MIRA
INFORM REPORT
|
Report Date : |
10.03.2012 |
IDENTIFICATION DETAILS
|
Name : |
MECAPLAST INDIA PRIVATE LIMITED |
|
|
|
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Registered
Office : |
P-43, 8th Avenue, Mahindra World City, Natham Sub (Po), Chengalpet
– 603002, Tamilnadu |
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Country : |
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Financials (as
on) : |
31.12.2010 |
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|
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Date of
Incorporation : |
31.05.2005 |
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|
Com. Reg. No.: |
18-080198 |
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Capital
Investment / Paid-up Capital : |
Rs.19.809 Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U74999TN2005FTC080198 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
CHEM11044F |
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|
|
|
PAN No.: [Permanent Account No.] |
AAECM2854M |
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|
|
|
Legal Form : |
Private Limited Liability Company |
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|
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Line of Business
: |
Manufacturer of Components for Automotive Industry. |
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|
|
|
No. of Employees
: |
50 [Approximately] |
RATING & COMMENTS
|
MIRA’s Rating : |
B (28) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
Maximum Credit Limit : |
USD 450000 |
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|
|
|
Status : |
Moderate |
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|
|
|
Payment Behaviour : |
Slow |
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|
|
|
Litigation : |
Clear |
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|
Comments : |
Subject is an established company having moderate track. There appears
some accumulated losses recorded by the company. 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
cautions. |
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
|
Name : |
Mr. Kalyanraman |
|
Designation : |
Finance Manager |
|
Contact No.: |
91-44-37475024 |
|
Date : |
09.03.2012 |
LOCATIONS
|
Registered Office / Factory : |
P-43, 8th Avenue, Mahindra World City, Natham Sub (Po),
Chengalpet – 603002, Tamilnadu, India |
|
Tel. No.: |
91-44-37475000 |
|
Fax No.: |
91-44-37475000 |
|
E-Mail : |
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|
Website : |
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|
Location: |
Owned |
DIRECTORS
As on 30.08.2011
|
Name : |
Mr. Thierry Manni |
|
Designation : |
Director |
|
Address : |
Block B 1, Et Nigi Gh, Harbour Crest 3, Rue Louis Aureglia, Monaco -
98000 |
|
Date of Birth/Age : |
07.06.1968 |
|
Date of Appointment : |
09.03.2006 |
|
DIN No.: |
01550213 |
|
|
|
|
Name : |
Mr. Ali Seyhan |
|
Designation : |
Director |
|
Address : |
11 CD, 2 SK No. 1, Turunc 2 Mah Zakeriyakoy Koyu, Sariyer, Istanbul –
34450, Turkey |
|
Date of Birth/Age : |
04.09.1969 |
|
Date of Appointment : |
31.10.2006 |
|
DIN No.: |
02950424 |
|
|
|
|
Name : |
Mr. Sreenivasa Rao Boyapati |
|
Designation : |
Director |
|
Address : |
A – 204, Sylvan County, Mahindra Worldcity, Nathan (PO), Chengalpet, Kanchipuram
– 603002, Tamilnadu, India |
|
Date of Birth/Age : |
03.07.1974 |
|
Date of Appointment : |
02.04.2009 |
|
DIN No.: |
02601324 |
|
|
|
|
Name : |
Mr. Christine Therese Anne Marie Benard |
|
Designation : |
Director |
|
Date of Appointment : |
30.08.2011 |
|
DIN No.: |
03542590 |
KEY EXECUTIVES
|
Name : |
Mr. Kalyanraman |
|
Designation : |
Finance Manager |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 30.08.2011
|
Names of Shareholders |
No. of Shares |
|
Mecaplast International BV, The Netherlands |
1980887 |
|
Thierry Manni |
1 |
|
Total |
1980888 |
Equity Share Break up (Percentage of Total Equity)
As on 30.08.2011
|
Category |
Percentage |
|
Foreign holdings( Foreign institutional
investor(s), Foreign companie(s) Foreign financial institution(s),
Non-resident Indian(s) or Overseas Corporate bodies or Others |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer of Components for Automotive Industry. |
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|
|
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Exports : |
|
|
Products : |
Automotive Industry |
|
Countries : |
·
France |
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Imports : |
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|
Products : |
Raw Material |
|
Countries : |
·
Japan ·
Spain |
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Terms : |
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Selling : |
Cash and Credit |
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|
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Purchasing : |
Cash and Credit |
PRODUCTION STATUS [AS ON 31.12.2010]
|
Particulars |
Unit |
Quantity
|
|
Licensed Capacity |
Nos. |
NA |
|
Installed Capacity |
Nos. |
800000-2000000 |
|
Actual Production |
Nos. |
413445 |
GENERAL INFORMATION
|
Suppliers : |
·
DSM Soft Private Limited |
||||||||||||
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|
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Customers : |
Wholesaler and Retailers ·
Ford India Private Limited |
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No. of Employees : |
50 [Approximately] |
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Bankers : |
Canara Bank, Thousand Lights Branch, 5, Greams Road, Chennai – 600006,
Tamilnadu, India |
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Facilities : |
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Banking
Relations : |
-- |
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|
|
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Auditors : |
|
|
Name : |
Price Waterhouse Chartered Accountants |
|
Address : |
No. 32, Khader Nawaz Khan Road, Nungamabakkam, Chennai – 600006,
Tamilnadu, India |
|
PAN.: |
AADFP9359C |
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|
|
|
Holding Company : |
Mecaplast International B.V |
|
|
|
|
Fellow Subsidiaries : |
·
Mecacorp SAS ·
Amkey B V ·
Mecaplast Car Components (Shangai) Company
Limited ·
Mecaplast Iberica, Espana ·
Mecacorp Aries SPA, Italy ·
Mecaplast Diffusion ·
Mecaplast Production ·
Robomat |
CAPITAL STRUCTURE
As on 31.12.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
3000000 |
Equity Shares |
Rs.10/- each |
Rs.30.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
1980888 |
Equity Shares |
Rs.10/- each |
Rs.19.809
Millions |
|
|
|
|
|
Note: All the shares are held by Mecaplast
International BV – the Holding company
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.12.2010 (12 Months) |
31.12.2009 (9 Months) |
31.03.2009 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
19.809 |
19.809 |
16.281 |
|
|
2] Share Application Money |
2.400 |
2.400 |
42.587 |
|
|
3] Reserves & Surplus |
102.493 |
102.493 |
65.634 |
|
|
4] (Accumulated Losses) |
(11.842) |
(39.746) |
(33.610) |
|
|
NETWORTH |
112.860 |
84.956 |
90.892 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
187.965 |
103.647 |
0.000 |
|
|
2] Unsecured Loans |
0.000 |
0.000 |
0.000 |
|
|
TOTAL BORROWING |
187.965 |
103.647 |
0.000 |
|
|
DEFERRED TAX LIABILITIES |
5.508 |
2.886 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
306.333 |
191.489 |
90.892 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
265.621 |
227.524 |
79.652 |
|
|
Capital work-in-progress |
2.600 |
8.540 |
35.623 |
|
|
|
|
|
|
|
|
INVESTMENT |
0.000 |
0.000 |
0.000 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.014 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
17.062
|
18.685 |
1.367 |
|
|
Sundry Debtors |
23.841
|
6.252 |
1.880 |
|
|
Cash & Bank Balances |
60.275
|
25.990 |
62.137 |
|
|
Other Current Assets |
0.219
|
0.100 |
0.000 |
|
|
Loans & Advances |
26.660
|
91.677 |
40.157 |
|
Total
Current Assets |
128.057
|
142.704 |
105.541 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
74.094
|
88.151 |
18.776 |
|
|
Other Current Liabilities |
10.507
|
98.592 |
110.329 |
|
|
Provisions |
5.344
|
0.536 |
0.833 |
|
Total
Current Liabilities |
89.945
|
187.279 |
129.938 |
|
|
Net Current Assets |
38.112
|
(44.575) |
(24.397) |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
306.333 |
191.489 |
90.892 |
|
PROFIT & LOSS ACCOUNT
|
|
PARTICULARS |
31.12.2010 (12 Months) |
31.12.2009 (9 Months) |
31.03.2009 |
|
|
|
SALES |
|
|
|
|
|
|
|
Revenue (Sales) |
344.191 |
11.208 |
|
|
|
|
Other Income |
NA |
NA |
|
|
|
|
TOTAL (A) |
NA |
NA |
6.305 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Office Expenses |
|
|
|
|
|
|
Administrative Expenses |
NA |
NA |
8.693 |
|
|
|
Advertising Expenses |
|
|
|
|
|
|
TOTAL (B) |
NA |
NA |
8.693 |
|
|
|
|
|
|
|
|
|
PROFIT
/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
68.897 |
(2.065) |
(2.612) |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
19.455 |
0.035 |
0.053 |
|
|
|
|
|
|
|
|
|
|
PROFIT
/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
49.442 |
(2.100) |
(2.665) |
|
|
|
|
|
|
|
|
|
Less |
DEPRECIATION/
AMORTISATION (F) |
18.665 |
1.135 |
0.470 |
|
|
|
|
|
|
|
|
|
|
PROFIT / (LOSS)
BEFORE TAX (E-F) (G) |
30.776 |
(3.235) |
(3.135) |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
2.873 |
2.900 |
0.229 |
|
|
|
|
|
|
|
|
|
|
PROFIT / (LOSS)
AFTER TAX (G-H) (I) |
27.903 |
(6.135) |
(3.364) |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
FOB value of Exports |
1.741 |
0.000 |
0.000 |
|
|
TOTAL EARNINGS |
1.741 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials and Components |
56.186 |
24.172 |
4.841 |
|
|
|
Capital Goods |
1.913 |
28.428 |
0.029 |
|
|
TOTAL IMPORTS |
58.099 |
52.600 |
4.870 |
|
|
|
|
|
|
|
|
|
|
Earnings /
(Loss) Per Share (Rs.) |
14.09 |
(3.60) |
(3.00) |
|
|
Particulars |
|
|
31.03.2011 |
|
Sales Turnover [Approximately] |
|
|
330.000 |
Expected Sales (2012) : Rs.500.000 Millions.
The above information has been parted by Mr. Kalyanraman.
KEY RATIOS
|
PARTICULARS |
|
31.12.2010 (12 Months) |
31.12.2009 (9 Months) |
31.03.2009 |
|
PAT / Total Income |
(%) |
NA
|
NA |
(53.35) |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
8.94
|
(28.86) |
NA |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets) |
(%) |
7.82
|
(0.87) |
(1.69) |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.27
|
0.04 |
0.03 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
2.46
|
3.42 |
1.43 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.42
|
0.76 |
0.81 |
LOCAL AGENCY FURTHER INFORMATION
DETAILS OF SUNDRY CREDITORS:
Rs. in Millions
|
Particulars |
31.12.2010 (12 Months) |
31.12.2009 (9 Months) |
31.03.2009 |
|
SUNDRY CREDITORS |
|
|
|
|
Total outstanding
dues of micro and small enterprises |
0.197 |
0.515 |
|
|
Total outstanding
dues of creditors other than micro and small enterprises |
73.897 |
87.636 |
|
|
Total |
74.094 |
88.151 |
18.776 |
|
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 |
Yes |
|
5) Type of Business |
Yes |
|
6) Line of Business |
Yes |
|
7) Promoter’s background |
-- |
|
8) No. of employees |
Yes |
|
9) Name of person contacted |
Yes |
|
10) Designation of contact person |
Yes |
|
11) Turnover of firm for last two years |
Yes |
|
12) Profitability for last three years |
No |
|
13) Reasons for variation <> 20% |
No |
|
14) Estimation for coming financial year |
Yes |
|
15) Capital in the business |
Yes |
|
16) Details of sister concerns |
Yes |
|
17) Major suppliers |
Yes |
|
18) Major customers |
Yes |
|
19) Payments terms |
Yes |
|
20) Export / Import details (if applicable) |
Yes |
|
21) Market information |
-- |
|
22) Litigations that the firm / promoter 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 |
No |
|
28) Incorporation details, if applicable |
-- |
|
29) Last accounts filed at ROC |
-- |
|
30) Major Shareholders, if available |
-- |
FINANCIAL OUTLOOK
The Plant was
inaugurated formally on 03.06.2010. The Company has achieved an overall sale of
Rs. 344.191 Millions (excluding Excise Duty and VAT). The Company during the
year has earned a Profit of Rs. 30.776 million before tax. Out of this, Rs. 17.368
Millions profit is on account of sale of development/tooling to Ford India
Private Limited and remaining Rs.13.408 Millions on account of operational
profit.
OPERATIONS
Even though 2010
is the first year of full commercial production, the operations have been
completely smooth and company achieved "0" PPM and 100% on time
delivery to customers. During this year company performed better than the
budget. Company got the ISO/TS-16949 system management certificate from UTAC
audit which is an important milestone in the automotive business. As a
responsible group to protect environment, we have already started implementing
150-14000 systems in India plant and expecting to get the necessary
certifications before Q4, 2011. During the year, initiations are made to be
able to implement SAP in India by Q4 2012.
During the year
2010, we have been awarded with a business of around 5.8Mn Euro against a
target of 4Mn Euro. This new business is awarded by Renault, Nissan Ashok
Leyland and Toyota. To fulfill this new business need, we have planned to
invest around 1.1Mn Euro in 2011 to enhance our production capacity, a new
filter element manufacturing line, new laboratory, Laser welding facility etc.
apart from the work which was already in progress for the first floor office
expansion. The team size is now around 50 people. We have several RFQs
currently in progress from various customers like Maruti, Renault, Ford, VW,
Daimler etc.
The Registered
office of the company was shifted from "Mumbai" in the state of Maharashtra
to "Chennai" in the state of Tamilnadu vide company Law Board
Notification dated 02/02/2011, which has been notified by the Registrar of
companies vide order dated 19/04/2011 under section 18 (3) of the companies
Act,
The company also
obtained an order from the Company Law Board dated 28/06/2011 for extension of
time for a period of three months to convene the Annual General Meeting of the
company beyond the period of six months from the date of accounts closure. The
company law Board granted time till 3/09/2011 for convening the Annual General
Meeting.
FIXED ASSETS
·
Leasehold Land
·
Buildings
·
Plant and Machinery
·
Office Equipments
·
Furniture and Fixtures
·
Vehicles
·
Software
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.50.02 |
|
|
1 |
Rs.79.00 |
|
Euro |
1 |
Rs.66.17 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
3 |
|
PAID-UP CAPITAL |
1~10 |
4 |
|
OPERATING SCALE |
1~10 |
3 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
3 |
|
--PROFITABILIRY |
1~10 |
3 |
|
--LIQUIDITY |
1~10 |
3 |
|
--LEVERAGE |
1~10 |
3 |
|
--RESERVES |
1~10 |
4 |
|
--CREDIT LINES |
1~10 |
2 |
|
--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 |
|
28 |
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.