MIRA
INFORM REPORT
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Report Date : |
28.04.2011 |
IDENTIFICATION DETAILS
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Name : |
VICTOR REINZ INDIA PRIVATE LIMITED |
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Registered
Office : |
Plot No.A-20, Navlakh Umbre, Talegaon MIDC, Taluka Maval, Pune – 410
506, |
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Country : |
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Financials (as
on) : |
31.12.2009 |
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Date of
Incorporation : |
13.05.2004 |
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Com. Reg. No.: |
25-019249 |
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CIN No.: [Company Identification
No.] |
U29299PN2004PTC019249 |
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Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Manufacturer of Gaskets and Seals. |
RATING & COMMENTS
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MIRA’s Rating : |
B (28) |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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Maximum Credit Limit : |
USD 368000 |
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Status : |
Moderate |
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Payment Behaviour : |
Slow |
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Litigation : |
Clear |
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Comments : |
Subject is an established company having moderate track. There appears
some accumulated losses recorded by the company. However trade relations are reported
as fair. Business in active. Payments are reported to be slow. The company can be considered for business dealings with some caution.
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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 |
INFORMATION PARTED BY
|
Name : |
Mr. Aakash Jayant Dave |
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Designation : |
Director |
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Contact No.: |
91-20-24220244 |
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Date : |
27.04.2011 |
LOCATIONS
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Registered Office/ Factory 1 : |
Plot No.A-20, Navlakh Umbre, Talegaon MIDC, Taluka Maval, Pune – 410
506, |
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Tel. No.: |
91-20-24220244 91-2114-392100 |
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Fax No.: |
91-20-24223141 91-2114-392118 |
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E-Mail : |
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Website : |
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Area : |
1500 sq ft |
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Location : |
Owned |
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Factory 2 : |
46/2/1B, Kaka Halwai Industrial Estate, |
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Tel. No.: |
91-20-24223141/ 24220244 |
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Fax No.: |
91-20-24226397/ 24223141 |
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E-Mail : |
DIRECTORS
As on 23.03.2010
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Name : |
Mr. Aakash Jayant Dave |
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Designation : |
Managing Director |
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Address : |
Sindoor, Plot No.15, S.No.81, Giriraj Society, Aundh, Pune - 411 007, |
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Date of Birth/Age : |
13.01.1984 |
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Qualification : |
M.B.A. |
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Date of Appointment : |
01.01.2007 |
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DIN No.: |
00084536 |
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Name : |
Mr. Jayant Avinash Dave |
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Designation : |
Director |
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Address : |
Sindoor, Plot No.15, S.No.81, Giriraj Society, Aundh, Pune - 411 007, |
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Date of Appointment : |
13.05.2004 |
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DIN No.: |
00084628 |
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Name : |
Mr. Franz Xaver Hieble |
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Designation : |
Director |
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Address : |
14 Holder Strasse, Senden-89250, |
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Date of Birth/Age : |
27.12.1952 |
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Date of Appointment : |
24.09.2007 |
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DIN No.: |
00803873 |
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Name : |
Mr. Manfred Wilhelm Birkle |
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Designation : |
Director |
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Address : |
3 Pestalozzistr, Neu Ulm – 89233, |
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Date of Birth/Age : |
10.11.1949 |
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Date of Appointment : |
24.09.2007 |
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DIN No.: |
01751908 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 23.03.2010
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Names of Shareholders |
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No. of Shares |
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Jayant Avinash Dave |
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3499900 |
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Pragna Jayant Dave |
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100 |
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Aakash Jayant Dave |
|
1400000 |
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Reinz Dichtungs GMBH, |
|
5100000 |
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Total |
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10000000 |
As on 23.03.2010
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Equity Share Breakup |
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Percentage of Holding |
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Category |
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Foreign holdings [Foreign institutional investors, Foreign Companies, Foreign Financial Institutions, Non-resident Indian or Overseas corporate bodies or others] |
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51.00 |
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Bodies
corporate |
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49.00 |
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Total |
|
100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer of Gaskets and Seals. |
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Products : |
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Terms : |
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Selling : |
Cash and Credit (30/ 60/ 90 days) |
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Purchasing : |
Cash and Credit (30/ 60/ 90 days) |
GENERAL INFORMATION
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Suppliers : |
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Customers : |
Wholesalers, Retailers, End Users and OEM’s ·
Bharat Heavy Electrical Limited ·
Nelco Limited ·
S.L. Automobiles ·
Tata Motors Limited ·
Tata Motors Limited, Pimpri |
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No. of Employees : |
50 (Approximately) |
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Bankers : |
Oriental Bank of Commerce, 917/ 918, Dinshaw House, Synagogue Street,
Camp, Pune – 411 001, Maharashtra, India |
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Facilities : |
Notes: The Cash Credit facility of Rs.60.000 millions from Oriental Bank of Commerce is secured against hypothecation of inventory and book debts. This facility is collaterally secured by equitable/ registered mortgage of land and building situated at Plot No.A-20, Navalakh Umbre, M.I.D.C., Talegaon, Maval, Pune 410506 and first charge over the entire fixed assets of the company.
Notes: During the year the Company has taken an unsecured loan in the form of
External Commercial Borrwings from Reinz Dichtungs GMBH ( |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
V.S. Potdar and Company Chartered Accountants |
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Address : |
C-9, Beverly Estate, 852/ 5 and 6, |
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Tel. No.: |
91-20-25678400/ 03 |
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Fax No.: |
91-20-25678405 |
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E-Mail : |
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Associate : |
Reinz Dichtungs GMBH, |
CAPITAL STRUCTURE
As on 31.12.2009
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
10000000 |
Equity Shares |
Rs.10/- each |
Rs.100.000 millions |
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Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
10000000 |
Equity Shares |
Rs.10/- each |
Rs.100.000 millions |
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(Out of this 100 Equity Shares have been issued for consideration
otherwise than cash)
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.12.2009 (12 Months) |
31.12.2008 (12 Months) |
31.12.2007 (9 Months) |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
100.000 |
100.000 |
5.000 |
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2] Share Application Money |
0.000 |
0.000 |
45.000 |
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3] Reserves & Surplus |
0.250 |
0.250 |
1.958 |
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4] (Accumulated Losses) |
(8.211) |
(1.708) |
0.000 |
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NETWORTH |
92.039 |
98.542 |
51.958 |
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LOAN FUNDS |
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1] Secured Loans |
7.404 |
0.000 |
0.000 |
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2] Unsecured Loans |
148.192 |
75.486 |
0.000 |
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TOTAL BORROWING |
155.596 |
75.486 |
0.000 |
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DEFERRED TAX LIABILITIES |
10.088 |
0.000 |
0.057 |
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TOTAL |
257.723 |
174.028 |
52.015 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
242.879 |
29.376 |
2.028 |
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Capital work-in-progress |
15.941 |
36.800 |
0.000 |
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INVESTMENT |
0.000 |
0.000 |
0.000 |
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DEFERREX TAX ASSETS |
0.000 |
0.022 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
19.118
|
0.815
|
0.999 |
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Sundry Debtors |
30.616
|
17.328
|
1.784 |
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Cash & Bank Balances |
17.369
|
106.136
|
50.064 |
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Other Current Assets |
1.231
|
2.898
|
1.628 |
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Loans & Advances |
14.874
|
17.984
|
1.802 |
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Total
Current Assets |
83.208
|
145.161 |
56.277 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Sundry Creditors |
74.169
|
31.522 |
4.916 |
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Other Current Liabilities |
5.203
|
1.758 |
0.000 |
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Provisions |
4.935
|
4.059
|
1.389 |
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Total
Current Liabilities |
84.307
|
37.339
|
6.305 |
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Net Current Assets |
(1.099)
|
107.822
|
49.972 |
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MISCELLANEOUS EXPENSES |
0.002 |
0.008 |
0.015 |
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TOTAL |
257.723 |
174.028 |
52.015 |
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PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.12.2009 (12 Months) |
31.12.2008 (12 Months) |
31.12.2007 (9 Months) |
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SALES |
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Income |
83.298 |
45.508 |
24.806 |
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Other Income |
7.459 |
3.313 |
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TOTAL (A) |
90.757 |
48.821 |
24.806 |
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Less |
EXPENSES |
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Cost of Raw Materials Consumed |
1.572 |
0.000 |
22.799 |
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Cost of Traded Goods Sold |
52.976 |
33.270 |
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|
(Increase)/ Decrease in Stock |
(1.526) |
0.000 |
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Manufacturing and Direct Expenses |
4.125 |
0.010 |
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Cost of Employment |
5.268 |
3.531 |
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Administrative and Selling Expenses |
8.955 |
13.370 |
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Preliminary Expenses written off
|
0.007 |
0.007 |
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TOTAL (B) |
71.377 |
50.188 |
22.799 (including
financial expenses) |
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Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
19.380 |
(1.367) |
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Less |
FINANCIAL EXPENSES (D) |
3.127 |
0.092 |
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PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
16.253 |
(1.459) |
2.007 |
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Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
11.260 |
0.530 |
0.025 |
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PROFIT BEFORE
TAX (E-F) (G) |
4.993 |
(1.989) |
1.982 |
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Less |
TAX (H) |
11.495 |
1.427 |
0.875 |
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PROFIT AFTER TAX
(G-H) (I) |
(6.502) |
(3.416) |
1.107 |
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PRIOR PERIOD
ITEMS |
0.001 |
0.000 |
0.009 |
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Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
(1.708) |
1.708 |
0.610 |
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BALANCE CARRIED
TO THE B/S |
(8.211) |
(1.708) |
1.708 |
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Earnings Per Share
(Rs.) |
(0.65) |
(0.52) |
NA |
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Particulars |
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|
31.12.2010 (Approximately) |
|
Sales Turnover |
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|
120.000 |
Expected Sales (2010-2011): Rs.150.000 millions
Expected Sales (2011-2012): Rs.200.000 millions
KEY RATIOS
|
PARTICULARS |
|
31.12.2009 (12 Months) |
31.12.2008 (12 Months) |
31.12.2007 (9 Months) |
|
PAT / Total Income |
(%) |
(7.16)
|
(7.00) |
4.46 |
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|
Net Profit Margin (PBT/Sales) |
(%) |
5.99
|
(4.37) |
NA |
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Return on Total Assets (PBT/Total Assets} |
(%) |
1.53
|
(1.14) |
3.40 |
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Return on Investment (ROI) (PBT/Networth) |
|
0.05
|
(0.02) |
0.04 |
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Debt Equity Ratio (Total Liability/Networth) |
|
2.61
|
1.14 |
0.12 |
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Current Ratio (Current Asset/Current Liability) |
|
0.99
|
3.89 |
8.93 |
LOCAL AGENCY FURTHER INFORMATION
Details of Sundry Creditors:
|
Particulars |
31.12.2009 (Rs. in millions) |
31.12.2008 (Rs. in millions) |
31.12.2007 (Rs. in millions) |
|
Sundry Creditors |
59.095 |
15.839 |
4.893 |
|
Sundry Creditors
for Expenses |
0.194 |
0.203 |
0.023 |
|
Sundry Creditors
for Capital Goods |
14.880 |
15.480 |
0.000 |
|
|
74.169 |
31.522 |
4.916 |
Details of Sundry Creditors: (Partial
Details)
|
Particulars |
31.12.2009 (Rs. in millions) |
|
Sundry Creditors |
|
|
Reinz Dichtungs
GMBH |
57.426 |
|
Abhi Impact Logistic
Solution Private Limited |
0.268 |
|
Dana Automation
S.A. |
0.634 |
|
Willfield
Logistics Private Limited |
0.767 |
|
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Sundry Creditors for Expenses |
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|
ABC Enterprises |
0.035 |
|
Ashok Transport
and Trade Corporation |
0.059 |
|
Bhagyshree Cold
Drinks and Snacks |
0.003 |
|
Chai Kapi
Services |
0.004 |
|
Khodiyar
Enterprises |
0.019 |
|
Kanj and
Associates |
0.035 |
|
V.S. Potdar and
Company |
0.030 |
|
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Sundry Creditors for Capital Goods |
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|
Cannon India Private Limited |
0.084 |
|
Computer
Technologies Private Limited |
0.027 |
|
Dell India
Private Limited |
0.178 |
|
Fireon
Engineering Services |
0.728 |
|
Magi Interiors
Private Limited |
0.025 |
|
Reinz Dichtungs
GMBH |
11.404 |
|
Vascon Engineers
Limited |
1.654 |
Note:
Registered Office of the company has been shifted from Kaka Halwai
Industrial Estate,
FINANCIAL RESULTS
AND OPERATIONS:
The Total income of the company has increased by about 87% during the
year. The company has also been able to achieve a profit before tax, although
there is a net loss after tax. The Directors are positive about the next year
and are confident to perform better in the current year.
FORM 8
|
Corporate
identity number of the company |
U29299PN2004PTC019249 |
|
Name of the
company |
VICTOR REINZ INDIA PRIVATE LIMITED |
|
Address of the
registered office or of the principal place of business in |
Plot No.A-20, Navlakh Umbre, Talegaon MIDC, Taluka Maval, Pune - 410
506, E-Mail: aakash.dave@victorreinz.in |
|
This form is for |
Creation of
charge |
|
Type of charge |
Book Debts Movable Property Floating Charge Others
(machineries, consumable durables and other movable) |
|
Particular of
charge holder |
Oriental Bank of Commerce, 917/ 918, Dinshaw House, Synagogue Street,
Camp, Pune - 411 001, Maharashtra, India E-Mail: bm0141@obc.co.in |
|
Nature of
description of the instrument creating or modifying the charge |
Agreement to
secure credit facilities as follows 1. Cash Credit -
Rs.60.000 Millions. |
|
Date of instrument
Creating the charge |
18/09/2009 |
|
Amount secured by
the charge |
Rs.60.000
millions |
|
Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest: 0% Over PLR which
works at 12% interest rate p.a. with monthly rests, subject to change by
bank. Terms of
Repayment: One Year Margin: 25% Extent and
Operation of the charge: First charge over
the property hypothecated |
|
Short particulars
of the property charged |
All movable
properties including vehicles, machineries, consumer durables, book debts,
lease agreements /hire purchase agreements, relative promissory notes and /
or hundies / cheques executed by hirers. |
TRADE REFERENCES:
·
Nelco Limited
·
Tata Motors Limited
·
Vascon Engineers Limited
FIXED ASSETS:
·
Land at Talegaon
·
Office Equipment
·
Computer Hardware
·
Computer Software
·
Motor Car
·
·
Electrical Installations
·
Furniture and Fixtures
·
Plant and Machinery
·
Dies and Fixtures
·
Factory Equipments
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.44.40 |
|
|
1 |
Rs.73.26 |
|
Euro |
1 |
Rs.65.17 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
3 |
|
OPERATING SCALE |
1~10 |
4 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
4 |
|
--PROFITABILIRY |
1~10 |
- |
|
--LIQUIDITY |
1~10 |
4 |
|
--LEVERAGE |
1~10 |
4 |
|
--RESERVES |
1~10 |
- |
|
--CREDIT LINES |
1~10 |
4 |
|
--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 |
NO |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
28 |
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.