MIRA
INFORM REPORT
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Report Date : |
22.04.2008 |
IDENTIFICATION
DETAILS
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Name : |
RINDER INDIA PRIVATE LIMITED |
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Formerly Known As : |
HALOGEN AUTO AND ELECTRICAL INDUSTRIES PRIVATE LIMITED |
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Registered Office : |
Gat No.148-A, Mahalunge Ingale, Chakan - Talegaon Road, Taluka Khed,
District Pune – 401501, Maharashtra, India |
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Country : |
India |
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Financials (as on) : |
31.12.2006 |
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Date of Incorporation : |
18.01.1988 |
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Com. Reg. No.: |
11-45915 |
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CIN No.: [Company
Identification No.] |
U31506PN1988PTC045915 |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Manufacturing, Repairing and Dealing in Automobile Electrical Components and Accessories such as Head Lamps, Tail Lamps, Direction Indicator Lamps, Parking Lamps, Fog Lamps, Spot Lamps, Indicator Lamps, Parking Lamps, Flasher Units, Horns, Horn Relays, Switches, Wiring Harness Connectors Terminals, Couplers, Bulbs, Fuse Carriers, Fuse Lens, etc. |
RATING &
COMMENTS
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MIRA’s 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 1335724 |
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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 member company of Rinder, Spain. Available information indicates high financial responsibility of the company. Financial position is good. Trade relations are fair. Payments are correct and as per commitments. The company can be considered good for normal business dealings at usual trade terms and conditions. It can be regarded as a promising business partner in a medium to long-run. |
LOCATIONS
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Registered Office : |
Gat No.148-A, Mahalunge Ingale, Chakan - Talegaon Road, Taluka Khed, District
Pune – 401501, Maharashtra, India |
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Tel. No.: |
91-20-30616100 |
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Fax No.: |
91-20-30616161/62 |
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E-Mail : |
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Website : |
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Corporate Office : |
Plot No. 74-74A, F-II Block, MIDC, Pimpri, Pune - 411018, Maharashtra, India. |
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Tel. No.: |
91-20-56114461/ 27470481/ 27472508 |
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Fax No.: |
91-20-27472435 |
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E-Mail : |
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Website : |
DIRECTORS
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Name : |
Mr. Echevarria Fernando |
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Designation : |
Director |
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Address : |
Particular Del Club, 4-5, Fi Lasarenas, Gucho – 48930, Vizcaya, Spain |
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Date of Birth/Age : |
07.03.1958 |
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Date of Appointment : |
23.01.1998 |
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Name : |
Mr. Carlos Marzana |
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Designation : |
Director |
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Address : |
Iparraguirre 18-3, Guernica – 48300, Vizcaya, Spain |
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Date of Birth/Age : |
10.10.1959 |
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Date of Appointment : |
23.01.1998 |
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Name : |
Mr. Rafael Azcarreta Goikolea |
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Designation : |
Director |
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Address : |
C/ Iparraguirre, 18-4, Guernica – 48300, Vizcaya, Spain |
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Date of Birth/Age : |
24.11.1954 |
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Date of Appointment : |
24.06.2002 |
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Name : |
Ms. Maria Concepcion Marzana Aguirregomezcorta |
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Designation : |
Director |
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Address : |
Industrial Kalea, 1-6, Guernica – 48300, Spain |
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Date of Birth/Age : |
08.12.1947 |
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Date of Appointment : |
24.06.2002 |
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Name : |
Mr. Antonio Basterrechea Palacios |
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Designation : |
Director |
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Address : |
Industrial Kalea, 1-6, Guernica – 48300, Spain |
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Date of Birth/Age : |
16.05.1947 |
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Date of Appointment : |
24.06.2002 |
KEY EXECUTIVES
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Name : |
Mr. R V Pore |
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Designation : |
Company Secretary |
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Address : |
214, Mahadkar Chambers, Karve Road, Kothrud, Pune – 411038,
Maharashtra, India |
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Tel No.: |
91-20-25460505 |
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Email : |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
(As on 05.05.2006)
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Names of Shareholders |
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No. of Shares |
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Rinder Industries SA, Spain |
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84986 |
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Marzana Carlos, Spain |
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10 |
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Total |
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84996 |
(As on 31.12.2006)
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Category |
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Percentage |
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Foreign Holding (FIIs, FCs, FFIs, NRIs, OCB or Others) |
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100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturing, Repairing and Dealing in Automobile Electrical Components and Accessories such as Head Lamps, Tail Lamps, Direction Indicator Lamps, Parking Lamps, Fog Lamps, Spot Lamps, Indicator Lamps, Parking Lamps, Flasher Units, Horns, Horn Relays, Switches, Wiring Harness Connectors Terminals, Couplers, Bulbs, Fuse Carriers, Fuse Lens, etc. |
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Products : |
· Automobile Electrical Components · Head Lamps · Tail Lamps · Direction Indicator Lamps · Parking Lamps · Fog Lamps · Spot Lamps · Indicator Lamps · Parking Lamps · Flasher Units · Horns · Horn Relays · Switches · Wiring Harness Connectors Terminals · Couplers · Bulbs · Fuse Carriers · Fuse
Lens |
PRODUCTION STATUS
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Particulars |
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Actual
Production |
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Auto Components |
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90189 Nos. |
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GENERAL
INFORMATION
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No. of Employees : |
200 |
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Bankers : |
· CITI Bank 2413, Kumar Capital, East Street, Pune – 411001, Maharashtra, India |
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Facilities : |
Outstanding Limit as on 31.12.2003: Term Loan – Rs. 11.748 millions Sanctioned Limit as on 1.11.2004: Term Loan – Rs. 17.500 millions |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
Suresh Surana and Associates Chartered Accountants |
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Address : |
5th Floor, Khetan Bhavan, 198 J T Road, Churchgate, Mumbai – 400020, Maharashtra, India |
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Tel. No.: |
91-22-22003553 |
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Fax No.: |
91-22-22086042 |
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E-Mail : |
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Website : |
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Holding Company : |
Rinder Industrial
SA Paseo Carlos, Gangoiti, 71, Apartado de Correos 16, Guernica - 48300, Spain |
CAPITAL STRUCTURE
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
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100000 |
Equity Shares |
Rs.100/- each |
Rs.10.000 millions |
Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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84996 |
Equity Shares |
Rs.100/- each |
Rs.8.500 millions |
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FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
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SOURCES OF FUNDS |
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31.12.2006 |
31.12.2005 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
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8.500 |
8.500 |
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2] Share Application Money |
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0.000 |
0.000 |
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3] Reserves & Surplus |
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325.431 |
236.533 |
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4] (Accumulated Losses) |
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0.000 |
0.000 |
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NETWORTH |
|
333.931 |
245.033 |
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LOAN FUNDS |
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1] Secured Loans |
|
4.946 |
9.515 |
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2] Unsecured Loans |
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8.870 |
16.022 |
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TOTAL BORROWING |
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13.816 |
25.537 |
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DEFERRED TAX LIABILITIES |
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0.198 |
2.723 |
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TOTAL |
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347.945 |
273.293 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
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202.609 |
148.642 |
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Capital work-in-progress |
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5.298 |
22.402 |
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INVESTMENT |
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0.000 |
0.000 |
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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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59.862 |
40.216 |
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Sundry Debtors |
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153.181 |
131.267 |
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Cash & Bank Balances |
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89.508 |
32.838 |
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Other Current Assets |
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0.331 |
0.124 |
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Loans & Advances |
|
145.656 |
65.552 |
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Total
Current Assets |
|
448.538 |
269.997 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
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117.892 |
107.341 |
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Provisions |
|
190.608 |
60.407 |
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Total
Current Liabilities |
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308.500 |
167.748 |
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Net Current Assets |
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140.038 |
102.249 |
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MISCELLANEOUS EXPENSES |
|
0.000 |
0.000 |
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TOTAL |
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347.945 |
273.293 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
31.12.2006 |
31.12.2005 |
31.12.2004 |
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Sales Turnover |
1016.639 |
706.116 |
428.521 |
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Other Income |
9.974 |
5.560 |
7.938 |
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Total Income |
1026.613 |
711.676 |
436.459 |
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Profit/(Loss) Before Tax |
236.708 |
132.851 |
49.669 |
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Provision for Taxation |
76.566 |
44.997 |
18.218 |
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Profit/(Loss) After Tax |
157.142 |
87.854 |
31.451 |
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Export Value |
12.331 |
8.637 |
11.753 |
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Imports : |
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Raw Materials |
98.286 |
24.535 |
0.000 |
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Components |
8.560 |
11.389 |
0.000 |
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Capital Goods |
38.795 |
1.797 |
0.000 |
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Others |
0.000 |
0.000 |
0.000 |
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Total Imports |
145.641 |
37.721 |
0.000 |
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Expenditures : |
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Raw Material Consumed |
|
438.999 |
277.721 |
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Salaries, Wages, Bonus, etc. |
|
42.387 |
32.355 |
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Payment to Auditors |
|
0.359 |
0.276 |
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Interest |
789.905 |
2.166 |
2.357 |
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Insurance Expenses |
|
0.951 |
0.932 |
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Depreciation & Amortization |
|
93.963 |
73.149 |
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Other Expenditure |
|
0.000 |
0.000 |
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Total Expenditure |
789.905 |
578.825 |
386.790 |
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KEY RATIOS
|
PARTICULARS |
|
31.12.2006 |
31.12.2005 |
31.12.2004 |
|
PAT / Total Income |
(%) |
15.31
|
12.34 |
7.21 |
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Net Profit Margin (PBT/Sales) |
(%) |
23.28
|
18.81 |
11.59 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
50.24
|
31.73 |
NA |
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Return on Investment (ROI) (PBT/Networth) |
|
0.71
|
0.54 |
NA |
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Debt Equity Ratio (Total Liability/Networth) |
|
0.96
|
0.79 |
NA |
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Current Ratio (Current Asset/Current Liability) |
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1.45
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1.61 |
NA |
LOCAL AGENCY
FURTHER INFORMATION
Form 8:
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Name of the company |
RINDER INDIA PRIVATE LIMITED |
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Presented By |
Mr. Sagar
Kulkarni |
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1) Date and description of instrument creating the change |
Goods security
Agreement dated 3rd March, 2004 Executed by M/s
Rinder India Private Limited (Hereinafter referred to as “the company) in
favour of CITI Bank NA. (therein and
hereinafter referred to as “the lender”) |
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2) Amount secured by the charge/amount owing on the securities of charge |
Total Funded
Facilities upto Rs.19.600 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 |
Hypothecation of all
current assets both present and future of the company |
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4) Gist of the terms and conditions and extent and operation of the charge. |
In consideration
of the lender having agreed to end advance to the company, said facilities under
the said agreement and declaration by the company, inter alia, as follows: Covenant by the
company to repay the facilities at above and pay interests all the other
monies manner set out in the said agreement between the company and the
lender and to the company with the terms and conditions of the said
agreement. The said current
assets hypothecation to the lender as and by way of first exclusive charge,
as security for and be charges with the repayment of the loan with all
interests, liquidated damage, premia on prepayment or on redemption, costs,
charge and other expenses payable by the company to the lender in respect
thereof. The companies to
keep the said assets in marketable and good conditions and also insured as
provided therein. Power of entry
power to take charge and or possession of seize, recover, receive, appoint
and sell, contract, dispatch for realization or otherwise dispose of ar deal
with all or any part of the said assets etc. as provided therein. |
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5) Name and Address and description of the person entitled to the charge. |
CITI Bank NA 2413, Kumar
Capital, East Street, Pune – 411001, Maharashtra, India |
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6) Date and brief description of instrument modifying the charge |
Deed of
modification dated 22.07.2005 Relating to enhanced
in credit facilities |
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7) Particulars of modifications already registered/ filed in the office of the registrar of the companies. |
Deed of
modification dated 1st November, 2004 |
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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. |
The original
charge was created on 3rd March, 2004 for securing of Rs.19.600
Millions further modified on 1st November, 2004, of Rs.25.000 Millions
hypothecation by way of first exclusive charge on stock and book debts
forming part of current assets both present and future. The Bank has now
extended additional facilities to the company and made a new deed of
modification for Rs.35.000 Millions which is an increase of Rs.10.000
Millions against the said current assets (including stock and debtors)
Hypothecated by way of first exclusive charge to the lender both present and
future. Other terms and
conditions will remain same as per original goods security agreement. |
History:
Subject was incorporated on 18th January, 1988 at Pune in Maharashtra under the name and style of Halogen Auto & Electrical Industries Private Limited having Company Registration Number 45915.
Subsequently, the name of the company was changed to Fiem Rinder Private Limited. Again with effect from 24th June, 1998 the name of the company was changed to present.
Rinder Industrial SA raised their holding to 100%. The company is now a 100% subsidiary of Rinder Industrial SA, Spain. The directors of J K Jain Group have resigned.
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.39.89 |
|
UK Pound |
1 |
Rs.79.65 |
|
Euro |
1 |
Rs.63.06 |
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 |
6 |
|
--LEVERAGE |
1~10 |
6 |
|
--RESERVES |
1~10 |
6 |
|
--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 |
|
54 |
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. |
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 |
|