MIRA
INFORM REPORT
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Report Date : |
28.06.2011 |
IDENTIFICATION DETAILS
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Name : |
MGI COUTIER EXOTECH INDUSTRIES PRIVATE LIMITED |
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Formerly Known As : |
MCKECHNIE EXOTECH INDUSTRIES PRIVATE LIMITED |
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Registered Office : |
1101, |
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Country : |
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Financials (as on) : |
31.03.2010 |
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Date of Incorporation : |
02.09.1996 |
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Com. Reg. No.: |
11-102306 |
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Paid-up Capital : |
Rs. 26.290 Millions |
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CIN No.: [Company
Identification No.] |
U34300MH1996PTC102306 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
PNEM01954B |
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PAN No.: [Permanent
Account No.] |
AAACM6873A |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Manufacturer of Fuel Line Equipments of Automobile Parts. |
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No. of Employees : |
150 (approximately) |
RATING & COMMENTS
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MIRA’s Rating : |
Ba (54) |
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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 1000000 |
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Status : |
Good |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Subject is a well established and reputed company having satisfactory
track. Trade relations are fair. Payments are usually correct and as per
commitments. The company can be considered good for normal 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 |
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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 |
INFORMATION PARTED BY
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Name : |
Mr. Sanjay Dandavate |
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Designation : |
Accountants |
LOCATIONS
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Registered Office/ Factory : |
1101, |
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Tel. No.: |
91-20-66748204/22922431 |
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Fax No.: |
91-20-66748267/22922430 |
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E-Mail : |
DIRECTORS
As On 27.09.2010
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Name : |
Mr. Dinesh H. Kothari |
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Designation : |
Director |
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Address : |
4, Alpana, 60, |
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Date of Birth/Age : |
27.02.1933 |
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Date of Appointment : |
02.09.1996 |
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Name : |
Mr. Umesh Dinesh Kothari |
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Designation : |
Managing Director |
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Address : |
4, Alpana, 60, |
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Date of Birth/Age : |
17.02.1959 |
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Date of Appointment : |
02.09.1996 |
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DIN No.: |
00165640 |
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Name : |
Mr. Henri Jean Taborin |
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Designation : |
Director |
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Address : |
4, Avenue Du Chateau, |
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Date of Birth/Age : |
11.05.1947 |
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Date of Appointment : |
03.09.2004 |
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DIN No.: |
02164193 |
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Name : |
Mr. Andre Rene Coutier |
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Designation : |
Director |
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Address : |
71, Cotede La Piere, |
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Date of Birth/Age : |
15.02.1949 |
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Date of Appointment : |
03.09.2004 |
KEY EXECUTIVES
|
Name : |
Mr. Sanjay Dandavate |
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Designation : |
Accountants |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As On 27.09.2010
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Names of Shareholders |
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No. of Shares |
|
Umesh Dinesh Kothari |
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10 |
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Geeta Umesh Kothari |
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10 |
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Exotech Exports and Industries Private Limited – |
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1314480 |
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MGI Coutier SA – France |
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1314500 |
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Total |
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2629000 |
As On 27.09.2010
|
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 |
50.00 |
|
Bodies corporate |
49.99 |
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Directors or relatives of Directors |
0.01 |
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Total |
100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer of Fuel Line Equipments of Automobile Parts. |
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PRODUCTION STATUS (As On 31.03.2010)
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Particulars |
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Unit |
Actual
Production |
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Automobile Components |
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Nos |
2198725 |
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Nylon Tubing |
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Mtrs |
112620 |
Installed
Capacity: 504000 Nos.
GENERAL INFORMATION
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Customers : |
Wholesalers |
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No. of Employees : |
150 (approximately) |
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Bankers : |
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Facilities : |
Note: The deferred liability shall be repaid in equal annual installments not
exceeding five such installments at the expiry of 10th year. The
deferment scheme started from June 1999 and installments will start from
01.06.2010. |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
Sudit K. Parekh and Company Chartered Accountants |
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Address : |
Ballard House, 2nd Floor, Adi Marzban Path, Ballard Pier,
Fort, Mumba – 400001, |
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Tel. No.: |
91-22-66178000 |
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Fax No.: |
91-22-66178002 |
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E-mail : |
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Pan No.: |
AAPPB9017P |
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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 |
|
3000000 |
Equity Shares |
Rs.10/- each |
Rs.30.000 millions |
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Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
2629000 |
Equity Shares |
Rs.10/- each
|
Rs.26.290
millions |
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FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
26.290 |
26.290 |
26.290 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
226.845 |
217.866 |
212.133 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
253.135 |
244.156 |
238.423 |
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LOAN FUNDS |
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1] Secured Loans |
41.250 |
47.210 |
83.560 |
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2] Unsecured Loans |
21.555 |
21.555 |
24.555 |
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TOTAL BORROWING |
62.805 |
68.765 |
108.115 |
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DEFERRED TAX LIABILITIES |
4.171 |
4.698 |
4.234 |
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TOTAL |
320.111 |
317.619 |
350.772 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
133.502 |
135.535 |
147.031 |
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Capital work-in-progress |
12.435 |
0.658 |
0.658 |
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INVESTMENT |
29.800 |
15.961 |
14.120 |
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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 |
57.085
|
70.044 |
85.038
|
|
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Sundry Debtors |
99.065
|
71.011 |
143.451
|
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Cash & Bank Balances |
35.254
|
13.391 |
15.318
|
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Other Current Assets |
3.564
|
4.471 |
1.305
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Loans & Advances |
23.507
|
34.559 |
45.587
|
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Total
Current Assets |
218.475
|
193.476 |
290.699 |
|
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Sundry Creditors |
63.926
|
20.300 |
85.514
|
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Other Current Liabilities |
3.143
|
3.743 |
13.889
|
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Provisions |
7.032
|
3.968 |
2.333
|
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Total
Current Liabilities |
74.101
|
28.011 |
101.736
|
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Net Current Assets |
144.374
|
165.465 |
188.963
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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TOTAL |
320.111 |
317.619 |
350.772 |
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PROFIT & LOSS
ACCOUNT
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|
PARTICULARS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
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SALES |
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Other Income |
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TOTAL |
349.010 |
481.400 |
503.920 |
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Less |
EXPENSES |
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Administrative Expenses |
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Advertising Expenses |
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TOTAL |
334.300 |
459.580 |
427.240 |
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PROFIT BEFORE
TAX |
14.710 |
20.610 |
76.680 |
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Less |
TAX |
5.670 |
8.570 |
28.650 |
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PROFIT AFTER TAX
|
9.040 |
12.040 |
48.030 |
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IMPORTS |
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Raw Materials and Components |
91.131 |
77.629 |
143.659 |
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Plant and Machinery/ Fixtures |
0.000 |
0.178 |
2.753 |
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TOTAL IMPORTS |
91.131 |
77.807 |
146.412 |
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Earnings Per
Share (Rs.) |
4.58 |
3.44 |
NA |
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KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
PAT / Total Income |
(%) |
2.59
|
2.50 |
9.53
|
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Return on Total Assets (PBT/Total Assets} |
(%) |
4.18
|
6.26 |
17.52
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Return on Investment (ROI) (PBT/Networth) |
|
0.06
|
0.08 |
0.32
|
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Debt Equity Ratio (Total Liability/Networth) |
|
0.54
|
0.40 |
0.88
|
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Current Ratio (Current Asset/Current Liability) |
|
2.95
|
6.91 |
2.86
|
LOCAL AGENCY FURTHER INFORMATION
OPERATIONS DURING
THE YEAR:
1. Industry
Recovered from recession, but not before they had 7 months of negative results.
The full year profitability was also impacted due to increase in the RM costs
which could not be passed on to the customers due to their difficult position
as well.
2. Start of
Uttarakhand Plant operations: Operations in this new plant at Rudrapur started
successfully and on time to avail of the Excise and Income Tax concessions
offer by the Government.
3. There was
strong interest from new entrants in the industry (Daimler
4. The Company
benefited from the genral economic scenario in which the commercial vehicle
sales recovered substantially – Total Industry Volume increased from 1.9 lacs
to 2.5 lacs for M and HCV – growth of about 31%.
BUSINESS OUTLOOK
FOR THE FUTURE
The impact of the
implementation of new BS norms of BS III and BS IV, by there customers in their
products, will be felt in terms of volumes as well as prices of trucks and
buses. Many changes are expected and they are likely to result in a temporary
dip in the sales in the months after the regulation comes into effect i.e.
01.10.2010.
The Company is in
the process of developing new product lines such as SCR tubings and tubes for
alternate fuels like CNG and these if successful, will provide the Company with
substantial volumes/ value growth.
Looking at the
promising outlook in the next 3 / 4 years, the Company has decided to expand
its operation by setting up a plant in
Note:
The registered office of the company has been shifted from Gat No.1102,
Form 8:
|
Corporate
identity number of the company |
U34300MH1996PTC102306 |
|
Name of the
company |
MGI COUTIER EXOTECH INDUSTRIES PRIVATE LIMITED |
|
Address of the registered
office or of the principal place of
business in |
Gat No.1102, |
|
This form is for |
Modification of
charge |
|
Type of charge |
Book Debts Movable Property |
|
Particular of
charge holder |
Axis Bank Limited, 1262/ B, E-Mail: ruchi.joshi@axisbank.com |
|
Nature of
description of the instrument creating or modifying the charge |
Supplemental Deed
of Hypothecation |
|
Date of
instrument Creating the charge |
28.03.2011 |
|
Amount secured by
the charge |
Rs.136.500
millions |
|
Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest:
As per Agreement
with the Bank Terms of
Repayment: As per Agreement
with the Bank Margin: As per Agreement
with the Bank Extent and Operation
of the charge: Details of
Facilities(Rs.in millions) - Cash Credit 500,Term Loan-II 465, Letter of
Credit 100*, Term Loan III 100, adhoc Cash Credit
200*, Total of All Facilities - Rs.136.500 millions. *Adhoc Cash
Credit Limit of Rs.20.000 millions is sanctioned for a period of 90 days by
earmarking the LC facility. The charge on
hypothecated and mortgaged assets continues till full repayment of Loan. |
|
Particulars of
the property charged |
Hypothecation of
whole of the Borrower's movable goods and assets both present and future, all
stock of raw material, work in progress, semi finished goods and finished
goods, packing materials, consumable stores and spares etc.,all the present
and future bookdebts, outstanding monies,receivables, claims, bills,contracts,
engagements and securities due and owing. Mortgage of immovable properties of
Company - All that piece and parcel of the Industrial Zone Land Bearing S/Gat
No.11001 adm.1H20 Ares situated in Village Pirangut Tal Mulshi Dist.Pune. All
that piece and parcel of the Land Bearing S/Gat No.11001 adm.0H40Ares
situated in Village Pirangut Tal Mulshi Dist. Pune. |
|
Date of
instrument modifying the charge |
04.06.2010 |
|
Particulars of
the present modification |
No change in
amount of facilities. It stands at Rs.136.500 Millions. Adhoc Cash Credit
Limit of Rs.20.000 Millions is sanctioned for a period of 90 days by
earmarking the LC facility. After the repayment of Adhoc CC Facility, the LC
Limit to be restored to Rs.30.000 Millions as per Earlier Sanction. As of
now, the Facility Structure Stands as (Rs.in millions) Cash Credit 500,Term
Loan-II 465, Letter of Credit 100, Term Loan III 100, Adhoc Cash Credit 200. |
FIXED ASSETS:
- Building
- Plant and Machinery
- Furniture, Fixtures and Office Equipment
- Vehicles
- Technical Know How
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.45.10 |
|
|
1 |
Rs.71.88 |
|
Euro |
1 |
Rs.63.75 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
6 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILIRY |
1~10 |
6 |
|
--LIQUIDITY |
1~10 |
6 |
|
--LEVERAGE |
1~10 |
6 |
|
--RESERVES |
1~10 |
6 |
|
--CREDIT LINES |
1~10 |
6 |
|
--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 |
|
54 |
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.