MIRA
INFORM REPORT
|
Report Date : |
23.09.2011 |
IDENTIFICATION DETAILS
|
Name : |
LUMAX CORNAGLIA AUTO TECHNOLOGIES PRIVATE LIMITED |
|
|
|
|
Registered
Office : |
B – 86, Mayapuri Industrial Area, Phase – I, |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as
on) : |
31.03.2010 |
|
|
|
|
Date of
Incorporation : |
14.06.2007 |
|
|
|
|
Com. Reg. No.: |
55-164757 |
|
|
|
|
Capital Investment
/ Paid-up Capital : |
Rs.52.943 Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U31908DL2007PTC164757 |
|
|
|
|
Legal Form : |
Private Limited Liability Company |
|
|
|
|
Line of Business
: |
Manufacture of Automotive Parts, Components Such as Air Intake Systems and Exhaust Systems. |
|
|
|
|
No. of Employees
: |
Not Available |
RATING & COMMENTS
|
MIRA’s Rating : |
B (28) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
Maximum Credit Limit : |
USD 234700 |
|
|
|
|
Status : |
Moderate |
|
|
|
|
Payment Behaviour : |
Slow but correct |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is a joint venture between Lumax Auto Technology Limited and
Cornaglia Mettallurgical Products ( It is an established company having moderate track. Financial position
of the company is improving 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. |
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 / Corporate office : |
B – 86, Mayapuri Industrial Area, Phase – I, |
|
Tel. No.: |
91-11-28111777 |
|
Fax No.: |
91-11-28115779 |
|
E-Mail : |
|
|
Website : |
|
|
|
|
|
Works : |
Plot No.37, W.M.D.C.
Kharabwadi, |
|
Tel. No.: |
91-2135-253987 / 88 / 89 |
|
Mobile No. : |
91-9921039399 (Mr.
Gautam Desai) |
|
E-Mail : |
|
DIRECTORS
As on 22.07.2010
|
Name : |
Mr. Dhanesh Kumar Jain |
|
Designation : |
Director |
|
Address : |
L1/26, Akashneem Marg, |
|
Date of Birth/Age : |
08.11.1942 |
|
Date of Appointment : |
14.06.2007 |
|
DIN No.: |
00085848 |
Other Directorship
|
S.No. |
CIN |
Name of the
Company |
Current
designation of the director |
Date of
appointment at current designation |
Original date of
appointment |
Date of
cessation |
Company Status |
Defaulting
status |
|
1 |
L31909MH1981PLC025519 |
LUMAX AUTO
TECHNOLOGIES LIMITED |
Director |
30-10-81 |
30-10-81 |
- |
Active |
NO |
|
2 |
L74899DL1981PLC012804 |
LUMAX INDUSTRIES
LIMITED |
Managing
director |
01-08-11 |
10-12-81 |
- |
Active |
NO |
|
3 |
U74899DL1995PTC065459 |
LUMAX INVESTMENT
AND FINANCE PRIVATE LIMITED |
Director |
15-02-95 |
15-02-95 |
- |
Amalgamated |
NO |
|
4 |
U34300DL1997PLC087110 |
LUMAX DK AUTO
INDUSTRIES LIMITED |
Director |
07-05-97 |
07-05-97 |
- |
Active |
NO |
|
5 |
U26102HR1981PTC012337 |
LUMAX GLASS
WORKS PRIVATE LIMITED |
Director |
04-06-97 |
04-06-97 |
- |
Dormant |
NO |
|
6 |
U34300TN1997PLC048136 |
SL LUMAX LIMITED |
Director |
08-08-97 |
08-08-97 |
- |
Active |
NO |
|
7 |
U50300DL2003PTC122446 |
LUMAX AUTO PARTS
TRADING PRIVATE LIMITED |
Director |
01-06-06 |
01-06-06 |
- |
Active |
NO |
|
8 |
U31908DL2007PTC164757 |
LUMAX CORNAGLIA
AUTO TECHNOLOGIES PRIVATE LIMITED |
Director |
14-06-07 |
14-06-07 |
- |
Active |
NO |
|
9 |
U70101DL2009PTC196718 |
BACKCOUNTRY
ESTATES PRIVATE LIMITED |
Director |
08-12-09 |
08-12-09 |
- |
Active |
NO |
|
Name : |
Mr. Deepak Jain |
|
Designation : |
Director |
|
Address : |
L1/26, Akashneem Marg, |
|
Date of Birth/Age : |
06.04.1975 |
|
Date of Appointment : |
25.09.2007 |
|
DIN No.: |
00004972 |
Other Directorship
|
S.No. |
CIN |
Name of the
Company |
Current
designation of the director |
Date of
appointment at current designation |
Original date of
appointment |
Date of
cessation |
Company Status |
Defaulting
status |
|
1 |
U34300TN1997PLC048136 |
SL LUMAX LIMITED |
Director |
03-10-00 |
03-10-00 |
05-09-08 |
Active |
NO |
|
2 |
L74899DL1981PLC012804 |
LUMAX INDUSTRIES
LIMITED |
Whole-time
director |
01-02-11 |
01-02-01 |
- |
Active |
NO |
|
3 |
U34300DL1997PLC087110 |
LUMAX DK AUTO
INDUSTRIES LIMITED |
Director |
10-03-03 |
10-03-03 |
- |
Active |
NO |
|
4 |
U74899DL1991PTC044328 |
D AND A
ENTERPRISES PRIVATE LIMITED |
Director |
03-08-04 |
03-08-04 |
- |
Active |
NO |
|
5 |
U99999DL1959PLC176013 |
AUTOMOTIVE
COMPONENT MANUFACTURERS ASSOCIATION OF |
Director |
06-09-07 |
06-09-07 |
- |
Active |
NO |
|
6 |
U31908DL2007PTC164757 |
LUMAX CORNAGLIA
AUTO TECHNOLOGIES PRIVATE LIMITED |
Director |
01-09-08 |
25-09-07 |
- |
Active |
NO |
|
7 |
U70101DL2009PTC196718 |
BACKCOUNTRY
ESTATES PRIVATE LIMITED |
Director |
08-12-09 |
08-12-09 |
- |
Active |
NO |
|
8 |
U74899DL1982PLC013154 |
DEEPAK AUTO
LIMITED |
Director |
30-09-10 |
30-04-10 |
- |
Active |
NO |
|
9 |
U63040DL2008PLC181534 |
Lumax Tours
& Travels Limited |
Director |
01-07-11 |
01-07-11 |
- |
Active |
NO |
|
Name : |
Mr. Anmol Jain |
|
Designation : |
Director |
|
Address : |
L1/26, Akashneem Marg, |
|
Date of Birth/Age : |
29.04.1979 |
|
Date of Appointment : |
14.06.2007 |
|
DIN No.: |
00004993 |
Other Directorship
|
S.No. |
CIN |
Name of the
Company |
Current
designation of the director |
Date of
appointment at current designation |
Original date of
appointment |
Date of
cessation |
Company Status |
Defaulting
status |
|
1 |
L31909MH1981PLC025519 |
LUMAX AUTO
TECHNOLOGIES LIMITED |
Director |
03-04-04 |
03-04-04 |
- |
Active |
NO |
|
2 |
U34300DL1997PLC087110 |
LUMAX DK AUTO INDUSTRIES
LIMITED |
Director |
28-06-04 |
28-06-04 |
- |
Active |
NO |
|
3 |
L74899DL1981PLC012804 |
LUMAX INDUSTRIES
LIMITED |
Whole-time
director |
01-08-11 |
23-07-04 |
- |
Active |
NO |
|
4 |
U74899DL1991PTC044328 |
D AND A
ENTERPRISES PRIVATE LIMITED |
Director |
03-08-04 |
03-08-04 |
- |
Active |
NO |
|
5 |
U31908DL2007PTC164757 |
LUMAX CORNAGLIA
AUTO TECHNOLOGIES PRIVATE LIMITED |
Director |
14-06-07 |
14-06-07 |
- |
Active |
NO |
|
6 |
U63040DL2008PLC181534 |
Lumax Tours
& Travels Limited |
Director |
01-07-11 |
01-07-11 |
- |
Active |
NO |
|
Name : |
Mr. Pier Mario Cornaglia |
|
Designation : |
Director |
|
Address : |
Via Pateri 31, |
|
Date of Birth/Age : |
27.01.1945 |
|
Date of Appointment : |
01.09.2008 |
|
DIN No.: |
01213015 |
Other Directorship
|
S.No. |
CIN |
Name of the
Company |
Current
designation of the director |
Date of
appointment at current designation |
Original date of
appointment |
Date of
cessation |
Company Status |
Defaulting
status |
|
1 |
U28120PN1999PTC133934 |
CORNAGLIA
METALLURGICAL PRODUCTS INDIA PRIVATE LIMITED |
Director |
25-10-99 |
25-10-99 |
- |
Active |
NO |
|
2 |
U31908DL2007PTC164757 |
LUMAX CORNAGLIA
AUTO TECHNOLOGIES PRIVATE LIMITED |
Director |
01-09-08 |
25-09-07 |
- |
Active |
NO |
|
Name : |
Mr. Umberto Cornaglia |
|
Designation : |
Director |
|
Address : |
Strada Della Rovere 10 |
|
Date of Birth/Age : |
05.09.1951 |
|
Date of Appointment : |
25.09.2007 |
|
DIN No.: |
01213009 |
Other Directorship
|
S.No. |
CIN |
Name of the
Company |
Current
designation of the director |
Date of
appointment at current designation |
Original date of
appointment |
Date of
cessation |
Company Status |
Defaulting
status |
|
1 |
U28120PN1999PTC133934 |
CORNAGLIA
METALLURGICAL PRODUCTS INDIA PRIVATE LIMITED |
Director |
25-10-99 |
25-10-99 |
- |
Active |
NO |
|
2 |
U31908DL2007PTC164757 |
LUMAX CORNAGLIA
AUTO TECHNOLOGIES PRIVATE LIMITED |
Director |
01-09-08 |
25-09-07 |
- |
Active |
NO |
|
Name : |
Mr. Stefano Namari |
|
Designation : |
Director |
|
Address : |
Via Giannone 10, Torino – 10121, |
|
Date of Birth/Age : |
20.09.1950 |
|
Date of Appointment : |
25.09.2007 |
|
DIN No.: |
01210719 |
Other Directorship
|
S.No. |
CIN |
Name of the
Company |
Current
designation of the director |
Date of
appointment at current designation |
Original date of
appointment |
Date of
cessation |
Company Status |
Defaulting
status |
|
1 |
U28120PN1999PTC133934 |
CORNAGLIA METALLURGICAL
PRODUCTS INDIA PRIVATE LIMITED |
Director |
25-10-99 |
25-10-99 |
- |
Active |
NO |
|
2 |
U31908DL2007PTC164757 |
LUMAX CORNAGLIA
AUTO TECHNOLOGIES PRIVATE LIMITED |
Director |
01-09-08 |
25-09-07 |
- |
Active |
NO |
KEY EXECUTIVES
|
Name : |
Mr. Guatam Desai |
|
Designation : |
Vice President |
|
|
|
|
Name : |
Mr. Saurabh Jain |
|
Designation : |
Company Secretary |
|
Address : |
B – 7/21 Atam Vallabh Society, Sector – 13, Rohini, |
|
Date of Birth/Age : |
08.02.1982 |
|
Date of Appointment : |
23.07.2008 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 22.07.2010
|
Names of Shareholders |
|
No. of Shares |
|
|
|
|
|
Cornaglia Metallurgical Products India Private Limited, |
|
2647150 |
|
Lumax Auto Technologies Limited, |
|
2647150 |
|
|
|
|
|
Total |
|
5294300 |
List Of Allottes
|
Names of Allottes |
|
No. of Shares
Allotted |
|
|
|
|
|
Lumax Auto Technologies Limited, |
|
153846 |
|
Cornaglia Metallurgical Products India Private Limited, |
|
153846 |
|
|
|
|
|
Total |
|
307692 |
Equity Share Break up (Percentage of Total Equity)
As on 30.07.2010
|
Category |
Percentage |
|
Bodies corporate |
100.00 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacture of Automotive Parts, Components Such as Air
Intake Systems and Exhaust Systems. |
||||||
|
|
|
||||||
|
Products : |
|
PRODUCTION STATUS
As on 31.03.2010
|
Particulars |
Unit |
|
Installed
Capacity |
Actual
Production |
|
Air Intake Systems (AIS) |
Nos. |
|
300000 |
83822 |
|
Clean Air Duct |
Nos. |
|
50000 |
21116 |
|
Element Assemble |
Nos. |
|
50000 |
36505 |
GENERAL INFORMATION
|
No. of Employees : |
Not Available |
|
|
|
|
Bankers : |
|
|
|
|
|
Facilities : |
-- |
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
R Jain and Sanjay Associates Chartered Accountant |
|
Address : |
1378/21, Naiwala, Karol Bagh, |
|
Tel. No.: |
91-11-28753348/ 42542683 |
|
PAN.: |
AAAFR3730L |
|
|
|
|
Joint Ventures : |
|
|
|
|
|
Enterprises Owned or significantly by Key Management Personnel : |
|
CAPITAL STRUCTURE
As on 31.03.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
5500000 |
Equity Shares |
Rs.10/- each |
Rs.55.000 Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
5294300 |
Equity Shares |
Rs.10/- each |
Rs.52.943
Millions |
After 27.09.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
7500000 |
Equity Shares |
Rs.10/- each |
Rs.75.000 Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
5601992 |
Equity Shares |
Rs.10/- each |
Rs.56.020
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 |
52.943 |
52.943 |
27.895 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
5.735 |
0.820 |
0.000 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
(0.697) |
|
|
NETWORTH |
58.678 |
53.763 |
27.198 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
0.000 |
0.000 |
0.000 |
|
|
2] Unsecured Loans |
0.000 |
0.000 |
0.000 |
|
|
TOTAL BORROWING |
0.000 |
0.000 |
0.000 |
|
|
DEFERRED TAX LIABILITIES |
2.056 |
0.484 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
60.734 |
54.247 |
27.198 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
36.082 |
8.178 |
4.602 |
|
|
Capital work-in-progress |
15.129 |
21.185 |
23.612 |
|
|
|
|
|
|
|
|
INVESTMENT |
0.000 |
0.000 |
0.000 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
6.995
|
4.950 |
0.549 |
|
|
Sundry Debtors |
17.126
|
8.439 |
0.084 |
|
|
Cash & Bank Balances |
21.538
|
27.721 |
1.127 |
|
|
Other Current Assets |
0.000
|
0.000 |
0.000 |
|
|
Loans & Advances |
9.959
|
4.316 |
0.911 |
|
Total
Current Assets |
55.618
|
45.426 |
2.671 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
36.361
|
17.777 |
2.216 |
|
|
Other Current Liabilities |
9.501
|
2.545 |
1.500 |
|
|
Provisions |
0.250
|
0.245 |
0.006 |
|
Total
Current Liabilities |
46.112
|
20.567 |
3.722 |
|
|
Net Current Assets |
9.506
|
24.859 |
(1.051) |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.017 |
0.025 |
0.035 |
|
|
|
|
|
|
|
|
TOTAL |
60.734 |
54.247 |
27.198 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
71.456 |
38.775 |
0.080 |
|
|
|
Other Income |
4.003 |
0.271 |
0.000 |
|
|
|
TOTAL (A) |
75.459 |
39.046 |
0.080 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Raw material and Components Consumed |
54.776 |
29.940 |
0.086 |
|
|
|
Personnel Expenses |
6.070 |
3.776 |
0.123 |
|
|
|
Operating and other Expenses |
6.668 |
2.832 |
0.549 |
|
|
|
Increase/ decrease in Inventories |
(0.460) |
(0.143) |
(0.013) |
|
|
|
TOTAL (B) |
67.054 |
36.405 |
0.745 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
8.405 |
2.641 |
(0.665) |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
0.092 |
0.032 |
0.005 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
8.313 |
2.609 |
(0.670) |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
1.062 |
0.495 |
0.021 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
7.251 |
2.114 |
(0.691) |
|
|
|
|
|
|
|
|
|
Less |
TAX (I) |
2.335 |
0.597 |
0.006 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-I) (J) |
4.916 |
1.517 |
(0.697) |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
0.820 |
(0.697) |
0.000 |
|
|
|
|
|
|
|
|
|
|
BALANCE CARRIED
TO THE B/S |
5.735 |
0.820 |
(0.697) |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
0.93 |
0.29 |
(0.25) |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
PAT / Total Income |
(%) |
6.51
|
3.89 |
(871.25) |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
10.15
|
5.45 |
(863.75) |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
7.91
|
3.94 |
(9.50) |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.12
|
0.04 |
(0.03) |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
0.79
|
0.38 |
0.14 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.21
|
2.21 |
0.72 |
LOCAL AGENCY FURTHER INFORMATION
INDIAN ECONOMY AND BUSINESS SCENARIO
Despite the
shadows of global economic crisis
continuing to cast a pall of gloom, current fiscal Markers indicate that the
Indian economy is on the verge of a strong comeback. The fundamentals of the
economy are robust; the positives from recent performance outweigh the
negatives.
In this background,
by the second quarter the Indian economy showed signs of turning; and
registered a GDP growth rate of 7.40% as
compared to 6.7% in the
corresponding previous year.
Similarly, the
Indian Automotive Industry, due to strong linkages of the Industry with the
economy was also impacted with the above said changes in the Economy. However,
the timely stimulus package announced by the Government of India helped the
Industry and economy to recover lost ground. Consequently, the automobiles
production in the year 2009-10 recovered
remarkably registering a growth of 25.76% as compared to the corresponding
previous year
BUSINESS
OPERATIONS AND STATUS OF PROJECTS
In the above
background, the Company also registered a growth of 84.50% during the year
under review by achieving a Sales Turnover (Net of Excise) of Rs.71.400
Millions as against Rs.38.700 Millions in the corresponding previous year.
The Profit Before
Tax (PBT) reported for the current year increased to Rs.7.250 Millions from
Rs.2.114 Millions resulting 242.96% growth as compared to previous year.
Presently, the
Company is supplying Air intake Systems to two leading automobile manufactures
in India viz. TATA and FIAT, however, the Company is in the process of
supplying Air Intake System to two new world renowned Automobile manufacturers
viz. VW and SKODA, making it the single source catering to all the vehicle
platforms of these customers.
In its Endeavour
to increase the scope business and also localization of parts, the Company has
successfully setup a new facility in October, 2009, at Chakan, Pune by shifting
its existing manufacturing operations and to accommodate manufacturing of Air
Intake System and Air Filter Elements locally.
Now, the Company,
in its bid to be a complete System Supplier has also proposed to enter into the
manufacturing of intake Ducts for the same customers, the industrialization for
which will be effected in 2011-12.
FORM 8
|
Corporate identity
number of the company |
U31908DL2007PTC164757 |
|
Name of the
company |
LUMAX CORNAGLIA
AUTO TECHNOLOGIES PRIVATE LIMITED |
|
Address of the
registered office or of the principal place of business in |
B-86, Mayapuri Industrial
Area, Phase -I, e-mail ID : lumaxshare@lumaxmail.com |
|
This form is for |
Creation
of charge |
|
Type of charge |
Movable property
(not being pledge) |
|
Particular of
charge holder |
Volkswagen India
Private Limited, E -1, MIDC Industrial Area Phase III, Village Nigoje
Mhalunge Kharabwadi Chakan Taluka Khed, Pune – 410501, e-mail ID : devendra.malegaonkar@volkswagen.co.in |
|
Nature of
instrument creating charge |
Deed of Charge on
tools dated 21.12.2009 |
|
Date of
instrument Creating the charge |
21.12.2009 |
|
Amount secured by
the charge |
Rs.5.175 Millions
|
|
Brief of the
principal terms an conditions and extent and operation of the charge |
Rate of interest As mutually
agreed Terms of repayment As per Deed of
Charge on Tools. Margin Nil Extent and operation of the charge Volkswagen India Private
Limited has a first and 100% charge on the material, tools, jigs purchased by
Lumax Cornaglia Auto Technologies Private Limited for
manufacturing/development of tool/s ordered by Volkswagen India Private
Limited. |
|
Short particulars
of the property or asset(s) charged (including complete address and location
of the property) |
Materials, Tools,
Jigs purchased and lying in the premises of Lumax Cornaglia Auto Technologies
Private Limited for manufacturing/development of tools ordered by Volkswagen
India Private Limited. |
FIXED ASSETS
- Plant and Machinery
- Office Equipment
- Furniture and Fixture
- Computer
- Bins and Crates
- Leasehold Improvement
- Tools and Dies
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.48.82 |
|
|
1 |
Rs.75.48 |
|
Euro |
1 |
Rs.66.10 |
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 |
4 |
|
--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 |
|
28 |
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.