MIRA
INFORM REPORT
|
Report Date : |
02.04.2012 |
IDENTIFICATION DETAILS
|
Name : |
AUTOLIV INDIA PRIVATE LIMITED |
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Registered
Office : |
Survey No.80/3, |
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Country : |
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Financials (as
on) : |
31.03.2011 |
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Date of
Incorporation : |
05.10.2000 |
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Com. Reg. No.: |
55-108041 |
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Capital
Investment / Paid-up Capital : |
Rs. 50.113 Millions |
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CIN No.: [Company Identification
No.] |
U343000DL2000PTC108041 |
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Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Manufacturer
and exporter of Seat belts Automobile Accessories. |
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No. of Employees
: |
600 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (53) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 3927000 |
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Status : |
Good |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Subject is an established company having good track. Financial
position of the company appears to be good. Trade relations are reported as
fair. Business is active. Payments are reported to be regular and as per
commitments. The company can be considered normal for business dealings at usual
trade terms and conditions. |
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) |
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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
|
Registered Office : |
Survey No.80/3, |
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Tel. No.: |
91-80-27971250/51/53/54/55/57/30601300 |
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Fax No.: |
91-80-30601430 |
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E-Mail : |
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Website : |
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Corporate Office / Head Office
/ Factory / Plant : |
16,Visvekwaraiah Industrial Estate, 1st Main Road, Off
Whitefield Road, Mahadevapura, Bangalore -560048, Karnataka, India |
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Tel. No.: |
91-80-30586300 / 6267 |
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Fax No.: |
91-80-30586302 |
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E-Mail : |
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Factory 2 : |
Plot 203, Sector 4, IMT, Manasar Gurgaon-122050, |
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Tel. No.: |
91-124-4768700 |
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Fax No.: |
91-124-4768724 |
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Factory 3 : |
Shed No.76/78 SIDCO Industrial Estate, Thirumazhisai Poonamalle Taluk,
Thiruvallur, Chennai-602107, |
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Tel. No.: |
91-44-26811847 |
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Fax No.: |
91-44-26844846 |
DIRECTORS
As on 30.09.2011
|
Name : |
Mr. Sven Gunnar Dahlen |
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Designation : |
Director |
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Address : |
Unit 21 A, Orchid Tower SOI, Sukhumvit 8, |
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Date of Birth/Age : |
27.05.1946 |
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Date of Appointment : |
05.10.2000 |
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DIN No.: |
01116498 |
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Other Directorship:
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Name : |
Mr. Lars Axel Sjobring |
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Designation : |
Nominee Director |
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Address : |
Brunnsgrand 3, |
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Date of Birth/Age : |
11.12.1967 |
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Date of Appointment : |
30.09.2009 |
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DIN No.: |
01999909 |
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Other Directorship:
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Name : |
Mr. Suresh Nandagopal |
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Designation : |
Nominee Director |
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Address : |
# 145, Prestige Ozone, Whitefield, Bangalore-560 006, |
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Date of Birth/Age : |
14.01.1970 |
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Date of Appointment : |
15.09.2010 |
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DIN No.: |
03245760 |
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KEY EXECUTIVES
|
Name : |
Mr. Nagaraju Lade |
|
Designation : |
Secretary |
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Address : |
Flat B302,SJR Spencer Apartment ,Aswath Nagar, Varthur Main Road,
Marathahalli, Bangalore -5600037, Karnataka. |
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Date of Birth/Age : |
15.07.1966 |
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Date of Appointment : |
19.06.2009 |
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Pan No. : |
ABZPN6225A |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 30.09.2011
|
Names of Shareholders |
|
No. of Shares |
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|
5011283 |
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Autoliv East Europe AB, |
|
01 |
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Autoliv Asia ROH Company Limited, |
|
01 |
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TOTAL |
|
5011285 |
Equity Share Break up (Percentage of Total Equity)
As on 30.09.2011
|
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 Seat belts Automobile Accessories. |
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Products : |
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PRODUCTION STATUS
As on 31.03.2011
|
Particulars |
Unit |
Installed
Capacity |
Actual
Production |
|
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Automotive Seatbelts |
Nos. |
12565890 |
12808419 |
|
Airbags |
Nos. |
2671760 |
685448 |
|
Steering Wheel |
Nos. |
340000 |
50042 |
GENERAL INFORMATION
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No. of Employees : |
600 (Approximately) |
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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 : |
S.R. Batlibol and Company Chartered Accountant |
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Address : |
12th /13th Floor, UB City, |
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PAN.: |
AALFSO506L |
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Holding Company : |
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Ultimate Holding
Company : |
Autoliv, Inc., |
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Fellow subsidiaries
: |
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CAPITAL STRUCTURE
As on 31.03.2011
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
6000000 |
Equity Share |
Rs.10/- Each |
Rs.60.000 Millions |
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Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
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|
|
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|
5011285 |
Equity Share |
Rs.10/- Each |
Rs.50.113
Millions |
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Of the
above -
(i)
5,011,283 (Prevoius Year: 2,511,783)
are held by
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
50.113 |
50.113 |
25.118 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
931.743 |
638.009 |
284.249 |
|
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
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NETWORTH |
981.856 |
688.122 |
309.367 |
|
|
LOAN FUNDS |
|
|
|
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|
1] Secured Loans |
0.000 |
0.000 |
0.000 |
|
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2] Unsecured Loans |
209.167 |
66.133 |
244.925 |
|
|
TOTAL BORROWING |
209.167 |
66.133 |
244.925 |
|
|
DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
|
|
Share Capital Pending Allotment (Amalgamation) |
0.000 |
0.000 |
24.995 |
|
|
|
|
|
|
|
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TOTAL |
1191.023 |
754.255 |
579.287 |
|
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|
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|
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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] |
349.240 |
244.291 |
173.506 |
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Capital work-in-progress |
329.544 |
20.923 |
46.891 |
|
|
|
|
|
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INVESTMENT |
0.000 |
0.000 |
0.000 |
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DEFERREX TAX ASSETS |
23.052 |
19.484 |
0.000 |
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|
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CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
456.157
|
420.420
|
190.659
|
|
|
Sundry Debtors |
603.569
|
410.860
|
378.884
|
|
|
Cash & Bank Balances |
65.278
|
101.015
|
108.522
|
|
|
Other Current Assets |
0.017
|
0.005
|
0.970
|
|
|
Loans & Advances |
480.720
|
453.372
|
294.925
|
|
Total
Current Assets |
1605.741
|
1385.672
|
973.960
|
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
1016.770
|
763.841 |
536.149 |
|
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Other Current Liabilities |
76.480
|
69.899 |
67.473 |
|
|
Provisions |
23.204
|
82.375 |
11.448 |
|
Total
Current Liabilities |
1116.454
|
916.115 |
615.070 |
|
|
Net Current Assets |
489.287
|
469.557
|
358.890
|
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
1191.023 |
754.255 |
579.287 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
4694.108 |
3897.240 |
2410.088 |
|
|
|
Other operating Income |
|
63.255 |
20.557 |
|
|
|
Other Income |
|
72.816 |
66.347 |
|
|
|
TOTAL (A) |
4694.108 |
4033.311 |
2496.992 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
|
4304.393 |
343.911 |
81.859 |
|
|
|
Raw Material Consumed |
|
2592.825 |
1730.560 |
|
|
|
Personnel Expenses |
|
260.504 |
201.767 |
|
|
|
Operating and Other Expenses |
|
359.967 |
500.698 |
|
|
|
Increase in Inventories |
|
(32.911) |
(13.790) |
|
|
|
TOTAL (B) |
4304.393
(Including Financial and Depreciation ) |
3524.296 |
2501.094 |
|
|
|
|
|
||
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
509.015 |
(4.102) |
||
|
|
|
|
|
||
|
Less |
FINANCIAL
EXPENSES (D) |
12.308 |
12.711 |
||
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
|
496.707 |
(16.813) |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
|
78.546 |
75.753 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
389.714 |
418.161 |
(92.566) |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
95.980 |
75.842 |
5.570 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
293.734 |
342.319 |
(98.136) |
|
|
|
|
|
|
|
|
|
|
PRIOR PERIOD
ITEMS |
0.000 |
(11.440) |
25.694 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
523.699 |
169.939 |
(54.833) |
|
|
|
|
|
|
|
|
|
Add |
TRANSFER
AS PER SCHEME OF AMALGAMATION |
0.000 |
0.000 |
348.602 |
|
|
|
|
|
|
|
|
|
|
BALANCE CARRIED
TO THE B/S |
817.433 |
523.699 |
169.939 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
F.O.B. value of Exports |
58.220 |
46.782 |
47.191 |
|
|
|
Engineering Income |
59.915 |
56.714 |
0.000 |
|
|
TOTAL EARNINGS |
118.135 |
103.496 |
47.191 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Traded Goods |
148.566 |
134.415 |
93.140 |
|
|
|
Raw Materials |
1394.097 |
1516.093 |
856.370 |
|
|
|
Capital Goods |
143.788 |
55.795 |
33.128 |
|
|
TOTAL IMPORTS |
1686.451 |
1706.303 |
982.638 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
58.61 |
94.75 |
(191.04) |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
PAT / Total Income |
(%) |
6.26
|
8.49
|
(3.93) |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
NA
|
10.73
|
(3.84) |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
19.93
|
25.65
|
(7.75) |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.40
|
0.61
|
(0.30) |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
1.35
|
1.43
|
2.77 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.44
|
1.51
|
1.58 |
LOCAL AGENCY FURTHER INFORMATION
Nature of Operations
Subject was incorporated on October 15, 2000. The Company is
a subsidiary company of
FIXED ASSETS
- Leasehold
Improvements
- Plant and
Machinery
- Computers
- Electrical
Fittings
- Furniture and
Fittings
- Office
Equipments
- Vehicles
- Intangible
Assets
Computers
Software
Technical Know how
Patents
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.51.15 |
|
|
1 |
Rs.81.79 |
|
Euro |
1 |
Rs.68.34 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILIRY |
1~10 |
6 |
|
--LIQUIDITY |
1~10 |
6 |
|
--LEVERAGE |
1~10 |
6 |
|
--RESERVES |
1~10 |
6 |
|
--CREDIT LINES |
1~10 |
6 |
|
--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 |
|
53 |
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.