MIRA
INFORM REPORT
|
Report Date : |
07.04.2011 |
IDENTIFICATION DETAILS
|
Name : |
STUMPP SCHUELE AND SOMAPPA SPRINGS PRIVATE LIMITED (with effect from
01.08.02009) |
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Formerly Known
As : |
Allevard Springs ( |
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Registered
Office : |
139/2, |
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Country : |
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Financials (as
on) : |
31.03.2010 |
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Date of
Incorporation : |
12.08.1996 |
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Com. Reg. No.: |
038742 |
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CIN No.: [Company Identification
No.] |
U29299KA1996PTC038742 |
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TAN No.: [Tax Deduction &
Collection Account No.] |
BLRS28339D |
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Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Manufacturer and Supplier of Stabilizer Bars and all Varieties of
Springs, all type of Automobile Components, Spare Parts and Accessories etc. |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (45) |
|
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 1083000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Usually Correct |
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Litigation : |
Clear |
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Comments : |
Subject is an established company having satisfactory track. The
company had done good business in its very first year of operation. Trade Relations
are reported as fair. Business is active. Payments are reported to be usually
correct. 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) |
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|
A1 |
A1 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
LOCATIONS
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Registered Office : |
139/2, |
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Tel. No.: |
91 80 25532335 (8 lines) / 40707400 / 25532858 |
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Fax No.: |
91 80 25530622 /
25532379 |
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E-Mail : |
ravi@ssssprings.com (International
Sales – Ravi Machani) amarbabu@ssssprings.com
(Domestic Sales – Amar Babu) |
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Website : |
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Regional Offices : |
Located at : Pune : 91-20-5898956 / 656 Chennai : 91-4426810028 / 0727 Kolkata : 91-33-4222265 Tel. No. : 91 124
2210821/820 |
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Sales Office : |
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Tel. No.: |
+1 (248) 4123367 |
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Fax No.: |
+1 (248) 2645000 |
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E-Mail : |
DIRECTORS
As on 30.09.2010
|
Name : |
Mr. Ramanna Gangadhar Machani |
|
Designation : |
Director |
|
Address : |
M. G. Brothers Automobiles Private Limited, Dargamitta, |
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Date of Birth/Age : |
18.09.1958 |
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Date of Appointment : |
04.06.2009 |
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DIN : |
00267779 |
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Name : |
Mr. Ramesh Ramanna Machani |
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Designation : |
Whole-time Director |
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Address : |
No.456, Kothanur Cross, |
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Date of Birth/Age : |
15.03.1946 |
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Date of Appointment : |
12.08.1996 |
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DIN : |
00319941 |
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Name : |
Mr. Satish Ramesh Machani |
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Designation : |
Managing Director |
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Address : |
No.456, Kothanur Cross, |
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Date of Birth/Age : |
01.10.1971 |
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Date of Appointment : |
04.06.2009 |
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DIN : |
00320532 |
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Name : |
Mr. |
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Designation : |
Whole-time Director |
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Address : |
No.456, Kothanur Cross, |
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Date of Birth/Age : |
08.08.1973 |
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Date of Appointment : |
04.06.2009 |
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DIN : |
00320603 |
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Name : |
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Designation : |
Director |
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Address : |
7C, Sukhi Apartments, |
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Date of Birth/Age : |
28.05.1945 |
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Date of Appointment : |
12.08.1996 |
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DIN : |
00471801 |
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Name : |
Mr. Machani Ramanna Ganganna |
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Designation : |
Director |
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Address : |
1/1400, HSB Colony, Yemmiganur, 518360, Andhra Pradesh |
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Date of Birth/Age : |
03.02.1944 |
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Date of Appointment : |
04.06.2009 |
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DIN : |
02063513 |
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Name : |
Mrs. Deepa Anil Kumar |
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Designation : |
Director |
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Address : |
No.456, Kothanur Cross, |
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Date of Birth/Age : |
03.03.1976 |
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Date of Appointment : |
06.09.2010 |
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DIN : |
02741980 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 30.09.2010
|
Names of Shareholders |
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No. of Shares |
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Stumpp Schuele And Somappa Springs Private Limited |
|
3009990 |
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Mr. M R Ramesh |
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10 |
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Total |
|
3010000 |
As on 30.09.2010
|
Category |
Percentage |
|
|
|
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Bodies corporate |
99.99 |
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Directors or relatives of Directors |
0.01 |
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Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer and Supplier of Stabilizer Bars and all Varieties of
Springs, all type of Automobile Components, Spare Parts and Accessories etc. |
PRODUCTION STATUS AS ON (31.03.2010)
|
Particulars |
Unit |
Installed
Capacity |
Actual
Production |
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Springs |
Tonnes |
14000 |
9967 |
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GENERAL INFORMATION
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Bankers : |
-- |
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Facilities : |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
Brahmayya and Company Chartered Accountant |
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Address : |
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PAN No.: |
AAASB9147R |
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Holding Company : |
Stumpp Schuele And Somappa Private Limited CIN : U31901KA1960PTC001378 |
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Fellow Subsidiary : |
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CAPITAL STRUCTURE
As on 30.09.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
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|
|
|
|
7,500,000 |
Equity Shares |
Rs.10/-each |
Rs.75.000 millions |
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Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
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|
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|
3,010,000 |
Equity Shares |
Rs.10/-each |
Rs.30.100 millions |
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FINANCIAL DATA
[all figures are in
Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
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|
SHAREHOLDERS FUNDS |
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1] Share Capital |
30.100 |
0.100 |
0.100 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
240.856 |
0.000 |
0.000 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
270.956 |
0.100 |
0.100 |
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LOAN FUNDS |
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|
1] Secured Loans |
608.774 |
0.000 |
0.000 |
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2] Unsecured Loans |
168.729 |
0.000 |
0.000 |
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TOTAL BORROWING |
777.503 |
0.000 |
0.000 |
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DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
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TOTAL |
1048.459 |
0.100 |
0.100 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
327.509 |
0.000 |
0.000 |
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Capital work-in-progress |
15.089 |
0.000 |
0.000 |
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INVESTMENT |
0.000 |
0.000 |
0.000 |
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DEFERREX TAX ASSETS |
5.614 |
0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
294.949
|
0.000 |
0.000 |
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Sundry Debtors |
395.647
|
0.000 |
0.000 |
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Cash & Bank Balances |
89.507
|
0.110 |
0.100 |
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Other Current Assets |
0.000
|
0.000 |
0.000 |
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Loans & Advances |
250.775
|
0.000 |
0.000 |
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Total
Current Assets |
1030.878
|
0.110 |
0.100 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Sundry Creditors |
223.022
|
0.579 |
0.479 |
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Other Current Liabilities |
62.888
|
0.000 |
0.000 |
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Provisions |
44.721
|
0.000 |
0.000 |
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Total
Current Liabilities |
330.631
|
0.579 |
0.479 |
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Net Current Assets |
700.247
|
(0.469) |
(0.379) |
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MISCELLANEOUS EXPENSES |
0.000 |
0.569 |
0.479 |
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TOTAL |
1048.459 |
0.100 |
0.100 |
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PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
|
|
31.03.2010 |
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INCOME |
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|
1410.792 |
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PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION |
|
|
201.831 |
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|
Less |
FINANCIAL
EXPENSES |
|
|
66.297 |
|
|
|
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PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION |
|
|
135.534 |
|
|
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Less/ Add |
DEPRECIATION/
AMORTISATION |
|
|
54.533 |
|
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PROFIT BEFORE
TAX |
|
|
81.001 |
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Less |
TAX |
|
|
18.524 |
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PROFIT AFTER TAX |
|
|
62.477 |
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BALANCE CARRIED
TO THE B/S |
|
|
62.477 |
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EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Export on FOB Basis |
|
|
21.542 |
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TOTAL EARNINGS |
|
|
21.542 |
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|
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IMPORTS |
|
|
|
|
|
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Raw Materials |
|
|
272.876 |
|
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Capital Goods |
|
|
20.357 |
|
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TOTAL IMPORTS |
|
|
293.233 |
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|
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|
Earnings Per
Share (Rs.) |
|
|
29.79 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
PAT / Total Income |
(%) |
4.43
|
NA |
NA |
|
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|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
5.96
|
NA |
NA |
|
|
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|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.30
|
NA |
NA |
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|
Debt Equity Ratio (Total Liability/Networth) |
|
4.09
|
5.79 |
4.79 |
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|
Current Ratio (Current Asset/Current Liability) |
|
3.12
|
0.19 |
0.21 |
LOCAL AGENCY FURTHER INFORMATION
Note : The company has
started its commercial operations from 01.04.2010
PERFORMANCE :
The company has made a turnover of Rs.1410.792 millions and net profit of
Rs.81.001 millions for the 8 months ended 31.03.2010. being the first year of
springs business under the new company there is no corresponding performance
indicated for the previous year.
FUTURE OUTLOOK :
The year 2010-2011, the directors foresee optimism in the economy owning
to the stimulus package the government introduced to tide over recessionary
conditions last year which as on date continues. The company is expected to
grow at around 8.5% during the coming year and the auto industry in particular
is expected to grow between 12 to 14%. The company is well poised to meet the
challenge.
DESCRIPTION OF
BUSINESS :
Subject (originally incorporated on 12.08.1996 as Allevard Springs
(India) Private Limited) to carry on the business of manufacturers and supply
of Stabilizer bars and all varieties of Springs, all type of automobile
components, spare parts and accessories etc.
During the year 2009-10 the company entered into a Business Transfer
Agreement with Stumpp, Schuele and Somappa Private Limited, the parent company,
to purchase its springs division with effect from 01.08.02009
CONTINGENT
LIABILITIES :
(Rs.in million)
|
Particulars |
As on 31.03.2010 |
|
Counter Guarantee given by banks and outstanding |
11.468 |
|
Letter of credits issued by bankers and outstanding |
181.643 |
|
Capital Commitments Estimated Value of contracts remaining to be
executed on capital account not provided for (net of advance) |
3.489 |
|
Total |
196.600 |
FIXED ASSETS :
- Plant and
Machinery
- Computers
- Electrical Installations
- Furniture and Fixture
- Vehicles
- Know-how
ASPER WEBSITE
PROFILE :
Subject are a part of the MG Brothers Group, a 60 year old enterprise which has various businesses such as Transportation, Auto Dealerships, Agriculture and Real Estate to name a few.
With a capacity to convert 15,000 tons of steel into springs each year;
Stumpp, Schuele and Somappa is the "Number 1" spring maker of high
quality springs in
SSS has the capability of manufacturing 0.15mm wire diameter to 26mm wire diameter, for the automotive and various other industries the world over and with 12 plants manufacturing more than 4,000 varieties of springs, they have in their fold over 600 skilled professionals who are committed to quality and excellence.
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.44.20 |
|
|
1 |
Rs.72.24 |
|
Euro |
1 |
Rs.63.09 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
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 |
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 |
|
|
|
--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 |
|
45 |
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 |
- |
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.