MIRA
INFORM REPORT
|
Report Date : |
12.01.2012 |
IDENTIFICATION DETAILS
|
Name : |
FAURECIA EMISSIONS CONTROL TECHNOLOGIES INDIA PRIVATE LIMITED [w.e.f.
06.05.2010] |
|
|
|
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Formerly Known
As : |
EMCON TECHNOLOGIES INDIA PRIVATE LIMITED |
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Registered
Office : |
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Country : |
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Financials (as
on) : |
31.03.2011 |
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Date of
Incorporation : |
11.04.1997 |
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Com. Reg. No.: |
18-037962 |
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Capital
Investment / Paid-up Capital : |
Rs.90.000
Millions |
|
|
|
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CIN No.: [Company Identification
No.] |
U29130TN1997FTC037962 |
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TAN No.: [Tax Deduction &
Collection Account No.] |
CHEA02562A |
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PAN No.: [Permanent Account No.] |
AAACA8450F |
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Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
The Company is engaged in the business of manufacture of
automotive exhaust systems, technical and related design services |
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|
No. of Employees
: |
Not Available |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (45) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Maximum Credit Limit : |
USD 1030000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Usually correct |
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Litigation : |
Clear |
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Comments : |
Subject is an established company having satisfactory track. Trade relations
are reported as fair. Business is active. Payments are reported to be usually
correct 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
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Registered Office: |
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Tel. No.: |
91-44-67404999 |
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Fax No.: |
91-44-27464646 |
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E-Mail : |
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Website : |
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Factory: |
#86/1, Kumbalagodu Industrial Area, Phase II, Mysore Road, Bangalore –
560074, Karnataka, India |
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Tel No.: |
91-80-28437092/93/94 |
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Branch Office : |
17 and 18, Sengindram Industrial Area, Melrosapuram, S.P. Koil Post –
603 204, |
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Tel. No.: |
91-44-67404999, 27464640, 27464633 , 27464620 |
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Fax No.: |
91-44-27464620 |
DIRECTORS
As on 30.09.2011
|
Name : |
Mr. Seshadri Sarathi |
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Designation : |
Director |
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Address : |
G2, |
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Date of Birth/Age : |
05.03.1968 |
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Qualification : |
B .Com , ACA,AICWA,ACS |
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Date of Appointment : |
09.09.2010 |
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DIN : |
01639258 |
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Other Directorship: |
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Name : |
Mr. Thierry Paul Robert Clement Depoux |
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Designation : |
Director |
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Address : |
06, Avenue Lazare Hoche, |
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Date of Birth/Age : |
05.11.1962 |
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Qualification : |
MBA |
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Date of Appointment : |
19.03.2010 |
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DIN : |
3041072 |
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Other Directorship: |
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Name : |
Mr. Seung Kyu Lee |
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Designation : |
Director appointed in casual vacancy |
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Address : |
953, Jyung-ki-do, Yong In, |
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Date of Birth/Age : |
08.07.1955 |
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Qualification : |
MBA |
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Date of Appointment : |
08.06.2011 |
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|
DIN : |
03529687 |
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Name : |
Mr. Simon Holmes |
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Designation : |
Director |
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Address : |
Batiment e Residence Colbert, 16 Rue Du Ge Gaule, |
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Date of Birth/Age : |
12.03.1970 |
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Qualification : |
B.Sc (Genetics), |
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Date of Appointment : |
09.09.2011 |
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DIN : |
03041117 |
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Other Directorship: |
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Name : |
Mr. Pravesh Kumar Shivviljay Srivastava |
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Designation : |
Director |
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Address : |
40/41, Pratham Society, Wadak, Pune-411027, |
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Date of Birth/Age : |
04.02.1955 |
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Qualification : |
BE (Industrial Engineering), PGDM (IIM |
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Date of Appointment : |
12.12.2008 |
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DIN : |
02211719 |
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Other Directorship: |
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KEY EXECUTIVES
|
Name : |
Mr. Jagadish Ram Chandrasekaran |
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Designation : |
Secretary |
|
Address : |
No. 2, |
|
Date of Birth/Age : |
27.06.1984 |
|
Date of Appointment : |
31.03.2009 |
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PAN : |
AHRPJ5072H |
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|
Name : |
Mr. Mahendra Arivnd Killedar |
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Designation : |
Manager |
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Address : |
205, Kumar Paritosh, Karvenagar, Near Corporation Bank, Pune-411052, |
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Date of Birth/Age : |
30.10.1968 |
|
Date of Appointment : |
03.06.2010 |
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PAN : |
ABRPK8633M |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 30.09.2011
|
Names of Shareholders |
|
No. of Shares |
|
Faurecia Emissions Control Systems Korea Company Limited, |
|
10360000 |
|
Asia Investments Private Limited, |
|
3640000 |
|
Total |
|
14000000 |
As on 30.09.2011
|
Equity Share Breakup |
|
Percentage of Holding |
|
Category |
|
|
|
Foreign holdings [Foreign institutional investors, Foreign Companies, Foreign Financial Institutions, Non-resident Indian or Overseas corporate bodies or others] |
|
74.00 |
|
Bodies
corporate |
|
26.00 |
|
Total |
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
The Company is engaged in the business of manufacture of
automotive exhaust systems, technical and related design services |
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Products : |
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PRODUCTION STATUS (As on 31.03.2011)
|
Particulars |
Unit |
Installed
Capacity |
Actual
Production |
|
Muffler Assembly |
Nos. |
600000 |
207704 |
|
CAT Convertor and Down Pipes |
Nos. |
600000 |
221023 |
|
Side Impact Beam |
Nos. |
0.000 |
585 |
|
Instrument Panel Assembly |
Nos. |
210000 |
73236 |
GENERAL INFORMATION
|
Customers : |
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Bankers : |
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Facilities : |
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Banking
Relations : |
-- |
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Auditors : |
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|
Name : |
Price Waterhouse Chartered Accountants |
|
Address : |
Lovelock and Lewes, PWC Centre, 32, Khader Nawaz Khan,
Road, Nungambakkam, Chennai - 600006, Tamilnadu,. |
|
PAN : |
AAEFP5579P |
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Holding Company (HC): |
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Associate Company (AC): |
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Fellow Subsidiaries: |
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Subsidiary : |
Yutaka Autoparts
Pune Private Limited (with effect from January 24, 2011) [YAP] |
CAPITAL STRUCTURE
As on 31.03.2011
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
20,000,000 |
Equity Shares |
Rs.10/- each |
Rs.200.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
14,000,000 |
Equity Shares |
Rs.10/- each |
Rs.140.000
Millions |
|
|
|
|
|
Note : Of these 10360000
equity shares of Rs.10 each are held by the holding company, ET Dutch Holdings
BV
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 |
140.000 |
90.000 |
90.000 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
119.700 |
73.903 |
34.862 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
259.700 |
163.903 |
124.862 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
140.154 |
53.980 |
12.371 |
|
|
2] Unsecured Loans |
0.000 |
0.000 |
0.000 |
|
|
TOTAL BORROWING |
140.154 |
53.980 |
12.371 |
|
|
DEFERRED TAX LIABILITIES |
0.634 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
400.488 |
217.883 |
137.233 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
256.739 |
100.826 |
71.500 |
|
|
Capital work-in-progress |
65.062 |
102.289 |
34.139 |
|
|
|
|
|
|
|
|
INVESTMENT |
31.570 |
0.000 |
0.000 |
|
|
DEFERREX TAX ASSETS |
0.000 |
6.080 |
12.093 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
94.835
|
90.433
|
57.337 |
|
|
Sundry Debtors |
177.832
|
85.293
|
45.059 |
|
|
Cash & Bank Balances |
9.124
|
2.861
|
0.548 |
|
|
Other Current Assets |
0.000
|
0.000
|
0.000 |
|
|
Loans & Advances |
53.016
|
56.036
|
25.767 |
|
Total
Current Assets |
334.807
|
234.623
|
128.711 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
196.508
|
118.124
|
46.787 |
|
|
Other Current Liabilities |
52.479
|
91.900
|
40.020 |
|
|
Provisions |
38.703
|
15.911
|
22.403 |
|
Total
Current Liabilities |
287.690
|
225.935
|
109.210 |
|
|
Net Current Assets |
47.117
|
8.688
|
19.501 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
400.488 |
217.883 |
137.233 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
1044.600 |
515.539 |
340.149 |
|
|
|
Service Income |
NA |
38.443 |
26.755 |
|
|
|
Other Income |
NA |
17.110 |
11.118 |
|
|
|
TOTAL (A) |
NA |
571.092 |
378.022 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of goods sold |
|
340.467 |
215.236 |
|
|
|
Employee costs |
NA |
55.677 |
55.925 |
|
|
|
Other expenses |
|
86.853 |
78.039 |
|
|
|
TOTAL (B) |
NA |
482.997 |
349.200 |
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
135.600 |
88.095 |
28.822 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
12.200 |
3.360 |
1.814 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
123.400 |
84.735 |
27.008 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
33.100 |
14.650 |
14.834 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
90.300 |
70.085 |
12.174 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
28.200 |
20.514 |
2.353 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
62.100 |
49.571 |
9.821 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
63.900 |
24.862 |
15.041 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Interim and Final Dividend |
|
9.000 |
0.000 |
|
|
|
Tax on Dividend |
16.300 |
1.530 |
0.000 |
|
|
BALANCE CARRIED
TO THE B/S |
109.700 |
63.903 |
24.862 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
FOB Value of Exports |
|
11.153 |
13.149 |
|
|
|
Services Rendered |
|
38.443 |
26.756 |
|
|
TOTAL EARNINGS |
89.170 |
49.596 |
39.905 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
155.377 |
95.991 |
70.013 |
|
|
|
Stores & Spares |
2.593 |
0.590 |
0.449 |
|
|
|
Capital Goods |
39.022 |
53.340 |
6.961 |
|
|
TOTAL IMPORTS |
196.992 |
149.921 |
77.423 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
4.43 |
5.51 |
1.09 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
PAT / Total Income |
(%) |
NA
|
8.68
|
2.60 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
8.64
|
13.59
|
3.58 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
15.26
|
20.89
|
6.08 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.35
|
0.43
|
0.10 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
1.65
|
1.71
|
0.97 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.16
|
1.04
|
1.18 |
LOCAL AGENCY FURTHER INFORMATION
Operations and
Business Prospects
The company has achieved a turnover of Rs.1044.6 Million
compared to Rs. 515.5 Million during the previous year. The increase in the
turnover for the current year is on account of higher volume off take by both
Ford and
During the year the Company has acquired 100% share of
Yutaka Autoparts Pune Private Limited (YAP).
During the year the Company has commenced SOP for new models
for three of its major suppliers, Nissan,
Hyundai RBI (Verna Fluid) trials have been completed by March 2011 and SOP has commenced from April 201. During the year, the Company has set up a second plant at Chennai near Oragadum to cater to the needs of Hyundai Motors India Private Limited. SOP for Hyundai RBI (Verna Fluid) was done from this new plant.
The company has been successful in acquiring 100% share of existing business and is aggressively and continuously striving to add new business from its current and new customers both in domestic and in overseas market thereby improving its market share by exploring and expanding the market.
The company has performed exceptionally well during the current year in winning many major projects with OEMs such as Ford and Hyundai. The commercial production of Ford will start in first quarter of 2013 and Hyundai will start in the second Quarter of 2013. With these new orders the turnover of the company is expected to increase substantially the year 2012-13.
The Company is required to invest in capacities to meet the
additional business volumes. The Company is currently in the process of setting
up of plant at Sanand,
The company has continued to enjoy good reputation and high customer satisfaction by ensuring timely supply of quality products in high volumes to both its domestic and overseas customers.
Lean manufacturing principles supported by employee involvement culture continues to be the key focus for the company. Implementation of lean manufacturing concepts like single piece flow, ATPM, Kanban, Employee Involvement, etc has helped the company sustain its operational excellence. The Company has successfully implemented Faurecia.
Excellence System (FES), 7QB and QRQC in various areas of its operations. Subsequent to merger of Faurecia Exhaust System, France with EMCON Technologies, LLC the Company have become a private company which is a subsidiary of public company. The company have complied with all legal formalities due to such categorization and appointed Mr. Mahendra Killedar as Manager, pursuant to the provision of Section 198, 269 and 309 of Companies Act, 1956.
During the year, the Company has entered into Technical
License Agreement with Faurecia Emissions Control Systems, Korea for providing
technical assistance for design and development of Hyundai RBI, HA and HAWCC
programs. As a strategic move, the Company has decided to hive off its
Technical Centre at
Contingent Liabilities :
|
Particulars |
31.03.2011 (Rs. in millions) |
31.03.2010 (Rs. in millions) |
|
(a) Claims against the Company not acknowledged as debts |
|
|
|
- Excise duty on write back of Tooling Advance during the
year 2004-2005 |
1.522 |
1.522 |
|
- Reversal of Service tax input credit on Transport services provided to staff For the Period April, 2005 to December, 2007 |
1.056 |
1.056 |
|
- Expenditure on Royalty disallowed Treating as capital in nature For the Assessment Year 2008-09 |
3.672 |
0.000 |
|
(b) Outstanding Bank Guarantee |
0.045 |
0.045 |
|
(c) Letters of Credit outstanding in respect of import Of raw materials |
6.631 |
16.687 |
Bankers Charges
Report as per Registry
|
Corporate
identity number of the company |
U29130TN1997FTC037962 |
|
Name of the
company |
FAURECIA
EMISSIONS CONTROL TECHNOLOGIES INDIA PRIVATE LIMITED |
|
Address of the registered
office or of the principal place of
business in |
|
|
This form is for |
Modification of
charge |
|
Charge identification
(ID) number of the charge to be modified |
10239057 |
|
Type of charge |
Immovable
Property |
|
Particular of
charge holder |
HDFC Bank Limited, HDFC Bank House, Senapati Bapat Marg, Lower Parel
(West), Mumbai-400013, Maharashtra, India. Email : satish.ramanathan@hdfcbank.com
|
|
Nature of
instrument creating charge |
No separate
instrument has been executed for modification of charge as equitable mortgage
is an oral transaction. Memorandum of Entry by way of equitable mortgage by
constructive delivery of Deposit of Title Deeds relating to immovable
properties of the Company is enclosed herewith. |
|
Date of
instrument Creating the charge |
22.11.2010 |
|
Amount secured by
the charge |
Rs.210.000
millions |
|
Brief of the
principal terms an conditions and extent and operation of the charge |
Rate of Interest
- Any such rate as may be advised to the Company from time to time in respect
of the credit facilities. Terms of
Repayment – CC/WCDL of
Rs.30.000 Millions - Repayable as per sanction terms; and ii) Term Loan of
Rs.180.000 Millions - Unless demanded earlier the loan is repayable as per
sanction terms. Margin - As may
be prescribed by the Bank from time to time for the credit facilities. Extent and
Operation of the charge - The Company created charge by way of equitable
mortgage by constructive delivery of title deeds in respect of immovable
properties of the Company as described in point no.15 below as security for
repayment of the credit facilities aggregating to Rs.210.000 Millions granted
to the Company together with interest, costs, charges and other dues any time
hereafter may become due and owing to the bank in respect of and under the
credit facilities and interest and all the other cost thereto. |
|
Short particulars
of the property or asset(s) charged (including complete address and location
of the property) |
EM of all that
piece and parcel of land admeasuring an extent of 4.17 acres equivalent to
16911 sq.mts., with factory Shed, comprised in S.No.251 Part, bearing Plot
Nos.17 and 18 in CMDA Industrial Complex at
Marimalainagar, |
|
Particulars of
the present modification |
By the present
modification, the credit facilities aggregating to Rs.210.000 Millions granted
to the Company have been further secured by way of equitable mortgage by
deposit of title deeds by constructive delivery relating to immovable
properties of the Company as described in point no.15 above. |
|
This form is for |
Creation of
charge |
|
Corporate
identity number of the company |
U29130TN1997FTC037962 |
|
Name of the
company |
FAURECIA
EMISSIONS CONTROL TECHNOLOGIES INDIA PRIVATE LIMITED |
|
Address of the
registered office or of the principal place of business in |
|
|
Type of charge |
Book Debts Movable Property
(not being pledge) Floating Charge |
|
Particular of
charge holder |
HDFC Bank Limited, HDFC Bank House, Senapati Bapat Marg, Lower Parel
(West), Mumbai-400013, Maharashtra, India. |
|
Email |
|
|
Nature of
description of the instrument creating or modifying the charge |
Letter of
Hypothecation of Stocks, Book Debts and Machinery dated 04th August, 2010. |
|
Date of
instrument Creating the charge |
04.08.2010 |
|
Amount secured by
the charge |
Rs.210.000
Millions |
|
Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest Any such rate as
may be advised to the Company from time to time in respect of the credit
facilities. Terms of
Repayment i) CC/WCDL of Rs.30.000
Millions - Repayable as per sanction terms; and ii) Term Loan of
Rs.180.000 Millions - Unless demanded earlier the loan is repayable as per
sanction terms. Margin As may be
prescribed by the Bank from time to time for the credit facilities. Extent and
Operation of the charge Hypothecation by
way of Pari passu charge on Stocks and Book Debts and Second charge on Plant
and Machinery both present and future to secure Cash Credit / WCDL facilities
and Exclusive first charge on plant & machinery/assets funded out of term
loan and Second charge on stocks and book debts both present and future to
secure term loan facility. |
|
Short particulars
of the property charged |
I)
Hypothecation
by way of Pari passu charge on Stocks and Book Debts and Second charge on
Plant and Machinery both present and future to secure Cash Credit / WCDL
facilities and II)
Exclusive
first charge on plant & machinery/assets funded out of term loan and
Second charge on stocks and book debts both present and future to secure term
loan facility |
FIXED ASSETS:
- Buildings
- Plant and Machinery
- Furniture, Fittings and Equipments
- Vehicles
WEBSITE DETAILS:
Profile:
Subject is the "Emission Solution Provider" for automotive
and off-road vehicle segments. The company was established in 1997, as a Joint
Venture with
In May 2007, ArvinMeritor sold its emission technologies business to Faurecia Emission Control Technologies, France, which is a new joint venture partner. Faurecia Emission Control Technologies is currently involved in design and manufacturing of complete emission control assemblies and exhaust systems (from hot end to cold end), Instrument Panel Reinforcement assemblies (IPRT) and Door Side Impact Beams (SIB).
Subject is one of the top 2 Emission Solution Provider in
the world with current Sales turnover of over US $ 3 billion. Head quartered in
the
The company is geared up to offer emission control products utilizing POC, DOC, DPF, and SCR after-treatments customizing products to OEM vehicles that can meet BS-4/Euro and EPA norms for Indian and Export business.
COLLABORATOR:
Subject is a leader in the global exhaust emission control technology industry. The company serves worldwide passenger car, commercial vehicle and engine manufacturers. This $3.2 billion business has operations in 18 countries with 6,700 employees and several long-term joint venture relationships.
Subject is a pioneer in the emissions control business, introducing the first catalytic converters for passenger cars in 1974 and the first to introduce stainless steel and subsequently titanium exhaust systems. As one of the founders of the exhaust after-treatment business, the company has long been known for its ability to bring products with greater efficiency, quality and performance for original equipment manufacturers of engines and vehicles, to end-users.
Subject has spent more than three decades developing effective emissions control products. Subject has extensive experience as a systems integrator offering numerous applications to customers worldwide and is a major supplier of three-way catalytic converters, diesel oxidation catalysts and Diesel Particulate Filters (DPF) for passenger cars. Worldwide customers include most of the world’s major car manufacturers.
Since 2005, Subject has become a leading independent supplier of exhaust after treatment to the world’s truck and commercial vehicle engine manufacturers.
PRESS RELEASE:
EMCON TECHNOLOGIES
INDIA LTD INAUGURATES A NEW AUTOMOTIVE COMPONENTS PLANT IN CHENNAI TO
MANUFACTURE WORLD-CLASS EMISSION SOLUTIONS FOR THE AUTO INDUSTRY
Chennai, April 08, 2008- Emcon Technologies India, a 74:26 joint venture
between Emcon Technologies, USA and Anand Automotive Systems inaugurated its
new state-of-the-art manufacturing plant at Chennai on April 07, 2008. Emcon
Technologies USA, one of the world’s leading emission solutions provider and
Anand Automotive Systems, India’s leading manufacturer of automotive components
and systems, as partners have invested US$ 4 million in this project already since
inception, a further investment of US$ 10 million in future is envisaged.
This plant of Emcon Technologies India, spread over 4 acres, has
state-of-the-art production equipment imported from UK to produce Exhaust
Systems including catalytic converters, side impact beams, reinforcement panel
assembly for the automotive industry. The new facility at Chennai employs 60
people. The Company is considering the possibility of setting up an additional
facility in
Visiting
Mr. CS Patel, CEO, Anand Automotive Systems added, “We design, manufacture and deliver locally,
yet guarantee that our products comply with the same international standards
that are synonymous with the Emcon Technologies brand. Our strategy is to stay
physically close to our customers. Chennai is an important location for Emcon
Technolgies
About Emcon Technologies
Emcon Technologies India Ltd. was set up in Chennai in 1997 and is a
74:26 joint venture between Emcon Technologies,
About Anand
Automotive Systems:
Anand Automotive Systems is a leading manufacturer of automotive
components and systems in
About Emcon
Technologies,
EMCON Technologies is a leader in the global emission technology
industry. The company serves worldwide light and commercial vehicle
manufacturers. The $3 billion business has operations in 19 countries, 7,500
employees and several longterm joint venture relationships. EMCON is privately
owned by One Equity Partners, an equity investment firm based in
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.51.74 |
|
|
1 |
Rs.80.00 |
|
Euro |
1 |
Rs.65.99 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
5 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
5 |
|
--CREDIT LINES |
1~10 |
5 |
|
--MARGINS |
-5~5 |
- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
NO |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
45 |
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.