MIRA
INFORM REPORT
|
Report Date : |
20.05.2011 |
Note: Correct name of the company is Emitec Emission
Control Technologies India Private Limited
IDENTIFICATION DETAILS
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Name : |
EMITEC EMISSION CONTROL TECHNOLOGIES INDIA PRIVATE LIMITED |
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Registered
Office : |
Plot No. 4, S. No. 275/276/282/283, Village Maan, Taluka Mulshi,
Pune-411057, Maharashtra |
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Country : |
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Financials (as
on) : |
31.03.2010 |
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Date of
Incorporation : |
15.07.2005 |
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Com. Reg. No.: |
11-21027 |
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Capital
Investment / Paid-up Capital : |
Rs.208.000
Millions |
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CIN No.: [Company Identification
No.] |
U29299PN2005PTC021027 |
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IEC No.: |
3105007954 |
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TAN No.: [Tax Deduction &
Collection Account No.] |
PNEE01739D |
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Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Manufacturer and Exporter of Auto Spares |
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No. of Employees
: |
100 (Approximately) |
RATING & COMMENTS
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MIRA’s Rating : |
B (33) |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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Maximum Credit Limit : |
USD 730000 |
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Status : |
Moderate |
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Payment Behaviour : |
Slow but correct |
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Litigation : |
Clear |
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Comments : |
Subject is an established company having moderate track records. There
appears some accumulated losses recorded by the company. However, trade
relations are reported as fair. Business is active. Payments are reported to
be slow but correct. The company can be considered for small to mediocre 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.
INFORMATION PARTED BY
|
Name : |
Mr. Ashish |
|
Designation : |
Accountant |
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Contact No.: |
91-20-39114800 |
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Date : |
19.05.2011 |
LOCATIONS
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Registered Office/Factory : |
Plot No. 4, S. No. 275/276/282/283, Village Maan, Taluka Mulshi,
Pune-411057, Maharashtra, India |
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Tel. No.: |
91-20-39114800 |
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Fax No.: |
91-20-39114999 |
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E-Mail : |
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Website : |
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Area : |
5000 sq. ft. (Rented) |
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Overseas Office:
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Located At: |
DIRECTORS
As on 19.08.2010
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Name : |
Mr. Christopher Francis Dias |
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Designation : |
Managing Director |
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Address : |
6 Manali Apartments, 421 B, |
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Date of Birth/Age : |
31.12.1953 |
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Date of Appointment : |
25.07.2005 |
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Name : |
Mr. Wolfgang N Maus |
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Designation : |
Director |
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Address : |
Gut Horst Bergisch, |
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Date of Birth/Age : |
19.03.1946 |
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Date of Appointment : |
30.06.2006 |
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Name : |
Mr. Andreas J Aumueller |
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Designation : |
Director |
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Address : |
EIBENWFG 7, |
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Date of Birth/Age : |
30.03.1965 |
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Date of Appointment : |
30.06.2006 |
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Name : |
Mr. Brijmohan T Kataria |
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Designation : |
Director |
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Address : |
7, Mahindra Colony, 121, |
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Date of Birth/Age : |
31.03.1940 |
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Date of Appointment : |
25.07.2005 |
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Name : |
Mr. Reck Alfred |
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Designation : |
Director |
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Address : |
Kollenbacher, Strasse 3 A, |
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Date of Birth/Age : |
18.01.1952 |
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Date of Appointment : |
25.07.2005 |
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Name : |
Mr. Martin J Kohn |
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Designation : |
Director |
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Address : |
Parseval STR 41, Sankt August In, |
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Date of Birth/Age : |
25.06.1969 |
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Date of Appointment : |
25.07.2005 |
KEY EXECUTIVES
|
Name : |
Mr. Ashish |
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Designation : |
Accountant |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 19.08.2010
|
Names of Shareholders |
No. of
Preferences Shares |
No. of Equity
Shares |
|
Christopher Francis Dias |
|
1 |
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Emitec Gesellschaft Fur |
|
9999999 |
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Emitec Gesellschaft Fur |
10800000 |
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Total |
10800000 |
10000000 |
As on 19.08.2010
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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] |
|
99.99 |
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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 and Exporter of Auto Spares |
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Products : |
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Exports : |
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Products : |
Auto Spares |
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Countries : |
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Imports : |
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Products : |
Raw Material |
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Countries : |
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Terms : |
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Selling : |
L/C / Cash / Credit (30 days / 60 days / 90 days) |
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Purchasing : |
L/C / Cash / Credit (30 days / 60 days / 90 days) |
PRODUCTION STATUS (AS ON 31.03.2010)
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Particulars |
Installed
Capacity (Nos.) |
Actual
Production (Units) |
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Metallic Substrates |
5000000 |
3762202 |
GENERAL INFORMATION
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Customers : |
End Users and OEM’s |
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No. of Employees : |
100 (Approximately) |
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Bankers : |
State Bank of |
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Facilities : |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
Price Waterhouse and Company Chartered Accountant |
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Address : |
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Holding Company: |
Emitec Gesellschaft Fur Emissionstechnologie mbH |
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Associates/Subsidiaries : |
Emitec Produktion Lohmar GmbH and Company KG |
CAPITAL STRUCTURE
As on 31.03.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
10000000 |
Equity Shares |
Rs.10/- each |
Rs.100.000 Millions |
|
12000000 |
Preferences Shares |
Rs.10/- each |
Rs.120.000 Millions |
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Total |
|
Rs.220.000
Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
10000000 |
Equity Shares |
Rs.10/- each |
Rs.100.000
Millions |
|
10800000 |
Preferences Shares |
Rs.10/- each |
Rs.108.000
Millions |
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|
Total |
|
Rs.208.000 Millions |
Note:
The shares are redeemable at face value
anytime after 1 year from the date of issue i.e. January 29, 2007 in one slot
or in tranches but not later than January 28, 2027. No redemption has been made
during the year.
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2010 (12 Months) |
31.03.2009 (15 Months) |
31.12.2007 |
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|
SHAREHOLDERS FUNDS |
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1] Share Capital |
208.000 |
208.000 |
208.000 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
0.000 |
0.000 |
0.000 |
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4] (Accumulated Losses) |
(24.912) |
(80.250) |
(47.220) |
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NETWORTH |
183.088 |
127.750 |
160.780 |
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LOAN FUNDS |
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1] Secured Loans |
124.150 |
115.566 |
124.572 |
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2] Unsecured Loans |
0.000 |
0.000 |
0.000 |
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TOTAL BORROWING |
124.150 |
115.566 |
124.572 |
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DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
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TOTAL |
307.238 |
243.316 |
285.352 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
170.293 |
174.200 |
136.985 |
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Capital work-in-progress |
1.873 |
0.479 |
61.181 |
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INVESTMENT |
0.000 |
0.000 |
16.642 |
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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 |
81.489
|
69.898 |
47.059 |
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Sundry Debtors |
82.722
|
34.415 |
40.763 |
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Cash & Bank Balances |
8.559
|
1.328 |
1.331 |
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Other Current Assets |
0.206
|
0.094 |
0.000 |
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Loans & Advances |
28.355
|
18.998 |
14.211 |
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Total
Current Assets |
201.331
|
124.733 |
103.364 |
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|
Less : CURRENT
LIABILITIES & PROVISIONS |
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Sundry Creditors |
60.079
|
52.489 |
23.740 |
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Other Current Liabilities |
3.617
|
2.596 |
7.918 |
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Provisions |
2.563
|
1.011 |
1.162 |
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Total
Current Liabilities |
66.259
|
56.096 |
32.820 |
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Net Current Assets |
135.072
|
68.637 |
70.544 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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TOTAL |
307.238 |
243.316 |
285.352 |
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PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2010 (12 Months) |
31.03.2009 (15 Months) |
31.12.2007 |
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SALES |
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Income |
438.192 |
288.313 |
196.921 |
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PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION |
98.404 |
15.632 |
31.270 |
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Less/ Add |
DEPRECIATION/
AMORTISATION |
39.345 |
48.091 |
25.909 |
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PROFIT BEFORE
TAX |
59.059 |
(32.459) |
5.361 |
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Less |
TAX |
3.720 |
0.572 |
0.520 |
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PROFIT AFTER TAX
|
55.339 |
(33.031) |
4.841 |
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EARNINGS IN
FOREIGN CURRENCY |
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Metallic Substrates |
92.065 |
46.329 |
0.457 |
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IMPORTS |
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Raw Materials |
127.497 |
138.163 |
86.621 |
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Stores & Spares |
3.541 |
1.801 |
1.228 |
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Capital Goods |
30.410 |
7.194 |
80.180 |
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TOTAL IMPORTS |
161.448 |
147.158 |
168.029 |
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Earnings Per
Share (Rs.) |
5.53 |
(3.30) |
NA |
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Particulars |
|
|
31.03.2011 |
|
Sales Turnover (Approximately) |
|
|
500.000 |
Expected Sales (2011-12) : Rs.750.000 Millions
The above information has been parted by Mr. Ashish.
KEY RATIOS
|
PARTICULARS |
|
31.03.2010 (12 Months) |
31.03.2009 (15 Months) |
31.12.2007 |
|
Return on Total Assets (PBT/Total Assets} |
(%) |
15.89
|
(10.86) |
2.23 |
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Return on Investment (ROI) (PBT/Networth) |
|
0.32
|
(0.25) |
0.03 |
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Debt Equity Ratio (Total Liability/Networth) |
|
1.04
|
1.34 |
0.98 |
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Current Ratio (Current Asset/Current Liability) |
|
3.04
|
2.22 |
3.15 |
LOCAL AGENCY FURTHER INFORMATION
Details of Sundry Creditors:
|
Particulars |
31.03.2010 (12 Months) (Rs. in
Millions) |
31.03.2009 (15 Months) (Rs. in
Millions) |
31.12.2007 (Rs. in
Millions) |
|
Sundry Creditors |
|
|
|
|
Outstanding dues of
creditors other than micro enterprises and small enterprises |
60.079 |
52.489 |
23.740 |
Note: The
registered office of the company has been shifted from to 6, Manali Apartments,
421 B,
Bankers Charges
Report as per Registry
|
This form is for |
Modification of
charge |
|
Charge
identification number of the modified |
80036530 |
|
Corporate
identity number of the company |
U29299PN2005PTC021027 |
|
Name of the
company |
EMITEC EMISSION
CONTROL TECHNOLOGIES INDIA PRIVATE LIMITED |
|
Address of the
registered office or of the principal place of business in |
Plot No. 4, S. No. 275/276/282/283, Village Maan, Taluka Mulshi,
Pune-411057, Maharashtra, India |
|
Type of charge |
Book Debts Movable Property
(not being pledge) |
|
Particular of
charge holder |
State Bank of |
|
Email |
|
|
Nature of
description of the instrument creating or modifying the charge |
1) Supplemental
Agreement of Loan for Increase in the overall Limit 2) Supplemental
Agreement of Hypothecation of Goods and Assets for Increase in the overall
Limit 3) Letter
regarding the grant of Individual Limits within the overall Limit (All the
Agreements constitute a single modification) |
|
Date of
instrument Creating the charge |
26.06.2009 |
|
Amount secured by
the charge |
Rs.287.100
Millions |
|
Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest Demand Cash
Credit (Stock & Book-Debts) - at SBAR i.e.12.25% p.a. with monthly rests
or the rate as may be prescribed by the Bank from time to time. New Term Loan -
0.50% above SBAR min.@12.75% p.a. with monthly rests or as may be prescribed
by the Bank from time to time. Terms of Repayment
As per Agreement Margin Raw Material 25%, Stocks in Process 40%, Finished Goods
33.33%, Book-Debts/Receivables (90 days) 40%, New Term Loan
35.16% Extent and
Operation of the charge The charge on
Hypothecated assets continues till full repayment of Loan. Details of
Facilities (Rs. in Millions) - DCC(Stocks and
Book-debts) 6, Term Loan 7.21,
New Term Loan 7.50, Letter of Credit 4, Bank Guarantee 4, Total Rs.287.100
Millions. |
|
Short particulars
of the property charged |
Primary Security -
Hypothecation of Company's Entire Current Assets of the Company. Collateral
Security - Extension of Hypothecation Charge over existing/proposed fixed
assets of the Company(present and
future) |
|
Date of latest
modification prior to the present modification |
21.08.2007 |
|
Particulars of
the present modification |
The limit
extended upto Rs.287.100 Millions. Now, the Facility Structure stands as (Rs. in Millions) - DCC(Stocks and Book-debts) 6, Term Loan 7.21, New Term Loan 7.50, Letter of Credit 4,
Bank Guarantee 4. The Charge on Hypothecated Assets was extended to secure
the total facilities availed by the Company. |
Fixed Assets
·
Plant and Machinery
·
Furniture, Fittings and
Office Equipment
·
Data Processing Equipment
·
Vehicles
·
Computer Software
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] 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.44.98 |
|
|
1 |
Rs.72.68 |
|
Euro |
1 |
Rs.64.16 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
4 |
|
OPERATING SCALE |
1~10 |
4 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
4 |
|
--PROFITABILIRY |
1~10 |
3 |
|
--LIQUIDITY |
1~10 |
4 |
|
--LEVERAGE |
1~10 |
3 |
|
--RESERVES |
1~10 |
3 |
|
--CREDIT LINES |
1~10 |
3 |
|
--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 |
|
33 |
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 |
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This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.