MIRA
INFORM REPORT
|
Report Date : |
27.12.2007 |
IDENTIFICATION
DETAILS
|
Name : |
STUMPP SCHUELE AND SOMAPPA PRIVATE LIMITED |
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Registered Office : |
139/2, Hosur Road, Koramangala,
Bangalore – 560 095, Karnataka |
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Country : |
India |
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Financials (as on) : |
31.03.2006 |
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Date of Incorporation : |
19.02.1960 |
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Com. Reg. No.: |
08 –1378 |
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CIN No.: [Company
Identification No.] |
U31901KA1960PTC001378 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
BLRS14986G |
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PAN No.: [Permanent
Account No.] |
AACCS2285G |
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Legal Form : |
Private Limited Liability Company. |
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Line of Business : |
Manufacturers, Importers, Exporters
and Dealers of all kinds of springs, capacitors and metallised plastic films,
etc. |
RATING &
COMMENTS
|
MIRA’s Rating : |
A |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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 |
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Maximum Credit Limit : |
USD 1130000 |
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Status : |
Good |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Subject is a well-established
and reputed company having fine track. Available information indicates high financial
responsibility of the company. General financial position is good. Payments
are usually correct and as per commitments. The company can be considered normal for business dealings at usual trade terms and conditions. |
LOCATIONS
|
Registered Office / Head Office : |
139/2, Hosur Road, Koramangala,
Bangalore – 560 095, Karnataka, India |
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Tel. No.: |
91-80-25532335 ( 8 lines) / 25532282 / 25521538 /
25531929 |
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Fax No.: |
91-80-25530622 / 25532379 |
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E-Mail : |
2.
sss.blr@smo.springrpg.ems.vsnl.net.in 4.
sss-india.com 5.
ravi@sss-india.com |
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Website : |
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Area : |
30000 sq.fts.- Owned |
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Location : |
Commercial |
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Sales Offices: |
Post Box No. 275, New Hudson, MI – 48165-025, USA |
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Factory 1 : |
Ø
139/2, Hosur Road,
Koramangala, Bangalore – 560 095, Karnataka Tel.
No. 91-80-2553 2335 (5 Lines) Fax No.
91-80-2553 0622 E Mail:
inks@incowax.com Ø
Unit I – No. 115,
Bommasandra Industrial Area, Off Hosur Road, Bangalore – 560 068, Karnataka Tel.
No. 91-80-2572 1585 Fax No.
91-80-2572 1871 Area –
10000 Sq. ft (Owned) Location
– Commercial Ø
Unit II – Pl-4, Industrial
Area, Bommasandra, Bangalore – 560 068, Karnataka Tel.
No. 91-80-2553 2239 Fax No.
91-80-2553 2242 Area –
10000 Sq. ft (Owned ) Location
– Commercial Ø
Electronic Division – Bull
Temple Road, Bangalore – 560 019, Karnataka Tel. No.
91-80-2661 0074 / 7024 / 2124 Fax No.
91-80-2660 4189 Telex: 0845-2406
NIPN IN Area –
10000 Sq. ft (Owned) Location – Industrial |
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Branches : |
Located At: Ø
Sapphire Complex, Flat No. 16,
No. 31/32, Mumbai – Pune Road, Pune – 411 012, Maharashtra Tel.
No. 91-20-2316606 / 07 Ø
Devedarshan, 207 Ground
Floor, No. 1, Bornaby Road, Kilpauk, Chennai – 600 010, Tamilnadu Tel.
No. 91-44-2642 7155 Ø
60/124, Harpida Dutta Lane,
Gold Gardens, Kolkata – 700 033, West Bengal Tel.
No. 91-33-2472 5216 Ø
Malargam, 1st
Floor, No. 66, Ramaswamy Thevar Street, Ramanathapuram Coimbatore – 641 045,
Tamilnadu Ø
Flat No. 305, 3rd
Floor, Ansal Bhavan, No. 10, Kasturba Gandhi Marg, Curzon Road, New Delhi –
110 001 Tel.
No. 91-11-2331 3450 Ø
C/O Ladiwale Joshi and
Sons, 364/C, D. N. C. Kelkar Road, Ladiwale Joshi Compound, Dadar (West),
Mumbai – 400 028, Maharashtra Tel.
No. 91-22-24304394 Ø
Nos. 1 and 2, 2nd
Floor, Emerald House, Sarojini Devi Road, Secunderabad – 500 003, Andhra
Pradesh Tel. No. 91-40-2784
4644 |
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Regional Offices : |
· Pune · Chennai · Delhi / Gurgaon · Kolkata |
DIRECTORS
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Name : |
Mr. Machani Ramanna |
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Designation : |
Chairman Cum Managing director |
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Address : |
456, Kothanur Cross, Bannergatta
Road, Arekere IIM Post, Bangalore-
560 076, Karnataka, India |
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Date of Birth/Age : |
15.03.1946 |
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Date of Appointment : |
17.01.1976 |
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Name : |
Mr Machani Ramesh Satish |
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Designation : |
Executive Director |
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Name : |
Dr. Ing Hans Jochem Steim |
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Designation : |
Director (Nominee of Kern
Liebers Inernational GmbH, Germany) |
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Name : |
Mr. Gert Wagner |
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Designation : |
Director |
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Name : |
Mr. J. Alexander |
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Designation : |
Nominee Director – KSIIDC |
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Name : |
Mr. S. K. Sharma |
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Designation : |
Alternate Director |
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Name : |
Mr. A. Murali |
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Designation : |
Alternate Director to Dr. Ing Hans
Jochem Steim |
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Name : |
Mrs. Deepa Anil Kumar |
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Designation : |
Director |
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Address : |
456, Kothanur Cross, Bannergatta
Road, Arekere IIM Post, Bangalore-
560 076, Karnataka, India |
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Date of Birth/Age : |
03.03.1976 |
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Date of Appointment : |
25.05.2007 |
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Name : |
Mr. Klaus Scheuble |
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Designation : |
Director |
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Name : |
Mr Machani Pakeerappa Somanna |
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Designation : |
Director |
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Address : |
No. 40 / 37 / L – 16, River View
Colony, Kurnool – 518 001, Andhra Pradesh, India |
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Date of Birth/Age : |
01.04.1934 |
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Date of Appointment : |
21.09.1989 |
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Name : |
Mr. Machani Ramanna Gangadhar |
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Designation : |
Director |
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Address : |
MG Brothers Automobiles Private limited,
Dargamitta, Nellore – 524 003, Andhra Pradesh, India |
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Date of Birth/Age : |
18.09.1958 |
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Date of Appointment : |
27.09.1999 |
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Name : |
Mr Machani Ramesh Ganganna |
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Designation : |
Director |
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Address : |
MG Bros Oil Mills Private
Limited, Yemmiganur -518 360, Kurnool District , Andhra Pradesh, India |
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Date of Birth/Age : |
03.02.1944 |
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Date of Appointment : |
27.09.1999 |
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Name : |
Mr. Machani Ramesh Ravi |
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Designation : |
Vice-Chairman and Managing
Director |
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Address : |
514, 15th Main 3rd
Floor, Block, Koramangla, Bangalore – 560 034, Karnataka, India |
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Date of Birth/Age : |
30.09.1971 |
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Date of Appointment : |
27.09.1999 |
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KEY EXECUTIVES
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Name : |
Mr. H S Venkata Ramu |
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Designation : |
General Manager – Administration
and Secretary |
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Name : |
Mr. R. Shanmukha |
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Designation : |
Vice President – Technical |
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Name : |
Mr. A. Rathanakumar |
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Designation : |
Deputy General Manager - Finance
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Name : |
Mr. M. Prabhakar |
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Designation : |
Additional General Manager -
Electronic Division |
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Name : |
Mr. Krishna Kumar |
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Designation : |
General Manager- Finance |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
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Names of Shareholders |
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No. of Shares |
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Mrs. Bhagya Rekha Rangaswamy |
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5000 |
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Mr. Machani Ramanna Gangadhar |
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4065 |
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Mr. Machani Gopala Krishna |
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4090 |
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Mr. Machani Raghavendra |
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4381 |
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Mr. Machani Ramanna Ramesh |
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82232 |
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Mr. Machani Ramesh Satish |
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18146 |
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Mr. Machani Ramesh Ravi |
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18141 |
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Mrs. Deepa A Kumar |
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2713 |
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Mr. Machani Ramanna Ganganna |
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3140 |
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Mr. Machani Ganganna Naveen |
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9420 |
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Mr. Machani Somanna Mandaprakash |
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2684 |
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Mr. Machani Somappa Nagappa |
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20413 |
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Mr. Machani Chaitanya Nagappa |
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5369 |
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Mrs. Shivamala Narasappa |
|
4500 |
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M G Metallic Springs Private limited |
|
29872 |
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Kern Liebers International GMBH |
|
78750 |
Equity Shares Breakup (Percentage of Total Equity):
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Sr No. |
Category |
Percentage |
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1 |
Bodies Corporate |
10.00 |
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2 |
Director or Relatives of Directors |
90.00 |
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Total |
100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturers, Importers,
Exporters and Dealers of all kinds of springs, capacitors and metallised
plastic films, etc. |
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Products: |
Range of products: · Engine Valve Springs · Fuel Injector Springs · Stabilizers Bars · Suspension Springs · Wire Forms · Tension and Torsion Springs · Spiral Springs · Diaphragm Springs · Pressed Components · Dye Springs · Hose Clamps |
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Exports : |
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Countries: |
Spain, Australia, Germany, UK
and USA |
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Imports : |
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Countries: |
Germany, Japan, Australia and
Sweden |
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Terms : |
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Selling : |
L/C (90 days) and Payment on Delivery + Selective Credit maximum (up to 45 days) |
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Purchasing : |
Credit (up to 90 days) + L/C |
PRODUCTION STATUS as on 31.03.2005:-
|
Particulars |
Unit |
Installed Capacity |
Actual Production |
|
Springs Division |
Tonnes |
12000 |
7978.08 |
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Capacitors |
Millions Pcs / Pieces |
26.000 |
1181116 |
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Metallization |
Tonnes |
84 |
0.07 |
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Automotive Lamps Division |
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- H3 |
Pieces |
432000 |
399005 |
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- H4 |
Pieces |
432000 |
1742938 |
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- H7 |
Pieces |
360000 |
336819 |
GENERAL
INFORMATION
|
Suppliers : |
·
G. World, Korea ·
Kanematsu Corporation,
Japan ·
Totto International Inc.,
Japan ·
Tokyo Sangyo Yoshi Company
Limited, Japan ·
Marubeni Corporation, Japan ·
Toray International Inc.,
Japan ·
Kopafol Electrofoiin GmbH,
Germany ·
S. K. Sonderkeramaik and
Company GmbH, Germany ·
Stahl and Draftwerk Roslau
GmbH, Germany ·
Garphyttan Wire AB, Sweden ·
G. Wored, Korea ·
Blastwell Enterprises ·
Joepeng, Austria ·
Arvind International Rubber ·
Pavithra Powder Coaters · Nippon Plastics |
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Customers : |
·
Ashok Leyland Limited
(Hinduja Group) ·
Bajaj Tempo Limited (Bajaj
Group) ·
Cummins India Limited ·
Defence Establishments
(Government of India) ·
Delphi Automation Systems ·
Diesel Loco Works (Indian
Railways) ·
Escorts Tractors Limited
(Escort Group) ·
Ford India (Ford Motor
Company) ·
General Motors India
(General Motors) ·
Honda Motors India (Honda) ·
Hyundai Motor India
(Hyundai Motor Company) ·
Kirloskar Copland
(Kirloskar Group) ·
Lucas-TVS Limited (TVS
Group) ·
Mahindra and Mahindra
(Mahindra Group) ·
Maruti Udyog Limited
(Suzuki Group) ·
Mico Bosch Limited (Bosch
Group) ·
Tata Motors Limited (Tata
Group) ·
Toyota Kirloskar Motor
Limited (Toyota) ·
TVS Motors ·
Yamaha Motor (Yamaha) ·
Multitech Industries, USA ·
PT Perkasa (Indonesia) ·
Daikin Clutch (Australia) ·
Industrial Equipments
(Egypt) · Fiberona (Theran) |
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No. of Employees : |
350 |
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Bankers : |
Ø
Canara Bank Address:
Cantonment Branch, M. G. Road, Queens Road, Bangalore – 560 001, Karnataka Ø
The Karnataka Bank Limited Address:
Jayanagar, 9th Block, Bangalore – 560 069, Karnataka Ø
State Bank Of India, Address:
Industrial Finance Branch Residency Road, Bangalore – 560 025,
Karnataka Ø
State Bank
Of Tranvancore Address:
Residency Road Branch, Bangalore – 560 025, Karnataka, India |
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Banking Relations
: |
Good |
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Auditors : |
Ø
Brahmayya and Company Chartered
Accountants, Address:
Khivraj Mansion, No.10/2, Kasturba Road, Bangalore – 560 001, Karnataka,
India Ø
K P Rao and Company Chartered
Accountants, Address: 25, Madras Bank Road, Bangalore – 560 001,
Karnataka, India |
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Associates/Subsidiaries : |
·
Merkel Seals (India)
Private Limited, Bangalore, Karnataka ·
M. G. Bros Oil Mills
Private Limited, Kurnool, Andhra Pradesh ·
M. G. Brothers, Kurnool, Andhra
Pradesh ·
M. G. Automobiles Sales and
Serive, Bellary, Karnataka ·
M. G. Metallic Springs
Private Limited, Anantapur, Andhra Pradesh ·
Pawar Textile Private
Limited CIN of the Company: U74899DL1983PTC014947 |
CAPITAL STRUCTURE
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
1000000 |
Equity Shares |
Rs.100/- each |
Rs.100.000 millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
298500 |
Equity Shares |
Rs. 100/- each |
Rs. 29.850 millions |
FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES
OF FUNDS |
31.03.2006 |
31.03.2005 |
31.03.2004 |
|
|
SHAREHOLDERS
FUNDS |
|
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|
|
|
1] Share Capital |
29.850 |
29.850 |
29.850 |
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2] Share
Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves &
Surplus |
252.412 |
243.569 |
133.234 |
|
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4] (Accumulated
Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH
|
282.262 |
273.419 |
163.084 |
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LOAN FUNDS |
|
|
|
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|
1] Secured Loans |
540.349 |
327.848 |
139.895 |
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2] Unsecured
Loans |
51.858 |
84.412 |
63.242 |
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TOTAL BORROWING
|
592.207 |
412.260 |
203.137 |
|
|
DEFERRED TAX
LIABILITIES |
0.000 |
0.000 |
2.200 |
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TOTAL
|
874.469 |
685.679 |
368.421 |
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APPLICATION OF FUNDS
|
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FIXED ASSETS [Net Block]
|
304.575 |
285.179 |
106.271 |
|
Capital work-in-progress
|
0.000 |
0.000 |
7.702 |
|
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INVESTMENT
|
18.499 |
18.499 |
47.423 |
|
DEFERREX TAX ASSETS
|
0.000 |
0.000 |
0.000 |
|
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CURRENT ASSETS, LOANS &
ADVANCES
|
|
|
|
|
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|
Inventories
|
286.997 |
208.472 |
106.134 |
|
|
Sundry Debtors
|
315.537 |
266.390 |
140.590 |
|
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Cash & Bank Balances
|
40.979 |
42.049 |
23.835 |
|
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Other Current Assets
|
0.000 |
0.000 |
0.000 |
|
|
Loans & Advances
|
56.880 |
42.738 |
85.605 |
Total Current Assets
|
700.393 |
559.649
|
356.164 |
|
Less :
CURRENT LIABILITIES & PROVISIONS
|
|
|
|
|
|
|
Current Liabilities
|
167.577 |
199.548 |
164.882 |
|
|
Provisions
|
14.045
|
9.071 |
|
Total Current Liabilities
|
181.622 |
208.619
|
164.882 |
|
Net Current Assets
|
518.771 |
351.030
|
191.282 |
|
|
|
|
|
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MISCELLANEOUS EXPENSES
|
32.624 |
30.971 |
15.743 |
|
|
|
|
|
|
|
TOTAL
|
874.469 |
685.679 |
368.421 |
|
PROFIT & LOSS
ACCOUNT
|
PARTICULARS |
|
31.03.2005 |
31.03.2004 |
|
|
Sales Turnover |
|
978.818 |
736.510 |
|
|
Other Income |
|
86.600 |
38.725 |
|
|
Total Income |
|
1065.418 |
775.235 |
|
|
|
|
|
|
|
|
Profit/(Loss) Before Tax |
|
36.152 |
36.423 |
|
|
Provision for Taxation |
|
3.394 |
15.193 |
|
|
Profit/(Loss) After Tax |
|
32.758 |
21.230 |
|
|
|
|
|
|
|
Export Value
|
|
92.364 |
35.072 |
|
|
|
|
|
|
|
Import Value
|
|
222.800 |
113.024 |
|
|
|
|
|
|
|
|
Expenditures : |
|
|
|
|
|
|
Increase/(Decrease) in Finished Goods |
|
[7.331] |
[5.712] |
|
|
Manufacturing and other Expenses |
|
941.503 |
691.580 |
|
|
Interest |
|
30.264 |
22.207 |
|
|
Depreciation & Amortization |
|
64.829 |
30.738 |
|
|
Other Expenditure |
|
1036.596 |
744.525 |
|
Total Expenditure |
|
1029.265 |
738.813 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2006 |
31.03.2005 |
31.03.2004 |
PAT / Total Income
|
(%)
|
NA |
3.07 |
2.73
|
|
|
|
|
|
|
Net Profit Margin
(PBT/Sales) |
(%) |
NA |
3.69 |
4.94
|
|
|
|
|
|
|
Return on Total Assets
(PBT/Total
Assets} |
(%) |
NA |
4.27 |
7.44
|
|
|
|
|
|
|
Return on Investment (ROI)
(PBT/Networth) |
|
NA |
0.13 |
0.22
|
|
|
|
|
|
|
Debt Equity Ratio
(Total
Liability/Networth) |
|
2.75 |
2.27 |
2.25
|
|
|
|
|
|
|
Current Ratio
(Current
Asset/Current Liability) |
|
3.85 |
2.68 |
2.16
|
LOCAL AGENCY
FURTHER INFORMATION
History
The subject company was deemed public limited company and it has been converted as private limited company w.e.f. 16th March 2001.
During the year 74500, shares allotted to the shareholders of erstwhile Nippon electronics (India) limited, pursuant to the Scheme of Amalgamation approved by the High Court of Karnataka.
FORM 8:-
|
Corporation identity number or foreign company registrations number of
the company |
U31901KA1960PTC001378 |
|
Name of the company |
STUMPP SCHUELE AND SOMAPPA PRIVATE LIMITED |
|
Address |
139 /2, Hosur Road, Koramangala, Bangalore – 560 095,
Karnataka, India |
|
This Form is for |
Creation of Charge |
|
Type of Charges |
A charge on Movable property (not being
pledge) |
|
Particular of the charge holder
|
State Bank of Tranvancore Address: Residency Road Branch, Bangalore
– 560 025, Karnataka, India Email : jayarajpotty@gmail.com |
|
Nature or description of the instrument creating charge |
Deed of hypothecation for Term Loans |
|
Date of the instrument creating charge |
13.02.2006 |
|
Amount Secure by the charge |
Rs. 50.000 millions |
|
Brief of the principal terms and conditions and extent and operation
of the charge |
Rate
of interest: 2% below SBTPLR – Minimum 9% Terms
of Repayment: 20 equal quarterly of Rs. 2.500 millions
first installment due on 13.05.2006 Margin: 30.56% Extent
and operation of the Charge: Charge will be continuing one till the
entire money is repaid. |
|
Short particulars of the
Property charged |
The whole movable property including
movable plants, spares, tools and other movables of the Company at Koramangala
and Basavangudi, Bangalore. |
|
Name of the
company |
STUMPP SCHUELE AND SOMAPPA PRIVATE LIMITED
|
|
Presented
By |
State Bank of
India, Industrial finance Branch, Bangalore and M/s Stumpp
Schuele and Somappa Private Limited |
|
1) Date and
description of instrument creating the change |
Date 25.01.2006 Agreement of
hypothecation of goods and assets Letter regarding
the grant of individual limit within the overall limit Form A - Letter
confirming deposit of title deeds Form A – Letter
confirming deposit of title deeds All the above
pertain to same charge. |
|
2) Amount secured
by the charge/amount owing on the securities of charge |
Rs. 15.000
millions [Cash Credit
(hyp) Rs. 60.000 millions , Corporate loan – Rs. 60.000 millions , LC – Rs.
30.000 millions , and BG Rs. 10.000 millions] |
|
3) Short
particular of the property charged. If the property acquired is subject to
charge, date of the acquired of the property should be given |
Hypothecation of
all present and future goods, book debts and all other movable assets of the
borrower including document of title to the goods, outstanding monies
receivables including receivable by way of cash assistance and / or cash
incentives under the cash incentives scheme or any other scheme , claims
including claims by way of refund of customs/ excise duties under the duty
draw back credit scheme or any other scheme, bills, invoice, documents,
contracts, insurance policies, guarantee engagement, securities, investment
and right and pledge / hypothecation of the present machinery listed in the
schedule hereunto and all future machinery belonging to or in possession of
or under the control of the borrower wherever lying stored and kept and
whether in possession of the borrower of the bank or of any third party
whether in India or elsewhere throughout world including all such goods ,
machineries, movables and other assets as may be in course of shipment ,
transit or delivery and the security of the company immovable properties. A] All that piece
and parcel of converted land bearing Sy. No. 115, Hongsandra ., Begur Hobli
Road, Bangalore – 560 095 now coming under the limits of Bangalore Measuring
6000 sq. yards and bounded by the East by : Mrs.
Ammini Nayars Lands West by: Hosur
Road North by: Tank
Bed South by: Private
road 30 ft. belonging to Sivaram Industrial Estate. B] all that piece
and parcel of converted land bearing 139/2, Koramangala, Hosur Road,
Bangalore – 560 v095 now coming under htel imts of Bangalore Measuring 4
Acres and 21 guntas and bouded by the: East by: Cart Track West by: Hosur
Road North by: Sy No.
138, International Instrument Private Limited, Bangalore South by:
Chikamuniswamy Reddy As first charge
to state Bank of India Now obtained will
cover the entire credit facility of Rs. 160.000 millions. |
|
4) Gist of the
terms and conditions and extent and operation of the charge. |
Rate
of Interest: Cash credit
– 1.50% below SBAR, present effective rate 8.75% p.a plus interest tax if any
with monthly rests, rising or falling therewith. Corporate
Loan- 1.50% below SBAR ,
present effective rate 8.75% p.a plus interest tax if any with monthly rests,
rising or falling therewith Repayment: Cash Credit – On Demand Corporate Loan – 20 equal monthly installments
beginning from April 2006 of Rs. 3.000 millions. |
|
5) Name and
Address and description of the person entitled to the charge. |
State Bank Of India Address: Industrial Finance Branch Residency Road, Bangalore – 560 025,
Karnataka, India |
OTHER INFORMATION:
Future Proposals:
Looking for Technical partner to develop new electronic products.
Subject is engaged in the business
as manufacturers, importers, exporters and dealers of all kinds of Springs,
Capacitors and Metallised Plastic Films, etc.
The company has technical
collaboration with Kern – Liebers GmbH, Germany.
It is in trade terms with:-
v
Toyo Paints Limited
v
Strip Traders
v
India Packaging
v
Shanthi Powder Coaters
v
Future Tech Industrial
Services
v
Komal Industries
v
Mysore Steel Suppliers
v
Pavithra Powder Coaters
v
Nippon Plastics
v
Blastwell Enterprises
It imports 78% of the required raw
materials and 3% of the required stores/spares, in addition to occasional need
for machinery.
It exports account for under 1% of
total sales, each year.
It has absorbed technology (for
manufacture of springs) from Dr. Stumpp GmbH, Germany.
The technology is provided by
Stumpp and Schuele GmbH, Germany. It
has obtained ISO 9002 Certificate. Nippo Electronics (India) Private Limited
has been amalgamated with this company.
The company is looking for
technical partner to develop new electronics products.
The company has received QS 9000
certification.
Fixed Assets of
important value are:
Ø Land
Ø Building
Ø Plant and Machinery
Ø Electrical Installation
Ø Know How
Ø Furniture and Fixture
Ø
Vehicle
WEBSITE DETAILS:
Subject is a part of the MG Brothers Group, a 60 year old enterprise
which has various businesses such as Transportation, Auto Dealerships,
Agriculture and Real Estate to name a few.
With a capacity to convert 15,000 tons
of steel into springs each year; the company is the "Number 1"
spring maker of high quality springs in India. Established in 1960, the company
was the first spring manufacturing unit in the sub continent.
The company has the capability of manufacturing 0.15mm wire diameter to 24mm wire diameter, for the automotive and
various other industries the world over and with 11 plants manufacturing more than 4,000 varieties of springs, they
have in their fold over 600 skilled professionals who are committed to quality
and excellence.
Vision: To be the key spring solution provider to their global customers from
best cost countries.
Their constant quest for quality in everything they do, has helped them
earn the coveted ISO 9001 and ISO 14001 certifications, along with
the TS 16949 certification and
the Ford Q1 certification.
Mission:
· To provide products and services of exceptional values
· To assume leadership in business through proactive customer services
· To perform beyond customer expectations
· To create long term relationship
· To achieve excellence in business through continual improvement
Part of the company Group are 2 other enterprises; CEL and NEL. While CEL is a
leader in the manufacture of Auto Halogen Lamps, NEL is a pioneer in the
manufacture of Capacitors.
Years of research supplemented by modern management techniques and a perennial
investment in state-of-the-art technology has ensured that there is only one
direction to go, upward. With a streamlined organisation run by young, dynamic
professionals, subject is poised to scale new heights.
To meet the high demand of quality springs the company has over the
years setup 11 manufacturing plants
in strategic locations across India. Their state of the art facilities are
capable of converting 15,000 tons
of steel into more than 4,000 different
varieties of springs each year.
Facility:
CNC Facility: The Company can boast of some of the best
machinery to manufacture springs. A CNC enabled facility comprising of 6 axes CNC controlled machines is
constantly updated to produce precision springs.
This facility at the company is state-of-the-art and is capable of
manufacturing the single coil and
double coil kick-starter springs for the automotive industry.
CNC Coiling: CNC coiling
Machines such as the left hand coil machine with rotary cut motion and CNC
Winding machines have been setup to maintain a constant supply of springs.
The Hi-Tech Wafios CNC compression
spring coiling machines with automatic diameter and length controls are also
used.
Products:
· Engine Valve Springs
· Fuel Injector Springs
· Stabilizers Bars
· Suspension Springs
· Wire Forms
· Tension and Torsion Springs
· Spiral Springs
· Diaphragm Springs
· Pressed Components
· Dye Springs
· Hose Clamps
Clients:
Their investment in high-end machinery and a team of some of the best
people in the industry has resulted in a force to reckon with. It is this
winning combination that has won them an ever-growing list of clients from
diverse industries such as the automotive industry, electrical industry,
textile industry and the white goods industry to name a few.
Passenger Cars
· Fiat
· Ford
· General Motors
· Hindustan Motors
· Honda
· Hyundai
· Mahindra and Mahindra
· Maruti Udyog
· Mitsubishi Motors
· Suzuki Motors
· Toyota
· Tata Motors
Auto Ancillaries
· Bosch
· Delphi
· Denso
· Daikin Clutch
· Gabriel
· TRW
· Valeo
· Visteon
Tractors
· Eicher
· Escorts
· Massey Ferguson
· New Holland
Electrical
· Alstom
· BHEL
· Delco Remy
· Pricol
Commercial Vehicles
· Ashok Leyland
· Caterpillar
· Eicher
· Force Motors
· Swaraj Mazda
· Tata Motors
Two Wheelers
· Bajaj Motors
· Honda
· Kinetic
· Suzuki Motors
· TVS
· Yamaha Motors
Engine Manufacturers
· Cummins
· Hino
· Kirloskar
Textile
· LMW
· Rieter
White Goods
· Carrier
· IFB
· LG
· Wipro
· Whirlpool
CMT REPORT
(Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts, India Prisons Service,
Interpol, etc.
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
|
Indian Rupees |
|
US Dollar |
1 |
Rs.39.44 |
|
UK Pound |
1 |
Rs.78.73 |
|
Euro |
1 |
Rs.57.69 |
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 |
6 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
6 |
|
--RESERVES |
1~10 |
5 |
|
--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 |
|
TOTAL |
|
52 |
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 |
Unfavourable & favourable factors carry similar weight in credit consideration.
Capability to overcome financial difficulties seems comparatively below
average/normal. |
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 |
|
NR |
In view of the lack of information, we have no basis upon which to
recommend credit dealings |
No Rating |
|