MIRA
INFORM REPORT
|
Report Date : |
21.10.2011 |
IDENTIFICATION DETAILS
|
Name : |
VALEO ENGINE AND ELECTRICAL SYSTEMS INDIA PRIVATE LIMITED [w.e.f.
02.06.2010] |
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|
|
|
Formerly Known
As : |
VALEO MINDA ELECTRICAL SYSTEMS INDIA PRIVATE LIMITED |
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Registered
Office : |
Block A, Tecci Park, No. 285, Rajiv Gandhi Salai (OMR Road), Sholinganallur,
Chennai-600119, Tamilnadu |
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Country : |
India |
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Financials (as
on) : |
31.03.2010 |
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Date of
Incorporation : |
04.07.2007 |
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Com. Reg. No.: |
18-081836 |
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Capital
Investment / Paid-up Capital : |
Rs.742.050
Millions |
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|
|
|
CIN No.: [Company Identification
No.] |
U31908TN2007PTC081836 |
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|
TAN No.: [Tax
Deduction & Collection Account No.] |
DELV07716C |
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Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Manufacturer of Starter Motors and Alternators. |
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No. of Employees
: |
500 [Approximately] |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (47) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 620000 |
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|
Status : |
Satisfactory |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Subject is a joint venture between Valeo and Minda Group. Available
information indicates high financial responsibility of the promoters.
However, the company continues to incur initial losses. It’s payments are reported as correct and as per commitments. The company can be considered normal for business dealings at usual
trade terms and conditions. on merits.
|
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 : |
Meenakshi |
|
Designation : |
Finance Controller |
|
Contact No.: |
91-44-66235000 |
|
Date : |
20.10.2011 |
LOCATIONS
|
Registered Office : |
Block A, Tecci Park, No. 285, Rajiv Gandhi Salai (OMR Road),
Sholinganallur, Chennai-600119, Tamilnadu, India |
|
Tel. No.: |
91-44-66235000 |
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Fax No.: |
Not Available |
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E-Mail : |
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Website : |
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Location : |
Owned |
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Factory : |
Plot No 744, 745 and 24, Village Lonikand, Taluka Haveli, Pune-412216,
Maharashtra, India |
DIRECTORS
As on 27.09.2010
|
Name : |
Claude Paul Marie Gislain Leichle |
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Designation : |
Director |
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Date of Appointment : |
09.12.2008 |
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Din No.: |
02294104 |
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Other Directorship:
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Name : |
Mr. Anil Kumar Kaul |
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Designation : |
Managing Director |
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Date of Birth/Age : |
15.09.1961 |
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Name : |
Mr. Dhamodharan Raju Perumalsamy |
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Designation : |
Director |
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Name : |
Mr. Richard Soniveret |
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Designation : |
Director |
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KEY EXECUTIVES
|
Name : |
Meenakshi |
|
Designation : |
Finance Controller |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 27.09.2010
|
Names of Shareholders |
|
No. of Shares |
|
Valeo Bayen, France |
|
99830795 |
|
Equipment II |
|
74205 |
|
|
|
|
|
Total |
|
99905000 |
As on 27.09.2010
|
Equity Share Breakup |
|
Percentage of Holding |
|
Category |
|
|
|
Foreign holdings [Foreign institutional investors, Foreign Companies, Foreign Financial Institutions, Non-resident Indian or Overseas corporate bodies or others] |
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer of Starter Motors and Alternators. |
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Products : |
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Terms : |
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Selling : |
Depend |
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Purchasing : |
Depend |
PRODUCTION STATUS (AS ON 31.03.2009)
|
Particulars |
Unit |
Licensed
Capacity * |
Installed
Capacity ** |
Actual
Production |
|
Alternators |
Nos. |
900000 |
900000 |
15514 |
|
Starter Motors |
Nos. |
900000 |
900000 |
14582 |
Note:
·
* Exempted from the
licensing provision of the Industries (Development and Regulation) Act, 1951,
in terms of notification No. S.O. 447 (E) dated July 25, 1991. Prescribed Memoranda,
for the purpose of record, have been filed with Secretarial for Industrial
Assistance (SIA), Ministry of Commerce and Industry, Government of India. The
capacity indicated is a disclosed in the respective memoranda.
·
** Determined on double
shift basis as certified by management and relled upon by the auditors, being a
technical matter.
GENERAL INFORMATION
|
Customers : |
End Users and OEM’s |
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No. of Employees : |
500 [Approximately] |
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Bankers : |
State Bank of India, Chennai, Tamilnadu, India |
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Facilities : |
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Banking
Relations : |
-- |
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Auditors : |
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|
Name : |
Price Waterhouse Coopers Chartered Accountants |
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Address : |
Mutha Towers, Suite 8, Second Floor, Airport Road, Yerwada,
Pune-411006, Maharashtra, India |
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Pan No.: |
AAEFP3641G |
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|
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Holding Company: |
Valeo Bayen, France |
CAPITAL STRUCTURE
As on 31.03.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
100000000 |
Equity Shares |
Rs.10/- each |
Rs.1000.000 Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
74205000 |
Equity Shares |
Rs.10/- each |
Rs.742.050
Millions |
Note: Out of the above equity shares 49470000 equity
shares (previous year 41070000) of Rs.10 each fully paid to are held by Valeo Bayen,
France, holding company.
After 27.09.2010
Authorised Capital : Rs.1790.000 Millions
Issued, Subscribed & Paid-up Capital : Rs.1428.050
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 |
742.050 |
616.000 |
216.000 |
|
|
2] Share Application Money |
0.000 |
104.000 |
150.000 |
|
|
3] Reserves & Surplus |
0.000 |
0.000 |
0.000 |
|
|
4] (Accumulated Losses) |
(586.900) |
(370.656) |
0.000 |
|
|
NETWORTH |
155.150 |
349.344 |
366.000 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
0.000 |
0.000 |
0.000 |
|
|
2] Unsecured Loans |
502.603 |
403.993 |
0.000 |
|
|
TOTAL BORROWING |
502.603 |
403.993 |
0.000 |
|
|
DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
657.753 |
753.337 |
366.000 |
|
|
|
|
|
|
|
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APPLICATION OF FUNDS |
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|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
584.530 |
505.518 |
7.942 |
|
|
Capital work-in-progress |
23.919 |
82.517 |
181.773 |
|
|
|
|
|
|
|
|
INVESTMENT |
0.000 |
0.000 |
0.000 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
267.290
|
137.759 |
30.672 |
|
|
Sundry Debtors |
251.889
|
117.529 |
0.498 |
|
|
Cash & Bank Balances |
4.858
|
46.836 |
165.571 |
|
|
Other Current Assets |
0.000
|
0.000 |
0.000 |
|
|
Loans & Advances |
186.305
|
145.031 |
28.240 |
|
Total
Current Assets |
710.342
|
447.155 |
224.981 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
641.930
|
267.538 |
117.371 |
|
|
Other Current Liabilities |
9.200
|
9.904 |
8.812 |
|
|
Provisions |
9.908
|
4.411 |
2.917 |
|
Total
Current Liabilities |
661.038
|
281.853 |
129.100 |
|
|
Net Current Assets |
49.304
|
165.302 |
95.881 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
OTHER |
0.000 |
0.000 |
80.404 |
|
|
|
|
|
|
|
|
TOTAL |
657.753 |
753.337 |
366.000 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
1272.403 |
696.958 |
NA |
|
|
|
Other Income |
41.723 |
5.241 |
NA |
|
|
|
TOTAL (A) |
1314.126 |
702.199 |
NA |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Material (Including traded goods) |
1145.322 |
684.580 |
|
|
|
|
Employees Cost |
95.130 |
73.825 |
|
|
|
|
Operating and Other Expenses |
169.957 |
173.727 |
|
|
|
|
Project Development Expenditure |
0.000 |
68.731 |
|
|
|
|
TOTAL (B) |
1410.409 |
1000.863 |
|
|
|
|
|
|
|
|
|
Less |
PROFIT
/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
(96.283) |
(298.664) |
|
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
38.348 |
34.654 |
|
|
|
|
|
|
|
|
|
|
|
PROFIT
/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
(134.631) |
(333.318) |
|
|
|
|
|
|
|
NA |
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
81.612 |
35.838 |
|
|
|
|
|
|
|
|
|
|
|
PROFIT / (LOSS)
BEFORE TAX (E-F) (G) |
(216.243) |
(369.156) |
|
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
0.000 |
1.500 |
|
|
|
|
|
|
|
|
|
|
|
PROFIT / (LOSS)
AFTER TAX (G-H) (I) |
(216.243) |
(370.656) |
|
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
(370.656) |
0.000 |
|
|
|
|
|
|
|
|
|
|
|
BALANCE CARRIED
TO THE B/S |
(586.899) |
(370.656) |
|
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
0.000 |
0.575 |
0.000 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
201.906 |
118.033 |
2.980 |
|
|
|
Capital Goods |
27.043 |
213.586 |
0.000 |
|
|
|
Traded Goods |
957.985 |
512.466 |
27.760 |
|
|
TOTAL IMPORTS |
1186.934 |
844.085 |
30.740 |
|
|
|
|
|
|
|
|
|
|
Earnings / Loss
Per Share (Rs.) |
(3.04) |
(8.91) |
NA |
|
|
Particulars |
|
|
31.03.2011 |
|
Sales Turnover [Approximately] |
|
|
2420.000 |
The above information has been parted by Meenakshi.
KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
PAT / Total Income |
(%) |
(16.45)
|
(52.79) |
NA |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
(16.99)
|
(52.97) |
NA |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
(16.70)
|
(38.75) |
NA |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
(1.39)
|
(1.06) |
NA |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
7.50
|
1.96 |
0.35 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.07
|
1.59 |
1.74 |
LOCAL AGENCY FURTHER INFORMATION
NOTE: The
registered office of the company has been shifted from 14 A and B, Hansalaya Building,
15, Barakhamba Road, New Delhi-110001, India to the present address w.e.f.
18.07.2011.
DETAILS OF SUNDRY CREDITORS:
|
Particulars |
31.03.2010 (Rs. in millions) |
31.03.2009 (Rs. in millions) |
31.03.2008 (Rs. in millions) |
|
Sundry Creditors |
|
|
|
|
Due to micro and
small enterprises |
0.000 |
0.005 |
0.000 |
|
Due to creditors
other than micro and small enterprises |
641.930 |
267.533 |
117.371 |
|
Total |
641.930 |
267.538 |
117.371 |
|
Check List by
Info Agents |
Available in
Report (Yes / No) |
|
1) Year of Establishment |
Yes |
|
2) Locality of the firm |
Yes |
|
3) Constitutions of the firm |
Yes |
|
4) Premises details |
Yes |
|
5) Type of Business |
Yes |
|
6) Line of Business |
Yes |
|
7) Promoter’s background |
-- |
|
8) No. of employees |
Yes |
|
9) Name of person contacted |
Yes |
|
10) Designation of contact person |
Yes |
|
11) Turnover of firm for last three years |
Yes |
|
12) Profitability for last three years |
-- |
|
13) Reasons for variation <> 20% |
No |
|
14) Estimation for coming financial year |
No |
|
15) Capital in the business |
No |
|
16) Details of sister concerns |
No |
|
17) Major suppliers |
No |
|
18) Major customers |
No |
|
19) Payments terms |
-- |
|
20) Export / Import details (if applicable) |
-- |
|
21) Market information |
-- |
|
22) Litigations that the firm / promoter involved in |
-- |
|
23) Banking Details |
Yes |
|
24) Banking facility details |
Yes |
|
25) Conduct of the banking account |
-- |
|
26) Buyer visit details |
-- |
|
27) Financials, if provided |
No |
|
28) Incorporation details, if applicable |
-- |
|
29) Last accounts filed at ROC |
-- |
|
30) Major Shareholders, if available |
-- |
FIXED ASSETS:
·
Leasehold Improvements
·
Plant and Machinery
·
Computer Hardware
·
Furniture and Office Equipments
·
Vehicles
·
Computer Software
·
Technical Knowhow
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 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.49.71 |
|
|
1 |
Rs.78.09 |
|
Euro |
1 |
Rs.68.05 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
6 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILIRY |
1~10 |
- |
|
--LIQUIDITY |
1~10 |
6 |
|
--LEVERAGE |
1~10 |
6 |
|
--RESERVES |
1~10 |
6 |
|
--CREDIT LINES |
1~10 |
5 |
|
--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 |
|
47 |
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.