MIRA INFORM REPORT

 

 

Report Date :

08.01.2011

 

IDENTIFICATION DETAILS

 

Name :

COMAU INDIA PRIVATE LIMITED

 

 

Registered Office :

34 KM, Milestone, Pune–Nagar Road, Shikrapur, Pune – 412 208, Maharashtra

 

 

Country :

India

 

 

Financials (as on) :

31.12.2009

 

 

Date of Incorporation :

25.09.1997

 

 

Com. Reg. No.:

11-110889

 

 

CIN No.:

[Company Identification No.]

U74999MH1997PTC110889

 

 

Legal Form :

Private Limited Liability Company

 

 

Line of Business :

Manufacturer and Exporter of Capital Goods for Car Assembly.

 

 

RATING & COMMENTS

 

MIRA’s Rating :

B (29)

 

RATING

STATUS

 

PROPOSED CREDIT LINE

26-40

B

Capability to overcome financial difficulties seems comparatively below average.

Small

 

Maximum Credit Limit :

USD 10180000

 

 

Status :

Moderate

 

 

Payment Behaviour :

Slow but correct

 

 

Litigation :

Clear

 

 

Comments :

Subject is an established company having moderate track. Trade relations are reported as fair. Business is active. Payments are reported to be slow.

 

The company can be considered for small business dealings at usual trade terms and conditions.

 

NOTES :

Any query related to this report can be made on e-mail : infodept@mirainform.com while quoting report number, name and date.

 

ECGC Country Risk Classification List – April 1, 2010

 

Country Name

Previous Rating

(31.12.2009)

Current Rating

(01.04.2010)

India

A1

A1

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low

 

A2

Moderate

 

B1

High

 

B2

Very High

 

C1

Restricted

 

C2

Off-credit

 

D

 

 

INFORMATION PARTED BY (General Details)

 

Name :

Mr. Deepak

Designation :

Accounts Department

Date :

05.01.2011

 

 

LOCATIONS

 

Registered Office/ Factory :

34 KM, Milestone, Pune–Nagar Road, Shikrapur, Pune – 412 208, Maharashtra, India 

Tel. No.:

91-2137-678100

Fax No.:

91-2137-678110

E-Mail :

deepak.jadhav@comau.com

surendra.singhvi@comauindia.com

ralp.ruthner@comauindia.com

dharmendra.goyal@comau.com

Website :

www.comau.com

Location :

Owned

 

 

Overseas Office :

Located at:

 

·         USA

·         Italy

·         Alabama

·         France

·         Chicago

·         Germany

·         Mexico

·         UK

·         Shanghai

 

 

DIRECTORS

 

As on 25.03.2010

 

Name :

Mr. Ashwani Kumar Dubey

Designation :

Managing Director

Address :

Villa No.B3, Citaldel Empress, B.T. Kawade Road, Pune – 411 001, Maharashtra, India

Date of Birth/Age :

29.09.1957

Date of Appointment :

01.04.2008

 

 

Name :

Mr. Shreekant Dattatraya Joshi

Designation :

Director

Address :

Avishkar, 13, Shriniketan Housing Society, Kothrud, Pune – 411 029, Maharashtra, India

Date of Birth/Age :

24.06.1939

Date of Appointment :

25.09.1997

 

 

Name :

Mr. Luca Savi

Designation :

Director    

Address :

645, Arlington ST, Birmingham, MI U.S.A. – 48009

Date of Birth/Age :

08.12.1965

Date of Appointment :

01.04.2009

 

 

Name :

Mr. Ralph Benno Ruthner

Designation :

Managing Director

Address :

61/2/B, Mundhwa Road, Mundhwa, Pune – 411 036, Maharashtra, India

Date of Birth/Age :

30.07.1947

Date of Appointment :

01.05.2006

Date of Cessation :

31.03.2008

 

 

Name :

Mr. Franco Roberto Deregibus

Designation :

Director

Address :

Via Sacchi, Turin, Italy

Date of Birth/Age :

01.01.1953

Date of Appointment :

02.04.2007

Date of Cessation :

01.01.2009

 

 

KEY EXECUTIVES

 

Name :

Mr. Hanwant Raj Singhvi

Designation :

Secretary

Address :

A – 8, Kumar Asshiyana, 582, Panmala Sinhagadrd, Pune – 411030, Maharashtra.

 

 

Name :

Mr. Gopinathan Nair

Designation :

H R Manager

 

 

Name :

Mr. Deepak

Designation :

Accounts Department

 

 

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

 

As on 25.03.2010

 

Names of Shareholders

 

 

No. of Shares

Comau S.p.A., Italy

 

23993501

Comau Deustchland GmbH, Germany

 

1

Total

 

23993502

As on 25.03.2010

 

Equity Share Breakup

 

Percentage of Holding

Category

 

 

Foreign holdings [Foreign institutional investors, Foreign Companies, Foreign Financial Institutions, Non-resident Indian or Overseas corporate bodies or others]

 

100.00

 

 

BUSINESS DETAILS

 

Line of Business :

Manufacturer and Exporter of Capital Goods for Car Assembly.

 

 

Products :

Body Shop, Assembly Shop Jigs and Fixture Biw, Body Shop Fixture Dies Jigs, Fixtures

 

 

Exports :

 

Products :

Capital Goods for Car Assembly

Countries :

Europe, China, France

 

 

Imports :

 

Products :

Raw Materials

Countries :

Europe, Japan

 

 

Terms :

 

Selling :

L/C, Cash and Credit

 

 

Purchasing :

L/C, Cash and Credit 

 

 

GENERAL INFORMATION

 

Suppliers :

·         Kadkomp Symtem private Limited

·         Midas Engineers

·         Quality Pattern Works

·         Royal engineers

·         Samarth Engineers

·         Shree Engineers

·         Shree Systems

·         Sumami Engineers

·         Techecellency and Toolcon engineers

·         Auto Trans Systems

·         Divya Enterprises

·         Electrofab

·         Excellence engineers

·         Industrial Trading Company

·         Srivin Engineers

 

 

Customers :

Corporates

 

 

No. of Employees :

141 (In office – 80, In factory – 61) (Approximately)

Contract Worker – 90

 

 

Bankers :

·         Citi Bank, Pune Main Branch

·         ICICI Bank Limited, Branch Kondhwa, Pune

 

 

Facilities :

Secured Loans

31.12.2009

Rs. In Millions

31.12.2008

Rs. In Millions

Other loans and advances

Dues under hire purchase agreements.

(Installments falling due within one year Rs. Nil) (as at 31st December, 2008, Rs.0.049 million)

0.000

0.048

Total

0.000

0.048

 

Note

Secured by hypothecation of assets purchased under hire purchase agreements.

 

 

 

Banking Relations :

--

 

 

Financial Institution :

Fiat Sundaram Auto Finance Limited, No. 21, Patullos Road, Chennai – 600 002, Tamilnadu, India

 

 

Auditors :

 

Name :

Deloitte Haskins and Sells

Chartered Accountants

Address :

Dr Annie Besant Road, Opposite Shiv Sagar Estate, Worli, Mumbai – 400 018, Maharashtra, India

 

 

Holding company:

Comau S.p.A., Italy

`

 

Ultimate Holding Company:

FIAT S.P.A.

 

 

Associates/Subsidiaries :
  • Comau Inc, USA
  • Comau SA Body Systems (PTY) Limited
  • Comau Deustchland GmbH, Germany
  • Comau China
  • Fiat Power train Tech Spa
  • Fiat India Automobiles Private Limited
  • Fiat India Private Limited
  • Fiat China Business Company Limited
  • Elasis S.C.P.A.
  • Fiat Revisions Interna S.c.r.l, Italy

 

CAPITAL STRUCTURE

 

As on 25.03.2010

 

Authorised Capital :

No. of Shares

Type

Value

Amount

24000000

Equity Shares

Rs.10/- each

Rs.240.000 millions

 

 

 

 

 

Issued, Subscribed & Paid-up Capital :

No. of Shares

Type

Value

Amount

23993502

Equity Shares

Rs.10/- each

Rs.239.935 millions

 

 

 

 

 

Note:-

Of the above 23993501 Equity Shares are held by Comau S.p.A., Italy the holding company; Fiat S.p.A. being the ultimate holding company and 1 Equity Share is held by Comau Deutscheland. 


 

FINANCIAL DATA

[all figures are in Rupees Millions]

 

ABRIDGED BALANCE SHEET

 

SOURCES OF FUNDS

 

31.12.2009

31.12.2008

31.12.2007

SHAREHOLDERS FUNDS

 

 

 

1] Share Capital

239.935

239.935

239.935

2] Share Application Money

0.000

0.000

0.000

3] Reserves & Surplus

30.147

1.510

6.534

4] (Accumulated Losses)

0.000

0.000

0.000

NETWORTH

270.082

241.445

246.469

LOAN FUNDS

 

 

 

1] Secured Loans

0.000

0.048

0.437

2] Unsecured Loans

0.000

0.000

0.000

TOTAL BORROWING

0.000

0.048

0.437

DEFERRED TAX LIABILITIES

0.000

0.000

0.000

 

 

 

 

TOTAL

270.082

241.493

246.906

 

 

 

 

APPLICATION OF FUNDS

 

 

 

 

 

 

 

FIXED ASSETS [Net Block]

209.390

212.767

86.771

Capital work-in-progress

0.000

10.988

59.390

 

 

 

 

INVESTMENT

0.000

0.000

0.000

DEFERREX TAX ASSETS

1.615

0.000

0.000

 

 

 

 

CURRENT ASSETS, LOANS & ADVANCES

 

 

 

 

Inventories
1.275
1.275
1.296

 

Sundry Debtors
183.098
139.608
121.932

 

Cash & Bank Balances
6.560
0.443
29.669

 

Other Current Assets
231.843
152.637
119.391

 

Loans & Advances
48.878
45.958
79.695

Total Current Assets
471.654

339.921

351.983

Less : CURRENT LIABILITIES & PROVISIONS

 

 

 

 

Sundry Creditors

291.942

179.897

102.923

 

Other Current Liabilities
101.558

119.813

128.377

 

Provisions
19.077
22.473
19.938

Total Current Liabilities
412.577
322.183
251.238

Net Current Assets
59.077
17.738
100.745

 

 

 

 

MISCELLANEOUS EXPENSES

0.000

0.000

0.000

 

 

 

 

TOTAL

270.082

241.493

246.906

 

PROFIT & LOSS ACCOUNT

 

 

PARTICULARS

31.12.2009

31.12.2008

31.12.2007

 

SALES

 

 

 

 

 

Income

578.266

689.614

334.932

 

 

Other Income

 

 

 

 

 

TOTAL                                    

578.266

689.614

334.932

 

 

 

 

 

Less

EXPENSES

 

 

 

 

 

Office Expenses

499.646

669.758

340.233

 

 

Administrative Expenses

 

 

 

 

 

Advertising Expenses

 

 

 

 

 

TOTAL                                    

499.646

669.758

340.233

 

 

 

 

 

 

PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION

50.069

19.497

(5.301)

 

 

 

 

 

Less/ Add

DEPRECIATION/ AMORTISATION        

21.518

19.138

12.860

 

 

 

 

 

 

PROFIT BEFORE TAX

28.551

0.360

(18.161)

 

 

 

 

 

Less

TAX                                                                 

0.913

5.659

1.822

 

 

 

 

 

 

PROFIT AFTER TAX

27.638

(5.299)

(19.983)

 

 

 

 

 

 

Excess Provision written back

0.999

0.274

(0.850)

 

 

 

 

 

Add

PREVIOUS YEARS’ BALANCE BROUGHT FORWARD

1.509

6.534

27.367

 

 

 

 

 

 

BALANCE CARRIED TO THE B/S

30.146

1.509

6.534

 

 

 

 

 

 

EARNINGS IN FOREIGN CURRENCY

 

 

 

 

 

Contract Revenue

29.717

12.417

0.845

 

 

Design Sales

18.573

26.132

13.917

 

TOTAL EARNINGS

48.290

38.549

14.762

 

 

 

 

 

 

IMPORTS

 

 

 

 

 

Raw Materials

80.544

67.852

6.645

 

TOTAL IMPORTS

80.544

67.852

6.645

 

 

 

 

 

 

Earnings Per Share (Rs.)

1.15

(0.21)

(13.26)

 

KEY RATIOS

 

PARTICULARS

 

 

31.12.2009

31.12.2008

31.12.2007

PAT / Total Income

(%)
4.78
(0.77)
(5.97)

 

 
 
 
 

Return on Total Assets

(PBT/Total Assets}

(%)
4.19
0.07
(4.14)

 

 
 
 
 

Return on Investment (ROI)

(PBT/Networth)

 
10.57
0.00
(0.07)

 

 
 
 
 

Debt Equity Ratio

(Total Liability/Networth)

 
1.53
1.33
1.02

 

 
 
                              

 

Current Ratio

(Current Asset/Current Liability)

 
1.14
1.06
1.40

 

 

 

LOCAL AGENCY FURTHER INFORMATION

 

Details of Sundry Creditors:

 

Particulars

 

31.12.2009

(Rs. In Millions)

31.12.2008

(Rs. In Millions)

31.12.2007

(Rs. In Millions)

Sundry Creditors

 

 

 

- total outstanding dues to creditors other than micro enterprises and small enterprises

291.942

179.897

102.923

 

 

 

 

 

change of address:

The Registered Office of the company has been shifted from Gat No. 1394, 1395, 1397, 1398, 1400-1405, 1407 to 1413, Near Milton Plastics, A/p, Shikrapur Village, Pune, Maharashtra, India to the present address w.e.f. 12.05.2008.

 

BUSINESS OPERATIONS:

 

Subject works as an Integrated Production System provider for Automobile Aerospace and Allied Industries in the area of Body Welding and Assembly, Powertrain, Robotics and Installation Commissioning Services. 

 

Form 8:

 

Name of the company

COMAU INDIA PRIVATE LIMITED

Presented By

Fiat Sundaram Auto Finance Limited, No. 21, Patullos Road, Chennai – 600002

1) Date and description of instrument creating the change

Loan agreement dated 31.05.2002

Loan Cont. No. IM – 4079

2) Amount secured by the charge/amount owing on the securities of charge

Rs. 0.798 million

Inclusive finance Charges – Rs.0.168 million

3) Short particular of the property charged. If the property acquired is subject to charge, date of the acquired of the property should be given

On the X security of 1. No. 2002 Mode fiat Siena 1.6 ELX car, bearing E. No.0526585, Ch. No. 8032340 as mentioned in the 1st schedule of the loan agreement. 

4) Gist of the terms and conditions and extent and operation of the charge.

The total amount of Rs.0.798 million is repayable in 48 equal monthly installments of Rs.0.017 million each. The 1st hire money falls due on 31.05.2002

5) Name and Address and description of the person entitled to the charge.

Fiat Sundaram Auto Finance Limited

No. 21, Patullos Road, Chennai – 600 002, Tamilnadu, India

6) Date  and brief description of instrument modifying the charge

NA

7) Particulars of modifications specifying the terms and conditions or the extent of operations of the charge in which modification is made and the details of the modification.

NA

 

Trade References:

 

·         Mahindra and Mahindra

·         Tata Motors

·         Maruti Suzuki

 

Fixed Assets:

 

·         Freehold Land

·         Building

·         Industrial and Commercial Equipment

·         Computers

·         Office Equipment

·         Furniture and Fixtures

·         Vehicles

·         Computer Software

 

 

CMT REPORT (Corruption, Money Laundering & Terrorism]

 

The Public Notice information has been collected from various sources including but not limited to: The Courts, India Prisons Service, Interpol, etc.

 

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

UK Pound

1

Rs.70.04

Euro

1

Rs.58.93

 

 

SCORE & RATING EXPLANATIONS

 

SCORE FACTORS

 

RANGE

POINTS

HISTORY

1~10

5

PAID-UP CAPITAL

1~10

3

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

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

YES

--AFFILIATION

YES/NO

YES

--LISTED

YES/NO

NO

--OTHER MERIT FACTORS

YES/NO

YES

TOTAL

 

29

 

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

-

 

 

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.