MIRA
INFORM REPORT
|
Report Date : |
18.08.2011 |
IDENTIFICATION DETAILS
|
Name : |
ZF INDIA PRIVATE LIMITED |
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Registered
Office : |
Mutha Towers, office 8 and
9, 4th Floor, Near Don Bosco School, Loop Road, Yerawada, Pune –
411006, Maharashtra |
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|
Country : |
India |
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Financials (as
on) : |
31.03.2010 |
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Date of
Incorporation : |
13.08.2007 |
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Com. Reg. No.: |
11-130569 |
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Capital
Investment / Paid-up Capital : |
Rs. 383.031 millions |
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CIN No.: [Company Identification
No.] |
U74999PN2007FTC130569 |
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TAN No.: [Tax Deduction &
Collection Account No.] |
PNEZ01921D |
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PAN No.: [Permanent Account No.] |
AAACZ3052C |
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Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Manufacturer of Automobile Parts. |
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No. of Employees
: |
80 (In office 30 + In factory 50) (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
B (26) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
Maximum Credit Limit : |
USD 920000 |
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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
huge 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
cautions. |
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 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
|
Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
LOCATIONS
|
Registered Office : |
Mutha Towers, office 8 and
9, 4th Floor, Near Don Bosco School, Loop Road, Yerawada, Pune –
411006, Maharashtra, India. |
|
Tel. No.: |
91-20-66290899 / 66290800 |
|
Fax No.: |
91-20-66290801 |
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E-Mail : |
kishore.changediya@zf.com axel.dolezal@zf.com pranil.doijad@zf.com |
|
Website : |
www.zf.com |
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Area : |
4000 Sq. ft |
|
Location : |
Rented |
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|
|
|
Factory 1: |
Gat No. 312, Nanekarwadi, Chakan, Taluka Khed, Pune- 410501, |
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Factory 2: |
GAT 185, Global Raisoni Industries, Pune-412216, Maharashtra, India |
DIRECTORS
AS ON 30.09.2010
|
Name : |
Mr. Piyush Jinendra Munot |
|
Designation : |
Director |
|
Address : |
294, Sindh Housing Society, Aundh , Pune – 411 007, |
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Date of Birth/Age : |
05.05.1978 |
|
Date of Appointment : |
13.08.2007 |
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DIN No : |
00119507 |
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|
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|
Name : |
Mr. Andreas Friedrich Hartmann |
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Designation : |
Director |
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Address : |
Untere Seestrasse 9/1, 88085 Langenargen |
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Date of Birth/Age : |
14.06.1952 |
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Date of Appointment : |
13.08.2007 |
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DIN No : |
00374590 |
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|
Name : |
Mr. Manfred Schwab |
|
Designation : |
Director |
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Address : |
Boehmerwaldstr 6, |
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Date of Birth/Age : |
26.03.1947 |
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Date of Appointment : |
25.10.2007 |
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DIN No : |
01540990 |
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Name : |
Mr. Rolf Hans Lutz |
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Designation : |
Director |
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Address : |
Kranichweg 4, Friedschafen Ortsteil Ailingen 88048 |
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Date of Birth/Age : |
09.08.1952 |
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Date of Appointment : |
25.10.2007 |
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DIN No : |
01541023 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 30.09.2010
|
Names of Shareholders |
No. of Shares |
|
ZF Friendrichshafen AG, |
85508109 |
|
ZF |
1 |
|
TOTAL |
85508110 |
AS ON 30.09.2010
|
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 Automobile Parts. |
GENERAL INFORMATION
|
No. of Employees : |
80 (In office 30 + In factory 50) (Approximately) |
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Bankers : |
·
Deutche Bank, Aundh Pune Branch |
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Facilities : |
*Secured against corporate guarantee issued by ZF Friedrichshafen AG,
Germany |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
S R Batliboi and associates Chartered Accountants |
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Address : |
C-401, Fourth Floor, |
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Tel. No.: |
91-20-66036000 |
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Fax No.: |
91-20-66015900 |
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Holding Company : |
ZF Friedrichshafen AG, Germany |
CAPITAL STRUCTURE
AS ON 31.03.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
50850000 |
Equity Shares |
Rs.10/- each |
Rs. 508.500 Millions |
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|
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Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
38303110 |
Equity Shares |
Rs.10/- each |
Rs. 383.031
Millions |
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|
|
|
|
Note:
Of the above 38303109 (Previous Year 32243109)
Equity Shares are held by ZF Friedrichshafen AG, Germany, the holding
Company
AS ON 30.09.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
86000000 |
Equity Shares |
Rs.10/- each |
Rs. 860.000 Millions |
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Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
85508110 |
Equity Shares |
Rs.10/- each |
Rs. 855.081
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 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
383.031 |
322.431 |
0.100 |
|
|
2] Share Application Money |
0.000 |
0.000 |
129.791 |
|
|
3] Reserves & Surplus |
0.000 |
0.000 |
0.000 |
|
|
4] (Accumulated Losses) |
(152.128) |
(43.760) |
[4.061] |
|
|
NETWORTH |
230.903 |
278.671 |
125.830 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
0.000 |
0.000 |
0.000 |
|
|
2] Unsecured Loans |
22.337 |
0.000 |
0.000 |
|
|
TOTAL BORROWING |
22.337 |
0.000 |
0.000 |
|
|
DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
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TOTAL |
253.240 |
278.671 |
125.830 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
91.206 |
15.171 |
0.000 |
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Capital work-in-progress |
139.737 |
2.761 |
0.000 |
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|
|
|
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INVESTMENT |
66.215 |
0.000 |
0.000 |
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DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
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CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
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|
Inventories |
36.614
|
0.000 |
0.000 |
|
|
Sundry Debtors |
13.342
|
0.000 |
0.000 |
|
|
Cash & Bank Balances |
0.233
|
251.831 |
103.080 |
|
|
Other Current Assets |
0.000
|
0.482 |
0.000 |
|
|
Loans & Advances |
74.851
|
15.224 |
23.000 |
|
Total
Current Assets |
125.040
|
267.537 |
126.080 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
164.758
|
2.790 |
0.225 |
|
|
Other Current Liabilities |
2.167
|
3.506 |
0.025 |
|
|
Provisions |
2.033
|
0.502 |
0.000 |
|
Total
Current Liabilities |
168.958
|
6.798 |
0.250 |
|
|
Net Current Assets |
(43.918)
|
260.739 |
125.830 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
253.240 |
278.671 |
125.830 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
|
|
SALES |
|
|
|
|
|
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Income |
|
8.105 |
|
|
|
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Other Income |
|
|
|
|
|
|
TOTAL |
26.727 |
8.105 |
0.000 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Office Expenses |
|
|
|
|
|
|
Administrative Expenses |
|
|
|
|
|
|
Financial Expenses |
135.019 |
44.620 |
4.061 |
|
|
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Depreciation |
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|
Advertising Expenses |
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|
|
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TOTAL |
135.019 |
44.620 |
4.061 |
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|
|
|
|
|
|
|
|
LOSS BEFORE TAX |
[108.292] |
[36.515] |
[4.061] |
|
|
|
|
|
|
|
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|
Less |
TAX |
0.076 |
3.184 |
0.000 |
|
|
|
|
|
|
|
|
|
|
LOSS AFTER TAX |
[108.368] |
[39.699] |
[4.061] |
|
|
|
|
|
|
|
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|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
[43.760] |
[4.061] |
0.000 |
|
|
|
|
|
|
|
|
|
|
BALANCE CARRIED
TO THE B/S |
[152.128] |
[43.760] |
[4.061] |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
PAT / Total Income |
(%) |
[405.46]
|
[489.80] |
NA |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
[50.08]
|
[12.91] |
[3.22] |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
[0.47]
|
[0.13] |
[0.03] |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
0.83
|
0.02 |
0.00 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
0.74
|
39.35 |
504.32 |
LOCAL AGENCY FURTHER INFORMATION
NOTE:
The registered office address of the company has been shifted from
International Convention Centre, Trade Tower A-103, 403 A/2, Senapati Bapat
Road, Shivajinagar, Pune - 411016, Maharashtra, India to present w.e.f
01.10.2008
FINANCIAL RESULTS:
The company is
engaged in an integrated business of manufacturing, trading and servicing of
auto components and transmission systems. During the year, the company
commenced its trading and servicing activities in August 2009 and subsequently,
also commenced manufacturing activities from November 2009 when it’s
manufacturing
plant located in Chakan was operationalised.
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. 45.36 |
|
|
1 |
Rs. 74.55 |
|
Euro |
1 |
Rs. 65.33 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
3 |
|
PAID-UP CAPITAL |
1~10 |
4 |
|
OPERATING SCALE |
1~10 |
3 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
3 |
|
--PROFITABILIRY |
1~10 |
3 |
|
--LIQUIDITY |
1~10 |
3 |
|
--LEVERAGE |
1~10 |
3 |
|
--RESERVES |
1~10 |
2 |
|
--CREDIT LINES |
1~10 |
2 |
|
--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 |
|
26 |
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.