MIRA
INFORM REPORT
|
Report Date : |
01.07.2011 |
IDENTIFICATION DETAILS
|
Name : |
INDO SCHOTTLE AUTO PARTS PRIVATE LIMITED |
|
|
|
|
Registered Office : |
Gat No. 387/389, Village Urawade, Taluka Mulshi, District
Pune – 412 108, |
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|
|
Country : |
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|
|
|
Financials (as on) : |
31.03.2010 |
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|
|
|
Date of Incorporation : |
09.04.1985 |
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|
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|
Com. Reg. No.: |
11-35877 |
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|
|
Capital
Investment / Paid-up Capital : |
Rs. 142.767 millions |
|
|
|
|
CIN No.: [Company
Identification No.] |
U34300MH1985PTC035877 |
|
|
|
|
Legal Form : |
Private Limited
Liability Company |
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|
|
|
Line of Business : |
Manufacturers of Engine Valve Collets, Rocker Arm Screws, Turbo Charge
Components and Assemblies. |
|
|
|
|
No. of Employees
: |
250 (approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
A (62) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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 |
|
Maximum Credit Limit : |
USD 3700000 |
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|
|
|
Status : |
Good |
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|
|
Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Subject is a
well-established company having fine track. General financial position is
good. Trade relations are reported as fair. Business is active. Payments are
reported to be correct and as per commitments. 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) |
|
|
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
INFORMATION DECLINED BY
The management non cooperative
LOCATIONS
|
Registered Office/ Factory : |
Gat No. 378/387/389, Village Urawade, Taluka Mulshi,
District Pune – 412 108, |
|
Tel. No.: |
91-20-22922005/22922161/2922636 / 32540055/22923964/5/32540050/51/52 |
|
Fax No.: |
91-20-24104109/22929280/2922636/32540051/22923800/32540051 |
|
E-Mail : |
esgado@indoschottle.com vypathak@indoschottle.com pabhide@indoschottle.com aakulkarni@indoschottle.com |
|
Website : |
|
|
Location : |
Owned |
|
|
|
|
Factory 2 : |
Domestic Unit: Gat No. 10731/6, Perangut, Village Urawade, Tal. Mulshi, Pune – 412
108, |
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|
|
|
Correspondence Office : |
Office Club, 3rd Floor, Swaroop Complex, |
DIRECTORS
As On 08.07.2010
|
Name : |
|
|
Designation : |
Chairman and Managing Director |
|
Address : |
Plot No. 816, Lane No. 8, Sind Housing, Aundha, Pune - 411 007, |
|
Date of Birth/Age : |
24.05.1944 |
|
Qualification : |
B.Com Diploma in International Trade |
|
Experience : |
41 Years |
|
Date of Appointment : |
29.09.2001 |
|
DIN No. : |
00755575 |
|
Previous Employment Held in Designation / Organisation : |
Chief Executive INEX Engine Valves Limited |
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|
|
|
Name : |
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|
Designation : |
Director |
|
Address : |
Flat No. 4, Plot No. 105/26, , Savali, Survey No. 105, Lane 14, Pune - 411 004, |
|
Date of Birth/Age : |
31.08.1937 |
|
Date of Appointment : |
30.09.1999 |
|
DIN No. : |
01500852 |
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|
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Name : |
|
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Designation : |
Director |
|
Address : |
12, Kostaka House, |
|
Date of Birth/Age : |
16.01.1945 |
|
Date of Appointment : |
29.09.2003 |
|
DIN No. : |
00166189 |
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|
|
|
Name : |
|
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Designation : |
Director |
|
Address : |
221, A, Amit,
Kalaninagar, Pune - 411 006, |
|
Date of Birth/Age : |
18.04.1951 |
|
Date of Appointment : |
09.09.2002 |
|
DIN No. : |
00089496 |
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|
|
|
Name : |
|
|
Designation : |
Director |
|
Address : |
MVI, Motorenteile, GMBH, Allenstresse, 70, 71679, Asperg |
|
Date of Birth/Age : |
13.12.1940 |
|
Date of Appointment
: |
29.09.1999 |
|
DIN No. : |
02799830 |
|
|
|
|
Name : |
|
|
Designation : |
Executive
Director |
|
Address : |
105/A, Mukta Apts., S. R. Rege Marg, Erandawane, Pune 411
004, |
|
Date of
Appointment : |
09.08.2002 |
|
Qualification : |
B S Mechanical, M
S Mechanical |
|
Experience : |
16 Years |
|
DIN No. : |
09.08.2002 |
|
Previous Employment Held in Designation / Organisation : |
General Manager
Indo Schottel Auto Parts Private Limited |
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|
|
|
Name : |
|
|
Designation : |
Director |
|
Address : |
6, Govind Sadan, |
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Date of Birth/Age : |
09.11.1951 |
|
Date of
Appointment : |
09.09.2002 |
|
DIN No. : |
00846901 |
|
|
|
|
Name : |
|
|
Designation : |
Director |
|
Address : |
Bahar 25,
Vishwamitra Colony, Gulmohor Path, Off |
|
Date of
Birth/Age : |
11.02.1947 |
|
Date of
Appointment : |
29.09.2004 |
|
DIN No. : |
00637061 |
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|
|
|
Name : |
|
|
Designation : |
Director |
|
Address : |
63, Chitrakoot, |
|
Date of Birth/Age : |
20.03.1963 |
|
Date of
Appointment : |
25.06.2005 |
|
Date of
Cessation : |
13.08.2008 |
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|
|
|
Name : |
Mr. |
|
Designation : |
Investor Nominee
Director |
|
Address : |
K-51-605,
Yoginagar, |
|
Date of Birth/Age : |
26.11.1969 |
|
Date of
Appointment : |
28.11.2005 |
|
Date of
Cessation : |
13.08.2008 |
|
|
|
|
Name : |
Mr. Madhav
Krishna Soman |
|
Designation : |
Director |
|
Address : |
Chaitanya, 90
National Housing Society, |
|
Date of Birth/Age : |
29.05.1931 |
|
Date of
Appointment : |
10.11.1995 |
|
DIN No. : |
00090363 |
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|
|
|
Name : |
Mr. Ajay
Charuchandra Kirtane |
|
Designation : |
Director |
|
Address : |
Plot No.364, Lane No.17, Mahatma Co-operative Housing Society, Kothrud, Pune-411030, Maharashtra, India |
|
Date of Birth/Age : |
11.07.1967 |
|
Date of
Appointment : |
27.06.2009 |
|
DIN No. : |
02711040 |
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|
|
|
Name : |
Mr. Pradeep Chandrakant
Bandivadekar |
|
Designation : |
Nominee Director |
|
Address : |
7, Shakuntal, Sahitya Sahavas,, M.G.Kalelkar Road, Bandra(E), Mumbai, 400051, Maharashtra, India |
|
Date of Birth/Age : |
06.02.1961 |
|
Date of
Appointment : |
25.09.2009 |
|
DIN No. : |
00059330 |
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|
|
|
Name : |
Ms. Kirtikumar
Rameshchandra Patel |
|
Designation : |
Additional
Director |
|
Address : |
7, Vriindavan, |
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Date of Birth/Age : |
03.07.1951 |
|
Date of
Appointment : |
27.08.2010 |
|
DIN No. : |
02926816 |
KEY EXECUTIVES
|
Name : |
Mr. Amit Arun Kulkarni |
|
Designation : |
Company Secretary |
|
Address : |
102, Nav Saraswati Chs, M.P. Road, Arunoday Soc, V. Nagar,
Dombivali(W) 421202, |
|
Date of Birth/Age : |
11.12.1980 |
|
Date of
Appointment : |
03.05.2010 |
|
Pan No. : |
AUSPK8444J |
|
|
|
|
Name : |
Ms. Vaidehi Yashwant Pathak |
|
Designation : |
Company Secretary |
|
Address : |
30/163, Apte Colony, Hingne Khurd, |
|
Date of Birth/Age : |
29.112.1982 |
|
Date of
Appointment : |
27.06.2009 |
|
Date of Cessation
: |
15.04.2010 |
|
Pan No. : |
APKPP7442N |
|
|
|
|
Name : |
Mr. Sanjay S. Sinha |
|
Designation : |
Chief Executive Officer |
|
Date of
Birth/Age : |
47 Years |
|
Date of
commencement of service : |
01.11.2009 |
|
Qualification : |
B.E., MBA |
|
Experience : |
25 Years |
|
Previous Employment Held in Designation / Organisation : |
Chide Operating Officer AVTEC Limited |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As On 08.07.2010
|
Names of Shareholders |
|
No. of Shares |
|
Vijay Balkrishna Pusalkar |
|
2624150 |
|
rohan Vijay Pusalkar |
|
246800 |
|
Marzban Bharucha |
|
5000 |
|
Babasaheb N. Kalyani |
|
120000 |
|
Savita Shishir Shirgaonkar |
|
5000 |
|
Kumar Raval |
|
1000 |
|
Tata Capital Limited – |
|
446324 |
|
Gautam Achyut Kulkarni |
|
1000 |
|
Alvaro Dacosta |
|
12500 |
|
Thresia K. Jose |
|
2000 |
|
Prakash ramchandra
Gogate |
|
5000 |
|
Ishwar Siddhanwar |
|
20000 |
|
Ajit Vasant Kher |
|
107500 |
|
Wolfgang Schottle |
|
599750 |
|
Nalini Keshsav Khasnis |
|
1000 |
|
Samardeep Subandh |
|
6700 |
|
Sanjay Vaidya |
|
2000 |
|
Rajendra Shah |
|
3000 |
|
Dilip Bhagwat |
|
1000 |
|
|
|
|
|
Preference
Shares |
|
|
|
Tata Capital Limited – |
|
10000000 |
As On 08.07.2010
|
Category |
Percentage |
|
Bodies corporate |
10.44 |
|
Directors or relatives of Directors |
87.94 |
|
Other top fifty shareholders |
1.62 |
|
|
|
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturers of Engine Valve Collets, Rocker Arm Screws, Turbo Charge
Components and Assemblies. |
|
|
|
|
Products : |
|
|
|
|
GENERAL INFORMATION
|
Customers : |
· Tata · Eicher · HMT · Suzuki · Holset · Yamaha · Force · MICO · Force · TVS · HM · Bajaj · Mahindra · LML · Fiat |
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No. of Employees : |
250 (approximately) |
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Bankers : |
·
The Thane Janata Sahakari Bank Limited, ·
Standard
Chartered bank – 90, |
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Facilities : |
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Banking
Relations : |
-- |
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Auditors : |
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|||||||||||||||||||||||||||
|
Name : |
Mr. P G Bhagwath and Company Chartered Accountants |
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Address : |
Suit No. 10-102, Orchard Dr. Pai Marg, Baner, Pune – 411045, |
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Pan No.: |
AAAFB0762E |
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Subsidiaries : |
·
Pusalkar
Fluid Power Private Limited CIN: U27106PN2003PTC018693 |
CAPITAL STRUCTURE
As on 31.03.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
7500000 |
Equity Shares |
Rs.10/- each |
Rs. 75.000 millions |
|
10000000 |
32% Optionally Convertible Cumulative Redeemable Preference Shares |
Rs. 10/- each |
Rs. 100.000 millions |
|
|
Total |
|
Rs. 175.000 millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
4276724* |
Equity Shares |
Rs.10/- each |
Rs. 42.767 millions |
|
10000000 |
Preference Shares |
Rs.10/- each |
Rs. 100.000 millions |
|
|
Total |
|
Rs. 142.767 millions |
Note:
* Of the above 2138362 (previous year Nil) Equity
shares are allotted as fully paid up bonus shares
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
142.767 |
120.760 |
24.378 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
807.122 |
748.819 |
673.321 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
949.889 |
869.579 |
697.699 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
424.472 |
646.624 |
484.782 |
|
|
2] Unsecured Loans |
8.398 |
8.707 |
8.707 |
|
|
TOTAL BORROWING |
432.870 |
655.331 |
493.489 |
|
|
DEFERRED TAX LIABILITIES |
78.122 |
51.640 |
47.341 |
|
|
|
|
|
|
|
|
TOTAL |
1460.881 |
1576.550 |
1238.529 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
1061.321 |
839.049 |
799.196 |
|
|
Capital work-in-progress |
11.180 |
296.121 |
89.430 |
|
|
|
|
|
|
|
|
INVESTMENT |
17.240 |
17.240 |
17.240 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
239.886
|
309.932 |
248.446
|
|
|
Sundry Debtors |
232.637
|
158.420 |
183.462
|
|
|
Cash & Bank Balances |
32.133
|
44.857 |
10.968
|
|
|
Other Current Assets |
11.145
|
6.742 |
5.414
|
|
|
Loans & Advances |
31.502
|
20.600 |
66.928
|
|
Total
Current Assets |
547.303
|
540.551 |
515.218 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
90.882 |
36.678 |
129.196
|
|
|
Other Current Liabilities |
33.290
|
41.437 |
37.032
|
|
|
Provisions |
51.991
|
38.296 |
16.327
|
|
Total
Current Liabilities |
176.163
|
116.411 |
182.555
|
|
|
Net Current Assets |
371.140
|
424.140 |
332.663
|
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
1460.881 |
1576.550 |
1238.529 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
|
|
|
|
|
|
Other Income |
|
|
|
|
|
|
TOTAL |
1004.930 |
941.736 |
938.731 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Office Expenses |
|
|
|
|
|
|
Administrative Expenses |
|
|
|
|
|
|
Advertising Expenses |
|
|
|
|
|
|
Financial Expenses |
|
|
|
|
|
|
TOTAL |
728.488 |
755.377 |
757.9223 |
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION |
276.442 |
186.359 |
180.808 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION |
103.932 |
93.905 |
69.222 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX |
172.510 |
92.454 |
111.586 |
|
|
|
|
|
|
|
|
|
Less |
TAX |
50.402 |
21.015 |
22.793 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
|
122.108 |
71.439 |
88.895 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
195.234 |
162.552 |
93.966 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Transfer to General Reserve |
NA |
7.144 |
8.900 |
|
|
|
Dividend on equity shares |
5.321 |
5.190 |
9.751 |
|
|
|
Dividend on preference shares |
32.000 |
21.830 |
0.000 |
|
|
|
Tax on Dividend |
|
|
|
|
|
|
Equity Dividend |
NA |
0.882 |
1.657 |
|
|
|
Preference Dividend |
NA |
3.710 |
0.000 |
|
|
BALANCE CARRIED
TO THE B/S |
NA |
195.234 |
162.553 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Export Earnings |
NA |
441.627 |
430.670 |
|
|
TOTAL EARNINGS |
NA |
441.627 |
430.670 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials, Stores and Spares |
NA |
146.342 |
122.109 |
|
|
|
Capital Goods |
NA |
162.980 |
39.324 |
|
|
TOTAL IMPORTS |
NA |
309.322 |
161.433 |
|
|
|
|
|
|
|
|
|
|
Earnings Per Share
(Rs.) |
NA |
20.95 |
NA |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
PAT / Total Income |
(%) |
12.15
|
7.59 |
9.47 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
10.72
|
6.70 |
8.49 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.18
|
0.11 |
0.16 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
0.64
|
0.89 |
0.97 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
3.11
|
4.64 |
2.82 |
LOCAL AGENCY FURTHER INFORMATION
Performance and
future outlook
The dramatic downturn witnessed by us in the year 2008-09 equally dramatically turned positive for the last accounting year. From the month of September, 2009 demand from they overseas customers started increasing quite substantially. At the same time due to the stimulus package from the Government of India, the Indian Auto Industry started experiencing a demand boom which is unprecedented. Every sector of the Auto industry from trucks to cars and motorcycles is witnessing rapid growth. They are therefore participating in this boom. It is our expectation that this trend will continue in the current year and if the monsoon is favourable should continue in the next fiscal also. They are now seeing a trend where the international firms have realized the benefits of indeginisation of engines also. The faster this happens there growth story should continue. What the Company has to be cautious about is the fact that the Indian Government is signing Free Trade Agreements with many countries which will enable the Indian OEM's to import their requirement at internationally acceptable tariff rates. They therefore need to continue there efforts in cost reduction, quality improvement and improved productivity.
form 8:-
|
Corporate
identity number of the company |
U34300MH1985PTC035877 |
|
Name of the company
|
INDO SCHOTTLE
AUTO PARTS PRIVATE LIMITED |
|
Address of the
registered office or of the principal place of business in |
Gat No. 378/387/389, Village Urawade, Taluka Mulshi,
District Pune – 412 108, |
|
This form is for |
Creation of
charge |
|
Type of charge |
· Movable property |
|
Particular of
charge holder |
Standard
Chartered bank – 90, E-Mail: Nilesh.Babar@sc.com |
|
Nature of
instrument creating charge |
Unattested
Memorandum of Hypothecation |
|
Date of
instrument Creating the charge |
24.01.2011 |
|
Amount secured by
the charge |
Rs. 92.000
millions |
|
Brief of the principal
terms an conditions and extent and operation of the charge |
Rate of interest: Interest /
Commission - As agreed by and with the Bank from time to time. Terms of
repayment: As agreed by and
with the Bank from time to time. Margin As applicable, if
any. Extent and
operation of the charge: The Bank is
having first and exclusive charge on the security given by the Company, Others: First and
exclusive charge on machinery as specified in Schedule has been created in favour
of Bank for the purpose of securing credit facility to the extent of USD 2
Mio granted to the Company. For the purpose
of filing Form 8, the facility amount equivalent in INR has been calculated
at the prevailing foreign exchange rate i.e. (1 USD = INR 46.00). |
|
Short particulars
of the property charged (Including location of the property) |
Hypothecation by
way of first and exclusive charge on a) machinery situated at Gat no. 387 /
389 Village Urawade, Taluka Mulshi, Pune 412 108. b) machinery situated at
Gat no. 1073/6, Village Urawade, Taluka Mulshi, Pune 412 108. |
Fixed Assets
·
Software
·
Freehold land
·
Buildings – leasehold
·
Plant and machinery
·
Office equipment
·
Furniture and fixtures
·
Vehicles
·
Computers
website details:-
In 1986, the
Pusalkar family in
The company was set
up to manufacture and supply Engine Valve Collets to the Indian OEMs. This was a
pioneering effort in the country as it signified a technological lead from the
slow and outdated manufacturing system that existed in
the companies new system offered their
customers tremendous cost savings, productivity, reliability and scalibility.
The company quickly established its presence as a preferred supplier to the
Indian automotive industries.
company profile
subject is
Subject has it
manufacturing operations in
The plant II is
100% EOU where they manufacture Turbocharger parts
and Fuel Systems Parts.
Beginning with only a few O.E.M.'s as it's customers in 1987, subject
has now progressed to being the prime O.E. supplier of Engine Valve Collets in
Over the last decade, their satisfied customer base has grown to
more than twenty-five O.E.M.'s in
In addition, they also export their products to
Along with the O.E.M.'s, subject also has a strong presence in the spare market. After a successful beginning with Engine Valve Collets, they have now expanded their product base by a few more precision components including Rocker Arm Adjusting Screws, Turbocharger Parts and Fuel System components.
To supplement their manufacturing setup, they also have a well equipped standard room with laboratory facilities and a Sealed Quench Gas Carburising plant.
The company is entirely customer driven and has a strong technical focus. Consistency in quality and on-time delivery has placed the company in a strong position in the market place. Their quality and supply rating is consistently A+.
Subject is a QS 9000/ISO 9002 certified company (since April 2000) and they even have "Self Certification" status with many of their customers.
The company has a policy of investing a substantial portion of the surplus generated into resources that would contribute to growth, quality and productivity.
The company operations mainly related to manufacturing of precision auto components.
Products
Engine Valve Collets/Valve
Lock Half
The collets are
used as a pair to hold the inlet and exhaust valves in the engine. These are
used widely in all four-stroke internal combustion engines.
Subject has
“state-of-the-art roll-forming” equipment and annual capacity of 150 million
parts
Rocker Arm Screws
Rocker Arm Screws are components of the valvetrain used in conjunction with the Rocker Arm to adjust the engine valve settings.
Fuel System Parts
Subject makes parts for Fuel System Parts and Assemblies like Hydraulic
Tappets, sockets and injector couplings. These are fine tolerance components
requiring high precision manufacturing equipment, process and gauging.
They supply Fuel System Parts and Assemblies/Sub Assemblies to their customers which involve class sizing and
match assembly within microns
Turbocharger Parts
Turbocharger Components are power-enhancing devices used on diesel and petrol engines. They give us the added benefit of reducing emission by improving combustion efficiency.
Turbocharger Components and Assemblies
Hydraulics and Fluid Power
Subject makes hydraulic system parts. The component
involves precision manufacturing equipment and gauging. They supply hydraulic
system assemblies/sub-assemblies which involves grouping and match assembly
with micron clearance between the mating parts. The assembly is carried out in
a controlled and clean environment to maintain high standards of cleanliness.
press releases:
Indo Schöttle
inaugurates second EOU plant for exports news
Our Corporate Bureau
17 August 2005
Mumbai: Pune-based Indo Schöttle Auto Parts Pvt.
Ltd's. New export-oriented manufacturing unit was inaugurated by Atul
Kirloskar, chairman, Kirloskar Group. This EOU plans to cater to the
fast-growing export market primarily from
Established in 1986 with West German financial participation, Indo Schöttle Auto
Parts principal business focus is manufacture and sale of high precision engine
components. It is now the prime O E supplier of engine valve collets and rocker
arm screws in
Indo Schöttle is a premier supplier to almost all OEM's in the country and a
host of renowned OEM's in Europe,
Its facility has an annual installed capacity to manufacture 150 million engine
valve collets, 40 million rocker arm screws, 6 million parts / assemblies for
turbochargers, fuel systems and hydraulics. The company is ISO TS 16949, QS
9000/ISO 9001:200- certified has 'self certification status' with many of its
customers. The additional plant, will add 25,000sq.ft of floor space and
increase the company's total manufacturing capacity by 50 per cent.
According to Rohan Pusalkar, executive director, "Negotiations with
International giants like Eaton Corporation, Honeywell and Borg Warner for
supply contracts are being finalized, therefore the exports scenario is very
promising. We are working to achieve a turnover of Rs. 1500 millions ($35
million) by 2008. Exports will contribute more than 70 per cent of this
figure." The company is investing Rs. 400 millions over the next two years
in infrastructure and equipment.
Speaking on the occasion Vijay Pusalkar, CMD, Indo Schottle said "Since the company has established itself as a source for high precision components and assemblies, growth on a year to year basis is likely to be in the region of 30 to 40 percent. The company will continue to focus on high value addition to maintain profitability. "
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. 44.72 |
|
|
1 |
Rs. 71.95 |
|
Euro |
1 |
Rs. 64.79 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
8 |
|
PAID-UP CAPITAL |
1~10 |
6 |
|
OPERATING SCALE |
1~10 |
7 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
7 |
|
--PROFITABILIRY |
1~10 |
6 |
|
--LIQUIDITY |
1~10 |
7 |
|
--LEVERAGE |
1~10 |
7 |
|
--RESERVES |
1~10 |
7 |
|
--CREDIT LINES |
1~10 |
7 |
|
--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 |
|
62 |
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.