MIRA
INFORM REPORT
|
Report Date : |
29.01.2011 |
IDENTIFICATION DETAILS
|
Name : |
KALYANI HAYES LEMMERZ LIMITED |
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Formerly Known
As : |
KALYANI LEMMERZ LIMITED |
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Registered
Office : |
Gat No. 638, |
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Country : |
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Financials (as
on) : |
31.01.2010 |
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Date of
Incorporation : |
18.01.1996 |
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Com. Reg. No.: |
11-096395 |
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CIN No.: [Company Identification
No.] |
U29303PN1996PLC096395 |
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TAN No.: [Tax Deduction &
Collection Account No.] |
PNEK08922E |
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PAN No.: [Permanent Account No.] |
AAACK7841A |
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Legal Form : |
A Closely Held Public Limited Liability Company |
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Line of Business
: |
Manufacturer of Automotive Components and Parts and Machineries. |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (50) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 4419000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Subject is a joint venture between Hayes Lemmerz, The company can be considered normal for 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) |
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|
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
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
Management Non Co-operative.
LOCATIONS
|
Registered Office : |
Gat No. 638, |
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Tel. No.: |
91-2135-305100 |
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Fax No.: |
91-2135-305101 |
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E-Mail : |
DIRECTORS
As on 31.07.2010
|
Name : |
Mr. Babasaheb Neelkanth Kalyani |
|
Designation : |
Director |
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Address : |
“Amit”, Survey No. 221, A,B,C,D, Kalyani Nagar, Pune – 411014, |
|
Date of Birth/Age : |
05.01.1949 |
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Date of Appointment : |
18.01.1996 |
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|
Name : |
Mr. Prakash Kodlikeri |
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Designation : |
Director |
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Address : |
A – 18, Abhimanshree Housing Society, |
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Date of Birth/Age : |
20.06.1948 |
|
Date of Appointment : |
01.09.2008 |
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|
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|
Name : |
Mr. Achim Weber |
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Designation : |
Director |
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Address : |
Brunnenstrasse 41, 53604, Bad |
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Date of Birth/Age : |
03.03.1960 |
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Date of Appointment : |
28.07.2006 |
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|
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Name : |
Mr. Fred Bentley |
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Designation : |
Director |
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Address : |
19059, Bellavista North |
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Date of Birth/Age : |
28.06.1965 |
|
Date of Appointment : |
11.07.2005 |
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|
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|
Name : |
Mr. Petrus Wilhelmus Klinkers |
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Designation : |
Director |
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Address : |
Aylvalaan 4, 6212, Maastrcht |
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Date of Birth/Age : |
16.08.1970 |
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Date of Appointment : |
11.11.2009 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 31.07.2010
|
Names of Shareholders |
|
No. of Equity
Shares |
|
Kalyani Babgasaheb N. |
|
1 |
|
Kalyani Sunita B. |
|
1 |
|
B. F. Investment Limited |
|
2399995 |
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A. B. Kalyani |
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1 |
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Mrs. Deeksha A. Kalyani |
|
1 |
|
S. B. Kanade |
|
1 |
|
Hayes Lemmerz Konigswinter Gmbh ( |
|
13600000 |
|
Total |
|
16000000 |
|
|
|
|
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Names of Shareholders |
|
No. of
Preference Shares |
|
Hayes Lemmerz Konigswinter Gmbh ( |
|
20000000 |
|
Total |
|
20000000 |
As on 31.07.2010
|
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 |
85.00 |
|
Bodies corporate |
15.00 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer of Automotive Components and Parts and Machineries. |
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Products : |
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GENERAL INFORMATION
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No. of Employees : |
Information not divulged by the management |
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Bankers : |
State Bank of India, Industrial Finance Branch, Tara Chambers, 2nd
Floor, Pune – Mumbai Highway, Wakdewadi, Pune – 411003, Maharashtra, India |
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Facilities : |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
B. S. R. and Associates Chartered Accountant |
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Address : |
703, 7th Floor, Godrej Castlemine, |
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Tel. No.: |
91-20-30585764 / 65 |
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Fax No.: |
91-20-30585775 |
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Holding Company : |
Hayes Lemmerz Konigswinter Gmbh ( |
CAPITAL STRUCTURE
As on 31.07.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
25000000 |
Equity Shares |
Rs.10/- each |
Rs.250.000 Millions |
|
30000000 |
Preference Shares |
Rs.10/- each |
Rs.300.000 Millions |
|
|
Total |
|
Rs.550.000
Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
16000000 |
Equity Shares |
Rs.10/- each |
Rs.160.000
Millions |
|
20000000 |
Preference Shares |
Rs.10/- each |
Rs.200.000
Millions |
|
|
Total |
|
Rs.360.000 Millions |
Note :-
- The preference shares were issued to the
Parent Company on prorata basis and were redeemable at par on 21 November
2004 However these shares were re-issued @ 4% for a further period of four
years These shares were due to redemption on 23 November 2008. however
considering the present economic environment and the investment made in
car wheel project from internal sources the Board has decided to postpone
the redemption for a further period of two years. These shares will be due
for redemption on 23rd November 2010.
- 13600000 (previous year 13600000) equity
shares of Rs. 10/- each are held by Hayes Lemmerz Konigswinter GmbH,
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.01.2010 |
31.01.2009 |
31.01.2008 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
360.000 |
360.000 |
360.000 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
744.832 |
672.238 |
526.729 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
1104.832 |
1032.238 |
886.729 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
378.698 |
366.500 |
130.251 |
|
|
2] Unsecured Loans |
403.845 |
445.319 |
446.223 |
|
|
TOTAL BORROWING |
782.543 |
811.819 |
576.474 |
|
|
DEFERRED TAX LIABILITIES |
98.612 |
75.102 |
84.811 |
|
|
|
|
|
|
|
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TOTAL |
1985.987 |
1919.159 |
1548.014 |
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|
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|
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APPLICATION OF FUNDS |
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|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
1360.095 |
764.554 |
800.789 |
|
|
Capital work-in-progress |
39.499 |
675.435 |
222.002 |
|
|
|
|
|
|
|
|
INVESTMENT |
0.000 |
0.000 |
0.000 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
272.374
|
213.064 |
174.222 |
|
|
Sundry Debtors |
341.585
|
281.160 |
332.088 |
|
|
Cash & Bank Balances |
41.591
|
91.758 |
98.975 |
|
|
Other Current Assets |
0.000
|
0.000 |
0.000 |
|
|
Loans & Advances |
167.499
|
185.971 |
172.244 |
|
Total
Current Assets |
823.049
|
771.953 |
777.529 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
184.038
|
198.869 |
160.008 |
|
|
Other Current Liabilities |
20.934
|
54.687 |
59.671 |
|
|
Provisions |
31.684
|
39.227 |
32.627 |
|
Total
Current Liabilities |
236.656
|
292.783 |
252.306 |
|
|
Net Current Assets |
586.393
|
479.170 |
525.223 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
1985.987 |
1919.159 |
1548.014 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.01.2010 |
31.01.2009 |
31.01.2008 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
2078.666 |
2265.584 |
2220.373 |
|
|
|
Other Income |
270.215 |
392.197 |
267.071 |
|
|
|
TOTAL (A) |
2348.881 |
2657.781 |
2487.444 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of Goods Sold |
1369.891 |
1496.662 |
1395.171 |
|
|
|
Personnel Expenses |
117.295 |
145.485 |
97.333 |
|
|
|
Manufacturing and Other Expenses |
593.685 |
665.789 |
630.329 |
|
|
|
TOTAL (B) |
2080.871 |
2307.936 |
2122.833 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
268.010 |
349.845 |
364.611 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
34.641 |
42.914 |
23.818 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
233.369 |
306.931 |
340.793 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
137.265 |
87.992 |
95.874 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
96.104 |
218.939 |
244.919 |
|
|
|
|
|
|
|
|
|
Less |
TAX (I) |
23.510 |
75.067 |
111.012 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-I) (J) |
72.594 |
143.872 |
133.907 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
FOB Value of exports |
475.365 |
1004.582 |
NA |
|
|
|
TOTAL EARNINGS |
475.365 |
1004.582 |
NA |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
Raw Materials |
7.197 |
23.833 |
NA |
|
|
|
Stores and Spares |
7.670 |
7.325 |
NA |
|
|
|
Capital Goods |
19.163 |
308.430 |
NA |
|
|
|
TOTAL IMPORTS |
34.030 |
339.588 |
NA |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
3.95 |
8.41 |
7.80 |
|
KEY RATIOS
|
PARTICULARS |
|
31.01.2010 |
31.01.2009 |
31.01.2008 |
|
PAT / Total Income |
(%) |
3.09
|
5.41 |
5.38 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
4.62
|
9.66 |
11.03 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
4.40
|
14.25 |
15.52 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.09
|
0.21 |
0.28 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
0.92
|
1.07 |
0.93 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
3.48
|
2.64 |
3.08 |
LOCAL AGENCY FURTHER INFORMATION
SUNDRY CREDITORS
DETAILS :
(Rs.
in Millions)
|
Particulars |
31.01.2010 |
31.01.2009 |
31.01.2008 |
|
Outstanding dues to Micro and Small
Enterprises |
0.000 |
0.000 |
0.000 |
|
Others |
184.038
|
198.869 |
160.008 |
|
Total |
184.038
|
198.869 |
160.008 |
OPERATIONS
:
The company has registered a growth in sales
volume but with lower realization in sales price. At the same time due to
inception of Pass Car wheel project profit before tax has come down at
Rs.96.100 Millions, due to higher depreciation during the year.
Bankers Charges
Report as per Registry
|
This form is for |
Modification of
charge |
|
Charge
identification number of the modified |
90090458 |
|
Corporate
identity number of the company |
U29303PN1996PLC096395 |
|
Name of the
company |
KALYANI HAYES LEMMERZ LIMITED |
|
Address of the registered
office or of the principal place of
business in |
Gat No. 638, |
|
Type of charge |
Immovable
property |
|
Particular of
charge holder |
State Bank of India, Industrial Finance Branch, Tara Chambers, 2nd
Floor, Pune – Mumbai Highway, Wakdewadi, Pune – 411003, Maharashtra, India |
|
Nature of
description of the instrument creating or modifying the charge |
Supplementary
letter of confirmation |
|
Date of
instrument Creating the charge |
02.01.2009 |
|
Amount secured by
the charge |
Rs.980.000
Millions |
|
Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest
: As per the terms and
conditions of Sanction letter. Terms of
Repayment : As per Terms and
conditions agreed thereto. Margin : As per Sanction
letter. Extent and
Operation of the charge : The State Bank of
India Industrial Finance Branch Pune will have single charge against the
Leasehold rights of the properties as per the agreement already executed on
14/10/2008 and registered with Registrar of Companies Pune and respective
authorities. |
|
Short particulars
of the property charged |
The State Bank of
India Industrial Finance Branch Pune will have single charge against the
Leasehold rights of the properties as per the agreement already executed on
14/10/2008 and registered with Registrar of Companies Pune and respective
authorities for which the records have been maintained at the Registered
Office and at Works of the borrower Company. |
FIXED ASSETS :
- Land
- Factory and
Other Building
- Plant and
Machinery
- Factory
Equipments
- Moulds and
Dies
- Electrical
Installations
- Software
- Office
Equipments
- Data
Processing Equipment
- Furniture and
Fittings
- Leased
Vehicles
- 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] 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.45.74 |
|
|
1 |
Rs.72.73 |
|
Euro |
1 |
Rs.62.73 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
5 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
6 |
|
--LEVERAGE |
1~10 |
6 |
|
--RESERVES |
1~10 |
6 |
|
--CREDIT LINES |
1~10 |
5 |
|
--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 |
|
50 |
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.