1. Summary Information
|
|
|
Country |
India |
|
Company Name |
Manuli Hydraulics India Private Limited |
Principal Name 1 |
Mr. Kuthalingam Kumar |
|
Status |
Moderate |
Principal Name 2 |
Mr. Giuseppe Vuolo |
|
|
|
Registration # |
18-064420 |
|
Street Address |
S. No.1465/2-B, of No.42 (Old No.105), Sriperumbudur Village, Sriperumbudur Taluk, Kanchipuram District – 602105, Tamilnadu, India |
||
|
Established Date |
08.08.2007 |
SIC Code |
-- |
|
Telephone# |
91-44-67130353/ 0354/ 24361029/30 |
Business Style 1 |
Manufacture
|
|
Fax # |
91-44-67130354/ 24361092 |
Business Style 2 |
Sale |
|
Homepage |
Product Name 1 |
Hoses |
|
|
# of employees |
Not Available |
Product Name 2 |
Connectors |
|
Paid up capital |
Rs.17,940,000/- |
Product Name 3 |
Machines |
|
Shareholders |
Foreign holdings – 100% |
Banking |
Axis Bank Limited |
|
Public Limited Corp. |
No |
Business Period |
4 years |
|
IPO |
No |
International Ins. |
-- |
|
Public |
No |
Rating |
B
(27) |
|
Related
Company |
|||
|
Relation
|
Country
|
Company
Name |
-- |
|
Note |
-- |
||
2. Summary
Financial Statement
|
Balance Sheet as of |
31.03.2010 |
(Unit: Indian Rs.) |
|
|
Assets |
Liabilities |
||
|
Current Assets |
37,506,000 |
Current Liabilities |
54,070,000 |
|
Inventories |
28,934,000 |
Long-term Liabilities |
5,961,000 |
|
Fixed Assets |
9,776,000 |
Other Liabilities |
3,772,000 |
|
Deferred Assets |
0,000 |
Total Liabilities |
63,803,000 |
|
Invest& other Assets |
10,992,000 |
Retained Earnings |
0,000 |
|
|
|
Net Worth |
23,405,000 |
|
Total Assets |
87,208,000 |
Total Liab. & Equity |
87,208,000 |
|
Total Assets (Previous Year) |
66,974,000 |
|
|
|
P/L Statement as of |
31.03.2010 |
(Unit: Indian Rs.) |
|
|
Sales |
NA |
Net Profit |
NA |
|
Sales(Previous yr) (Including other Income) |
89,722,000 |
Net Profit(Prev.yr) |
(1,702,000) |
MIRA
INFORM REPORT
|
Report Date : |
18.10.2011 |
IDENTIFICATION DETAILS
|
Name : |
MANULI HYDRAULICS INDIA PRIVATE LIMITED |
|
|
|
|
Registered
Office : |
S. No.1465/2-B, of No.42 (Old No.105), Sriperumbudur Village, Sriperumbudur Taluk, Kanchipuram District – 602105, Tamilnadu |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as
on) : |
31.03.2010 |
|
|
|
|
Date of
Incorporation : |
08.08.2007 |
|
|
|
|
Com. Reg. No.: |
18-064420 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs.17.940
Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U74999TN2007FTC064420 |
|
|
|
|
Legal Form : |
Private Limited Liability Company |
|
|
|
|
Line of Business
: |
Design,
Manufacture and Sale of Hoses, Connectors and Machines |
|
|
|
|
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 94000 |
|
|
|
|
Status : |
Moderate |
|
|
|
|
Payment Behaviour : |
Slow but Correct |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is an established company having moderate track. The company
has been successful in wipping-off the losses of the previous years. Trade
relations are reported as fair. Business is active. Payments are reported to
be slow but correct. The company can be considered for business dealings with some cautions.
Profit and Loss of the company for the current year is not available. |
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 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
LOCATIONS
|
Registered Office : |
S. No.1465/2-B, of No.42 (Old No.105), Sriperumbudur Village, Sriperumbudur Taluk, Kanchipuram District – 602105, Tamilnadu, India |
|
Tel. No.: |
91-44-67130353/ 0354/ 24361029/30 |
|
Fax No.: |
91-44-67130354/ 24361092 |
|
E-Mail : |
daviddenny@manuli-singapore.com.sg k.kumar@manuli.singapore.com.sg kaustuv.chunder@foxmandallittle.com |
|
Website : |
DIRECTORS
(AS ON 30.09.2010)
|
Name : |
Mr. Kuthalingam Kumar |
|
Designation : |
Director |
|
Address : |
C-6, Narumukhai Apartments, 2nd Street, Brindavan Nagar
Extension, Adambakkam, Chennai – 600088, Tamilnadu, India |
|
Date of Birth/Age : |
28.05.1969 |
|
Date of Appointment : |
10.01.2008 |
|
DIN No.: |
|
|
|
|
|
Name : |
Mr. Giuseppe Vuolo |
|
Designation : |
Director |
|
Address : |
VIA Carrozzeria 1, Varses VA 21100 |
|
Date of Birth/Age : |
18.05.1958 |
|
Date of Appointment : |
10.01.2008 |
|
DIN No.: |
01578022 |
|
|
|
|
Name : |
Mr. David Denny |
|
Designation : |
Director |
|
Address : |
20, Ceylon Road, # 04-07, Singapore – 429749 |
|
Date of Birth/Age : |
14.01.1968 |
|
Date of Appointment : |
08.08.2007 |
|
DIN No.: |
01448203 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
(AS ON 30.09.2010)
|
Names of Shareholders |
|
No. of Shares |
|
|
|
|
|
Manuli Venture SRL |
|
9999 |
|
Manuli Rubber Industry SPA |
|
1784001 |
|
|
|
|
|
Total |
|
1794000 |
(AS ON 30.09.2010)
|
Category |
|
Percentage |
|
|
|
|
|
Foreign holdings [Foreign institutional investors, Foreign Companies, Foreign Financial Institutions, Non-resident Indian or Overseas corporate bodies or others] |
|
100.00 |
|
|
|
|
|
Total
|
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Design,
Manufacture and Sale of Hoses, Connectors and Machines |
GENERAL INFORMATION
|
No. of Employees : |
Not Available |
||||||||||||||||||||||||
|
|
|
||||||||||||||||||||||||
|
Bankers : |
· Axis Bank Limited Trishul 3rd Floor Opposite Samartheshwar Temple, Law Garden
Ellisbridge, Ahmedabad - 380006, Gujarat, India · HSBC Bank |
||||||||||||||||||||||||
|
|
|
||||||||||||||||||||||||
|
Facilities : |
|
||||||||||||||||||||||||
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
1Auditors : |
|
|
Name : |
Carvalho Associates Chartered Accountants |
|
Address : |
Flat No. A-1, No.99, 14th Avenue, Harrington Road, Chetpet, Chennai –
600031, Tamilnadu, India |
|
PAN No.: |
AAEFC7520K |
CAPITAL STRUCTURE
(AS ON 30.09.2010)
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
2000000 |
Equity Share |
Rs.10/- each |
Rs.20.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
1794000 |
Equity Share |
Rs.10/- each |
Rs.17.940
Millions |
|
|
|
|
|
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
17.940 |
0.100 |
0.100 |
|
|
2] Share Application Money |
5.465 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
0.000 |
0.000 |
0.000 |
|
|
4] (Accumulated Losses) |
0.000 |
(4.401) |
(2.699) |
|
|
NETWORTH |
23.405 |
(4.301) |
(2.599) |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
0.000 |
0.000 |
0.000 |
|
|
2] Unsecured Loans |
5.961 |
26.096 |
12.671 |
|
|
TOTAL BORROWING |
5.961 |
26.096 |
12.671 |
|
|
DEFERRED TAX LIABILITIES |
0.181 |
0.360 |
0.225 |
|
|
|
|
|
|
|
|
TOTAL |
29.547 |
22.155 |
10.297 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
9.776 |
11.342 |
4.099 |
|
|
Capital work-in-progress |
10.992 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
INVESTMENT |
0.000 |
0.000 |
0.000 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
28.934
|
32.397 |
15.587 |
|
|
Sundry Debtors |
16.488
|
10.532 |
4.374 |
|
|
Cash & Bank Balances |
8.975
|
2.901 |
0.746 |
|
|
Other Current Assets |
0.000
|
0.000 |
0.000 |
|
|
Loans & Advances |
12.043
|
9.802 |
10.014 |
|
Total
Current Assets |
66.440
|
55.632 |
30.721 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditor |
52.586
|
43.564 |
|
|
|
Other Current Liabilities |
1.484
|
0.909 |
|
|
|
Provisions |
3.591
|
0.346 |
0.444 |
|
Total
Current Liabilities |
57.661
|
44.819 |
24.523 |
|
|
Net Current Assets |
8.779
|
10.813 |
6.198 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
29.547 |
22.155 |
10.297 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
|
31.03.2009 |
31.03.2008 |
|
|
|
|
|
|
|
|
TOTAL INCOME |
|
89.722 |
11.724 |
|
Less |
|
|
|
|
|
|
TOTAL EXPENSES |
|
91.182 |
14.195 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS)
BEFORE TAX |
|
(1.460) |
(2.471) |
|
|
|
|
|
|
|
Less |
TAX |
|
0.242 |
0.229 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS)
AFTER TAX |
|
(1.702) |
(2.700) |
|
|
|
|
|
|
|
|
Earnings/ (Loss)
Per Share (Rs.) |
|
(0.95) |
-- |
KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
PAT / Total Income |
(%) |
NA
|
(1.90) |
(23.03) |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
NA
|
(2.18) |
(7.10) |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
NA
|
(0.34) |
(0.95) |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
2.72
|
(16.49) |
(14.31) |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.15
|
1.24 |
1.25 |
LOCAL AGENCY FURTHER INFORMATION
NOTE:
The Registered Office of the company has been shifted from 302, Anna Salai,
Teynampet, Chennai, Tamilnadu, India, to the present address w.e.f.
10.01.2008.
FORM 8:
|
This form is for |
Modification of
charge |
|
Charge
identification number of the modified |
10074940 |
|
Corporate
identity number of the company |
U74999TN2007FTC064420 |
|
Name of the
company |
Manuli Hydraulics
India Private Limited |
|
Address of the
registered office or of the principal place of business in |
302, Anna Salai, Teynampet, Chennai -600006, Tamilnadu, India |
|
Type of charge |
Book Debts Movable Property Others: Stocks |
|
Particular of
charge holder |
Axis Bank Limited Trishul 3rd Floor
Opposite Samartheshwar Temple, Law Garden Ellisbridge, Ahmedabad – 380006,
Gujarat, India CIN No.:
L65110GJ1993PLC020769 Email: poza@utibank.co.in |
|
Nature of
description of the instrument creating or modifying the charge |
1. Deed of
Hypothecation of Machinery and Other Movable Assets 2. Deed of
Hypothecation of Current Assets (Stock and Book Debts) |
|
Date of
instrument Creating the charge |
17.11.2007 |
|
Amount secured by
the charge |
Rs.10.000
Millions |
|
Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest BPLR - 2.50%
(Presently 12.50%) payable monthly Terms of Repayment Tenor 12 months
subject to renewal Margin Not Applicable Extent and
Operation of the charge Overdraft Working
Capital against Bank Guarantee from BANCA POPOLARE Di VERONA SGSP SPA. Enhancement
from Rs.4.000 Millions to Rs.10.000 Millions |
|
Short particulars
of the property charged |
Primary -
Hypothecation of entire current assets of the company. Collateral -
hypothecation of entire movable fixed assets of the company |
|
Particulars of
the present modification |
Enhancement in
working capital limits from Rs.4.000 Millions to Rs.10.000 Millions |
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.48.89 |
|
|
1 |
Rs.77.31 |
|
Euro |
1 |
Rs.67.79 |
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 |
NO |
|
--AFFILIATION |
YES/NO |
NO |
|
--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.