MIRA
INFORM REPORT
|
Report Date : |
31.03.2012 |
IDENTIFICATION DETAILS
|
Name : |
THYSSENKRUPP ENGINE COMPONENTS INDIA PRIVATE LIMITED |
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Registered
Office : |
Gat No. 392, AT and Post Gonde, Village Wadivarhe, Taluka Igatpuri,
Nashik-422403, |
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Country : |
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Financials (as
on) : |
31.03.2011 |
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Date of
Incorporation : |
07.07.2010 |
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Com. Reg. No.: |
11-205326 |
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Capital
Investment / Paid-up Capital : |
Rs.261.551 Millions |
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CIN No.: [Company Identification
No.] |
U29268MH2010PTC205326 |
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TAN No.: [Tax Deduction &
Collection Account No.] |
NSKT03280E |
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Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Manufacturer of internal combustion piston engines and other parts and
accessories. |
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No. of Employees
: |
Information denied by the management |
RATING & COMMENTS
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MIRA’s Rating : |
B (26) |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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Maximum Credit Limit : |
USD 504000 |
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Status : |
Moderate |
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Payment Behaviour : |
Slow but correct |
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Litigation : |
Clear |
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Comments : |
Subject is a subsidiary of Thysenkrupp Gerlach GmbH, It is a relatively new company having moderate track. The company has incurred
some losses in the current year. However, trade relations are as fair.
Business is active. Payments are reported to be slow but correct. Inview of strong holding, the company can be considered for business
dealings at usual trade terms and conditions.
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NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
INFORMATION DECLINED BY
|
Name : |
Mr. Vijendra Jain |
|
Designation : |
Business Office |
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Contact No.: |
91-7815550048 |
|
Date : |
30.03.2012 |
LOCATIONS
|
Registered Office/ Factory : |
Gat No. 392, AT and Post Gonde, Village Wadivarhe, Taluka Igatpuri,
Nashik-422403, |
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Tel. No.: |
91-2553-225182/225613 |
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Mobile No.: |
91-7815550048 (Mr. Vijendra Jain) |
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Fax No.: |
91-2553-225613 |
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E-Mail : |
DIRECTORS
As on 05.01.2012
|
Name : |
Mr. Dara Nadirshaw Damania |
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Designation : |
Director |
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Address : |
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Date of Birth/Age : |
02.12.1936 |
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Date of Appointment : |
07.07.2010 |
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DIN No.: |
00403834 |
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Name : |
Ralph Rainer Tobergte |
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Designation : |
Managing director |
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Address : |
Hotel Gateway, Pathardi Phata, |
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Date of Birth/Age : |
15.03.1953 |
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Date of Appointment : |
15.11.2010 |
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DIN No.: |
03358256 |
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Name : |
Mr. David John Morrison |
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Designation : |
Additional director |
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Address : |
11, |
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Date of Birth/Age : |
17.12.1954 |
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Date of Appointment : |
02.08.2010 |
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DIN No.: |
03182434 |
KEY EXECUTIVES
|
Name : |
Mr. Vijendra Jain |
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Designation : |
Business Office |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 05.01.2012
|
Names of Shareholders |
|
No. of Shares |
|
Thyssenkrupp Gerlach |
|
26155130 |
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Thyssenkrupp Technologies |
|
10 |
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TOTAL |
|
26155140 |
Equity Share Break up (Percentage of Total Equity)
As on 05.01.2012
|
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 |
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Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer of internal combustion piston engines and other parts and
accessories. |
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Products : |
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GENERAL INFORMATION
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No. of Employees : |
Information denied by the management |
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Bankers : |
Not Divulged |
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Facilities : |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
Price Waterhouse and Company Chartered Accountant |
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Address : |
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PAN.: |
AADFP9359C |
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Holding Company : |
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Where Control
Exists : |
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Fellow Subsidiaries
: |
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CAPITAL STRUCTURE
As on 30.09.2011
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
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|
|
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|
30000000 |
Equity Shares |
Rs.10/- each |
Rs.300.000 Millions |
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Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
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|
|
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|
26155140 |
Equity Shares |
Rs.10/- each |
Rs.261.551
Millions |
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FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
|
|
31.03.2011 |
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SHAREHOLDERS FUNDS |
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|
|
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1] Share Capital |
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|
261.551 |
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2] Share Application Money |
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|
0.000 |
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3] Reserves & Surplus |
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|
0.000 |
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4] (Accumulated Losses) |
|
|
(135.445) |
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NETWORTH |
|
|
126.106 |
|
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LOAN FUNDS |
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|
|
|
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1] Secured Loans |
|
|
0.000 |
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2] Unsecured Loans |
|
|
1040.000 |
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TOTAL BORROWING |
|
|
1040.000 |
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DEFERRED TAX LIABILITIES |
|
|
0.000 |
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|
|
|
|
|
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TOTAL |
|
|
1166.106 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
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|
3.886 |
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Capital work-in-progress |
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|
970.456 |
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INVESTMENT |
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|
0.000 |
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DEFERREX TAX ASSETS |
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|
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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|
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Inventories |
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|
111.283 |
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Sundry Debtors |
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|
44.344 |
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Cash & Bank Balances |
|
|
114.406 |
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Other Current Assets |
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|
0.000 |
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Loans & Advances |
|
|
168.058 |
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Total
Current Assets |
|
|
438.091 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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|
|
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Sundry Creditors |
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|
224.542 |
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Other Current Liabilities |
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|
21.262 |
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Provisions |
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|
0.523 |
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Total
Current Liabilities |
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|
246.327 |
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Net Current Assets |
|
|
191.764 |
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MISCELLANEOUS EXPENSES |
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|
0.000 |
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TOTAL |
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|
1166.106 |
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PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
|
|
31.03.2011 |
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SALES |
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Income |
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191.220 |
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Other Income |
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|
17.787 |
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TOTAL (A) |
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209.007 |
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Less |
EXPENSES |
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Office Expenses |
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Administrative Expenses |
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Advertising Expenses |
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TOTAL (B) |
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300.355 |
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Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
|
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(91.348) |
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Less |
FINANCIAL
EXPENSES (D) |
|
|
39.508 |
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PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
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(130.857) |
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Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
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|
4.588 |
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PROFIT BEFORE
TAX (E-F) (G) |
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(135.445) |
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Less |
TAX (H) |
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|
0.000 |
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PROFIT AFTER TAX
(G-H) (I) |
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(135.445) |
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Earnings Per
Share (Rs.) |
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(6.27) |
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KEY RATIOS
|
PARTICULARS |
|
|
|
31.03.2011 |
|
PAT / Total Income |
(%) |
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(64.80) |
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Net Profit Margin (PBT/Sales) |
(%) |
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(70.83) |
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Return on Total Assets (PBT/Total Assets} |
(%) |
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(30.65) |
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Return on Investment (ROI) (PBT/Networth) |
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(1.07) |
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Debt Equity Ratio (Total Liability/Networth) |
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|
10.20 |
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Current Ratio (Current Asset/Current Liability) |
|
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|
1.78 |
LOCAL AGENCY FURTHER INFORMATION
Details of Sundry Creditors
|
Particulars |
31.03.2011 |
|
|
Rs. in millions |
|
Creditors Due
Others |
224.542 |
|
TOTAL |
224.542 |
BACKGROUND
The Company was incorporated as a Private Limited Company on
July 07, 2010. The Company is wholly owned subsidiary of ThyssenKrupp Gerlach
GmbH,
BUSINESS OUTLOOK
The company’s outlook is depending mainly on the general economic outlook and in particular on the future of Industrial/Automotive production. In general, we are expecting a continuous growth of the commercial vehicle sales (medium trucks) although the industrial production in November decreased by 5.1%. We believe that the decrease will have a short time impact and as the company is still in the ramp up phase to full capacity, it will not have any significant impact. The company will continue its recruitment and training program.
For the time being the capacity is allocated to one customer, namely, TCL but we are in the process to expand our customer base. The investments of foreign companies MAN, Daimler Caterpillar combined with the local investments indicate the confidence in market growth. Some stimulating initiatives from the Government of India and the RBI would help.
The company is hopeful on the positive returns for the investments taken. The company will continuously focus on highest quality and customer services to retain and improve the market share.
FIXED ASSETS
- Factory
- Plant and Machinery
- Weighting Scales
- Air-conditioners and refrigerators
- Computers
- Furniture and fixtures & Office Equipments
- Vehicles
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.51.16 |
|
|
1 |
Rs.81.80 |
|
Euro |
1 |
Rs.68.34 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
3 |
|
PAID-UP CAPITAL |
1~10 |
4 |
|
OPERATING SCALE |
1~10 |
4 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
4 |
|
--PROFITABILIRY |
1~10 |
-- |
|
--LIQUIDITY |
1~10 |
4 |
|
--LEVERAGE |
1~10 |
4 |
|
--RESERVES |
1~10 |
-- |
|
--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.