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MIRA
INFORM REPORT
|
Report Date : |
21.07.2011 |
IDENTIFICATION DETAILS
|
Name : |
|
|
|
|
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Registered
Office : |
22, |
|
|
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|
Country : |
|
|
|
|
|
Financials (as
on) : |
31.03.2010 |
|
|
|
|
Date of
Incorporation : |
26.09.2008 |
|
|
|
|
Com. Reg. No.: |
21-129667 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs.33.014
millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U60200WB2008FTC129667 |
|
|
|
|
Legal Form : |
Private Limited Liability Company |
|
|
|
|
Line of Business
: |
Manufacturer of Trailer dummy axles, trailer suspension - mechanical,
trailer air suspension systems, braking systems, abs systems, trailer components
like kingpins, etc. |
|
|
|
|
No. of Employees
: |
Not Available |
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 122000 |
|
|
|
|
Status : |
Moderate |
|
|
|
|
Payment Behaviour : |
Slow |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is a company having moderate track records. 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.
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 |
LOCATIONS
|
Registered Office : |
22, |
|
Tel. No.: |
91-33-44033599 |
|
Fax No.: |
91-33-44033597 |
|
E-Mail : |
DIRECTORS
As on 17.08.2010
|
Name : |
Mr. Sudhir Laxmikant Deoras |
|
Designation : |
Director |
|
Address : |
191-B, |
|
Date of Birth/Age : |
01.08.1951 |
|
Date of Appointment : |
26.09.2008 |
|
DIN No.: |
00206099 |
|
|
|
|
Name : |
Peruvemba Vaidyanath Balasubramaniam |
|
Designation : |
Director |
|
Address : |
D-301, Kalpataru Regency 11, 79, Kalyani Nagar, Pune – 411 006, |
|
Date of Birth/Age : |
13.02.1952 |
|
Date of Appointment : |
26.09.2008 |
|
DIN No.: |
00286577 |
|
|
|
|
Name : |
Aurol Anthony Sabastian |
|
Designation : |
Director |
|
Address : |
36, |
|
Date of Birth/Age : |
20.01.1948 |
|
Date of Appointment : |
17.07.2010 |
|
DIN No.: |
02696487 |
KEY EXECUTIVES
|
Name : |
G.S. Chatterjee |
|
Designation : |
Chief Operating Officer |
|
Date of Birth/Age : |
49 Years |
|
Qualification : |
B.E. (Mech.) |
|
Experience : |
25 Years |
|
Date of Appointment : |
23.11.2010 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 17.08.2010
|
Names of Shareholders |
|
No. of Shares |
|
|
|
3301424 |
|
Deoras Sudhir |
|
1 |
|
Chatterjee S.G. |
|
1 |
|
Total |
|
3301426 |
As on 17.08.2010
|
Equity Share Breakup |
|
Percentage of Holding |
|
Category |
|
|
|
Foreign holdings [Foreign institutional investors, Foreign Companies, Foreign Financial Institutions, Non-resident Indian or Overseas corporate bodies or others] |
|
99.99 |
|
Directors
or relatives of directors |
|
0.01 |
|
Total |
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer of Trailer dummy axles, trailer suspension - mechanical, trailer
air suspension systems, braking systems, abs systems, trailer components like
kingpins, etc. |
|
|
|
PRODUCTION STATUS (AS ON 31.03.2010)
|
Particulars |
Quantitative Denomination |
Installed
Capacity |
Actual
Production |
|
Axles |
Units |
14400 |
2288 |
|
|
|
|
|
GENERAL INFORMATION
|
No. of Employees : |
Not Available |
|
|
|
|
Bankers : |
IDBI Bank
Limited, Specialised Corporate Branch, 1st Floor, Kalyan Kutir, N.
Road Bistupur, |
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
Deloitte Haskins and Sells Chartered Accountants |
|
Address : |
Bengal Intelligent |
|
Tel. No.: |
91-33-66121000 |
|
Fax No.: |
91-33-66121001 |
|
Income-tax
PAN of auditor or auditor's firm : |
AADFD5357J |
|
|
|
|
Ultimate Holding Company : |
TRF Limited Address: 11, Tel No.: 91-657-2271286-295 Extension - 394 Fax No.: 91-657-2270729 E-Mail: gschatterjee@yorktpt.co.in |
|
|
|
|
Intermediate Holding Company : |
TRF |
|
|
|
|
Immediate Holding Company : |
Address: 5, |
|
|
|
|
Fellow Subsidiaries : |
v
York Transport Equipment Pty. Limited v
v
YTE Transport Equipment (SA) (Pty) Limited v
v
Rednet Pte. Limited v
PT York Engineering v
Eadda pte Limited v
YTE Special Products Pte. Limited v
Qingdao YTE Special Products Company Limited |
CAPITAL STRUCTURE
As on 31.03.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
10000000 |
Equity Shares |
Rs.10/- each |
Rs.100.000 millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
3301426 |
Equity Shares |
Rs.10/- each |
Rs.33.014
millions |
|
|
|
|
|
Note:
All the above Equity Shares are held by York
Transport Equipment (
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
|
31.03.2010 |
31.03.2009 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
|
33.014 |
0.100 |
|
|
2] Share Application Money |
|
0.000 |
2.483 |
|
|
3] Reserves & Surplus |
|
0.000 |
0.000 |
|
|
4] (Accumulated Losses) |
|
(2.545) |
(6.004) |
|
|
NETWORTH |
|
30.469 |
(3.421) |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
|
0.000 |
0.000 |
|
|
2] Unsecured Loans |
|
0.000 |
0.000 |
|
|
TOTAL BORROWING |
|
0.000 |
0.000 |
|
|
DEFERRED TAX LIABILITIES |
|
0.126 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
|
30.595 |
(3.421) |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
|
10.895 |
0.371 |
|
|
Capital work-in-progress (Including Capital Advances) |
|
0.049 |
1.991 |
|
|
|
|
|
|
|
|
INVESTMENT |
|
0.000 |
0.000 |
|
|
DEFERREX TAX ASSETS |
|
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
|
71.556 |
0.000 |
|
|
Sundry Debtors |
|
43.197 |
0.000 |
|
|
Cash & Bank Balances |
|
40.907 |
1.096 |
|
|
Other Current Assets |
|
0.000 |
0.000 |
|
|
Loans & Advances |
|
7.043 |
0.016 |
|
Total
Current Assets |
|
162.703 |
1.112 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
|
36.953 |
2.459 |
|
|
Other Current Liabilities |
|
106.099 |
4.336 |
|
|
Provisions |
|
0.000 |
0.100 |
|
Total
Current Liabilities |
|
143.052 |
6.895 |
|
|
Net Current Assets |
|
19.651 |
(5.783) |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
|
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
|
30.595 |
(3.421) |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
|
|
|
SALES |
|
|
|
|
|
|
|
Net Sales and Services/ Income from Operations |
|
151.714 |
0.000 |
|
|
|
Other Income |
|
4.432 |
0.000 |
|
|
|
TOTAL |
|
156.146 |
0.000 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
(Increase)/ Decrease in Inventories and Contracts in progress |
|
(25.276) |
0.000 |
|
|
|
Purchase of Finished Goods for Resale |
|
63.871 |
0.000 |
|
|
|
Consumption of raw materials and Components |
|
78.224 |
0.000 |
|
|
|
Employee Costs |
|
9.817 |
2.323 |
|
|
|
Operations Administration and Selling Expenses |
|
24.892 |
3.670 |
|
|
|
TOTAL |
|
151.528 |
5.993 |
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION |
|
4.618 |
(5.993) |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION |
|
1.033 |
0.011 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX |
|
3.585 |
(6.004) |
|
|
|
|
|
|
|
|
|
Less |
TAX |
|
0.126 |
0.000 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
|
|
3.459 |
(6.004) |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
|
(6.004) |
0.000 |
|
|
|
|
|
|
|
|
|
|
BALANCE CARRIED
TO THE B/S |
|
(2.545) |
(6.004) |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials and Components |
|
69.000 |
0.000 |
|
|
|
Finished Goods for Resale |
|
58.575 |
0.000 |
|
|
|
Stores & Spare Parts |
|
2.222 |
0.000 |
|
|
|
Capital Goods |
|
0.123 |
0.000 |
|
|
TOTAL IMPORTS |
|
129.920 |
0.000 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
|
1.66 |
(600.38) |
|
KEY RATIOS
|
PARTICULARS |
|
|
31.03.2010 |
31.03.2009 |
|
PAT / Total Income |
(%) |
|
2.22 |
0.00 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
|
2.36 |
0.00 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
|
2.07 |
(404.86) |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
|
0.12 |
1.76 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
|
4.70 |
(2.02) |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
|
1.14 |
0.16 |
LOCAL AGENCY FURTHER INFORMATION
FORM 8:
|
Corporate
identity number of the company |
U60200WB2008FTC129667 |
|
Name of the
company |
|
|
Address of the
registered office or of the principal place of business in |
22, E-Mail: s.deoras@rediffmail.com |
|
This form is for |
Creation of
charge |
|
Type of charge |
Immovable
Property Book Debts Movable Property |
|
Particular of
charge holder |
IDBI Bank Limited, Specialised Corporate Branch, 1st Floor,
Kalyan Kutir, N. Road Bistupur, E-Mail: ranjit.dash@idbi.co.in |
|
Nature of
description of the instrument creating or modifying the charge |
1. Deed of
Hypothecation dated 08.03.2011 2. Sanction
Letter |
|
Date of
instrument Creating the charge |
08.03.2011 |
|
Amount secured by
the charge |
Rs.50.000
millions |
|
Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest: CC - @ BBR +300%
(Presently BBR is 8% p.a.) payable monthly, Present Effective Rate 11%. LC and TCBG - 0.75%
p.a. plus Service Tax payable upfront; BG - 0.75% p.a.
plus Service Tax Payable upfront. Terms of
Repayment: CC- on demand. LC and TCBG -
Honouring of commitments on due date. BG - Return of
original Guarantee on or before the date of expiry. Margin: Debtors - 25%
upto 180 days. Stock - 25% Cash Margin -
10%. Extent and
Operation of the charge: 1. First Charge
on entire stocks of raw material, semi finished and finished goods,
consumable stores and spares and such other movable including book debts,
bills whether documentary or clean, outstanding monies receivables, both
present and future. 2. Second Charge
on total Fixed Assets of the company including it's movable plant and
machinery, machinery spares, tools and accessories and other movables both
present and future. |
|
Short particulars
of the property charged |
First Charge on
entire stocks of raw material, semi finished and finished goods, consumable
stores and spares and such other movable including book debts, bills whether documentary
or clean, outstanding monies receivables, both present and future. Second Charge on
total Fixed Assets of the company including it's movable plant and machinery,
machinery spares, tools and accessories and other movables both present and
future. |
FIXED ASSETS:
Intangible Assets:
v Computer Software
Tangible Assets:
v Plant and Machinery
v Furniture and Fixtures
v Motor 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.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 |
3 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
3 |
|
--PROFITABILIRY |
1~10 |
3 |
|
--LIQUIDITY |
1~10 |
3 |
|
--LEVERAGE |
1~10 |
3 |
|
--RESERVES |
1~10 |
- |
|
--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 |
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.