MIRA
INFORM REPORT
1. Summary Information
|
|
|
Country |
|
|
Company Name |
NEXTEER AUTOMOTIVE INDIA PRIVATE LIMITED |
Principal Name 1 |
Bijesh Jamnadas Thakkar |
|
Status |
Satisfactory |
Principal Name 2 |
Sangita Bijesh Thakkar |
|
|
|
Registration # |
-- |
|
Street Address |
Plot No. 98A, Phase II, KIADB Industrial Area, Jigani Anekal Taluk, |
||
|
Established Date |
25.02.2008 |
SIC Code |
-- |
|
Telephone# |
91-80-22897239 |
Business Style 1 |
Manufacturer |
|
Fax # |
91-80-27825462 |
Business Style 2 |
Flexible Couplings for Steering Columns. |
|
Homepage |
-- |
Product Name 1 |
-- |
|
# of employees |
-- |
Product Name 2 |
-- |
|
Paid up capital |
|
Product Name 3 |
-- |
|
Shareholders |
-- |
Banking |
-- |
|
Public Limited Corp. |
-- |
Business Period |
3 Years |
|
IPO |
-- |
International Ins. |
- |
|
Public |
-- |
Rating |
Ba (43) |
|
Related Company |
|||
|
Relation
|
Country
- |
Company
Name |
-- |
|
Note |
- |
||
2. Summary
Financial Statement
|
Balance Sheet as of |
31.03.2010 |
(Unit: Indian Rs.) |
|
|
Assets |
Liabilities |
||
|
Current Assets |
593,078,000 |
Current Liabilities |
560,593,000 |
|
Inventories |
209,201,000 |
Long-term Liabilities |
-- |
|
Fixed Assets |
148,765,000 |
Other Liabilities |
-- |
|
Deferred Assets |
5,825,000 |
Total Liabilities |
560,593,000 |
|
Invest& other Assets |
1,512,000 |
Retained Earnings |
254,828,000 |
|
|
|
Net Worth |
397,788,000 |
|
Total Assets |
958,381,000 |
Total Liab. & Equity |
958,381,000 |
|
Total Assets (Previous Year) |
-- |
|
|
|
P/L Statement as of |
31.03.2010 |
(Unit: Indian Rs.) |
|
|
Sales |
1,021,990 |
Net Profit |
57,990,000 |
|
Sales(Previous yr) |
-- |
Net Profit(Prev.yr) |
(270,000) |
MIRA
INFORM REPORT
|
Report Date : |
22.03.2011 |
IDENTIFICATION DETAILS
|
Name : |
NEXTEER AUTOMOTIVE INDIA PRIVATE LIMITED |
|
|
|
|
Formerly Known as: |
RHODES |
|
|
|
|
Registered Office : |
Plot No. 98A, Phase II, KIADB Industrial Area, Jigani Anekal Taluk, |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as on) : |
31.03.2010 |
|
|
|
|
Date of Incorporation : |
25.02.2008 |
|
|
|
|
Com. Reg. No.: |
08-45400 |
|
|
|
|
CIN No.: [Company
Identification No.] |
U35990KA2008PTC045400 |
|
|
|
|
TAN No.: [Tax
Deduction & Collection Account No.] |
BLRR06730D |
|
|
|
|
Legal Form : |
Private Limited Liability Company |
|
|
|
|
Line of Business : |
Manufacturer of Flexible Couplings for Steering Columns. |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (43) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 1591152 |
|
|
|
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
Usually correct |
|
|
|
|
Litigation : |
Clear |
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|
|
Comments : |
Subject is three years old company having satisfactory track. The
company achieve sizable turnover in its first year of operation. Trade
relations are reported as fair. Business is active. Payments are reported to
be usually correct. 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 – 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 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
INFORMATION DENIED BY
|
Name : |
Mr. Prahlad |
|
Designation : |
Chief Financial Officer |
LOCATIONS
|
Registered Office : |
Plot No. 98A, Phase II, KIADB Industrial Area, Jigani Anekal Taluk, |
|
Tel. No.: |
91-80-22897239 |
|
Fax No.: |
91-80-27825462 |
|
E-Mail : |
DIRECTORS
AS ON 24.09.2010
|
Name : |
Mr. Stephen Mathias |
|
Designation : |
Director |
|
Address : |
No. 60, Vittal |
|
Date of Birth/Age : |
23.05.1971 |
|
Date of Appointment : |
03.09.2009 |
|
|
|
|
Name : |
Mr. Indranil Rudra |
|
Designation : |
Director |
|
Address : |
Sector 23A, House No. 797, C/o Mr. T. Premkumar, Gurgaon – 122017, |
|
Date of Birth/Age : |
06.05.1977 |
|
Date of Appointment : |
03.09.2009 |
|
|
|
|
Name : |
Mr. Venkatran Mamillapalle |
|
Designation : |
Director |
|
Address : |
1, Sangeet Society, |
|
Date of Birth/Age : |
03.04.1968 |
|
Date of Appointment : |
03.09.2009 |
|
|
|
|
Name : |
Mr. Lloyd Owen Doddridge |
|
Designation : |
Director |
|
Address : |
Vizcaya House 40, |
|
Date of Birth/Age : |
17.05.1963 |
|
Date of Appointment : |
22.12.2009 |
|
|
|
|
Name : |
Mr. Pralhadrao Banderao Mujumdar |
|
Designation : |
Director |
|
Address : |
No.107, GR Floor, 21 MN J P Nagar, 6 Cross 2 Phase, |
|
Date of Birth/Age : |
19.02.1960 |
|
Date of Appointment : |
16.11.2009 |
|
|
|
|
Name : |
Mr. Madhav Shantaram Kulkarni |
|
Designation : |
Director |
|
Address : |
No.905C, Purvankara Height |
|
Date of Birth/Age : |
01.10.1959 |
|
Date of Appointment : |
16.11.2009 |
KEY EXECUTIVES
|
Name : |
Mr. Ramya R |
|
Designation : |
Secretary |
|
Address : |
413, IV Floor, Industrial Win Ecstasy Apartments, 9 Main G B Pally Main
Road, Hongasandra, Bangalore – 560068, Karnataka, India |
|
Date of Birth/Age : |
27.06.1982 |
|
Date of Appointment : |
04.01.2010 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 24.09.2010
|
Names of Shareholders |
|
No. of Shares |
|
Rhodes Holding II |
|
14295800 |
|
Rhodes Holding I |
|
200 |
|
Total |
|
14296000 |
Equity Share break –
up as on AS ON 24.09.2010
|
Category |
|
Percentage |
|
Foreign holdings (Foreign institutional investors, Foreign companies,
Foreign financial institutions, Non resident Indians or Overseas corporate
bodies or Others) |
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer of Flexible Couplings for Steering Columns. |
|
|
|
|
Brand Names : |
Nexteer Automotive |
PRODUCTION STATUS AS ON 31.03.2010
|
Particulars |
Unit |
|
Installed
Capacity (Per
Annum *) |
Actual
Production ** |
|
Drive Shafts and Intermediate Shafts |
Nos. |
|
1600000 |
465785 |
|
Steering Columns |
Nos. |
|
750000 |
123837 |
|
Steering Pumps |
Nos. |
|
250000 |
41952 |
|
Service Kits and Others |
Nos. |
|
NA |
107705 |
* As certified by the management and accepted by auditors
** For the period from 27th October 2009 to March 2010
GENERAL INFORMATION
|
Bankers : |
Axis Bank Limited, Trishul 3rd |
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
Deloitte Haskins and Sells Chartered Accountant |
|
Address : |
Deloitte Centre, |
|
|
|
|
Holding Company
: |
Rhodes Holding II |
CAPITAL STRUCTURE
As on 31.03.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
20000000 |
Equity Shares |
Rs.10/- each |
Rs.200.000 millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
14296000 |
Equity Shares |
Rs.10/- each |
Rs.142.960
millions |
|
|
|
|
|
* Of the above, 14295800 (Previous Year of Establishment
Nil) equity shares are held by Rhodes Holding II Sarl, L – 2320 Luxembourg 69,
boulevard de la Petrusse and balance 200 equity shares are held by Rhodes
Holding I Sarl, L – 2320 Luxembourg 69, boulevard de la Petrusse, the holding
companies
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 |
|
142.960 |
0.100 |
|
|
2] Share Application Money |
|
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
|
254.828 |
0.000 |
|
|
4] (Accumulated Losses) |
|
0.000 |
0.279 |
|
|
NETWORTH |
|
397.788 |
(0.179) |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
|
0.000 |
0.000 |
|
|
2] Unsecured Loans |
|
0.000 |
0.000 |
|
|
TOTAL BORROWING |
|
0.000 |
0.000 |
|
|
DEFERRED TAX LIABILITIES |
|
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
|
397.788 |
(0.179) |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
|
148.765 |
0.000 |
|
|
Capital work-in-progress |
|
1.512 |
0.000 |
|
|
|
|
|
|
|
|
INVESTMENT |
|
0.000 |
0.000 |
|
|
DEFERREX TAX ASSETS |
|
5.825 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
|
209.201 |
0.000 |
|
|
Sundry Debtors |
|
301.823 |
0.000 |
|
|
Cash & Bank Balances |
|
164.144 |
0.326 |
|
|
Other Current Assets |
|
0.000 |
0.000 |
|
|
Loans & Advances |
|
127.111 |
0.000 |
|
Total
Current Assets |
|
802.279 |
0.326 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
|
481.079 |
0.505 |
|
|
Other Current Liabilities |
|
31.409 |
|
|
|
Provisions |
|
48.105 |
0.000 |
|
Total
Current Liabilities |
|
560.593 |
0.505 |
|
|
Net Current Assets |
|
241.686 |
(0.179) |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
|
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
|
397.788 |
(0.179) |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
|
|
|
SALES |
|
|
|
|
|
|
|
TOTAL (A) |
|
1021.990 |
NA |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
TOTAL (B) |
|
NA |
NA |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
|
91.750 |
(0.270) |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
|
0.000 |
0.000 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
|
91.750 |
(0.270) |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
|
3.290 |
0.000 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
|
88.460 |
(0.270) |
|
|
|
|
|
|
|
|
|
Less |
TAX (I) |
|
30.470 |
0.000 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-I) (J) |
|
57.990 |
(0.270) |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Export Earnings |
|
415.883 |
NA |
|
|
TOTAL EARNINGS |
|
415.883 |
NA |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
|
223.821 |
NA |
|
|
|
Stores & Spares |
|
2.805 |
NA |
|
|
|
Capital Goods |
|
9.168 |
NA |
|
|
TOTAL IMPORTS |
|
235.794 |
NA |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
|
8.69 |
(27.86) |
|
KEY RATIOS
|
PARTICULARS |
|
|
31.03.2010 |
31.03.2009 |
|
PAT / Total Income |
(%) |
|
5.67 |
NA |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
|
9.30 |
(82.82) |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
|
0.22 |
(1.51) |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
|
1.41 |
(2.82) |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
|
1.43 |
0.65 |
LOCAL AGENCY FURTHER INFORMATION
The registered office address pf the company has been shifted from Unit
706, “A” Wing, Carlton Tower No. 1,
Nature of Operations:
Rhodes India Automotovie Private Limited (the
company) is incorporated on February 25th 2008. The registered
office of the company is situated at Plot No. 98A, Phase II, KIADB Industrial
Area, Jigani Anekal Taluk,
The company is in the business of Manufacturing and sale of automotive
components such as Dirve line components like half Shafts, Intermediate Drive
Shafts, Steering Components like Columns, I Shafts and Power Steering pumps
including the components there of, which are mainly used by manufactures in
manufacture / assembly of 4 weelers. The manufacturing facilities are situated
at Plot No. 98A, Phase II, KIADB Industrial Area, Jigani Anekal Taluk,
On 6th October 2009, the company entered into Local Trasfer
Agreement (LTA), with Delphi Automotive Systems Private Limited (Delphi),
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.45.05 |
|
|
1 |
Rs.73.05 |
|
Euro |
1 |
Rs.63.18 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
4 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
5 |
|
--PROFITABILIRY |
1~10 |
4 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
5 |
|
--CREDIT LINES |
1~10 |
5 |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
NO |
|
--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 |
|
43 |
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.