MIRA
INFORM REPORT
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Report Date : |
26.12.2011 |
IDENTIFICATION DETAILS
|
Name : |
IAC INTERNATIONAL AUTOMOTIVE INDIA PRIVATE LIMITED |
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Registered
Office : |
Plot No.3, Rajiv Gandhi, |
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Country : |
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Financials (as
on) : |
31.03.2010 |
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Date of
Incorporation : |
11.03.2008 |
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Com. Reg. No.: |
11-131589 |
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Capital
Investment / Paid-up Capital : |
Rs.386.326 Millions |
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CIN No.: [Company Identification
No.] |
U34300PN2008FTC131589 |
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IEC No.: |
3108000748 |
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TIN No.: |
06311936535 |
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PAN No.: |
AABCI8434J |
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Legal Form : |
Private limited liability company |
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Line of Business
: |
The Company is engaged in the design, development and manufacture of
automotive interior systems for various automotive industry customers. |
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No. of Employees
: |
150 (Approximately) |
RATING & COMMENTS
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MIRA’s Rating : |
B (26) |
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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 1200000 |
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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 a subsidiary of IACNA Mauritius Limited. It 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
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 – September 30, 2011
|
Country Name |
Previous Rating (30.06.2011) |
Current Rating (30.09.2011) |
|
India |
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 : |
Plot No.3, Rajiv Gandhi, |
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Tel. No.: |
91-20-66538500/22934484 |
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Fax No.: |
91-20-66538777/22934234 |
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E-Mail : |
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Website : |
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Plant : |
Plot No. 18, Sector 7 IMT Manesar, Gurgaon, India |
DIRECTORS
As on 30.09.2011
|
Name : |
Mr. James Kevin Kamsickas |
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Designation : |
Director |
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Address : |
44011, Cypress Point, Drive BNorthville, MI, USA-48168 |
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Date of Birth/Age : |
15.12.1966 |
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Date of Appointment : |
31.03.2008 |
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Din No.: |
02112590 |
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Name : |
Mr. Jeffrey Henery Vanneste |
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Designation : |
Director |
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Address : |
57863, Karam Navenue, Washington Township, MI, USA-48904 |
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Date of Birth/Age : |
03.09.1959 |
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Date of Appointment : |
31.03.2008 |
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Din No.: |
02112593 |
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Name : |
Mr. Janis Nikkoline Acosta |
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Designation : |
Director |
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Address : |
7676, Windgate Circle West, Bloom Field, MI, USA-48323 |
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Date of Birth/Age : |
26.09.1969 |
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Date of Appointment : |
31.03.2008 |
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Din No.: |
02112586 |
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Name : |
Mr. Kehoe Allen Kehoe |
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Designation : |
Director |
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Address : |
5153, Cedar Creek Drive, Brownstown, MI, USa-481 34 |
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Date of Birth/Age : |
30.10.1973 |
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Date of Appointment : |
03.09.2009 |
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Name : |
Mr. Gajanan Vithal Gandhe |
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Designation : |
Director |
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Address : |
703/704, |
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Date of Birth/Age : |
01.03.1864 |
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Date of Appointment : |
31.03.2008 |
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Din No.: |
02023395 |
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Name : |
Mr. Brian Keith Pour |
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Designation : |
Director |
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Address : |
4403 Patrick Road, West Bloomfiled, Mi, USA |
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Date of Birth/Age : |
10.12.1971 |
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Date of Appointment : |
30.03.2011 |
KEY EXECUTIVES
|
Name : |
Mr. Ashish Kumar jain |
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Designation : |
Company Secretary |
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Address : |
13, Ankit Residency, Pavna Nagar, Chinchawad, Pune-411 033,
Maharashtra, India |
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Date of Birth/Age : |
14.05.1978 |
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Date of Appointment : |
14.05.2010 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 30.09.2011
|
Names of Shareholders (Equity Shares) |
|
No. of Shares |
|
Iacna Mauritius Limited, |
|
21314594 |
|
IAC Us holding Inc, |
|
01 |
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Total |
|
21314595 |
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Names of Shareholders (Preference Shares) |
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No. of Shares |
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Iacna Mauritius Limited, |
|
47133901 |
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Total |
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47133901 |
As on 30.09.2011
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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] |
|
100.00 |
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Total |
|
100.00 |
BUSINESS DETAILS
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Line of Business : |
The Company is engaged in the design, development and manufacture of
automotive interior systems for various automotive industry customers. |
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Products : |
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PRODUCTION STATUS (As on 31.03.2010)
|
Particulars |
Unit |
Installed
Capacity |
Actual
Production |
|
Glove Box Compartment |
Nos. |
13200 |
1400 |
|
Instrument Panel |
Nos. |
3000 |
21 |
GENERAL INFORMATION
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No. of Employees : |
150 (Approximately) |
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Bankers : |
State Bank of India, Industrial Finance Branch, Tara Chambers,
Mumbai-Pune Road, Pune - 411003, Maharashtra, India |
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Facilities : |
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Banking
Relations : |
---- |
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Auditors : |
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Name : |
BSR and Company Chartered Accountants |
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Address : |
703, 7th Floor, Godrej Castle Maine, Next To Ruby Hall Clinic,
Bund Garden Road, Pune-411 001, Maharashtra, India |
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Tel. No.: |
91-20-30585764/65 |
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Fax No.: |
91-20-30585775 |
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Holding Company: |
IACNA Mauritius Limited |
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Ultimate Holding Company: |
International
Automotive Components Group |
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Associates/Subsidiaries : |
Shanghai IAC
Automotive Components Company Limited IAC U.S.
Holdings, Inc. |
CAPITAL STRUCTURE
As on 30.09.2011
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
50000000 |
Equity Shares |
Rs.10/- Each |
Rs.500.000 millions |
|
50000000 |
Preference Shares |
Rs.10/- Each |
Rs.500.000 millions |
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|
|
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Total |
|
Rs.1000.000
millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
21314595 |
Equity Shares |
Rs.10/- Each |
Rs.213.146
millions |
|
47133901 |
Preference Shares |
Rs.10/- Each |
Rs.471.339
millions |
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|
|
|
|
|
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Total |
|
Rs.684.485 Millions |
As on 31.03.2010
Authorised Capital :
|
No. of Shares |
Type |
||
|
30500000 |
Equity Shares |
Rs.10/- Each |
Rs.305.000 millions |
|
30500000 |
Preference Shares |
Rs.10/- Each |
Rs.305.000 millions |
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|
|
|
|
|
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Total |
|
Rs.610.000
millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
||
|
21314595 |
Equity Shares |
Rs.10/- Each |
|
|
17318001 |
Preference Shares |
Rs.10/- Each |
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|
|
|
|
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Total |
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Notes:
Of the above,
22,314,595 equity shares (31 March 2009 - 21,314,595 equity shares) of Rs.10/-
each are held by IACNA Mauritius Limited, the holding company, together with its
nominee, JAC U.S. Holdings Inc. The ultimate holding company is International
Automotive Components Group North America, LLC
17318001
preference shares of Rs.10/- each fully paid (31 March 2009 - 11,532,174
preference shares of Rs.10/- each fully paid)
1) Of the above, 17,318,001 preference shares (31 March 2009 - 11,532,174
preference shares) of Rs.10/- each are held by IACNA Mauritius Limited.
2) Of the above
preference shares, 11,532,174 preference shares of Rs.10/- each fully paid are
Compulsory Convertible Preference Shares (CCPS) carrying dividend @16.75% on
non cumulative basis and 5,785,827 preference shares of Rs.10/- each fully paid are CCPS carrying dividend @ 14.75% on non
cumulative basis.
3) At the call option of the
Company, CCPS would be converted into equity shares within a period of 5 years
from the date of allotment, the date of allotment being 13 September 2008 for
11,532,174 preference shares and 15 October 2009 for 5,785.827 preference
shares. CCPS would be converted into equity shares at a price not less than the
base price determined in terms of FEMA Regulations and the Companies Act, 1956.
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
|
|
31.03.2010 |
31.03.2009 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
|
386.326 |
328.468 |
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2] Share Application Money |
|
45.820 |
0.000 |
|
|
3] Reserves & Surplus |
|
0.000 |
0.000 |
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4] (Accumulated Losses) |
|
(130.980) |
(110.803) |
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NETWORTH |
|
301.166 |
217.665 |
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LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
|
60.000 |
0.000 |
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2] Unsecured Loans |
|
0.000 |
0.000 |
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TOTAL BORROWING |
|
60.000 |
0.000 |
|
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DEFERRED TAX LIABILITIES |
|
0.000 |
0.000 |
|
|
|
|
|
|
|
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TOTAL |
|
361.166 |
217.665 |
|
|
|
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|
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APPLICATION OF FUNDS |
|
|
|
|
|
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|
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FIXED ASSETS [Net Block] |
|
245.900 |
236.794 |
|
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Capital work-in-progress |
|
12.250 |
0.195 |
|
|
|
|
|
|
|
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INVESTMENT |
|
0.000 |
0.000 |
|
|
DEFERREX TAX ASSETS |
|
0.000 |
0.000 |
|
|
|
|
|
|
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CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
|
0.729 |
0.000 |
|
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Sundry Debtors |
|
9.555 |
18.956 |
|
|
Cash & Bank Balances |
|
121.561 |
28.513 |
|
|
Other Current Assets |
|
15.483 |
0.913 |
|
|
Loans & Advances |
|
59.775 |
23.642 |
|
Total
Current Assets |
|
207.103 |
72.024 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
|
45.579 |
11.764 |
|
|
Other Current Liabilities |
|
23.748 |
26.701 |
|
|
Provisions |
|
34.760 |
52.883 |
|
Total
Current Liabilities |
|
104.087 |
91.348 |
|
|
Net Current Assets |
|
103.016 |
(19.324) |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
|
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
|
361.166 |
217.665 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
|
221.557 |
141.568 |
|
|
|
Other Income |
|
3.015 |
2.852 |
|
|
|
TOTAL (A) |
|
224.572 |
144.420 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Material cost |
|
2.777 |
0.000 |
|
|
|
Cost of tool Development |
|
82.086 |
96.689 |
|
|
|
Employee costs |
|
84.623 |
48.889 |
|
|
|
Operating and Other Expense |
|
66.569 |
106.290 |
|
|
|
TOTAL (B) |
|
236.055 |
251.868 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
|
(11.483) |
(107.448) |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
|
1.717 |
0.000 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
|
(13.200) |
(107.448) |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
|
6.977 |
2.786 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
|
(20.177) |
(110.234) |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
|
0.000 |
0.569 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
|
(20.177) |
(110.803) |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
|
(110.803) |
0.000 |
|
|
|
|
|
|
|
|
|
|
BALANCE CARRIED
TO THE B/S |
|
(130.980) |
(110.803) |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
80.453 |
26.841 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
|
0.760 |
0.000 |
|
|
|
Capital Goods |
|
1.302 |
11.448 |
|
|
TOTAL IMPORTS |
|
2.062 |
11.448 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
|
2.25 |
(11.81) |
|
KEY RATIOS
|
PARTICULARS |
|
|
31.03.2010 |
31.03.2009 |
|
PAT / Total Income |
(%) |
|
(8.98) |
(76.72) |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
|
(9.11) |
(78.27) |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
|
(4.45) |
(35.70) |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
|
(0.07) |
(0.51) |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
|
0.54 |
0.42 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
|
1.99 |
0.79 |
LOCAL AGENCY FURTHER INFORMATION
BACKGROUND OF THE COMPANY
Subject was
incorporated in
The Company is
engaged in the design, development and manufacture of automotive interior
systems for various automotive industry customers and has one corporate office, one manufacturing facility and an
engineering centre.
OPERATIONS:
This year was the
second year of operation of the Company. During the year the Company has
successfully set up an Interim Facility in Chakan (Interim Manufacturing
Facility) to cater to the Prototype Builds requirements during the development
Stage of the Mahindra and Volkswagen programs.
Further the
Company has received a soft loan of Rs.60.000 millions (USD 1.35M) from
Mahindra Vehicle Manufacturing Limited (MVML) to purchase machinery and
equipments for the W201 program to launch in February 2010. The MVML program
consists of supplying automotive interiors such as Instrument Panel and
Exterior Parts, Floor Consol. Rear and Front Door Trims, B. C and D Pillar
Terms. Tall Gate and Glove Box Assembly for the W201 program. MVML is also
providing a manufacturing facility on lease in its supplier park in Chakan.
FUTURE BUSINESS
PROSPECTS
Though the Company
is just two years old, a significant interest is being shown in it by the
Indian domestic passenger car and heavy truck manufacturers.
The Company has
been approached by the Indian domestic passenger car and truck manufacturers
with requests for quotation for their up coming future programs The Company:
has received Engineering business from M/s Ashok Leyland among others.
The Indian
automobile market has shown a significant growth in recent years and all major
OEM's is corning here to take advantage of it. The Company will definitely
benefit in the areas of both engineering and manufacturing.
Form : 8
BANKERS CHARGES
REPORT AS PER REGISTRY
|
Corporate
identity number of the company |
U34300PN2008FTC131589 |
|
Name of the
company |
IAC International
Automotive India Private Limited |
|
Address of the
registered office or of the principal place of business in |
Plot No.3, Rajiv Gandhi, |
|
This form is for |
Creation of
Charge |
|
Type of charge |
Movable Property |
|
Particular of
charge holder |
Mahindra Towers, P.K. Kurne Chowk, Worli, Mumbai – 400018,
Maharashtra, India |
|
Nature of
description of the instrument creating or modifying the charge |
Hypothecation
Agreement Loan Agreement |
|
Date of
instrument Creating the charge |
31.03.2011 |
|
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 @12% p.a. Terms of
Repayment As per the loan
agreement Margin As per the loan
agreement Extent and
Operation of the charge As per the
attached loan agreement and hypothecation agreement Others Nil |
|
Short particulars
of the property charged |
The movable machinery and equipments
acquired out of the loan |
FIXED ASSETS:
·
Land – Freehold
·
Leasehold Improvement
·
Plant and Machinery
·
Office Equipments
·
Computer
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. 52.72 |
|
|
1 |
Rs. 82.70 |
|
Euro |
1 |
Rs. 68.90 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
3 |
|
PAID-UP CAPITAL |
1~10 |
3 |
|
OPERATING SCALE |
1~10 |
3 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
3 |
|
--PROFITABILIRY |
1~10 |
2 |
|
--LIQUIDITY |
1~10 |
3 |
|
--LEVERAGE |
1~10 |
3 |
|
--RESERVES |
1~10 |
3 |
|
--CREDIT LINES |
1~10 |
3 |
|
--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 |
|
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.