MIRA
INFORM REPORT
|
Report Date : |
26.04.2012 |
IDENTIFICATION DETAILS
|
Name : |
AICHELIN UNITHERM HEAT TREATMENT SYSTEMS INDIA PRIVATE LIMITED |
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Registered
Office : |
101, Laxmi Market, 1st Floor,Vartak Nagar Junction, Pokhran Road. No.
1, Thane West, Thane – 400606, Maharashtra |
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Country : |
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Financials (as
on) : |
31.03.2011 |
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Date of
Incorporation : |
10.02.2010 |
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Com. Reg. No.: |
11-199929 |
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Capital
Investment / Paid-up Capital : |
Rs.55.000 Millions |
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CIN No.: [Company Identification
No.] |
U74900MH2010PTC199929 |
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TAN No.: [Tax Deduction &
Collection Account No.] |
PNEA13022C |
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Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Manufacturer of Industrials Furnace. |
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No. of Employees
: |
245 (Approximately) (In Office + In Factory) |
RATING & COMMENTS
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MIRA’s Rating : |
B (26) |
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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 710000 |
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Status : |
Moderate |
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Payment Behaviour : |
Slow but correct |
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Litigation : |
Clear |
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Comments : |
Subject is a relatively new company having moderate track. The company
has been successful in wiping off the accumulated losses of the previous year.
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
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 – 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 |
INFORMATION PARTED BY
|
Name : |
Mr. Vijay |
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Designation : |
Finance Manager |
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Contact No.: |
91-211-4666628 |
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Date : |
25.04.2012 |
LOCATIONS
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Registered Office / Head Office: |
101, Laxmi Market, 1st Floor, Vartak Nagar Junction, Pokhran Road. No.
1, Thane West, Thane – 400606, Maharashtra, India |
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Tel. No.: |
91-67614848 |
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Fax No.: |
91-25856194 |
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E-Mail : |
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Website : |
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Location : |
Owned |
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Factory : |
Gat No.465,Badhalwadi Road, Near Talegaon MIDC, Navlakh Umbre, Taluka
Maval, Pune 410 507, Maharashtra, India |
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Tel. No.: |
91-211-4666611 |
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Fax No.: |
91-211-4666650 |
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E-Mail : |
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Sales and Services Office: |
Located at ·
Pune · New Delhi ·
Jamshedpur ·
Banglore |
DIRECTORS
As on 29.09.2011
|
Name : |
Mr. Ramnarain Jagannath Bakshi |
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Designation : |
Director |
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Address : |
A/12 Nandanvan Co-Operative Society, S. V. Road, Andheri,
Mumbai – 400 058, Maharashtra, India |
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Date of Birth/Age : |
26.12.1948 |
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Date of Appointment : |
10.02.2010 |
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DIN No.: |
00028880 |
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Name : |
Mr. Aditya Ramnarain Bakshi |
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Designation : |
Director |
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Address : |
A/12 Nandanvan Co-Operative Society, S. V. Road, Andheri,
Mumbai – 400 058, Maharashtra, India |
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Date of Birth/Age : |
09.11.1980 |
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Date of Appointment : |
10.02.2010 |
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DIN No.: |
02595933 |
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Name : |
Mr. Wolfgang Brosche |
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Designation : |
Director |
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Address : |
Gallitzinstrasse 7-13/3/9, Wien, 1160,
Austria |
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Date of Birth/Age : |
21.12.1970 |
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Date of Appointment : |
10.02.2010 |
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DIN No.: |
02769171 |
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Name : |
Mr. Markus Gerhard Reinhold |
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Designation : |
Director |
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Address : |
Rue du Chetelay 8, Courfaivre, 2853, Switzerland |
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Date of Birth/Age : |
15.05.1972 |
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Date of Appointment : |
10.02.2010 |
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DIN No.: |
02785498 |
KEY EXECUTIVES
|
Name : |
Mr. Vijay |
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Designation : |
Finance Manager |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 29.09.2011
|
Names of Shareholders |
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No. of Shares |
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Unitherm Engineers Limited, India |
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2750000 |
|
Aichelin Holding GmbH , Austria |
|
2750000 |
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Total |
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5500000 |
As on 29.09.2011
Equity Share Break up (Percentage of Total Equity)
|
Category |
Percentage |
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Foreign holdings( Foreign institutional investor(s),
Foreign companie(s) Foreign financial institution(s), Non-resident Indian(s)
or Overseas Corporate bodies or Others |
50.00 |
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Bodies corporate |
50.00 |
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Total |
100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer of Industrials Furnace. |
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Products : |
·
Sealed Quench Furnace ·
Chamber Furnace ·
Bainitising Furnace ·
Pusher Type Furnace ·
Rotary Hearth Furnace ·
Ring Hearth Furnace ·
Roller Hearth Furnace ·
Horizontal Sealed Retort Furnace ·
Vertical Pit Type Sealed Retort Furnace ·
Endogas Generator ·
Conveyor Belt T Series Furnace ·
Conveyor Belt Bd Series Furnace ·
Cast Link Conveyor Belt Furnace ·
Aluminium Tower Type Melting Holding Furnace ·
Aluminium Batch (Tilting) Type ·
Aluminium Sand Baking Furnace ·
Aluminium Solutionising and Aging (T6) Furnace ·
Aluminium Vertical Bottom Drop Solutionising
Furnace |
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Exports : |
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Products : |
Industrial Furnace |
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Countries : |
European Country |
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Imports : |
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Products : |
Raw Material |
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Countries : |
European Country |
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Terms : |
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Selling : |
L/C, Cash and Credit |
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Purchasing : |
L/C, Cash and Credit |
GENERAL INFORMATION
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Suppliers : |
·
Carbon Random |
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Customers : |
Wholesalers and Retailers ·
Ashok Leyland ·
MICO Bosch Group ·
Shriram ·
Federal Mogul ·
Mahindra ·
AKFL ·
LMW ·
Bonfiglioli ·
Force Motors ·
JMT Auto ·
Eicher ·
American Axel and Manufacturing ·
Cummins ·
Atlas Copco ·
Sonalika International ·
Telcon ·
Timken ·
Elecon ·
Shanthi Gear ·
Triveni Engineering and Industries Limited ·
Maruti Suzuki ·
KTTM ·
Honda |
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No. of Employees : |
245 (Approximately) (In Office + In Factory) |
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Bankers : |
The Shamrao
Vithal Co-Operative Bank Limited, Shop No. 11 and 12, Sita Vihar, Damani
Estate, L. B. S. Marg, Naupada, Thane(W), Thane - 400602, Maharashtra, India |
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Facilities : |
Notes: (A) Cash Credit
From Shamrao Vitthal Bank Limited (Secured by 1st charge on Inventories and
book debts, Collateral Security of as Land and Building offered by Unitherm
Engineers Limited) (B) Cash Credit
from Shamrao Vithal Bank Limited (Secured by 1st charge on Inventories and
Book debts. Collateral security of Land and Buildings offered by Unitherm
Engineers Limited) |
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Banking
Relations : |
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Auditors : |
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Name : |
JCR and Company Chartered Accountants |
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Address : |
2nd Floor, Raval House, 18th Road, Khar (West), Mumbai – 400052,
Maharashtra, India |
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Tel. No.: |
91-22-42370200 |
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Fax No.: |
91-22-26045229 |
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E-Mail : |
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PAN.: |
AAAFK1518P |
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Sister Concern : |
Unithern Engineering Limited |
CAPITAL STRUCTURE
As on 31.03.2011
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
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|
10000000 |
Equity Shares |
Rs.10/- each |
Rs.100.000 Millions |
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Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
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|
|
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|
5500000 |
Equity Shares |
Rs.10/- each |
Rs.55.000
Millions |
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FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
|
31.03.2011 |
31.03.2010 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
|
55.000 |
55.000 |
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2] Share Application Money |
|
0.000 |
89.959 |
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3] Reserves & Surplus |
|
121.449 |
0.000 |
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4] (Accumulated Losses) |
|
0.000 |
(7.321) |
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NETWORTH |
|
176.449 |
137.638 |
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LOAN FUNDS |
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1] Secured Loans |
|
3.417 |
0.000 |
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2] Unsecured Loans |
|
0.000 |
0.000 |
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TOTAL BORROWING |
|
3.417 |
0.000 |
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DEFERRED TAX LIABILITIES |
|
7.840 |
1.210 |
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TOTAL |
|
187.706 |
138.848 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
|
111.055 |
123.180 |
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Capital work-in-progress |
|
1.574 |
0.000 |
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INVESTMENT |
|
0.000 |
0.000 |
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DEFERREX TAX ASSETS |
|
0.100 |
0.100 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
|
56.267 |
24.717 |
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Sundry Debtors |
|
70.462 |
45.101 |
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Cash & Bank Balances |
|
14.091 |
7.559 |
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Other Current Assets |
|
0.000 |
0.000 |
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Loans & Advances |
|
26.867 |
4.748 |
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Total
Current Assets |
|
167.687 |
82.125 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
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Sundry Creditors |
|
50.663 |
24.968 |
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Other Current Liabilities |
|
38.490 |
45.606 |
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Provisions |
|
6.614 |
0.059 |
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Total
Current Liabilities |
|
95.767 |
70.633 |
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Net Current Assets |
|
71.920 |
11.492 |
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MISCELLANEOUS EXPENSES |
|
3.057 |
4.076 |
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TOTAL |
|
187.706 |
138.848 |
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PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
|
31.03.2011 |
31.03.2010 |
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SALES |
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Turnover (Gross Revenue) |
|
|
0.538 |
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Less |
EXPENSES |
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Office Expenses |
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Administrative Expenses |
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Advertising Expenses |
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NA |
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TOTAL |
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|
6.597 |
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PROFIT BEFORE
TAX |
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|
(6.111) |
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Less |
TAX |
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|
1.210 |
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PROFIT AFTER TAX
|
|
11.361 |
(7.321) |
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Earnings Per
Share (Rs.) |
|
2.07 |
-- |
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Particulars |
|
|
31.03.2012 |
|
Sales Turnover (Approximately) |
|
|
340.000 |
Expected Sales (2012-2013) : Rs.400.000 Millions
The above information has been parted by Mr. Vijay.
KEY RATIOS
|
PARTICULARS |
|
|
31.03.2011 |
31.03.2010 |
|
Return on Total Assets (PBT/Total Assets} |
(%) |
|
NA |
(2.98) |
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Return on Investment (ROI) (PBT/Networth) |
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|
NA |
(0.04) |
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Debt Equity Ratio (Total Liability/Networth) |
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|
0.56 |
0.51 |
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Current Ratio (Current Asset/Current Liability) |
|
|
1.75 |
1.16 |
LOCAL AGENCY FURTHER INFORMATION
Sundry creditors
Details:
(Rs.
In Millions)
|
Particulars
|
|
31.03.2011 |
31.03.2010 |
|
|
|
|
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Sundry Creditors |
|
50.663 |
24.968 |
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Check List by Info Agents |
Available in Report (Yes / No) |
|
1) Year of Establishment |
Yes |
|
2) Locality of the firm |
Yes |
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3) Constitutions of the firm |
Yes |
|
4) Premises details |
No |
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5) Type of Business |
Yes |
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6) Line of Business• |
Yes |
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7) Promoter’s background |
Yes |
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8) No. of employees |
Yes |
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9) Name of person contacted |
Yes |
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10) Designation of contact person |
Yes |
|
11) Turnover of firm for last two years |
Yes |
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12) Profitability for last two years |
Yes |
|
13) Reasons for variation <> 20% |
-- |
|
14) Estimation for coming financial year |
Yes |
|
15) Capital in the business |
Yes |
|
16) Details of sister concerns |
Yes |
|
17) Major suppliers |
Yes |
|
18) Major customers |
Yes |
|
19) Payments terms |
Yes |
|
20) Export / Import details (if applicable) |
Yes |
|
21) Market information |
-- |
|
22) Litigations that the firm / promoter |
-- |
|
23) Banking Details |
Yes |
|
24) Banking facility details |
Yes |
|
25) Conduct of the banking account |
-- |
|
26) Buyer visit details |
-- |
|
27) Financials, if provided |
Yes |
|
28) Incorporation details, if applicable |
Yes |
|
29) Last accounts filed at ROC |
Yes |
|
30) Major Shareholders, if available |
Yes |
Operations:
The working results of the company for the period show a net Profit of Rs.11.361
Millions after meeting all expenses and providing for depreciation and taxation
JOINT VENTURE
AGREEMENT:
Unitherm Engineers
Limited and Aichelin Holding GmbH have entered into a Joint Venture Agreement
to conduct the business of manufacturing and supplying of Heat Treatment
Furnaces. The company has acquired the Heat Treatment Furnace Division of
Unitherm Engineers Limited as a going concern alongwith its net assets, staff
and technical knowhow of the said furnace division under Slump Sale Agreement.
Contingent
Liability:
(Rs.
In Millions)
|
Particulars
|
31.03.2011 |
31.03.2010 |
|
|
|
|
|
Bills Discounted Letters of Credit, Cash
Credit and Bank Guarantees |
3.417 |
11.755 |
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Bankers Charges
Report as per Registry
|
Corporate identity number of the company |
U74900MH2010PTC199929 |
|
Name of the company |
AICHELIN UNITHERM HEAT TREATMENT SYSTEMS INDIA PRIVATE LIMITED |
|
Address of the registered office or of the principal place of business in India of the company |
101, Laxmi Market, 1st Floor, Vartak Nagar Junction, Pokhran Road. No.
1, Thane West, Thane – 400606, Maharashtra, India E-mail: rahul.oza@roedl.com |
|
This form is for |
Creation of charge |
|
Type of charge |
Book debts Movable property (not being pledge) |
|
Particular of charge holder |
The Shamrao Vithal Co-Operative Bank Limited, Shop No. 11 and 12, Sita
Vihar, Damani Estate, L. B. S. Marg, Naupada, Thane(W), Thane - 400602,
Maharashtra, India E-mail : m.g.kalelkar.associates@gmail.com
|
|
Nature of instrument creating charge |
Composite Hypothecation Agreement |
|
Date of instrument Creating the charge |
14.07.2010 |
|
Amount secured by the charge |
Rs.25.000 Millions |
|
Brief of the principal terms an conditions and extent and operation of
the charge |
Rate of Interest Rate of Interest: - @ PLR (-3.25) % p.a. subject to minimum of 11.75%
p.a. or at such other rate, as may be decided by the Bank, from time to time. Margin Margin - 25% Extent and Operation of the charge To secure the due repayment of Cash Credit facility of Rs.25.000
Millions, together with all interest, costs, charges and expenses thereon,
granted by the Bank to the Company. |
|
Short particulars of the property or asset(s) charged (including
complete address and location of the property) |
All, present and future, Stocks of raw materials, goods-in-process of
manufacture and all finished and manufactured goods and articles such as,
fixtures, Copper, Thermo Coupals etc. with all stores All present and future, Book-debts, outstanding monies, receivables,
claims, bills, rights to or in moveable properties and moveable assets of the
Company. |
Fixed Assets:
·
Vehicles
·
Computers
·
Computer Software
·
Machinery
·
Design and Drawings
·
Technical Know-How
Trade References:
· Carbon Random
· Ashok Leyland
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.52.49 |
|
|
1 |
Rs.84.66 |
|
Euro |
1 |
Rs.69.25 |
INFORMATION DETAILS
|
Information Gathered
by : |
PJA |
|
|
|
|
Report Prepared
by : |
BSN |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
2 |
|
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 |
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 |
|
26 |
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.