MIRA
INFORM REPORT
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Report Date : |
03.05.2011 |
IDENTIFICATION DETAILS
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Name : |
SECO TOOLS INDIA PRIVATE LIMITED |
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Registered Office : |
Gat No. 582, Pune Nagar Road, Koregaon Bhima, Tal Shirur, Pune – 412
216, Maharashtra |
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Country : |
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Financials (as on) : |
31.03.2010 |
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Date of Incorporation : |
27.05.1996 |
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Com. Reg. No.: |
11-016924 |
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CIN No.: [Company
Identification No.] |
U28932PN1996PTC016924 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
PNES17096C |
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PAN No.: [Permanent
Account No.] |
AAACS8793F |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Manufacturer and Exporter of Cutting Tools. |
RATING & COMMENTS
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MIRA’s Rating : |
Ba (50) |
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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 905000 |
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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 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 – April 1, 2010
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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/ Factory : |
Gat No. 582, Pune Nagar Road, Koregaon Bhima, Tal Shirur, Pune – 412
216, Maharashtra, India |
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Tel. No.: |
91-2137-667300 (Board) Internal Sales 91-2137-667334 (North / Centre) 91-2137-667335 (East / West) 91-2137-667336 (South) |
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Fax No.: |
91-2137-667300 91-2137-667410 (Corporate) 91-2137-667430 (Customer Service) 91-2137-667420 (Sourcing) 91-2137-667440 (Manufacturing) |
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E-Mail : |
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Website : |
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Area : |
15000 Sq. ft. |
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Location : |
Owned |
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Regional Office
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Located at:
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DIRECTORS
As on 30.09.2010
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Name : |
Mr. Anders Fager |
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Designation : |
Managing Director |
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Address : |
Flat No. 5, 5th Floor, Marvel Merlot, S.No.83, Lane D, Off North Main
Road, Koregaon Park, Pune – 411 001, Maharashtra, India |
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Date of Birth/Age : |
30.07.1954 |
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Qualification : |
Mechanical EWngineer |
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Experience : |
36 Years |
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Date of Appointment : |
13.01.2009 |
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DIN No.: |
02481288 |
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Name : |
Mr. Ashok Krishna Hingne |
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Designation : |
Director |
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Address : |
Devchhaya, 1103/A3, Model Colony, Shivaji Nagar, Pune-411016, |
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Date of Appointment : |
20.10.1999 |
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DIN No.: |
00032306 |
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Name : |
Mr. Pavel Hajman |
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Designation : |
Director |
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Address : |
Svedjevagen 2, Fagersta, 73743, |
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Date of Birth/ Age : |
17.05.1965 |
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Date of Appointment : |
30.09.2010 |
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DIN No.: |
02929744 |
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Name : |
Mr. Leif Ake Torbjorn Larsson |
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Designation : |
Director |
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Address : |
The Claymore, 25, |
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Date of Appointment : |
27.05.1996 |
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Date of Ceasing : |
15.03.2010 |
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DIN No.: |
00600901 |
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Name : |
Mr. Thierry Jean – Louis Cros |
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Designation : |
Managing Director |
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Address : |
7, Suyojana Society, |
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Date of Appointment : |
02.06.2001 |
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Date of Ceasing : |
14.01.2009 |
KEY EXECUTIVES
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Name : |
Mr. Robert Stedt |
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Designation : |
General Manager – R and D |
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Name : |
Mr. Christain Faivre |
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Designation : |
General Manager – Quality |
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Name : |
Mr. Pankaj Gangrade |
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Designation : |
General Manager – Sales |
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Name : |
Mr. Johan Lahiri |
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Designation : |
General Manager – Marketing (Implies employed for part of the year) |
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Name : |
Mr. Mayuresh Sadashiv Dhadphale |
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Designation : |
Company Secretary |
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Address : |
Jeevansathi, 16, Hae Housing Society, |
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Date of Appointment : |
01.11.2005 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 30.09.2010
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Names of Shareholders |
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No. of Shares |
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Seco Tools AB (PUBL), SE – 73782, |
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3499965 |
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Pramet Scandininavia SE – 73782, |
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35 |
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Total |
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3500000 |
As on 30.09.2010
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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] |
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100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer and Exporter of Cutting Tools. |
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Products : |
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Exports : |
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Products : |
Cutting Tools |
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Countries : |
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Imports : |
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Products : |
Raw Materials |
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Countries : |
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Terms : |
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Selling : |
Cash |
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Purchasing : |
Cash |
PRODUCTION STATUS (AS ON 31.03.2010)
Installed Capacity (Nos.) – 6246200
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Particulars |
Unit |
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Actual
Production |
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Inserts, Holders and Cutters |
Nos. |
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1650756 |
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Inserts |
Nos. |
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1996971 |
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Holders, Cutters and Spares |
Nos. |
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303187 |
GENERAL INFORMATION
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Customers : |
Wholesalers, Retailers and End Users |
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No. of Employees : |
350 (In Office + In Factory) |
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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 : |
Price Waterhouse Chartered Accountants |
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Address : |
305-307, Century Arcade, 243 – 244, D – 2, |
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Holding Company : |
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Fellow Subsidiaries : |
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CAPITAL STRUCTURE
As on 31.03.2010
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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30000000 |
Equity Shares |
Rs.10/- each |
Rs.300.000 Millions |
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Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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3500000 |
Equity Shares |
Rs.10/- each |
Rs.35.000 Millions |
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NOTE
(All the above shares are held by Seco Tools
AB,
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
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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 |
35.000 |
35.000 |
35.000 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
191.221 |
149.225 |
171.099 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
226.221 |
184.225 |
206.099 |
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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 |
582.846 |
653.669 |
280.570 |
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TOTAL BORROWING |
582.846 |
653.669 |
280.570 |
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DEFERRED TAX LIABILITIES |
13.472 |
2.295 |
1.630 |
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TOTAL |
822.539 |
840.189 |
488.299 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
795.813 |
801.679 |
511.807 |
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Capital work-in-progress |
28.107 |
86.565 |
36.830 |
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INVESTMENT |
0.093 |
0.093 |
0.093 |
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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 |
167.376
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167.142
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218.365 |
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Sundry Debtors |
260.642
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234.974
|
251.191 |
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Cash & Bank Balances |
4.316
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7.627
|
15.395 |
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Other Current Assets |
0.000
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0.000
|
0.000 |
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Loans & Advances |
73.513
|
78.510
|
55.060 |
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Total
Current Assets |
505.847
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488.253
|
540.011 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Sundry Creditors |
462.766
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501.578
|
542.632 |
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Other Current Liabilities |
14.902
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11.029 |
26.579 |
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Provisions |
29.653
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23.794
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31.231 |
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Total
Current Liabilities |
507.321
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536.401
|
600.442 |
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Net Current Assets |
(1.474)
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(48.148)
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(60.431) |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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TOTAL |
822.539 |
840.189 |
488.299 |
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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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Income |
1117.739 |
1073.326 |
1053.344 |
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Other Income |
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TOTAL |
1117.739 |
1073.326 |
1053.344 |
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Less |
EXPENSES |
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|
954.649 |
991.076 |
924.495 |
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Administrative Expenses |
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Advertising Expenses |
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TOTAL |
954.649 |
991.076 |
924.495 |
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PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION |
163.090 |
82.250 |
128.849 |
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Less/ Add |
DEPRECIATION/
AMORTISATION |
91.152 |
97.728 |
88.169 |
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PROFIT BEFORE
TAX |
71.938 |
(15.478) |
40.680 |
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Less |
TAX |
29.943 |
6.396 |
34.542 |
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PROFIT AFTER TAX
|
41.995 |
(21.874) |
6.138 |
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BALANCE CARRIED
TO THE B/S |
188.726 |
146.731 |
6.138 |
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EARNINGS IN
FOREIGN CURRENCY |
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Global Securing Income |
2.874 |
2.914 |
2.245 |
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Global Designing / Project Income /
Reimbursement of Expenses |
15.122 |
18.619 |
2.192 |
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FOB Value of Exports |
316.332 |
287.347 |
152.575 |
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TOTAL EARNINGS |
334.328 |
308.880 |
157.012 |
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IMPORTS |
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Raw Materials |
74.524 |
38.218 |
57.343 |
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Traded Goods |
287.856 |
290.754 |
297.943 |
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Capital Goods |
9.133 |
271.360 |
41.587 |
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Components and Others |
68.391 |
75.914 |
67.137 |
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TOTAL IMPORTS |
439.904 |
676.246 |
464.010 |
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Earnings Per
Share (Rs.) |
12.00 |
(6.25) |
1.75 |
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KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
PAT / Total Income |
(%) |
3.76 |
(2.04)
|
0.58 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
5.53 |
(1.20)
|
3.87 |
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Return on Investment (ROI) (PBT/Networth) |
|
0.32 |
(0.08)
|
0.20 |
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Debt Equity Ratio (Total Liability/Networth) |
|
4.82 |
6.46
|
4.27 |
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Current Ratio (Current Asset/Current Liability) |
|
1.00 |
0.91
|
0.90 |
LOCAL AGENCY FURTHER INFORMATION
OPERATIONS REVIEW:
The year was a buoyant year, recovering from the down turn in the
previous year to a large extent. The Automobile industry and engineering
industry in general are recording excellent growth which has assisted the
company to register higher turnover and profits during the year.
On the support of the parent Company, the exports registered an increase
of about 10% as compared to previous year. Export turnover includes the
compensation received from Parent Company towards the under utilisation of
plant capacity amounting to Rs.40.800 millions (Previous year Rs.68.800
millions)
The increase in turnover coupled with the cost saving measures adopted
by the management has resulted into the Company registering net profit of
Rs.42.000 millions as against loss of Rs.22.000 millions for the previous year.
–
The management believes that the Company needs to augment its production
capacity to meet the projected global demand of its products. Accordingly, the
Company continued with its expansion during the year and an amount Rs.72.500
millions was invested in plant and machinery.
The Company started trial production of mono-block adapters in its EQU
unit during the year.
Further, considering the cost-benefit analysis, it is found advisable
that the present DTA operations of the Company be converted into an Export
Oriented Unit, Suitable steps would be initiated in due course.
The Directors feel that, in the given circumstances, the overall
performance of the Company is satisfactory.
FUTURE OUTLOOK:
All the domestic economic indices have shown a positive and encouraging
trend after September 2009. This trend is expected to continue for a few more
years. However, the recovery in the European market is still not very
encouraging. Since major capacity would be used for exports, its utilisation
would solely depend on the recovery and growth in the European market. The
Company is any way committed to control its costs.
CONTINGENT
LIABILITIES:
|
Particulars |
31.03.2010 (Rs.
in millions) |
|
The Company had imported certain machinery and goods under Advance
License Scheme. Under the aforesaid scheme, the Company was required to
fulfill certain export obligations. The Company is not able to locate certain
records relating to these transactions, in absence of which, the liability on
account of non fulfillment of export obligations, is presently not
ascertainable by the Company. |
Not ascertainable |
|
Short Payment of duty on reimport of goods exported by wrong availment
of Cenvat Credit |
6.352 |
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c. Demand order for Stamp Duty on the Scheme of arrangement |
11.829 |
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d. ABN Amro Bank - First Loss Deficiency Guarantee (FLDG) for Overdraft facility for Dealers of the Company |
10.000 |
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e. Income Tax matter in appeal |
4.795 |
f. The Company had imported certain Plant and Machinery at reduced
customs duty under the Export Promotion Capital Goods (EPCG) Scheme. Under the
scheme, the Company is obliged to export goods aggregating USD 3,466,984
(Previous Year USD 6,087,291) which is equivalent to eight times of the value
of the custom duty saved on the machinery imported.
Given that the amount of customs duty and interest and penalty payable
for non fulfillment of the export obligation is dependent on the exports to be
made by the Company till February, 11, 2017, as at date, the liability, if any,
which may eventually arise, cannot be ascertained.
|
Year of issue |
Export obligation to be fulfilled by |
Unfulfilled export obligation |
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2009-10 |
2008-09 |
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USD |
Rs. in millions |
USD |
Rs. in millions |
||
|
2006-2007 |
2014-2015 |
1187435 |
53.078 |
1187435 |
53.078 |
|
2007-2008 |
2015-2016 |
-- |
-- |
-- |
-- |
|
2008-2009 |
2016-2017 |
1811034 |
83.293 |
4899856 |
225.353 |
|
2009-2010 |
2016-2017 |
468515 |
22.916 |
-- |
-- |
|
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Total |
3466984 |
159.287 |
6087291 |
278.431 |
FIXED ASSETS
- Land (Freehold)
- Building
- Plant and Machinery
- Furniture and Office Equipment
- Computers
- Vehicles
- Goodwill
WEB DETAILS
PROFILE
Subject is a carbide manufacturer and a preferred partner to
many major players in the manufacturing industry.2nd largest manufacturer in
Europe, the Seco Tools Group, with headquarters in
About Holding Company
Their aim is to assist their customers in their strive to improve their environmental performance. Determined hard work has enabled them to obtain ISO 14001 certification for all their productions and distribution units. In practice, this involved in-depth environmental studies, training of employees and clear routines. Seco Tools AB has overall environmental targets aimed at reducing the environmental impact from waste, chemical products, energy consumption and transport. Annual global environmental objectives focus activities on the essential environmental areas. As a result, the environmental impact and the risk of environmental accidents have been reduced. In the development of their products and processes, we take the environment into account. Worn-out inserts and tool holders can obviously be recycled.
All packaging comprising paper, corrugated cardboard, rigid plastics and non-rigid plastics are recycled. Seco Tools AB cooperates closely with suppliers and customers in matters related to the environment. Their Environmental and Quality Department is always willing to assist if questions in environmental matters should arise.
Their certified environmental management system, certified in 2006, has been used to improve their work with environmental issues and to reduce their environmental impact. During 2007 all units in the Seco Tools group were visited in order to monitor results and develop the efficiency of systems.
Development and monitoring of the system continues
during 2008. Among their achievements for the year is the inclusion
of Seco
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.44.30 |
|
|
1 |
Rs.73.90 |
|
Euro |
1 |
Rs.65.57 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
6 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILIRY |
1~10 |
6 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
6 |
|
--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 |
|
50 |
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.