MIRA
INFORM REPORT
|
Report Date : |
02.06.2012 |
IDENTIFICATION DETAILS
|
Name : |
DIVGI WARNER PRIVATE LIMITED (w.e.f.
18.09.1995) |
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Formerly Known
As : |
Divgi transmissions private limited |
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Registered
Office : |
75, General Block, MIDC, Bhosari, Pune – 411026, |
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Country : |
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Financials (as
on) : |
31.03.2011 |
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Date of
Incorporation : |
18.09.1995 |
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Com. Reg. No.: |
11-092803 |
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Capital
Investment/ Paid-up Capital: |
Rs.43.916 Millions |
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CIN No.: [Company Identification
No.] |
u34300MH1995PTC092803 |
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Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Manufacturer of Gears, Gear Boxes, Precision Gears, Reducer Gear –
Boxes, etc. |
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No. of
Employees: |
Information declined by management
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RATING & COMMENTS
|
MIRA’s Rating : |
A (63) |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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 |
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Maximum Credit Limit : |
USD 590000 |
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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 a well established company having fine track. Financial position
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.
INFORMATION DENIED BY
|
Name : |
Ms. Shakuntda |
|
Designation : |
Accountant |
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Date : |
01.06.2012 |
LOCATIONS
|
Registered Office/ Head office : |
75, General Block, MIDC, Bhosari, Pune – 411026, Maharashtra, India |
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Tel. No.: |
91-20-27123331 / 27129690 / 27119754 |
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Fax No.: |
91-20-27129691 |
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E-Mail : |
ketansavale@divgi-warner.com nvgopal@vsnl.co.in |
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Website : |
www.divgi-warner.com |
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Sirsi Plant : |
Banavasi Road, Sirsi - 581401, Karnataka, India |
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Tel. No.: |
91-8384-229285 |
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Fax No.: |
91-8384-229284 |
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Bhosari, Pune - 411026, Maharashtra, India |
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Mobile No.: |
91-8975760410 (Mr. Kunar Narwade) |
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E-Mail : |
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Bhosari, Pune – 411026, Maharashtra, India |
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Mobile No.: |
91-8975760410 (Mr. Kunar Narwade) |
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E-Mail : |
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Overseas Office : |
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Service Support : |
Auto Alliance, Thailand |
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Mobile No.: |
91-9850887505 (Mr. Mahesh Yadav) |
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E-Mail : |
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Sales : |
Bhosari, Pune, Maharashtra, India |
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Mobile No.: |
91-8975760408 (Mr. Romeo Braganza) |
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E-Mail : |
Sales and Customer Support: DIRECTORS
As on: 18.08.2011
|
Name : |
Mr. Jiten Bhaskar Divgi |
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Designation : |
Managing Director |
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Address : |
S. N. 273/1/2, Omkar Baner Road, Pune – 411045, Maharashtra, India |
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Date of Birth/Age : |
26.10.1962 |
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Date of Appointment : |
12.03.1997 |
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DIN No.: |
00471531 |
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Name : |
Mr. Bhalchandra Kashinath Khare |
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Designation : |
Director |
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Address : |
Flat No. 17/18 Shivsagar, 19 Worli Seaface, Mumbai – 400025, Maharashtra, India |
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Date of Birth/Age : |
13.09.1927 |
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Date of Appointment : |
29.06.2002 |
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DIN No.: |
00049778 |
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Name : |
Mr. Ramesh Amrut
Savoor |
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Designation : |
Director |
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Address : |
201 Pine View, 9 Edward Road, Bangalore
– 560 052, Karnataka, India |
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Date of Birth/Age : |
24.04.1944 |
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Date of Appointment : |
19.09.2002 |
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DIN No.: |
00149089 |
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Name : |
Mr. Arthur Cordwell Barrows |
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Designation : |
Director |
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Address : |
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Date of Birth/Age : |
02.10.1954 |
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Date of Appointment : |
20.12.2002 |
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DIN No.: |
01394673 |
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Name : |
Mr. Robert James Morris |
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Designation : |
Director |
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Address : |
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Date of Birth/Age : |
06.04.1963 |
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Date of Appointment : |
16.09.2009 |
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DIN No.: |
01394704 |
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Name : |
Mr. Christopher Jon Suydam |
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Designation : |
Director |
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Address : |
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Date of Birth/Age : |
28.03.1968 |
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Date of Appointment : |
29.03.2007 |
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DIN No.: |
01683423 |
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Name : |
Mr. |
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Designation : |
Alternate Director |
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Address : |
No. 1 Tarapore Avenue, Harrington Road, Chetpet, Chennai – 6000 31, Tamil Nadu, India |
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Date of Birth/Age : |
13.12.1951 |
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Date of Appointment : |
03.12.2008 |
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DIN No.: |
00680497 |
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Name : |
Mr. Charles Henry Polzin |
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Designation : |
Director |
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Address : |
21610 E. Valley Woods, Beverly Hills, Michigan 48025 |
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Date of Birth/Age : |
09.06.1954 |
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Date of Appointment : |
16.09.2009 |
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DIN No.: |
00254746 |
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Name : |
Mr. Hireadra Bhaskar Divgi |
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Designation : |
Alternate Director |
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Address : |
17, Kanchanjunga Housing Society, Gaikwadnagar, Aundh, Pune – 411007,
Maharashtra, India |
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Date of Birth/Age : |
05.11.1964 |
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Date of Appointment : |
30.03.2010 |
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DIN No.: |
01634431 |
KEY EXECUTIVES
|
Name : |
Ms. Shakuntda |
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Designation : |
Accountant |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on: 18.08.2011
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Names of Shareholders |
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No. of Shares |
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Divgi Metalwares Private Limited, India |
|
1756651 |
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Borg-Warner Automotive South Asia Corporation, USA |
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2634975 |
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Total |
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4391626 |
Equity Share Break up (Percentage of Total Equity)
As on: 18.08.2011
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Category |
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Percentage |
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Foreign holdings [Foreign institutional investors, Foreign Companies, Foreign Financial Institutions, Non-resident Indian or Overseas corporate bodies or others] |
|
60.00 |
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Bodies corporate |
|
40.00 |
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Total
|
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer of Gears, Gear Boxes, Precision Gears, Reducer Gear –
Boxes, etc. |
PRODUCTION STATUS: (31.03.2011)
|
Particulars |
Unit |
Installed
Capacity* |
Actual
Production |
|
Transfer Case |
Nos. |
42000 |
23869 |
|
Automatic Locking Hub |
Nos. |
48000 |
22941 |
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Transmission Component |
Nos. |
150000 |
525050 |
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Note:
*As certified by the management and relied upon
by the auditors, this being a technical matter.
GENERAL INFORMATION
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Customers : |
·
Auto · Chrysler · Ford Motor Company · Hyundai Motor Company · Kia Motors · Tata Motors · Mahindra · Ssang Yong Motors |
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No. of Employees : |
Information declined by management
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Bankers : |
· The Saraswat Co-Operative Bank Limited, Rasec, Fergussion College Road, Pune - 411004, Maharashtra, India · The Saraswat Co-Operative Bank Limited, Karve Road, Pune – 410 004, Maharashtra, India |
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Facilities : |
Note: 1. Facilities availed from
Banks are secured by an equitable mortgage of factory land and building
situated at Bhosari, Pune and by hypothecation of movable plant and
machinery. These facilities are further secured by a personal guarantee of
the Managing Director of the Company. 2. The loan from Saraswat
Co-operative Bank is further secured by pledge of 2,500 equity shares of
Rs.10 each of the said bank. 3. Cash Credit accounts
are secured by hypothecation of stock of Raw Material, Stock - in-process,
Stores and Spares (excluding Machinery Spares), Book debts and other current
assets. 4. Vehicle loans are
secured by charge on vehicles purchased.
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
Price Waterhous Chartered Accountant |
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Address : |
Muttha Towers, 5th Floor, Suite No. 8, Airport Road, Yerwada, Pune –
411006, Maharashtra, India |
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PAN No.: |
AAEFP5579P |
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Holding Company : |
Borg Warner South Asia Corporation |
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Ultimate Holding Company : |
Borg Warner South Asia Inc. |
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Fellow Subsidiaries : |
Borg Werner Addison 746 ·
Borg Werner TTS · Borg Warner TTs Auburn Hills · Borg Werner Bellwood · Borg Warner TTS (Bejing), China · Borg Warner TTS Ochang, Korea · Borg Warner TTS Margum, UK · Borg Warner TTS Seneca · Borg Warner Morse Tec Sallisaw · Borg Warner Morse Tec Ithaca · Borg Warner TTS Livonia · F- BWA Corporate – 300 · F- Borg Warner Cooling System · Borg Warner Emissions Systems, Dixon-587 |
CAPITAL STRUCTURE
As on: 31.03.2011
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
5000000 |
Equity Share |
Rs.10/- each |
Rs. 50.000 Millions |
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Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
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|
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|
4391626 |
Equity Share |
Rs.10/- each |
Rs.43.916
Millions |
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Note:
Out of the above, 2,634,975 Equity Shares are held by Borg-Wamer Automotive South Asia Corporation, the holding company. The Ultimate holding company is Borg Warner Inc., USA
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 |
|
|
|
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1] Share Capital |
43.916 |
43.916 |
43.916 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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|
3] Reserves & Surplus |
104.671 |
120.233 |
130.507 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
148.587 |
164.149 |
174.423 |
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LOAN FUNDS |
|
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|
1] Secured Loans |
3.586 |
29.068 |
16.710 |
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2] Unsecured Loans |
0.000 |
27.500 |
22.500 |
|
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TOTAL BORROWING |
3.586 |
56.568 |
39.210 |
|
|
DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
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|
|
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|
|
|
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TOTAL |
152.173 |
220.717 |
213.633 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
90.524 |
105.674 |
134.318 |
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Capital work-in-progress |
0.000 |
0.000 |
0.355 |
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INVESTMENT |
0.030 |
0.030 |
0.030 |
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DEFERREX TAX ASSETS |
0.634 |
8.405 |
(10.907) |
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|
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CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
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Inventories |
124.533 |
95.077 |
82.452 |
|
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Sundry Debtors |
190.927 |
180.439 |
35.249 |
|
|
Cash & Bank Balances |
127.752
|
72.574 |
50.748 |
|
|
Other Current Assets |
1.014
|
1.050 |
0.461 |
|
|
Loans & Advances |
37.571
|
63.796 |
41.215 |
|
Total
Current Assets |
481.797
|
412.936
|
210.125 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditor |
200.295
|
216.074 |
105.188 |
|
|
Other Current Liabilities |
17.231
|
11.907 |
3.493 |
|
|
Provisions |
203.286
|
78.347 |
11.607 |
|
Total
Current Liabilities |
420.812
|
306.328 |
120.288 |
|
|
Net Current Assets |
60.985
|
106.608 |
89.837 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
152.173 |
220.717 |
213.633 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
|
|
SALES |
1025.418 |
659.257 |
673.098 |
|
|
|
|
|
|
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|
|
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TOTAL REVENUE |
991.953 |
680.420 |
659.663 |
|
|
|
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|
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Less |
EXPENSES |
|
|
|
|
|
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|
Office Expenses |
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|
|
|
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Administrative Expenses |
|
|
|
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Advertising Expenses |
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|
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TOTAL |
713.080 |
583.593 |
594.617 |
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|
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PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION |
278.873 |
96.827 |
65.046 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION |
21.173 |
22.269 |
24.329 |
|
|
|
|
|
|
|
|
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|
PROFIT BEFORE
TAX |
257.700 |
74.558 |
40.717 |
|
|
|
|
|
|
|
|
|
Less |
TAX |
86.854 |
25.941 |
15.940 |
|
|
|
|
|
|
|
|
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|
PROFIT AFTER TAX
|
170.846 |
48.617 |
24.777 |
|
|
|
|
|
|
|
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|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Export Earnings |
368.067 |
292.969 |
285.337 |
|
|
TOTAL EARNINGS |
368.067 |
292.969 |
285.337 |
|
|
|
|
|
|
|
|
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|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
218.133 |
171.552 |
146.381 |
|
|
|
Stores & Spares |
0.164 |
1.333 |
1.926 |
|
|
TOTAL IMPORTS |
218.297 |
172.885 |
148.307 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
38.90 |
11.07 |
5.64 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
Net Profit Margin (PBT/Sales) |
(%) |
25.13
|
11.31 |
6.05 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
45.03
|
14.38 |
11.82 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
1.73
|
0.45 |
0.23 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
2.86
|
2.21 |
0.91 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.14
|
1.35 |
1.75 |
LOCAL AGENCY FURTHER INFORMATION
Details of Sundry
Creditors
(Rs. In Millions)
|
Particulars |
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
Sundry Creditor |
|
|
|
|
Due to Micro, Small and Medium Enterprises |
8.109 |
13.478 |
1.324 |
|
Due to Others |
192.186 |
202.596 |
103.864 |
|
|
|
|
|
|
Total |
200.295 |
216.074 |
105.188 |
|
Available
in Report [Yes/No] |
|
|
Year
of Establishment |
Yes |
|
Locality
of the Firm |
Yes |
|
Construction
of the firm |
Yes |
|
Premises
details |
No |
|
Type
of Business |
Yes |
|
Line
of Business |
Yes |
|
Promoters
background |
Yes |
|
No.
of Employees |
No |
|
Name
of Person Contacted |
Yes |
|
Designation
of contact person |
Yes |
|
Turnover
of firm for last three years |
Yes |
|
Profitability
for last three years |
Yes |
|
Reasons
for variation <> 20% |
- |
|
Estimation
for coming financial year |
No |
|
Capital
the business |
Yes |
|
Details
of sister concerns |
No |
|
Major
Suppliers |
No |
|
Major
Customers |
No |
|
Payment
Terms |
No |
|
Export
/ Import Details [If Applicable] |
No |
|
Market
Information |
- |
|
Litigations
that the firm / promoter involved in |
- |
|
Banking
Details |
Yes |
|
Banking
Facility Details |
Yes |
|
Conduct
of the banking account |
- |
|
Buyer
visit details |
- |
|
Financials,
if provided |
Yes |
|
Incorporation
details, if applicable |
Yes |
|
Last
accounts filed at ROC |
Yes |
|
Major
Shareholders, if applicable |
Yes |
CONTINGENT
LIABILITIES
(Rs In Millions)
|
|
As on 31.03.2011 |
As on 31.03.2010 |
|
Bills discounted with bank |
57.266 |
80.000 |
|
Claim against Company not acknowledged as debt* |
0.200 |
0.200 |
|
Interest / Penalty on Differential Customs Duty* |
0.278 |
0.247 |
Note:
*Cash flows will be determined upon settlement of the respective matters.
Bankers Charges
Report as per Registry
|
Corporate identity
number (CIN) or foreign company registration
number of the company |
U34300MH1995PTC092803 |
|
Name of the
company |
DIVGI WARNER
PRIVATE LIMITED |
|
Address of the
registered office or of the principal place of business in India of the company |
75 General Block
MIDC bhosari, Pune – 411026, Maharashtra, India E-mail: nvgopal@vsnl.co.in |
|
This form is for |
Creation
of charge |
|
Type of charge |
Vehicle |
|
Particular of
charge holder |
The Saraswat Co-Operative Bank Limited, Rasec, Fergussion College Road, Pune - 411004, Maharashtra, India E-mail: csadeshpande@gmail.com |
|
Nature of
instrument creating charge |
Agreement of
hypothecation of vehicle dated 23rd March 2010. |
|
Date of
instrument Creating the charge |
23.03.2010 |
|
Amount secured by
the charge |
Rs. 1.358
Millions |
|
Brief of the
principal terms an conditions and extent and operation of the charge |
Rate of Interest At 9.50% p. A.
With monthly rests or at such rates as may be prescribed by the bank from
time to time. Terms of Repayment
To be repayable
on demand but not later than 60 months with a monthly installment of Rs.0.029
Million each. Margin Min 10% Extent and
Operation of the charge Type of facility
:- term loan vehicle Others All the terms and
conditions as per agreement. |
|
Short particulars
of the property or asset(s) charged (including complete address and location
of the property) |
The borrower/s
doth do hereby hypothecate to and in favour of the bank the motor vehicle
viz. Scorpio RFHWK. Registered with the RTO Pune. |
Fixed assets
·
· Buildings
· Plant and machinery
· Office Equipment
· Vehicles
· Furniture and Fixtures
· Computer
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.55.92 |
|
|
1 |
Rs.86.03 |
|
Euro |
1 |
Rs.69.13 |
INFORMATION DETAILS
|
Information
Gathered by : |
PJA |
|
|
|
|
Report Prepared
by : |
VRN |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
7 |
|
PAID-UP CAPITAL |
1~10 |
7 |
|
OPERATING SCALE |
1~10 |
7 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
7 |
|
--PROFITABILIRY |
1~10 |
7 |
|
--LIQUIDITY |
1~10 |
7 |
|
--LEVERAGE |
1~10 |
7 |
|
--RESERVES |
1~10 |
7 |
|
--CREDIT LINES |
1~10 |
7 |
|
--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 |
|
63 |
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.