MIRA INFORM REPORT
|
Report Date : |
02.01.2007 |
IDENTIFICATION DETAILS
|
Name : |
STUMPP SCHUELE AND
SOMAPPA PRIVATE LIMITED |
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Registered Office : |
139/2, Hosur Road, Koramangala, Bangalore 560 095, Karnataka,
India |
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Country : |
India
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Financials (as on) : |
31.03.2005 |
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Date of Incorporation : |
12.02.1960 |
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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
|
MIRAs Rating : |
A |
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 1000000 |
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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 : |
139/2, Hosur Road, Koramangala, Bangalore 560 095, Karnataka,
India |
|
Tel. No.: |
91-80-25532335/25532282/25521538/25531929 |
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Fax No.: |
91-80-25530622/25532379 |
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E-Mail : |
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Website : |
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Area : |
30000 sq.ft.- Owned |
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Location : |
Commercial |
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Head Office : |
139/2, Hosur Road, Koramangala, Bangalore 560 095, Karnataka |
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Tel. No.: |
91-80-2553 2335 (5 Lines) |
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Fax No.: |
91-80-2553 0622 |
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Factory 1 : |
ุ 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
ุ 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 ุ
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 ุ
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: ุ Sapphire Complex, Flat No. 16, No.
31/32, Mumbai Pune Road, Pune 411 012, Maharashtra Tel. No. 91-20-2316606 /
07 ุ Devedarshan, 207 Ground Floor, No. 1,
Bornaby Road, Kilpauk, Chennai 600 010, Tamilnadu Tel. No. 91-44-2642 7155 ุ 60/124, Harpida Dutta Lane, Gold
Gardens, Kolkata 700 033, West Bengal Tel. No. 91-33-2472 5216 ุ Malargam, 1st Floor, No. 66,
Ramaswamy Thevar Street, Ramanathapuram Coimbatore 641 045, Tamilnadu ุ Flat No. 305, 3rd Floor,
Ansal Bhavan, No. 10, Kasturba Gandhi Marg, Curzon Road, New Delhi 110 001 Tel. No. 91-11-2331 3450 ุ C/O Ladiwale Joshi & Sons, 364/C, D.
N. C. Kelkar Road, Ladiwale Joshi Compound, Dadar (West), Mumbai 400 028,
Maharashtra Tel. No. 91-22-24304394 ุ Nos. 1 & 2, 2nd Floor,
Emerald House, Sarojini Devi Road, Secunderabad 500 003, Andhra Pradesh Tel. No. 91-40-2784 4644 |
DIRECTORS
|
Name : |
Mr. M. Ramanna |
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Designation : |
Chairman |
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Date of Birth/Age : |
85 Years |
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Name : |
Mr. M. R. Ramesh |
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Designation : |
Vice-Chairman
and Managing Director |
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Date of Birth/Age : |
57 Years |
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Name : |
Mr. M. P.
Somanna |
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Designation : |
Director |
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Name : |
Mr. M. R.
Satish |
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Designation : |
Executive
Director |
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Name : |
Mr. M. R.
Ganganna |
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Designation : |
Director |
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Name : |
Mr. M. R.
Gangadhar |
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Designation : |
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 : |
Mr. H S Venkata
Ramu |
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Designation : |
General Manager
Administration & 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 |
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Name : |
Mr. Klaus
Scheuble |
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Designation : |
Director |
MAJOR SHAREHOLDERS
|
Names of Shareholders |
No. of Shares |
|
Kern Liebers
International GmbH, Germany |
52500 |
|
Mr. M R Ramesh |
24196 |
|
Mr. M Ramanna |
15364 |
|
Mr. M N
Chaitanya |
11864 |
|
Mr. M G Metallic Springs Private Limited |
11120 |
|
Mr. M Naveen |
10810 |
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Mr. M R Satish |
8552 |
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Mr. M R Ravi |
8548 |
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Mr. M Raghvendra |
6254 |
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Mr. M Gopalakrishna (Minor) |
6060 |
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Mr. M P Somanna |
5510 |
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Mr. M S Nagappa |
5324 |
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Mr. M R Ganganna |
4370 |
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Mrs. Rangaswamy Bhagya Rekha |
4032 |
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Mr. S Narasappa |
3000 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturers, Importers, Exporters and Dealers of all kinds of
springs, capacitors and metallised plastic films, etc. |
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Exports to : |
Spain, Australia, Germany, UK and USA |
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Imports from : |
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
|
Particulars |
Unit |
|
Installed Capacity |
Actual Production |
|
Springs Division |
Tonnes |
|
2200 |
4748 |
|
Electronic Division |
Millions Pcs |
|
26.000 |
1.69 |
|
Metallization Unit |
Tonnes |
|
84 |
0.000 |
|
Automotive Lamps |
Millions Pcs |
|
-- |
2.480 |
GENERAL INFORMATION
|
Suppliers : |
ท
G. World,
Korea ท
Kanematsu
Corporation, Japan ท
Totto
International Inc., Japan ท
Tokyo
Sangyo Yoshi Company Limited, Japan ท
Marubeni
Corporation, Japan ท
Toray
International Inc., Japan ท
Kopafol
Electrofoiin GmbH, Germany ท
S. K.
Sonderkeramaik & Company GmbH, Germany ท
Stahl and
Draftwerk Roslau GmbH, Germany ท
Garphyttan
Wire AB, Sweden ท
G. Wored,
Korea ท
Blastwell
Enterprises ท
Joepeng,
Austria ท
Arvind
International Rubber ท
Pavithra
Powder Coaters ท
Nippon
Plastics |
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|
Customers : |
ท
Ashok
Leyland Limited (Hinduja Group) ท
Bajaj
Tempo Limited (Bajaj Group) ท
Cummins
India Limited ท
Defence
Establishments (Government of India) ท
Delphi
Automation Systems ท
Diesel
Loco Works (Indian Railways) ท
Escorts
Tractors Limited (Escort Group) ท
Ford India
(Ford Motor Company) ท
General
Motors India (General Motors) ท
Honda
Motors India (Honda) ท
Hyundai
Motor India (Hyundai Motor Company) ท
Kirloskar
Copland (Kirloskar Group) ท
Lucas-TVS
Limited (TVS Group) ท
Mahindra
& Mahindra (Mahindra Group) ท
Maruti
Udyog Limited (Suzuki Group) ท
Mico Bosch
Limited (Bosch Group) ท
Tata
Motors Limited (Tata Group) ท
Toyota
Kirloskar Motor Limited (Toyota) ท
TVS Motors ท
Yamaha
Motor (Yamaha) ท
Multitech
Industries, USA ท
PT Perkasa
(Indonesia) ท
Daikin
Clutch (Australia) ท
Industrial
Equipments (Egypt) ท
Fiberona
(Theran) |
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|
No. of Employees : |
350 |
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Bankers : |
ุ
Canara
Bank Cantonment Branch, M. G. Road, Queens Road, Bangalore 560 001,
Karnataka ุ
The
Karnataka Bank Limited Jayanagar, 9th Block, Bangalore 560 069, Karnataka ุ
State Bank
of India, Bangalore |
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Facilities : |
-- |
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Banking Relations : |
Good |
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Auditors : |
ุ
Brahmayya
& Company Chartered Accountants, 10/2, Kasturba Road, Bangalore 560 001, Karnataka ุ
K P Rao
& Company Chartered Accountants, 25, Madras Bank
Road, Bangalore 560 001, Karnataka |
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Associates/Subsidiaries
: |
ท
Merkel
Seals (India) Private Limited, Bangalore, Karnataka ท
M. G. Bros
Oil Mills Private Limited, Kurnool, Andhra Pradesh ท
M. G.
Brothers, Kurnool, Andhra Pradesh ท
M. G.
Automobiles Sales and Serive, Bellary, Karnataka ท
M. G.
Metallic Springs Private Limited, Anantapur, Andhra Pradesh |
CAPITAL STRUCTURE
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
4000000 |
Equity Shares |
Rs. 10/- each |
Rs. 40.000
millions |
Issued, Subscribed
& Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
298500 |
Equity Shares |
Rs. 10/- each |
Rs. 29.850
millions |
FINANCIAL
DATA
[all figures are in Rupees Millions]
ABRIDGED
BALANCE SHEET
|
SOURCES OF FUNDS |
31.03.2005 |
31.03.2004 |
31.03.2003 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
29.850 |
29.850 |
29.850 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
243.570 |
133.234 |
119.516 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
NETWORTH
|
273.420 |
163.084 |
149.366 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
327.850 |
139.895 |
140.706 |
|
|
2] Unsecured Loans |
84.410 |
63.242 |
28.037 |
|
TOTAL
BORROWING
|
412.260 |
203.137 |
168.743 |
|
|
DEFERRED TAX LIABILITIES |
0.000 |
2.200 |
1.507 |
|
|
|
|
|
|
|
TOTAL
|
685.680 |
368.421 |
319.616 |
|
|
|
|
|
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|
APPLICATION OF FUNDS
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block]
|
285.180 |
106.271 |
83.415 |
|
Capital work-in-progress
|
22.100 |
7.702 |
17.868 |
|
|
|
|
|
|
|
INVESTMENT
|
18.500 |
47.423 |
18.524 |
|
DEFERREX TAX ASSETS
|
|
0.000 |
0.000 |
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES
|
|
|
|
|
|
|
Inventories
|
208.470 |
106.134 |
67.962 |
|
|
Sundry Debtors
|
266.390 |
140.590 |
159.260 |
|
|
Cash & Bank Balances
|
42.050 |
23.835 |
18.042 |
|
|
Other Current Assets
|
0.000 |
0.000 |
0.000 |
|
|
Loans & Advances
|
42.740 |
85.605 |
54.606 |
Total Current Assets
|
559.650 |
356.164
|
299.870 |
|
Less : CURRENT LIABILITIES & PROVISIONS
|
|
|
|
|
|
|
Current Liabilities
|
208.620 |
164.882 |
122.675 |
|
|
Provisions
|
|
|
|
Total Current Liabilities
|
208.620 |
164.882
|
122.675 |
|
Net Current
Assets
|
351.030 |
191.282
|
177.195 |
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES
|
8.870 |
15.743 |
22.614 |
|
|
|
|
|
|
|
TOTAL
|
685.680 |
368.421 |
319.616 |
|
PROFIT & LOSS ACCOUNT
|
PARTICULARS |
31.03.2005 |
31.03.2004 |
31.03.2003 |
Sales Turnover [including other income]
|
1072.750 |
780.950 |
658.783 |
|
|
|
|
|
Profit/(Loss) Before Tax
|
36.450 |
36.423 |
34.645 |
Provision for Taxation
|
3.390 |
15.193 |
13.041 |
Profit/(Loss) After Tax
|
32.760 |
21.230 |
21.604 |
|
|
|
|
|
Export Value
|
92.360 |
35.072 |
36.524 |
|
|
|
|
|
Import Value
|
222.800 |
116.047 |
53.149 |
|
|
|
|
|
Total Expenditure
|
NA |
744.526 |
624.138 |
KEY RATIOS
|
PARTICULARS |
|
31.03.2005 |
31.03.2004 |
31.03.2003 |
PAT / Total Income
|
(%)
|
3.05 |
2.72
|
3.28 |
|
|
|
|
|
|
Net Profit Margin
(PBT/Sales) |
(%) |
3.39 |
4.66
|
5.26 |
|
|
|
|
|
|
Return on Total Assets
(PBT/Total Assets} |
(%) |
4.11 |
7.88
|
9.04 |
|
|
|
|
|
|
Return on Investment (ROI)
(PBT/Networth) |
|
0.13 |
0.22
|
0.23 |
|
|
|
|
|
|
Debt Equity Ratio
(Total Liability/Networth) |
|
2.27 |
2.26
|
1.95 |
|
|
|
|
|
|
Current Ratio
(Current Asset/Current
Liability) |
|
2.68 |
2.16
|
2.44 |
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.
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.
Its products
range includes: -
ท
Damper
Springs
ท
Valve
Springs
ท
Fuel
Injector Springs
ท
Spiral
Springs
ท
Diaphragm
Springs
ท
Flat Springs
ท
Wire Forms
ท
Torsion and
Tension Springs
ท
Stabilizer
Bars
ท
Dye Springs
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 & 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 :
ุ
Land Rs. 6.410
millions
ุ
Building Rs. 7.940
millions
ุ
Plant and Machinery
Rs. 82.130 millions
ุ
Furniture and Fixture
Rs. 2.770 millions
ุ
Vehical Rs. 6.430
millions
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 Intl 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
companys 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. 44.23 |
|
UK
Pound |
1 |
Rs. 86.91 |
|
Euro |
1 |
Rs. 58.26 |
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 SCs 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
|
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 |