MIRA
INFORM REPORT
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Report Date : |
06.01.2011 |
Note: The registered
office of the Company was shifted from Gat No.1396/1397, Sanaswadi, Taluka
Shirur, District Pune in the state of Maharashtra to 122, SIPCOT Industrial Complex,
Hosur, Dist: Krishnagiri, Tamilnadu, 635126,
IDENTIFICATION DETAILS
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Name : |
TENNECO EXHAUST INDIA PRIVATE LIMITED |
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Formerly known as : |
WALKER EXHAUST INDIA PRIVATE LIMITED |
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Registered Office : |
122, SIPCOT Industrial Complex, Hosur – 635126, Tamilnadu |
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Country : |
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Financials (as on) : |
31.03.2009 |
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Date of Incorporation : |
24.11.2000 |
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Com. Reg. No.: |
15443 |
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CIN No.: [Company
Identification No.] |
U29112TZ2000PTC015443 |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Manufacturer and |
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 270000 |
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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.
ECGC Country Risk Classification List – April 1, 2010
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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 DENIED BY
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Name : |
Mr. Swapnil |
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Designation : |
Accounts |
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Date : |
05.01.2011 |
LOCATIONS
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Registered Office : |
122, SIPCOT Industrial Complex, Hosur – 635126, |
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E-Mail : |
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Factory : |
Gat No. 1396 / 97, At post Sanaswadi, Tulaka Shirur, Pune – 412207, |
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Tel. No.: |
91-2137-308800 |
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Fax No.: |
91-2137-308880 |
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E-Mail : |
DIRECTORS
As On 30.09.2009
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Name : |
Mr. Rajarshi Chankrabarti |
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Designation : |
Director |
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Address : |
84, Anandlok, |
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Date of Appointment : |
12.08.2003 |
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DIN No. : |
01002717 |
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Name : |
Mr. Horace Vincen Draa |
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Designation : |
Director |
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Address : |
Karlvan Loreinlaan, 3, |
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Date of Appointment : |
12.08.2003 |
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DIN No. : |
00897618 |
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Name : |
Mr. Hari Nair |
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Designation : |
Director |
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Address : |
Avenue Du Golf, 50, 1640, |
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Date of Birth : |
01.01.1960 |
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Date of Appointment : |
01.02.2006 |
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DIN No. : |
00471889 |
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Name : |
Mr. Ravichandran Ramachandran |
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Designation : |
Alternate Director |
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Address : |
No. 9, |
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Date of Appointment : |
07.11.2008 |
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DIN No. : |
00611590 |
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Name : |
Mr. Abhijit Mukherjee |
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Designation : |
Additional Director |
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Address : |
Kesseldallan 58/04043010 |
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Date of Birth : |
14.01.1958 |
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Date of Appointment : |
30.09.2009 |
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DIN No. : |
02428684 |
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Name : |
Mr. Michael John Charlton |
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Designation : |
Director |
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Address : |
8, Church House, |
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Date of Appointment : |
24.03.2008 |
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DIN No. : |
02062773 |
KEY EXECUTIVES
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Name : |
Mr. Gopal |
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Designation : |
Company Secretary |
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Name : |
Mr. Sudhir Anand |
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Designation : |
Company Secretary |
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Address : |
New No. 34, Old 53A/3, Balakrishna Naicken Street Ex West Mambalam, Chennai
– 600033, Tamilnadu, India |
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Date of Birth : |
26.01.19638 |
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Date of Appointment : |
30.06.2010 |
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Pan No. : |
APEPS6667Q |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As On 30.09.2009
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Names of Shareholders |
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No. of Shares |
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Rohit K. Kochhar |
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1 |
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Tenneco Automotive ( |
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19999999 |
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Total |
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20000000 |
As On 30.09.2009
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Category |
Percentage |
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Bodies corporate |
100.00 |
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Total |
100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer and |
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Products : |
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GENERAL INFORMATION
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No. of Employees : |
Not Divulged by the Management |
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Bankers : |
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Facilities : |
a) The unsecured
loan from Tenneco Automotive India Private Limited is interest-free and repayable
on or before 31.03.2010. b) The Short term
loan from Bank includes interest accrued and due Rs. 8.555 millions (Previous
year Rs. 0.047 millions) c) The long term
loan from bank and the overdraft facility arc covered by a Corporate
guarantee from 'Tenneco inc., the Company's ultimate holding company. d) The company has availed Sales Tax
Deferral scheme under |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
Deloitte Haskins and Sells |
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Address : |
706, B Wing, 7th Floor, ICC Trade Tower, International Convention
Centre, Senapati Bapat Road, Pune – 411016, Maharashtra, India |
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Tel. No.: |
91-20-66244600 |
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Fax No.: |
91-20-66244605 |
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Pan No. : |
AACFD4815A |
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Ultimate Holding Company : |
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Holding Company : |
CIN: U34300DL1998PTC091625 |
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Fellow Subsidiaries : |
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CAPITAL STRUCTURE
As On 31.03.2009
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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20000000 |
Equity Shares |
Rs.10/- each |
Rs.200.000 millions |
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Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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20000000 |
Equity Shares 19999999 equity shares of Rs. 10/- each are held by the Holding
company, Tenneco Automotive India Private Limited (The Ultimate holding
company is Tenneco Automotive Inc, |
Rs.10/- each |
Rs.200.000 millions |
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FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
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SOURCES OF FUNDS |
31.03.2009 |
31.03.2008 |
31.03.2007 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
200.000 |
200.000 |
200.000 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
0.000 |
0.000 |
0.000 |
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4] (Accumulated Losses) |
(131.184) |
(87.450) |
(57.643) |
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NETWORTH |
68.816 |
112.550 |
142.357 |
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LOAN FUNDS |
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1] Secured Loans |
0.854 |
0.429 |
0.000 |
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2] Unsecured Loans |
479.758 |
306.572 |
211.526 |
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TOTAL BORROWING |
480.612 |
307.001 |
211.526 |
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DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
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TOTAL |
549.428 |
419.551 |
353.883 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
173.604 |
177.725 |
160.906 |
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Capital work-in-progress |
137.698 |
11.583 |
7.799 |
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INVESTMENT |
0.001 |
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 |
99.063
|
98.692 |
93.614 |
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Sundry Debtors |
302.267
|
305.181 |
220.533 |
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Cash & Bank Balances |
31.647
|
1.175 |
13.794 |
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Other Current Assets |
4.756
|
15.027 |
8.282 |
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Loans & Advances |
53.935
|
48.657 |
60.706 |
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Total
Current Assets |
491.668
|
468.732 |
396.929 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Sundry Creditors |
222.981
|
213.618 |
190.951 |
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Other Current Liabilities |
14.318
|
10.897 |
16.997 |
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Provisions |
16.244
|
13.974 |
3.803 |
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Total
Current Liabilities |
253.543
|
238.489 |
211.751 |
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Net Current Assets |
238.125
|
230.243 |
185.178 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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TOTAL |
549.428 |
419.551 |
353.883 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
31.03.2009 |
31.03.2008 |
31.03.2007 |
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SALES |
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Income |
867.345 |
948.393 |
840.996 |
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Other Income |
NA |
10.116 |
14.186 |
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TOTAL (A) |
NA
|
958.509 |
855.182 |
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Less |
EXPENSES |
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726.526 |
657.375 |
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Increase/Decrease in inventories of finished goods and work in
progress |
NA |
8.498 |
3.204 |
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Employee cost |
|
61.296 |
39.204 |
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Other expenses |
|
153.066 |
137.199 |
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TOTAL (B) |
|
949.386 |
836.982 |
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Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
14.759 |
9.123 |
18.200 |
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Less |
FINANCIAL
EXPENSES (D) |
36.989 |
19.122 |
9.684 |
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PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
(22.230) |
(9.999) |
8.516 |
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Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
20.984 |
18.302 |
20.222 |
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PROFIT BEFORE
TAX (E-F) (G) |
(43.214) |
(28.301) |
(11.706) |
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Less |
TAX (I) |
0.520 |
1.062 |
0.516 |
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PROFIT AFTER TAX
(G-I) (J) |
(43.734) |
(29.363) |
(12.222) |
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Add |
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|
(57.643) |
(45.421) |
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Add |
Gratuity and
Compensated absence adjustments |
|
(0.445) |
0.000 |
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BALANCE CARRIED
TO THE B/S |
NA |
(87.451) |
(57.643) |
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IMPORTS |
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Raw Materials |
|
119.254 |
145.156 |
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Capital Goods |
|
3.569 |
5.155 |
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TOTAL IMPORTS |
|
122.823 |
150.311 |
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Earnings Per
Share (Rs.) |
|
(1.47) |
(0.61) |
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KEY RATIOS
|
PARTICULARS |
|
31.03.2009 |
31.03.2008 |
31.03.2007 |
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PAT / Total Income |
(%) |
NA
|
(3.06) |
(1.43) |
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Net Profit Margin (PBT/Sales) |
(%) |
(4.98)
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(2.98) |
(1.39) |
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Return on Total Assets (PBT/Total Assets} |
(%) |
(6.49)
|
(4.38) |
(2.10) |
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Return on Investment (ROI) (PBT/Networth) |
|
(0.63)
|
(0.25) |
(0.08) |
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Debt Equity Ratio (Total Liability/Networth) |
|
10.67
|
4.85 |
2.97 |
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Current Ratio (Current Asset/Current Liability) |
|
1.94
|
1.97 |
1.87 |
LOCAL AGENCY FURTHER INFORMATION
Sundry Creditors
|
Particulars |
31.03.2009 (Rs. In
Millions) |
31.03.2008 (Rs. In
Millions) |
31.03.2007 (Rs. In
Millions) |
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Sundry Creditors |
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Total outstanding dues to creditors other than
micro enterprises and small enterprises |
222.981 |
213.618 |
190.951 |
OPERATIONS:
The Company achieved
a Sales Turnover (Net Sales) of Rs. 867.345 millions for the year from
01.04.2008 to 31.03.2009 as against Rs. 948.392 millions achieved in the Previous Financial year, a
decrease of around 10%. The Net Profit before Interest and Depreciation in the
Current year has a marginal increase due to the increase in Other Income and
decrease in Other Expenses. The Company is maintaining the Share of business
with Telco, Mahindra and General Motors Limited in spite of stiff competition
from other competitors.
Fixed Assets:
- Freehold land
- Factory building
- Office building
- Plant and machinery
- Dies and moulds
- Data processing equipment
- Office and other equipment
- Furniture and fittings
- Vehicles
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.45.20 |
|
|
1 |
Rs.70.27 |
|
Euro |
1 |
Rs.59.99 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
3 |
|
OPERATING SCALE |
1~10 |
3 |
|
FINANCIAL CONDITION |
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|
--BUSINESS SCALE |
1~10 |
2 |
|
--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 |
|
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--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
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--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.