MIRA INFORM REPORT
|
Report Date : |
25.09.2012 |
IDENTIFICATION DETAILS
|
Name : |
AAM SERVICES INDIA Private Limited |
|
|
|
|
Registered
Office : |
401-402, D Wing, Weikfield Info Park, Pune – Nagar Road, Pune –
411001, Maharashtra |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as
on) : |
31.03.2011 |
|
|
|
|
Date of
Incorporation : |
23.04.2004 |
|
|
|
|
Com. Reg. No.: |
019182 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs.4.923 Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U74140PN2004PTC019182 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
PNEA05999A |
|
|
|
|
PAN No.: [Permanent Account No.] |
AAECA7428H |
|
|
|
|
Legal Form : |
Private Limited Liability Company
|
|
|
|
|
Line of Business
: |
The
Company is engaged in the business of providing engineering and IT Enabled
Services. |
|
|
|
|
No. of Employees
: |
Not Divulged |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (51) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 583856 |
|
|
|
|
Status : |
Good |
|
|
|
|
Payment Behaviour : |
Regular |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is a well established company having good track. It has
achieved better growth in its sales turnover and profits during 2011. Profitability of the company appears to be good. Trade relations are
reported as trustworthy. Business is active. Payments are reported to be
regular and as per commitments. The company can be considered good 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.
INDIAN ECONOMIC OVERVIEW
India is developing into an open-market economy, yet traces
of its past autarkic policies remain. Economic liberalization, including
industrial deregulation, privatization of state-owned enterprises, and reduced
controls on foreign trade and investment, began in the early 1990s and has
served to accelerate the country's growth, which has averaged more than 7% per
year since 1997. India's diverse economy encompasses traditional village
farming, modern agriculture, handicrafts, a wide range of modern industries,
and a multitude of services. Slightly more than half of the work force is in
agriculture, but services are the major source of economic growth, accounting
for more than half of India's output, with only one-third of its labor force.
India has capitalized on its large educated English-speaking population to
become a major exporter of information technology services and software
workers. In 2010, the Indian economy rebounded robustly from the global
financial crisis - in large part because of strong domestic demand - and growth
exceeded 8% year-on-year in real terms. However, India's economic growth in
2011 slowed because of persistently high inflation and interest rates and
little progress on economic reforms. High international crude prices have
exacerbated the government's fuel subsidy expenditures contributing to a higher
fiscal deficit, and a worsening current account deficit. Little economic reform
took place in 2011 largely due to corruption scandals that have slowed
legislative work. India's medium-term growth outlook is positive due to a young
population and corresponding low dependency ratio, healthy savings and
investment rates, and increasing integration into the global economy. India has
many long-term challenges that it has not yet fully addressed, including
widespread poverty, inadequate physical and social infrastructure, limited
non-agricultural employment opportunities, scarce access to quality basic and
higher education, and accommodating rural-to-urban migration.
|
Source
: CIA |
RBI DEFAILTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available RBI Defaulters’ list.
EPF (Employee Provident Fund) DEFAILTERS’ 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 BY
Management Non Co-operative (Name not disclosed)
LOCATIONS
|
Registered Office : |
401-402, D Wing, Weikfield Info Park, Pune – Nagar Road, Pune –
411001, Maharashtra, India |
|
Tel. No.: |
91-20-30551600 |
|
E-Mail : |
|
|
Web Site: |
DIRECTORS
AS ON 30.09.2011
|
Name : |
Mr. Michael Keith Simonte |
|
Designation : |
Director |
|
Address : |
22526 Autumn Park, Boulevard Novi, United States of America |
|
Date of Birth/Age : |
20.01.1964 |
|
Qualification : |
19.12.2005 |
|
DIN No.: |
01039688 |
|
|
|
|
Name : |
Mr. Richard Harold Rossmann |
|
Designation : |
Director |
|
Address : |
3577 Orion Road Oakland Michigan, United States of America |
|
Date of Birth/Age : |
23.10.1944 |
|
Qualification : |
22.09.2008 |
|
Date of Ceasing: |
31.03.2011 |
|
DIN No.: |
02339171 |
|
|
|
|
Name : |
Mr. Alberto Luciano Satine |
|
Designation : |
Director |
|
Address : |
4518 Oak Pointe Dr. Brighton Michigan, United States of America |
|
Date of Birth/Age : |
07.10.1956 |
|
Qualification : |
01.09.2009 |
|
Date of Ceasing: |
31.03.2011 |
|
DIN No.: |
02759598 |
|
|
|
|
Name : |
Mr. Steven Richard Keyes |
|
Designation : |
Director |
|
Address : |
3941 Cottontail LN Bloom Field Hills, Michigan, United States of America |
|
Date of Birth/Age : |
17.05.1957 |
|
Qualification : |
25.03.2011 |
|
DIN No.: |
03473112 |
|
|
|
|
Name : |
Mr. Steven James Proctor |
|
Designation : |
Director |
|
Address : |
1903, Lincolnshire Dr. Rochester Hills, Michigan, United States of
America |
|
Date of Birth/Age : |
18.05.1956 |
|
Qualification : |
25.03.2011 |
|
DIN No.: |
03461018 |
|
|
|
|
Name : |
Mr. Anand Moi Ganguly |
|
Designation : |
Director |
|
Address : |
Building L2 Flat No 804, Bramha Sun City Wasgaon Sheri Pune – 411014,
Maharashtra, India |
|
Date of Birth/Age : |
10.10.1968 |
|
Qualification : |
31.03.2011 |
|
DIN No.: |
03403575 |
|
|
|
|
Name : |
Mr. Francis George Leo |
|
Designation : |
Director |
|
Address : |
42100 Margaret Dr. Clinton Township, Michigan, United States of
America |
|
Date of Birth/Age : |
06.04.1944 |
|
Qualification : |
31.03.2011 |
|
DIN No.: |
03472470 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 30.09.2011
|
Names of Shareholders |
|
No. of Shares |
|
American Axel and Manufacturing Inc, United States of America |
|
100 |
|
Aam International Holdings Inc, United States of America |
|
492211 |
|
Total |
|
492311 |
AS ON 30.09.2011
|
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 : |
The
Company is engaged in the business of providing engineering and IT Enabled
Services. |
GENERAL INFORMATION
|
No. of Employees : |
Not Divulged |
|||||||||
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|||||||||
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Bankers : |
Not Divulged |
|||||||||
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|||||||||
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Facilities : |
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|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
Deloitte Haskins and Sells Chartered Accountant |
|
Address : |
706, B Wing, 7th Floor, Icc Trade Tower, International Convention
Centre, Sb Road, Pune – 411016, Maharashtra, India |
|
|
|
|
Holding Company : |
AAM International Holdings Inc, United States of America |
|
|
|
|
Holding Company of Holding Company: |
American
Axle and Manufacturing Inc. |
|
|
|
|
Ultimate Holding Company: |
American
Axle and Manufacturing Holdings, Inc., United States of America |
|
|
|
|
Fellow Subsidiaries : |
Albion
Automotive Limited |
CAPITAL STRUCTURE
AS ON 31.03.2011
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
500000 |
Equity Shares |
Rs.10/- each |
Rs.5.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
492311 |
Equity Shares |
Rs.10/- each |
Rs.4.923
Millions |
|
|
|
|
|
(Of Which
492,211 (Previous
Year 492,211) equity shares are held by AAM International Headings Inc, the
Molding Company which, is a subsidiary of AAM Axle and Manufacturing Holdings
Inc. the ultimate Holding Company) and 100 (Previous
Year 100) equity shares are held by its subsidiary, American Axle and
Manufacturing
Inc.)
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 |
4.923 |
4.923 |
4.923 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
141.041 |
94.523 |
56.396 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
145.964 |
99.446 |
61.319 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
0.000 |
0.000 |
0.000 |
|
|
2] Unsecured Loans |
0.000 |
1.789 |
5.628 |
|
|
TOTAL BORROWING |
0.000 |
1.789 |
5.628 |
|
|
DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
145.964 |
101.235 |
66.947 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
31.205 |
13.356 |
17.543 |
|
|
Capital work-in-progress |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
INVESTMENT |
0.000 |
0.000 |
0.000 |
|
|
DEFERREX TAX ASSETS |
3.088 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
0.000
|
0.000 |
0.000 |
|
|
Sundry Debtors |
96.195
|
70.148 |
25.736 |
|
|
Cash & Bank Balances |
18.329
|
22.514 |
4.051 |
|
|
Other Current Assets |
0.003
|
0.003 |
0.002 |
|
|
Loans & Advances |
60.561
|
45.310 |
35.894 |
|
Total
Current Assets |
175.088
|
137.975 |
65.683 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
48.308
|
39.008 |
13.213 |
|
|
Other Current Liabilities |
10.605
|
8.153 |
2.349 |
|
|
Provisions |
4.504
|
2.935 |
0.717 |
|
Total
Current Liabilities |
63.417
|
50.096 |
16.279 |
|
|
Net Current Assets |
111.671
|
87.879 |
49.404 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
145.964 |
101.235 |
66.947 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
311.069 |
256.764 |
163.717 |
|
|
|
Other Income |
0.017 |
0.130 |
0.478 |
|
|
|
TOTAL (A) |
311.086 |
256.894 |
164.195 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
TOTAL (B) |
NA |
NA |
NA |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
53.532 |
49.190 |
33.621 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
0.015 |
0.119 |
0.311 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
53.517 |
49.071 |
33.310rf |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
8.607 |
9.045 |
7.447 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX |
44.910 |
40.026 |
25.863 |
|
|
|
|
|
|
|
|
|
Less |
TAX |
(3.078) |
0.058 |
|
|
|
|
|
|
|
|
|
|
|
PRIOR PERIOD
ADJUSTMENT |
1.471 |
1.841 |
|
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
|
46.517 |
38.127 |
24.879 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Export Earnings |
311.069 |
256.765 |
163.717 |
|
|
TOTAL EARNINGS |
311.069 |
256.765 |
163.717 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Capital Goods |
0.411 |
0.000 |
2.437 |
|
|
TOTAL IMPORTS |
0.411 |
0.000 |
2.437 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
94.49 |
77.44 |
-- |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
PAT / Total Income |
(%) |
14.95
|
14.84 |
15.15 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
14.44
|
15.59 |
15.80 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
21.78
|
26.44 |
31.07 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.31
|
0.40 |
0.42 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
0.43
|
0.52 |
0.36 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
2.76
|
2.75 |
4.03 |
LOCAL AGENCY FURTHER INFORMATION
SUNDRY CREDITORS DETAILS:
PARTICULARS
|
Rs.
In Millions 31.03.2011 |
Rs.
In Millions 31.03.2010 |
Rs.
In Millions 31.03.2009 |
Sundry Creditors
|
|
|
|
|
Total
Outstanding dues of Micro
Enterprises and
Small Enterprises |
0.000 |
0.000 |
0.000 |
Total Outstanding dues of Creditors
other than Micro Enterprises and Small
Enterprises
|
48.308
|
39.008 |
13.213 |
|
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 |
Yes |
|
25] |
Conduct of the banking
account |
---------------------- |
|
26] |
Buyer visit details |
No |
|
27] |
Financials, if provided |
Yes |
|
28] |
Incorporation details, if
applicable |
Yes |
|
29] |
Last accounts filed at
ROC |
Yes |
|
30] |
Major Shareholders, if available |
Yes |
|
31] |
Date of Birth of
Proprietor/Partner/Director, if available |
Yes |
|
32] |
PAN of
Proprietor/Partner/Director, if available |
No |
|
33] |
Voter ID No of
Proprietor/Partner/Director, if available |
No |
|
34] |
External Agency Rating,
if available |
No |
NOTE:
The registered office address of the company has been shifted from Amar Avinashcorporata Plaza Bundgarden Road, Pune – 411001, Maharashtra, India to present address w.e.f. 01.12.2007
BACKGROUND:
AAM Services
India Private Limited ("the Company") has been incorporated on 23rd
April 2004 and is a subsidiary of AAM International Holdings Inc., USA. The
Company is engaged in the business of providing engineering and IT Enabled
Services. It has received an approval as 100% Export Oriented STP for its unit
at 401-402, "D" wing, Weikfield Info Park , Pune -Nagar Road, Pune
411014 and enjoys the benefits and privileges admissible under STP scheme.
OPRATIONS AND FUTURE
PROSPECTS:
Your company has reported the Net Profit after tax of Rs.
46.518 Millions for the financial year ended 31st March 2011 as
against net profit after tax of Rs. 38.126 Millions in the previous year. This
is the 7th year of Company’s operation and Company expects greater
business prospects in the future.
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.53.29 |
|
|
1 |
Rs.86.43 |
|
Euro |
1 |
Rs.68.95 |
INFORMATION DETAILS
|
Information
Gathered by : |
SBA |
|
|
|
|
Report Prepared
by : |
SDA |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
3 |
|
PAID-UP CAPITAL |
1~10 |
4 |
|
OPERATING SCALE |
1~10 |
7 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
7 |
|
--PROFITABILIRY |
1~10 |
6 |
|
--LIQUIDITY |
1~10 |
6 |
|
--LEVERAGE |
1~10 |
6 |
|
--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 |
YES |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
51 |
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.