MIRA
INFORM REPORT
|
Report Date : |
08.11.2007 |
IDENTIFICATION
DETAILS
|
Name : |
MAHINDRA RENAULT PRIVATE LIMITED |
|
|
|
|
Registered Office : |
Gateway Building, Apollo Bunder, Mumbai-400001, Maharashtra |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as on) : |
31.03.2007 |
|
|
|
|
Date of Incorporation : |
02.06.2005 |
|
|
|
|
Com. Reg. No.: |
11-153702 |
|
|
|
|
CIN No.: [Company
Identification No.] |
U34100MH2005PTC153702 |
|
|
|
|
TAN No.: [Tax
Deduction & Collection Account No.] |
MUMM27339E |
|
|
|
|
Legal Form : |
Private Limited Liability Company |
|
|
|
|
Line of Business : |
Manufacturers and Exporters of Automotive Vehicles. |
RATING &
COMMENTS
|
MIRA’s Rating : |
B |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Unfavourable & favourable factors carry similar weight in credit consideration.
Capability to overcome financial difficulties seems comparatively below
average/normal. |
Small |
|
Maximum Credit Limit : |
USD 8208568 |
|
|
|
|
Status : |
New Company |
|
|
|
|
Payment Behaviour : |
Slow but correct |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is a new company of Mahindra Group in joint venture with
Renault, France. Company has been started to produce and sell transport
vehicles in India under the brand MAHINDRA-RENAULT. Company has incurred initial
losses and has some accumulated losses. Payments are however reported as slow
but correct. The company can be considered for small business dealings initially at
usual trade terms and conditions. |
LOCATIONS
|
Registered Office : |
Gateway Building, Apollo Bunder, Mumbai-400001, Maharashtra, India |
|
Tel. No.: |
91-22-28460612 |
|
Fax No.: |
91-22-28858519 |
|
E-Mail : |
|
|
|
|
|
Head Office : |
Vakil’s House, 1st Floor, 18, Sprott Road, Ballard Estate,
Mumbai-400001, Maharashtra, India |
|
|
|
|
Corporate Office: |
Ashok Nagar, Chakravorthy Asho, Kandivali (West), Mumai-400101, Maharashtra,
India |
|
Tel. No.: |
91-22-28460612 |
|
Fax No.: |
91-22-28858519 |
DIRECTORS
|
Name : |
Mr. Abeezar Faizullabhoy |
|
Designation : |
Director |
|
Address : |
41, Mereweather Road, Jaiji Mansion, Ground Floor, Mumbai-400039, Maharashtra |
|
Date of Birth/Age : |
20.11.1964 |
|
Date of Appointment : |
02.06.2005 |
|
Date of Ceasing : |
30.09.2005 |
|
|
|
|
Name : |
Mr. Bahram N Vakil |
|
Designation : |
Director |
|
Address : |
60, Neptune Court, 1st Floor, Nepean Sea Road, Mumbai-400006,
Maharashtra |
|
Date of Birth/Age : |
12.09.1958 |
|
Date of Appointment : |
02.06.2005 |
|
Date of Ceasing : |
02.12.2005 |
|
|
|
|
Name : |
Mr. Sylvain Bilaine |
|
Designation : |
Director |
|
Address : |
101, Vaibhav, Janki Kutir, Juhu, Mumbai-400049, Maharashtra |
|
Date of Birth/Age : |
13.04.1954 |
|
Date of Appointment : |
23.06.2005 |
|
|
|
|
Name : |
Mr. Rajesh Jejurikar |
|
Designation : |
Managing Director |
|
Address : |
502, Silver Spring, Near Rizvi College, Shirley Rajen Road, Bandra
(West), Mumbai-400050, Maharashtra |
|
Date of Birth/Age : |
24.06.1964 |
|
Date of Appointment : |
05.08.2005 |
|
Directorship in other Companies: |
CIN of the company: U1810MH1995PTC095482 Name of the Company: NBS International Limited Designation : director |
|
|
|
|
Name : |
Dr. Pawan Kumar Goenka |
|
Designation : |
Director |
|
Address : |
Flat No.602, 9th JVPD, 10th Road, Vile Parle
(West), Mumbai-400056, Maharashtra |
|
Date of Birth/Age : |
23.09.1954 |
|
Date of Appointment : |
27.04.2006 |
|
Directorship in other Companies: |
· CIN of the Company: L72400MH1995PLC091404 Name of the company: Mahindra Engineering
Design and development Company limited Designation: Director · CIN of the Company: U65921MH1991PTC059642 Name of the
Company: Mahindra and Mahindra Financial Services limited Designation :
director · CIN of the Company: L51900MH1978PLC020222 Name of the Company: Mahindra Intertrade
Limited Designation : Director · CIN of the company: U63040MH1994PTC079098 Name of the Company: Mahindra
International Limited Designation : director · CIN of the Company: U70100MH1999PTC122738 Name of the Company: Sylvan Realty Private
limited Designation : director · CIN of the company: U72200KA2000PTC027846 Name of the company: Plexion Technologies
(India) Private Limited Designation : director · CIN of the Company: L64200MH1994PLC083996 Name of the Company: Automart India
Limited Designation : director |
|
|
|
|
Name : |
Mr. Antoine Herteman |
|
Designation : |
Director |
|
Address : |
1, Rua Des Terres Fortes, 92210, Saint Cloud, France |
|
Date of Birth/Age : |
08.06.1956 |
|
Date of Appointment : |
30.09.2005 |
|
|
|
|
Name : |
Mr. Stephane Stoufflet |
|
Designation : |
Director |
|
Address : |
51, Rue Olivier De Serres, 75015, Paris |
|
Date of Birth/Age : |
03.10.1956 |
|
Date of Appointment : |
30.09.2005 |
|
|
|
|
Name : |
Mr. Rajan Wadhera |
|
Designation : |
Director |
|
Address : |
1203, Oberoi Gardens, C Wing, Thakur Village, Kandivali (West),
Mumbai-400101, Maharashtra |
|
Date of Birth/Age : |
10.07.1956 |
|
Date of Appointment : |
30.09.2005 |
|
|
|
|
Name : |
Mr. Uday Yeshwant Phadke |
|
Designation : |
Director |
|
Address : |
Flat No.13, Neel Tarang, 208/210, Veer Savarkar Marg, Mahim,
Mumbai-400016, Maharashtra |
|
Date of Birth/Age : |
19.11.1950 |
|
Date of Appointment : |
27.04.2006 |
|
Directorship in other Companies: |
· CIN of the Company: L51900MH1978PLC020222 Name of the Company: Mahindra Intertrade
Limited Designation : Director · CIN of the Company: U65921MH1991PTC059642 Name of the
Company: Mahindra and Mahindra Financial Services limited Designation :
director · CIN of the Company: U65910MH1985PTC036060 Name of the Company: Mahindra Holdings and finance limited Designation : director ·
CIN of the Company: U55101TN1996PLC036595 Name
of the company: Mahindra Holidays and Resorts (India) Limited Designation:
director · CIN of the Company: U01409MH2000PLC125781 Name of the
Company: Mahindra Shubhlabh Services Limited Designation:
director · CIN of the Company: U45200MH1999PLC118949 Name of the Company: Mahindra Gesco Developers Limited Designation:
director · CIN of the Company: U34100GJ1978PLC003127 Name of the
company: Mahindra Gujarat Tractor Limited Designation:
director |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
|
Names of Shareholders |
No. of Shares |
|
Mahindra and Mahindra Limited |
26265000 |
|
Renault s.a.s. |
25235000 |
|
Total |
51500000 |
As on 31.03.2006
|
Names of Shareholders |
|
Percentage of
Holding |
|
Foreign holdings |
|
49.00 |
|
Bodies corporate |
|
51.00 |
|
Total |
|
100.00 |
Equity share breakup (percentage of total equity):
|
Sr.No. |
Category |
Percentage |
|
1 |
Foreign Holdings (Foreign Institutional
Investor(S), Foreign Companie(S), Foreign Financial Institution(S), Non – Resident
Indian(S) Or Overseas Corporate Bodies Or Others. |
49.00 |
|
2 |
Bodies Corporate |
51.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturers and Exporters of Automotive Vehicles. |
GENERAL
INFORMATION
|
Banking
Relations : |
Satisfactory |
|
|
|
|
Auditors : |
|
|
Name : |
· Mr. S R Tata Chartered Accountants Address: Cuffe Parade, Mumbai-400005,
Maharashtra, India · Deloitte Haskins and Sells Chartered Accountants Address: Makers Towers – E, 4th
floor, Cuffe Parade, Mumbai-400005, Maharashtra, India |
|
|
|
|
Holding Company : |
Mahindra & Mahindra Limited |
|
|
|
|
Associates/Subsidiaries : |
Nil |
CAPITAL STRUCTURE
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
200000000 |
Equity Shares |
Rs.10/- each |
Rs.2000.000 millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
170547500 |
Equity Shares |
Rs.10/- each |
Rs.1705.475
millions |
FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
|
31.03.2007 |
31.03.2006 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
|
1705.475 |
515.000 |
|
|
2] Share Application Money |
|
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
|
824.308 |
0.000 |
|
|
4] (Accumulated Losses) |
|
(477.641) |
(117.059) |
|
|
NETWORTH |
|
2052.142 |
397.941 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
|
1649.787 |
0.000 |
|
|
2] Unsecured Loans |
|
20.412 |
0.000 |
|
|
TOTAL BORROWING |
|
1670.199 |
0.000 |
|
|
DEFERRED TAX LIABILITIES |
|
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
|
3722.341 |
397.941 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
|
3442.848 |
13.485 |
|
|
Capital work-in-progress |
|
394.408 |
874.509 |
|
|
|
|
|
|
|
|
INVESTMENT |
|
0.000 |
0.000 |
|
|
DEFERREX TAX ASSETS |
|
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
|
1462.205 |
0.099 |
|
|
Sundry Debtors |
|
111.957 |
1.114 |
|
|
Cash & Bank Balances |
|
201.397 |
63.318 |
|
|
Other Current Assets |
|
0.828 |
0.067 |
|
|
Loans & Advances |
|
336.279 |
8.358 |
|
Total
Current Assets |
|
2112.666 |
72.956 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Current Liabilities |
|
2218.483 |
562.687 |
|
|
Provisions |
|
9.098 |
0.322 |
|
Total
Current Liabilities |
|
2227.581 |
563.009 |
|
|
Net Current Assets |
|
(114.915) |
(490.053) |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
|
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
|
3722.341 |
397.941 |
|
PROFIT & LOSS
ACCOUNT
|
PARTICULARS |
|
|
31.03.2006 |
|
|
Sales Turnover |
|
|
1.083 |
|
|
Other Income |
|
|
8.625 |
|
|
Total Income |
|
|
9.709 |
|
|
|
|
|
|
|
|
Profit/(Loss) Before Tax |
|
|
(112.662) |
|
|
Provision for Taxation |
|
|
0.000 |
|
|
Profit/(Loss) After Tax |
|
|
(112.662) |
|
|
|
|
|
|
|
|
Expenditures : |
|
|
|
|
|
|
Purchases made for re-sale |
|
|
0.511 |
|
|
Salaries, Wages, Bonus, etc. |
|
|
57.369 |
|
|
Managerial Remuneration |
|
|
1.440 |
|
|
Payment to Auditors |
|
|
0.169 |
|
|
Insurance Expenses |
|
|
0.033 |
|
|
Power & Fuel |
|
|
0.495 |
|
|
Other Expenditure |
|
|
62.353 |
|
Total Expenditure |
|
|
122.371 |
|
KEY RATIOS
|
PARTICULARS |
|
|
31.03.2007 |
31.03.2006 |
|
PAT / Total Income |
(%) |
|
NA |
(1160.04) |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
|
NA |
(1160.04) |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
|
NA |
(130.33) |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
|
NA |
(0.28) |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
|
1.89 |
1.41 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
|
0.94 |
0.13 |
LOCAL AGENCY
FURTHER INFORMATION
Nil
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 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.39.34 |
|
UK Pound |
1 |
Rs.82.66 |
|
Euro |
1 |
Rs.57.57 |
SCORE & RATING
EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
2 |
|
PAID-UP CAPITAL |
1~10 |
4 |
|
OPERATING SCALE |
1~10 |
2 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
5 |
|
--PROFITABILIRY |
1~10 |
-- |
|
--LIQUIDITY |
1~10 |
4 |
|
--LEVERAGE |
1~10 |
4 |
|
--RESERVES |
1~10 |
3 |
|
--CREDIT LINES |
1~10 |
2 |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
NO |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
26 |
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 |
|