MIRA INFORM REPORT

 

 

Report Date :

08.10.2007

 

IDENTIFICATION DETAILS

 

Name :

SKF TECHNOLOGIES (INDIA) PRIVATE LIMITED

 

 

Formerly Know As:

SKF SEALING SOLUTIONS INDIA PRIVATE LIMITED

 

 

Registered Office :

13/5, Singasandra Village, 13th KM, Hosur Road, Bangalore – 560 068, Karnataka

 

 

Country :

India

 

 

Financials (as on) :

31.12.2006

 

 

Date of Incorporation :

07.07.1997

 

 

Com. Reg. No.:

08-27954

 

 

CIN No.:

[Company Identification No.]

U29195KA1997PTC027954

 

 

TAN No.:

[Tax Deduction & Collection Account No.]

BLRC01373B

 

 

PAN No.:

[Permanent Account No.]

AAACC4393D

 

 

Legal Form :

Private Limited Liability Company

 

 

Line of Business :

Manufacturer of Parts of Machinery /Equipment, Vehicles, Ship Hulls, Railways, Aircraft.

 

 

RATING & COMMENTS

 

MIRA’s Rating :

A

 

RATING

STATUS

PROPOSED CREDIT LINE

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

 

Maximum Credit Limit :

USD 1360908

 

 

Status :

Good

 

 

Payment Behaviour :

Regular

 

 

Litigation :

Clear

 

 

Comments :

Subject is a well – established and reputed company having satisfactory track. Directors are reported as experienced and respectable businessmen. Trade relations are reported as fair. Business is active. 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 :

13/5, Singasandra Village, 13th KM, Hosur Road, Bangalore – 560 068, Karnataka

Tel. No.:

91-80-40359400 / 25730207

Fax No.:

91-80-40359408 / 25730208

E-Mail :

skf@skf.com

Website :

www.skf.com

 

 

Corporate Office :

SKF India Corporate Office, M.G.M Building, Netaji Subash Road, Charni Road, Mumbai – 400002, India

Tel. No.:

91 22-66337777

Fax No.:

91 22-22819074 / 22042738

E-Mail :

mailto:vithalnayak@skf.com

Websites:

http://www.skf.com

 

 

Regional / Branches :

BANGALORE:
Plot 2, Bommasandra Industrial Area
Hosur Road
Bangalore - 560 099
TEL: 91 080- 41658182/3/4
FAX: 91 080-40329107

CHENNAI: 
28/3 Old No.54/3
Montieth Road,Egmore,
Chennai- 600 008
TEL: 91 044-30280111
TELEFAX: 91 044-28524452

COIMBATORE:
4E, Tirumalai Towers
723, Avinashi Road
Coimbatore - 641 018
TEL: 91 0422-22210867
FAX: 91 0422-2214418

NATIONAL CAPITAL REGION:
601/602 Millenium Plaza Tower-B Sector-27 
Sushant Lok
Gurgaon - 122 002
TEL: 91 124-4107922
FAX: 91 124-4015400

KOLKATA:
Nilhat House, 7th Floor

11, Rajendranath Mukherjee Road
P.O. Box No. 558, Kolkata-700 001
TEL: 91 033-30280622
FAX: 91 033-30280634

PUNE:
Chinchwad
Pune - 411 033
TEL: 91 020-66112500
FAX: 91 020-27473822

 

 

DIRECTORS

 

Name :

Mrs. Thomas  Karl Olof Frost

Designation :

Additional Director  

Address:

Kallakersvagen 4, 44196, Alingsas - 44196, SE

 

 

Name :

Mr. Mauro Carrara

Designation :

Director

Address:

Via: saltrio, 44-21059 Viggiu (VA) Italy

Date of Birth/Age :

18.04.1955

Date of Appointment :

22.07.2004

 

 

Name :

Mr. Abraham George

Designation :

Managing Director

Address :

14, Fernscity Outer Ring Road Doddena Kundi, Marathahalli Post, Bangalore – 560 037, Karnataka.

Date of Birth/Age :

24.11.1959

Date of Appointment :

07.06.2004

 

 

Name :

Mr. Ajit Krishnan

Designation :

Director

 

 

Name :

Mr. Jozef Verelst

Designation :

Director

 

 

Name :

Mr. Rakesh Makhija

Designation :

Managing Director

 

 

Name :

Mr. Sune Axelsson

Designation :

Director 

Address:

Manek Apartment 9B, 9th floor LD Ruparel Marg, Mumbai – 400 066, Maharashtra

Date of Birth/Age :

03.07.1950

Date of Appointment :

24.10.2002

 

 

Name :

Mr. G Borroni

Designation :

Director

Address;

Castellion, 11/1, 10141 Torino. Italy 

Date of Birth/Age :

05.12.1948

Date of Appointment :

22.02.2002

 

 

Name :

Mr. A Nervo

Designation :

Director

Address:

S Tommso 6, 10122 Torino, Italy

Date of Birth/Age :

27.04.1955

Date of Appointment :

22.02.2002

Date of Ceasing:

01.07.2004

 

 

Name :

Mr Gordon Johnston 

Designation :

 Managing director 

Address;

5 Mulbery Lane 1/3 Raja Rammohan Roy Road Samp Angiramanagar Bangalore – 560 025, Karnataka

Date of Birth/Age :

01.03.1945

Date of Appointment :

01.03.2000

Date of Ceasing:

14.05.2004

 

 

Name :

Mr. Gerhard Annvik

Designation :

Additional director

Address:

Ovre- Hangnavagen, 25, Hovas - 43651, SE

 

 

Name :

Mr. Carl Johan Forsberg

Designation :

Director 

Address;

Manek Flat 9-B, 9th Floor, L D Ruparel Marg, Mumbai – 400 006, Maharashtra

 

 

KEY EXECUTIVES

 

Name :

Ms. Neetu Jain

Designation :

 Secretary 

 

 

Name :

Mr. K C Mehra

Designation :

Chairman

 

 

Name :

Mr. Pradeep Bhandari

Designation :

Company secretary

 

 

Name :

Mr. Kamlesh C Mehra

Designation :

Chairman

 

 

Name :

Mr. S Kailasam

Designation :

Secretary

Address;

234 Lakshmi Nivas, Ramakrishna Nagar, Nandini Layout, Bangalore – 560 096, Karnataka 

Date of Birth/Age :

19.07.1964

Date of Appointment :

13.10.1999

 

 

 

 

 

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

 

Names of Shareholders

 

No. of Shares

Mr. Aktie Bolaget SKF

 

101

SKF Forvaltningab

 

173499899

 

Total

173500000

 

Equity Share Break up (Percentage of totals 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 or Others

100.00

 

 

BUSINESS DETAILS

 

Line of Business :

Manufacturer of Parts of Machinery /Equipment, Vehicles, Ship Hulls, Railways, Aircraft

 

GENERAL INFORMATION

 

Bankers :

·         The Hong Kong and Shanghai Banking Corporation Limited

·         Bank of India

·         ICICI Bank Limited

·         HDFC Bank Limited

·         Axis Bank Limited

Address: Sir PM Road, Fort , Mumbai – 400 001

 

 

Banking Relations :

Satisfactory

 

 

Auditors :

 

Name :

·         BSR and Associates

Chartered Accountants 

 

·         Mr. Rajesh Arora

Chartered Accountants

Address: Maruthi Infotech Centre, 11/12/1, inner Ring Road, Koramangala – 560 0714, Bangalore, India

 

 

Holding Company:

SKF Forvaltning AB

 

 

Associates/Subsidiaries :

Nil

 

 

CAPITAL STRUCTURE

 

Authorised Capital :

No. of Shares

Type

Value

Amount

535000000

Equity shares

Rs.1/- each

Rs. 535.000 millions

 

Issued, Subscribed & Paid-up Capital :

No. of Shares

Type

Value

Amount

173500000

Equity shares

Rs. 1/-each

Rs. 173.500 millions

 

 

 

 

 

FINANCIAL DATA

[all figures are in Rupees Millions]

 

ABRIDGED BALANCE SHEET

 

SOURCES OF FUNDS

 

 

31.12.2006

31.12.2005

SHAREHOLDERS FUNDS

 

 

 

1] Share Capital

 

173.500

173.500

2] Share Application Money

 

0.000

0.000

3] Reserves & Surplus

 

166.727

55.383

4] (Accumulated Losses)

 

0.000

0.000

NETWORTH

 

340.227

228.883

LOAN FUNDS

 

 

 

1] Secured Loans

 

0.245

23.328

2] Unsecured Loans

 

0.000

0.000

TOTAL BORROWING

 

0.245

23.328

DEFERRED TAX LIABILITIES

 

0.000

0.000

 

 

 

 

TOTAL

 

340.472

252.211

 

 

 

 

APPLICATION OF FUNDS

 

 

 

 

 

 

 

FIXED ASSETS [Net Block]

 

148.745

136.698

Capital work-in-progress

 

9.254

4.400

 

 

 

 

INVESTMENT

 

0.000

0.000

DEFERREX TAX ASSETS

 

0.000

0.000

 

 

 

 

CURRENT ASSETS, LOANS & ADVANCES

 

 

 

 

Inventories
 

53.005

58.965

 

Sundry Debtors
 

142.006

110.231

 

Cash & Bank Balances
 

88.654

25.001

 

Other Current Assets
 

0.000

0.000

 

Loans & Advances
 

12.608

8.524

Total Current Assets
 

296.273

202.721

Less : CURRENT LIABILITIES & PROVISIONS
 

 

 

 

Current Liabilities
 

111.159

85.396

 

Provisions
 

2.641

6.212

Total Current Liabilities
 

113.800

91.608

Net Current Assets
 

182.473

111.113

 

 

 

 

MISCELLANEOUS EXPENSES

 

0.000

0.000

 

 

 

 

TOTAL

 

340.472

252.211

 

PROFIT & LOSS ACCOUNT

 

PARTICULARS

 

 

31.12.2006

31.12.2005

Sales Turnover

 

743.600

622.200

Other Income

 

0.000

0.000

Total Income

 

743.600

622.200

 

 

 

 

Profit/(Loss) Before Tax

 

126.100

92.500

Provision for Taxation

 

14.800

9.200

Profit/(Loss) After Tax

 

111.300

83.300

 

 

 

 

Expenditures :

 

 

 

 

Financial charges

 

1.300

6.600

 

Depreciation & Amortization

 

33.200

38.300

 

Other Expenditure

 

548.500

439.900

Total Expenditure

 

583.000

484.800

 

KEY RATIOS

 

PARTICULARS

 

 

 

31.12.2006

31.12.2005

PAT / Total Income

(%)
 

14.96

13.38

 

 
 

 

 

Net Profit Margin

(PBT/Sales)

(%)
 

16.95

14.86

 

 
 

 

 

Return on Total Assets

(PBT/Total Assets}

(%)
 

27.75

26.90

 

 
 

 

 

Return on Investment (ROI)

(PBT/Networth)

 
 

0.37

0.40

 

 
 

 

 

Debt Equity Ratio

(Total Liability/Networth)

 
 

0.33

0.50

 

 
 

 

 

Current Ratio

(Current Asset/Current Liability)

 
 

2.60

2.21

 

 

LOCAL AGENCY FURTHER INFORMATION

 

Subject was incorporated as CR Seal India Private limited.

 

Name of the company

CR Seals India Private Limited

Presented By

Axis Bank Limited Sir P M Road, Fort , Mumbai

1) Date and description of instrument creating the change

Opening of cash Credit (hypothecation) dated 29/12/1998

2) Amount secured by the charge/amount owing on the securities of charge

Rs. 5.000 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

First charge overall the goods and commodities viz. Industrial seals of various types now lying or thereafter stored at the Godown and yards and premises in Banglaore or wheresoever or in respect of which the company can make or effect or purport to make any deposit hypothecation or charge whether in course of transit or delivery and in the possession, control or power of the company or Bank and all the present and future book debts, outstanding, claims and money receivable due to the company

4) Gist of the terms and conditions and extent and operation of the charge.

Interest: 16.83% p.a

Margin as stipulated by the bank from time to time.

5) Name and Address and description of the person entitled to the charge.

Axis Bank Limited

Sir PM Road, Fort , Mumbai – 400 001

 

It name was changed to SKF Sealing Solutions India Private Limited. And again its name was changed to present.

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.39.43

UK Pound

1

Rs.80.44

Euro

1

Rs.55.66

 

 

SCORE & RATING EXPLANATIONS

 

SCORE FACTORS

 

RANGE

POINTS

HISTORY

1~10

7

PAID-UP CAPITAL

1~10

7

OPERATING SCALE

1~10

7

FINANCIAL CONDITION

 

 

--BUSINESS SCALE

1~10

8

--PROFITABILIRY

1~10

6

--LIQUIDITY

1~10

7

--LEVERAGE

1~10

7

--RESERVES

1~10

7

--CREDIT LINES

1~10

7

--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

 

63

 

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

 

 

 

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions