MIRA
INFORM REPORT
|
Report Date : |
05.11.2007 |
IDENTIFICATION
DETAILS
|
Name : |
MINDARIKA PRIVATE LIMITED |
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Registered Office : |
B 64/1 Wazirpur, Industrial Area, New Delhi 110052 |
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Country : |
India |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
09.11.1995 |
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Com. Reg. No.: |
55-73692 |
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CIN No.: [Company
Identification No.] |
U74899DL1995PTC073692 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
DELM08065B |
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PAN No.: [Permanent
Account No.] |
AAACM8583F |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Manufacturers of Auto Electrical Switches, Dies, Fixtures, Tools and
other Automotive Components. |
RATING &
COMMENTS
|
MIRAs Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Maximum Credit Limit : |
USD 970000 |
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Status : |
Good |
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Payment Behaviour : |
Usually Correct |
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Litigation : |
Clear |
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Comments : |
Subject is a well established company having satisfactory track. Trade
relations are fair. Payments are usually correct and as per commitments. Nothing adverse reported. The company can be considered good for normal business dealings at
usual trade terms and conditions. |
LOCATIONS
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Registered Office : |
B 64/1 Wazirpur, Industrial Area, New Delhi 110052, India |
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Tel. No.: |
91-11-27374882 |
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Fax No.: |
91-11-27372620 |
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E-Mail : |
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Website : |
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Factory 1 : |
T 169, MIDC, Bhosari Industrial Area, Pune 411026, Maharashtra,
India |
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Tel. No.: |
91-20-27122660 |
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Fax No.: |
91-20-27122660 |
DIRECTORS
|
Name : |
Mr. Nirmal K Minda |
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Designation : |
Managing Director |
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Address : |
J 10/32-33, DLF Phase II, Gurgaon 122002, Haryana, India |
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Date of Birth/Age : |
17.11.1957 |
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Date of Appointment : |
09.11.1995 |
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Name : |
Mr. Makoto Kubo, Foreigner |
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Designation : |
Whole Time Director |
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Address : |
Park House 303, 3-21, Otana Cho, Chikusa-Ku, Nagoya City- 464-0835,
Japan |
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Date of Birth/Age : |
08.07.1954 |
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Date of Appointment : |
23.02.2004 |
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Name : |
Mr. Ashok Minda |
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Designation : |
Director |
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Address : |
3, Central Avenue, Maharani Bagh, New Delhi |
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Date of Birth/Age : |
29.06.1961 |
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Date of Appointment : |
09.11.1995 |
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Name : |
Mr. Kenichi Kinoshita, Foreigner |
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Designation : |
Director |
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Address : |
9-12-2, Tsutsuo, Kuwana Shi 5110901, Japan |
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Date of Birth/Age : |
02.01.1946 |
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Date of Appointment : |
26.06.2006 |
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Name : |
Mr. Takashi Nishiyama |
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Designation : |
Director |
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Address : |
Castle Heights Toyota Seshin Cho 602, 2-43-1, Toyota Shi, Aichi, Ken
471-0844,Japan |
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Date of Birth/Age : |
18.11.1942 |
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Date of Appointment : |
29.06.2002 |
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Name : |
Mr. Anand Minda |
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Designation : |
Director |
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Address : |
8, Harsh Vihar, Pitampura, Delhi 110034 |
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Date of Birth/Age : |
06.04.1952 |
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Date of Appointment : |
01.01.2003 |
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Name : |
Mr. Eiji Ozawa |
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Designation : |
Director |
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Address : |
77, Yashakibata, Yoshiwara Shi, Toyota Shi, Aichi Ken 4730916,
Japan |
KEY EXECUTIVES
|
Name : |
Mr. Brijesh Kumar Saini |
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Designation : |
Company Secretary |
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Address : |
H No. 74, Village and P. O. Sanoth, Narela, Delhi 110040 |
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Date of Birth/Age : |
03.07.1971 |
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Date of Appointment : |
22.08.1998 |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
|
Names of Shareholders |
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No. of Shares |
|
Nirmal K Minda |
|
3292400 |
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Nirmal K Minda HUF |
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194100 |
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Suman Minda |
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864000 |
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Minda Investments Limited |
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1649500 |
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Tokia Rika Company limited |
|
3500000 |
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Sumitomo Corporation |
|
500000 |
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Total |
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10000000 |
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Equity Share
Breakup |
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Category |
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Percentage of
Holding |
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Foreign holdings [Foreign institutional investors, Foreign Companies, Foreign Financial Institutions, Non-resident Indian or Overseas corporate bodies or others] |
|
40.00 |
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Bodies corporate |
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16.50 |
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Directors or relatives of directors |
|
43.50 |
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Total
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|
100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturers of Auto Electrical Switches, Dies, Fixtures, Tools and other
Automotive Components. |
GENERAL
INFORMATION
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No of Employees : |
425 |
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Bankers : |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
Deloitte Haskins and Sells Chartered Accountants |
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Address : |
3rd Floor, MCT House, One Okhla Centre, Block A, Okhla
Institutional Area, New Delhi - 110025 |
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Associates/Subsidiaries : |
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CAPITAL STRUCTURE
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
|
15,000,000 |
Equity Shares |
Rs. 10/-
each |
Rs. 150.000 Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
10,000,000 |
Equity Shares |
Rs. 10/-
each |
Rs. 100.000
Millions |
FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
|
31.03.2007 |
31.03.2006 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
|
100.000 |
100.000 |
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2] Share Application Money |
|
0.000 |
0.000 |
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3] Reserves & Surplus |
|
142.756 |
119.364 |
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4] (Accumulated Losses) |
|
0.000 |
0.000 |
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NETWORTH |
|
242.756 |
219.364 |
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LOAN FUNDS |
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1] Secured Loans |
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212.187 |
170.602 |
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2] Unsecured Loans |
|
31.105 |
33.636 |
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TOTAL BORROWING |
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243.292 |
204.238 |
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DEFERRED TAX LIABILITIES |
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TOTAL |
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486.048 |
423.602 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
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314.804 |
312.447 |
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Capital work-in-progress |
|
6.622 |
8.465 |
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Capital Advance |
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4.002 |
1.192 |
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DEFERREX TAX ASSETS |
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0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
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91.864 |
86.473 |
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Sundry Debtors |
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187.375 |
133.745 |
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Cash & Bank Balances |
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4.695 |
9.060 |
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Other Current Assets |
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0.000 |
0.000 |
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Loans & Advances |
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72.956 |
38.161 |
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Total
Current Assets |
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356.890 |
267.439 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
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181.652 |
150.595 |
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Provisions |
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32.551 |
24.151 |
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Total
Current Liabilities |
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214.203 |
174.746 |
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Net Current Assets |
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142.687 |
92.693 |
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MISCELLANEOUS EXPENSES |
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17.933 |
8.805 |
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TOTAL |
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486.048 |
423.602 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
|
31.03.2007 |
31.03.2006 |
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Sales Turnover |
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1385.310 |
1056.840 |
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Other Income |
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13.146 |
20.121 |
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Total Income |
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1398.456 |
1076.961 |
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Profit/(Loss) Before Tax |
|
59.453 |
56.765 |
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Provision for Taxation |
|
36.061 |
33.654 |
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Profit/(Loss) After Tax |
|
23.392 |
23.111 |
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Earnings in Foreign Currency : |
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Total Earnings |
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36.767 |
32.642 |
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Imports : |
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Raw Materials |
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239.747 |
199.669 |
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Stores & Spares |
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7.467 |
18.290 |
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Capital Goods |
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2.766 |
1.704 |
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Total Imports |
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249.980 |
219.663 |
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Expenditures : |
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Financial Charges |
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6.317 |
4.868 |
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Depreciation & Amortization |
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51.549 |
49.303 |
KEY RATIOS
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PARTICULARS |
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|
31.03.2007 |
31.03.2006 |
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PAT / Total Income |
(%) |
|
1.67 |
2.15 |
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Net Profit Margin (PBT/Sales) |
(%) |
|
4.29 |
5.37 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
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8.85 |
9.79 |
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Return on Investment (ROI) (PBT/Networth) |
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0.24 |
0.26 |
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Debt Equity Ratio (Total Liability/Networth) |
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1.88 |
1.73 |
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Current Ratio (Current Asset/Current Liability) |
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1.67 |
1.53 |
LOCAL AGENCY
FURTHER INFORMATION
The Registered Office of the company has been shifted from B 73
Wazirpur, Industrial Area, New Delhi 110052 to the present address w.e.f.
31.07.2007
Bankers Charges
Report as per Registry
|
Name of the company |
MINDARIKA
PRIVATE LIMITED |
|
Presented By |
Mr. Brijesh K
Saini, Company Secretary |
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1) Date and description of instrument creating the change |
Deed of
Hypothecation dated the 05.11.2002, executed by Mindarika Private Limited in favour
of ford India Limited |
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2) Amount secured by the charge/amount owing on the securities of charge |
Tooling Advance
of Rs. 0.500 Million |
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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
whole of the specialized tools |
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4) Gist of the terms and conditions and extent and operation of the charge. |
The charge operate
as security inter alia for the due repayments by the company to FORD of
advance of Rs. 0.500 Million |
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5) Name and Address and description of the person entitled to the charge. |
Ford India
Limited S. P. Koil Chengleput
603204 Kancheepuram District,
Tamilnadu |
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6) Date and brief description of instrument modifying the charge |
Not Applicable |
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7) Particulars of modifications specifying the terms and conditions or the extent of operations of the charge in which modification is made and the details of the modification. |
Not Applicable |
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Corporate
identity number of the company |
U74899DL1995PTC073692 |
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Name of the
company |
MINDARIKA PRIVATE LIMITED |
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Address of the
registered office or of the principal place of business in India of the company |
B 64/1 Wazirpur, Industrial Area, New Delhi 110052, India |
|
This form is for |
Creation of
charge |
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Type of charge |
Hypothecation
|
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Particular of
charge holder |
Ford India
Private Limited S. P. Koil, Chengalpattu
603204 Kancheepuram
603204, Tamilnadu, India |
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Nature of
instrument creating charge |
Deed of
Hypothecation |
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Date of
instrument Creating the charge |
10.05.2006 |
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Amount secured by
the charge |
Rs. 3.500
Millions |
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Brief of the
principal terms an conditions and extent and operation of the charge |
The charge
operate as security inter alia for the due repayment by the company to FORD
of advance of Rs. 3.500 Millions |
|
Date of
instrument crating |
10.05.2006 |
|
Particulars of
the property charged |
The charge
operate as security inter alia for the due repayment by the company to FORD
of advance of Rs. 3.500 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.39.35 |
|
UK Pound |
1 |
Rs.80.53 |
|
Euro |
1 |
Rs.57.56 |
SCORE & RATING
EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
5 |
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OPERATING SCALE |
1~10 |
5 |
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FINANCIAL CONDITION |
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|
--BUSINESS SCALE |
1~10 |
5 |
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--PROFITABILIRY |
1~10 |
5 |
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--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
5 |
|
--CREDIT LINES |
1~10 |
5 |
|
--MARGINS |
-5~5 |
- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
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--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
YES |
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--AFFILIATION |
YES/NO |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
46 |
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
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. |
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 |
|