MIRA
INFORM REPORT
|
Report Date : |
19.05.2011 |
IDENTIFICATION DETAILS
|
Name : |
MIBA DRIVETEC INDIA PRIVATE LIMITED [w.e.f.
24.02.2011] |
|
|
|
|
Formerly Known
As : |
HOERBIGER DRIVE TECHNOLOGY INDIA PRIVATE LIMITED |
|
|
|
|
Registered
Office : |
Gat No.142/2/1, Dingrajwadi, Koregaon Bhima, Tal Shirur, Pune
– 412209, |
|
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|
|
Country : |
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|
|
|
Financials (as
on) : |
31.12.2009 |
|
|
|
|
Date of
Incorporation : |
10.05.2007 |
|
|
|
|
Com. Reg. No.: |
11-130110 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs.20.002 Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U34300PN2007PTC130110 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
PNEH05589D |
|
|
|
|
PAN No.: [Permanent Account No.] |
AABCH8587P |
|
|
|
|
Legal Form : |
Private Limited Liability Company |
|
|
|
|
Line of Business
: |
Manufacturer of steel and friction discs for off-road
vehicles |
|
|
|
|
No. of Employees
: |
Not Available |
RATING & COMMENTS
|
MIRA’s Rating : |
B [27] |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
Maximum Credit Limit : |
USD 50000 |
|
|
|
|
Status : |
Moderate |
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|
|
|
Payment Behaviour : |
Slow but Correct |
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|
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|
Litigation : |
Clear |
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|
Comments : |
Subject is an established company having moderate track. There appears
to be some accumulated losses being recorded by the company. However, trade
relations are fair. Business is active. Payments are reported to be slow but
correct. The company can be considered for business dealings with some
cautions. |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – June 30, 2010
|
Country Name |
Previous Rating (01.04.2010) |
Current Rating (30.06.2010) |
|
|
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
LOCATIONS
|
Registered Office : |
Gat No.142/2/1, Dingrajwadi, Koregaon Bhima, Tal Shirur, Pune
– 412209, |
|
Tel. No.: |
91-21 37 52 516
/ 17 |
|
Fax No.: |
91-21 37 52 518 |
|
E-Mail : |
|
|
Website : |
DIRECTORS
As on 26.04.2010
|
Name : |
Mr. Vijay Shivram Rajwade |
|
Designation : |
Dirrector |
|
Address : |
401, Om Avishkar Sneh Paradise, Near |
|
Date of Birth/Age : |
14.01.1951 |
|
Date of Appointment : |
09.06.2007 |
|
DIN : |
01737712 |
|
|
|
|
Name : |
Mr. Kiran Premchand
Malhotra |
|
Designation : |
Director |
|
Address : |
H-1 / 2A, Hindustan Estate, Kalyani Nagar, Pune – 411014, |
|
Date of Birth/Age : |
14.10.1945 |
|
Date of Appointment : |
10.05.2007 |
|
DIN : |
00008626 |
|
Other Directorship : |
HOerbiger India Private Limited |
|
|
|
|
Name : |
Mr. Bajan Harnam
Singh |
|
Designation : |
Director |
|
Address : |
132, |
|
Date of Birth/Age : |
02.09.1960 |
|
Date of Appointment : |
10.05.2007 |
|
DIN : |
01402951 |
|
|
|
|
Name : |
Mr. Ahmed M. Sahyoun |
|
Designation : |
Director |
|
Address : |
Birnbaumstr.20, |
|
Date of Birth/Age : |
25.02.1966 |
|
Date of Appointment : |
10.05.2007 |
|
DIN : |
02435661 |
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|
|
|
Name : |
Mr. Dagobert George Wagner |
|
Designation : |
Director |
|
Address : |
Sporrberg 9, |
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Date of Birth/Age : |
09.10.1954 |
|
Date of Appointment : |
10.05.2007 |
|
DIN : |
02487496 |
|
|
|
|
Name : |
Mr. Torsten Endres |
|
Designation : |
Nominee Director |
|
Address : |
Wunderburgstrasse 26, Gmundne, 4810, |
|
Date of Birth/Age : |
15.04.1963 |
|
Date of Appointment : |
21.02.2011 |
|
DIN : |
03416162 |
|
|
|
|
Name : |
Mr. Martin Liebl |
|
Designation : |
Nominee Director |
|
Address : |
Gmundneberg 39, Altmuenster,
4813, |
|
Date of Birth/Age : |
05.08.1972 |
|
Date of Appointment : |
21.02.2011 |
|
DIN : |
03416214 |
|
|
|
|
Name : |
Mr. Hannes Moser |
|
Designation : |
Nominee Director |
|
Address : |
Gartenstrasse 6, Gschwandt, 4816, |
|
Date of Birth/Age : |
23.04.1968 |
|
Date of Appointment : |
21.02.2011 |
|
DIN : |
03416898 |
KEY EXECUTIVE
|
Name : |
M R M Associates |
|
Designation : |
Company Secretary |
|
Address : |
First Floor, Dnyan Sudha
Apartments, 77, Vijayanagar Colony, 2147, Sadashiv peth, Pune – 411030, |
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Tel. No.: |
91-20-24325075 / 24320368 / 24324288 |
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E-Mail : |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 26.04.2010
|
Names of Shareholders |
|
No. of Shares |
|
|
|
|
|
Hoerbiger Antriebstechnik
Holding GMBH, Deutschland |
|
2000000 |
|
Hoerbiger India Private Limited, Pune |
|
200 |
|
|
|
|
|
Total |
|
2000200 |
As on 26.04.2010
|
Category |
Percentage |
|
|
|
|
Foreign holdings( Foreign institutional
investor(s), Foreign companie(s) Foreign financial
institution(s), Non-resident Indian(s) or Overseas Corporate bodies or Others |
99.99 |
|
Bodies corporate |
0.01 |
|
|
|
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer of steel and friction discs for off-road
vehicles |
PRODUCTION STATUS As on 31.12.2009
|
Particulars |
Unit |
Installed
Capacity |
Actual
Production |
|
|
|
|
|
|
Friction Discs |
Nos. |
256200 |
270034 |
|
Intermediate Discs |
Nos. |
951600 |
193653 |
|
|
|
|
|
The installed capacity has been certified by
the management and relied upon by the auditors, as it is technical matter.
GENERAL INFORMATION
|
No. of Employees : |
Not Available |
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Bankers : |
Not Available |
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Facilities : |
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Banking Relations
: |
-- |
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Auditors : |
|
|
Name : |
Deloitte Haskins and Sells Chartered Accountant |
|
Address : |
706, B Wing, 7th Floor, ICC Trade Power, |
|
Tel. No.: |
91-20-66244600 |
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Fax No.: |
91-20-66244605 |
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|
|
|
Holding Company : |
Hoerbiger Antriebstechnik
Holding GmbH, Deutschland |
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|
|
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Ultimate Holding Company : |
Hoerbiger Holding AG - |
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Fellow Subsidiary : |
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CAPITAL STRUCTURE
As on 31.12.2009
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
5,000,000 |
Equity Shares |
Rs.10/-each |
Rs.50.000 millions |
|
|
|
|
|
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
2,000,200 |
Equity Shares |
Rs.10/-each |
Rs.20.002 millions |
|
|
|
|
|
|
|
|
|
|
[All the equity shares are held by holding
company Hoerbiger Antriebstechnik
Holding GmbH and its nominees]
[Ultimate Holding Company - Hoerbiger Holding AG –
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
Particulars |
31.12.2009 |
31.12.2008 |
31.12.2007 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
20.002 |
20.002 |
20.002 |
|
|
2] Share Application Money |
0.000
|
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
0.000
|
0.000 |
0.000 |
|
|
4] (Accumulated Losses) |
(7.284) |
(15.745) |
(10.470) |
|
|
NETWORTH |
12.718 |
4.257 |
9.532 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
0.000
|
0.000 |
0.000 |
|
|
2] Unsecured Loans |
27.698 |
39.369 |
23.942 |
|
|
TOTAL BORROWING |
27.698 |
39.369 |
23.942 |
|
|
DEFERRED TAX LIABILITIES |
1.400 |
1.700 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
41.816 |
45.326 |
33.474 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
30.105 |
31.001 |
20.029 |
|
|
Capital work-in-progress |
0.404 |
0.000 |
0.000 |
|
|
CAPITAL ADVANCES |
0.009 |
0.219 |
0.000 |
|
|
|
|
|
|
|
|
INVESTMENT |
0.000
|
0.000 |
0.000 |
|
|
DEFERREX TAX ASSETS |
1.400 |
1.700 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
6.612
|
8.099 |
3.494 |
|
|
Sundry Debtors |
13.910
|
9.567 |
2.321 |
|
|
Cash & Bank Balances |
0.025
|
0.015 |
0.016 |
|
|
Other Current Assets |
0.000
|
0.000 |
0.000 |
|
|
Loans & Advances |
8.814
|
11.879 |
16.762 |
|
Total
Current Assets |
29.361
|
29.560 |
22.593 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
16.682
|
16.249 |
8.864 |
|
|
Other Current Liabilities |
1.757
|
0.662 |
0.173 |
|
|
Provisions |
1.024
|
0.243 |
0.130 |
|
Total
Current Liabilities |
19.463
|
17.154 |
9.167 |
|
|
Net Current Assets |
9.898
|
12.406 |
13.426 |
|
|
|
|
|
|
|
|
MISC. EXPENSES |
0.000 |
0.000 |
0.019 |
|
|
|
|
|
|
|
|
TOTAL |
41.816 |
45.326 |
33.474 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.12.2009 |
31.12.2008 |
31.12.2007 |
|
|
|
|
|
|
|
|
|
|
TOTAL INCOME |
79.816 |
48.267 |
1.974 |
|
|
|
|
|
|
|
|
|
Less |
EXPENSES |
61.383 |
44.954 |
NA |
|
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION |
18.433 |
3.313 |
NA |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES |
4.163 |
4.020 |
NA |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION |
14.270 |
(0.707) |
NA |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION |
4.999 |
4.558 |
NA |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX |
9.271 |
(5.265) |
(10.340) |
|
|
|
|
|
|
|
|
|
Less |
TAX |
0.810 |
0.060 |
0.130 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
|
8.461 |
(5.325) |
(10.470) |
|
|
|
|
|
|
|
|
|
less |
Tax adjusted
earlier year |
0.000 |
(0.050) |
0.000 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
(15.745) |
(10.470) |
0.000 |
|
|
|
|
|
|
|
|
|
|
BALANCE CARRIED
TO THE B/S |
(7.284) |
(15.745) |
(10.470) |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
FOB Value of Export |
0.069 |
0.000 |
0.039 |
|
|
|
Processing Charge |
0.000 |
0.014 |
0.000 |
|
|
TOTAL EARNINGS |
0.069 |
0.014 |
0.039 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
10.082 |
7.815 |
1.397 |
|
|
|
Components & Spares |
0.624 |
0.616 |
0.234 |
|
|
|
Capital Goods |
1.414 |
0.000 |
2.148 |
|
|
TOTAL IMPORTS |
12.120 |
8.431 |
3.779 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
4.23 |
-- |
-- |
|
KEY RATIOS
|
PARTICULARS |
|
31.12.2009 |
31.12.2008 |
31.12.2007 |
|
PAT / Total Income |
(%) |
10.60
|
[11.03] |
[530.39] |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
15.59
|
[8.69] |
[24.26] |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.73
|
[1.24] |
[1.08] |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
3.71
|
13.28 |
3.47 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.51
|
1.72 |
2.46 |
LOCAL AGENCY FURTHER INFORMATION
OPERATIONS AND
FUTURE PROSPECTS :
During the year, the company has earned an income of Rs.79.800 millions as
compared to Rs.48.200 million in the last year and has earned profit before tax
is Rs.9.270 million as compared to loss of Rs.5.265 million in the last year.
The company expects good business and returns in future.
FIXED ASSETS :
- Plant and Machinery
- Furniture and Fixtures
- Data processing Equipments
- Improvements to Leased premises
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.45.08 |
|
|
1 |
Rs.73.34 |
|
Euro |
1 |
Rs.64.30 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
3 |
|
PAID-UP CAPITAL |
1~10 |
4 |
|
OPERATING SCALE |
1~10 |
3 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
3 |
|
--PROFITABILIRY |
1~10 |
3 |
|
--LIQUIDITY |
1~10 |
3 |
|
--LEVERAGE |
1~10 |
3 |
|
--RESERVES |
1~10 |
3 |
|
--CREDIT LINES |
1~10 |
2 |
|
--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 |
|
27 |
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.