MIRA
INFORM REPORT
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Report Date : |
28.01.2011 |
IDENTIFICATION DETAILS
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Name : |
DURA AUTO SYSTEMS INDIA PRIVATE LIMITED |
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Registered
Office : |
402/B, Vikas, 4ht Floor (Top Floor) 11, N. G. N. Vaidya Road, ( |
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Country : |
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Financials (as
on) : |
31.03.2010 |
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Date of
Incorporation : |
08.04.2008 |
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Com. Reg. No.: |
11-180927 |
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CIN No.: [Company Identification
No.] |
U72900MH2008PTC180927 |
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Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Engaged in the Business of Designing Automobile Spares |
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 9000 |
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Status : |
Moderate |
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Payment Behaviour : |
Slow |
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Litigation : |
Clear |
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Comments : |
Subject is a subsidiary of Dura Operative Corporation, The company can be considered for small to mediocre 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. Swati |
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Designation : |
Accountant |
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Date : |
27.01.2011 |
LOCATIONS
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Registered Office : |
402/B, Vikas, 4ht Floor (Top Floor) 11, N. G. N. Vaidya Road, ( |
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Tel. No.: |
91-40-44327999 |
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Fax No.: |
91-40-44327999 |
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E-Mail : |
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Website : |
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Area : |
1000 sq.ft |
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Location : |
Owned |
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Corporate Office : |
Plot 2 and 3, first Floor, |
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Tel. No.: |
91-40-44327999 |
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Fax No.: |
91-40-44327998 |
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Branches : |
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DIRECTORS
As On 30.09.2010
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Name : |
Mr. Raghuram Vemaraju |
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Designation : |
Director |
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Address : |
1-4-12/4, New Maruthi Nagar, Kothapet Saroor Nagar, |
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Date of Birth/Age : |
03.08.1976 |
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Date of Appointment : |
09.04.2008 |
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DIN No. : |
02125920 |
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Name : |
Mr. Theresa Lynn Skotak |
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Designation : |
Director |
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Address : |
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Date of Birth/Age : |
03.10.1957 |
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Date of Appointment : |
12.06.2008 |
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DIN No. : |
02157237 |
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Name : |
Mr. Parry Nigel Paul |
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Designation : |
Director |
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Address : |
27 A, Bryncatwg Neath, Swansea S 108BG, |
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Date of Birth/Age : |
13.01.1959 |
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Date of Appointment : |
08.10.2009 |
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DIN No. : |
02862847 |
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Name : |
Mr. Madhusudhan Posani |
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Designation : |
Director |
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Address : |
2359 Lost |
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Date of Appointment : |
09.04.2008 |
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Date of Cessation : |
03.11.2009 |
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DIN No. : |
02060735 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As On 30.09.2010
|
Names of Shareholders |
|
No. of Shares |
|
Raghuram Vemaraju |
|
100 |
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Dura Automotive Control Systems GmbH |
|
177078 |
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Total |
|
177178 |
As On 30.09.2010
|
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 |
99.94 |
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Directors or relatives of Directors |
0.06 |
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Total |
100.00 |
BUSINESS DETAILS
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Line of Business : |
Engaged in the Business of Designing Automobile Spares |
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Terms : |
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Selling : |
Cash, Credit: 30/60/90 Days |
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Purchasing : |
Cash, Credit: 30/60/90 Days |
GENERAL INFORMATION
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Customers : |
End Users and OEM’s |
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No. of Employees : |
50 (approximately) |
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Bankers : |
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Facilities : |
-- |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
Walker Chandiok and Company Chartered Accountant |
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Address : |
3rd Floor, Uptown Banjara Hills, Road No. 3, Banjara Hills,
Hyderabad – 500034, Andhra Pradesh, India |
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Tel. No.: |
91-40-64528666 |
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Fax No.: |
91-40-23540224 |
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E-Mail : |
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Pan No. : |
AAAFW4298E |
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Holding Company : |
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Associates/Subsidiaries : |
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CAPITAL STRUCTURE
As On 31.03.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
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250000 |
Equity Shares |
Rs. 10/- each |
Rs. 2.500 Millions |
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Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
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177178 |
Equity Shares |
Rs. 10/- each |
Rs. 1.772
Million |
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Note:
Of the above shares of Rs. 10 each (2009: 10000
equity shares of Rs. 10 each) by the holding company Dura Automotive Systems,
Inc
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
|
31.03.2010 |
31.03.2009 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
|
1.772 |
0.100 |
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2] Share Application Money |
|
0.000 |
0.000 |
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3] Reserves & Surplus |
|
0.622 |
0.287 |
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4] (Accumulated Losses) |
|
0.000 |
0.000 |
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NETWORTH |
|
2.394 |
0.387 |
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LOAN FUNDS |
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1] Secured Loans |
|
0.000 |
0.000 |
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2] Unsecured Loans |
|
0.000 |
0.000 |
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TOTAL BORROWING |
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0.000 |
0.000 |
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DEFERRED TAX LIABILITIES |
|
0.220 |
0.162 |
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TOTAL |
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2.614 |
0.549 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
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1.299 |
1.842 |
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Capital work-in-progress |
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0.000 |
0.000 |
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INVESTMENT |
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0.000 |
0.000 |
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DEFERREX TAX ASSETS |
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0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
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0.000
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0.000 |
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Sundry Debtors |
|
0.721
|
1.183 |
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Cash & Bank Balances |
|
1.732
|
0.489 |
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Other Current Assets |
|
4.528
|
0.000 |
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Loans & Advances |
|
4.085
|
4.005 |
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Total
Current Assets |
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11.066
|
5.677 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Sundry Creditors |
|
4.677 |
2.726 |
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Other Current Liabilities |
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4.952
|
4.209 |
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Provisions |
|
0.122
|
0.035 |
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Total
Current Liabilities |
|
9.751
|
6.970 |
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Net Current Assets |
|
1.315
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(1.293) |
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MISCELLANEOUS EXPENSES |
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0.000 |
0.000 |
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TOTAL |
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2.614 |
0.549 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
|
31.03.2010 |
31.03.2009 |
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SALES |
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Income |
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Other Income |
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TOTAL |
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20.421 |
17.422 |
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Less |
EXPENSES |
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Operating and other Expenses |
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16.788 |
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TOTAL |
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16.788 |
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PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION |
|
19.889
(Including Depreciation) |
0.634 |
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Less/ Add |
DEPRECIATION/
AMORTISATION |
|
NA |
0.107 |
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PROFIT BEFORE
TAX |
|
0.522 |
0.527 |
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Less |
TAX |
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0.187 |
0.240 |
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PROFIT AFTER TAX
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|
0.335 |
0.287 |
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IMPORTS |
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Capital assets |
|
3.001 |
0.000 |
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TOTAL IMPORTS |
|
3.001 |
0.000 |
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Earnings Per Share
(Rs.) |
|
1.89 |
28.72 |
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Expected Sales (2010-2011) : Rs. 30.000 Millions
KEY RATIOS
|
PARTICULARS |
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|
31.03.2010 |
31.03.2009 |
|
PAT / Total Income |
(%) |
|
1.64 |
1.65 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
|
4.22 |
7.00 |
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Return on Investment (ROI) (PBT/Networth) |
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|
0.22 |
1.36 |
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Debt Equity Ratio (Total Liability/Networth) |
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4.07 |
18.01 |
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Current Ratio (Current Asset/Current Liability) |
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|
1.13 |
0.81 |
LOCAL AGENCY FURTHER INFORMATION
The Details of
Sundry Creditors:
Rs.
In Millions
|
Particulars |
|
31.03.2010 |
31.03.2009 |
|
Sundry Creditors |
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- Total outstanding dues of micro enterprises and small enterprises |
|
- |
- |
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- Total outstanding dues of creations other than micro enterprises and
small enterprises |
|
4.677 |
2.726 |
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Total |
|
4.677 |
2.726 |
Operations:
During the year, the company has registered a total income of Rs. 20.421
millions as against Rs. 17.422 millions for the previous year registering an
increase of Rs. 2.998 millions. Net Profit of the company decreases to Rs.
0.522 millions as against the profit of Rs. 0.527 million for the previous
year.
Nature of Operations:
Dura Auto Systems India Private Limited (the
company) was incorporated on 08.04.2008 under the provision companies act 1956.
The company is a wholly owned subsidiary of Dura Automotive Systems, Inc.
(holding company). The company is primarily engaged in the business providing
Designs services for automobile spares to the group companies of its holding
company.
Contingent Liabilities:
The company does not have any contingent
liabilities as on 31.03.2010 (2009: Rs. Nil)
Fixed Assets:
- Computers
- Computer software
- Furniture and fittings
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.45.57 |
|
|
1 |
Rs.72.50 |
|
Euro |
1 |
Rs.62.46 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
3 |
|
PAID-UP CAPITAL |
1~10 |
3 |
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OPERATING SCALE |
1~10 |
3 |
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FINANCIAL CONDITION |
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|
--BUSINESS SCALE |
1~10 |
3 |
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--PROFITABILIRY |
1~10 |
2 |
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--LIQUIDITY |
1~10 |
3 |
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--LEVERAGE |
1~10 |
3 |
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--RESERVES |
1~10 |
3 |
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--CREDIT LINES |
1~10 |
3 |
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--MARGINS |
-5~5 |
-- |
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DEMERIT POINTS |
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--BANK CHARGES |
YES/NO |
NO |
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--LITIGATION |
YES/NO |
NO |
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--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
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MERIT POINTS |
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--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
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--EXPORT ACTIVITIES |
YES/NO |
NO |
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--AFFILIATION |
YES/NO |
YES |
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--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.