MIRA
INFORM REPORT
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Report Date : |
20.06.2011 |
IDENTIFICATION DETAILS
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Name : |
INERGY AUTOMOTIVE SYSTEMS INDIA PRIVATE LIMITED |
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Registered
Office : |
Plot No.S-16, 17 and 18, SIPCOT Industrial Complex, Phase–III, Mukundarayapyram
Village and Post Ranipet, Walaj Pet, Taluk Vellore – 632 405, Tamilnadu |
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Country : |
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Financials (as
on) : |
31.12.2009 |
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Date of
Incorporation : |
24.04.2007 |
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Com. Reg. No.: |
08-072066 |
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Capital
Investment / Paid-up Capital : |
Rs.132.100 millions |
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CIN No.: [Company Identification
No.] |
U25209TN2007PTC072066 |
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TAN No.: [Tax Deduction &
Collection Account No.] |
CHEI06215G |
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PAN No.: [Permanent Account No.] |
AABCI6747A |
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Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Manufacturer of Plastic Fuel Systems and Gas Storage and Distribution
Systems Aimed at Delivering Energy to the Engine or De-Polluting Engine Exhaust
Gases. |
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No. of Employees
: |
Not Available |
RATING & COMMENTS
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MIRA’s Rating : |
B (27) |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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Maximum Credit Limit : |
USD 466000 |
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Status : |
Yet to commence business |
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Payment Behaviour : |
Usually Correct |
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Litigation : |
Clear |
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Comments : |
Subject is a subsidiary of Inergy Automotive System S.A., France. As per last available financials the company has not started its
commercial business activities. Payments are usually correct and as per
commitments. 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) |
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A1 |
A1 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
LOCATIONS
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Registered Office : |
Plot No.S-16, 17 and 18, SIPCOT Industrial Complex, Phase–III, Mukundarayapyram
Village and Post Ranipet, Walaj Pet, Taluk Vellore – 632 405, Tamilnadu,
India |
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Tel. No.: |
91-4172-241024 |
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Fax No.: |
91-4172-241044 |
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E-Mail : |
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Website : |
DIRECTORS
As on 28.06.2010
|
Name : |
Mr. Pierre Raymond Emile LECOCQ |
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Designation : |
Managing Director |
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Address : |
2, Square Mignot, |
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Date of Birth/Age : |
23.08.1949 |
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Date of Appointment : |
17.07.2007 |
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DIN No.: |
01483128 |
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Name : |
Mr. Odile Claude Descamps |
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Designation : |
Director |
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Address : |
5th Floor, 52 RUE Liancourt, |
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Date of Birth/Age : |
06.04.1959 |
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Date of Appointment : |
30.06.2009 |
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DIN No.: |
02584707 |
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Name : |
Mr. Prakash Dunmanbhai Trivedi |
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Designation : |
Director |
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Address : |
587, “Parag”, |
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Date of Birth/Age : |
11.07.1946 |
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Date of Appointment : |
30.06.2009 |
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DIN No.: |
00231288 |
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Name : |
Jaya Prakash Babu Kodimi |
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Designation : |
Additional Director |
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Address : |
Door No.20-2-496-5B, Maruhti Nagar, Korlagunta Tirupati, Chittoor
District – 517 501, |
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Date of Birth/Age : |
01.08.1973 |
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Date of Appointment : |
07.10.2010 |
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DIN No.: |
03420123 |
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Name : |
Bijesh Jamnadas Thakker |
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Designation : |
Director |
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Address : |
183-B, Heera Panna, Haji Ali, Mumbai – 400 026, |
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Date of Birth/Age : |
12.11.1962 |
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DIN No.: |
00009747 |
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Other Directorship : |
CIN of company: U31909KA1995PTC019505 Name of the company: CISCO Systems ( Designation: Director CIN of company: U67190MH2005PTC151450 Name of the company: Credit Suisse Consulting ( Designation: Director CIN of company: U45200MH1996PTC099134 Name of the company: Skidmore Owings and Merrill India Private Limited Designation: Director CIN of company: U55100MH1998PTC114005 Name of the company: Radisson Hospitality India Private Limited Designation: Director CIN of company: U33200MH1997PTC109046 Name of the company: Carl Zeiss Optical India Private Limited Designation: Director |
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Name : |
Sangita Bijesh Thakker |
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Designation : |
Director |
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Address : |
183-B, Heera Panna, Haji Ali, Mumbai – 400 026, |
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Date of Birth/Age : |
13.06.1963 |
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DIN No.: |
00009703 |
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Other Directorship : |
CIN of company: U45200MH1996PTC099134 Name of the company: Skidmore Owings and Merrill India Private Limited Designation: Director CIN of company: U55100MH1998PTC114005 Name of the company: Radisson Hospitality India Private Limited Designation: Director CIN of company: U33200MH1997PTC109046 Name of the company: Carl Zeiss Optical India Private Limited Designation: Director |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 28.06.2010
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Names of Shareholders |
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No. of Shares |
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Inergy Automotive Systems S.A., France |
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17300000 |
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Inergy Automotive Systems Spain S.A., |
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10000 |
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Total |
|
17310000 |
As on 28.06.2010
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Equity Share Breakup |
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Percentage of Holding |
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Category |
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Foreign holdings [Foreign institutional investors, Foreign Companies, Foreign Financial Institutions, Non-resident Indian or Overseas corporate bodies or others] |
|
100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer if Plastic Fuel Systems and Gas Storage and Distribution
Systems Aimed at Delivering Energy to the Engine or De-Polluting Engine
Exhaust Gases. |
GENERAL INFORMATION
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Bankers : |
Not Available |
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Facilities : |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
Kalyaniwalla and Mistry Chartered Accountants |
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Address : |
No.102, 2nd Floor, |
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Tel. No.: |
91-80-25549666/ 25514977/ 41133305 |
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Fax No.: |
91-80-25549666/ 25514977/ 41133305 |
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Holding Company : |
Inergy Automotive Systems S.A., France |
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Fellow Subsidiaries : |
v
Inergy Automotive Systems ( v
Inergy Automotive Systems, v
Inergy Automotive Systems, |
CAPITAL STRUCTURE
As on 28.06.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
20650000 |
Equity Shares |
Rs.10/- each |
Rs.206.500 Millions |
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Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
17310000 |
Equity Shares |
Rs.10/- each |
Rs.173.100 Millions |
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As on 31.12.2009
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
13210000 |
Equity Shares |
Rs.10/- each |
Rs.132.100 millions |
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Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
13210000 |
Equity Shares |
Rs.10/- each |
Rs.132.100 millions |
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NOTE:
Of the above shares, 13210000 Equity Shares of
Rs.10/- each are held by Inergy Automotive Systems S.A., the Holding Company.
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.12.2009 |
31.12.2008 |
31.12.2007 |
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|
SHAREHOLDERS FUNDS |
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|
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1] Share Capital |
132.100 |
84.500 |
0.500 |
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2] Share Application Money |
0.000 |
0.000 |
0.100 |
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3] Reserves & Surplus |
0.000 |
0.000 |
0.000 |
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4] (Accumulated Losses) |
(15.515) |
(7.356) |
(0.041) |
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NETWORTH |
116.585 |
77.144 |
0.559 |
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LOAN FUNDS |
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|
1] Secured Loans |
0.000 |
0.000 |
0.000 |
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2] Unsecured Loans |
134.060 |
0.000 |
0.000 |
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TOTAL BORROWING |
134.060 |
0.000 |
0.000 |
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DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
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|
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TOTAL |
250.645 |
77.144 |
0.559 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
16.358 |
15.136 |
0.000 |
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Capital work-in-progress |
266.079 |
7.804 |
0.000 |
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INVESTMENT |
0.000 |
0.000 |
0.000 |
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DEFERRED TAX ASSETS |
0.000 |
0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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|
|
|
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Inventories |
2.474
|
0.000 |
0.000 |
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Sundry Debtors |
0.000
|
0.000 |
0.000 |
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Cash & Bank Balances |
26.531
|
43.896 |
0.600 |
|
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Other Current Assets |
0.000
|
0.000 |
0.000 |
|
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Loans & Advances |
16.585
|
15.273 |
0.000 |
|
Total
Current Assets |
45.590
|
59.169 |
0.600 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
58.064
|
1.153 |
0.041 |
|
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Other Current Liabilities |
19.318
|
3.812 |
0.000 |
|
|
Provisions |
0.000
|
0.000 |
0.000 |
|
Total
Current Liabilities |
77.382
|
4.965 |
0.041 |
|
|
Net Current Assets |
(31.792)
|
54.204 |
0.559 |
|
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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TOTAL |
250.645 |
77.144 |
0.559 |
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PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.12.2009 |
31.12.2008 |
31.12.2007 |
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SALES |
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Income |
0.000 |
0.000 |
0.000 |
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Other Income |
4.262 |
1.373 |
0.000 |
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TOTAL (A) |
4.262 |
1.373 |
0.000 |
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Less |
EXPENSES |
|
|
|
|
|
|
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Expenditure on Employees |
3.106 |
0.000 |
0.000 |
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|
Administration and Other Expenses |
7.286 |
8.687 |
0.041 |
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|
|
TOTAL (B) |
10.392 |
8.687 |
0.041 |
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|
|
|
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Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
(6.130) |
(7.314) |
(0.041) |
|
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|
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|
|
|
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|
Less |
INTEREST (D) |
1.911 |
0.000 |
0.000 |
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|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
(8.041) |
(7.314) |
(0.041) |
|
|
|
|
|
|
|
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Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
0.118 |
0.001 |
0.000 |
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|
PROFIT BEFORE
TAX (E-F) (G) |
(8.159) |
(7.315) |
(0.041) |
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|
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|
|
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|
Less |
TAX (H) |
0.000 |
0.000 |
0.000 |
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|
PROFIT AFTER TAX
(G-H) (I) |
(8.159) |
(7.315) |
(0.041) |
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|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
(7.356) |
(0.041) |
0.000 |
|
|
|
|
|
|
|
|
|
|
BALANCE CARRIED
TO THE B/S |
(15.515) |
(7.356) |
(0.041) |
|
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|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
(0.62) |
(0.87) |
(0.97) |
|
KEY RATIOS
|
PARTICULARS |
|
31.12.2009 |
31.12.2008 |
31.12.2007 |
|
PAT / Total Income |
(%) |
(191.44)
|
(532.77) |
0.00 |
|
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|
Net Profit Margin (PBT/Sales) |
(%) |
0.00
|
0.00 |
0.00 |
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|
Return on Total Assets (PBT/Total Assets} |
(%) |
(13.17)
|
(9.84) |
(6.83) |
|
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|
|
Return on Investment (ROI) (PBT/Networth) |
|
(0.07)
|
(0.09) |
(0.07) |
|
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|
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|
Debt Equity Ratio (Total Liability/Networth) |
|
1.81
|
0.06 |
0.07 |
|
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|
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|
|
|
Current Ratio (Current Asset/Current Liability) |
|
0.59
|
11.92 |
14.63 |
LOCAL AGENCY FURTHER INFORMATION
NOTE:
The Registered Office of the company has been
shifted from Unit 706, A Wing, Carlton Tower No.1, Airport Road, Bangalore – 560 008, Karnataka, India, to
the preset address w.e.f. 18.06.2009.
BACKGROUND:
The Company was incorporated on April 24, 2007
as Inergy Automotive Systems India Private Limited. The Company is in a process
of setting up a plant at Ranipet, Tamilnadu for the manufacture of plastic fuel
systems and gas storage and distribution systems aimed at delivering energy to
the engine or de-polluting engine exhaust gases.
OPERATIONS:
The company has commenced its business
activities, however due to fix overhead cost and administrative expenditure,
has incurred a loss of Rs.8.159 millions.
FIXED ASSETS:
·
·
Buildings
·
Computers
·
Furniture and Fixtures
·
Office Equipments
·
Vehicles
WEBSITE DETAILS:
KEY MILESTONES
2010: PLASTIC OMNIUM takes full ownership of INERGY after acquiring
Solvay's 50% stake
2010: First manufacturing location in
Second plant opening in
2008: Production site opening in
2008: Launch of DINOx technology, first SCR
application on light passenger vehicle.
Launch of TSBM technology, a revolutionary process for the production of low
emission fuel systems
2007: First manufacturing location in
2006: Concept car development promoting a fully
integrated diesel emission reduction system
2004: First plastic fuel tank meeting stringent PZEV
emission requirement using proprietary INFilm® and INPinch® designs
2003: Set up of new operation in
2002: Pierre Lecocq joins INERGY as CEO
2001: New manufacturing operation in
2000: Solvay Automotive and Plastic Omnium, two key
players in the Fuel System business decide to join forces. Inergy Automotive
Systems is created. The 50/50 Joint Venture becomes the uncontested
worldwide leader in the field of automotive plastic fuel systems. INERGY starts
with manufacturing operations in 14 countries.
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.44.93 |
|
|
1 |
Rs.72.43 |
|
Euro |
1 |
Rs.63.62 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
4 |
|
OPERATING SCALE |
1~10 |
- |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
4 |
|
--PROFITABILIRY |
1~10 |
- |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
- |
|
--CREDIT LINES |
1~10 |
4 |
|
--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 |
|
27 |
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.