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MIRA
INFORM REPORT
|
Report Date : |
09.03.2011 |
IDENTIFICATION DETAILS
|
Name : |
MPT AMTEK AUTOMOTIVE (INDIA) LIMITED (w.e.f.10.03.2007) |
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Formerly Known
As : |
MPT AMTEK AUTOMOTIVE LIMITED |
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Registered
Office : |
4, Bhanot Apartments, L.S.C., Pushp Vihar, |
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Country : |
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Financials (as
on) : |
31.03.2010 |
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Date of
Incorporation : |
08.12.2006 |
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Com. Reg. No.: |
55-156351 |
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CIN No.: [Company Identification
No.] |
U34300DL2006PLC156351 |
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TAN No.: [Tax Deduction &
Collection Account No.] |
DELM14460F |
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PAN No.: [Permanent Account No.] |
AAECM9510C |
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Legal Form : |
A closely held public limited liability company. |
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Line of Business
: |
Manufacturer and supplier of Auto Components, mainly two
piece Flex plates for four wheeler applications. |
RATING & COMMENTS
|
MIRA’s Rating : |
B (26) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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Maximum Credit Limit : |
USD 707900 |
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|
Status : |
Moderate |
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Payment Behaviour : |
Slow |
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Litigation : |
Clear |
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Comments : |
Subject is an established company having moderate track. Profitability
of the company is under pressure. There appears huge accumulated losses
recorded by the company. Trade relations are reported as fair. Business is
active. Payments are reported to be slow. 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) |
|
|
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
LOCATIONS
|
Registered Office : |
4, Bhanot Apartments, L.S.C., Pushp Vihar, |
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Tel No. : |
91-11-29052281/26061767
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Fax No.: |
91-11-29054554 |
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E-Mail : |
DIRECTORS
AS ON 29.09.2010
|
Name : |
Mr. Avijit Banerjee |
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Designation : |
Director |
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Address : |
G-13, 2nd Floor, Type-D-1, |
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Date of Appointment : |
23.12.2006 |
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DIN : |
01357534 |
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Name : |
Mr. John Ernest Flintham |
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Designation : |
Director |
|
Address : |
The Grayes, |
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Date of Appointment : |
23.12.2006 |
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DIN : |
01463500 |
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|
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|
Name : |
Mr. Klaus Drobnak |
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Designation : |
Director |
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Address : |
168, Xing Ye Lu, |
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Date of Appointment : |
15.01.2008 |
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DIN : |
01921446 |
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|
|
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Name : |
Mr. Tom Rucker |
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Designation : |
Additional Director |
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Date of Appointment : |
02.02.2010 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 29.09.2010
|
Names of Shareholders |
|
No. of Shares |
|
Arvind Dham |
|
1 |
|
D. S. Malik |
|
1 |
|
K. T. James |
|
1 |
|
Ashish Pandit |
|
1 |
|
Anjaji Malhotra |
|
1 |
|
Aarti Jain |
|
1 |
|
Sanjay Tiku |
|
1 |
|
Amtek Auto Limited |
|
14893793 |
|
Magna Power Train |
|
14893800 |
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Total |
|
29787600 |
(AS ON 29.09.2010)
|
Category |
|
Percentage |
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|
|
|
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Bodies corporate |
|
99.99 |
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Other top fifty shareholders |
|
0.01 |
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Total
|
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer and supplier of Auto Components, mainly two
piece Flex plates for four wheeler applications. |
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Products : |
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PRODUCTION STATUS AS ON (31.03.2010)
|
Particulars |
Unit |
Licensed
Capacity |
Installed
Capacity |
Actual
Production |
|
Flex Plate |
Nos. |
900000 |
600000 |
256253 |
|
Ring Gear |
Nos. |
900000 |
600000 |
256253 |
GENERAL INFORMATION
|
Bankers : |
Not Available |
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Facilities : |
-- |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
S. R. Batliboi and Associates Chartered Accountants |
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Address : |
Golf View Corporate Tower 8, Sector 42, |
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Tel. No.: |
91-124-4644000 |
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Fax No.: |
91-124-4644050 |
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PAN No.: |
AABFS3421N |
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Joint
Venture Partners : |
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Fellow
Subsidiaries : |
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CAPITAL STRUCTURE
(AS ON 29.09.2010)
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
30,000,000 |
Equity Share |
Rs.10/- each |
Rs.300.000 Millions |
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Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
29,787,600 |
Equity Share |
Rs.10/- each |
Rs.297.876
Millions |
|
|
|
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|
Of the above :
Out of the above, 14,893,800 shares (previous year 11,500,000 shares)each is held
by Amtek Auto Limited and Magna Power Train AG.
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
297.876 |
230.000 |
230.000 |
|
|
2] Share Application Money |
23.000 |
38.840 |
0.000 |
|
|
3] Reserves & Surplus |
0.000 |
0.000 |
0.000 |
|
|
4] (Accumulated Losses) |
(143.886) |
(45.942) |
(3.901) |
|
|
NETWORTH |
176.990 |
222.898 |
226.099 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
0.000 |
0.000 |
0.000 |
|
|
2] Unsecured Loans |
12.210 |
1.150 |
0.000 |
|
|
TOTAL BORROWING |
12.210 |
1.150 |
0.000 |
|
|
DEFERRED TAX LIABILITIES |
|
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
189.200 |
224.048 |
226.099 |
|
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|
|
|
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APPLICATION OF FUNDS |
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|
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|
|
|
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FIXED ASSETS [Net Block] |
145.551 |
143.316 |
2.578 |
|
|
Capital work-in-progress |
2.460 |
13.236 |
104.423 |
|
|
|
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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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|
|
|
|
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CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
47.265
|
60.738 |
0.693 |
|
|
Sundry Debtors |
42.276
|
21.503 |
1.812 |
|
|
Cash & Bank Balances |
13.221
|
3.463 |
117.868 |
|
|
Other Current Assets |
0.137
|
0.76 |
0.514 |
|
|
Loans & Advances |
49.316
|
34.664 |
13.319 |
|
Total
Current Assets |
152.215
|
120.444
|
134.206 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditor |
102.868
|
43.282
|
14.245 |
|
|
Other Current Liabilities |
7.526
|
9.010
|
0.386 |
|
|
Provisions |
0.632
|
0.656
|
0.528 |
|
Total
Current Liabilities |
111.026
|
52.948
|
15.159 |
|
|
Net Current Assets |
41.189
|
67.496
|
119.047 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.051 |
|
|
|
|
|
|
|
|
TOTAL |
189.200 |
224.048 |
226.099 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
|
|
SALES |
|
|
|
|
|
|
|
Sales |
139.541 |
47.364 |
3.121 |
|
|
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Other Income |
5.840 |
4.663 |
7.468 |
|
|
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TOTAL (A) |
145.381 |
52.027 |
10.589 |
|
|
|
|
|
|
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Less |
EXPENSES |
|
|
|
|
|
|
|
Purchase of Trading Goods |
26.506 |
3.538 |
0.000 |
|
|
|
Raw material consumed |
75.302 |
34.236 |
2.633 |
|
|
|
Personnel Expenses |
17.264 |
11.336 |
2.266 |
|
|
|
Operating and other expenses |
118.898 |
45.643 |
8.825 |
|
|
|
Increase in Inventories |
(10.103) |
(9.969) |
0.000 |
|
|
|
TOTAL (B) |
227.867 |
84.784 |
13.724 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
(82.486) |
(32.757) |
(3.135) |
|
|
|
|
|
|
|
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|
Less |
FINANCIAL
EXPENSES (D) |
0.243 |
0.248 |
0.069 |
|
|
|
|
|
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|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
(82.729) |
(33.005) |
(3.204) |
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|
|
|
|
|
|
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|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
15.215 |
8.881 |
0.446 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
(97.944) |
(41.886) |
(3.650) |
|
|
|
|
|
|
|
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|
Less |
TAX (H) |
-- |
0.155 |
0.251 |
|
|
|
|
|
|
|
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|
PROFIT AFTER TAX
(G-H) (I) |
(97.944) |
(42.041) |
(3.901) |
|
|
|
|
|
|
|
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|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
(45.942) |
(3.901) |
0.000 |
|
|
|
|
|
|
|
|
|
|
BALANCE CARRIED TO
THE B/S |
(143.886) |
(45.942) |
(3.901) |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
Exports at FOB Value |
97.652 |
33.622 |
NA |
|
|
|
TOTAL EARNINGS |
97.652 |
33.622 |
NA |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
Raw Materials and Components |
1.517 |
14.849 |
|
|
|
|
Trading Goods |
4.173 |
3.538 |
|
|
|
|
Capital Goods |
4.567 |
29.764 |
|
|
|
|
TOTAL IMPORTS |
10.257 |
48.151 |
NA |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
(3.52) |
(1.83) |
(0.34) |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
PAT / Total Income |
(%) |
(67.37)
|
(80.81)
|
(36.83) |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
(70.19)
|
(80.63)
|
(116.92) |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
(32.89)
|
(15.88)
|
(2.67) |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
(0.55)
|
(0.19)
|
(0.02) |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
0.70
|
0.24
|
0.07 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.37
|
2.27
|
8.85 |
LOCAL AGENCY FURTHER INFORMATION
PERFORMANCE
The Loss for the year stands at Rs. 9.794 Millions as against the
corresponding figure of Rs. 4.189 Millions thus reflecting a increase of 133 %
in terms of losses.
FIXED ASSETS
- Plant and
Machinery
- Furniture and
Fixture
- Office
Equipments
- Computer
MPT-Amtek Automotive (India
(Automotive industry)
August 2005 — December 2008 (3 years 5 months)
Worked with MPT
Amtek Automotive (India) limited (ISO-TS 16949/2002 Certified) In Dharuhera
(Rewari) From Aug. 2005 to Dec. 2008 as a `` Draughtsman Mechanical ''In
Engineering Department MPT Amtek is O.E. Manufacturer of Transmission gear
system Ring Gears; flex plate, Can and Ring Gear Assembly for PSA, FORD, GM and
other European, Canadian and Italian Customers etc.
Job Responsibility
- For Development Making the all Engg.
Doc. for Line.
- New Tooling Designing for new product
development Fixture designing by (3D modeling Software) for new
development.
- New gauges Concept Designing.
- Input Design data handling Made there
PFMEA, Control Plan, process flow diagram and other documentation etc.
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. 45.13 |
|
|
1 |
Rs.73.35 |
|
Euro |
1 |
Rs.63.06 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
4 |
|
PAID-UP CAPITAL |
1~10 |
4 |
|
OPERATING SCALE |
1~10 |
4 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
3 |
|
--PROFITABILIRY |
1~10 |
-- |
|
--LIQUIDITY |
1~10 |
4 |
|
--LEVERAGE |
1~10 |
4 |
|
--RESERVES |
1~10 |
-- |
|
--CREDIT LINES |
1~10 |
3 |
|
--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 |
|
26 |
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.