MIRA
INFORM REPORT
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Report Date : |
08.01.2011 |
IDENTIFICATION DETAILS
|
Name : |
TUV SUD SOUTH ASIA PRIVATE LIMITED |
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Registered
Office : |
Off |
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Country : |
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Financials (as
on) : |
31.12.2009 |
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Date of
Incorporation : |
17.08.1999 |
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Com. Reg. No.: |
121330 |
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CIN No.: [Company Identification
No.] |
U74220MH1999PTC121330 |
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Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Service Provider for Textile and Food Testing. |
RATING & COMMENTS
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MIRA’s Rating : |
B (28) |
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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 1013200 |
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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 : |
Ms. Sonal |
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Designation : |
Accounts Department |
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Date : |
05.01.2011 |
LOCATIONS
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Registered Office : |
Off |
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Tel. No.: |
91-22-30823082 |
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Fax No.: |
91-22-30829595 |
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E-Mail : |
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Website : |
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Head Office : |
106/2A, |
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Tel. No.: |
91-421-3200890/1/4/5 |
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Fax No.: |
91-421-2257559 |
DIRECTORS
AS ON 15.06.2010
|
Name : |
Mr. Niranjan Sadanand Nadkarni |
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Designation : |
Managing Director |
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Address : |
301, Swojas swqrraj, Krishna Path, off Law
College Road, Plat 6A, Pune – 411004, Maharashtra, India |
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Date of Appointment : |
09.09.2009 |
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Name : |
Mr. Collin Clement Fernandes |
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Designation : |
Director |
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Address : |
B4, Christine Apartments, Bamanwada Village, P. o. Sahar, Mumbai –
400099, Maharashtra, India |
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Date of Appointment : |
17.08.1999 |
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Name : |
Mr. Ishan Prithwish Palit |
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Designation : |
Director |
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Address : |
19 Union Park, Pali Hill, Khar West, Mumbai – 400052, |
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Date of Appointment : |
17.08.1999 |
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Name : |
Mr. Mario Antonio Minguel Rodrigues |
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Designation : |
Director |
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Address : |
A 304 Avanti Apartments, |
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Date of Appointment : |
20.11.2007 |
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Name : |
Mr. Christoph Schipper |
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Designation : |
Director |
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Address : |
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Date of Appointment : |
20.11.2007 |
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Name : |
Mr. Dirk Eilers |
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Designation : |
Director |
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Address : |
30 Jalan Jelita, |
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Date of Appointment : |
12.03.2009 |
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Name : |
Mr. Jairaman Kumar Rajan |
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Designation : |
Director |
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Address : |
A – 703, Anand Lok Society, Purvasha Building, Mayur Vihar, Phare I,
Delhi – 110091, Delhi |
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Date of Appointment : |
09.09.2009 |
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Name : |
Mr. Indranil Chatterjee |
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Designation : |
Director |
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Address : |
D – 303, 3rd Floor, Dheeraj Diamond, Chincholi Bunder Road,
Malad West, Mumbai – 400064, Mharashtra, India |
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Date of Appointment : |
09.09.2009 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 31.12.2009
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Names of Shareholders |
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No. of Shares |
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TUV Suddeutschland Holding AG. |
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1 |
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TUV SUD Asia Pacific PTE Limited |
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4867113 |
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Total |
|
4867114 |
AS ON 31.12.2009
|
Category |
Percentage |
|
Foreign holdings( Foreign institutional
investor(s), Foreign companie(s) Foreign financial institution(s),
Non-resident Indian(s) or Overseas Corporate bodies or Others |
100.00 |
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Total |
100.00 |
BUSINESS DETAILS
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Line of Business : |
Service Provider for Textile and Food Testing. |
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Terms : |
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Selling : |
Cash, Credit |
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Purchasing : |
Cash, Credit |
GENERAL INFORMATION
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No. of Employees : |
500 Office |
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Bankers : |
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Facilities : |
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Auditors : |
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Name : |
BSR and Company Chartered Accountant |
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Address : |
KPMG House, Kamala Mills Compound, 448, Senapati Bapat Marg, Lower
Parel, Mumbai – 400013, India |
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Tel. No.: |
91-22-30440800 |
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Mobile No.: |
91-22-30440900 |
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Holding Company : |
TUV SUD |
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Ultimate Holding Company : |
TUV SUD AG |
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Associates : |
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CAPITAL STRUCTURE
AS ON 31.12.2009
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
4950000 |
Equity Shares |
Rs.10/- each |
Rs. 49.500Millions |
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[Previous year 3000000 Equity Share of Rs.
10 each] |
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Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
4867114 |
Equity Shares |
Rs.10/- each |
Rs.
48.671Millions |
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|
The above 4867113 (Previous year 2955348) Share
are held by the holding company TUV SUD Asia Pacific Pte. Limited and 1
(Previous year: 1) share is held by TUV SUD AG. |
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FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.12.2009 |
31.03.2009 |
31.03.2008 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
48.671 |
29.553 |
14.909 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
213.968 |
174.546 |
117.210 |
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4] (Accumulated Losses) |
(9.321)
|
0.000 |
0.000 |
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NETWORTH |
253.318 |
204.099 |
132.119 |
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LOAN FUNDS |
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1] Secured Loans |
0.887 |
2.855 |
87.796 |
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2] Unsecured Loans |
230.856 |
240.092 |
188.711 |
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TOTAL BORROWING |
231.743 |
242.947 |
276.507 |
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DEFERRED TAX LIABILITIES |
0.000 |
4.952 |
5.080 |
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TOTAL |
485.061 |
451.998 |
413.706 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
159.250 |
174.370 |
181.541 |
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Capital work-in-progress |
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INVESTMENT |
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DEFERREX TAX ASSETS |
10.990 |
0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
1.036
|
3.804 |
3.264 |
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Sundry Debtors |
302.421
|
349.184 |
236.914 |
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Cash & Bank Balances |
19.138
|
12.497 |
21.448 |
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Other Current Assets |
0.000
|
0.000 |
0.000 |
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Loans & Advances |
183.568
|
140.698 |
68.016 |
|
Total
Current Assets |
506.163
|
506.183 |
329.642 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Sundry Creditors |
175.997
|
219.051 |
39.854 |
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Other Current Liabilities |
6.605
|
0.093 |
52.577 |
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Provisions |
8.740
|
9.412 |
0.000 |
|
Total
Current Liabilities |
191.342
|
228.557 |
97.493 |
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Net Current Assets |
314.821
|
277.628 |
232.149 |
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MISCELLANEOUS EXPENSES |
0.000
|
0.000 |
0.016 |
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TOTAL |
485.061 |
451.998 |
413.706 |
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PROFIT & LOSS ACCOUNT
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PARTICULARS |
31.12.2009 |
31.03.2009 |
31.03.2008 |
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SALES |
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Sales and Other Income |
576.007 |
681.861 |
482.791 |
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TOTAL (A) |
576.007 |
681.861 |
482.791 |
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Less |
EXPENSES |
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Office Expenses |
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Administrative Expenses |
584.575 |
690.310 |
519.958 |
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Advertising Expenses |
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TOTAL (B) |
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PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
(8.568) |
8.449 |
37.167 |
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Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
19.574 |
24.393 |
22.421 |
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PROFIT BEFORE
TAX (E-F) (G) |
(28.142) |
18.411 |
14.744 |
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Less |
TAX (I) |
NA |
1.066 |
12.520 |
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PROFIT AFTER TAX
(G-I) (J) |
(15.783) |
(17.345) |
2.224 |
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Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
5.462 |
22.807 |
20.583 |
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BALANCE CARRIED
TO THE B/S |
(9.321) |
5.462 |
22.807 |
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Earnings Per
Share (Rs.) |
3.18 |
0.00 |
0.00 |
|
KEY RATIOS
|
PARTICULARS |
|
31.12.2009 |
31.03.2009 |
31.03.2008 |
|
PAT / Total Income |
(%) |
(2.74)
|
(2.54) |
0.46 |
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Net Profit Margin (PBT/Sales) |
(%) |
(4.88)
|
2.70 |
3.05 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
(5.55)
|
3.63 |
4.47 |
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Return on Investment (ROI) (PBT/Networth) |
|
(0.11)
|
0.09 |
0.11 |
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Debt Equity Ratio (Total Liability/Networth) |
|
0.75
|
1.11 |
0.73 |
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|
Current Ratio (Current Asset/Current Liability) |
|
2.64
|
2.21 |
3.38 |
LOCAL AGENCY FURTHER INFORMATION
Sundry creditors:
|
|
Particulars |
31.12.2009 |
31.03.2009 |
31.03.2008 |
|
|
Sundry Creditors |
175.997
|
219.051 |
39.854 |
|
|
Other Current Liabilities |
6.605
|
0.093 |
52.577 |
|
|
Provisions |
8.740
|
9.412 |
0.000 |
|
Total
Current Liabilities |
191.342
|
228.557 |
97.493 |
|
Change in
Financial Year:
Effective from 01
April 2009, the company has changed the financial year from existing April to March
to calendar year i.e. January to December; hence the current financial figures
consist of nine month ended i.e. 01 April 2009 to 31 December 2009
Result of Operation:
The sales of the
company for the year under review are Rs. 576.007 Millions for nine month
period as compared to Rs. 681.861 Millions for twelve months in the previous
financial period. The Company has incurred loss of Rs. 15.783 Millions and
earning per share for the period is Rs. (5.07).
Banking
The Company has
shifted their banker from Deutsched Bank to Hongkong and Shahanghai Banking
Corporation (HSBC) effective from April 2009. This is on the basis of change of
group banker worldwide to HSBC. The overdraft facility has also been shifted
from Deutsched Bank to HSBC. HSBC has ability to pickup local cheques
from all TUV SUD
locations in
Fixed Assets:
- Web Based portals
- Software license
- Leasehold improvements
- Plant and Machinery
- Furniture
- Computer
- Vehicles
Note:
The Registered
Office Address Of the company has been shifted from 321 Solitaaira
Corporate Park Building, No 3, Guru Hargovindji Marg Chakala Andheri East,
Mumbai – 400093, Maharashtra, India to present w.e.f 17.04.2007
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.70.38 |
|
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 |
2 |
|
--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 |
|
28 |
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.