MIRA
INFORM REPORT
|
Report Date : |
15.11.2011 |
IDENTIFICATION DETAILS
|
Name : |
NORD DRIVESYSTEMS PRIVATE LIMITED |
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Registered
Office : |
282/2, 283/3 Village Mann, Taluka Mulshi, Adj. Hinjewadi, MIDC Phase
II, Pune – 411 057, |
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Country : |
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Financials (as
on) : |
31.12.2011 |
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Date of
Incorporation : |
21.03.2005 |
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Com. Reg. No.: |
11-020440 |
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Capital
Investment / Paid-up Capital : |
Rs. 97.181 Millions |
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CIN No.: [Company Identification
No.] |
U29130PN2005PTC020440 |
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|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
PNEN04783C |
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Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Manufacturer and Exporter of Geared Motors, Motors, Frequency
Invertors, |
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No. of Employees
: |
60 (Approximately) |
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 216000 |
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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. 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. The company can be consideration 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 – September 30, 2011
|
Country Name |
Previous Rating (30.06.2011) |
Current Rating (30.09.2011) |
|
|
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 |
|
Off-credit |
D |
INFORMATION PARTED BY
|
Name : |
Ms. Shweta Singh |
|
Designation : |
Marketing Executive |
|
Contact No.: |
91-9765490890 |
|
Date : |
05.11.2011 |
LOCATIONS
|
Registered Office/ Factory : |
282/2, 283/3 Village Mann Taluka, Mulshi, Adj Hinjewadi, MIDC Phase
II, Pune – 411 057, |
|
Tel. No.: |
91-20-39801200/39801201/39801203 |
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Mobile No.: |
91-9765490890 (Ms. Shweta Singh - Marketing Executive) |
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Fax No.: |
91-20-39801316/ 39801216 |
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E-Mail : |
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Website : |
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Area : |
650 Sq.ft |
|
Location : |
Owned |
DIRECTORS
As on 30.06.2011
|
Name : |
Mr. Kaushik Roy |
|
Designation : |
Managing Director |
|
Address : |
CD – 232, |
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Date of Birth/Age : |
05.12.1959 |
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Qualification : |
MBA |
|
Experience : |
26 years |
|
Date of Appointment : |
24.06.2010 |
|
DIN No.: |
03141446 |
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|
|
|
Name : |
Mr. Dhanraj Murlidhar Kalbhor |
|
Designation : |
Director |
|
Address : |
Flat No. B-103, Sunder Sankul, S. No. 151/7/51B, Near Magarpatta City,
Hadapsar, Pune – 411007, Maharashtra, India |
|
Date of Birth/Age : |
03.10.1974 |
|
Date of Appointment : |
29.01.2010 |
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DIN No.: |
03012362 |
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|
Name : |
Mr. Hemant Mohindra |
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Designation : |
Director |
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Address : |
202, P4, |
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Date of Birth/Age : |
13.02.1968 |
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Qualification : |
MBA |
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Experience : |
21 years |
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Date of Appointment : |
29.01.2010 |
|
DIN No.: |
02985613 |
KEY EXECUTIVES
|
Name : |
Ms. Shweta Singh |
|
Designation : |
Marketing Executive |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 30.06.2011
|
Names of Shareholders |
|
No. of Shares |
|
Getrie Ebebau Nord GmbH and Company KG ( |
|
9718138 |
|
Ullrich Kuechenmeister |
|
1 |
|
TOTAL |
|
9718139 |
Equity Share Break up (Percentage of Total Equity)
As on 30.06.2011
|
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 |
100.00 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer and Exporter of Geared Motors, Motors, Frequency
Invertors, |
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Products : |
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Exports : |
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Products : |
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Countries : |
European Countries |
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Imports : |
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Products : |
Gear Spares |
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Countries : |
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Terms : |
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Selling : |
L/C, Cash and Credit (30 Days) |
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Purchasing : |
L/C, Cash and Credit (30 Days) |
PRODUCTION STATUS 30.12.2011
|
Particulars |
As at or for the
year ended 31.12.2010 |
|
|
Licensed Capacity |
Per Shift |
NA |
|
Installed Capacity |
Per Shift |
2000 Nos. per month |
|
Particulars |
Unit |
Actual
Production |
|
Gear Boxes |
Nos. |
977 |
|
Geared Motors |
Nos. |
5782 |
|
Motors |
Nos. |
335 |
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TOTAL |
|
7094 |
GENERAL INFORMATION
|
Customers : |
Wholesalers and OEM’s |
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No. of Employees : |
60 (Approximately) |
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Bankers : |
Union Bank of |
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Facilities : |
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Banking
Relations : |
-- |
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Auditors : |
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|
Name : |
Sharad and Company Chartered Accountants |
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Address : |
Gokul Nagar, B, 1184/4, |
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Tel. No.: |
91-20-25535405 / 25535426 |
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Fax No.: |
91-20-25536624 |
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E-Mail : |
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Website : |
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PAN.: |
AAEFS2401C |
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Holding Company: |
Getriebebau Nord GmbH and Company KG |
CAPITAL STRUCTURE
As on 31.12.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
10000000 |
Equity shares |
Rs. 10/- each |
Rs.100.000 millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
9718139 |
Equity Shares |
Rs. 10/-
each |
Rs.97.181
millions |
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|
|
|
|
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.12.2010 |
31.12.2009 |
31.12.2008 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
97.181 |
97.181 |
97.181 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
0.000 |
0.000 |
0.000 |
|
|
4] (Accumulated Losses) |
(43.295) |
(82.351) |
(69.168) |
|
|
NETWORTH |
53.886 |
14.830 |
28.013 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
0.00 |
0.000 |
0.000 |
|
|
2] Unsecured Loans |
130.096 |
190.963 |
229.084 |
|
|
TOTAL BORROWING |
130.096 |
190.963 |
229.084 |
|
|
DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
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TOTAL |
183.982 |
205.793 |
257.097 |
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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] |
185.602 |
204.686 |
214.193 |
|
|
Capital work-in-progress |
0.000 |
0.000 |
6.000 |
|
|
|
|
|
|
|
|
INVESTMENT |
0.000 |
0.000 |
0.000 |
|
|
DEFERREX TAXATION |
15.581 |
30.882 |
26.836 |
|
|
|
|
|
|
|
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CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
110.714
|
109.631
|
87.995 |
|
|
Sundry Debtors |
127.174
|
72.683
|
59.903 |
|
|
Cash & Bank Balances |
9.234
|
25.848
|
59.760 |
|
|
Other Current Assets |
0.000
|
0.000
|
0.000 |
|
|
Loans & Advances |
77.377
|
67.437
|
59.445 |
|
Total
Current Assets |
324.499
|
275.599 |
267.103 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
312.200
|
281.613 |
233.284 |
|
|
Other Current Liabilities |
22.971
|
21.175 |
22.058 |
|
|
Provisions |
6.755
|
3.038 |
2.371 |
|
Total
Current Liabilities |
341.926
|
305.826 |
257.713 |
|
|
Net Current Assets |
(17.427)
|
(30.227)
|
9.390 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.226 |
0.452 |
0.678 |
|
|
|
|
|
|
|
|
TOTAL |
183.982 |
205.793 |
257.097 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.12.2010 |
31.12.2009 |
31.12.2008 |
|
|
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SALES |
|
|
|
|
|
|
|
Income |
|
228.566 |
173.296 |
|
|
|
Other Income |
|
1.627 |
18.942 |
|
|
|
Service Income and Other Income |
|
0.657 |
0.452 |
|
|
|
Exchange Fluctuation |
|
9.140 |
0.000 |
|
|
|
TOTAL (A) |
475.392 |
239.990 |
192.690 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
|
421.034 |
164.824 |
135.280 |
|
|
|
Excise Duty |
|
0.263 |
1.113 |
|
|
|
Personnel Cost |
|
32.559 |
26.550 |
|
|
|
Operating Expenses |
|
30.619 |
28.943 |
|
|
|
Exchange Fluctuations |
|
0.000 |
52.683 |
|
|
|
Preliminary Expenses Written off |
|
0.226 |
0.226 |
|
|
|
Prior Period Adjustments |
|
0.000 |
1.312 |
|
|
|
TOTAL (B) |
421.034
(Including financial expenses and
Depreciation) |
228.491 |
246.107 |
|
|
|
|
|
|
|
|
Less |
PROFIT/LOSS BEFORE INTEREST, TAX, DEPRECIATION AND
AMORTISATION (A-B) (C) |
|
11.499 |
(53.417) |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
|
2.912 |
9.538 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE/LOSS TAX, DEPRECIATION AND
AMORTISATION (C-D) (E) |
|
8.587 |
(62.955) |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
|
25.816 |
30.073 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE/LOSS TAX (E-F) (G) |
54.358 |
(17.229) |
(93.028) |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
15.302 |
(4.045) |
(25.545) |
|
|
|
|
|
|
|
|
|
|
PROFIT/LOSS
AFTER TAX (G-H) (I) |
39.056 |
(13.184) |
(67.483) |
|
|
|
|
|
|
|
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|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
NA |
(69.167) |
(1.537) |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Short Provision for FBT |
NA |
0.000 |
0.147 |
|
|
BALANCE CARRIED
TO THE B/S |
NA |
(82.351) |
(69.167) |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Commission Earnings |
1.407 |
1.627 |
18.942 |
|
|
TOTAL EARNINGS |
1.407 |
1.627 |
18.942 |
|
|
|
|
|
|
|
|
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|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials, Components, parts |
260.028 |
177.681 |
180.866 |
|
|
|
Capital Goods |
0.921 |
0.030 |
0.000 |
|
|
TOTAL IMPORTS |
260.949 |
177.711 |
180.866 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
(4.46) |
(8.47) |
(7.10) |
|
KEY RATIOS
|
PARTICULARS |
|
31.12.2010 |
31.12.2009 |
31.12.2008 |
|
PAT / Total Income |
(%) |
8.22
|
(5.49)
|
(35.02) |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
11.43
|
(7.54)
|
(53.68) |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
10.66
|
(3.59)
|
(19.33) |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
1.01
|
(1.16)
|
(3.32) |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
8.76
|
33.50
|
17.38 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
0.95
|
0.90
|
1.04 |
LOCAL AGENCY FURTHER INFORMATION
|
Check list by Info Agents |
Available in Reports ( Yes/No) |
|
Yes |
|
Yes |
|
Yes |
|
Yes |
|
Yes |
|
Yes |
|
-- |
|
Yes |
|
Yes |
|
Yes |
|
Yes |
|
No |
|
No |
|
No |
|
Yes |
|
Yes |
|
No |
|
Yes |
|
Yes |
|
Yes |
|
-- |
|
-- |
|
Yes |
|
No |
|
-- |
|
-- |
|
No |
|
-- |
|
-- |
|
-- |
NOTE:
Registered office of the company has been shifted from 21, Vedas Centre,
CONTINGENT LIABILITY
|
Particular |
31.12.2010 |
31.12.2009 |
|
Claims against company not acknowledged as debts |
0.000 |
0.000 |
|
Estimated amount of contracts remaining to be executed on Capital Account and not Provided for |
0.000 |
0.000 |
|
Guarantees issued by banks |
6.846 |
2.778 |
|
Corporate Guarantees issued by the company to the customers |
0.507 |
0.297 |
|
P 0 Bo"ndsissued by company to the customs authorities for provisional assessment of imported goods between related party transaction |
60.000 |
60.000 |
FORM 8:
|
Corporate
identity number of the company |
U29130PN2005PTC020440 |
|
Name of the
company |
NORD DRIVESYSTEMS PRIVATE LIMITED |
|
Address of the
registered office or of the principal place of business in |
282/2, 283/3 Village Mann Taluka, Mulshi, Adj Hinjewadi, MIDC Phase
II, Pune – 411 057, |
|
This form is for |
Creation of Charge |
|
Type of charge |
Others |
|
Particular of
charge holder |
Union Bank of |
|
Nature of
instrument creating charge |
Term Loan agreement |
|
Date of
instrument Creating the charge |
28.01.2008 |
|
Amount secured by
the charge |
Rs. 25.000 millions |
|
Brief of the
principal terms an conditions and extent and operation of the charge |
Rate of Interest : The company had taken only non fund based
limit, so this clause is not applicable. Terms of Repayment: As per Due Date Margin: 15% Extent and operation of the Charge: First charge on only painting booth which
comes under the category of plant and machinery situated in the plant. |
|
Short particulars
of the property or asset(s) charged (including complete address and location
of the property) |
Painting Booth which comes under plant and
machinery category situated in the plant |
TRADE REFERENCES
- Harsh Enterprises, Mumbai
- Electro Mech Engineering, Pune
FIXED ASSETS:
- Leasehold Improvements
- Security Cabin
- Furniture and Fitting
- Electrical Installation
- Factory Equipments
- Factory Furniture and Fixture
- Plant and Machinery
- Computers
- Office Equipments
- Motor Vehicles
- Networking and IT Equipment
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.50.08 |
|
|
1 |
Rs.80.36 |
|
Euro |
1 |
Rs.68.83 |
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 |
3 |
|
--LIQUIDITY |
1~10 |
3 |
|
--LEVERAGE |
1~10 |
3 |
|
--RESERVES |
1~10 |
-- |
|
--CREDIT LINES |
1~10 |
2 |
|
--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 |
NO |
|
--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.