MIRA
INFORM REPORT
|
Report Date : |
29.01.2011 |
IDENTIFICATION DETAILS
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Name : |
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Registered
Office : |
B – 6, Acharya Niketan, Mayur Vihar, Phase – 1, |
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Country : |
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Financials (as
on) : |
31.03.2010 |
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Date of
Incorporation : |
14.03.2007 |
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Com. Reg. No.: |
55-174465 |
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CIN No.: [Company Identification
No.] |
U74999DL2007PTC174465 |
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Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Manufacturer and Importer of Automotive Parts. |
RATING & COMMENTS
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MIRA’s Rating : |
B (27) |
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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 220000 |
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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. Trade
relations are reported as fair. Business is active. Payments are reported to
be slow. The company can be considered for business dealing 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 (General Details)
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Name : |
Mr. Sushil |
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Designation : |
Accounts Departments |
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Date : |
28.01.2011 |
LOCATIONS
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Registered Office : |
B – 6, Acharya Niketan, Mayur Vihar, Phase – 1, |
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Tel. No.: |
91-11-22759868- 69 |
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Fax No.: |
91-11-22752868 |
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E-Mail : |
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Website : |
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Factory : |
C – 43, MIDC Chakan, Chakan – |
DIRECTORS
(AS ON 28.09.2010)
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Name : |
Mr. Sushil Kumar Bhatia |
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Designation : |
Director |
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Address : |
D – 192, Saket, |
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Date of Birth/Age : |
30.08.1945 |
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Date of Appointment : |
17.10.2007 |
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Name : |
Mr. Dr. Hartmut Salje |
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Designation : |
Director |
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Address : |
Bonifaciusstrabe 8, |
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Date of Birth/Age : |
09.05.1956 |
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Date of Appointment : |
21.11.2007 |
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Name : |
Mr. Hans Hermann Malik |
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Designation : |
Director |
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Address : |
Hirtenwiese -12,
Hillerse - D38543 |
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Date of Birth/Age : |
10.03.1960 |
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Date of Appointment : |
17.10.2007 |
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Name : |
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Designation : |
Director |
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Address : |
Muhlhardt 45, Attendorn - 57439 |
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Date of Birth/Age : |
17.06.1963 |
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Date of Appointment : |
17.10.2007 |
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Name : |
Mr. Jan Wolfgang Schmidt Dohna |
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Designation : |
Director |
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Address : |
1 Bis Rue De Molins A Vent, Fontenay Aux Roses, 92260 |
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Date of Birth/Age : |
03.05.1959 |
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Date of Appointment : |
17.10.2007 |
KEY EXECUTIVES
|
Name : |
Mr. Sushil |
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Designation : |
Accounts Departments |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
(AS ON 28.09.2010)
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Names of Shareholders |
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No. of Shares |
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Mubea International |
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4929066 |
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Mubea Engineering AG |
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4934 |
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Total |
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4934000 |
(AS ON 30.09.2010)
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Category |
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Percentage |
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Foreign holdings [Foreign institutional investors, Foreign Companies, Foreign Financial Institutions, Non-resident Indian or Overseas corporate bodies or others] |
|
100.00 |
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Total
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|
100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer and Importer of Automotive Parts. |
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Products : |
· Conventional Disc Spring · Slotted Disc Spring · Special Disc Spring · Wave Disc Spring · Automotive Components |
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Exports : |
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Products : |
Automotive Parts |
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Countries : |
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Imports : |
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Products : |
Automotive Parts |
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Countries : |
§
§
US §
§
§
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Terms : |
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Selling : |
L/C, Cash and Credit |
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Purchasing : |
L/C, Cash and Credit |
GENERAL INFORMATION
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Customers : |
Corporates |
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No. of Employees : |
Not Divulged by the Management. |
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Bankers : |
· Deutche Bank Branch |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
Vijay Sunil Associates Chartered Accountant |
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Address : |
21 – C, |
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Tel No.: |
91-1732-223592 |
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Holding Company : |
§
Mubea International |
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Associates/Subsidiaries : |
§
Mubea Automotive Components (Taicang)
Company Limited §
Mubea Inc Limited §
Muhr und Bender KG §
Mubea Tellefedern Gmbh §
Mubea Motorkomponenten Gmbh §
Mubea Fahrwerksfedern Gmbh §
Mubsa-HZP S.R.O. (Tschechien) §
Mubea Precision Springs Inc. §
Mubea Italia S.R.L. (Italian) §
Mubea International Gmbh. §
Mubea Engineering AG |
CAPITAL STRUCTURE
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
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|
5000000 |
Equity Share |
Rs.10/- each |
Rs.50.000 Millions |
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Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
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4934000 |
Equity Share |
Rs.10/- each |
Rs.49.340
Millions |
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FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
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|
SHAREHOLDERS FUNDS |
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1] Share Capital |
49.340 |
49.340 |
0.290 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
6.677 |
1.136 |
0.000 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
(0.008) |
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NETWORTH |
56.017 |
50.476 |
0.282 |
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LOAN FUNDS |
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1] Secured Loans |
0.000 |
0.000 |
0.000 |
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2] Unsecured Loans |
60.560 |
0.000 |
0.000 |
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TOTAL BORROWING |
60.560 |
0.000 |
0.000 |
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DEFERRED TAX LIABILITIES |
4.074 |
0.000 |
0.000 |
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TOTAL |
120.651 |
50.476 |
0.282 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
88.012 |
3.181 |
1.920 |
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Capital work-in-progress |
18.103 |
0.000 |
0.000 |
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INVESTMENT |
0.000 |
0.000 |
0.000 |
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DEFERREX TAX ASSETS |
0.000 |
0.043 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
82.808
|
33.296 |
3.729 |
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Sundry Debtors |
30.503
|
19.302 |
0.869 |
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Cash & Bank Balances |
45.261
|
30.279 |
0.471 |
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Other Current Assets |
0.000
|
0.000 |
0.000 |
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Loans & Advances |
32.312
|
10.278 |
0.793 |
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Total
Current Assets |
190.884
|
93.155 |
5.862 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Sundry Creditor |
169.069
|
43.393 |
6.344 |
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Other Current Liabilities |
7.954
|
3.150 |
0.000 |
|
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Provisions |
0.000
|
0.000 |
1.175 |
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Total
Current Liabilities |
177.023
|
46.543 |
7.519 |
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Net Current Assets |
13.861
|
46.612 |
(1.657) |
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MISCELLANEOUS EXPENSES |
0.675 |
0.640 |
0.019 |
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TOTAL |
120.651 |
50.476 |
0.282 |
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PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
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SALES |
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Income |
143.510 |
53.313 |
3.745 |
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Other Income |
1.247 |
0.352 |
0.003 |
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TOTAL (A) |
144.757 |
53.665 |
3.748 |
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Less |
EXPENSES |
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Increase in stock |
(49.512) |
(29.566) |
(3.729) |
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Purchases |
125.601 |
45.848 |
3.125 |
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Custom Duty |
10.778 |
12.934 |
1.099 |
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Excise Duty |
6.766 |
0.000 |
0.000 |
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Foreign Freight, Clearing and Forwarding Charges |
6.033 |
3.206 |
0.346 |
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Manufacturing Expenses |
2.833 |
0.561 |
0.000 |
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Administrative and Selling Expenses |
24.748 |
17.041 |
2.791 |
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TOTAL (B) |
127.247 |
50.024 |
3.632 |
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Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
17.510 |
3.641 |
0.116 |
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Less |
FINANCIAL
EXPENSES (D) |
1.235 |
0.831 |
0.018 |
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PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
16.275 |
2.810 |
0.098 |
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Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
4.680 |
0.774 |
0.073 |
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PROFIT BEFORE
TAX (E-F) (G) |
11.595 |
2.036 |
0.025 |
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Less |
TAX (H) |
6.054 |
0.892 |
0.025 |
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PROFIT AFTER TAX
(G-H) (I) |
5.541 |
1.144 |
0.000 |
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Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
1.136 |
(0.008) |
(0.008) |
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BALANCE CARRIED
TO THE B/S |
6.677 |
1.136 |
(0.008) |
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|
Earnings Per
Share (Rs.) |
1.90 |
-- |
-- |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
PAT / Total Income |
(%) |
3.83
|
2.13 |
0.00 |
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|
Net Profit Margin (PBT/Sales) |
(%) |
8.01
|
3.82 |
0.67 |
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|
Return on Total Assets (PBT/Total Assets} |
(%) |
4.16
|
2.11 |
0.32 |
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Return on Investment (ROI) (PBT/Networth) |
|
0.21
|
0.04 |
0.09 |
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Debt Equity Ratio (Total Liability/Networth) |
|
4.24
|
0.92 |
26.66 |
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Current Ratio (Current Asset/Current Liability) |
|
1.08
|
2.00 |
0.78 |
LOCAL AGENCY FURTHER INFORMATION
SUNDRY CREDITORS
DETAILS:
|
Particulars |
31.03.2010 |
31.03.2009 |
31.03.2008 |
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|
(Rs. In Millions) |
||
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||
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Sundry Creditors – Micro and Small Enterprises |
0.000 |
0.000 |
|
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Sundry Creditors – Other than Micro and Small Enterprises |
128.230 |
43.393 |
6.344 |
|
Sundry Creditors for Capital Expenditures |
40.839 |
0.000 |
|
|
|
|
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Total |
169.069 |
43.393 |
6.344 |
NOTE:
The Registered Office of the company has been shifted from B – 56,
Acharya Niketan, Mayur Vihar, Phase – 1,
TRADE REFERENCE:
· Tata Motors
· Maruti
FIXED ASSETS:
· Computer and Software
· Electrical and Installations
· Furniture and Fixtures
· Office Equipments
· Plant and Machinery
· Vehicles
WEBSITE DETAILS:
PROFILE:
Subject is
a 100% subsidiary of Mubea. The automotive springs, automotive coil springs and
disc springs comply with the highest worldwide quality standards. The products
are manufactured in
Mubea has specialised in the production of quality disc springs for more than
40 years. Because of their versatility, disc springs are used in a large
variety of industrial applications, ranging from safety valve systems placed
3000 m below sea level to satellites in outer space.
A highly qualified team of engineers is eager to find individual solutions to
every spring problem by an ongoing development of technologies, an innovative
approach, and creativity. Moreover, extremely well equipped laboratories are
available to meet customers' testing requirements.
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.45.74 |
|
|
1 |
Rs.72.73 |
|
Euro |
1 |
Rs.62.73 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
3 |
|
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 |
NO |
|
--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 |
|
27 |
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.