MIRA INFORM REPORT
|
Report Date : |
23.08.2012 |
IDENTIFICATION DETAILS
|
Name : |
CONTINENTAL AUTOMOTIVE BRAKE SYSTEMS (INDIA) PRIVATE LIMITED
(w.e.f.04.05.2012) |
|
|
|
|
Formerly Known
As : |
CONTINENTAL RICO HYDRAULIC BRAKES INDIA PRIVATE LIMITED |
|
|
|
|
Registered
Office : |
38, K.M. Stone, Delhi Jaipur Highway, Village Khandsa, Rico Auto
Industries Limited, Gurgaon-122001, Haryana |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as on)
: |
31.03.2011 |
|
|
|
|
Date of
Incorporation : |
03.01.2008 |
|
|
|
|
Com. Reg. No.: |
05-037519 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs. 1013.000 Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U74900HR2008PTC037519 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
RTKC02399F |
|
|
|
|
PAN No.: [Permanent Account No.] |
AADCC2635B |
|
|
|
|
Legal Form : |
Private Limited Liability Company |
|
|
|
|
Line of Business
: |
Manufacturer, Seller and Distributor of Hydraulic Brakes, Servo Brakes
and Parts |
|
|
|
|
No. of Employees
: |
Not Available |
RATING & COMMENTS
|
MIRA’s Rating : |
B (31) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
Maximum Credit Limit : |
USD 1900000 |
|
|
|
|
Status : |
Moderate |
|
|
|
|
Payment Behaviour : |
Slow but correct |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is an established company having moderate track. There appears
some dip in the income of the company during 2011. It has incurred loss
during this year also. Accumulated losses appear to be increasing over years.
However, networth of the company appears good. 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 – June 30, 2012
|
Country Name |
Previous Rating (31.03.2012) |
Current Rating (30.06.2012) |
|
India |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
RBI DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available RBI Defaulters’ list.
EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of
31-03-2012.
LOCATIONS
|
Registered Office : |
38, K.M. Stone, Delhi Jaipur Highway, Village Khandsa, Rico Auto
Industries Limited, Gurgaon-122001, Haryana, India |
|
Tel. No.: |
91-124-4883005 |
|
Fax No.: |
91-124-4883001 |
|
E-Mail : |
DIRECTORS
AS ON 26.09.2011
|
Name : |
Mr. Arvind Kapur |
|
Designation : |
Nominee Director |
|
Address : |
181-C, Western Avenue, Sainik Farms, New Delhi-110062, India |
|
Date of Birth/Age : |
05.07.1950 |
|
Date of Appointment : |
03.01.2008 |
|
Date of Cessation : |
09.03.2012 |
|
DIN No.: |
00096308 |
|
|
|
|
Name : |
Mr. Naresh Kumar Sethi |
|
Designation : |
Nominee Director |
|
Address : |
B-9/11, DLF City, Phase-1, Gurgaon-122001, Haryana, India |
|
Date of Birth/Age : |
28.10.1947 |
|
Date of Appointment : |
03.01.2008 |
|
Date of Cessation : |
09.03.2012 |
|
DIN No.: |
00202498 |
|
|
|
|
Name : |
Mr. Murali Srinivasan |
|
Designation : |
Managing Director |
|
Address : |
B-1/1, 2nd Floor, Vasant Vihar, New Delhi-110057, India |
|
Date of Birth/Age : |
13.10.1963 |
|
Date of Appointment : |
01.07.2009 |
|
DIN No.: |
01582924 |
Other Directorship:
|
S.No. |
CIN/LLPIN |
Name
of the Company/ LLP |
Current
designation of the Director/ Designated Partner |
Date
of appointment at current designation |
Original
date of appointment |
Company/
LLP Status |
Defaulting
status |
|
1 |
U34200HR2007FTC037177 |
CONTINENTAL
AUTOMOTIVE INDIA PRIVATE LIMITED |
Director |
01/09/2007 |
01/09/2007 |
Active |
NO |
|
2 |
U74900HR2008PTC037519 |
CONTINENTAL
AUTOMOTIVE BRAKE SYSTEMS (INDIA) PRIVATE LIMITED |
Managing
director |
01/07/2009 |
05/02/2008 |
Active |
NO |
|
Name : |
Mr. Thomas Greth |
|
Designation : |
Nominee Director |
|
Address : |
Continental Teves Ag and Company OHG, Guericestrabe 7, Frankfurt Main,
Frankfurt-60488, Germany |
|
Date of Birth/Age : |
12.11.1963 |
|
Date of Appointment : |
23.02.2010 |
|
DIN No.: |
02915449 |
KEY EXECUTIVES
|
Name : |
Mr. Vipul Kumar Parakh |
|
Designation : |
Secretary |
|
Address : |
81, Arvind Nagar, Near Agar Road, Ujjain-456001, Madhya Pradesh, India
|
|
Date of Birth/Age : |
16.12.1972 |
|
Date of Appointment : |
04.04.2011 |
|
PAN No.: |
AHQPP5861K |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 26.09.2011
|
Names of Shareholders |
No. of Shares |
|
Continental AG, Germany |
55000000 |
|
Rico Auto India Limited, India |
55000000 |
|
TOTAL
|
110000000 |
AS ON 25.06.2012
|
Names of Allottees |
No. of Shares |
|
Continental Automotive Holding Netherlands B. V., Netherland |
27560000 |
|
TOTAL
|
27560000 |
AS ON 26.09.2011
|
Equity Shares
Break Up |
Percentage of
Holding |
|
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 |
|
Bodies corporate |
50.00 |
|
TOTAL |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer, Seller and Distributor of Hydraulic Brakes, Servo Brakes
and Parts |
||||
|
|
|
||||
|
Products : |
|
PRODUCTION STATUS (AS ON : 31.03.2010)
|
Particulars |
Unit |
Installed
Capacity |
Actual
Production |
|
Booster* |
Pieces |
700000 |
22075 |
|
Tender Master |
Pieces |
700000 |
22075 |
|
Cylinder* |
|
|
|
|
Drum Brake* |
Pieces |
700000 |
35358 |
|
Brake Oil Tank |
Pieces |
-- |
26481 |
|
RVOO (Doblo) |
Pieces |
-- |
1377 |
*The company is manufacturing varying sizes
and quality of booster and drum brakes. The figures represent a mix of such
product range.
GENERAL INFORMATION
|
No. of Employees : |
Not Available |
|
|
|
|
Bankers : |
Not Available |
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
B S R and Company Chartered Accountant |
|
Address : |
Building No.10, 8th Floor, Tower B, DLF Cyber City,
Phase-II, Gurgaon-122002, Haryana, India |
|
PAN No.: |
AAIFB0630K |
|
|
|
|
Joint Venture Company : |
|
|
|
|
|
Enterprises over which joint venturer parties exercise significant
influence : |
|
|
|
|
|
Associates : |
|
CAPITAL STRUCTURE
AFTER 26.09.2011
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
150000000 |
Equity Shares |
Rs.10/- each |
Rs. 1500.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
110000000 |
Equity Shares |
Rs.10/- each |
Rs. 1100.000
Millions |
|
|
|
|
|
AS ON 31.03.2011
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
110000000 |
Equity Shares |
Rs.10/- each |
Rs. 1100.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
101300000 |
Equity Shares |
Rs.10/- each |
Rs. 1013.000
Millions |
|
|
|
|
|
AS ON 26.09.2011
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
150000000 |
Equity Shares |
Rs.10/- each |
Rs. 1500.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
137560000 |
Equity Shares |
Rs.10/- each |
Rs. 1375.600
Millions |
|
|
|
|
|
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 |
1013.000 |
805.000 |
220.000 |
|
|
2] Share Application Money |
0.000 |
65.000 |
0.000 |
|
|
3] Reserves & Surplus |
0.000 |
0.000 |
0.000 |
|
|
4] (Accumulated Losses) |
(518.878) |
(352.668) |
(141.951) |
|
|
NETWORTH |
494.122 |
517.332 |
78.049 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
0.000 |
0.000 |
0.000 |
|
|
2] Unsecured Loans |
0.000 |
0.000 |
116.000 |
|
|
TOTAL BORROWING |
0.000 |
0.000 |
116.000 |
|
|
DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
494.122 |
517.332 |
194.049 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
389.183 |
338.649 |
338.435 |
|
|
Capital work-in-progress |
25.563 |
76.108 |
60.906 |
|
|
|
|
|
|
|
|
INVESTMENT |
0.000 |
0.000 |
0.000 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
28.146
|
37.765 |
28.089 |
|
|
Sundry Debtors |
18.534
|
24.924 |
8.872 |
|
|
Cash & Bank Balances |
33.771
|
58.279 |
29.511 |
|
|
Other Current Assets |
0.000
|
0.000 |
0.000 |
|
|
Loans & Advances |
96.693
|
84.939 |
65.044 |
|
Total
Current Assets |
177.144
|
205.907 |
131.516 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
81.635
|
94.478 |
305.282 |
|
|
Other Current Liabilities |
13.827
|
7.044 |
30.719 |
|
|
Provisions |
2.306
|
1.810 |
0.807 |
|
Total
Current Liabilities |
97.768
|
103.332 |
336.808 |
|
|
Net Current Assets |
79.376
|
102.575 |
(205.292) |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
494.122 |
517.332 |
194.049 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
|
|
SALES |
|
|
|
|
|
|
|
|
109.180 |
|
|
|
|
|
Other Income |
|
|
|
|
|
|
TOTAL |
109.180 |
140.274 |
27.376 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Office Expenses |
|
|
|
|
|
|
Administrative Expenses |
|
|
|
|
|
|
Advertising Expenses |
|
|
|
|
|
|
TOTAL |
275.390 |
350.733 |
(167.852) |
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX |
(166.210) |
(210.459) |
(140.476) |
|
|
|
|
|
|
|
|
|
Less |
TAX |
0.000 |
0.258 |
1.475 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
|
(166.210) |
(210.717) |
(141.951) |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
(352.668) |
(141.951) |
0.000 |
|
|
|
|
|
|
|
|
|
|
BALANCE CARRIED
TO THE B/S |
(518.878) |
(352.668) |
(141.951) |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN FOREIGN
CURRENCY |
|
|
|
|
|
|
|
Sales of Manufactured Goods |
NA |
1.434 |
0.000 |
|
|
TOTAL EARNINGS |
NA |
1.434 |
0.000 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
NA |
60.634 |
22.655 |
|
|
|
Finished Goods |
NA |
47.333 |
0.000 |
|
|
|
Capital Goods |
NA |
38.083 |
179.499 |
|
|
TOTAL IMPORTS |
NA |
146.050 |
202.154 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
(1.75) |
(3.74) |
(6.45) |
|
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KEY RATIOS
|
PARTICULARS |
|
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
PAT / Total Income |
(%) |
(152.23)
|
(150.22) |
(518.52) |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
(29.35)
|
(38.65) |
(29.89) |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
(0.34)
|
(0.41) |
(1.82) |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
0.20
|
0.20 |
5.80 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.81
|
1.99 |
0.39 |
LOCAL AGENCY FURTHER INFORMATION
|
Sr. No. |
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 |
No |
|
5] |
Type of Business |
Yes |
|
6] |
Line of Business |
Yes |
|
7] |
Promoter's background |
Yes |
|
8] |
No. of employees |
No |
|
9] |
Name of person contacted |
No |
|
10] |
Designation of contact
person |
No |
|
11] |
Turnover of firm for last
three years |
Yes |
|
12] |
Profitability for last
three years |
Yes |
|
13] |
Reasons for variation
<> 20% |
----- |
|
14] |
Estimation for coming
financial year |
No |
|
15] |
Capital in the business |
Yes |
|
16] |
Details of sister
concerns |
Yes |
|
17] |
Major suppliers |
No |
|
18] |
Major customers |
No |
|
19] |
Payments terms |
No |
|
20] |
Export / Import details
(if applicable) |
Yes |
|
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 |
Yes |
|
28] |
Incorporation details, if
applicable |
Yes |
|
29] |
Last accounts filed at
ROC |
Yes |
|
30] |
Major Shareholders, if
available |
Yes |
|
31] |
Date
of Birth of Proprietor/Partner/Director, if available |
Yes |
|
32] |
PAN of
Proprietor/Partner/Director, if available |
Yes |
|
33] |
Voter ID No of
Proprietor/Partner/Director, if available |
Yes |
|
34] |
External
Agency Rating, if available |
Yes |
FINANCIAL
The Company has
invested Rs. 499.82 Million INR (Equivalent to 8.33 Million Euro) in Fixed
Assets which includes plant and machinery, Leasehold improvements, office equipments
and vehicles etc.
FIXED ASSETS
- Software
- Leasehold
Improvement
- Furniture and
Fixtures
- Office
Equipments
- Vehicles
- Plant and
Machinery
- Moulds
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. 55.51 |
|
|
1 |
Rs. 87.59 |
|
Euro |
1 |
Rs. 69.14 |
INFORMATION DETAILS
|
Report Prepared
by : |
DPT |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
3 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
4 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
4 |
|
--PROFITABILIRY |
1~10 |
2 |
|
--LIQUIDITY |
1~10 |
4 |
|
--LEVERAGE |
1~10 |
4 |
|
--RESERVES |
1~10 |
2 |
|
--CREDIT LINES |
1~10 |
3 |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
NO |
|
--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 |
|
31 |
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.