MIRA INFORM REPORT

 

 

Report Date :

05.04.2011

 

NOTE : Given Address of the company could not be confirmed.

 

IDENTIFICATION DETAILS

 

Name :

GKN SINTER METALS PRIVATE LIMITED (w.e.f. 04.06.2009)

 

 

Formerly Known As :

GKN SINTER METALS LIMITED

 

 

Registered Office :

146, Mumbai- Pune Road, Pimpri, Pune - 411018, Maharashtra, India

 

 

Country :

India

 

 

Financials (as on) :

31.03.2009

 

 

Date of Incorporation :

06.05.1960

 

 

Com. Reg. No.:

11-11676

 

 

CIN No.:

[Company Identification No.]

U99999MH1960PLC011676 / U29130PN1960PLC018827

 

 

TAN No.:

[Tax Deduction & Collection Account No.]

PNEM00089F

 

 

PAN No.:

[Permanent Account No.]

AAACM4432H

 

 

Legal Form :

Subject is a closely held public limited liability company. 

 

 

Line of Business :

Manufacturer of Automobile Giant like Sintered Bearings and Parts, Sintered Automotive Components, Sintered Filters, Metal Powders, Tools etc.

 

 

RATING & COMMENTS

 

MIRA’s Rating :

Ba (48)

 

RATING

STATUS

PROPOSED CREDIT LINE

41-55

Ba

Overall operation is considered normal. Capable to meet normal commitments.

Satisfactory

 

Maximum Credit Limit :

USD 3500000

 

 

Status :

Satisfactory

 

 

Payment Behaviour :

Usually Correct

 

 

Litigation :

Clear

 

 

Comments :

Subject is a part of GKN Sinter Group. It is a well established and reputed company having satisfactory track. There appears some losses being incurred by company continuously in two years. However, net worth appears to be satisfactory trade relations are fair. Business is active. Payments are reported to be usually correct and as per commitments.

 

The company can be considered normal for business dealings at usual trade terms and conditions. 

 

NOTES :

Any query related to this report can be made on e-mail : infodept@mirainform.com while quoting report number, name and date.

 

 

ECGC Country Risk Classification List – April 1, 2010

 

Country Name

Previous Rating

(31.12.2009)

Current Rating

(01.04.2010)

India

A1

A1

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low

 

A2

Moderate

 

B1

High

 

B2

Very High

 

C1

Restricted

 

C2

Off-credit

 

D

 

 

LOCATIONS

 

Registered Office /

Factory / Sales and Administrative Office :

146, Mumbai- Pune Road, Pimpri, Pune - 411018, Maharashtra, INDIA

Tel. No.:

91-20-27426261

Fax No.:

91-20-27426274

E-Mail :

gkn.pimpri@gknsintermetals.com

Website :

http://www.gknsintermetals.com  

 

 

Factory :

C-18, MIDC, Industrial Area, Ahmednagar – 414111, Maharashtra, India

 

 

DIRECTORS

 

As on : 30.09.2009

 

Name :

Hemant Nighojkar

Designation :

Flat - P11303, Oxford Premium, Oxford Village, Wanowrie, Pune -41 1040

Address :

Managing Director

Date of Birth/Age :

05/05/2008

 

 

Name :

Dayasagar Gurudittaram Mrig

Designation :

Director

Address :

B-2, Devlink Apartment, Link Road, Chinchwad, Pune -41 1033

Date of Birth/Age :

11/05/2007

 

 

Name :

Peter Moelgg

Designation :

Director

Address :

Via Peinten, Brunico Bruneck,

Date of Birth/Age :

05/09/2008

 

 

Name :

Doug Mcildowie

Designation :

Director

Address :

Doug Mcildowie

Date of Birth/Age :

19/09/2006

 

 

Name :

Vishwanathan Ramaswamy

Designation :

Secretary

Address :

F/40, Shriram Nagar,

Date of Birth/Age :

05/05/2008

 

 

Name :

David John Lodge

Designation :

Director

Address :

22, Station Road, Barton Under Needwood, Staffordshire , DE138Dr

Date of Birth/Age :

19/06/2009

Date of Appointment :

25/07/2007

 

 

Name :

Chhay Sak Bun

Designation :

Director

Address :

9, Welcombe Court, Vincent Avenue,Stratford Upon Avon,

Date of Birth/Age :

23/06/2009

Date of Appointment :

05/09/2008

 

 

 

 

MAJOR SHAREHOLDERS

 

As on : 30.09.2009

 

Names of Shareholders

 

No. of Shares

GKN Sinter Metal Holding Limited, England 

 

2255842

GKN Sinter Metal Holding Limited and GKN International Trading Holding Limited, England

 

1

GKN Sinter Metal Holding Limited and GKN United Kingdom PLC, England

 

1

 

 

 

Total

 

2255844

 

As on : 30.09.2009

 

Category

Percentage

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

 

 

Total

100.00

 

 

BUSINESS DETAILS

 

Line of Business :

Manufacturer of Automobile Giant like Sintered Bearings & Parts, Sintered Automotive Components, Sintered Filters, Metal Powders, Tools etc.

 

 

Products :

Item Code No. (ITC Code)

Product Description

848300000

Sintered Bushes

870800000

Sintered Parts-Motor Vehicle

740610000

Copper Powder

 

PRODUCTION STATUS (AS ON 31.03.2009)

 

Particulars

Unit

Installed Capacity (in ‘000)

Production

(in ‘000)

Sintered Bearings and Parts

Pcs.

325000

229228**

Sintered Automotive Components

Kgs.

2000

 

Metal Powders

Kgs.

2160

647

Tools

Pcs.

20

8

 

Note : 

** After adjustment of obsolete finished goods written off.

 

GENERAL INFORMATION

 

No. of Employees :

2000 (Approximately)

 

 

Bankers :

Ř       Canara Bank, Hadapsar Branch, Pune - 411 018, Maharashtra, INDIA

Ř       Union Bank of India

Ř       UCO Bank

Ř       ICICI Bank Limited

 

 

Facilities :

Particulars

31.03.2009

(Rs. In Millions )

31.03.2008

(Rs. In Millions )

Secured Loans

 

 

Short Term Loan from Bank (secured against fixed deposits )

(repayable within one year)

0.000

45.000

Unsecured Loans

Short term Loan from Bank

(repayable within one year Rs. 70.000 millions)

70.000

50.000

Loan from others

(Repayable within one year Rs. 60.000 millions)

60.000

0.000

Total

130.000

95.000

 

 

 

Banking Relations :

Good

 

 

Auditors :

 

Name :

Price Waterhouse and Company

Chartered Accountants

Address :

252, Veer Sawakar Marg, Shivaji Park, Mumbai – 400028, Maharashtra, India

 

 

Associates/Subsidiaries :

Ř       GKN Sinter Metals Inc. USA

Ř       GKN Sinter Metals GmbH, Germany

Ř       Hoeganaes Corporation, USA

Ř       Hoeganaes Europe S.A. / SC Dual Iron powder

Ř       GKN Sinter Metals AB, Sweden

Ř       GKN Group Services Limited, Redditch, Great Britain

Ř       GKN Sinter Metals Limited, Litchfield, England

Ř       GKN Sinter Metals Brazil –

Ř       GKN Drivellne, India

Ř       GKN Sinter Metals, Bonn

Ř       GKN Sinter Metals SPA, Italy

Ř       CKN Sinter Metals, Bad Bruckenau

Ř       GKN Height Senrices, England

Ř       GKN Sinter Metals Limited, St. Thomas, Canada

Ř       GKN Sinter Metals Engg., Redevormald

Ř       GKN Sinter Metals Filters GmbH

Ř       GKN SMI APSA Corporation

Ř       GKN Drivellne (Thailand) Limited

 

 

Parent Company :

Ř       GKN Sinter Metals Holdings Limited

Ř       GKN Sinter Metals Holdings Limited, UK (the Holding Company)

 

 

CAPITAL STRUCTURE

 

As on : 31.03.2009

 

Authorised Capital :

No. of Shares

Type

Value

Amount

 

 

 

 

3,000,000

Equity Shares

Rs. 10/- each

Rs. 30.000 millions

 

 

 

 

 

Issued, Subscribed & Paid-up Capital :

No. of Shares

Type

Value

Amount

 

 

 

 

2,255,844

Equity Shares

Rs. 10/- each

Rs. 22.558 millions

 

 

 

 

 

Note :

 

Of the above

 

  1. 105728 (Previous Period 105728) equity shares of Rs.10 each were allotted as fully paid pursuant to a contract without payment having been received in cash.
  2. 1896959 (previous Period 1896959) equity shares of Rs.10 each were allotted as fully paid bonus shares by capitalization of reserves.
  3. 2255844 (previous period 2255844) equity shares of Rs.10 each are held by GKN Sinter Metals Holdings Limited, UK, the holding company and its nominees.

 

FINANCIAL DATA

[all figures are in Rupees Millions]

 

ABRIDGED BALANCE SHEET

 

SOURCES OF FUNDS

 

31.03.2009

(12 Months)

31.03.2008

(15 Months)

31.12.2006

SHAREHOLDERS FUNDS

 

 

 

1] Share Capital

22.558

22.558

22.558

2] Share Application Money

0.000

0.000

0.000

3] Reserves & Surplus

850.302

967.343

1119.730

4] (Accumulated Losses)

0.000

0.000

0.000

NETWORTH

872.860

989.901

1142.288

LOAN FUNDS

 

 

 

1] Secured Loans

0.000

45.000

0.000

2] Unsecured Loans

130.000

50.000

0.000

TOTAL BORROWING

130.000

95.000

0.000

DEFERRED TAX LIABILITIES

0.000

0.000

7.500

 

 

 

 

TOTAL

1002.860

1084.901

1149.788

 

 

 

 

APPLICATION OF FUNDS

 

 

 

 

 

 

 

FIXED ASSETS [Net Block]

661.805

729.599

623.059

Capital work-in-progress

104.854

54.481

85.360

 

 

 

 

INVESTMENT

0.000

0.000

0.000

DEFERREX TAX ASSETS

0.000

27.407

0.000

 

 

 

 

CURRENT ASSETS, LOANS & ADVANCES

 

 

 

 

Inventories
221.084

311.052

282.043

 

Sundry Debtors
394.197

427.532

432.357

 

Cash & Bank Balances
119.845

148.884

260.184

 

Other Current Assets
0.216

4.389

6.231

 

Loans & Advances
142.257

138.934

68.637

Total Current Assets
877.599

1030.791

1049.452

Less : CURRENT LIABILITIES & PROVISIONS
 

 

 

 

Other Current Liabilities
589.378

717.242

571.932

 

Provisions
52.020

40.135

36.151

Total Current Liabilities
641.398

757.377

608.083

Net Current Assets
236.201

273.414

441.369

 

 

 

 

MISCELLANEOUS EXPENSES

0.000

0.000

0.000

 

 

 

 

TOTAL

1002.860

1084.901

1149.788

PROFIT & LOSS ACCOUNT

 

 

PARTICULARS

31.03.2009

(12 Months)

31.03.2008

(15 Months)

31.12.2006

 

SALES

 

 

 

 

 

Income

2020.400

2674.800

1435.592

 

 

Other Income

68.200

55.400

27.485

 

 

TOTAL                                     (A)

2088.600

2730.200

1463.077

 

 

 

 

 

Less

EXPENSES

 

 

 

 

 

Office Expenses

 

 

 

Administrative Expenses

2023.900

2741.100

1312.375

 

 

Advertising Expenses

 

 

 

 

 

TOTAL                                     (B)

2023.900

2741.100

1312.375

 

 

 

 

 

Less

PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B)      (C)

64.700

(10.900)

105.702

 

 

 

 

 

Less

FINANCIAL EXPENSES                         (D)

44.400

42.900

5.087

 

 

 

 

 

 

PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D)                                       (E)

20.300

(53.800)

145.615

 

 

 

 

 

Less/ Add

DEPRECIATION/ AMORTISATION                     (F)

106.900

126.800

60.901

 

 

 

 

 

 

PROFIT BEFORE TAX (E-F)                               (G)

(86.600)

(180.600)

84.714

 

 

 

 

 

Less

TAX                                                                  (I)

30.400

30.300

41.176

 

 

 

 

 

 

PROFIT AFTER TAX (G-I)                                  (J)

(117.000)

(150.300)

43.538

 

 

 

 

 

 

Earnings Per Share (Rs.)

51.86

66.62

19.30

 

KEY RATIOS

 

PARTICULARS

 

 

31.03.2009

(12 Months)

31.03.2008

(15 Months)

31.12.2006

PAT / Total Income

(%)
(5.60)

(5.50)

2.97

 

 
 

 

 

Net Profit Margin

(PBT/Sales)

(%)
(4.28)

(6.75)

5.90

 

 
 

 

 

Return on Total Assets

(PBT/Total Assets}

(%)
(5.70)

(10.25)

5.06

 

 
 

 

 

Return on Investment (ROI)

(PBT/Networth)

 
(0.09)

(0.18)

0.07

 

 
 

 

 

Debt Equity Ratio

(Total Liability/Networth)

 
0.88

0.86

0.53

 

 
 

 

 

Current Ratio

(Current Asset/Current Liability)

 
1.36

1.36

1.72

 

 

 

LOCAL AGENCY FURTHER INFORMATION

 

RESULTS OF OPERATIONS :

 

Turnover of the company has decreased by 5% (annualized) to Rs. 2020.400 millions for the yearn ended March 31, 2009 as compared to Rs. 2674.800 Millions for 15 months period ended March 31, 2008. The export turnover of the Company during the year ended March 31, 2009 has reduced considerably to Rs. 228.100 millions as compared to 15 months period ended March 31, 2008 of Rs. 497.000 millions. The decrease In turnover is mainly on account of global slowdown. The decrease in turnover has impacted the profitability of the Company. The Company is taking ail the necessary steps to improve the turnover and the profitability.

 

Fixed Assets :

 

  • Freehold land
  • Buildings
  • Leasehold land 
  • Roadways
  • Plant and Machinery
  • Electrical Installations
  • Computers and Laptops
  • Laboratory Equipments
  • Furniture and Fixtures
  • Motor Vehicle 

 

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. 44.65

UK Pound

1

Rs. 71.92

Euro

1

Rs. 63.24

 

 

 

 

SCORE & RATING EXPLANATIONS

 

SCORE FACTORS

 

RANGE

POINTS

HISTORY

1~10

6

PAID-UP CAPITAL

1~10

6

OPERATING SCALE

1~10

5

FINANCIAL CONDITION

 

 

--BUSINESS SCALE

1~10

5

--PROFITABILIRY

1~10

5

--LIQUIDITY

1~10

5

--LEVERAGE

1~10

5

--RESERVES

1~10

6

--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

 

 

--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

 

48

 

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

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

-

NB

                                       New Business

-

 

 

 

 

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

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.