%20PRIVATE%20LIMITED%20-%20144403%2006-Jun-2011_files/image002.jpg){kind=small}
MIRA
INFORM REPORT
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Report Date : |
06.06.2011 |
NOTE : The correct name of the company is SKF TECHNOLOGIES (INDIA) PRIVATE LIMITED.
IDENTIFICATION DETAILS
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Name : |
SKF TECHNOLOGIES (INDIA) PRIVATE LIMITED (w.e.f. 19.06.2007) |
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Formerly Known as : |
SKF SEATING SOLUTIONS INDIA PRIVATE LIMITED |
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Registered Office : |
13/5, Singasandra Village, 13th KM, Hosur Road, Bangalore - 560068,
Karnataka |
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Country : |
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Financials (as on) : |
31.12.2009 |
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Date of Incorporation : |
07.07.1997 |
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Com. Reg. No.: |
08-027954 |
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Capital
Investment / Paid-up Capital : |
Rs. 800.000 Millions |
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CIN No.: [Company
Identification No.] |
U29195KA1997PTC027954 |
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TAN No.: [Tax Deduction &
Collection Account No.] |
BLRC01373B |
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PAN No.: [Permanent
Account No.] |
444CC4393D |
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Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Manufacturer of Automobile Parts |
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No. of Employees
: |
Not Divulged by the management. |
RATING & COMMENTS
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MIRA’s Rating : |
Ba (45) |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Maximum Credit Limit : |
USD 2920000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Usually Correct |
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Litigation : |
Clear |
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Comments : |
Subject is an established company having satisfactory track. There
appears some losses being incurred by the company in the current year i.e.
2009. However, trade relations are reported as fair. Business is active.
Payments are reported to be usually 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.
INFORMATION DECLINED BY
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Name : |
Mr. Pragati |
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Designation : |
Operator |
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Name : |
Mr. Srinivas |
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Designation : |
General Manager |
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Date : |
03.06.2011 |
LOCATIONS
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Registered
Office : |
13/5, Singasandra Village, 13th KM, Hosur Road, Bangalore - 560 068,
Karnataka, India |
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Tel. No.: |
91-80-40359400 / 25730207 |
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Fax No.: |
91-80-40359408 / 25730208 |
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E-Mail : |
skf@skf.com |
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Website : |
www.skf.com |
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Area : |
3000 sq.ft |
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Location : |
Leased |
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Head Office : |
Mumbai Mahatma Gandhi Memorial Building, Netaji Subhash Road, Charni Road,
Mumbai-400002, Maharashtra, India |
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Tel. No.: |
91-22-66337777 |
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Fax No.: |
91-22-22819074 |
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Head Office |
Mumbai Film Centre Building, Unit No. 33, 3rd Floor, 68, Tardeo Road, Close
to Crossroads Mall, Near HAji Ali, Mumbai-400034, Maharashtra, India |
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Tel. No.: |
91-22-66337712 |
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Fax No.: |
91-22-67216913 |
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Corporate Office
: |
SKF |
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Tel. No.: |
91 22-66337777 |
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Fax No.: |
91 22-22819074 / 22042738 |
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E-Mail : |
mailto:vithalnayak@skf.com |
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Website : |
http://www.skf.com |
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Factory : |
Taluka Bavla, District Ahmedabad-382220, |
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Regional /
Branches : |
Ahmedabad 306,307,Samman II Above Tel – 91-79-40060872 Plot 2,Bommasandra Industrial Area, Tel: 91-80-40329000 Fax: 91-80-40329107 13/5,Singasandra, Tel No: 914-80-40359400 Chennai Old No.28/3,New No.54/3, Tel No: 91-44-30280111 Fax No: 91-44-28524452 4 E Tel No: 91-422-22210867 Fax No: 91-422-2214418 Gurgaon 601/602, Tel: 91-124-4107922 Fax No: 91-124-4015400 Haridwar Plot No2,Industrial Park 2,Village Salempur Mehdood,SIDCUL Bahadrabad
By-pass Road,Haridwar Uttaranchal Tel No: 91-657-6574460 Kolkata Tel No: 91-33-30280619 Pune Chichwad,Pune – 411033 Tel No 91-20-66112500 Fax No: 91-20-27473822 |
DIRECTORS
As on : 30.06.2010
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Name : |
Mr. Ajit Krishnan |
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Designation : |
Director |
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Address : |
341, Embassy Meadows, ST Bed Kormangala, Bangalore-560034, |
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Date of
Birth/Age : |
12.11.1958 |
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Date of
Appointment : |
15.06.2007 |
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Din No.: |
01630599 |
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Name : |
Mr. Vilas Bondse |
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Designation : |
Director |
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Address : |
257, Walkeshwar Roads, |
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Date of
Birth/Age : |
15.11.1951 |
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Date of
Appointment : |
09.08.2007 |
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PAN No.: |
AIFPJ1801M |
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Name : |
Mr. Chandramowlis Srinivasan |
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Designation : |
Director |
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Address : |
Flat No. 10, Building No. D1, |
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Date of
Birth/Age : |
01.12.1962 |
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Date of
Appointment : |
10.03.2009 |
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Din No.: |
02591964 |
KEY EXECUTIVES
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Name : |
Ms. Neetu Jain |
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Designation : |
Company Secreatary and Complice Officer |
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Address : |
G1, Priyanka Niwas, Veer Bhadrangar Basavangar, Bangalore-560037, |
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Date of Birth/Age
: |
19.06.1978 |
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Date of
Appointment : |
15.06.2007 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on : 30.06.2010
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Names of Shareholders |
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No. of Shares |
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Aktie Bolaget SKF, Sweden |
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626000101 |
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SKF Forvalting AB, Sweden |
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173499899 |
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Equity Share Break up (Percentage of totals equity):
As on : 30.06.2010
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Category |
Percentage |
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Foreign holdings (foreign institutional
investor(s), Foreign companie(s), foreign financial institution(s), non-resident
Indian(s) or Overseas corporate or Others |
100.00 |
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BUSINESS DETAILS
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Line of Business
: |
Manufacturer of Automobile Parts |
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Products : |
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PRODUCTION STATUS (AS ON 31.12.2009)
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Particulars |
Unit |
Licensed Capacity |
Installed Capacity |
Actual Production |
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Oil Seeds |
Nos |
-- |
-- |
48597308 |
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Bearings |
Nos |
-- |
-- |
1887 |
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GENERAL INFORMATION
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No. of Employees : |
Not divulged by the management |
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Bankers : |
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Facilities : |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
BSR and Associates Chartered Accountants |
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Address : |
Maruti InfoTech Centre, 11-12/1, 560071, |
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Tel. No.: |
91-80-39806000 |
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Fax No.: |
91-80-39806999 |
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Holding Company: |
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Parties Under Common Controls : |
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CAPITAL STRUCTURE
As On 31.12.2009
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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1500000000 |
Equity Shares |
Rs. 1/- each |
Rs. 1500.000
Millions |
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Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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800000000 |
Equity Shares 800000000 equity shares of Rs. 1 each are held
by SKF Forvaltning A B Sweden. The remaining 101 (Previous year 101) equity
shares are held by Akite Bolaget SKF, |
Rs. 1/- each |
Rs. 800.000
Millions |
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FINANCIAL DATA
[all figures are in
Rupees Millions]
ABRIDGED BALANCE
SHEET
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SOURCES OF FUNDS |
31.12.2009 |
31.12.2008 |
31.12.2007 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
800.000 |
680.965 |
361.450 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
739.344 |
721.585 |
422.671 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
1539.344 |
1402.550 |
784.121 |
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LOAN FUNDS |
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1] Secured Loans |
693.209 |
0.000 |
0.000 |
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2] Unsecured Loans |
0.000 |
0.000 |
0.000 |
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TOTAL BORROWING |
693.209 |
0.000 |
0.000 |
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DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
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TOTAL |
2232.553 |
1402.550 |
784.121 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
1450.211 |
306.272 |
310.154 |
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Capital work-in-progress |
818.684 |
1073.167 |
10.015 |
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INVESTMENT |
0.000 |
0.000 |
0.000 |
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DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
291.485 |
94.767 |
58.852 |
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Sundry Debtors |
107.053 |
87.517 |
146.701 |
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Cash & Bank Balances |
60.647 |
388.556 |
400.981 |
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Other Current Assets |
0.000 |
0.000 |
0.000 |
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Loans & Advances |
245.964 |
133.255 |
34.096 |
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Total Current Assets |
705.149 |
704.095 |
640.630 |
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Less : CURRENT LIABILITIES &
PROVISIONS |
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Current Liabilities |
16.561 |
8.809 |
30.854 |
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Sundry Creditors |
703.722 |
650.697 |
133.206 |
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Provisions |
21.208 |
21.478 |
12.618 |
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Total Current Liabilities |
741.491 |
680.984 |
176.678 |
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Net Current Assets |
(36.342) |
23.111 |
463.952 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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TOTAL |
2232.553 |
1402.550 |
784.121 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
31.12.2009 |
31.12.2008 |
31.12.2007 |
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SALES |
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Income |
709.806 |
727.799 |
763.300 |
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Other Income |
19.021 |
12.047 |
0.000 |
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TOTAL |
728.827 |
739.846 |
763.300 |
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Less |
EXPENSES |
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Financial Income |
(6.223) |
(27.612) |
0.000 |
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Expenditure |
751.319 |
696.243 |
630.600 |
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|
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TOTAL |
745.096 |
668.631 |
630.600 |
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Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION |
(16.269)
|
71.215 |
132.700 |
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Less |
FINANCIAL
EXPENSES |
17.286 |
1.297 |
0.400 |
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PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION |
(33.555) |
69.918 |
132.300 |
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Less |
DEPRECIATION/
AMORTISATION |
51.082 |
45.290 |
38.400 |
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PROFIT BEFORE
TAX |
(84.637) |
24.628 |
93.900 |
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Less |
TAX |
4.134 |
1.902 |
1.200 |
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PROFIT AFTER TAX |
(88.771) |
22.726 |
92.700 |
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Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
282.932 |
260.206 |
167.463 |
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BALANCE CARRIED
TO THE B/S |
194.162 |
282.932 |
260.206 |
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EARNINGS IN
FOREIGN CURRENCY |
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Export Earnings |
103.297 |
143.131 |
113.084 |
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TOTAL EARNINGS |
103.297 |
143.131 |
113.084 |
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IMPORTS |
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|
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Raw Materials |
103.648 |
97.135 |
63.583 |
|
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Capital Goods |
360.083 |
18.418 |
10.481 |
|
|
|
Traded Goods |
148.377 |
129.345 |
133.553 |
|
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TOTAL IMPORTS |
612.108 |
244.898 |
207.617 |
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Earnings Per
Share (Rs.) |
(0.11) |
0.04 |
0.45 |
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KEY RATIOS
|
PARTICULARS |
|
31.12.2009 |
31.12.2008 |
31.12.2007 |
|
PAT / Total
Income |
|
(12.17) |
3.07 |
12.14 |
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Net Profit
Margin (PBT/Sales) |
|
(11.92) |
3.38 |
12.30 |
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Return on Total
Assets (PBT/Total
Assets} |
|
(3.92) |
2.44 |
9.88 |
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Return on
Investment (ROI) (PBT/Networth) |
|
0.05 |
0.02 |
0.12 |
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|
Debt Equity
Ratio (Total
Liability/Networth) |
|
0.93 |
0.49 |
0.23 |
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Current Ratio (Current
Asset/Current Liability) |
|
0.95 |
1.03 |
3.63 |
LOCAL AGENCY FURTHER INFORMATION
SUNDRY CREDITORS
DETAILS :
(Rs.
In Millions )
|
Particulars |
31.03.2009 |
31.03.2008 |
31.03.2007 |
|
|
|
|
|
|
Total outstanding dues of micro and small enterprises |
2.603 |
0.678 |
8.848 |
|
Total outstanding dues of creditors other than micro and small
enterprises |
518.713 |
170.373 |
124.358 |
|
Capital Creditors |
182.406 |
479.646 |
0.000 |
|
|
|
|
|
|
Total |
703.722 |
650.697 |
133.206 |
FIXED ASSETS
- Land
- Leasehold Improvement
- Plant and Machinery
- Office Equipment
- Furniture and Fixture
- Vehicles
PERFORMANCE
The Company has achieved a total sales of
Rs. 709.806 millions (previous year Rs. 727.799 millions) out of which Rs.
491.884 millions in manufactured sales (previous year Rs. 515.798 millions) the
company has achieved an export turnover of Rs. 87.579 millions (previous year
Rs. 143.131 millions) thereby a drop of 38.8% compared to previous year. On the
trading sales, the company has achieved a turnover of Rs. 217.922 millions
(previous year Rs. 212.001 millions) thereby an increase of 3% compared to
previous year sales.
During the year the company has suffered
the loss on account of low sales volume and increase in cost relating to
Ahmadabad plant which was not fully operational as at 31st December
2009. The sales of the seals unit at Bangalore also dropped as compared to the
previous year due to slowdown which was felt till second quarter of the year
2009 and the workmen unrest throughout the year due to wage negotiation.
Further there is an increase in IT cost due to MAPICS (ERP package )
implementation.
BACKGROUND
Subject was incorporated on 7 July 1997
as CR Seals India Private Limited The company’s name was changed to SKF Sealing
Solutions India Private Limited on 14 February 2006 and Subsequently to subject
on 19 June 2007.The company is Engaged in manufacturing trading of oil seal
products. The registered office of the company is at Bangalore, Karnataka.
FORM 8
|
Corporate identity number of the company |
U29195KA1997PTC027954 |
|
Name of the company |
SKF Technologies (India) Private Limited |
|
Address of the registered office or of the
principal place of business in |
13/5, Singasandra Village, Hosur Road,
Bangalore – 560068, Karnataka, INDIA |
|
This form is for |
Modification of charge |
|
Type of charge |
Immovable property Movable property (not being pledge) |
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Particular of charge holder |
SKF India Limited, M G M Building Netaji Subhash Road, Mumbai
– 400002, Maharashtra, India |
|
Nature of instrument creating charge |
Supplemental Loan Agreement - Creation of
First Charge By Way of Hypothecation on All The Fixed Assets For A Loan
Amount of Rs. 2400.000 millions. |
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Date of instrument Creating the charge |
12/11/2010 |
|
Amount secured by the charge |
Rs. 2400.0000 millions |
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Brief of the principal terms an conditions
and extent and operation of the charge |
Rate
of interest Clause 5 of Supplemental Agreement:
Average of interest % the bank will pay SKF India for deposits and the rate
bank will charge for lending the same amount. Terms
of repayment Clause 3 of Supplemental Agreement: The
repayment of the principal loan amount will be in one or more installments
starting from 2013 to 2017 as follows: 2013 – 200.000 millions 2014 – 400.000 millions 2015 – 600.000 millions 2016 – 800.000 millions 2017 – 400.000 millions Margin In case during the course of this
agreement the lender borrows funds for its own investment purpose, then the
excess of interest rate if any paid by the lender to its banker over and
above the rate which is being charged under this agreement from the borrower
will be borne by the borrower. Extent
and operation of the charge Clause 4 of Supplemental Agreement: The
said loan together with interest, cost, expenses, etc. would have first
charge by way of hypothecation of all the fixed assets of the borrower Other
Clause 5 of Supplemental Agreement: The rate of interest shall in no case be
lesser than the prevailing bank rate, being the standard rate made public
under section 49 of the Reserve Bank of India Act, 1934 from time to time.
The interest shall be payable at quarterly rest on 31st March, 30th June,
30th September and 31st December every year on the outstanding loan amount. |
|
Short particulars of the property charged (Including
location of the property) |
The said loan together with interest,
cost, expenses, etc. would have first charge by way of hypothecation of all
the fixed assets of the borrower |
|
Date of instrument modifying the charge |
05/05/2010 |
|
Particulars of the present modification |
To modify the supplemental loan agreement
dated 05.05.2010 for the purpose of extending the loan assistance by 650.000
millions i.e. from 1750.000 millions to 2400.000 millions vide a supplemental
agreement dated 12th November 2010. |
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. 44.85 |
|
|
1 |
Rs. 73.29 |
|
Euro |
1 |
Rs. 64.89 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
5 |
|
--PROFITABILIRY |
1~10 |
4 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
5 |
|
--CREDIT LINES |
1~10 |
5 |
|
--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 |
|
45 |
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.