MIRA
INFORM REPORT
|
Report Date : |
22.11.2012 |
IDENTIFICATION DETAILS
|
Name : |
MUBEA SUSPENSION INDIA LIMITED (w.e.f.24.03.2010) |
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Formerly Known
As : |
PIRANGUT SRINGS LIMITED (w.e.f.22.10.2009) TC SPRINGS LIMITED TC SPRINGS PRIVATE LIMITED |
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Registered
Office : |
Survey No. 1072, Post Pirangut, Taluka, Mulshi, Pune-412111, |
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Country : |
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Financials (as
on) : |
31.03.2011 |
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Date of
Incorporation : |
09.03.1999 |
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Com. Reg. No.: |
11-014564 |
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Capital
Investment / Paid-up Capital : |
Rs.200.000 Millions |
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CIN No.: [Company Identification
No.] |
U34300PN1999PLC014564 |
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|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
PNET01287G |
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PAN No.: [Permanent Account No.] |
AAACT9025D |
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Legal Form : |
A Closely Held Public Limited Liability Company |
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Line of Business
: |
Manufacturing Car Suspension Related Products Like Coil Springs,
Torsion Springs, and Stabilizer Bars. |
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No. of Employees
: |
Information dined by the management. |
RATING & COMMENTS
|
MIRA’s Rating : |
B (27) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
Maximum Credit Limit : |
USD 940000 |
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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 an established company having moderate track record. There
appears loss in the current year. However, trade relations are reported to be fair. Business is active.
Payments are reported to be slow but correct. The company can be considered for business dealing 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.
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.
INFORMATION DECLINED
Management non co-operative.
LOCATIONS
|
Registered Office/ Factory : |
Survey No. 1072, Post Pirangut, Taluka, Mulshi, Pune-412111, |
|
Tel. No.: |
91-20-66753100 |
|
Fax No.: |
Not Available |
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E-Mail : |
DIRECTORS
AS ON 30.09.2011
|
Name : |
Mr. Jan Wolfgang Schmidt Dohna |
|
Designation : |
Director |
|
Address : |
1 Bis Rue De Moulins Avent, Fontenant Aux Roses, 92260, |
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Date of Birth/Age : |
03.05.1959 |
|
Date of Appointment : |
28.09.2010 |
|
DIN No.: |
01757632 |
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|
|
Name : |
Mr. Sushil Kumar Bhatia |
|
Designation : |
Director |
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Address : |
D-192, Saket, New Delhi-110017, |
|
Date of Birth/Age : |
30.08.1945 |
|
Date of Appointment : |
28.09.2010 |
|
DIN No.: |
01757707 |
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|
|
|
Name : |
Dr. Muhr Hugo Thomas |
|
Designation : |
Director |
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Address : |
Muhlhardt 45, Attendorn 57439 |
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Date of Birth/Age : |
17.06.1963 |
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Date of Appointment : |
28.09.2010 |
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DIN No.: |
01757711 |
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|
Name : |
Mr. Hartmut Ernst Salje |
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Designation : |
Director |
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Address : |
Bonifaciusstrabe 8, |
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Date of Birth/Age : |
09.05.1956 |
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Date of Appointment : |
28.09.2010 |
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DIN No.: |
01887316 |
KEY EXECUTIVES
|
Name : |
Mr. Parveen Agarwal |
|
Designation : |
Secretary |
|
Address : |
401, Supriya Tower –B, New DP Road, Pune – 411007, Maharashtra, India |
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Date of Appointment : |
16.11.2010 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 30.09.2011
|
Names of Shareholders |
|
No. of Shares |
|
Mubea Engineering Ag, |
|
19999400 |
|
Mubea Engineering Ag, Jointly with Muhr and Bender KG, |
|
150 |
|
Mubea Engineering Ag jointly with Mubea International |
|
150 |
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Mubea Engineering Ag, Jointly with Mubea Tellerfedem |
|
100 |
|
Mubea Engineering Ag, Jointly with Mubea Fahtweksfedern |
|
100 |
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Mubea Engineering Ag, Jointly with Mubea Motorkomponten |
|
50 |
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Mubea Engineering Ag, Jointly with Mubea Maschinebau |
|
50 |
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TOTAL |
|
20000000 |
AS ON 30.09.2011
|
Equity Share Breakup |
|
Percentage of Holding |
|
Category |
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|
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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 : |
Manufacturing Car Suspension Related Products Like Coil Springs, Torsion
Springs, and Stabilizer Bars. |
PRODUCTION STATUS (As on 31.03.2011)
|
Particulars |
Unit |
Installed
Capacity |
Actual
Production |
|
Torsion Bars |
Nos |
1,20,000 |
202 |
|
Coil Springs |
Nos |
9,00,000 |
1,256 |
|
Stabilizer Bars |
Nos |
4,80,000 |
1,572 |
|
Others |
Nos |
NA |
114 |
GENERAL INFORMATION
|
No. of Employees : |
Information dined by the management. |
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Bankers : |
Not Available |
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Banking
Relations : |
-- |
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Auditors : |
|
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Name : |
Price Waterhouse Chartered Accountant s |
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Address : |
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PAN.: |
AAEFP3641G |
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Ultimate Holding Company: |
Muhr and Bender KG |
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Holding Company: |
Mubea Engineering AG |
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Fellow Subsidiary: |
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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 |
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|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
20000000 |
Equity Shares |
Rs.10/- each |
Rs.200.000
Millions |
|
|
|
|
|
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 |
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|
|
|
|
1] Share Capital |
200.000 |
200.000 |
200.000 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
35.024 |
43.698 |
26.585 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
235.024 |
243.698 |
226.585 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
0.000 |
0.000 |
0.000 |
|
|
2] Unsecured Loans |
0.000 |
0.000 |
0.000 |
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|
TOTAL BORROWING |
0.000 |
0.000 |
0.000 |
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|
DEFERRED TAX LIABILITIES |
0.300 |
4.969 |
5.822 |
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|
|
|
|
|
|
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TOTAL |
235.324 |
248.667 |
232.407 |
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|
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APPLICATION OF FUNDS |
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|
|
|
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FIXED ASSETS [Net Block] |
101.737 |
102.983 |
115.496 |
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Capital work-in-progress |
70.031 |
3.187 |
6.022 |
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|
|
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INVESTMENT |
0.000 |
0.000 |
0.000 |
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DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
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|
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CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
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Inventories |
80.370
|
56.546
|
48.667 |
|
|
Sundry Debtors |
71.431
|
80.921
|
64.722 |
|
|
Cash & Bank Balances |
30.534
|
45.427
|
35.685 |
|
|
Other Current Assets |
0.000
|
0.000
|
0.000 |
|
|
Loans & Advances |
17.770
|
4.970
|
2.518 |
|
Total
Current Assets |
200.105
|
187.864
|
151.592 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
125.898
|
32.370
|
31.395 |
|
|
Other Current Liabilities |
5.911
|
6.196
|
5.049 |
|
|
Provisions |
4.740
|
6.801
|
4.259 |
|
Total
Current Liabilities |
136.549
|
45.367
|
40.703 |
|
|
Net Current Assets |
63.556
|
142.497
|
110.889 |
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|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
235.324 |
248.667 |
232.407 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
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SALES |
|
|
|
|
|
|
|
Income |
|
579.437 |
506.196 |
|
|
|
Other Income |
|
18.131 |
14.640 |
|
|
|
TOTAL (A) |
655.120 |
597.568 |
520.836 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Material Consumed |
|
350.684 |
316.289 |
|
|
|
Manufacturing and Others Expenses |
632.220 |
183.782 |
176.777 |
|
|
|
Increase / Decrease in Stocks |
|
2.469 |
(0.800) |
|
|
|
Prior Period Items |
|
0.000 |
0.000 |
|
|
|
TOTAL (B) |
632.220 |
536.935 |
492.266 |
|
|
|
|
|
|
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|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
22.900 |
60.633 |
28.570 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
0.030 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
22.870 |
60.633 |
28.570 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
26.610 |
17.143 |
17.739 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
(3.740) |
43.490 |
10.831 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
4.930 |
14.682 |
9.501 |
|
|
|
|
|
|
|
|
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|
PROFIT AFTER TAX
(G-H) (I) |
(8.670) |
28.808 |
1.330 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
43.700 |
26.590 |
25.260 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Dividend |
0.000 |
10.000 |
0.000 |
|
|
|
Tax on Dividend |
0.000 |
1.700 |
0.000 |
|
|
BALANCE CARRIED
TO THE B/S |
35.030 |
43.698 |
26.590 |
|
|
|
|
|
|
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|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
32.86 |
0.056 |
0.931 |
|
|
|
Plant and Machinery |
44.229 |
1.913 |
0.601 |
|
|
TOTAL IMPORTS |
77.089 |
1.969 |
1.532 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
0.43 |
1.44 |
0.07 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
PAT / Total Income |
(%) |
1.32
|
4.82
|
0.26 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
NA
|
7.51
|
2.14 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
1.87
|
15.11
|
4.06 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.02
|
0.18
|
0.05 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
0.58
|
0.17
|
0.18 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.47
|
4.36
|
3.72 |
LOCAL AGENCY FURTHER INFORMATION
DETAILS OF SUNDRY CREDITORS:
|
Particulars |
31.03.2011 (Rs. in millions) |
31.03.2010 (Rs. in millions) |
31.03.2009 (Rs. in millions) |
|
Sundry Creditors |
|
|
|
|
due small micro enterprises |
1.309 |
0.874 |
0.726 |
|
due others |
124.589 |
31.496 |
30.669 |
|
TOTAL |
125.898 |
32.370 |
31.395 |
|
Sr. No. |
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 |
No |
|
5] |
Type of Business |
Yes |
|
6] |
Line of Business |
Yes |
|
7] |
Promoter's background |
Yes |
|
8] |
No. of employees |
No |
|
9] |
Name of person contacted |
No |
|
10] |
Designation of contact
person |
No |
|
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 |
No |
|
20] |
Export / Import details
(if applicable) |
No |
|
21] |
Market information |
-- |
|
22] |
Litigations that the firm
/ promoter involved in |
-- |
|
23] |
Banking Details |
No |
|
24] |
Banking facility details |
No |
|
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 |
No |
|
30] |
Major Shareholders, if
available |
Yes |
|
31] |
PAN of
Proprietor/Partner/Director, if available |
No |
|
32] |
Date of Birth of
Proprietor/Partner/Director, if available |
Yes |
|
33] |
Voter ID No of
Proprietor/Partner/Director, if available |
No |
|
34] |
External Agency Rating,
if available |
No |
OPERATIONAL PERFORMANCE:
The company
registered a growth of approximately 9.8% in the turnover over preceding year.
The Company is the
market leader in the western region retaining No. 2 position in overall market
of auto suspension in India.
Though, the
Company has reported losses before tax of Rs.3.740 millions, which is 0.6% of
the turnover. This loss is reported primarily due to expenditure incurred on
SAP Server Migration (Rs.5.700 Million), Inventory provisions (Rs.10.000
Millions - due to change of technology) and Impairment of Assets (Rs.6.200
Millions).
FIXED ASSETS:
- Building
- Plant and
Machinery
- Office
Equipment
- Computer and
Peripherals
- Furniture and
Fixtures
- 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 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
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.55.20 |
|
|
1 |
Rs.87.79 |
|
Euro |
1 |
Rs.70.43 |
INFORMATION DETAILS
|
Information
Gathered by : |
SVA |
|
|
|
|
Report Prepared
by : |
TPT |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
3 |
|
PAID-UP CAPITAL |
1~10 |
3 |
|
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 |
3 |
|
--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 |
|
27 |
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.