MIRA
INFORM REPORT
|
Report Date : |
22.04.2013 |
IDENTIFICATION DETAILS
|
Name : |
GESTAMP AUTOMOTIVE INDIA PRIVATE LIMITED |
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Registered Office : |
E1 (Part), MIDC Industrial Area (Phase III), Village Nigoje Mhalunge, Kharabwadi,
Thaluka Khed, Chakan, Pune – 410 501, Maharashtra |
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Country : |
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Financials (as on) : |
31.03.2012 |
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Date of Incorporation : |
16.05.2008 |
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Com. Reg. No.: |
11-132030 |
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Capital Investment / Paid-up Capital : |
Rs.30.892
Millions |
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CIN No.: [Company
Identification No.] |
U28990PN2008FTC132030 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
PNEG08517F |
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PAN No.: [Permanent Account No.] |
AADCG1520D |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Subject is engaged in manufacturing of various auto components. |
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No. of Employees : |
Information declined by the Management |
RATING & COMMENTS
|
MIRA’s Rating : |
B (36) |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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Maximum Credit Limit : |
USD 2840000 |
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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 a joint venture between “Gestamp Polska, SP.Z. O. O.,
Poland” and “Gonvarri Corporacion
Financiera S.L., Spain”. It is an established company having a moderate track record. There
appear continuous losses recorded by the company. The external borrowing
appears to be huge. However, the company gets strong support from its holding companies. 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 dealings with some caution.
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NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
EXTERNAL AGENCY RATING
|
Rating Agency Name |
CARE |
|
Rating |
Bank Facilities (CARE has suspended its rating “A-” due to lack of information.
|
|
Date |
April, 2013 |
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-cooperative
(Contact No.: 91-2135-396302)
LOCATIONS
|
Registered Office/ Factory : |
E1 (Part), MIDC Industrial Area (Phase III), Village Nigoje Mhalunge,
Kharabwadi, Thaluka Khed, Chakan, Pune – 410 501, Maharashtra, India |
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Tel No.: |
91-2135-396302 / 396300 |
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E-Mail : |
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Website : |
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Area : |
10000 sq. ft. |
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Location : |
Owned |
DIRECTORS
As on 29.09.2012
|
Name : |
Mr. Francisco Joes Riberas Mera |
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Designation : |
Director |
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Address : |
Calle Alfonso XII – 16, |
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Date of Birth/Age : |
01.06.1964 |
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Date of Appointment : |
16.05.2008 |
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DIN No.: |
01732230 |
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Name : |
Mr. Francisco Lopez Pena |
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Designation : |
Director |
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Address : |
Calle Buho, 7 Pozuelo De Alarcon, |
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Date of Birth/Age : |
05.03.1959 |
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Date of Appointment : |
30.09.2009 |
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DIN No.: |
01790019 |
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Name : |
Mr. Juan Maria Riberas Mera |
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Designation : |
Director |
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Address : |
Prolongacion De Embajadores S/N, Madrid, Spain – 28053 |
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Date of Birth/Age : |
06.10.1968 |
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Date of Appointment : |
16.05.2008 |
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DIN No.: |
02146671 |
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Name : |
Jeffrey Winston Wilson |
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Designation : |
Additional Director |
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Address : |
723, Ann St Birmingham, USA MI 480009 |
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Date of Birth/Age : |
01.04.1960 |
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Date of Appointment : |
11.04.2012 |
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DIN No.: |
05150375 |
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Name : |
Mr. Raman Nanda |
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Designation : |
Additional Director |
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Address : |
V-16, Sacred Heart Town, Wanowri, Pune – 411 040, Maharashtra, India |
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Date of Birth/Age : |
15.03.1956 |
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Date of Appointment : |
11.04.2012 |
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DIN No.: |
00078198 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 29.09.2012
|
Names of Shareholders |
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No. of Shares |
|
Gestamp Polska, SP. Z. O. O., |
|
1544595 |
|
Gonvarri Corporacion Financiera S.L., Spain |
|
1544595 |
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Total
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|
3089190 |
As on 29.09.2012
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Equity Share Breakup |
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Percentage of Holding |
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Category |
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Foreign holdings [Foreign institutional investors, Foreign Companies, Foreign Financial Institutions, Non-resident Indian or Overseas corporate bodies or others] |
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100.00 |
BUSINESS DETAILS
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Line of Business : |
Subject is engaged in manufacturing of various auto components. |
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Products : |
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PRODUCTION STATUS (AS ON 31.03.2011)
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Particulars |
Unit |
Licensed
Capacity |
Installed
Capacity |
Actual
Production |
|
Automobile Components |
Nos. |
NA |
14691000 |
7281536 |
Notes:
a. Licensed Capacity
not being applicable, has not been indicated
b. Installed
Capacity has been certified by the Management and has been accepted as correct
by the auditors without verification, this being a technical matter.
c. As manufactured
components are intermediate production, in view of practical difficulties, the
disclosure in relation to production and stock has not been furnished.
d. Production includes scrap/ rejections at quality and
customer end.
GENERAL INFORMATION
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No. of Employees : |
Information declined by the Management |
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Bankers : |
BNP Paribas, Branch Pune, Maharashtra, India |
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Facilities : |
-- |
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Banking
Relations : |
--- |
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Auditors : |
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Name : |
S.R. Batliboi and Associates Chartered Accountants |
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Address : |
C-401, 4th Floor, Panchshil Tech Park, Yervade (Near Don
Bosco School), Pune – 411 006, Maharashtra, India |
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Tel No.: |
91-20-66036000 |
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Fax No.: |
91-20-66015900 |
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PAN No.: |
AALFS0506L |
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Joint Venture Partners : |
·
Gestamp Polska, SP.Z.O.O, Poland ·
Gonvarri Corporacion Financiera S.L., Spain |
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Ultimate Holding
Company: |
Corporacion Gestamp S.L., Spain |
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Fellow Subsidiary Companies : |
·
Gestamp Palencia S. A., Spain ·
Matriceria Deusto S. L, Spain |
CAPITAL STRUCTURE
As on 29.09.2012
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
4999998 |
Equity Shares |
Rs.10/- each |
Rs.50.000 Millions |
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Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
3089190 |
Equity Shares |
Rs.10/- each |
Rs.30.892
Millions |
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|
|
|
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FINANCIAL DATA
[all figures are in
Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2012 |
31.03.2011 |
31.03.2010 |
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|
SHAREHOLDERS FUNDS |
|
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|
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1] Share Capital |
30.892 |
30.892 |
30.892 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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|
3] Reserves & Surplus |
679.142 |
807.392 |
1232.621 |
|
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4] (Accumulated Losses) |
0.000 |
0.000 |
(86.817) |
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NETWORTH |
710.034 |
838.284 |
1176.696 |
|
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LOAN FUNDS |
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1] Secured Loans |
0.000 |
0.000 |
0.000 |
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2] Unsecured Loans |
4955.160 |
4576.176 |
4333.255 |
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TOTAL BORROWING |
4955.160 |
4576.176 |
4333.255 |
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DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
36.150 |
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TOTAL |
5665.194 |
5414.460 |
5546.101 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
3637.781 |
4058.401 |
4272.498 |
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Capital work-in-progress |
0.000 |
10.843 |
1.540 |
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INVESTMENT |
0.000 |
0.000 |
0.000 |
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DEFERRED TAX ASSETS |
0.000 |
0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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|
|
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Inventories |
1085.548
|
685.281
|
303.224 |
|
|
Sundry Debtors |
710.139
|
688.390
|
33.451 |
|
|
Cash & Bank Balances |
1244.489
|
545.987
|
1346.605 |
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Other Current Assets |
476.896
|
358.381
|
8.214 |
|
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Loans & Advances |
1015.523
|
1037.304
|
977.693 |
|
Total
Current Assets |
4532.595
|
3315.343 |
2669.187 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
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|
Sundry Creditors |
1948.827 |
1349.752 |
1231.791 |
|
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Other Current Liabilities |
554.349
|
618.972
|
164.032 |
|
|
Provisions |
2.006
|
1.403
|
1.301 |
|
Total
Current Liabilities |
2505.182
|
1970.127
|
1397.124 |
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Net Current Assets |
2027.413
|
1345.216
|
1272.063 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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|
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|
|
|
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TOTAL |
5665.194 |
5414.460 |
5546.101 |
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PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2012 |
31.03.2011 |
31.03.2010 |
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SALES |
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Income |
|
2627.022 |
667.557 |
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Other Income |
|
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TOTAL |
5444.696 |
2627.022 |
667.557 |
|
|
|
|
|
|
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Less |
EXPENSES |
|
|
|
|
|
|
|
Office Expenses |
|
2597.395 |
632.954 |
|
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Administrative Expenses |
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Advertising Expenses |
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TOTAL |
5140.190 |
2597.395 |
632.954 |
|
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|
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|
PROFIT/
(LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION |
304.506 |
29.627 |
34.603 |
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|
|
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|
|
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Less/ Add |
DEPRECIATION/
AMORTISATION |
432.756 |
404.188 |
82.375 |
|
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|
PROFIT/ (LOSS)
BEFORE TAX |
(128.250) |
(374.561) |
(47.772) |
|
|
|
|
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|
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Less |
TAX |
0.000 |
(36.150) |
36.156 |
|
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|
PROFIT/ (LOSS)
AFTER TAX |
(128.250) |
(338.411) |
(83.928) |
|
|
|
|
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|
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|
Add |
PREVIOUS YEARS’
BALANCE BROUGHT FORWARD |
(425.228) |
(86.817) |
(2.889) |
|
|
|
|
|
|
|
|
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|
BALANCE CARRIED
TO THE B/S |
(553.478) |
(425.228) |
(86.817) |
|
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|
|
|
|
|
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|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials and Components |
NA |
1627.412 |
331.854 |
|
|
|
Capital Goods (including intangible assets) |
NA |
49.062 |
2368.019 |
|
|
|
Spares and Consumables |
NA |
8.506 |
26.187 |
|
|
TOTAL IMPORTS |
NA |
1684.980 |
2726.060 |
|
|
|
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|
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Earnings/ (Loss)
Per Share (Rs.) |
(41.52)
|
(109.55) |
(31.21) |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
PAT / Total Income |
(%) |
(2.36) |
(12.88) |
(12.57) |
|
|
|
|
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|
Return on Total Assets (PBT/Total Assets} |
(%) |
(1.57) |
(5.08) |
(0.69) |
|
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|
|
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|
Return on Investment (ROI) (PBT/Networth) |
|
(0.18) |
(0.45) |
(0.04) |
|
|
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|
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|
Debt Equity Ratio (Total Debt/Networth) |
|
6.98 |
5.46 |
3.68 |
|
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|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.81 |
1.68 |
1.91 |
LOCAL AGENCY FURTHER INFORMATION
Details of Sundry Creditors:
|
Particulars |
31.03.2012 (Rs. in millions) |
31.03.2011 (Rs. in millions) |
31.03.2010 (Rs. in millions) |
|
Sundry Creditors |
1948.827 |
1349.752 |
1231.791 |
|
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 |
No |
|
9) Name of person contacted |
No |
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10) Designation of contact person |
No |
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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 |
Yes |
|
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 |
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 |
Yes |
|
Unsecured Loans |
31.03.2012 (Rs.
in Millions) |
31.03.2011 (Rs.
in Millions) |
|
LONG-TERM BORROWINGS |
|
|
|
Loans and advances from others |
4955.160 |
4576.176 |
|
Total
|
4955.160 |
4576.176 |
Note:
The registered office address of the company has been shifted from C/o. C.S.
Kelkar and Associates, 279, Shivaji Nagar, Behind Congress House, Pune – 411
005, Maharashtra, India to present w.e.f. 01.10.2009.
BACKGROUND:
Subject is a
private limited company incorporated under the provisions of the Companies Act,
1956. The Company is jointly controlled by Gestamp Polska, Sp.z.o.o, Poland and
Gonvarri Corporacion Financiera, S.L. Spain, and its ultimate holding company
is Corporacion Gestamp S.L., Spain. The Company is engaged in manufacturing of
various auto components.
FIXED ASSETS:
Tangible Assets
·
Plant and Machinery
·
Building
·
Computer Equipments
·
Furniture and Fixtures
·
Office Equipments
Intangible Assets
·
Computer Software
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 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.54.03 |
|
|
1 |
Rs.82.43 |
|
Euro |
1 |
Rs.70.49 |
INFORMATION DETAILS
|
Information
Gathered by : |
PDT |
|
|
|
|
Report Prepared
by : |
SMN |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
4 |
|
PAID-UP CAPITAL |
1~10 |
4 |
|
OPERATING SCALE |
1~10 |
4 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
4 |
|
--PROFITABILIRY |
1~10 |
4 |
|
--LIQUIDITY |
1~10 |
4 |
|
--LEVERAGE |
1~10 |
4 |
|
--RESERVES |
1~10 |
4 |
|
--CREDIT LINES |
1~10 |
4 |
|
--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 |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
36 |
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.