MIRA
INFORM REPORT
|
Report Date : |
19.05.2012 |
IDENTIFICATION DETAILS
|
Name : |
GRUPO ANTOLIN PUNE PRIVATE LIMITED (w.e.f. 31.05.2008) |
|
|
|
|
Formerly Known
As : |
AUTO INTERIORS INDIA PRIVATE LIMITED |
|
|
|
|
Registered
Office : |
B -25, MIDC, Ranjangaon, Taluka Shirur, Pune – 412210, |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as
on) : |
31.03.2011 |
|
|
|
|
Date of
Incorporation : |
02.09.1996 |
|
|
|
|
Com. Reg. No.: |
25-015924 |
|
|
|
|
Capital Investment
/ Paid-up Capital : |
Rs.872.950 Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U34300PN1996PTC015924 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
PNEA01777G |
|
|
|
|
PAN No.: [Permanent Account No.] |
AAACA6730G |
|
|
|
|
Legal Form : |
Private Limited Liability Company |
|
|
|
|
Line of Business
: |
Manufacturer of Car Interiors. |
|
|
|
|
No. of Employees
: |
50 (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 2600000 |
|
|
|
|
Status : |
Moderate |
|
|
|
|
Payment Behaviour : |
Slow |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is an established company having moderate track. There appears
huge 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 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 : |
Mr. Vikas |
|
Designation : |
Finance Department |
|
Contact No.: |
91-2138-660630 |
|
Date : |
18.05.2012 |
LOCATIONS
|
Registered Office/ Factory : |
B -25, MIDC, Ranjangaon, Taluka Shirur, Pune – 412210, |
|
Tel. No.: |
91-2138-660600 / 232236/ 560600 |
|
Fax No.: |
91-2138-232202 |
|
E-Mail : |
|
|
Website : |
|
|
Area : |
4000 sq. ft |
|
Location : |
Owned |
|
|
|
|
|
6th Floor, Alpha 2 Building, Giga Space IT Park, Nagar Pune
Road, Opposite Maruti Showroom, Viman Nagar, Pune -411014, Maharashtra, India |
DIRECTORS
As on 30.09.2011
|
Name : |
Mr. Munoz Baroja Pablo |
|
Designation : |
Director |
|
Address : |
Paseo Miqueletes 1, 1,3,C, 2008, San Sebastian |
|
Date of Birth/Age : |
19.09.1969 |
|
Date of Appointment : |
25.01.2011 |
|
DIN No.: |
00785463 |
|
|
|
|
Name : |
Mr. Ernesto Antolin Arribas |
|
Designation : |
Managing Director |
|
Address : |
C/VITORIA 8, 2-C, |
|
Date of Birth/Age : |
06.11.1964 |
|
Date of Appointment : |
09.12.1996 |
|
DIN No.: |
00785463 |
|
|
|
|
Name : |
Mr. Pedro Jesus Santesteban |
|
Designation : |
Managing Director |
|
Address : |
Condesa Mencia, 165 6 E, |
|
Date of Appointment : |
05.03.2010 |
|
DIN No.: |
02914318 |
|
|
|
|
Name : |
Maitreya Vrajesh Purohit |
|
Designation : |
Additional Director |
|
Address : |
A – 10, Rane Classics, SR, 20/2, Someshwarwadi, Pashan, Pune – 411008,
|
|
Date of Birth/Age : |
26.11.1975 |
|
Date of Appointment : |
25.01.2011 |
|
DIN No.: |
03457981 |
KEY EXECUTIVES
|
Name : |
|
|
Designation : |
Company Secretary |
|
Address : |
1186, Sadashiv Peth, Suyog Bhavan, Pune – 30, |
|
Date of Appointment : |
11.01.2011 |
|
PAN No: |
AQNPB1279M |
|
|
|
|
Name : |
Mr. Vikas |
|
Designation : |
Finance Department |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 30.09.2011
|
Names of Shareholders |
|
No. of Shares |
|
Grupo Antolin – Irausa SA, |
|
89080713 |
|
Grupo Antolin – Ingenieria, S A, |
|
1 |
|
Total |
|
89080714 |
As on 30.09.2011
Equity Share Break up (Percentage of Total Equity)
|
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 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer of Car Interiors. |
||||
|
|
|
||||
|
Products : |
|
||||
|
|
|
||||
|
Terms : |
|
||||
|
Selling : |
Cash / Credit |
||||
|
|
|
||||
|
Purchasing : |
Cash / Credit |
PRODUCTION STATUS (As on 31.03.2011)
|
Particulars |
Unit |
Licensed
Capacity |
Actual
Production |
|
Head Liners |
Nos |
1500000 |
1588602 |
|
Door Panels |
Nos |
402000 |
33508 |
|
Parcel Trays |
Nos |
370000 |
202323 |
*Installed/Licensed capacity beaing a technical matter has been certified by the management and relied upon by auditors.
GENERAL INFORMATION
|
Customers : |
Wholesalers and Retailers |
|||||||||||||||||||||
|
|
|
|||||||||||||||||||||
|
No. of Employees : |
50 (Approximately) |
|||||||||||||||||||||
|
|
|
|||||||||||||||||||||
|
Bankers : |
ICICI Bank Limited, |
|||||||||||||||||||||
|
|
|
|||||||||||||||||||||
|
Facilities : |
(Rs.
In Millions)
|
|||||||||||||||||||||
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
Deloite Haskins and Sells Chartered Accountants |
|
Address : |
706-B Wing, 7th Floor, ICC Trade Tower, International
Convention Centre, Senapati Bapat Road, Pune – 411016, Maharashtra, India |
|
PAN.: |
AACFD4815A |
|
|
|
|
Holding Company : |
|
|
|
|
|
Fellow Subsidiaries: |
|
CAPITAL STRUCTURE
As on 30.09.2011
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
90000000 |
Equity Shares |
Rs.10/- each |
Rs.900.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
89080714 |
Equity Shares |
Rs.10/- each |
Rs.890.807
Millions |
|
|
|
|
|
As on 31.03.2011
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
90000000 |
Equity Shares |
Rs.10/- each |
Rs.900.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
87295000 |
Equity Shares |
Rs.10/- each |
Rs.872.950
Millions |
|
|
|
|
|
(A) Authorised: 90000000 (PY - 90000000) equity shares of Rs.10/- each
(B) Issued: 87295000 (PY- 87295000) equity shares of Rs.10/- each
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 |
872.950 |
872.950 |
844.950 |
|
|
2] Share Application Money |
1.702 |
1.716 |
29.963 |
|
|
3] Reserves & Surplus |
0.000 |
0.000 |
0.000 |
|
|
4] (Accumulated Losses) |
(201.737) |
(276.941) |
(352.819) |
|
|
NETWORTH |
672.915 |
597.725 |
522.094 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
0.000 |
0.000 |
0.000 |
|
|
2] Unsecured Loans |
61.681 |
93.986 |
55.557 |
|
|
TOTAL BORROWING |
61.681 |
93.986 |
55.557 |
|
|
DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
734.596 |
691.711 |
577.651 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
529.148 |
529.221 |
521.959 |
|
|
Capital work-in-progress |
11.421 |
5.355 |
9.915 |
|
|
|
|
|
|
|
|
INVESTMENT |
0.000 |
0.000 |
0.000 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
205.512
|
108.854 |
93.875 |
|
|
Sundry Debtors |
339.754
|
292.050 |
188.644 |
|
|
Cash & Bank Balances |
24.484
|
46.674 |
9.775 |
|
|
Other Current Assets |
0.000
|
0.000 |
0.000 |
|
|
Loans & Advances |
243.967
|
223.529 |
204.274 |
|
Total
Current Assets |
813.717
|
671.107 |
496.568 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
443.645 |
353.410 |
311.749
|
|
|
Other Current Liabilities |
155.581
|
142.883 |
130.916
|
|
|
Provisions |
20.464
|
17.679 |
11.126 |
|
Total
Current Liabilities |
619.690
|
513.972 |
453.791 |
|
|
Net Current Assets |
194.027
|
157.135 |
42.777 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
734.596 |
691.711 |
574.651 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
1264.354 |
865.807 |
|
|
|
|
Services |
85.261 |
74.433 |
|
|
|
|
Write-off Excess Provision Of Withholding Tax |
2.083 |
0.000 |
|
|
|
|
Other Income |
22.845 |
56.452 |
|
|
|
|
TOTAL (A) |
1374.543 |
996.692 |
|
|
|
|
|
|
|
|
|
Less |
|
TOTAL EXPENSES
(B) |
1233.863 |
849.931 |
|
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
140.680 |
146.761 |
|
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
2.161 |
1.549 |
|
|
|
|
|
|
|
NA |
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
138.519 |
145.212 |
|
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
55.688 |
55.818 |
|
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE TAX
(E-F) (G) |
82.831 |
89.394 |
|
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
7.628 |
13.516 |
|
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
75.203 |
75.878 |
|
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
(276.941) |
(352.819) |
|
|
|
|
|
|
|
|
|
|
|
BALANCE CARRIED
TO THE B/S |
(201.738) |
(276.941) |
|
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Design and Engineering Services |
68.433 |
73.087 |
113.841 |
|
|
|
Reimbursement of Expenses |
0.000 |
0.000 |
0.631 |
|
|
TOTAL EARNINGS |
68.433 |
73.087 |
114.472 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
NA |
0.163 |
0.202 |
|
|
|
Stores & Spares |
NA |
0.009 |
0.007 |
|
|
|
Capital Goods |
NA |
0.012 |
0.037 |
|
|
|
Software |
NA |
0.000 |
0.004 |
|
|
|
Research design – Maintenance Expenses |
NA |
0.032 |
0.029 |
|
|
TOTAL IMPORTS |
NA |
0.216 |
0.279 |
|
|
|
|
|
|
|
|
|
|
Earnings Per Share
(Rs.) |
0.861 |
0.879 |
(1.507) |
|
The above information has been parted by Mr. Vikas
KEY RATIOS
|
PARTICULARS |
|
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
PAT / Total Income |
(%) |
5.47
|
7.61 |
NA |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
6.55
|
10.32 |
NA |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
6.21
|
7.45 |
NA |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.12
|
0.15 |
NA |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
1.01
|
1.02 |
0.98 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.31
|
1.31 |
1.09 |
LOCAL AGENCY FURTHER INFORMATION
|
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 |
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 |
No |
|
19) Payments terms |
Yes |
|
20) Export / Import details (if applicable) |
No |
|
21) Market information |
-- |
|
22) Litigations that the firm / promoter |
-- |
|
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 |
SUNDRY CREDITORS DETAILS
Rs. In Millions
|
Particular |
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
|
|
|
|
|
Creditors due small micro enterprises |
13.515 |
0.940 |
0.494 |
|
Creditors due others |
430.130 |
352.470 |
311.255 |
|
Total |
443.645 |
353.410 |
311.749 |
BUSINESS OPERATIONS
Company has profit of Rs.75.203 Millions during the year and after adjustment of accumulated losses of the previous years the company has loss of Rs.201.737 Millions at the end of the year.
CONTINGENT LIABILITIES
a) Bank guarantees and letter of credit:
Rs. In Millions
|
Particular |
31.03.2011 |
31.03.2010 |
|
Claims against the company not acknowledged as debt (various sales tax cases) |
19.533 |
19.533 |
b) The company has received claim from Ex - CEO towards full and final settlement. However, according to the management no amount is payable towards full and final settlement and hence no provision has been made.
FIXED ASSETS
- Land
- Office Equipments
- Furniture and Fixtures
- Vehicles
- 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.54.88 |
|
|
1 |
Rs.86.46 |
|
Euro |
1 |
Rs.69.49 |
INFORMATION DETAILS
|
Information Gathered
by : |
PJA |
|
|
|
|
Report Prepared
by : |
NTH |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
4 |
|
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 |
-- |
|
--CREDIT LINES |
1~10 |
3 |
|
--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 |
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.