|
Report Date : |
07.05.2012 |
IDENTIFICATION DETAILS
|
Name : |
INTEVA PRODUCTS |
|
|
|
|
Registered
Office : |
69, Al |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as
on) : |
30.09.2010 |
|
|
|
|
Date of
Incorporation : |
16.10.1985 |
|
|
|
|
Com. Reg. No.: |
08 - 007212 |
|
|
|
|
Capital
Investment/ Paid-up Capital: |
Rs.48.105 Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U34300KA1985PTC007212 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
BLRM05800E |
|
|
|
|
PAN No.: [Permanent Account No.] |
AABCM9623K |
|
|
|
|
Legal Form : |
Private Limited Liability Company |
|
|
|
|
Line of Business
: |
Manufacture Of Automotive Parts And Components. |
|
|
|
|
No. of
Employees: |
Not Divulged |
RATING & COMMENTS
|
MIRA’s Rating : |
Ca (16) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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 |
|
|
|
|
Status : |
Moderate |
|
|
|
|
Payment Behaviour : |
Slow |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is an established company having moderate track.
There appear huge accumulated losses recorded by the company.
Profitability of the company is under pressure, However, trade relations are
reported as fair. Business is active. Payments are reported to be slow. The company can be considered normal for business dealings on a safe
and secured 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 DECLINED BY
|
Name : |
Ms. Ramiya |
|
Designation : |
Accounts Manager |
|
Contact No.: |
91-080-41950000 |
|
Date : |
02.05.2012 |
LOCATIONS
|
Registered Office : |
69, Al |
|
Tel. No.: |
91-80-41950000 |
|
Fax No.: |
91-80-22227630 |
|
E-Mail : |
|
|
|
|
|
Factory: |
|
DIRECTORS
As on 29.03.2011
|
Name : |
Mr. Varun Vijay Rao |
|
Designation : |
Managing Director |
|
Address : |
F1 Block 4 Royal Garden, |
|
Date of Birth/Age : |
05.05.1973 |
|
Date of Appointment : |
07.04.2010 |
|
Din No.: |
02509615 |
|
|
|
|
Name : |
Mr. Murali Kolli |
|
Designation : |
Director |
|
Address : |
1D 203 Akme Harnony, Outer Ring Road, Bellandur Outer Ring Road, 2nd
Floor, Banglore – 560025, Karnataka, India |
|
Date of Birth/Age : |
17.03.1968 |
|
Date of Appointment : |
17.10.2008 |
|
Din No.: |
02335271 |
|
|
|
|
Name : |
Mr. Matthew Casimer Modrzejewski |
|
Designation : |
Director |
|
Address : |
|
|
Date of Birth/Age : |
05.06.1967 |
|
Date of Appointment : |
03.12.2010 |
|
Din No.: |
03344949 |
|
|
|
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 29.03.2011
|
List of Share Holders |
No. of Shares |
|
Door Systems Holdings, |
481049 |
|
Goshal Anish |
1 |
|
Total |
481050 |
As on 05.05.2011
|
List of Allottees |
No. of Shares |
|
Door Systems Holdings, |
9655 |
As on 29.03.2011
Equity Shares Break -up
|
Category |
|
Percentage |
|
|
|
|
|
Foreign holdings [Foreign institutional investors, Foreign Companies, Foreign Financial Institutions, Non-resident Indian or Overseas corporate bodies or others] |
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacture Of Automotive Parts And Components. |
|
|
|
PRODUCTION STATUS As on 30.09.2010
|
Particulars |
Installed
Capacity |
Actual
Production |
|
Basis Latch |
2.4 M |
751820 |
|
HGL Latch |
2.4 M |
860623 |
|
Ford Window Regulator |
0.8 M |
225220 |
|
Ford Latch |
1.3M |
223058 |
|
HGL RM |
2.4M |
665.890 |
|
Motors |
2.9M |
55376 |
Installed capacity is as certified by the Management
and has been relied upon by the auditors being a technical matter.
Figures in brackets represent previous year
number
GENERAL INFORMATION
|
No. of Employees : |
Not Divulged |
|||||||||||||||
|
|
|
|||||||||||||||
|
Bankers : |
Not Divulged |
|||||||||||||||
|
|
|
|||||||||||||||
|
Facilities : |
(Rs. In Millions)
|
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
Deloitte Haskins and Sells Chartered Accountants |
|
Address : |
Deloitte Centre, |
|
Tel. No.: |
91-80-66276000 |
|
Fax No.: |
91-80-66276011 |
|
|
|
|
Fellow Subsidiaries : (As on 30.09.2010) |
·
Meritor Heavy Vehicles Systems, ·
Arvin Meritor LVS, France ·
Meritor Commercial Vehicles Systems India Private
Limited (“Meritor CVS”) ·
Arvin Meritor LVS, France (Sully) ·
Arvin Innovation Australia Pty Limited ·
Arvin Meritor, ·
Arvin Meritor ·
Arvin Meritor LVS, France (Esson) ·
Meritor LVS Romania Limited ·
Meritor LVS Zhenziang (II) Company Limited ·
Meritor LVS Korea Limited ·
Meritor LVS – France (St Die) ·
Arvin Meritor LVS Liberac A.S ·
Arvin Meritor Light Vehicles Systems, ·
Arvin Meritor, |
|
|
|
|
Holding Company: (As on 30.09.2010) |
·
Arvin Meritor Light Vehicles Systems |
|
|
|
|
Ultimate Holding Company (As on 30.09.2010) |
·
Arvin Meritor Inc, |
CAPITAL STRUCTURE
As on 30.09.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
500000 |
Equity Shares |
Rs.100/- each |
Rs.50.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
481050 |
Equity Shares |
Rs.100/- each |
Rs.48.105
Millions |
After 30.09.2010
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
490705 |
Equity Shares |
Rs.100/- each |
Rs.49.071
Millions |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
30.09.2010 |
30.09.2009 |
30.09.2008 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
48.105 |
47.094 |
18.335 |
|
|
2] Share Application Money |
0.000 |
0.000 |
75.636 |
|
|
3] Reserves & Surplus |
464.475 |
222.894 |
176.017 |
|
|
4] (Accumulated Losses) |
(737.478) |
(341.694) |
(139.586) |
|
|
NETWORTH |
(224.898) |
(71.706) |
130.402 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
7.659 |
0.000 |
0.384 |
|
|
2] Unsecured Loans |
343.673 |
151.709 |
141.961 |
|
|
TOTAL BORROWING |
351.332 |
151.709 |
142.345 |
|
|
DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
126.434 |
80.003 |
272.747 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
259.452 |
235.942 |
13.425 |
|
|
Capital work-in-progress |
13.238 |
21.084 |
51.882 |
|
|
|
|
|
|
|
|
INVESTMENT |
0.000 |
0.000 |
0.000 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
104.678
|
57.023 |
0.000 |
|
|
Sundry Debtors |
124.000
|
49.042 |
17.984 |
|
|
Cash & Bank Balances |
104.327
|
50.875 |
214.793 |
|
|
Other Current Assets |
180.955
|
139.437 |
42.842 |
|
|
Loans & Advances |
0.000
|
0.000 |
0.000 |
|
Total
Current Assets |
513.960
|
296.377 |
275.619 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditor |
273.335
|
190.667 |
58.695 |
|
|
Other Current Liabilities |
361.434
|
268.239 |
6.708 |
|
|
Provisions |
25.447
|
14.494 |
2.776 |
|
Total
Current Liabilities |
660.216
|
473.400 |
68.179 |
|
|
Net Current Assets |
(146.256)
|
(177.023) |
207.440 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
126.434 |
80.003 |
272.747 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
30.09.2010 |
30.09.2009 |
30.09.2008 |
|
|
|
|
|
|
|
|
|
|
|
SALES |
1013.458 |
295.377 |
231.595 |
|
|
|
TOTAL |
|
|
|
|
|
|
|
|
|
|
|
Less |
EXPENSES |
1350.781 |
478.502 |
229.566 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION |
(337.323) |
(183.125) |
2.029 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION |
59.270 |
18.451 |
9.187 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX |
(396.593) |
(201.577) |
(7.158) |
|
|
|
|
|
|
|
|
|
Less |
TAX |
0.809 |
0.531 |
2.014 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER
TAX) |
(395.784) |
202.108 |
(9.171) |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
(341.694) |
(139.586) |
(130.415) |
|
|
|
|
|
|
|
|
|
|
BALANCE CARRIED
TO THE B/S |
(737.478) |
(341.694) |
(139.586) |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
608.714 |
144.280 |
0.000 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
(822.75) |
(463.26) |
(50.02) |
|
KEY RATIOS
|
PARTICULARS |
|
30.09.2010 |
30.09.2009 |
30.09.2008 |
|
PAT / Total Income |
(%) |
NA
|
NA |
NA |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
(39.13)
|
(68.43) |
(3.09) |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
(51.28)
|
(37.87) |
(5.49) |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
(1.76)
|
(2.81) |
(0.05) |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
(4.50)
|
(8.71) |
1.61 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
0.78
|
0.63 |
4.04 |
LOCAL AGENCY FURTHER INFORMATION
|
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 |
Yes |
|
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 |
No |
|
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 |
SUNDRY CREDITORS DETAILS:
Rs. In Millions
|
Particular |
30.09.2010 |
30.09.2009 |
30.09.2008 |
|
Sundry Creditors |
|
|
|
|
Dues to Micro and Small Enterprises |
6.241 |
0.012 |
0.000 |
|
Dues to Other than Micro and Small
Enterprises |
267.094 |
190.655 |
58.695 |
|
Total |
273.335 |
190.667 |
58.695 |
Operations:
The gross revenue has increased to Rs.1013.458 Millions for the year ending
30th September 2010 as compared
to Rs.295.377 Millions for the
previous year. The operating loss has increased to Rs.337.323 Millions for the current year as compared to Rs.183.125 Millions in the previous
year. The Company has recorded a
net loss of Rs.737.478 Millions
in comparison to the net loss Rs.341.694
Millions in the previous year.
The operations of the company are expected to grow in the current year more rapidly and the company is expected to improve further the performance during the current year
Foreseeing the trend in growth, the company is looking for further expansion in the corning year both in terms of services and in terms of space. We are *'ell on our road to qualify to be an Engineering centre providing total solutions from concept design to prototypes & production parts to our customers. In this direction the Company has proposed to set up new unit for manufacture of auto products.
The Company has opened the manufacturing plant at Pune for manufacture of automotive parts and components and the implementation of the project this year. This plant will add substantial turnover and the Company is expected to improve its performance markedly in the future years
On going global economic recession has affected the export turnover of the company and expenses due to first
year operation of Pune Unit and the Expenses towards customer commitments have
resulted into a loss during the year
The Company has project with HGL. Volk Wagon, BMW, General
Motors and Ford, but its
strategic plan is to grow in Indian Market
with long-term tie up with India
Automobile Industries like TATA, Maruthi
etc. This year company is achieved to get business with TATA Motors
& planning to have more Indian OEM customers to expand the business in
Contingent liability
not provide for:
Rs. in Millions
|
Particular |
30.09.2010 |
30.09.2009 |
|
Disputed demands under Income Tax Act. |
13.766 |
13.766 |
|
Customs duty on export obligation The company has imported Plant and Machinery at Confessional /nil rate of duty under Export Promotion Capital Goods Scheme [EPCG]. Under this scheme, the company is obliged to export goods of specified value by 8 years of Which exports of Rs.160.370/- is yet to be met at the year end. To avail this benefit, the company has provided bank guarantees aggregating to Rs.0.678 Previous year Rs.0678) |
4.519 |
4.519 |
|
Total |
18.285 |
17.795 |
Capital Commitment at the year end to
executed, net of advances – Rs.7.346 (Previous
year Ra.1.461)
Fixed Assets:
·
Lease hold Improvements
·
Plant and Machinery
·
Office Equipment
·
Tools and Equipment
·
Furniture
·
Computers
·
Lease hold Fittings
·
Vehicles
·
Workshop Equipments
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.53.72 |
|
|
1 |
Rs.86.98 |
|
Euro |
1 |
Rs.70.65 |
INFORMATION DETAILS
|
Information
Gathered by : |
PJA |
|
|
|
|
Report Prepared
by : |
BYI |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
4 |
|
PAID-UP CAPITAL |
1~10 |
2 |
|
OPERATING SCALE |
1~10 |
2 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
2 |
|
--PROFITABILIRY |
1~10 |
- |
|
--LIQUIDITY |
1~10 |
- |
|
--LEVERAGE |
1~10 |
2 |
|
--RESERVES |
1~10 |
2 |
|
--CREDIT LINES |
1~10 |
2 |
|
--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 |
YES |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
16 |
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.