MIRA
INFORM REPORT
|
Report Date : |
24.06.2011 |
IDENTIFICATION DETAILS
|
Name : |
NEOLITE ZKW LIGHTINGS PRIVATE LIMITED |
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Registered
Office : |
B-24, Mayapuri Industrial Area, Phase – 1, |
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Country : |
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Financials (as
on) : |
31.03.2010 |
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Date of
Incorporation : |
20.10.1992 |
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Com. Reg. No.: |
55-50702 |
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Capital Investment
/ Paid-up Capital : |
Rs.127.475
Millions |
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CIN No.: [Company Identification
No.] |
U74899DL1992PTC050702 |
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IEC No.: |
4102000534 |
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TIN No.: |
07220336165 |
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PAN No.: [Permanent Account No.] |
AABCN4157F |
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Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Manufacturer, Exporter, Importer and Trader of Head Lights, Fog Lamps,
Work Lamps, Auxiliary Lamps, Side Indicators, Roof Lamps, Front Grills. |
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No. of Employees
: |
1200 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (47) |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Maximum Credit Limit : |
USD 1887000 |
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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 a well established company having satisfactory track. 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.
ECGC Country Risk Classification List – June 30, 2010
|
Country Name |
Previous Rating (01.04.2010) |
Current Rating (30.06.2010) |
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|
A1 |
A1 |
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Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
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 |
INFORMATION PARTED BY
|
Name : |
Mr. Arun Kumar Jain |
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Designation : |
Secretary |
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Contact No.: |
91-9350098210 |
|
Date : |
22.06.2011 |
LOCATIONS
|
Registered Office : |
B-24, Mayapuri Industrial Area, Phase – 1, |
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Tel. No.: |
91-11-45636363 |
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Mobile No.: |
91-9350098210 |
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Fax No.: |
91-11-28116025 |
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E-Mail : |
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Website : |
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Location : |
Owned |
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|
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Factory 1 : |
Village Jakhodea, Opposite HSIDC Industrial Estate |
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Tel. No.: |
91-1267-241818 |
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Location : |
Owned |
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|
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|
Factory 2 : |
Plot No. 36, Sector 4 – B, HSIIDC Industrial Estate, Jhajjar,
Bahadurgarh – 124507, |
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Location : |
Owned |
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Factory 3 : |
396, Udyog Vihar, Phase – 3, Gurgaon, |
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Tel. No.: |
91-124-4006222 / 4006221 |
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E-Mail : |
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Area : |
182250 Sq. ft. |
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Location : |
Owned |
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Factory 4 : |
Plot No. 137, Noida Spaecial Economic Zone, Noida Phase – 2, Gautam
Budh Nagar, Noida, |
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Tel. No. : |
91-120-3078281 / 3078288 |
|
Location : |
Owned |
DIRECTORS
As on 24.09.2010
|
Name : |
Mr. Rajesh Jain |
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Designation : |
Director |
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Address : |
D – 4, |
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Date of Birth/Age : |
26.10.1971 |
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Date of Appointment : |
20.10.1992 |
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Name : |
Mrs. Vaishali Jain |
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Designation : |
Director |
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Address : |
D – 4, |
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Date of Birth/Age : |
05.08.1972 |
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Date of Appointment : |
30.03.1993 |
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Name : |
Mr. Antonitsch Jurgen |
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Designation : |
Director |
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Address : |
Landfriedstetten, 85, Petzenkirchen – 3252, |
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Date of Birth/Age : |
07.09.1969 |
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Date of Appointment : |
10.01.2008 |
KEY EXECUTIVES
|
Name : |
Mr. Arun Kumar Jain |
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Designation : |
Secretary |
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Address : |
A – 22, Duj Apartments, B – 5, Sector – 14, Extension Rohini, |
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Date of Birth/Age : |
24.04.1968 |
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Date of Appointment : |
07.03.2005 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 24.09.2010
|
Names of Shareholders |
|
No. of Shares |
|
Rajesh Jain |
|
869542 |
|
Sunder Devi Jain |
|
10 |
|
Vaishali Jain |
|
9452 |
|
Pramodchand Jain and Sons ( |
|
9006 |
|
Pramod Plastic Industries Private Limited |
|
80001 |
|
ZIZALA Lichtsysteme |
|
306735 |
|
Total |
|
1274746 |
As on 24.09.2010
|
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 |
24.06 |
|
Bodies corporate |
6.28 |
|
Directors or relatives of Directors |
69.66 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer, Exporter, Importer and Trader of Head Lights, Fog Lamps,
Work Lamps, Auxiliary Lamps, Side Indicators, Roof Lamps, Front Grills. |
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Products : |
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Exports : |
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Products : |
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Countries : |
All over the world |
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Imports : |
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Products : |
Automobile Lights |
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Countries : |
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Terms : |
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Selling : |
L/C, Cash and Credit |
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Purchasing : |
L/C, Cash and Credit |
PRODUCTION STATUS As on 31.03.2010
|
Particulars |
Unit |
Licensed
Capacity |
Installed
Capacity |
Actual
Production |
|
Head Lamp Auto and Lighting Equipments |
Nos. |
-- |
-- |
5410000 |
|
Home Lights |
Nos. |
-- |
-- |
1866000 |
|
Dies and Moulds |
Nos. |
-- |
-- |
1000 |
|
Scrap |
Kg. |
-- |
-- |
1024000 |
GENERAL INFORMATION
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Customers : |
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No. of Employees : |
1200 (Approximately) |
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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 : |
V. Sachdeva and Associates Chartered Accountant |
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Address : |
302, |
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Joint Venture : |
ZIZALA Lichtsysteme GmbH (ZKW), |
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Associates/Subsidiaries : |
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CAPITAL STRUCTURE
As on 31.03.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
1500000 |
Equity Shares |
Rs.100/- each |
Rs.150.000 Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
1274746 |
Equity Shares |
Rs.10/-each |
Rs.127.475
Millions |
Note :
757000 Equity shares of Rs.100/- each allotted
during 2007-08 for a consideration otherwise than in cash.
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 |
|
127.475 |
127.475 |
|
|
2] Share Application Money |
|
110.000 |
0.000 |
|
|
3] Reserves & Surplus |
|
234.370 |
207.746 |
|
|
4] (Accumulated Losses) |
|
0.000 |
0.000 |
|
|
NETWORTH |
|
471.845 |
335.221 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
|
406.260 |
365.046 |
|
|
2] Unsecured Loans |
|
5.608 |
94.044 |
|
|
TOTAL BORROWING |
|
411.868 |
459.090 |
|
|
DEFERRED TAX LIABILITIES |
|
28.307 |
20.761 |
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|
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|
|
|
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TOTAL |
|
912.020 |
815.072 |
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APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
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FIXED ASSETS [Net Block] |
|
431.483 |
333.760 |
|
|
Capital work-in-progress |
|
96.998 |
66.182 |
|
|
|
|
|
|
|
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INVESTMENT |
|
0.000 |
0.000 |
|
|
DEFERREX TAX ASSETS |
|
0.000 |
0.000 |
|
|
|
|
|
|
|
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CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
|
180.300
|
161.841 |
|
|
Sundry Debtors |
|
262.600
|
184.084 |
|
|
Cash & Bank Balances |
|
152.241
|
210.751 |
|
|
Other Current Assets |
|
0.000
|
0.000 |
|
|
Loans & Advances |
|
25.539
|
32.377 |
|
Total
Current Assets |
|
620.680
|
589.053 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
|
214.527 |
151.076 |
|
|
Other Current Liabilities |
|
14.662
|
17.000 |
|
|
Provisions |
|
8.546
|
9.613 |
|
Total
Current Liabilities |
|
237.735
|
177.689 |
|
|
Net Current Assets |
|
382.945
|
411.364 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
|
0.240 |
0.360 |
|
|
Foreign Currency Monetary Item translation difference |
|
0.354 |
3.406 |
|
|
|
|
|
|
|
|
TOTAL |
|
912.020 |
815.072 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
|
|
|
|
|
|
Other Income |
|
|
|
|
|
|
TOTAL (A) |
|
1168.661 |
1031.826 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Increase / (Decrease) in stock |
|
7.037 |
(5.217) |
|
|
|
Other Expenses |
|
1059.583 |
950.138 |
|
|
|
TOTAL (B) |
|
1066.620 |
944.921 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
|
102.041 |
86.905 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
|
31.128 |
35.485 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
|
70.913 |
51.420 |
|
|
|
|
|
|
|
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|
Less/ Add |
DEPRECIATION/ AMORTISATION (F) |
|
34.026 |
25.172 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
|
36.887 |
26.248 |
|
|
|
|
|
|
|
|
|
Less |
TAX (I) |
|
14.272 |
11.071 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-I) (J) |
|
22.615 |
15.177 |
|
|
|
|
|
|
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EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Export Earnings |
|
236.119 |
255.802 |
|
|
|
Design and Development |
|
5.541 |
26.460 |
|
|
TOTAL EARNINGS |
|
241.660 |
282.262 |
|
|
|
|
|
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IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
|
117.203 |
128.572 |
|
|
|
Technical Know How |
|
8.240 |
6.330 |
|
|
|
Capital Goods |
|
5.504 |
24.455 |
|
|
TOTAL IMPORTS |
|
130.947 |
159.357 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
|
20.89 |
11.91 |
|
KEY RATIOS
|
PARTICULARS |
|
|
31.03.2010 |
31.03.2009 |
|
PAT / Total Income |
(%) |
|
1.93 |
1.47 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
|
3.50 |
2.84 |
|
|
|
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|
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|
Return on Investment (ROI) (PBT/Networth) |
|
|
0.08 |
0.08 |
|
|
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|
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|
Debt Equity Ratio (Total Liability/Networth) |
|
|
1.38 |
1.90 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
|
2.61 |
3.31 |
LOCAL AGENCY FURTHER INFORMATION
REVIEW OF
OPERATIONS
The Company has been able to achieve a Net Turnover of Rs. 1161.062 Millions as compared to
Rs.988.194 Millions in the previous year. The company was able to earn other
income amounting Rs. 7.599 millions as compared to Rs. 43.633 millions in the
previous year.
The Global meltdown in the world in the Later half of 2008-09 Led to recession in the
Automotive trade in India hitting the
commercial vehicle segment hardest in first six months of current financial
year and thus affecting the operations of the company also. The effect of
global recession was witnessed in the export segment also. The higher cost of
basic raw material, Labour cost, erratic power supply, and foreign exchange
fluctuations all clubbed'
together have affected their natural growth pace. Indian OE Market had
shown signs of growth and company is expected to achieve good business in next
year.
The Home lighting sector of the company had not achieved growth due to
non recovery of Global Economy. Company has increased its customer portfolio
during the year.
The company is proceeding with its expansion plans for setting up its
Latest state of the art and modern
plant at Bahadurgarh which will enable it to keep pace with the opportunities
which are expected to be available in the near future. The commercial
production is expected to start in year 2010-1
1.
JOINT VENTURE WITH
ZIZALA LICHTSYSTEME GMBH (ZKW)
The Company had entered into a Joint Venture with Zizala Lichtsysteme
GMBH of Austria on 19th Dec.
2007 for manufacturing and
marketing of automotive Lights in
DEMERGER OF
HOMELIGHTING BUSINESS
The company has filed a petition under Section 391(1), 392,393 and 394 8 other
applicable provisions of the Companies Act, 1956 with the H'ble High court of Delhi for demerging the Home
Lighting Business of the company w.e.f 1st
Oct 2007 under the scheme
of Demerger. The demerger proceedings are under process and the order of the
TRADE REFERENCE
- Maruti
- Honda
- Tata
FORM 8 :
|
Corporate
identity number of the company |
U74899DL1992PTC050702 |
|
Name of the
company |
NEOLITE ZKW LIGHTINGS PRIVATE LIMITED |
|
Address of the
registered office or of the principal place of business in |
B-24, Mayapuri Industrial Area, Phase – 1, |
|
This form is for |
Creation
of charge |
|
Type of charge |
Immovable
property Book debts Movable property Floating charge |
|
Particular of
charge holder |
Karnataka Bank Limited, K – 2, Choudhary Building, Middle Circle,
Overseas Branch, Connaught Place, New Delhi, Delhi, India |
|
Nature of
instrument creating charge |
Hypothecation
agreement / term loan agreement / letter of authority. |
|
Date of instrument
Creating the charge |
13.12.2010 |
|
Amount secured by
the charge |
Rs.52.500
Millions |
|
Brief of the
principal terms an conditions and extent and operation of the charge |
Rate of interest
: As per sanction
letter Terms of
repayment : As per sanction
letter Margin : As per sanction
letter Extent and
operation of the charge : First and
exclusive charge on all dyes and moulds including all capital expenditure
incurred out of term loan of Karnataka Bank Limited and pari passu charge on
immovable property of the company situated at plot No. 137, Noida SEZ,
Phase-II, Noida, Gautam Budh Nagar, U.P. Others : To grant fresh
term loan of Rs.52.500 millions against hypothecation of dyes and moulds and
other capital expenditure incurred by the company. Pari passu charge on
industrial property at Plot no.137, Noida SEZ, Phase-ii, Noida, Gautam Budh
Nagar, U. P. Owned by the company. |
|
Short particulars
of the property or asset(s) charged (including complete address and location
of the property) |
Hypothecation of
dyes and moulds and other capital expenditure incurred by the company. Pari
passu charge on industrial property at Plot No.137, Noida SEZ, Phase-II,
Noida, Gautam Budh Nagar, U. P. Owned by the company. |
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.44.93 |
|
|
1 |
Rs.72.09 |
|
Euro |
1 |
Rs.64.21 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
5 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--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 |
|
47 |
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.