MIRA
INFORM REPORT
|
Report Date : |
14.06.2012 |
IDENTIFICATION DETAILS
|
Name : |
DURA AUTO SYSTEMS INDIA PRIVATE LIMITED |
|
|
|
|
Registered
Office : |
Gat # 376 and 377/1, Satav Industrial Estate, Behind Recold,
Chakkan-Talegaon Road, Kharabwadi, Pune-412501, Maharashtra |
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|
Country : |
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Financials (as
on) : |
31.03.2011 |
|
|
|
|
Date of
Incorporation : |
08.04.2008 |
|
|
|
|
Com. Reg. No.: |
11-180927 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs.119.160
Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U72900MH2008PTC180927 |
|
|
|
|
Legal Form : |
Private Limited Liability Company |
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|
|
|
Line of Business
: |
Manufacturer of Automation Spare Parts. |
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|
|
|
No. of Employees
: |
100 [Approximately] |
RATING & COMMENTS
|
MIRA’s Rating : |
B (26) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
Maximum Credit Limit : |
USD 480000 |
|
|
|
|
Status : |
Moderate |
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|
|
|
Payment Behaviour : |
Slow |
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|
|
|
Litigation : |
Clear |
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|
Comments : |
Subject is a subsidiary of Dura Operative Corporation, USA. It is an
established company having moderate track. There appears huge accumulated
loss in the records during the current year. However, trade relations are
reported as fair. Business is active. Payments are reported to be slow. 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.
INFORMATION PARTED BY [GENERAL DETAILS]
|
Name : |
Ms. Swati |
|
Designation : |
Accounts Manager |
|
Contact No.: |
91-40-44327999 |
|
Date : |
13.06.2012 |
LOCATIONS
|
Registered Office : |
Gat # 376 and 377/1, Satav Industrial Estate, Behind Recold,
Chakkan-Talegaon Road, Kharabwadi, Pune-412501, Maharashtra, India |
|
Tel. No.: |
91-2135-669822 |
|
Fax No.: |
91-2135-669899 |
|
E-Mail : |
|
|
Location : |
Owned |
|
|
|
|
Corporate Office : |
Plot 2 and 3, First Floor, Ektha Towers, Kondapur, Hyderabad-500084,
Andhra Pradesh, India |
|
Tel. No.: |
91-40-44327999 |
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Fax No.: |
91-40-44327998 |
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|
|
|
Branch Office : |
Suite #47, Vatika Business Center Level 5, C Wing, Tech Park One
Pune-411006, Maharashtra, India |
DIRECTORS
As on 29.12.2011
|
Name : |
Mr. Raghuram Vemaraju |
|
Designation : |
Director |
|
Address : |
1-4-12/4, New Maruthi Nagar, Kothapet Saroor Nagar, |
|
Date of Birth/Age : |
03.08.1976 |
|
Date of Appointment : |
09.04.2008 |
|
DIN No. : |
02125920 |
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|
|
|
Name : |
Mr. Satwinder Singh |
|
Designation : |
Director |
|
Address : |
F/703, Mayurdhwaj Apartments, 60 IP Extension, Parpargang, New
Delhi-110092, India |
|
Date of Appointment : |
28.09.2011 |
|
DIN No. : |
00164903 |
|
|
|
|
Name : |
Mario Henrique Picarra Buttino |
|
Designation : |
Director |
|
Address : |
AL JAU, 00161, AP, 111, Brazil |
|
Date of Appointment : |
04.07.2011 |
|
DIN No. : |
03542970 |
|
|
|
|
Name : |
Jeffrey Martin Stafeil |
|
Designation : |
Director |
|
Address : |
26602, Dundee Road, Huntington Woods, MI, 48070, United State of
America |
|
Date of Appointment : |
04.07.2011 |
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DIN No. : |
03542972 |
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|
|
|
Name : |
James C Gregory |
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Designation : |
Director |
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Address : |
255, Guilford Road, Bloomfield Hills, MI, 48304, United State of
America |
|
Date of Appointment : |
16.12.2011 |
|
DIN No. : |
05113370 |
KEY EXECUTIVES
|
Name : |
Ms. Swati |
|
Designation : |
Accounts Manager |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 29.12.2011
|
Names of Shareholders |
|
No. of Shares |
|
Raghuram Vemaraju |
|
100 |
|
Dura Operating LLC, Auburn Hills, MI, USA |
|
43492570 |
|
|
|
|
|
Total |
|
43492670 |
As on 29.12.2011
|
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] |
|
99.99 |
|
Directors
or relatives of directors |
|
0.01 |
|
Total |
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer of Automation Spare Parts. |
|
|
|
|
Terms : |
|
|
Selling : |
Cash and Credit |
|
|
|
|
Purchasing : |
Cash and Credit |
PRODUCTION STATUS [AS ON 31.03.2011]
|
Particulars |
Unit |
Installed
Capacity |
Actual
Production |
|
Shifter Systems |
Numbers |
164250 |
-- |
|
Cables |
Numbers |
164250 |
-- |
|
Tyre Carriers |
Numbers |
164250 |
22124* |
NOTE: * The actual production of tyre carriers has commenced since 31 December
2010.
GENERAL INFORMATION
|
Customers : |
Wholesalers and Retailers ·
Mahindra and Mahindra ·
Volkswagen |
|
|
|
|
No. of Employees : |
100 [Approximately] |
|
|
|
|
Bankers : |
·
Royal Bank of Scotland, Pune Branch, Maharashtra,
India ·
State Bank of India, Kondapur, Hyderabad, Andhra
Pradesh, India |
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
Walker Chandiok and Company Chartered Accountant |
|
Address : |
3rd Floor, Uptown Banjara Hills, Road No. 3, Banjara Hills,
Hyderabad-500034, Andhra Pradesh, India |
|
Tel. No.: |
91-40-64528666 |
|
Fax No.: |
91-40-23540224 |
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E-Mail : |
|
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Pan No. : |
AAAFW4298E |
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|
|
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Holding Company: |
Dura Automotive Control Systems GMBH, Germany |
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|
|
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Ultimate Holding Company: |
Dura Automotive Systems, Inc, USA |
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|
|
|
Fellow Subsidiary : |
·
DGS Automotive Systems (Shanghai) Company,
Limited, China ·
Dura Automotives Systems CZ/KOP, Czech Republic ·
Dura Automotives Systems GMBH CSE-Einbeck,
Germany ·
Dura Automotives Systems GMBH Daun, Germany ·
Dura Automotives Systems ROC, USA ·
Dura Automotives Systems, Brazil ·
Dura Automotive Systems Dusseldorf, Germany ·
Dura Automotive Body and Glass Systems GMBH,
Germany ·
Dura Gehren, Germany |
CAPITAL STRUCTURE
As on 29.12.2011
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
45000000 |
Equity Shares |
Rs.10/- each |
Rs.450.000 Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
43492670 |
Equity Shares |
Rs.10/- each |
Rs.434.927
Millions |
As on 31.03.2011
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
25250000 |
Equity Shares |
Rs.10/- each |
Rs.252.500 Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
11916038 |
Equity Shares |
Rs.10/- each |
Rs.119.160 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 |
119.160 |
1.772 |
0.100 |
|
|
2] Share Application Money |
159.353 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
0.000 |
0.622 |
0.287 |
|
|
4] (Accumulated Losses) |
(157.023) |
0.000 |
0.000 |
|
|
NETWORTH |
121.490 |
2.394 |
0.387 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
0.000 |
0.000 |
0.000 |
|
|
2] Unsecured Loans |
0.000 |
0.000 |
0.000 |
|
|
TOTAL BORROWING |
0.000 |
0.000 |
0.000 |
|
|
DEFERRED TAX LIABILITIES |
0.000 |
0.220 |
0.162 |
|
|
|
|
|
|
|
|
TOTAL |
121.490 |
2.614 |
0.549 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
69.893 |
1.299 |
1.842 |
|
|
Capital work-in-progress |
45.987 |
4.528 |
0.000 |
|
|
|
|
|
|
|
|
INVESTMENT |
0.000 |
0.000 |
0.000 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
81.214
|
0.000 |
0.000 |
|
|
Sundry Debtors |
55.773
|
0.721 |
1.183 |
|
|
Cash & Bank Balances |
30.008
|
1.732 |
0.489 |
|
|
Other Current Assets |
50.494
|
0.000 |
0.000 |
|
|
Loans & Advances |
51.068
|
4.084 |
4.005 |
|
Total
Current Assets |
268.557
|
6.537 |
5.677 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
230.747
|
4.677 |
2.726 |
|
|
Other Current Liabilities |
30.624
|
4.952 |
4.209 |
|
|
Provisions |
1.576
|
0.121 |
0.035 |
|
Total
Current Liabilities |
262.947
|
9.750 |
6.970 |
|
|
Net Current Assets |
5.610
|
(3.213) |
(1.293) |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
121.490 |
2.614 |
0.549 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
|
|
|
|
|
|
Other Income |
|
|
|
|
|
|
TOTAL |
103.622 |
20.421 |
17.422 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Office Expenses |
|
|
|
|
|
|
Administrative Expenses |
261.486 |
19.899 |
16.895 |
|
|
|
Advertising Expenses |
|
|
|
|
|
|
TOTAL |
261.486 |
19.899 |
16.895 |
|
|
|
|
|
|
|
|
|
PROFIT / (LOSS)
BEFORE TAX |
(157.864) |
0.522 |
0.527 |
|
|
|
|
|
|
|
|
|
Less |
TAX |
(0.220) |
0.187 |
0.240 |
|
|
|
|
|
|
|
|
|
|
PROFIT / (LOSS)
AFTER TAX |
(157.644) |
0.335 |
0.287 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Export Earnings |
32.297 |
20.421 |
17.422 |
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
165.160 |
0.000 |
NA |
|
|
|
Capital Goods |
33.587 |
3.001 |
NA |
|
|
TOTAL IMPORTS |
198.747 |
3.001 |
NA |
|
|
|
|
|
|
|
|
|
|
Earnings / (Loss)
Per Share (Rs.) |
(13.23) |
-- |
-- |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
PAT / Total Income |
(%) |
(152.13)
|
1.64 |
1.65 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
(46.64)
|
6.66 |
7.00 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
(1.30)
|
0.22 |
1.36 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
2.16
|
4.07 |
18.01 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.02
|
1.13 |
0.81 |
LOCAL AGENCY FURTHER INFORMATION
DETAILS OF SUNDRY CREDITORS:
|
Particulars |
31.03.2011 (Rs. in millions) |
31.03.2010 (Rs. in millions) |
31.03.2009 (Rs. in millions) |
|
Sundry Creditors |
230.747
|
4.677 |
2.726 |
|
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 |
Yes |
|
9) Name of person contacted |
Yes |
|
10) Designation of contact person |
Yes |
|
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 |
Yes |
|
19) Payments terms |
Yes |
|
20) Export / Import details (if applicable) |
No |
|
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 |
OPERATIONS:
During the year,
the Company has registered a total income of Rs.103.622 Millions as against
Rs.20.421 Millions for the previous year registering an increase of Rs.83.201
Millions. But the Company has incurred a Net Loss of Rs.157.644 Millions as
against a Profit of Rs.0.335 Million for the previous year.
CONTINGENT
LIABILITIES:
The Company does not have any contingent liabilities as on 31 March 2011
(2010: Nil).
FIXED ASSETS:
- Computers
- Computer software
- Furniture and fittings
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.55.85 |
|
|
1 |
Rs.86.88 |
|
Euro |
1 |
Rs.69.87 |
INFORMATION DETAILS
|
Information Gathered
by : |
PJA |
|
|
|
|
Report Prepared
by : |
TPT |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
3 |
|
PAID-UP CAPITAL |
1~10 |
3 |
|
OPERATING SCALE |
1~10 |
3 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
3 |
|
--PROFITABILIRY |
1~10 |
2 |
|
--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 |
NO |
|
--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 |
|
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.