MIRA
INFORM REPORT
|
Report Date : |
12.08.2013 |
IDENTIFICATION DETAILS
|
Name : |
MAGNETI MARELLI INDIA PRIVATE LIMITED |
|
|
|
|
Registered
Office : |
Flat No. 602, Tower – A, 6th Floor, Signature Towers, South
City, Gurgaon – 122001, Haryana |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as
on) : |
31.12.2012 |
|
|
|
|
Date of
Incorporation : |
10.11.2009 |
|
|
|
|
Com. Reg. No.: |
046068 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs.20.000 Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U34102HR2009FTC046068 |
|
|
|
|
Legal Form : |
Private Limited Liability Company |
|
|
|
|
Line of Business
: |
Provide Service and Marketing of Parent Company magneti marelli SPA,
Italy. |
|
|
|
|
No. of Employees
: |
25 (Approximately) and In Group 1900 |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (45) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 190000 |
|
|
|
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
Usually Correct |
|
|
|
|
Litigation : |
Clear |
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|
|
|
Comments : |
Subject is a well established company having a satisfactory track
record. Trade relations are reported to be fair. Business is active. Payments
are reported to be usually correct and as per commitment. The company can be considered for normal business dealings at usual
trade terms and condition. |
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 – March 31st, 2013
|
Country Name |
Previous Rating (31.12.2012) |
Current Rating (31.03.2013) |
|
India |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
INDIAN ECONOMIC OVERVIEW
We are living in a
world where volatility and uncertainty have become the New Normal. We saw a
change of government in countries like Tunisia, Egypt, Libya and Vietnam. Once
powerful countries in Europe are now fighting for bankruptcy. We have
taken growth in the developing part of the world for granted but economic
growth in China and India has begun to slow. Companies that were synonymous
with their product categories just a few years ago are now no longer in
existence. Kodak, the inventor of the digital camera had to wind up its
operations, HMV, the British entertainment retailing company and Borders, once
the second largest bookstore have shut down due to their inability to evolve
their business models with the changing time. Readers’ Digest, Thomson Register
are no more !
There is another
megatrend happening. The World order is changing as economic power shifts from
West to East. According to McKinsey study, it took Britain more than 100 years
to double its economic output per person during its industrial revolution and
the US later took more than 50 years to do the same. More than a century later,
China and India have doubled their GDP per capital in 12 and 18 years
respectively. By 2020, emerging Asia will become the world’s largest consuming
block, overtaking North America.
The years after the
outbreak of the global financial crisis, the world economy continues to remain
fragile. The Indian economy demonstrated remarkable resilience in the initial
years of the contagion but finally lost ground last year. GDP growth slowed
down. Currency has been weakening. There is a marked deceleration in agriculture,
industry and services. Dampening sentiment led to a cut-back in investment as
well as private consumption expenditure. Inflation remained at high
levels fuelled by the pressure from the food and fuel sectors. The large fiscal
and current account deficit s continued to cause grave concern. It is
imperative that India regains its growth trajectory of 8-9 % sooner than later.
This is crucially important given the need to create gainful livelihood
opportunities for the millions living in poverty as also the large contingent
of young people joining the job market every year.
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 PARTED BY
|
Name : |
Mr. Rohit Bansal |
|
Designation : |
Finance Department |
|
Contact No.: |
91-124-4986600 |
|
Date : |
12.08.2013 |
LOCATIONS
|
Registered Office : |
Flat No. 602, Tower – A, 6th Floor, Signature Towers, South
City, Gurgaon – 122001, Haryana |
|
Tel. No.: |
91-124-4986600 |
|
Fax No.: |
91-124-4986622 |
|
E-Mail : |
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|
Website : |
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|
Location : |
Owned |
DIRECTORS
As on 11.03.2013
|
Name : |
Mr. Saju Mookken |
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|
Designation : |
Managing Director |
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|
Address : |
6411, F-6, Alok Vihar 2, Sector – 50, Noida – 201301, Uttar Pradesh,
India |
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|
Date of Birth/Age : |
20.05.1969 |
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|
Date of Appointment : |
26.11.2009 |
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DIN No.: |
01644940 |
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Other Directorship:
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|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Name : |
Mr. Fabrizio Righetti |
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Designation : |
Director |
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|
Address : |
Flat No. 1202, Tower – A5, 12th Floor, Uniworld SPA, Sector
– 31, Gurgaon – 122001, Haryana, India |
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Date of Birth/Age : |
15.07.1959 |
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|
Date of Appointment : |
10.11.2009 |
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DIN No.: |
02780240 |
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Other Directorship:
|
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KEY EXECUTIVES
|
Name : |
Mr. Rohit Bansal |
|
Designation : |
Finance Department |
|
|
|
|
Name : |
Mr. Arun Aggarwal |
|
Designation : |
Chief Executive Officer |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 11.03.2013
|
Names of Shareholders |
|
No. of Shares |
|
Magneyi Marelli SPA, Italy |
|
1999999 |
|
Automotive Lighting Italia SPA, Italy |
|
01 |
|
Total |
|
2000000 |
Equity Share Break up (Percentage of Total Equity)
As on 11.03.2013
|
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 : |
Provide Service and Marketing of Parent Company magneti marelli SPA,
Italy. |
|
|
|
|
Exports to : |
No Export |
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|
|
|
Imports from : |
No Import |
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|
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Terms : |
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Selling : |
Cash and Credit |
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|
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Purchasing : |
Cash and Credit, Depend |
GENERAL INFORMATION
|
Suppliers : |
Not Divulged |
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|
|
|
Customers : |
End Users |
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|
|
|
No. of Employees : |
25 (Approximately) and In Group 1900 |
|
|
|
|
Bankers : |
Not Divulged |
|
|
|
|
Banking
Relations : |
-- |
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|
|
|
Auditors : |
|
|
Name : |
SRBC and Company Chartered Accountants |
|
Address : |
Golf View Corporate Tower B, Sector 42, Sector Road, Gurgoan - 122002,
Haryana, India |
|
Tel. No.: |
91-124-4644000 |
|
Fax No.: |
91-124-4644050 |
|
PAN N Income-tax PAN of auditor or auditor's firm : |
ABFFS4151K |
|
|
|
|
Holding company: |
· Magneti Maretli S.P.A, Italy |
|
|
|
|
Fellow subsidiaries: |
·
Automotive
Lighting Reutlingen GmbH ·
Sistemi
Sospensioni S.p.A ·
Magneti
Marelli Cofap Companhia Fabricadorsa de Peeas ·
Magneti
Marelli Powertrain India Private Limited ·
Magneti
Marelli UM Electronic Systems Private Limited ·
Malaysian
Automotive Lighting SDN BHD ·
Magneti
Marelli Motherson Auto System Limited ·
Magneti
Marelli SKH Exhaust Systems Private Limited ·
Magneti
Marelli Talbros Chassis Systems Private Limited ·
Magneti
Marelli Shock Absorbers India Private Limited. · Magneti Marelli After Market Parts and Services S.p.A, |
CAPITAL STRUCTURE
As on 31.12.2012
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
2000000 |
Equity Shares |
Rs.10/- each |
Rs. 20.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
2000000 |
Equity Shares |
Rs.10/- each |
Rs. 20.000 Millions |
|
|
|
|
|
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
|
31.12.2012 |
31.12.2011 |
|
I.
EQUITY
AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
|
20.000 |
20.000 |
|
(b) Reserves & Surplus |
|
27.574 |
18.523 |
|
(c) Money
received against share warrants |
|
0.000 |
0.000 |
|
|
|
|
|
|
(2) Share Application money pending allotment |
|
0.000 |
0.000 |
|
Total
Shareholders’ Funds (1) + (2) |
|
47.574 |
38.523 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
|
0.000 |
0.000 |
|
(b) Deferred tax liabilities (Net) |
|
0.000 |
0.000 |
|
(c) Other long term liabilities |
|
0.000 |
0.000 |
|
(d) long-term provisions |
|
1.316 |
0.887 |
|
Total Non-current Liabilities (3) |
|
1.316 |
0.887 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
|
0.000 |
0.000 |
|
(b) Trade payables |
|
16.160 |
32.272 |
|
(c) Other current
liabilities |
|
2.577 |
2.193 |
|
(d) Short-term provisions |
|
2.743 |
3.055 |
|
Total Current Liabilities (4) |
|
21.480 |
37.520 |
|
|
|
|
|
|
TOTAL |
|
70.370 |
76.930 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
|
6.832 |
6.622 |
|
(ii) Intangible Assets |
|
0.000 |
0.000 |
|
(iii) Capital
work-in-progress |
|
0.000 |
0.000 |
|
(iv)
Intangible assets under development |
|
0.000 |
0.000 |
|
(b) Non-current Investments |
|
0.000 |
0.000 |
|
(c) Deferred tax assets (net) |
|
2.473 |
1.342 |
|
(d) Long-term Loan and Advances |
|
2.351 |
3.262 |
|
(e) Other Non-current assets |
|
0.000 |
0.100 |
|
Total Non-Current Assets |
|
11.656 |
11.326 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
|
0.000 |
0.000 |
|
(b) Inventories |
|
0.000 |
3.328 |
|
(c) Trade receivables |
|
25.944 |
22.565 |
|
(d) Cash and cash
equivalents |
|
21.433 |
30.816 |
|
(e) Short-term loans and
advances |
|
7.436 |
8.405 |
|
(f) Other current assets |
|
3.901 |
0.490 |
|
Total Current Assets |
|
58.714 |
65.604 |
|
|
|
|
|
|
TOTAL |
|
70.370 |
76.930 |
|
SOURCES OF FUNDS |
|
|
31.12.2010 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
|
|
20.000 |
|
|
2] Share Application Money |
|
|
0.000 |
|
|
3] Reserves & Surplus |
|
|
5.878 |
|
|
4] (Accumulated Losses) |
|
|
0.000 |
|
|
NETWORTH |
|
|
25.878 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
|
|
0.000 |
|
|
2] Unsecured Loans |
|
|
0.000 |
|
|
TOTAL BORROWING |
|
|
0.000 |
|
|
DEFERRED TAX LIABILITIES |
|
|
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
|
|
25.878 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
|
|
5.037 |
|
|
Capital work-in-progress |
|
|
0.000 |
|
|
|
|
|
|
|
|
INVESTMENT |
|
|
0.000 |
|
|
DEFERREX TAX ASSETS |
|
|
0.535 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
|
|
0.000
|
|
|
Sundry Debtors |
|
|
40.558
|
|
|
Cash & Bank Balances |
|
|
17.223
|
|
|
Other Current Assets |
|
|
0.161
|
|
|
Loans & Advances |
|
|
3.759
|
|
Total
Current Assets |
|
|
61.701
|
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
|
|
35.357
|
|
|
Other Current Liabilities |
|
|
3.320
|
|
|
Provisions |
|
|
2.718
|
|
Total
Current Liabilities |
|
|
41.395
|
|
|
Net Current Assets |
|
|
20.306
|
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
|
|
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
|
|
25.878 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.12.2012 |
31.12.2011 |
31.12.2010 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
|
|
|
|
|
|
Other Income |
|
|
|
|
|
|
TOTAL (A) |
116.949 |
92.636 |
177.237 |
|
|
|
|
|
|
|
|
Less |
|
|
|
|
|
|
|
|
Office Expenses |
|
|
|
|
|
|
Administrative Expenses |
|
|
|
|
|
|
Advertising Expenses |
|
|
|
|
|
|
TOTAL (B) |
100.217 |
79.952 |
168.399 (Including
Financial Expenses and depreciation) |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
16.732 |
12.684 |
|
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
0.106 |
1.956 |
|
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
16.626 |
10.728 |
|
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
2.835 |
0.071 |
|
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
13.791 |
10.657 |
8.838 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
4.740 |
(1.987) |
2.960 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
9.051 |
12.644 |
5.878 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Sale Service |
101.679 |
83.284 |
58.662 |
|
|
TOTAL EARNINGS |
101.679 |
83.284 |
58.662 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
4.53 |
NA |
NA |
|
KEY RATIOS
|
PARTICULARS |
|
31.12.2012 |
31.12.2011 |
31.12.2010 |
|
PAT / Total Income |
(%) |
7.74
|
13.65 |
3.32 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
20.31
|
14.10 |
14.32 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.29
|
0.28 |
0.34 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
0.00
|
0.00 |
0.00 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
2.73
|
1.75 |
1.49 |
LOCAL AGENCY FURTHER INFORMATION
|
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 |
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 |
No |
|
16] |
Details of sister
concerns |
No |
|
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 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 |
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: No Charges Exist for Company
OPERATIONS REVIEW
The Company has achieved a total income of Rs.
116.949 Millions for the year ended 31st December, 2012 as against
Rs. 92.636 Millions achieved during the previous financial year ended on 31st
December, 2011. Net Profit of the Company for the year ended 31st
December, 2013 stood at Rs. 9.051 Millions as against Net Profit of Rs. 12.644
Millions for the previous financial year.
FUTURE OUTLOOK
The Company is in phase of expansion and
coming upwith new joint ventures with other entities to synergise its service
portfolio. The Company is committed to provide all support services to existing
Magneti Marelli Ventures/entities and upcoming ventures. The Company is very
optimistic for its future growth.
PRESS RELEASES
HERO EXPLORES JV WITH MAGNETI MARELLI TO IMPROVE MILEAGE
JULY 15 2013.
New Delhi: Hero MotoCorp Limited, India’s largest two-wheeler maker, is in talks with Fiat group’s auto parts company Magneti Marelli SpA for a system that can make its motorbikes and scooters more fuel efficient, three people familiar with the development said.
Hero’s bikes already enjoy a reputation for good mileage. The talks for a fuel management system are seen by experts as an attempt to ring-fence the company’s bread and butter segment—bikes with engines of up to 150cc.
Ever since its separation from Honda Motor Company Limited, Hero has been seeking partners to make up for the loss of technical know-how that the Japanese company brought to its bikes earlier.
It has also been ramping up its own research and development centre.
In February 2012, Hero tied up with US-based Erik Buell Racing Llc (EBR) and later formed a partnership with Austrian engine developer AVL List GmbH and Italy’s Engines Engineering Srl. On 2 July, Hero, in its first such investment outside the country, bought a 49.2% stake in EBR for $25 million (around Rs.1500.000 Millions). Also, Hero’s dominance in India has come under pressure with Honda Motorcycle and Scooters India Private Limited becoming aggressive in the domestic market after the split.
A tie-up with Magneti Marelli will, besides improving fuel efficiency, help Hero deal with emission standards across the world as it ventures into new markets.
The two companies are likely to form a joint venture by the end of this year in which Hero will hold a majority stake, according to the three people mentioned earlier. They declined to be identified.
“We expect the fuel emission norms to get tighter day by day and that will require changes in engines that we are using. This tie-up will help us in making those changes and improving the engine’s efficiency as well,” said a person directly involved in the matter.
According to a second person familiar with the development, the scope of the tie-up may be increased to other areas such as suspension systems.
“There will be a close coordination between engineers from both the companies on some of the future projects that Hero engineers are working on. The idea is to strengthen the R&D and be self-dependent at the earliest,” this person said.
While a Hero MotoCorp spokesperson declined to comment on the matter, a questionnaire sent to Magneti Marelli on Thursday remained unanswered.
A tie-up with Magneti Marelli may also help Hero’s ambitions in the superbiking segment, said Mahantesh Sabarad, senior vice-president, equity and research, Fortune Equity Brokers India Limited.
“EBR is also likely to benefit from this tie-up. Both EBR and Magneti have vast experience in making powerful bikes,” Sabarad said.
Magneti Marelli designs and produces advanced systems and components for the auto industry. It employs at least 34,000 people across 77 production units and 11 research and development centres, and had a turnover of about €5.4 billion in 2011.
A fuel management system is essentially a computer or an engine control unit that helps increase the efficiency of an engine by minimizing fuel loss. The unit determines the quantity of fuel to inject based on a number of parameters such as air-fuel ratio, ignition timing, tyre speed and exhaust gas.
In 2010, Hero Group and Honda agreed to end their 26-year-old relationship, with the Indian partner agreeing to buy out Honda’s 26% stake in Hero Honda for Rs.38418.300 Millions.
The lack of credible technology following this has been seen as a constraint for Hero’s prospects.
The company has invested at least Rs.4000.000 Millions to set up a full-fledged research and development centre at Kukas near Jaipur. Built over 250 acres, the centre will be the largest two-wheeler R and D establishment in the country with 500 engineers. Mint reported this in September 2011
MAGNETI MARELLI: A NEW PLANT INAUGURATED IN INDIA FOR THE PRODUCTION OF
EXHAUST SYSTEMS
10.29.2012
Today, Magneti Marelli inaugurated a new industrial plant in India dedicated to the production of automobile exhaust systems.
The new production site, built by SKH Magneti Marelli Exhaust Systems Private Limited, a joint venture between Magneti Marelli and SKH Metals Limited (part of the Krishna Group) signed in 2008, is located at the Maruti Suzuki Supplier Park in Manesar, nearby Gurgaon and just a few kilometres away from New Delhi.
The Indian plant covers a total surface of 8,000 square meters, 4,500 of which are covered and dedicated to the production areas for the manufacturing of Hot End components (catalytic converters) and Cold End components (mufflers). At full stretch, the plant will have a production capacity of 400,000 Cold End components and 150,000 Hot End systems a year, and will employ about 100 workers.
The new plant replaces an existing nearby structure dating back to 2009, and meets expansion and modernization requirements, allowing the product portfolio to be expanded to include cold end systems and ensuring more room for production activities.
For Magneti Marelli, the new plant in Manesar and the other production facility in Pune - which supplies Indian customers located in India’s northern and western region - represent an important and strategic presence on the Indian market in the specific sector of exhaust systems, especially in view of the issues pertaining to the reduction of emissions and of future regulatory scenarios.
With the inauguration of this new plant in the New Delhi area, Magneti Marelli further strengthens its presence in India. Since 2007, Magneti Marelli has in fact duplicated the entire industrial footprint in this country, with eight production plants in the following areas: powertrain, lighting, exhaust systems, suspensions, shock absorbers, electronic systems, infotainment and navigation.
“Magneti Marelli in India is by
now a consolidated and growing presence that contributes to the evolution of
the automotive sector on a lively market with a positive outlook in the medium
and long-term - stated Eugenio Razelli, CEO of Magneti Marelli. In the
specific area of exhaust systems, we have built a footprint that ensures us a
strategic positioning on the market, in a critical technological area in view
of the new scenarios tied to the reduction of polluting emissions, as well as the
presence in two geographic areas which are crucial for the automotive sector in
India”.
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.61.12 |
|
|
1 |
Rs.94.77 |
|
Euro |
1 |
Rs.81.54 |
INFORMATION DETAILS
|
Information Gathered
by : |
PDT |
|
|
|
|
Report Prepared
by : |
KVT |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
5 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
5 |
|
--CREDIT LINES |
1~10 |
5 |
|
--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 |
|
45 |
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.