Business
information report
1. Summary Information
|
|
|
Country |
India |
|
Company Name |
SENIOR INDIA
PRIVATE LIMITED |
Principal Name 1 |
Mr. Henrich Karl Friedrich Kisker |
|
Status |
Satisfactory |
Principal Name 2 |
Mr. Koomar Durbha |
|
|
|
Registration # |
55-082386 |
|
Street Address |
1568, Church
Road, Kashmere Gate, Delhi – 110006, India |
||
|
Established Date |
01.10.1996 |
SIC Code |
-- |
|
Telephone# |
91-11-23862173 |
Business Style 1 |
Manufacturer |
|
Fax # |
91-11-25282847 |
Business Style 2 |
-- |
|
Homepage |
Product Name 1 |
Ptfe Hose Assy |
|
|
# of employees |
-- |
Product Name 2 |
Automotive Exhaust Connectors |
|
Paid up capital |
Rs.
90,003,000/- |
Product Name 3 |
SS Flexible Metal Hose Bellow Assy |
|
Shareholders |
Foreign Holdings – 100% |
Banking |
Syndicate Bank |
|
Public Limited Corp. |
No |
Business Period |
15 years |
|
IPO |
No |
International Ins. |
- |
|
Public |
No |
Rating |
Ba (45) |
|
Related
Company |
|||
|
Relation
|
Country
|
Company
Name |
CEO |
|
Holding Company |
Switzerland |
Senior Investments AG |
-- |
|
Note |
- |
||
2. Summary
Financial Statement
|
Balance Sheet as of |
31.03.2010 |
(Unit: Indian Rs.) |
|
|
Assets |
Liabilities |
||
|
Current Assets |
188,751,000 |
Current Liabilities |
88,700,000 |
|
Inventories |
44,882,000 |
Long-term Liabilities |
0 |
|
Fixed Assets |
77,345,000 |
Other Liabilities |
0 |
|
Deferred Assets |
9,035,000 |
Total Liabilities |
88,700,000 |
|
Invest& other Assets |
3,666,000 |
Retained Earnings |
144,976,000 |
|
|
|
Net Worth |
234,979,000 |
|
Total Assets |
323,679,000 |
Total Liab. & Equity |
323,679,000 |
|
Total Assets (Previous Year) |
355,477,000 |
|
|
|
P/L Statement as of |
31.03.2010 |
(Unit: Indian Rs.) |
|
|
Sales |
385,668,000 |
Net Profit |
21,568,000 |
|
Sales(Previous yr) |
378,612,000 |
Net Profit(Prev.yr) |
22,610,000 |
MIRA
INFORM REPORT
|
Report Date : |
17.08.2011 |
IDENTIFICATION DETAILS
|
Name : |
SENIOR INDIA PRIVATE LIMITED (w.e.f. 02.07.2001) |
|
|
|
|
Formerly Known
As : |
SENIOR FLEXONICS (INDIA) LIMITED (w.e.f. 19.06.1997) INALSA FLEXONICS PRIVATE LIMITED |
|
|
|
|
Registered
Office : |
1568, Church Road, Kashmere Gate, Delhi – 110006. |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as
on) : |
31.03.2010 |
|
|
|
|
Date of
Incorporation : |
01.10.1996 |
|
|
|
|
Com. Reg. No.: |
55-082386 |
|
|
|
|
Capital Investment
/ Paid-up Capital : |
Rs. 90.003 millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U74999DL1996PTC082386 |
|
|
|
|
Legal Form : |
Private Limited Liability Company |
|
|
|
|
Line of Business
: |
Manufacturer of flexible, rigid and semi rigid pipes, tubes and hoses |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (45) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 930000 |
|
|
|
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
Usually Correct |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is an established company having satisfactory track. Trade
relations are reported as 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) |
|
|
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 : |
1568,Church Road, Kashmere Gate, Delhi - 110006,India |
|
Tel. No.: |
91-11-23862173 |
|
Fax No.: |
91-11-25282847 |
|
Website: |
|
|
|
|
|
Corporate Office
/ Factory : |
Plot No 89, Sector 8, IMT Manesar Guragaon - 122050, Haryana, India |
|
Tel. No.: |
91-124-4387704 |
|
Fax No.: |
91-124-4387703 |
|
E-Mail : |
DIRECTORS
AS ON 24.09.2010
|
Name : |
Mr. Henrich Karl Friedrich Kisker |
|
Designation : |
Director |
|
Address : |
Stegengasse 4 8001, Zurich, Switzerland |
|
Date of Birth/Age : |
22.04.1955 |
|
Date of Appointment : |
12.06.1997 |
|
DIN No : |
01418017 |
|
|
|
|
Name : |
Mr. Michael William Sheppard |
|
Designation : |
Director |
|
Address : |
7N, 230, Barb Hill Dr St, Charles Il - 60177 USA |
|
Date of Birth/Age : |
20.01.1959 |
|
Date of Appointment : |
12.07.2000 |
|
DIN No : |
00333566 |
|
|
|
|
Name : |
Mr. Koomar Durbha |
|
Designation : |
Director |
|
Address : |
H32/4 DLF City Phase 1 Gurgaon - 122002, Haryana, India |
|
Date of Birth/Age : |
30.09.1963 |
|
Date of Appointment : |
20.08.2009 |
|
DIN No : |
02796633 |
|
|
|
|
Name : |
Mr. Naresh Kumar Aggarwal |
|
Designation : |
Whole Time Director |
|
Address : |
H 42, Subhash Gali, Kotla Mubarakpu, New Delhi-110003, Delhi, India |
|
Date of Birth/Age : |
10.11.1965 |
|
Date of Appointment : |
19.06.2010 |
|
DIN No : |
03169200 |
KEY EXECUTIVES
|
Name : |
Mr. Subhas Chandra Jain |
|
Designation : |
Company Secretary |
|
Address : |
Flat No 2,Ground Floor, Block D, South City II, Sohna Road, Gurgaon-
122001, Haryana, India |
|
Date of
Birth/Age : |
18.10.1942 |
|
Date of
Appointment : |
26.08.2003 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 24.09.2010
|
Names of Shareholders |
No. of Shares |
|
Senior Investments AG, Switzerland |
9000299 |
|
Senior Engineering Investment Limited, UK |
1 |
|
|
|
|
Total |
9000300 |
AS ON 24.09.2010
|
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 flexible, rigid and semi rigid pipes, tubes and hoses |
||||||||
|
|
|
||||||||
|
Products : |
|
GENERAL INFORMATION
|
Bankers : |
·
Syndicate Bank, Nehru Place Branch, Delhi, India |
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
Deloitte Haskins and Sells Chartered Accountant |
|
Address : |
7th Floor, Building 10,Tower B DLF Cyber City Complex, Gurgaon -
122002, Haryana, India |
|
Tel No.: |
91-124-6792000 |
|
Fax No.: |
91-124-6792012 |
|
|
|
|
Holding Company : |
·
Senior Investments AG, Switzerland |
|
|
|
|
Substantial Interest : |
·
Senior plc, UK |
|
|
|
|
Fellow Subsidiaries : |
·
Senior Engineering (Finance) Limited, UK ·
Senior Automotive UK ·
Senior Operations LLC ·
Senior Flexonics (Canada) Limited |
CAPITAL STRUCTURE
AS ON 31.03.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
15000000 |
Equity Shares |
Rs.10/- each |
Rs. 150.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
9000300 |
Equity Shares |
Rs.10/- each |
Rs. 90.003
Millions |
|
|
|
|
|
Notes:-
1. Of the above 4050000 equity shares of Rs.10/- each were allotted as fully
paid up, pursuant to a contract for consideration other than cash.
2. Of the above 9000299 shares are held by Senior Investment AG,
Switzerland, the holding Company.
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
90.003 |
90.003 |
90.003 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
144.976 |
138.150 |
115.539 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
234.979 |
228.153 |
205.542 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
0.000 |
0.000 |
0.000 |
|
|
2] Unsecured Loans |
0.000 |
0.000 |
20.273 |
|
|
TOTAL BORROWING |
0.000 |
0.000 |
20.273 |
|
|
DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
234.979 |
228.153 |
225.815 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
77.345 |
85.856 |
78.148 |
|
|
Capital work-in-progress |
3.666 |
8.574 |
5.232 |
|
|
|
|
|
|
|
|
INVESTMENT |
0.000 |
0.000 |
0.000 |
|
|
DEFERREX TAX ASSETS |
9.035 |
6.991 |
8.084 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
44.882
|
40.307 |
72.465 |
|
|
Sundry Debtors |
102.671
|
94.505 |
118.710 |
|
|
Cash & Bank Balances |
58.388
|
32.550 |
14.354 |
|
|
Other Current Assets |
0.057
|
0.062 |
0.000 |
|
|
Loans & Advances |
27.635
|
22.970 |
17.626 |
|
Total
Current Assets |
233.633
|
190.394 |
223.155 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
73.018
|
53.104 |
76.821 |
|
|
Other Current Liabilities |
8.152
|
3.778 |
4.757 |
|
|
Provisions |
7.530
|
6.780 |
7.226 |
|
Total
Current Liabilities |
88.700
|
63.662 |
88.804 |
|
|
Net Current Assets |
144.933
|
126.732 |
134.351 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
234.979 |
228.153 |
225.815 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
385.668 |
378.612 |
|
|
|
|
Other Income |
18.778 |
17.768 |
|
|
|
|
TOTAL (A) |
404.446 |
396.380 |
510.906 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of Materials |
200.980 |
201.877 |
|
|
|
|
Manufacturing Expenses |
34.115 |
32.438 |
|
|
|
|
Employees Remuneration and Benefits |
56.489 |
50.205 |
|
|
|
|
Administrative Expenses |
44.669 |
43.471 |
|
|
|
|
Selling and Distribution Expenses |
7.837 |
8.768 |
|
|
|
|
TOTAL (B) |
344.090 |
336.759 |
472.793 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
60.356 |
59.621 |
Including Financial |
|
|
|
|
|
|
Expenses |
|
|
Less |
FINANCIAL
EXPENSES (D) |
0.780 |
1.396 |
And |
|
|
|
|
|
|
Depreciation |
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
59.576 |
58.225 |
|
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
26.950 |
23.023 |
|
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
32.626 |
35.202 |
38.113 |
|
|
|
|
|
|
|
|
|
Less |
TAX (I) |
11.058 |
12.592 |
14.464 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-I) (J) |
21.568 |
22.610 |
23.649 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Transfer to General Reserve |
1.078 |
0.000 |
NA |
|
|
|
Interim Dividend |
12.600 |
0.000 |
NA |
|
|
|
Tax on Interim Dividend |
2.141 |
0.000 |
NA |
|
|
BALANCE CARRIED
TO THE B/S |
5.749 |
22.610 |
NA |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials, Components |
11.662 |
12.883 |
NA |
|
|
|
Capital Goods |
0.000 |
16.894 |
NA |
|
|
TOTAL IMPORTS |
11.662 |
29.777 |
NA |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
2.40 |
2.51 |
2.63 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
PAT / Total Income |
(%) |
5.33
|
5.70 |
4.63 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
8.46
|
9.30 |
NA |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
10.19
|
12.43 |
12.32 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.14
|
0.15 |
0.18 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
0.38
|
0.28 |
0.43 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
2.63
|
2.99 |
2.51 |
LOCAL AGENCY FURTHER INFORMATION
NOTE:
The corporate office address of the
company has been shifted from 394, Udyog Vohar, Phase III, Dundahera, Gurgaon –
122016, India to present.
BACKGROUND
Subject
was incorporated in India on October 1, 1996 to manufacture flexible
metallic tubes, hoses and automotive exhaust connectors. The company is closely
held with 9,000,299 shares held by Senior Investments AG, Switzerland and 1
shares held by Senior Engineering (Finance) Limited, UK.
OPERATIONS
The sales of the company (without Excise Duty) was Rs. 385.700 millions
against Rs.378.600 millions of last year.
The outlook for the next financial year 2010-11 is expected to better
than the year ended 31.03.2010. The sales in the 1st and 2nd
quarter of the FY 2010-11 is better is comparison to last year and the trend is
likely to continue.
FINANCIAL RESULTS
The profit before tax of the company for the FY ended 31.03.2010 was Rs.
32.600 millions against Rs. 35.200 millions of the last year.
The profit after tax was Rs. 21.600 millions against Rs. 22.600 millions
of the last year. The company expects to improve the results in FY 2010-11.
FUTURE OUTLOOK
The Indian economy has started growth during the financial year 2009-10
and is expected to grow between 10-15% for the next few year.
The automotive sector is also growing rapidly and the volumes of their
Exhaust Connectors and EGR business are expected to a substantial growth in
coming years.
In the current financial year, the company is in the process of starling
commercial production for JCB EGRs for which initial samples have already been
supplied and approved by the customer.
Industrial sector is also picking up and they expected better sales in
the current financial year.
FIXED ASSETS
·
Plant and Machinery
·
Furniture and Fixtures
·
Equipments
·
Computers
·
Vehicles
·
Temporary Construction
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. 45.24 |
|
|
1 |
Rs. 73.88 |
|
Euro |
1 |
Rs. 65.06 |
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 |
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 |
NO |
|
--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.