MIRA
INFORM REPORT
|
Report Date : |
06.11.2012 |
IDENTIFICATION DETAILS
|
Name : |
NEXTEER AUTOMOTIVE INDIA PRIVATE LIMITED (w.e.f.07.02.2011) |
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|
|
|
Formerly Known
As : |
RHODES |
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Registered
Office : |
Plot No.98A, Phase II, KIADB Industrial Area, Jigani, Anekal Taluk, |
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Country : |
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Financials (as
on) : |
31.03.2011 |
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Date of
Incorporation : |
25.02.2008 |
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|
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Com. Reg. No.: |
08-045400 |
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|
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Capital
Investment/ Paid-up Capital: |
Rs.142.960 Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U35990KA2008PTC045400 |
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|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
BLRR06730D |
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|
|
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PAN No.: [Permanent Account No.] |
AADCR9139D |
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Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Manufacturer and |
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No. of
Employees: |
Not Available |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (50) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 2190000 |
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|
Status : |
Satisfactory |
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Payment Behaviour : |
Usually correct |
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Litigation : |
Clear |
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Comments : |
Subject is a subsidiary of “Rhodes Holding II Sarl” It is an
established company having satisfactory track. It has recorded an impressive growth in its sales turnover during
2011. Trade relations are reported as decent. Business is active. Payments
are reported to be usually correct and as per commitment. The company can be considered for business dealings at usual 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.
ECGC Country Risk Classification List – June 30, 2012
|
Country Name |
Previous Rating (31.03.2012) |
Current Rating (30.06.2012) |
|
|
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
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Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
INDIAN ECONOMIC OVERVIEW
|
Source
: CIA |
RBI DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available RBI Defaulters’ list.
EPF (Employee Provident Fund) DEFAULTERS’’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of
31-03-2012.
LOCATIONS
|
Registered Office : |
Plot No.98A, Phase II, KIADB Industrial Area, Jigani, Anekal Taluk, |
|
Tel. No.: |
91-80- 22897239/22897100/22897300 |
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Fax No.: |
91-80 - 27825462 |
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E-Mail : |
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DIRECTORS
AS ON 16.09.2011
|
Name : |
Mr. Lloyd Owen Doddridge |
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Designation : |
Director |
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Address : |
Vizcaya House 40, |
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Date of Birth/Age : |
17.05.1963 |
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Date of Appointment : |
05.02.2010 |
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Din No.: |
02822560 |
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Other Directorship:
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Name : |
Mr. Madhav Shantaram Kulkarni |
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Designation : |
Director |
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Address : |
No.905C, |
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Date of Birth/Age : |
01.10.1959 |
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Qualification |
BE and MBA |
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Experience |
29 Years |
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Date of Appointment : |
30.08.2011 |
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Din No.: |
02821142 |
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Other Directorship:
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Name : |
Mr. Pralhadrao Banderao Mujumdar |
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Designation : |
Director |
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Address : |
19, 4th Main Arekere, Mico Layout, 1stage, |
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Date of Birth/Age : |
19.02.1960 |
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Date of Appointment : |
05.02.2010 |
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Din No.: |
02823861 |
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Other Directorship:
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KEY EXECUTIVES
|
Name : |
R Ramya |
|
Designation : |
Secretary |
|
Address : |
413, IV Floor, Ind Win EC9, Tasy
Apartments, 9th Main GB Palya Main Road, Hongasandra, Bangalore –
560068, Karnataka, India |
|
Date of Birth/Age : |
27.06.1982 |
|
Date of Appointment : |
04.01.2010 |
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Pan No.: |
ASEPR0667A |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 16.09.2011
|
Names of Shareholders |
|
No. of Shares |
|
|
|
14295800 |
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|
|
200 |
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|
|
|
|
Total |
|
14296000 |
Equity Share Break up (Percentage of Total Equity)
AS ON 16.09.2011
|
Category |
|
Percentage |
|
|
|
|
|
Foreign holdings [Foreign institutional investors, Foreign Companies, Foreign Financial Institutions, Non-resident Indian or Overseas corporate bodies or others] |
|
100 |
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|
|
|
|
Total
|
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer and |
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|
|
PRODUCTION STATUS As on 31.03.2011
|
Particulars |
Unit |
Installed
Capacity |
Actual
Production |
|
|
|
|
|
|
Drive shafts |
Nos |
1600000 |
1125497 |
|
Steering Columns |
Nos |
750000 |
311368 |
|
Steering Pumps |
Nos |
250000 |
96934 |
|
Service Kits and Others |
Nos |
- |
353160 |
GENERAL INFORMATION
|
No. of Employees : |
Not Available |
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|
|
|
Bankers : |
Axis Bank Limited
Trishul 3rd |
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Banking
Relations : |
-- |
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Auditors : |
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|
Name : |
Price Waterhouse Chartered Accountant |
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Address : |
5th Floor, Tower D, The Millenia, 1 and 2 Murphy Road,
Ulsoor, Bangalore – 560008, Karnataka, India |
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Pan No.: |
AAEFP3641G |
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Holding Company : |
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|
Ultimate Holding
Company : |
Aviation Industry Corporation of |
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Fellow Subsidiaries : |
·
Neater Automotive Poland Sp z.o.o.A, ·
Nexteer Lingyun Driveline ( ·
Steering Solutions IP Holding Corporation, ·
Nexteer Indústria e Comércio de Sistemas
Automotivos Ltda.( ·
Nexteer Automotive Corporation ·
Nexteer Automotive ( ·
Nexteer Automotive ( |
CAPITAL STRUCTURE
AS ON 31.03.2011
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
20000000 |
Equity Shares |
Rs.10/- each |
Rs.200.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
14296000 |
Equity Shares |
Rs.10/- each |
Rs.142.960
Millions |
|
|
|
|
|
Note:
(A) Issued, subscribed and Paid up capital 14,296,000 (2010:
14,296,000) Equity Shares of Rs.10/- each Note: Of the above shares 14,295,800
(2010: 14,295,800) equity Shares are held by Rhodes Holding II Sarl,
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 |
142.960 |
142.960 |
0.100 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
405.914 |
254.829 |
0.000 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
(0.279) |
|
|
NETWORTH |
548.874 |
397.789 |
(0.179) |
|
|
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 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
548.874 |
397.789 |
(0.179) |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
164.754 |
148.765 |
0.000 |
|
|
Capital work-in-progress |
13.831 |
1.512 |
0.000 |
|
|
|
|
|
|
|
|
INVESTMENT |
0.000 |
0.000 |
0.000 |
|
|
DEFERREX TAX ASSETS |
8.724 |
5.825 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
324.929
|
209.201 |
0.000 |
|
|
Sundry Debtors |
298.444
|
301.823 |
0.000 |
|
|
Cash & Bank Balances |
121.119
|
164.144 |
0.326 |
|
|
Other Current Assets |
11.860
|
11.768 |
0.000 |
|
|
Loans & Advances |
125.412
|
115.343 |
0.000 |
|
Total
Current Assets |
881.764
|
802.279 |
0.326 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
438.210
|
486.064 |
0.217 |
|
|
Other Current Liabilities |
32.560
|
22.370 |
0.288 |
|
|
Provisions |
49.430
|
52.158 |
0.000 |
|
Total
Current Liabilities |
520.200
|
560.592 |
0.505 |
|
|
Net Current Assets |
361.565
|
241.687 |
(0.179) |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
548.874 |
397.789 |
(0.179) |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
|
|
SALES |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other Income |
|
|
|
|
|
|
TOTAL |
2578.500 |
1036.240 |
NA |
|
|
|
|
|
|
|
|
|
EXPENSES |
NA |
NA |
NA |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION |
248.300 |
91.760 |
(0.270) |
|
|
|
|
|
|
|
|
|
|
DEPRECIATION/
AMORTISATION |
11.620 |
3.290 |
- |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX |
236.680 |
88.470 |
(0.270) |
|
|
|
|
|
|
|
|
|
|
TAX |
85.590 |
30.470 |
- |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
|
151.080 |
57.990 |
(0.270) |
|
|
|
|
|
|
|
|
|
|
BALANCE CARRIED
TO THE B/S |
208.800 |
57.720 |
NA |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
102.876 |
430.680 |
(0.270) |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
NA |
223.821 |
- |
|
|
|
Stores & Spares |
NA |
2.805 |
- |
|
|
|
Capital Goods |
NA |
9.167 |
- |
|
|
TOTAL IMPORTS |
NA |
235.793 |
- |
|
|
|
|
|
|
|
|
|
|
Earnings Per Share
(Rs.) |
10.5 |
8.7 |
(27.86) |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
PAT / Total Income |
(%) |
5.86 |
5.60 |
NA |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
22.62 |
9.30 |
82.82 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.43 |
0.22 |
(1.51) |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
0.95 |
1.41 |
(2.82) |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.70 |
1.43 |
(0.65) |
LOCAL AGENCY FURTHER INFORMATION
|
Available
in Report [Yes/No] |
|
|
Year
of Establishment |
Yes |
|
Locality
of the Firm |
Yes |
|
Constitution
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 |
No |
|
Designation
of contact person |
No |
|
Turnover
of firm for last two 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 |
Yes |
|
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 |
|
Date of Birth of Proprietor/Partner/Director,
if available |
Yes |
|
PAN
of Proprietor/Partner/Director, if available |
No |
|
Voter
ID No of Proprietor/Partner/Director, if available |
No |
|
External Agency
Rating, if available |
No |
Note: The Registered office of the company has been
shifted from Unit 706 "A" Wing Carlton Tower No.1 Airport Road,
Bangalore -560008,
OUTLOOK AND PROSPECTS
The Company name
has been changed from “Rhodes India Automotive Private Limited” to “Nexteer
Automotive India Private Limited” effective 7th February, 2011, to align
themselves with Global Brand and to make sure that their business partners and
stake holders can easily associate us with their Global Brand “NEXTEER
AUTOMOTIVE”.
AUTOMOTIVE INDUSTRY
in
As of 2010,
While the short
term outlook for 2011 is moderated due to the rising inflation, fuel prices and
interest rates, the long term outlook for Automotive growth looks to be
positive with anticipated growth of 12 to 15%. Overall progress in Automotive
Industry and the growth envisaged from their Strategic customers will help us
to grow in the Indian market. The Company has been able to maintain the
profitable growth in the second year of operation. The directors have a
positive outlook for the current financial year also.
FORM 8
|
Corporate
identity number of the company |
U35990KA2008PTC045400 |
|
Name of the
company |
NEXTEER
AUTOMOTIVE INDIA PRIVATE LIMITED |
|
Address of the
registered office or of the principal place of business in |
Plot No.98A, Phase II, KIADB Industrial Area, jiganl, Anekal Taluk, Email: prahlad.mujumdar@nexteer.com
|
|
This form is for |
Modification of charge |
|
Charge identification (ID) number of the charge to be
modified |
10227919 |
|
Type of charge |
· Immovable property · Book debts · Movable property (not being pledge) |
|
Particular of
charge holder |
Axis Bank Limited, Corporate Banking Branch, Email: rabi.patra@axisbank.com |
|
Nature of
instrument creating charge |
Supplementary
Deed of Hypothecation dated 27.08.2012 Memorandum
of Entry dated 27.08.2012 |
|
Date of
instrument Creating the charge |
27.08.2012 |
|
Amount secured by
the charge |
Rs. 567.800 Millions |
|
Brief of the
principal terms an conditions and extent and operation of the charge |
Rate of interest Cash Credit and
Term Loan : Base Rate + 2.50% p.a. i.e., currently at 12.50% p.a and for
other facilities as per sanction letter dated 10.08.2012. Extent and
operation of the charge The Charge will extend to the extent of Rs.
56.780 Millions and any additions to
it by the way of interest, penalty or any other amount as per the terms of
sanction of credit facility. |
|
Date of last modification prior to the present modification |
20.12.2011 |
|
Particulars of the present modification |
Credit
Facilities enhanced from Rs. 250.000 Millions to Rs.567.800 Millions as
below: CC/EPC/RPC/RPCFC/FBP/FBD/EBRD
- Rs.250.000 Millions LC/BC
- Rs.80.000 Millions BG -
Rs.20.000 Millions LER
- Rs.(27.000 Millions) - SUBLIMIT OF CC TL I
and II - Rs.205.300 Millions BUYERS
CREDIT - Rs. 205.300 Millions) sublimit of TL I and II LER
- Rs.12.500 Millions NOTE:
one way interchangeability permitted from CC Limit to LC/BC limit so that it
may go up to Rs.330.000 Millions |
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 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.54.08 |
|
|
1 |
Rs.86.37 |
|
Euro |
1 |
Rs.69.24 |
INFORMATION DETAILS
|
Report Prepared
by : |
BYI |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
3 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
7 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
7 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
6 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
6 |
|
--CREDIT LINES |
1~10 |
6 |
|
--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 |
|
50 |
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.