |
107.790 |
|
Total Non-current
Liabilities (3) |
158.970 |
179.110 |
228.530 |
|
|
|
|
|
|
(4)
Current Liabilities |
|
|
|
|
(a) Short term
borrowings |
1066.590 |
419.660 |
1180.500 |
|
(b) Trade
payables |
3094.720 |
1675.530 |
1363.120 |
|
(c) Other
current liabilities |
711.495 |
608.365 |
682.985 |
|
(d) Short-term
provisions |
61.090 |
41.570 |
123.470 |
|
Total Current
Liabilities (4) |
4933.895 |
2745.125 |
3350.075 |
|
|
|
|
|
|
TOTAL |
8269.750 |
5561.540 |
5910.690 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1)
Non-current assets |
|
|
|
|
(a) Fixed
Assets |
|
|
|
|
(i)
Tangible assets |
1067.890 |
1079.100 |
1236.840 |
|
(ii) Intangible
Assets |
58.020 |
72.590 |
78.780 |
|
(iii)
Capital work-in-progress |
0.000 |
2.080 |
2.240 |
|
(iv)
Intangible assets under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current Investments |
84.070 |
87.560 |
0.100 |
|
(c) Deferred tax assets (net) |
46.970 |
15.770 |
3.850 |
|
(d)
Long-term Loan and Advances |
65.440 |
60.780 |
58.210 |
|
(e) Other
Non-current assets |
1.230 |
1.820 |
0.000 |
|
Total Non-Current
Assets |
1323.620 |
1319.700 |
1380.020 |
|
|
|
|
|
|
(2) Current
assets |
|
|
|
|
(a)
Current investments |
10.560 |
10.560 |
10.560 |
|
(b)
Inventories |
2891.300 |
2348.140 |
2506.500 |
|
(c) Trade
receivables |
3063.100 |
1467.090 |
1515.840 |
|
(d) Cash
and cash equivalents |
74.220 |
35.210 |
64.130 |
|
(e) Short-term
loans and advances |
883.310 |
364.820 |
415.250 |
|
(f) Other
current assets |
23.640 |
16.020 |
18.390 |
|
Total
Current Assets |
6946.130 |
4241.840 |
4530.670 |
|
|
|
|
|
|
TOTAL |
8269.750 |
5561.540 |
5910.690 |
PROFIT
& LOSS ACCOUNT (STANDALONE)
|
|
PARTICULARS |
31.12.2017 |
31.12.2016 |
31.12.2015 |
|
|
SALES |
|
|
|
|
|
Total
Revenue from operations |
14937.700 |
11300.240 |
8683.370 |
|
|
Other Income |
100.420 |
74.360 |
71.550 |
|
|
TOTAL |
15038.120 |
11374.600 |
8754.920 |
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
Cost of Materials
Consumed |
7921.340 |
6627.810 |
4927.280 |
|
|
Purchases of
Stock-in-Trade |
2700.490 |
1622.370 |
1131.840 |
|
|
Changes in inventories of
finished goods, work-in-progress and Stock-in-Trade |
94.610 |
(210.360) |
(58.360) |
|
|
Employee benefit expense |
1104.630 |
923.260 |
872.950 |
|
|
CSR expenditure |
1.670 |
3.940 |
0.000 |
|
|
Other expenses |
1840.700 |
1552.780 |
1087.160 |
|
|
Exceptional items before tax |
0.000 |
0.000 |
(389.130) |
|
|
TOTAL |
13663.440 |
10519.800 |
7571.740 |
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE INTEREST, TAX,
DEPRECIATION AND AMORTISATION |
1374.680 |
854.800 |
1183.180 |
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES |
115.720 |
114.850 |
218.650 |
|
|
|
|
|
|
|
|
PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION |
1258.960 |
739.950 |
964.530 |
|
|
|
|
|
|
|
Less |
DEPRECIATION/
AMORTISATION |
149.580 |
135.710 |
186.780 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS)
BEFORE TAX |
1109.380 |
604.240 |
777.750 |
|
|
|
|
|
|
|
Less |
TAX |
390.580 |
215.850 |
256.510 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS)
AFTER TAX |
718.800 |
388.390 |
521.240 |
|
|
|
|
|
|
|
|
EARNINGS IN FOREIGN
CURRENCY |
|
|
|
|
|
F.O.B. Value of Exports |
769.770 |
640.650 |
715.500 |
|
|
TOTAL EARNINGS |
769.770 |
640.650 |
715.500 |
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
Raw Materials |
2572.290 |
1609.850 |
1183.510 |
|
|
Components and spare
parts |
306.620 |
228.160 |
176.230 |
|
|
Capital Goods |
6.950 |
2.150 |
0.070 |
|
|
TOTAL IMPORTS |
2885.860 |
1840.160 |
1359.810 |
|
|
|
|
|
|
|
|
Earnings / (Loss) Per
Share (INR) |
29.83 |
16.12 |
21.63 |
CURRENT MATURITIES
OF LONG TERM DEBT DETAILS
|
Particulars |
31.12.2017 |
31.12.2016 |
31.12.2015 |
|
Current Maturities of Long term debt |
24.000 |
24.000 |
226.240 |
|
|
|
|
|
|
Net cash flows from (used in) operations |
198.570 |
1551.440 |
1096.010 |
|
|
|
|
|
|
Net cash flows from (used in) operating activities |
(175.170) |
1232.940 |
949.390 |
KEY
RATIOS
EFFICIENCY RATIOS
|
PARTICULARS |
31.12.2017 |
31.12.2016 |
31.12.2015 |
|
Average Collection Days (Sundry
Debtors / Income * 365 Days) |
74.85 |
47.39 |
63.72 |
|
|
|
|
|
|
Account Receivables Turnover (Income / Sundry Debtors) |
4.88 |
7.70 |
5.73 |
|
|
|
|
|
|
Average Payment Days (Sundry Creditors / Purchases * 365 Days) |
106.34 |
74.13 |
82.11 |
|
|
|
|
|
|
Inventory Turnover (Operating Income / Inventories) |
0.48 |
0.36 |
0.47 |
|
|
|
|
|
|
Asset Turnover (Operating Income / Net Fixed Assets) |
1.22 |
0.74 |
0.90 |
LEVERAGE RATIOS
|
PARTICULARS |
31.12.2017 |
31.12.2016 |
31.12.2015 |
|
Debt Ratio ((Borrowing
+ Current Liabilities) / Total Assets) |
0.60 |
0.51 |
0.63 |
|
|
|
|
|
|
Debt Equity Ratio (Total Liability / Networth) |
0.36 |
0.20 |
0.65 |
|
|
|
|
|
|
Current Liabilities to Networth (Current Liabilities / Net Worth) |
1.55 |
1.04 |
1.44 |
|
|
|
|
|
|
Fixed Assets to Networth (Net Fixed Assets / Networth) |
0.35 |
0.44 |
0.57 |
|
|
|
|
|
|
Interest Coverage Ratio (PBIT / Financial Charges) |
11.88 |
7.44 |
5.41 |
PROFITABILITY RATIOS
|
PARTICULARS |
|
31.12.2017 |
31.12.2016 |
31.12.2015 |
|
PAT to Sales ((PAT
/ Sales) * 100) |
% |
4.81 |
3.44 |
6.00 |
|
|
|
|
|
|
|
Return on Total Assets ((PAT / Total Assets) * 100) |
% |
8.69 |
6.98 |
8.82 |
|
|
|
|
|
|
|
Return on Investment (ROI) ((PAT / Networth) * 100) |
% |
22.63 |
14.73 |
22.35 |
SOLVENCY RATIOS
|
PARTICULARS |
31.12.2017 |
31.12.2016 |
31.12.2015 |
|
Current Ratio (Current
Assets / Current Liabilities) |
1.41 |
1.55 |
1.35 |
|
|
|
|
|
|
Quick Ratio ((Current Assets – Inventories) / Current
Liabilities) |
0.82 |
0.69 |
0.60 |
|
|
|
|
|
|
G-Score Ratio Financial (Networth / Total Assets) |
0.38 |
0.47 |
0.39 |
|
|
|
|
|
|
G-Score Ratio Debt (Debts / Equity Capital) |
4.69 |
2.14 |
6.33 |
|
|
|
|
|
|
G-Score Ratio Liquidity (Total Current Assets / Total Current Liabilities) |
1.41 |
1.55 |
1.35 |
Total
Liability = Short-term Debt + Long-term Debt + Current Maturities of Long-term
debts
FINANCIAL ANALYSIS
[all figures are in
INR Million]
DEBT EQUITY RATIO
|
Particular |
31.12.2015 |
31.12.2016 |
31.12.2017 |
|
|
(INR
In Million) |
(INR
In Million) |
(INR
In Million) |
|
Share Capital |
240.945 |
240.945 |
240.945 |
|
Reserves & Surplus |
2091.140 |
2396.360 |
2935.940 |
|
Net
worth |
2332.085 |
2637.305 |
3176.885 |
|
|
|
|
|
|
Long-term borrowings |
118.690 |
70.900 |
39.650 |
|
Short term borrowings |
1180.500 |
419.660 |
1066.590 |
|
Current maturities of
long-term debts |
226.240 |
24.000 |
24.000 |
|
Total
borrowings |
1525.430 |
514.560 |
1130.240 |
|
Debt/Equity
ratio |
0.654 |
0.195 |
0.356 |
%20PRIVATE%20LIMITED%20-%20515902%2025-Jun-2018_files/image022.gif)
YEAR-ON-YEAR GROWTH
|
Year
on Year Growth |
31.12.2015 |
31.12.2016 |
31.12.2017 |
|
|
(INR
In Million) |
(INR
In Million) |
(INR
In Million) |
|
Sales |
8683.370 |
11300.240 |
14937.700 |
|
|
|
30.137 |
32.189 |
%20PRIVATE%20LIMITED%20-%20515902%2025-Jun-2018_files/image024.gif)
NET PROFIT MARGIN
|
Net
Profit Margin |
31.12.2015 |
31.12.2016 |
31.12.2017 |
|
|
(INR
In Million) |
(INR
In Million) |
(INR
In Million) |
|
Sales |
8683.370 |
11300.240 |
14937.700 |
|
Profit/ (Loss) |
521.240 |
388.390 |
718.800 |
|
|
6.00
% |
3.44
% |
4.81
% |
%20PRIVATE%20LIMITED%20-%20515902%2025-Jun-2018_files/image026.gif)
ABRIDGED
BALANCE SHEET (CONSOLIDATED)
|
SOURCES OF FUNDS |
|
31.12.2017 |
31.12.2016 |
|
I.
EQUITY
AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
|
240.945 |
240.945 |
|
(b) Reserves and Surplus |
|
2935.190 |
2396.120 |
|
(c) Money
received against share warrants |
|
0.000 |
0.000 |
|
(d) Minority interest |
|
0.000 |
0.000 |
|
|
|
|
|
|
(2) Share Application money pending
allotment |
|
0.000 |
0.000 |
|
Total
Shareholders’ Funds (1) + (2) |
|
3176.135 |
2637.065 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
|
39.650 |
70.900 |
|
(b) Deferred tax liabilities (Net) |
|
0.000 |
0.000 |
|
(c) Other long-term
liabilities |
|
2.260 |
2.460 |
|
(d) long-term
provisions |
|
117.060 |
105.750 |
|
Total Non-current
Liabilities (3) |
|
158.970 |
179.110 |
|
|
|
|
|
|
(4)
Current Liabilities |
|
|
|
|
(a) Short-term
borrowings |
|
1066.590 |
419.660 |
|
(b) Trade
payables |
|
3097.150 |
1677.950 |
|
(c) Other
current liabilities |
|
711.495 |
608.365 |
|
(d) Short-term
provisions |
|
61.090 |
41.570 |
|
Total Current
Liabilities (4) |
|
4936.325 |
2747.545 |
|
|
|
|
|
|
TOTAL |
|
8271.430 |
5563.720 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1)
Non-current assets |
|
|
|
|
(a) Fixed
Assets |
|
|
|
|
(i)
Tangible assets |
|
1067.890 |
1079.100 |
|
(ii)
Intangible Assets |
|
58.020 |
72.590 |
|
(iii) Tangible assets
capital work-in-progress |
|
0.000 |
2.080 |
|
(iv)
Intangible assets under development |
|
0.000 |
0.000 |
|
(b) Non-current Investments |
|
83.970 |
87.460 |
|
(c) Deferred tax assets (net) |
|
46.970 |
15.770 |
|
(d)
Long-term
loans and advances |
|
58.850 |
54.870 |
|
(e) Other Non-current
assets |
|
1.550 |
2.140 |
|
Total Non-Current
Assets |
|
1317.250 |
1314.010 |
|
|
|
|
|
|
(2)
Current assets |
|
|
|
|
(a)
Current investments |
|
10.560 |
10.560 |
|
(b)
Inventories |
|
2891.300 |
2348.140 |
|
(c) Trade
receivables |
|
3063.100 |
1467.090 |
|
(d) Cash and bank
balances |
|
74.730 |
35.540 |
|
(e)
Short-term loans and advances |
|
890.850 |
372.360 |
|
(f) Other
current assets |
|
23.640 |
16.020 |
|
Total
Current Assets |
|
6954.180 |
4249.710 |
|
|
|
|
|
|
TOTAL |
|
8271.430 |
5563.720 |
PROFIT
& LOSS ACCOUNT (CONSOLIDATED)
|
|
PARTICULARS |
|
31.12.2017 |
31.12.2016 |
|
|
SALES |
|
|
|
|
|
Total
Revenue from operations |
|
14937.700 |
11300.240 |
|
|
Other Income |
|
100.420 |
73.720 |
|
|
TOTAL |
|
15038.120 |
11373.960 |
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
Cost of Materials
Consumed |
|
7921.340 |
6627.810 |
|
|
Purchases of
Stock-in-Trade |
|
2700.490 |
1622.370 |
|
|
Changes in inventories of
finished goods, work-in-progress and Stock-in-Trade |
|
94.610 |
(210.360) |
|
|
Employee benefit expense |
|
1104.630 |
923.260 |
|
|
CSR expenditure |
|
1.670 |
3.940 |
|
|
Other expenses |
|
1841.210 |
1551.500 |
|
|
TOTAL |
|
13663.950 |
10518.520 |
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE INTEREST, TAX,
DEPRECIATION AND AMORTISATION |
|
1374.170 |
855.440 |
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES |
|
115.720 |
114.850 |
|
|
|
|
|
|
|
|
PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION |
|
1258.450 |
740.590 |
|
|
|
|
|
|
|
Less |
DEPRECIATION/
AMORTISATION |
|
149.580 |
135.710 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS)
BEFORE TAX |
|
1108.870 |
604.880 |
|
|
|
|
|
|
|
Less |
TAX |
|
390.580 |
215.850 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS)
AFTER TAX |
|
718.290 |
389.030 |
|
|
|
|
|
|
|
|
Earnings / (Loss) Per
Share (INR) |
|
29.81 |
16.15 |
LOCAL AGENCY FURTHER INFORMATION
|
Sr. No. |
Check list by info
agents |
Available in
Report (Yes/No) |
|
1 |
Year of establishment |
Yes |
|
2 |
Constitution of the entity -Incorporation
details |
Yes |
|
3 |
Locality of the entity |
Yes |
|
4 |
Premises details |
No |
|
5 |
Buyer visit details |
-- |
|
6 |
Contact numbers |
Yes |
|
7 |
Name of the person contacted |
Yes |
|
8 |
Designation of contact person |
Yes |
|
9 |
Promoter’s background |
Yes |
|
10 |
Date of Birth of Proprietor / Partners /
Directors |
Yes |
|
11 |
Pan Card No. of Proprietor / Partners |
Yes |
|
12 |
Voter Id Card No. of Proprietor / Partners |
No |
|
13 |
Type of business |
Yes |
|
14 |
Line of Business |
Yes |
|
15 |
Export/import details (if applicable) |
No |
|
16 |
No. of employees |
No |
|
17 |
Details of sister concerns |
Yes |
|
18 |
Major suppliers |
No |
|
19 |
Major customers |
No |
|
20 |
Banking Details |
Yes |
|
21 |
Banking facility details |
Yes |
|
22 |
Conduct of the banking account |
-- |
|
23 |
Financials, if provided |
Yes |
|
24 |
Capital in the business |
Yes |
|
25 |
Last accounts filed at ROC, if applicable |
Yes |
|
26 |
Turnover of firm for last three years |
Yes |
|
27 |
Reasons for variation <> 20% |
-- |
|
28 |
Estimation for coming financial year |
No |
|
29 |
Profitability for last three years |
Yes |
|
30 |
Major shareholders, if available |
Yes |
|
31 |
External Agency Rating, if available |
Yes |
|
32 |
Litigations that the firm/promoter
involved in |
-- |
|
33 |
Market information |
-- |
|
34 |
Payments terms |
No |
|
35 |
Negative Reporting by Auditors in the
Annual Report |
No |
General Information
The company, a wholly owned subsidiary of SCHWING GmbH, Germany was incorporated on June 18, 1998. The Company is engaged in the business of manufacturing and marketing of ready-mix concrete handling machinery and related spares and services. The Company has its registered office and manufacturing plants at Irungattukottai (Near Chennai) and caters predominantly to domestic market.
PERFORMANCE OF THE
COMPANY:
· In the year 2017, the Company recorded an increase of around 32.19% in turnover, compared to the previous year and achieved a profit before tax (PBT) of INR 1109.38 million, as compared to the operational PBT of INR 604.24 million in the year 2016.
· Addition of new products in concrete handling range further supplemented by XCMG’s range of products contributed to the significant increase in topline.
· Higher volume of turnover helped better recovery of fixed costs that resulted in higher rate of increase in net earnings.
· The Company maintained its position as leader in concrete handling equipment due to its high quality products and commendable service network.
· Concrete mixer plant achieved optimum capacity with the introduction of line production.
· Boom Pump production/sale increased during 2017 due to localization of the product and growth of market.
· Introduction of GST helped the Company to reduce expenditure on stock transfer and sales from branches.
· Optimized inventory levels and better control on receivables helped maintain the interest costs at more or less the same levels of 2016 despite significant increase in the level of operations.
UNSECURED LOANS:
|
PARTICULARS |
31.12.2017 INR In Million |
31.12.2016 INR In Million |
|
SHORT TERM BORROWINGS |
|
|
|
Loans repayable on demand from others |
7.680 |
0.000 |
|
|
|
|
|
Total |
7.680 |
0.000 |
INDEX OF CHARGES:
|
S No |
SRN |
Charge Id |
Charge Holder Name |
Date of Creation |
Date of Modification |
Date of Satisfaction |
Amount |
Address |
|
1 |
G07798978 |
100039551 |
IDFC BANK LIMITED |
30/06/2016 |
- |
- |
250000000.0 |
DBS WEST MINISTER, 108, R.K.SALAI, 3RD FLOOR, CHENNAI TN600004IN |
|
2 |
C50608413 |
10562859 |
HDFC BANK LIMITED |
20/02/2015 |
- |
- |
150000000.0 |
HDFC BANK HOUSE, SENAPATI BAPAT MARG LOWER PAREL W MUMBAI MH400013IN |
|
3 |
C32328007 |
10529229 |
YES BANK LIMITED |
29/08/2014 |
- |
- |
400000000.0 |
9TH FLOOR, NEHRU CENTRE, DISCOVERY OF INDIA, DR. ANNIE BESANT ROAD, WORLI, MUMBAI MH400018IN |
|
4 |
C45086410 |
10552070 |
HDFC BANK LIMITED |
04/07/2014 |
- |
- |
150000000.0 |
HDFC BANK HOUSE, SENAPATI BAPAT MARG LOWER PAREL W MUMBAI MH400013IN |
|
5 |
C40529885 |
10066904 |
HDFC BANK LIMITED |
06/08/2007 |
28/11/2014 |
- |
3030000000.0 |
HDFC BANK HOUSE, SENAPATI BAPAT MARG LOWER PAREL W MUMBAI MH400013IN |
|
6 |
C66611500 |
10053417 |
HDFC BANK LIMITED |
08/05/2007 |
27/05/2015 |
- |
600000000.0 |
HDFC BANK HOUSE, SENAPATI BAPAT MARG LOWER PAREL W MUMBAI MUMBAI MH400013IN |
|
7 |
G73806945 |
90288421 |
KOTAK MAHINDRA BANK LIMITED |
28/09/2005 |
23/11/2017 |
- |
700000000.0 |
27BKC, C 27, G BLOCK BANDRA KURLA COMPLEX, BANDRA (E), MUMBAI MA400051IN |
|
8 |
G75086371 |
90285511 |
ING VYSYA BANK LIMITED |
19/06/2002 |
28/01/2013 |
08/01/2018 |
350000000.0 |
185,ANNA SALAINEAR TVS,CHENNAITN600006IN |
|
9 |
G60756988 |
80036449 |
INDIAN OVERSEAS BANK |
13/11/2000 |
24/07/2010 |
27/10/2017 |
380000000.0 |
SSI BRANCH NO.10, G.S.T. ROAD, GUINDY CHENNAI TN600032IN |
|
10 |
G51016368 |
90285615 |
IDBI BANK LIMITED |
25/09/2003 |
25/06/2011 |
18/08/2017 |
500000000.0 |
7 CHEVALIER SHIVAJI GANESAN SALAIT NAGAR CHENNAI TN600017IN |
FIXED ASSETS:
·
Land
·
Building
·
Plant and Machinery
·
Furniture and Fixture
·
Office Equipment
·
Computer
·
Vehicles
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 records 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
|
INR |
|
US Dollar |
1 |
INR 67.77 |
|
|
1 |
INR 89.96 |
|
Euro |
1 |
INR 78.86 |
INFORMATION DETAILS
|
Information
Gathered by : |
SLK |
|
|
|
|
Analysis Done by
: |
VVK |
|
|
|
|
Report Prepared
by : |
NKT |
SCORE FACTORS
|
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 |
RATING EXPLANATIONS
|
Credit Rating |
Explanation |
Rating Comments |
|
A++ |
Minimum Risk |
Business dealings permissible with minimum
risk of default |
|
A+ |
Low Risk |
Business dealings permissible with low
risk of default |
|
A |
Acceptable Risk |
Business dealings permissible with
moderate risk of default |
|
B |
Medium Risk |
Business dealings permissible on a regular
monitoring basis |
|
C |
Medium High Risk |
Business dealings permissible preferably
on secured basis |
|
D |
High Risk |
Business dealing not recommended or on
secured terms only |
|
NB |
New Business |
No recommendation can be done due to
business in infancy stage |
|
NT |
No Trace |
No recommendation can be done as the
business is not traceable |
NB is stated where there is insufficient information to facilitate rating. However, it is not to be considered as unfavourable.
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 are as follows:
·
Financial
condition covering various ratios
·
Company
background and operations size
·
Promoters
/ Management background
·
Payment
record
·
Litigation
against the subject
·
Industry
scenario / competitor analysis
·
Supplier
/ Customer / Banker review (wherever available)
This report is issued at
your request without any risk and responsibility on the part of MIRA INFORM
PRIVATE LIMITED (MIPL) or its officials.