MIRA
INFORM REPORT
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Report Date : |
19.10.2007 |
IDENTIFICATION DETAILS
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Name : |
TRELLEBORG AUTOMOTIVE INDIA PRIVATE LIMITED |
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Registered Office : |
232, |
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Country : |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
17.04.2000 |
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Com. Reg. No.: |
55-105242 |
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CIN No.: [Company
Identification No.] |
U34300DL2000PTC105242 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
DELT03161E |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Manufacturers of Rubber Bonded Metal Parts |
RATING & COMMENTS
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MIRA’s Rating : |
Aa |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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 |
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Maximum Credit Limit : |
USD 680000 |
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Status : |
Excellent |
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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 excellent
track records. Available information indicates high financial responsibility of
the company. Directors are reported as experienced, respectable and
resourceful businessmen. Trade relations are reported as fair. Business is
active. Payments are always correct and as per commitments. The company can be considered good for normal business dealings at
usual trade terms and conditions The company can be regarded as a promising business partner in medium
to long run. |
LOCATIONS
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Registered Office : |
232, |
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Tel. No.: |
95-120-2896386 -88 / 2563123 to 2563126 |
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Fax No.: |
95-120-2896390 / 2567675 |
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E-Mail : |
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Website : |
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Head Office / Factory /Warehouse : |
24A, Site No.4, Sahibabad Industrial Area, |
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Tel. No.: |
91-120-2896386 / 2779929/2779731-33 |
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Fax No.: |
91-120-2896390 / -2775281 |
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Area: |
50000 sq. fts |
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Location: |
Lease |
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Administrative
Offices: |
6227, C – 6, Vasant Kunj, |
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Tel. No. |
91-120-4779731 |
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Fax No. |
91-120-4771045 |
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E-Mail: |
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Website: |
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Overseas Office: |
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DIRECTORS
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Name : |
Mr. Robert Carper |
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Designation : |
Director |
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Name : |
Mr. Manoj Trivedi |
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Designation : |
Director |
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Address : |
1148 Point of drive, |
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Date of Appointment : |
20.06.2000 |
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Name : |
Mr. Paul Maurice |
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Designation : |
Director |
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Address : |
55, Bullimore Grove, Kenilworth, Warwickshire, CV 82 QF, |
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Date of Appointment : |
25.01.2006 |
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Name : |
Mr. Rakesh Asthana |
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Designation : |
Director |
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Address : |
Block No.E-17, Sector -61, Noida -201 301, |
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Qualification : |
B. Tech (Mech) |
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Date of Birth/Age : |
28.11.1958 |
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Date of Appointment : |
19.03.2001 |
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Name : |
Mr. Sanjay Aneja |
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Designation : |
Director |
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Address : |
2664, Basti Punjabi, Subzi Mandi, |
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Date of Appointment : |
12.07.2000 |
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Name : |
Mr. Jim Law |
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Designation : |
Director |
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Address : |
B -190, Phase – II, Noida – 201 305, Uttar Pradesh |
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Date of Birth/Age : |
09.11.1955 |
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Date of Appointment : |
12.05.2003 |
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Name : |
Mr. Balesh K Jain |
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Designation : |
Director |
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Address : |
A-804, Eledco Apartments, Sector – 4, Vaishali, |
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Date of Appointment : |
11.07.2005 |
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Name : |
Mr. Dinesh Panditrao Pawar |
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Designation : |
Executive director |
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Address : |
12, Ratandeep Co-operative Housing Society, Behind Ashirwad Stop, |
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Date of Birth/Age : |
10.07.1972 |
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Date of Appointment : |
31.08.2007 |
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Name : |
Mr. Glenn Schmidinger |
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Designation : |
Additional Director |
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Address : |
Trelleborg Automotive India private limited, B-190, phase – II, Noida
– 201 305, |
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Date of Birth/Age : |
24.07.1955 |
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Date of Appointment : |
28.03.2007 |
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Name : |
Mr. Denis Alphonse Blanc |
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Designation : |
Director |
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Address : |
Trelleborg Automotive India private limited, B-190, phase – II, Noida
– 201 305, |
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Date of Birth/Age : |
28.01.1949 |
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Date of Appointment : |
25.01.2006 |
KEY EXECUTIVES
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Name : |
Ramakant Pathak and Company |
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Designation : |
Company Secretary |
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Address : |
CR – 228, First Floor, Gali No. 6, C R Road, Lalita Park, Laxmi Nagar,
New Delhi – 110092 |
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Mobile No.: |
91-9871234488 |
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Tel No. : |
91-11-22454699 |
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Email : |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
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Names of Shareholders |
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No. of Shares |
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463500 |
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Trelleborg Holding AB, |
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20 |
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Total |
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463520 |
Equity shares breakup (percentage of total equity)
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Sr. No. |
Category |
Percentage |
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1 |
Foreign holdings (Foreign Institutional investor(s),
Foreign companie(s), foreign Financial institution(s), Non – resident
Indian(s) or Overseas corporate bodies or others |
100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturers of Rubber Bonded Metal Parts |
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Products : |
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Brand Names : |
‘Trelleborg’ |
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Exports : |
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Countries : |
U.A.E. and Damman |
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Imports : |
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Countries : |
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Terms : |
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Selling : |
Credit (Not more than 45 days) terms |
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Purchasing : |
Credit (Not more than 45 days) terms |
GENERAL INFORMATION
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Customers : |
Manufacturers. |
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No. of Employees : |
300 |
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Bankers : |
Ø Hong Kong & Shanghai Banking Corporation, Ø ICICI Bank Limited |
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Banking
Relations : |
Good |
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Auditors : |
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Name : |
· Price Water House and Company Chartered Accountants Address: 47/6, M · Bharat S. Raut & Company Chartered Accountants Address: Gurgaon – 122002, |
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Associates/Subsidiaries : |
Fox Ham 57 NL 9601 LE, |
CAPITAL STRUCTURE
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
|
500000 |
Equity shares |
Rs.10/- each |
Rs.5.000 millions |
Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
|
463520 |
Equity shares |
Rs.10/- each
|
Rs.4.635
millions |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
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SOURCES OF FUNDS |
31.03.2007 |
31.03.2006 |
31.03.2005 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
4.635 |
4.635 |
4.635 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
167.325 |
199.173 |
192.260 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
171.960 |
203.808 |
196.895 |
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LOAN FUNDS |
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1] Secured Loans |
7.368 |
7.609 |
7.884 |
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2] Unsecured Loans |
78.432 |
84.130 |
0.000 |
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TOTAL BORROWING |
85.800 |
91.739 |
7.884 |
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DEFERRED TAX LIABILITIES |
0.000 |
8.220 |
7.481 |
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TOTAL |
257.760 |
303.767 |
212.260 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
121.226 |
111.461 |
113.074 |
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Capital work-in-progress |
1.153 |
23.171 |
4.184 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
72.724 |
75.835 |
55.806 |
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Sundry Debtors |
96.313 |
87.832 |
73.579 |
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Cash & Bank Balances |
35.853 |
36.169 |
37.649 |
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Other Current Assets |
8.516 |
9.100 |
2.599 |
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Loans & Advances |
23.578 |
30.922 |
18.507 |
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Total
Current Assets |
236.984 |
239.858 |
188.140
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
95.096 |
66.684 |
76.112 |
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Provisions |
6.507 |
4.039 |
17.026 |
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Total
Current Liabilities |
101.603 |
70.723 |
93.138
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Net Current Assets |
135.381 |
169.135 |
95.002
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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TOTAL |
257.760 |
303.767 |
212.260 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
31.03.2007 |
31.03.2006 |
31.03.2005 |
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Sales Turnover |
473.080 |
398.929 |
326.695 |
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Services |
9.075 |
2.983 |
0.000 |
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Other Income |
14.479 |
18.830 |
18.085 |
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Total Income |
496.634 |
420.742 |
344.780 |
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Profit/(Loss) Before Tax |
[39.141] |
12.261 |
32.581 |
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Provision for Taxation |
[7.293] |
5.348 |
13.843 |
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Profit/(Loss) After Tax |
[31.848] |
6.913 |
18.738 |
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Earnings in Foreign Currency : |
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Export Earnings |
108.451 |
81.029 |
56.178 |
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Service Earnings |
9.074 |
2.983 |
0.000 |
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Total Earnings |
117.525 |
84.012 |
56.178 |
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Imports : |
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Raw Materials |
5.779 |
4.224 |
8.228 |
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Capital Goods |
0.454 |
0.000 |
3.301 |
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Total Imports |
6.233 |
4.224 |
11.529 |
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Expenditures : |
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Interest |
3.391 |
0.674 |
0.000 |
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Other Expenditure |
532.384 |
407.807 |
312.199 |
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Total Expenditure |
535.775 |
408.481 |
312.199 |
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KEY RATIOS
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PARTICULARS |
|
31.03.2007 |
31.03.2006 |
31.03.2005 |
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PAT / Total Income |
(%) |
[6.41]
|
1.64 |
5.43 |
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Net Profit Margin (PBT/Sales) |
(%) |
[8.27]
|
3.07 |
9.97 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
[10.93]
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3.49 |
10.82 |
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Return on Investment (ROI) (PBT/Networth) |
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[0.23]
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0.06 |
0.17 |
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Debt Equity Ratio (Total Liability/Networth) |
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1.09
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0.80 |
0.51 |
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Current Ratio (Current Asset/Current Liability) |
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2.33
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3.39 |
2.02 |
LOCAL AGENCY FURTHER INFORMATION
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Name of the
company |
Trelleborg Automotive |
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Presented
By |
Trelleborg
Automotive India Private Limited |
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1) Date and
description of instrument creating the change |
Agreement for
overdraft / Cash Credit loan against hypothecation of revolving stocks and other
movable assets and also present and future book debts – 07.03.2001 |
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2) Amount secured
by the charge/amount owing on the securities of charge |
Rs.46.000
millions |
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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 |
All goods
including rubber related products of every description now or hereafter
belonging to the company and wherever stored or kept and all present and
future book debts, claims, moneys receivable, outstanding bills of the
company. All goods
including rubber related products of every description now as hereafter
belonging to the company and wherever stored or kept and whether in the
possession of the company or of the bank or if any third party including all
such goods as may be in course of shipment, transit or delivery and also all
documents of title, negotiable instruments policies of insurance ands other
documents and instrument relating to all such property together with the
benefits of all rights relating there and also all present and future book
debts, claims, outstanding bills, moneys receivable of the company together
with the benefit of all rights relating there to hypothecated by way of first
charge. |
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4) Gist of the
terms and conditions and extent and operation of the charge. |
Advances made to and for agreed to accommodation to the company by way
of overdraft cash credit Loan or Any other banking facilities Rs. 46.000
millions. Repayable on demand Interest @HBP present per annum |
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5) Name and
Address and description of the person entitled to the charge. |
The Address :
Kasturba Gandhi Marg, |
TRADE REFERENCE:
Ø
Ford India Limited,
Ø
Sumi Motherson Innovative Engineering Private
Limited,
Ø
Maruti Udyog Limited,
WEBSITE DETAIL:
Subject is a world-leader in the development and production of polymer-based components and systems used for noise and vibration damping for passenger car and light and heavy trucks.
Trelleborg Automotive comprises two business segments:
Antivibration Systems: noise- and vibration-damping solutions for all vehicle segments, thermoplastic boots for drive shafts and steering applications, pneumatic suspension systems, and brake shims.
Fluid and Acoustic Solutions: engine-cooling, air-supply
and acoustic solutions for cars and trucks.
The head office is located in
Production units are located in Brazil, China, Czech Republic, France, Germany, Italy, India, Poland, Romania, Slovakia, South Korea, Spain, Sweden, Turkey, UK and US.
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources including
but not limited to: The Courts,
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.39.47 |
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|
1 |
Rs.80.59 |
|
Euro |
1 |
Rs.5618 |
SCORE & RATING EXPLANATIONS
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SCORE FACTORS |
RANGE |
POINTS |
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HISTORY |
1~10 |
8 |
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PAID-UP CAPITAL |
1~10 |
8 |
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OPERATING SCALE |
1~10 |
8 |
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FINANCIAL CONDITION |
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--BUSINESS SCALE |
1~10 |
9 |
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--PROFITABILIRY |
1~10 |
7 |
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--LIQUIDITY |
1~10 |
8 |
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--LEVERAGE |
1~10 |
8 |
|
--RESERVES |
1~10 |
8 |
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--CREDIT LINES |
1~10 |
8 |
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--MARGINS |
-5~5 |
--- |
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DEMERIT POINTS |
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--BANK CHARGES |
YES/NO |
YES |
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--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
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MERIT POINTS |
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--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
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--EXPORT ACTIVITIES |
YES/NO |
YES |
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--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
72 |
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 |
|