MIRA
INFORM REPORT
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Report Date : |
25.02.2011 |
Note : The correct name of the company is PILKINGTON
AUTOMOTIVE INDIA PRIVATE LIMITED
IDENTIFICATION DETAILS
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Name : |
PILKINGTON AUTOMOTIVE INDIA PRIVATE LIMITED |
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Registered
Office : |
Plot No.8, Non Sez of APIIC, Atchuthapuram Mandal,
Visakhapatnam-531011, Andhra Pradesh |
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Country : |
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Financials (as
on) : |
31.03.2010 |
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Date of Incorporation
: |
11.07.2006 |
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Com. Reg. No.: |
11-050591 |
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CIN No.: [Company Identification
No.] |
U34300AP2006PTC050591 |
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TAN No.: [Tax Deduction &
Collection Account No.] |
VPNP00905C |
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PAN No.: [Permanent Account No.] |
AADCP9788Q |
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Legal Form : |
Private Limited Liability Company. |
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Line of Business
: |
Manufacturer of glass for automotive sector. |
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 1500000 |
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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. |
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
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Name : |
Mr. Samir Kapur |
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Designation : |
Marketing Manager |
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Contact No.: |
91-9999113130 |
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Date : |
24.02.2011 |
LOCATIONS
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Registered Office / Factory : |
Plot No.8, Non Sez of APIIC, Atchuthapuram Mandal,
Visakhapatnam-531011, Andhra Pradesh, India |
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Tel. No.: |
91-8924-282109 |
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Mobile No.: |
91-9999113130 (Mr. Samir Kapur) |
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Fax No.: |
91-8924-282101 |
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E-Mail : |
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Website : |
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Area : |
10000Sq.ft. |
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Location : |
Owned |
DIRECTORS
As On : 30.09.2010
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Name : |
Mr. Stephan Joachim Rosebrock |
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Designation : |
Director |
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Address : |
Flat No.602, Roshan Towers, CBM Compound, Area, 6-7, Balaji Nagar,
Visakhapatnam-530002, Andhra Pradesh, India |
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Date of Birth/Age : |
18.09.1963 |
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Date of Appointment : |
15.12.2006 |
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Name : |
Mr. Agnes Watson Kidd |
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Designation : |
Director |
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Address : |
16, Dereham Road, Seaton Sluice, Whitley Bay, Tyne and Wear NE 264 BP,
United Kingdom-WA103TT |
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Date of Birth/Age : |
01.11.1957 |
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Date of Appointment : |
15.12.2006 |
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DIN No : |
02442998 |
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Name : |
Mr. Dale Nelson Vermilya |
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Designation : |
Director |
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Address : |
4402, Dovewood Lane, Sylvania, Ohio, United State of America-43590 |
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Date of Birth/Age : |
15.06.1959 |
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Date of Appointment : |
11.07.2006 |
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DIN No : |
00042074 |
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Name : |
Mr. Pubbity Srinivas Rao |
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Designation : |
Director |
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Address : |
10-12-9, Dharamasadan Apartment, flat No.103, Old Jail Road, Maharani
Pet, Visakhapatnam-530002, Andhra Pradesh, India |
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Date of Birth/Age : |
01.01.1967 |
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Date of Appointment : |
04.03.2009 |
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DIN No : |
02584241 |
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Name : |
Mr. Gunisetti Surya Venkata Raja |
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Designation : |
Director |
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Address : |
39-11-58, First Lane, Murali Nagar, Visakhapatnam-530007, Andhra
Pradesh, India |
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Date of Birth/Age : |
26.08.1972 |
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Date of Appointment : |
04.03.2009 |
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DIN No : |
02584272 |
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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Pilkington Italy Limited, United Kingdom |
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57999999 |
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Pilkington Brothers (South Wales) Limited, United Kingdom |
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1 |
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Total |
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58000000 |
AS ON 30.09.2010
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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] |
|
100.00 |
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Total
|
100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer of glass for automotive sector. |
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Exports : |
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Products : |
Glass |
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Countries : |
Europe USA |
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Terms : |
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Selling : |
Cash, Credit (30 days / 60 days / 90 days) |
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Purchasing : |
Cash, Credit (30 days / 60 days / 90 days) |
PRODUCTION STATUS (As On : 31.03.2010)
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Particulars |
Unit |
Licensed
Capacity |
Installed
Capacity |
Actual
Production |
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Windscreens |
Nos. |
NA |
210.425 |
72.802 |
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GENERAL INFORMATION
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Customers : |
End Users OEM’s |
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No. of Employees : |
50 (Approximately) |
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Bankers : |
v State Bank of
India, Nehru Place, New Delhi, India |
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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 : |
Oval Office, 18, Ilabs Centre, Hi-Tech City, Madhapur, Hyderabad-500081,
Andhra Pradesh, India |
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Sister Concern : |
v Pilkington Glass
India Private Limited Address: Nehru Place, New Delhi-110019, Delhi, India Line of Business : Manufacturer
of glass for automotive sector. |
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Holding Company : |
v Pilkington Italy
Limited, United Kingdom |
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Fellow Associate : |
v Pilkington
Automotive Deutschland Gmbh v Pilkington
Automotive Finland v Pilkington Italy
Spa v Pilkington
Automotive UK Limited v Pilkington Group
Limited v Pilkington Finance
Limited v Pilkington
Automotive Poland v Changohun
Pilkington Safety v Guilim
Pilkington v Malaysian Sheet
Gluss v Pilkington North
America v Pilkington AGR
UK v Pilkington
Tchnology |
CAPITAL STRUCTURE
As On : 31.03.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
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58000000 |
Equity Shares |
Rs. 10/- each |
Rs. 580.000 millions |
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Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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58000000 |
Equity Shares |
Rs. 10/- each |
Rs. 580.000 millions |
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Note : (of the above 57999999 Equity Shares held by Pilkington Italy
Limited, 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 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
580.000 |
580.000 |
96.067 |
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2] Share Application Money |
0.000 |
0.000 |
222.903 |
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3] Reserves & Surplus |
0.000 |
0.000 |
0.000 |
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4] (Accumulated Losses) |
(186.574) |
(80.028) |
(15.069) |
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NETWORTH |
393.426 |
499.972 |
303.901 |
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LOAN FUNDS |
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1] Secured Loans |
0.000 |
0.000 |
0.000 |
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2] Unsecured Loans |
478.051 |
335.626 |
0.000 |
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TOTAL BORROWING |
478.051 |
335.626 |
0.000 |
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DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
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TOTAL |
871.477 |
835.598 |
303.901 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
809.129 |
812.079 |
20.827 |
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Capital work-in-progress |
0.000 |
0.000 |
189.482 |
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INVESTMENT |
0.000 |
0.000 |
0.000 |
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DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
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INTANGIBLES ASSETS |
17.357 |
22.128 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
19.469
|
33.161 |
0.000 |
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Sundry Debtors |
11.318
|
0.000 |
0.000 |
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Cash & Bank Balances |
9.383
|
28.867 |
136.064 |
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Other Current Assets |
0.000 |
0.000 |
12.706 |
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Loans & Advances |
34.194
|
25.645 |
0.419 |
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Total
Current Assets |
74.364
|
87.673 |
149.189 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Sundry Creditors |
21.585 |
77.499 |
34.891 |
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Other Current Liabilities |
7.517
|
7.446 |
20.450 |
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Provisions |
0.272
|
1.337 |
0.257 |
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Total
Current Liabilities |
29.374
|
86.282 |
55.598 |
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Net Current Assets |
44.990
|
1.391 |
93.591 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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TOTAL |
871.477 |
835.598 |
303.901 |
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PROFIT & LOSS ACCOUNT
|
|
PARTICULARS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
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EXPORT VALUE |
103.124 |
NA |
NA |
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IMPORTS |
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Raw Materials |
47.603 |
38.743 |
NA |
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Capital Goods |
14.541 |
179.952 |
NA |
|
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TOTAL IMPORTS |
62.144 |
218.695 |
NA |
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KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
Debt Equity Ratio (Total Liability/Networth) |
|
1.29
|
0.84 |
0.18 |
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Current Ratio (Current Asset/Current Liability) |
|
2.53
|
1.02 |
2.68 |
LOCAL AGENCY FURTHER INFORMATION
Note : Registered Office
of the company has been shifted from 39-27-44/5, Madhavadhara Vuda Colony, Vishakhapatnam,
Andhra Pradesh, India to the present address w.e.f.20.11.2008
SUNDRY CREDITORS
DETAILS
(Rs.
In millions)
|
Particulars |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
SUNDRY CREDITORS |
|
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|
|
-
Dues to Micro, Small and Medium
Enterprises |
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|
-
Dues to others |
17.495 |
35.933 |
28.547 |
|
-
Dues to Group Companies |
4.090 |
41.566 |
6.344 |
|
Total |
21.585 |
77.499 |
34.891 |
OVER ALL BUSINESS
OPERATION
Ever since the operations were commenced in February 2009, good progress
has been made in terms of plant manufacturing capabilities and reduction in
business costs, although the business has passed through a tough period during
2009-10, due to global economic downturn. The volatile conditions in automotive
market in North America and Europe have resulted into reduced sales volutes
which in turn lead to under utilization of capacity. However, significant
improvements could be made in the areas of quality and environment managements
systems etc.
NATURE OF
OPERATIONS
Subject is a Company registered under India Companies Act, 1956. The
company is engaged in the business of manufacture of glass for Automotive
Sector.
FIXED ASSETS
v Land
v Building
v Plant and Machinery
v Furniture and
Fixtures
v Office Equipments.
WEB SIDE DETAILS
HISTORY
Pilkington Group Limited originated in 1826 as the St.
Helens Crown Glass Company, founded with the technical knowledge and ability of
John William Bell and capital from three of the most influential local
families, the Bromilows, the Greenalls and the Pilkingtons. William Pilkington
was one of the original shareholders, and he was later joined by his elder
brother Richard.
It
became a private company in 1894 and remained so until 1970 when its
shares were listed on the London Stock Exchange. Pilkington was de-listed from
the London Stock Exchange in June 2006 on becoming a wholly-owned subsidiary of
the NSG Group; itself established in 1918.
The
NSG Group has major market shares in most building and automotive product
markets of the world, with a broad geographic reach, enabling it to respond to
customers whose operations particularly in the case of Automotive OE, are
increasingly global.
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.45.37 |
|
|
1 |
Rs.73.54 |
|
Euro |
1 |
Rs.62.39 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
4 |
|
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 |
2 |
|
--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 |
YES |
|
--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.