MIRA
INFORM REPORT
|
Report Date : |
27.07.2011 |
IDENTIFICATION DETAILS
|
Name : |
HP PELZER MAYUR AUTOMOTIVE PRIVATE LIMITED |
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Registered
Office : |
Gat No. 298/ 301, Kharabwadi, Near Agility Logistics, Chakan, Pune –
410 501, |
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|
Country : |
India |
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|
|
Financials (as
on) : |
31.12.2010 |
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|
Date of
Incorporation : |
25.05.2009 |
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Com. Reg. No.: |
11-134015 |
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Capital
Investment / Paid-up Capital : |
Rs. 76.764 millions |
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|
|
CIN No.: [Company Identification
No.] |
U50300PN2009FTC134015 |
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|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
PNEH06202A |
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|
Legal Form : |
Private Limited Liability Company. |
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Line of Business
: |
Dealers of all kinds of Automotive and Automobile Components. |
RATING & COMMENTS
|
MIRA’s Rating : |
Ca (18) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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 |
|
Status : |
Recently Commenced |
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Payment Behaviour : |
Slow |
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Litigation : |
Clear |
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Comments : |
Though the company was incorporated in the year 2009, the company has
started it’s commercial operations from April, 2010. Business is active.
Payments are reported to be slow. The company can be considered for business dealings on a secured 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 |
LOCATIONS
|
Registered Office : |
Gat No. 298/ 301, Kharabwadi, Near Agility Logistics, Chakan, Pune –
410 501, |
|
Tel. No.: |
91-2135-613400/ 613414 |
|
E-Mail : |
DIRECTORS
AS ON 31.05.2011
|
Name : |
Mr. Jean Marie Naegele |
|
Designation : |
Director |
|
Address : |
44, Hemsbergstrasse, D 64625 Bensheim, |
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Date of Birth/Age : |
16.02.1965 |
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Date of Appointment : |
25.05.2009 |
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E-mail : |
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|
DIN No : |
02438450 |
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|
|
|
Name : |
Mr. Sanjay Kumar Verma |
|
Designation : |
Director |
|
Address : |
B-35/C, Old DLF Colony, Gurgaon – 122 016, |
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Date of Birth/Age : |
13.09.1972 |
|
Date of Appointment : |
25.05.2009 |
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E-mail : |
|
|
DIN No : |
01773299 |
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|
|
|
Name : |
Mr. Rajiv Batra |
|
Designation : |
Director |
|
Address : |
S.No.155, Building C-2, Flat No.10, Kumar Classics, Near W.O. Aundh,
Pune – 411 007, |
|
Date of Birth/Age : |
02.08.1963 |
|
Date of Appointment : |
18.08.2010 |
|
DIN No : |
03226607 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 31.05.2011
|
Names of Shareholders |
No. of Shares |
|
Hankook Pelzer Limited, |
7671376 |
|
Bajaj Carpet Industries Limited, |
143001 |
|
Sanjay Kumar Verma |
4985 |
|
Total |
7819362 |
AS ON 18.12.2010
|
Names of Allottee |
No. of Shares |
|
Hankook Pelzer Limited, |
579560 |
AS ON 31.05.2011
|
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 |
99.94 |
|
Directors or relatives of Directors |
0.06 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Dealers of all kinds of Automotive and Automobile Components. |
GENERAL INFORMATION
|
Bankers : |
Karnataka Bank Limited, Noida |
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Facilities : |
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Banking
Relations : |
-- |
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Financial Institution : |
Volkswagen India Private Limited, E-1, MIDC Industrial Area, Phase
III, Village Nigoje Mhalunge, Kharabwadi, Chakan Taluka Khed, Pune-410501,
Maharashtra, India |
|
|
|
|
Auditors : |
|
|
Name : |
Hingorani M and Company Chartered Accountant |
|
Address : |
35, Netaji Subhash Marg, Darya Ganj, New Delhi-110002, Delhi, India |
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|
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Holding Company : |
Hankook Pelzer Limited |
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Group Company : |
HP Chemie GmbH, Germany HP Pelzer Automotive Interior Systems (Taicang) Company Limited, China HP Pelzer Holding GmbH, Germany HP Pelzer K S Czech Republic Hankook Pelzer Limited, S. Korea Taicang HP Pelzer Trading Company Limited, China EFA GmbH, Germany RAT Spezialmaschinen GmbH, Germany |
CAPITAL STRUCTURE
AS ON 31.12.2010
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 |
|
|
|
|
|
|
7676361 |
Equity Shares |
Rs.10/- each |
Rs. 76.764
Millions |
|
|
|
|
|
AS ON 31.05.2011
Authorised Capital : Rs. 160.000
millions
Issued, Subscribed & Paid-up Capital : Rs. 76.764 millions
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
|
31.12.2010 |
31.12.2009 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
|
76.764 |
25.544 |
|
|
2] Share Application Money |
|
0.000 |
9.971 |
|
|
3] Reserves & Surplus |
|
0.000 |
0.000 |
|
|
4] (Accumulated Losses) |
|
(75.848) |
0.000 |
|
|
NETWORTH |
|
0.916 |
35.515 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
|
16.594 |
0.000 |
|
|
2] Unsecured Loans |
|
0.000 |
0.000 |
|
|
TOTAL BORROWING |
|
16.594 |
0.000 |
|
|
DEFERRED TAX LIABILITIES |
|
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
|
17.510 |
35.515 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
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|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
|
147.139 |
1.183 |
|
|
Capital work-in-progress |
|
0.000 |
86.929 |
|
|
|
|
|
|
|
|
INVESTMENT |
|
0.000 |
0.000 |
|
|
DEFERREX TAX ASSETS |
|
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
|
53.821 |
1.195 |
|
|
Sundry Debtors |
|
9.750 |
0.745 |
|
|
Cash & Bank Balances |
|
1.884 |
7.071 |
|
|
Other Current Assets |
|
0.079 |
0.000 |
|
|
Loans & Advances |
|
35.815 |
12.794 |
|
Total
Current Assets |
|
101.349 |
21.805 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
|
219.031 |
39.203 |
|
|
Other Current Liabilities |
|
11.947 |
37.049 |
|
|
Provisions |
|
0.000 |
0.000 |
|
Total
Current Liabilities |
|
230.978 |
76.252 |
|
|
Net Current Assets |
|
(129.629) |
(54.447) |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
|
0.000 |
1.850 |
|
|
|
|
|
|
|
|
TOTAL |
|
17.510 |
35.515 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
|
31.12.2010 |
31.12.2009 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
|
164.580 |
|
|
|
|
Other Income |
|
9.535 |
|
|
|
|
TOTAL (A) |
|
174.115 |
|
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Office Expenses |
|
|
|
|
|
|
Administrative Expenses |
|
|
|
|
|
|
Financial |
|
249.964 |
|
|
|
|
Depreciation |
|
|
Nil |
|
|
|
Advertising Expenses |
|
|
|
|
|
|
TOTAL |
|
249.964 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX |
|
(75.849) |
|
|
|
|
|
|
|
|
|
|
Less |
TAX |
|
0.000 |
|
|
|
|
|
|
|
|
|
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|
PROFIT AFTER TAX
|
|
(75.849) |
|
|
|
|
|
|
|
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IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
|
83.999 |
1.956 |
|
|
|
Stores & Spares |
|
1.321 |
0.000 |
|
|
|
Capital Goods |
|
72.863 |
16.301 |
|
|
|
Others |
|
69.447 |
3.710 |
|
|
TOTAL IMPORTS |
|
227.630 |
21.967 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
|
(12.70) |
-- |
|
KEY RATIOS
|
PARTICULARS |
|
|
31.12.2010 |
31.12.2009 |
|
PAT / Total Income |
(%) |
|
(43.56) |
NA |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
|
(46.09) |
NA |
|
|
|
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|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
|
(30.52) |
NA |
|
|
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|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
|
(82.80) |
NA |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
|
270.27 |
2.15 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
|
0.44 |
0.29 |
LOCAL AGENCY FURTHER INFORMATION
FINANCIAL RESULTS
During the year 2010
the Company successfully completed the project implementation phase and
declared the new plant as commercially operational from 1st April 2010.
During the nine
months of commercial operations the Company recorded turnover of Rs. 164.580
millions (previous year nil) and incurred a net loss of Rs. 75.849 millions
(previous year nil). The weighted average Earning Per Share was negative Rs.
12.70 The primary reason for incurring the loss was higher cost of raw material
due to delay in localization of raw material. The Company is facing difficulty
in obtaining the raw material of requisite quality specifications as required
by its customers. The Company along with the active involvement of its parent
in Germany is developing and supporting local vendors to manufacture the
material in line with the stringent qualitative parameters. However, such
development is taking its own time and hence the Company has to bear the losses
in its initial stage of operations.
Further, during
the year 2010 the raw material prices witnessed steep surge backed by rise in
petroleum prices. While it was inevitable to give such price rise to the
suppliers, the Company is in process of obtaining commensurate price rise from
its Customers. The Company capitalized assets worth Rs. 0.151 millions during
the year including Rs. 28.908 millions Incidental Expenditure Incurred During
Construction Period (IEDC).
FORM 8
|
Corporate
identity number of the company |
U50300PN2009FTC134015 |
|
Name of the
company |
HP PELZER MAYUR AUTOMOTIVE PRIVATE LIMITED |
|
Address of the
registered office or of the principal place of business in |
Gat No. 298/ 301, Kharabwadi, Near Agility Logistics, Chakan, Pune –
410 501, E-Mail: vikramnegandhi@gmail.com |
|
This form is for |
Modification of
charge |
|
Charge
identification number of the modified |
10189136 |
|
Type of charge |
Movable Property |
|
Particular of
charge holder |
Volkswagen India
Private Limited E–1, MIDC
Industrial Area Phase III, Village Nigoje Mhalunge Kharabwadi Chakan Tal
Khed, Pune – 410 501, |
|
Nature of
description of the instrument creating or modifying the charge |
Deed of charge on
tools dated 07.09.2010 between Volkswagen India Private Limited and H.P. Pelzer
Mayur Automotive Private Limited. |
|
Date of instrument
Creating the charge |
07/09/2010 |
|
Amount secured by
the charge |
Rs.27.256
millions |
|
Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest: 12% per annum on advance
amount to be paid to Volkswagen India Private Limited Terms of
Repayment: To be adjusted
against sales invoice to be made to Volkswagen India Private Limited, if job
is not completed interest on advance to be paid by H.P. Pelzer
Mayur Automotive Private Limited @ 24% per annum plus liquidated damages to
the tune as deem fit and mutually agreed between the parties. Margin: Not Applicable Extent and
Operation of the charge: The Volkswagen
India Private Limited has a first and 100% charge on the materials, tools,
jigs, purchased by HP Pelzer Mayur Automotive Private Limited for
manufacturing/ development of tools ordered by Volkswagen India Private
Limited. |
|
Short particulars
of the property charged |
Material, tools,
jigs, WIP and finished tools etc. purchased by H.P. Pelzer Mayur Automotive Private
Limited for manufacturing / development of tools / ordered by Volkswagen India Private Limited. |
|
Date of latest
modification prior to the present modification |
17/08/2010 |
|
Particulars of the
present modification |
Amount of the
advance is increased from Rs.19.651 millions to Rs.27.256 millions. it means
charge amount is increased by Rs.7.605 millions. |
FIXED ASSETS
-
Plant and Machinery
-
Electrical and Fittings
-
Furniture and Fixtures
-
Office Equipments
-
Material Handling
Equipment
-
Computers
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 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. 44.28 |
|
|
1 |
Rs. 72.36 |
|
Euro |
1 |
Rs. 64.16 |
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 |
2 |
|
--PROFITABILIRY |
1~10 |
-- |
|
--LIQUIDITY |
1~10 |
3 |
|
--LEVERAGE |
1~10 |
2 |
|
--RESERVES |
1~10 |
-- |
|
--CREDIT LINES |
1~10 |
2 |
|
--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 |
NO |
|
--AFFILIATION |
YES/NO |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
18 |
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.