MIRA
INFORM REPORT
|
Report Date : |
21.07.2011 |
IDENTIFICATION DETAILS
|
Name : |
PLASTIC OMNIUM VARROC PRIVATE LIMITED |
|
|
|
|
Registered Office : |
B-14/A, MIDC Area, Chakan, Taluka Khed, Pune-410501, |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as on) : |
31.03.2010 |
|
|
|
|
Date of Incorporation : |
17.12.2007 |
|
|
|
|
Com. Reg. No.: |
25-131148 |
|
|
|
|
Paid-up Capital : |
Rs. 333.750 Millions |
|
|
|
|
CIN No.: [Company
Identification No.] |
U34300PN2007PTC131148 |
|
|
|
|
TAN No.: [Tax
Deduction & Collection Account No.] |
PNEP11933F |
|
|
|
|
PAN No.: [Permanent
Account No.] |
AAECP4725A |
|
|
|
|
Legal Form : |
Private Limited Liability Company |
|
|
|
|
Line of Business : |
Manufacture of internal combustion piston engines and other parts and
accessories for motor vehicles |
|
|
|
|
No. of Employees : |
300 (approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
B (26) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
Maximum Credit Limit : |
USD 1700000 |
|
|
|
|
Status : |
Moderate |
|
|
|
|
Payment Behaviour : |
Slow |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is a joint venture between Plastic Omnium Auto Exteriors SAS, It is a company having moderate track. There appears some accumulated losses
recorded by the company. However, trade relations are reported as fair.
Business is active. Payments are reported to be slow. The company can be considered for business dealings with some caution.
|
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
INFORMATION PARTED BY (GENERAL DETAILS)
|
Name : |
Mr. Rajesh |
|
Designation : |
Accounts Manager |
|
Contact No.: |
91-9689907504 |
|
Date : |
20.07.2011 |
LOCATIONS
|
Registered Office/Factory 1 : |
B-14/A, MIDC Area, Chakan, Taluka Khed, Pune-410501, |
|
Tel. No.: |
91-20-32675420/32675435 |
|
Mobile No.: |
91-9689907504 (Mr. Rajesh) |
|
Fax No.: |
91-20-32675421 |
|
E-Mail : |
jadhav.ruchita@plsticomniumvarroc.com |
|
Website : |
|
|
Location : |
Owned |
|
|
|
|
Corporate Office : |
Amrutgad Bunglow, Sector 28, Opposite Indian Oil Petrol Pump, Near
Bhel Chowk, Nigadi Pradhikaran, Pune, |
|
Mobile No.: |
91-9623459306 |
|
|
|
|
Factory 2 : |
E - 4, MIDC Industrial Area, Waluj, Gangapur, Pune – 431136, |
|
Tel. No.: |
91-240-2556227 |
|
Fax No.: |
91-240-2564540 |
|
E-Mail : |
DIRECTORS
As On 16.10.2010
|
Name : |
Mr. Gangadeep Singh Mahajan |
|
Designation : |
Director |
|
Address : |
D-1, Lajpat Nagar Part-1, New Delhi-110024, |
|
Date of Birth/Age : |
06.04.1966 |
|
Date of Appointment : |
09.11.2009 |
|
DIN No.: |
02756611 |
|
|
|
|
Name : |
Mr. Rodolph Jean Hubert Lapillonne |
|
Designation : |
Director |
|
Address : |
41 Av, De Brimont, Chatou-78400, |
|
Date of Birth/Age : |
12.07.1959 |
|
Din No.: |
01946927 |
|
|
|
|
Name : |
Mr. Tarang Nareshchandra Jain |
|
Designation : |
Vice Chairman |
|
Address : |
Gut No. 41, Opposite Walmi Kanchanwadi, |
|
Date of Birth/Age : |
21.03.1972 |
|
Date of Appointment : |
17.12.2007 |
|
DIN No.: |
00027505 |
|
|
|
|
Name : |
Mr. Shantaram Narayan Patil |
|
Designation : |
Director |
|
Address : |
Flat No. 8, Udyogdeep Apartments, |
|
Date of Birth/Age : |
16.01.1954 |
|
Date of Appointment : |
17.12.2007 |
|
DIN No.: |
01842641 |
|
|
|
|
Name : |
Mr. Marc Mosjezj Szulewicz |
|
Designation : |
Chairman |
|
Address : |
211, Rue Du Docteur Blanche, Paris-75016, |
|
Date of Birth/Age : |
26.03.1947 |
|
Date of Appointment : |
17.12.2007 |
|
DIN No.: |
01911768 |
|
|
|
|
Name : |
Mr. Jean Michel Szczerba |
|
Designation : |
Director |
|
Address : |
11 Avenue, Foucault De Pavant, Versailles-78000, |
|
Date of Birth/Age : |
18.04.1960 |
|
Date of Appointment : |
17.12.2007 |
|
|
|
|
Name : |
Francois Jean Claude Tardif |
|
Designation : |
Alternate Director |
|
Address : |
24 Rue Sain Ferdinand Paris 75017 |
|
Date of Birth/Age : |
26.07.1962 |
|
Date of Appointment : |
01.09.2010 |
|
DIN No.: |
01949687 |
KEY EXECUTIVES
|
Name : |
Mr. Rajesh |
|
Designation : |
Accounts Manager |
|
|
|
|
Name : |
Ms. Ruchita Sudham Jadhav |
|
Designation : |
Company Secretary |
|
Address : |
Manikbaug, Chaitanay Apartment, Flat No. B-2, |
|
Date of Birth/Age : |
16.07.1987 |
|
Date of Appointment : |
15.07.2009 |
|
Pan No.: |
AKGPJ1429G |
|
|
|
|
Name : |
Ms. Sneha Kailash Khandelwal |
|
Designation : |
Company Secretary |
|
Address : |
115, Main Bazaar, Opposite Jain Mandir, Dehuroad, Pune – 412101, |
|
Date of Birth/Age : |
02.06.1986 |
|
Date of Appointment : |
10.03.2011 |
|
Pan No.: |
AUJPK4386J |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As On 16.10.2010
|
Names of Shareholders |
|
No. of Shares |
|
Plastic Omnium Auto Exterior SAS - France |
|
32187000 |
|
Varroc Polymers Private Limited - |
|
21458000 |
|
Total |
|
53645000 |
As On 16.10.2010
|
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 |
60.00 |
|
Bodies corporate |
40.00 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacture of internal combustion piston engines and other parts and
accessories for motor vehicles |
||||
|
|
|
||||
|
Products : |
|
||||
|
|
|
||||
|
Terms : |
|
||||
|
Selling : |
L/C, Cash and Credit |
||||
|
|
|
||||
|
Purchasing : |
L/C, Cash and Credit |
GENERAL INFORMATION
|
No. of Employees : |
300 (approximately) |
|||||||||
|
|
|
|||||||||
|
Bankers : |
|
|||||||||
|
|
|
|||||||||
|
Facilities: |
|
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
S V Ghatalia and Associates Chartered Accountants |
|
Address : |
C- 401, 4th Floor, |
|
Pan No.: |
AACFS6921Q |
|
|
|
|
Holding Company : |
|
|
|
|
|
Associate of
Holding Company : |
|
|
|
|
|
Other Related Parties : |
|
CAPITAL STRUCTURE
As On 31.03.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
60000000 |
Equity Shares |
Rs.10/- each |
Rs.600.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
33375000 |
Equity Shares |
Rs.10/- each |
Rs.333.750 Millions |
|
|
|
|
|
Of the above:
20025000 shares are held by Plastic Omnium
Auto Exteriors, the Holding Company.
As On 31.03.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
75000000 |
Equity Shares |
Rs.10/- each |
Rs.750.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
57645000 |
Equity Shares |
Rs.10/- each |
Rs.576.450 Millions |
|
|
|
|
|
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
|
31.03.2010 |
31.03.2009 (15th
Months) |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
|
333.750 |
183.750 |
|
|
2] Share Application Money |
|
140.200 |
0.000 |
|
|
3] Reserves & Surplus |
|
0.000 |
0.000 |
|
|
4] (Accumulated Losses) |
|
(43.703) |
(9.069) |
|
|
NETWORTH |
|
430.247 |
174.681 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
|
220.010 |
0.000 |
|
|
2] Unsecured Loans |
|
0.000 |
0.000 |
|
|
TOTAL BORROWING |
|
220.010 |
0.000 |
|
|
DEFERRED TAX LIABILITIES |
|
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
|
650.257 |
174.681 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
|
525.996 |
4.706 |
|
|
Capital work-in-progress |
|
6.238 |
208.912 |
|
|
|
|
|
|
|
|
INVESTMENT |
|
0.000 |
0.000 |
|
|
DEFERREX TAX ASSETS |
|
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
|
106.576 |
73.898 |
|
|
Sundry Debtors |
|
63.403 |
0.000 |
|
|
Cash & Bank Balances |
|
153.047 |
48.629 |
|
|
Other Current Assets |
|
0.000 |
0.000 |
|
|
Loans & Advances |
|
154.562 |
41.764 |
|
Total
Current Assets |
|
477.588 |
164.291 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
|
132.849 |
100.482 |
|
|
Other Current Liabilities |
|
226.716 |
102.473 |
|
|
Provisions |
|
0.000 |
0.273 |
|
Total
Current Liabilities |
|
359.565 |
203.228 |
|
|
Net Current Assets |
|
118.023 |
(38.937) |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
|
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
|
650.257 |
174.681 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 (15th
Months) |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
|
|
|
|
|
|
Other Income |
|
|
|
|
|
|
TOTAL (A) |
|
173.920 |
0.000 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Office Expenses |
|
|
|
|
|
|
Administrative Expenses |
|
|
|
|
|
|
Advertising Expenses |
|
|
|
|
|
|
TOTAL (B) |
|
189.090 |
(8.500) |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
|
(15.170) |
(8.500) |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
|
7.180 |
0.100 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
|
(22.350) |
(8.600) |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
|
12.280 |
0.200 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
|
(34.630) |
(8.800) |
|
|
|
|
|
|
|
|
|
Less |
TAX (I) |
|
0.000 |
0.270 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-I) (J) |
|
(34.630) |
(9.070) |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
|
(9.070) |
0.000 |
|
|
|
|
|
|
|
|
|
|
BALANCE CARRIED
TO THE B/S |
|
(43.700) |
(9.070) |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Export Earnings |
|
0.642 |
0.988 |
|
|
TOTAL EARNINGS |
|
0.642 |
0.988 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Capital Goods |
|
105.380 |
57.441 |
|
|
|
Purchases |
|
13.506 |
0.000 |
|
|
TOTAL IMPORTS |
|
118.886 |
57.441 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
|
|
|
|
|
|
- Basic |
|
(1.23) |
(1.91) |
|
|
|
- Diluted |
|
(1.23) |
(1.91) |
|
KEY RATIOS
|
PARTICULARS |
|
|
31.03.2010 |
31.03.2009 (15th
Months) |
|
PAT / Total Income |
(%) |
|
(19.91) |
0.00 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
|
(3.45) |
(5.21) |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
|
(0.08) |
0.05 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
|
1.35 |
1.16 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
|
1.33 |
0.81 |
LOCAL AGENCY FURTHER INFORMATION
THE DETAILS OF
SUNDRY CREDITORS:
Rs.
In Millions
|
Particulars |
31.03.2010 |
31.03.2009 |
|
Sundry Creditors |
|
|
|
a) Total outstanding dues of micro, and small enterprises |
0.681 |
0.000 |
|
b) Total outstanding dues of creditors other than micro, and small
enterprises |
132.168 |
100.482 |
|
Total |
132.849 |
100.482 |
Nature of operations:
Subject was incorporated on 17.12.2007 for manufacturing plastic automotive exterior components such as bumpers, front end carriers, fenders etc. The Company commenced commercial production on 21.12.2009.
PERFORMANCE
Industrial Trial Runs were conducted and completed successfully in the third quarter of the Fiscal. As the results of trials were satisfactory, the commercial production commenced on 14.12.2009. During the period, the Company has achieved net income of Rs. 173.920 Millions (net of excise and including other income of Rs. 18.480 Million and tooling sales of Rs.72.230 million).
The Board of Directors are hopeful of improved working results for the current year reckoning the projects / production plans in the pipeline.
PROJECTS UNDER
IMPLEMENTATION AND FUTURE OUTLOOK
The year 2009-10
witnessed the successful commercial launch of the project for the manufacture
of auto exterior parts like bumpers, front-end carriers, fenders, front panels
for OEMs like General Motors, Mahindra and Mahindra, etc.
During the month
of March 2010, the sales of front bumpers to M&M’s P501 project also
commenced.
The first bumper
from the new plant was produced and sold to General Motors for their M300
program in December 2009.
The Company was
able to quickly ramp up the production to meet the increase in volumes of General
Motors.
The Company has
ambitious plans to achieve substantial volumes in the current year. With orders
from some of the renowned global four wheeler customers, your directors are
hopeful of a better performance in the coming years.
Contingent Liabilities
The Company does not have any contingent
liabilities outstanding as at 31.03.2010.
Form 8:
|
Corporate
identity number of the company |
U34300PN2007PTC131148 |
|
Name of the
company |
PLASTIC OMNIUM VARROC PRIVATE LIMITED |
|
Address of the
registered office or of the principal place of business in |
B-14/A, MIDC Area, Chakan, Taluka Khed, Pune-410501, |
|
This form is for |
Creation of
charge |
|
Type of charge |
Movable Property |
|
Particular of
charge holder |
Plastic Omnium
Auto Exteriors Address : 19, Av,
Email : aspesneau@plasticomnium.com |
|
Nature of description
of the instrument creating or modifying the charge |
Supplemental Deed
Of Hypothecation Dtd 01.09.2010 |
|
Date of
instrument Creating the charge |
02.09.2010 |
|
Amount secured by
the charge |
Rs. 169.200
Millions. |
|
Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest
: Interest Rate
equal to LIBOR + 300 Basis Points Terms of
Repayment : As per loan
agreement Extent and
Operation of the charge : The Borrower do hereby
Hypothecate to and in favour of the lender as First Priority Charge on its
present and future Movable fixed assets more particularly to Deed of
Hypothecation, proposed to be procured by utilizing this loan. |
|
Short particulars
of the property charged |
Present and
future Movable Fixed Assets (include
plant, machineries and equipment)
purchased/proposed to be purchased by utilising this Loan amount and
to be installed at B-14A, MIDC Area
Chakan, Pune. |
FIXED ASSETS:
- Leasehold improvements
- Plant and
Machinery
- Electrical
installation
- Computers
- Office
Equipments
- Furniture and
Fixtures
- Vehicles
- Software
- Design and
Development
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.44.46 |
|
|
1 |
Rs.71.67 |
|
Euro |
1 |
Rs.62.94 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
4 |
|
PAID-UP CAPITAL |
1~10 |
4 |
|
OPERATING SCALE |
1~10 |
4 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
3 |
|
--PROFITABILIRY |
1~10 |
2 |
|
--LIQUIDITY |
1~10 |
4 |
|
--LEVERAGE |
1~10 |
3 |
|
--RESERVES |
1~10 |
-- |
|
--CREDIT LINES |
1~10 |
2 |
|
--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 |
NO |
|
--AFFILIATION |
YES/NO |
YES |
|
--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.