%20PRIVATE%20LIMITED%20-%20155616%2003-Oct-2011_files/image002.jpg){kind=small}
MIRA
INFORM REPORT
|
Report Date : |
03.10.2011 |
IDENTIFICATION DETAILS
|
Name : |
CONTINENTAL AUTOMOTIVE COMPONENTS ( |
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Formerly Known
As : |
SIEMENS VDO AUTOMOTIVE COMPONENTS PRIVATE LIMITED |
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Registered
Office : |
Plot No. 53B, Bommasandra Industrial Area, Attibele Hobli, Anekal
Taluk, Bangalore-560099, Karnataka |
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Country : |
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Financials (as
on) : |
31.12.2010 |
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Date of
Incorporation : |
15.06.2007 |
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Com. Reg. No.: |
08-043146 |
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Capital
Investment / Paid-up Capital : |
Rs.2830.100 Millions |
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CIN No.: [Company Identification
No.] |
U29200KA2007PTC043146 |
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Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Manufacturing and Trading of instrumentation products, sensors and
other allied components for the automobile industry. |
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No. of Employees
: |
Not Available |
RATING & COMMENTS
|
MIRA’s Rating : |
B (29) |
|
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 5400000 |
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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. Trade relations are reported
as fair. Business is active. Payments are reported to be slow. The company can be considered for business dealing with some caution. |
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) |
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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 : |
Plot No. 53B, Bommasandra Industrial Area, Attibele Hobli, Anekal
Taluk, Bangalore-560099, Karnataka, India |
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Tel. No.: |
91-80-66115100 |
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Fax No.: |
91-80-66115115 |
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E-Mail : |
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Website : |
DIRECTORS
As on 30.06.2011
|
Name : |
Mr. Claude D Gama Rose |
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Designation : |
Director |
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Address : |
Flat No. 111, The Embassy No. 15, Ali Askar Road, Bangalore-560052,
Karnataka, India |
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Date of Birth/Age : |
29.10.1956 |
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Qualification : |
B.Com, ICWA |
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Date of Appointment : |
01.01.2010 |
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DIN No.: |
01494440 |
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Other
Directorship :
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Name : |
Mr. Achim Michael Braun |
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Designation : |
Director |
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Address : |
2-98, Forest Manor, |
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Date of Birth/Age : |
20.02.1969 |
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Date of Appointment : |
28.06.2010 |
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DIN No.: |
02949419 |
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Name : |
Mr. Jay Kelly Kunkel |
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Designation : |
Director |
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Address : |
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Date of Birth/Age : |
18.11.1959 |
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Date of Appointment : |
02.11.2009 |
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DIN No.: |
02812190 |
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Name : |
Mr. Carsten Pfuhl |
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Designation : |
Director |
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Address : |
Room No.705 Building No.6, Lane 1068, |
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Date of Birth/Age : |
27.02.1976 |
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Date of Appointment : |
29.03.2010 |
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DIN No.: |
02950152 |
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KEY EXECUTIVES
|
Name : |
Mr. Srinvasaiah Govindappa |
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Designation : |
Secretary |
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Address : |
No. 12, Subbaiah Lane, Murugeshpalya Hal Road, Bangalore-560017,
Karnataka, India |
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Date of Birth/Age : |
08.12.1965 |
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Date of Appointment : |
24.01.2008 |
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MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 30.06.2011
|
Names of Shareholders |
|
No. of Shares |
|
Continental Automotive GMBH, |
|
283009999 |
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Cas One Holding |
|
1 |
|
Total |
|
283010000 |
As on 30.06.2011
Equity Share Break up (Percentage of Total Equity)
|
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 : |
Manufacturing and Trading of instrumentation products, sensors and
other allied components for the automobile industry. |
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Products : |
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PRODUCTION STATUS
As on 31.12.2010
|
Particulars |
Unit |
Licensed
Capacity |
Actual
Production |
|
Instrumentation
products |
Nos |
4280.300 |
1158.640 |
|
Sensors and actuators |
Nos |
2909.520 |
1492.847 |
|
Fuel
supply products |
Nos |
562.800 |
471.359 |
|
Speed
sensors |
Nos |
2242.890 |
1135.542 |
|
Vehicle
body and security products |
Nos |
1710.000 |
834.012 |
|
Power
steering products |
Nos |
564.000 |
421.815 |
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Others |
Nos |
258.000 |
75.403 |
GENERAL INFORMATION
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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 : |
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Name : |
BSR and Company Chartered Accountant |
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Address : |
Maruthi Info-Tech Centre, 11-12/1, |
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Tel. No.: |
91-80-39806000 |
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Fax No.: |
91-80-39806999 |
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PAN.: |
AAAFB9852F |
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Ultimate Holding Company: |
Continental AG, |
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Holding Company : |
Continental Automotive |
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Associates/Subsidiaries : |
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CAPITAL STRUCTURE
As on 31.03.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
300000000 |
Equity Shares |
Rs.10/- each |
Rs. 3000.000 Millions |
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Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
283010000 |
Equity Shares |
Rs.10/- each |
Rs. 2830.100
Millions |
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|
|
|
|
Of the above 283,009,999 (Previous year: 283,009,999)
equity shares of Rs.10 each fully paid up, are held by Continental Automotive
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 |
2830.100 |
2830.100 |
1830.100 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
0.000 |
0.000 |
0.000 |
|
|
4] (Accumulated Losses) |
(1466.215) |
(1123.679) |
(522.299) |
|
|
NETWORTH |
1363.885 |
1706.421 |
1307.801 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
726.439 |
0.000 |
0.000 |
|
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2] Unsecured Loans |
777.407 |
670.600 |
1345.847 |
|
|
TOTAL BORROWING |
1503.846 |
670.600 |
1345.847 |
|
|
DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
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TOTAL |
2867.731 |
2377.021 |
2653.648 |
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APPLICATION OF FUNDS |
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|
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FIXED ASSETS [Net Block] |
2686.616 |
2197.523 |
2271.882 |
|
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Capital work-in-progress |
323.717 |
659.619 |
111.504 |
|
|
|
|
|
|
|
|
INVESTMENT |
0.000 |
0.000 |
0.000 |
|
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DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
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|
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CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
398.645
|
398.645
|
514.743 |
|
|
Sundry Debtors |
655.396
|
655.396
|
466.636 |
|
|
Cash & Bank Balances |
25.863
|
25.863
|
3.887 |
|
|
Other Current Assets |
6.063
|
6.063
|
22.714 |
|
|
Loans & Advances |
306.622
|
306.622
|
198.137 |
|
Total
Current Assets |
2072.626
|
1392.589 |
1206.117 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
1774.668
|
1627.603
|
905.012 |
|
|
Other Current Liabilities |
375.966
|
203.854
|
0.000 |
|
|
Provisions |
64.594
|
41.253
|
30.843 |
|
Total
Current Liabilities |
2215.228
|
1872.71 |
935.855 |
|
|
Net Current Assets |
(142.602)
|
(480.121)
|
270.262 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
2867.731 |
2377.021 |
2653.648 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.12.2010 |
31.12.2009 |
31.12.2008 |
|
|
|
SALES |
|
|
|
|
|
|
|
Turnover |
6912.270 |
4091.350 |
2397.130 |
|
|
|
Total Income |
6912.270 |
4091.350 |
2397.130 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
TOTAL |
7254.810 |
4690.620 |
2865.440 |
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX |
(342.540) |
(599.270) |
(468.310) |
|
|
|
|
|
|
|
|
|
Less |
TAX |
-- |
2.112 |
10.43 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
|
(342.536) |
(601.380) |
(478.74) |
|
|
|
|
|
|
|
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|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
(1123.680) |
(522.300) |
(43.55) |
|
|
|
|
|
|
|
|
|
|
BALANCE CARRIED
TO THE B/S |
(1466.216) |
(1123.680) |
(522.29) |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Export Earnings |
190.123 |
108.566 |
99.273 |
|
|
|
Service revenue |
577.357 |
443.766 |
283.838 |
|
|
TOTAL EARNINGS |
767.480 |
552.332 |
383.111 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
16.033 |
22.926 |
17.199 |
|
|
|
Component and Spar Parts |
2081.371 |
844.750 |
547.437 |
|
|
|
Capital Goods including technical know how |
685.173 |
720.084 |
351.970 |
|
|
TOTAL IMPORTS |
2782.577 |
1587.76 |
916.606 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
(1.21) |
(2.12) |
(0.17) |
|
KEY RATIOS
|
PARTICULARS |
|
31.12.2010 |
31.12.2009 |
31.12.2008 |
|
PAT / Total Income |
(%) |
(4.96)
|
(14.70)
|
(19.97) |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
NA
|
(16.70)
|
(13.46) |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
NA
|
(0.36) |
(0.02) |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
2.73
|
1.49 |
1.74 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
0.94
|
0.74 |
1.29 |
LOCAL AGENCY FURTHER INFORMATION
Background
Subject
was incorporated on 15 June 2007 as a private limited company under the
provisions of the Companies Act, 1956, ('the Act1) with its
registered office in
Fixed Assets:
v
v Plant and Machinery
v Tools, Jigs and
Moulds
v Computers
v Furniture and
Fixtures
v Office Equipment
v Vehicles
v Goodwill
v Technical Kno-how
v Lease Benefit
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.48.92 |
|
|
1 |
Rs.76.51 |
|
Euro |
1 |
Rs.66.64 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
3 |
|
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 |
3 |
|
--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 |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
29 |
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.