MIRA
INFORM REPORT
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Report Date : |
10.08.2011 |
IDENTIFICATION DETAILS
|
Name : |
GESTAMP AUTOMOTIVE INDIA PRIVATE LIMITED |
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Registered Office : |
E1 (Part), MIDC Industrial Area (Phase III), Village Nigoje Mhalunge,
Kharabwadi, Thaluka Khed, Chakan – 410501, |
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Country : |
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Financials (as on) : |
31.03.2010 |
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Date of Incorporation : |
16.05.2008 |
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Com. Reg. No.: |
11-132030 |
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Capital Investment / Paid-up Capital : |
Rs.30.891 Millions |
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CIN No.: [Company
Identification No.] |
U28990PN2008FTC132030 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
PNEG08517F |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Manufacturer of Sheet Metal Auto Components (They do manufacturing
only for “Volkswagen”) |
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No. of Employees : |
250 ( in office) (Approximately) |
RATING & COMMENTS
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MIRA’s Rating : |
B (30) |
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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 4700000 |
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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 is 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.
INFORMATION PARTED BY
|
Name : |
Mr. Satyendas |
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Designation : |
Finance Head |
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Contact No.: |
91-9673337702 |
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Date : |
09.08.2011 |
LOCATIONS
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Registered Office / Factory : |
E1 (Part), MIDC Industrial Area (Phase III), Village Nigoje Mhalunge,
Kharabwadi, Thaluka Khed, Chakan – 410501, |
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Tel No.: |
91-2135-36302 |
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Mobile No.: |
91-9673337702 (Mr. Das) |
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E-Mail : |
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Website : |
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Area : |
10000 sq. fts |
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Location : |
Owned |
DIRECTORS
AS ON 30.09.2010
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Name : |
Mr. Francisco Joes Riberas Mera |
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Designation : |
Director |
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Address : |
Calle Alfonso XII – 16, |
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Date of Birth/Age : |
01.06.1964 |
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Date of Appointment : |
16.05.2008 |
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Name : |
Mr. Juan Maria Riberas Mera |
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Designation : |
Director |
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Address : |
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Date of Birth/Age : |
06.10.1968 |
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Date of Appointment : |
16.05.2008 |
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Name : |
Mr. Francisco Lopez Pena |
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Designation : |
Director |
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Address : |
Calle Alfonso XII – 16, |
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Date of Birth/Age : |
05.03.1959 |
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Date of Appointment : |
24.03.2009 |
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Name : |
Mr. Alberto Conejo Moreno |
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Designation : |
Director |
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Address : |
Valle Del Pas, 26, 1B, |
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Date of Birth/Age : |
28.08.1971 |
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Date of Appointment : |
24.03.2009 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 30.09.2010
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Names of Shareholders |
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No. of Shares |
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Gestamp Polska, SP, Z. O. O., |
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1544595 |
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Gonvarri Corporation Financiera, S.L, Spain |
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1544595 |
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Total |
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3089190 |
AS ON 30.09.2010
Equity Share Break up (Percentage of Total Equity)
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Category |
Percentage |
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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 |
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Total |
100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer of Sheet Metal Auto Components (They do manufacturing
only for “Volkswagen”) |
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Import Of : |
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Products : |
Sheet Metals |
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Germany : |
Germany |
PRODUCTION STATUS (AS ON 31.03.2010)
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Particulars |
Unit |
Licensed
Capacity |
Installed
Capacity |
Actual
Production |
|
Automobile Components |
Nos. |
NA |
14691000 |
240090 |
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Notes :
a. Licensed
Capacity not being applicable, has not been indicated
b. Installed Capacity
has been certified by the Management and has been accepted as correct by the
auditors without verification, this being a technical matter.
c. In absence of
Inventory records, the quantitative details of productions have been derived as
a balancing figure after considering opening and closing stock of finished
goods and sale made by the Company during the year.
d. As manufactured
components are intermediate production, in view of practical difficulties, the
disclosure in relation to production and stock has not been furnished.
GENERAL INFORMATION
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Customers : |
Volkswagen |
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No. of Employees : |
250 ( in office) (Approximately) |
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Bankers : |
BNP Paribas, Branch Pune |
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Facilities : |
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Banking
Relations : |
--- |
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Auditors : |
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Name : |
S R Batliboi and Associates Chartered Accountant |
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Address : |
C-401, 4th floor, |
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Tel No.: |
91-20-66036000 |
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Fax No.: |
91-20-66015900 |
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Subsidiary
Company : |
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Holding Company
: |
Gestamp Polska, SP.Z.O.O. AND Gonvarri
Corporation Financiera S L |
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Ultimate Holding
Company: |
Corporation Gestamp, S.L., Spain |
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Joint Venture
Partners : |
·
Gestamp Polska, SP.Z.O.0, Poland ·
Gonvarri Corporacion Financiera, S.L., Spain |
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·
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Fellow
Subsidiaries : |
·
Estampaciones Metalicas Vizcaya S. A,, Spain ·
Gestamp Palencia S. A,, Spain ·
Gestamp Servicios S.L., Spain ·
Gonvarri I. Centero De Services S. L., Spain ·
Solblank S. A. Spain ·
Gestamp Vigo S.A., Spain ·
Gestamp Tooling Overseas Design (I) Private Limited,
India ·
Sungwoo Gestalnp Hitech Chennai Limited, India |
CAPITAL STRUCTURE
AS ON 31.03.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
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|
|
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|
4999998 |
Equity Shares |
Rs.10/- Each |
Rs.49.999
Millions |
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Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
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|
3089190 |
Equity Shares |
Rs.10/- Each |
Rs.30.891 Millions |
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Note : Of the above equity shares of Rs. 10 are
held by Gestamp Polska SP Z.OO Poland and 1,544,595 equity shares of Rs. 10 each
Fully paid up held by Govarri Corporation Financiera, S.L. Spain (Ultimate
Holding Company).
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
|
31.03.2010 |
31.03.2009 |
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|
SHAREHOLDERS FUNDS |
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1] Share Capital |
|
30.891 |
10.900 |
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2] Share Application Money (Pending Allotment) |
|
0.000 |
240.967 |
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3] Reserves & Surplus |
|
1232.620 |
415.999 |
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4] (Accumulated Losses) |
|
(86.817) |
(2.889) |
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NETWORTH |
|
1176.694 |
664.977 |
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LOAN FUNDS |
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1] Secured Loans |
|
0.000 |
0.000 |
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2] Unsecured Loans |
|
4333.255 |
0.000 |
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TOTAL BORROWING |
|
4333.255 |
0.000 |
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DEFERRED TAX LIABILITIES |
|
36.150 |
0.000 |
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TOTAL |
|
5546.099 |
664.977 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
|
4272.497 |
0.000 |
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Capital work-in-progress |
|
1.540 |
891.644 |
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Project Development Expenditure
|
|
0.000 |
9.871 |
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INVESTMENT |
|
0.000 |
0.000 |
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DEFERREX TAX ASSETS |
|
0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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|
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Inventories |
|
303.224 |
0.000 |
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Sundry Debtors |
|
33.451 |
0.000 |
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Cash & Bank Balances |
|
1346.605 |
129.977 |
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Other Current Assets |
|
8.214 |
0.000 |
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Loans & Advances |
|
977.692 |
68.027 |
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Total
Current Assets |
|
2669.186 |
198.004 |
|
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Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
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Current Liabilities |
|
68.240 |
13.595 |
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Sundry Creditors |
|
1327.583 |
420.891 |
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Provisions |
|
1.301 |
0.057 |
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Total
Current Liabilities |
|
1397.124 |
434.543 |
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Net Current Assets |
|
1272.063 |
(236.539) |
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MISCELLANEOUS EXPENSES |
|
0.000 |
0.000 |
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TOTAL |
|
5546.099 |
664.977 |
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PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
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SALES |
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Turnover |
|
215.737 |
0.000 |
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Other Income |
|
451.820 |
0.000 |
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TOTAL (A) |
|
667.557 |
0.000 |
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Less |
EXPENSES |
|
|
|
|
|
|
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Project Development Expenditure Written Off |
|
156.454 |
0.000 |
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Raw Material And Components Consumed |
|
109.246 |
0.000 |
|
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Personnel Expenses |
|
15.830 |
0.268 |
|
|
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Operating and Other Expenses |
|
285.710 |
1.870 |
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Increase / Decrease in Stock |
|
(20.467) |
0.000 |
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|
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TOTAL (B) |
|
546.773 |
2.138 |
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Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
|
120.784 |
(2.138) |
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Less |
FINANCIAL
EXPENSES (D) |
|
86.179 |
0.730 |
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PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
|
34.605 |
(2.868) |
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Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
|
82.375 |
0.000 |
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PROFIT BEFORE
TAX (E-F) (G) |
|
(47.770) |
(2.868) |
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Less |
TAX (I) |
|
36.157 |
0.021 |
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PROFIT AFTER TAX
(G-I) (J) |
|
(83.927) |
(2.889) |
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Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
|
(2.889) |
0.000 |
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BALANCE CARRIED
TO THE B/S |
|
(86.817) |
(2.889) |
|
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|
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IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
|
331.854 |
0.000 |
|
|
|
Stores & Spares |
|
26.186 |
0.000 |
|
|
|
Capital Goods |
|
2368.019 |
373.230 |
|
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TOTAL IMPORTS |
|
2726.059 |
373.230 |
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Earnings Per
Share (Rs.) |
|
(31.21) |
(10.78) |
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Particulars |
|
|
31.03.2011 |
|
Sales Turnover (Approximately) |
|
|
2620.000 |
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Expected Sales ( 2011-2012 ) : Rs. 5000.000 millions
The above information has been parted by Mr. Satyendas.
KEY RATIOS
|
PARTICULARS |
|
|
31.03.2010 |
31.03.2010 |
|
PAT / Total Income |
(%) |
|
(12.57) |
-- |
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Net Profit Margin (PBT/Sales) |
(%) |
|
(22.14) |
-- |
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Return on Total Assets (PBT/Total Assets} |
(%) |
|
(0.68) |
(0.32) |
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Return on Investment (ROI) (PBT/Networth) |
|
|
(0.04) |
(0.00) |
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Debt Equity Ratio (Total Liability/Networth) |
|
|
4.86 |
0.65 |
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Current Ratio (Current Asset/Current Liability) |
|
|
1.91 |
0.45 |
LOCAL AGENCY FURTHER INFORMATION
SUNDRY CREDITORS
DETAILS :
(Rs.
In Millions )
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
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Sundry Creditors |
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Total Outstanding dues of Micro and Small Enterprises |
|
0.000 |
0.000 |
|
Total Outstanding dues of Creditors other Than Micro and Small
Enterprises |
|
1327.583 |
420.891 |
NATURE OF
OPERATIONS :
Subject ("the
Company") was incorporated on May 16, 2008 and registered under the Indian
Companies Act, 1956. The Company is jointly controlled by Gestamp Polska,
SP.z.o.o, Poland and Gonvarri Corporacion Financiera, S.L. Spain, and its.
ultimate holding company is Corporacion Gestamp S.L., Spain. In the previous
period the entire share capital was held by Gestamp Polska, S P. z.o.o, Poland.
The Company is engaged in manufacturing of various auto components. The Company
has commenced its commercial operation during the current year.
NOTE:
- Registered
office address of the company has been shifted from C/o. C S Kelkar and
Associates 279, Shivaji Nagar, Behind Congress House, Pune – 411005,
FIXED ASSETS :
- Plant and Machinery
- Building
- Computer Equipments
- Furniture and Fixtures
- Office Equipments
- Computer Software
TRADE REFERENCES :
·
Volkeswagen
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. 45.17 |
|
|
1 |
Rs. 73.71 |
|
Euro |
1 |
Rs. 64.25 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
4 |
|
PAID-UP CAPITAL |
1~10 |
4 |
|
OPERATING SCALE |
1~10 |
4 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
3 |
|
--PROFITABILIRY |
1~10 |
2 |
|
--LIQUIDITY |
1~10 |
4 |
|
--LEVERAGE |
1~10 |
3 |
|
--RESERVES |
1~10 |
3 |
|
--CREDIT LINES |
1~10 |
3 |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
NO |
|
--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 |
|
30 |
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.