MIRA
INFORM REPORT
|
Report Date : |
28.08.2013 |
IDENTIFICATION DETAILS
|
Name : |
PMP AUTO COMPONENTS PRIVATE LIMITED MIRANDA TOOLS (DIVISION OF PMP
AUTO COMPONENTS PRIVATE LIMITED) |
|
|
|
|
Registered
Office : |
Peninsula Spenta, Mathuradas Mills Compound, Senapati Bapat Marg,
Lower Parel, Mumbai – 400013, |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as
on) : |
31.03.2011 |
|
|
|
|
Date of
Incorporation : |
01.05.1996 |
|
|
|
|
Com. Reg. No.: |
11-099236 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs.53.665 Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U34300MH1996PTC099236 |
|
|
|
|
Legal Form : |
Private Limited Liability Company |
|
|
|
|
Line of Business
: |
Manufacturer and Exporter of Auto Electrical Components. |
|
|
|
|
No. of Employees
: |
Not Divulged |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (42) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 4500000 |
|
|
|
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
Usually correct |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is a part of ‘Ashok Piramal Group’ It is a well established company having a satisfactory track record. The
management have fail to file its financial for the year 2012 with the
government department. As per previous year’s, the performance of the company seems to be
good. 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.
EXTERNAL AGENCY RATING
|
Rating Agency Name |
ICRA |
|
Rating |
Term Loan = BBB+ |
|
Rating Explanation |
Having moderate degree of safety regarding timely servicing of
financial obligation it carry moderate credit risk |
|
Date |
May, 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 (91-22-28381669)
LOCATIONS
|
Registered Office : |
Peninsula Spenta, Mathuradas Mills Compound, Senapati Bapat Marg,
Lower Parel, Mumbai – 400013, Maharashtra, India |
|
Tel. No.: |
91-22-66154651 |
|
Fax No.: |
91-22-66154593 |
|
E-Mail : |
|
|
Website : |
|
|
Location : |
Owned |
|
|
|
|
Corporate Office : |
35 B , Nirlon Complex, Westan Express Highway, Goregaon (East), Mumbai
– 400063, India |
|
Tel. No.: |
91-22-268506710 |
|
Fax No.: |
91-22-26850424 |
|
E-Mail : |
|
|
|
|
|
Head Office / Factory 1 : |
903-904, G.I.D.C., Ankleshwar - 393002, Gujarat, India |
|
Tel. No.: |
91-2646-221519/ 252368 / 239707 |
|
Fax No.: |
91-2646-251326 |
|
|
|
|
Factory 2 : |
Satara, Pune, Maharashtra, India |
|
|
|
|
Factory 3 : |
Rubrapur, Uttrakhand, India |
|
|
|
|
Branch Offices : |
Located At · Bangalore · Kolkata · Chennai · Delhi · Indore · Jaipur · Jalandhar · Mumbai · Pune · Vijaywada · Kanpur |
DIRECTORS
As on 30.09.2011
|
Name : |
Ms. Urvi Ashok Piramal |
|
Designation : |
Director |
|
Address : |
61 A Piramal House, |
|
Date of Birth/Age : |
19.07.1952 |
|
Date of Appointment : |
30.12.1996 |
|
DIN No.: |
00044954 |
|
|
|
|
Name : |
Mr. Rajeev Ashok Piramal |
|
Designation : |
Director |
|
Address : |
61 A Piramal House, |
|
Date of Birth/Age : |
12.05.1976 |
|
Date of Appointment : |
12.08.2002 |
|
DIN No.: |
00044983 |
|
|
|
|
Name : |
Mr. Nandan Ashok Piramal |
|
Designation : |
Whole – Time- Director |
|
Address : |
61 A Piramal House, |
|
Date of Birth/Age : |
01.04.1981 |
|
Qualification : |
Graduate |
|
Date of Appointment : |
01.10.2009 |
|
DIN No.: |
00045003 |
|
|
|
|
Name : |
Mr. Harshvardhan Ashok Piramal |
|
Designation : |
Director |
|
Address : |
61 A Piramal House, |
|
Date of Birth/Age : |
27.10.1973 |
|
Qualification : |
MBA |
|
Date of Appointment : |
18.07.2006 |
|
DIN No.: |
00044972 |
|
|
|
|
Name : |
Mr. Satya Narayan Somani |
|
Designation : |
Director |
|
Address : |
1002 Orchid, Vasant Valley Complex, Film City Road, Malad East, Mumbai
– 400097, Maharashtra, India |
|
Date of Birth/Age : |
11.05.1954 |
|
Qualification : |
PGDM (IIM), B Tech (IIT) |
|
Date of Appointment : |
01.2.2003 |
|
DIN No.: |
00061893 |
|
|
|
|
Name : |
Mr. Amarnath P Agaewal |
|
Designation : |
Whole – Time – Director |
|
Address : |
20/403, Sanskruti CHSL, Opposite Lawrence School, Thakur, Kandivali,
Mumbai – 400101, Maharashtra, India |
|
Date of Birth/Age : |
01.11.1949 |
|
Qualification : |
M Sc |
|
Date of Appointment : |
01.04.2010 |
|
DIN No.: |
02421633 |
|
|
|
|
Name : |
Mrs. Ambika Suneet Kothari |
|
Designation : |
Director |
|
Address : |
57, Sea View Worli Sea Face, Mumbai – 400025, Maharashtra, India |
|
Date of Birth/Age : |
25.04.1977 |
|
Date of Appointment : |
17.05.2011 |
|
DIN No.: |
01162900 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 30.09.2011
EQUITY SHARES
|
Names of Shareholders |
|
No. of Shares |
|
Urvi Ashok Piramal |
|
459595 |
|
Harshvardhan Ashok Piramal |
|
965405 |
|
Onestar Mercantile Company Private Limited, India |
|
3066135 |
|
Total |
|
4491135 |
PREFERENCE SHARES
|
Names of Shareholders |
|
No. of Shares |
|
Urvi Ashok Piramal |
|
737999 |
|
Harshvardhan A Piramal Jointly with Urvi A. Piramal |
|
1 |
|
Total |
|
738000 |
As on 17.11.2011
EQUITY SHARES
|
Names of Allottees |
|
No. of Allotted |
|
Urvi Ashok Piramal |
|
766533 |
|
Urvi A. Piramal jointly with Harshvardhan A. Piramal |
|
766534 |
|
Urvi A. Piramal jointly with Rajeev A. Piramal |
|
766534 |
|
Urvi A. Piramal jointly with Nandan A. Piramal |
|
763468 |
|
Nandan A. Piramal jointly with Urvi A. Piramal |
|
3066 |
|
Total |
|
3066135 |
PREFERENCE SHARES
|
Names of Allottees |
|
No. of Allotted |
|
Urvi Ashok Piramal |
|
25439 |
|
Harshvardhan A Piramal |
|
4483 |
|
Rajeec A. Piramal |
|
4653 |
|
Nandan A. Piramal |
|
4612 |
|
Urvi A. Piramal jointly with Harshvardhan A. Piramal |
|
17500 |
|
Harshvardhan A. Piramal jointly with Urvi A. Piramal |
|
15000 |
|
Urvi A. Piramal jointly with Rajeev A. Piramal |
|
17500 |
|
Rajeev A. Piramal jointly with Urvi A. Piramal |
|
15000 |
|
Urvi A. Piramal jointly with Nandan A. Piramal |
|
17490 |
|
Nandan A. Piramal jointly with Urvi A. Piramal |
|
15010 |
|
Peninsula Land Limited, India |
|
190 |
|
Aarti Management Consultancy, India |
|
166 |
|
Aditi Management Consultancym India |
|
167 |
|
Anjoss Trading, India |
|
167 |
|
Total |
|
137377 |
As on 30.09.2011
Equity Share Break up (Percentage of Total Equity)
|
Category |
Percentage |
|
Bodies corporate |
68.27 |
|
Directors or relatives of Directors |
31.73 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer and Exporter of Auto Electrical Components. |
||||||
|
|
|
||||||
|
Products : |
· Wiper Systems · Alternators · Wind Shield Washer Systems · Switches · Starter Motors ·
Industrial Motors
|
GENERAL INFORMATION
|
Customers : |
·
Tata ·
Maruti Suzuki ·
Plaggio ·
GM ·
Mahindra ·
Eicher ·
Ashok Leyland ·
New Holland ·
Escorts ·
Same Deutz-Fahr ·
Tafe ·
Lonbardini ·
Hindustan Motors ·
Greaves ·
Cummins ·
Fiat |
|||||||||||||||
|
|
|
|||||||||||||||
|
No. of Employees : |
Not Divulged |
|||||||||||||||
|
|
|
|||||||||||||||
|
Bankers : |
The Saraswat Co-operative Bank Limited, Lower Parel Branch, Orbit Eternia,
N. M. Joshi Marg, Lower Parel, Mumbai – 400013, Maharashtra, India |
|||||||||||||||
|
|
|
|||||||||||||||
|
Facilities : |
(Rs.
In Millions)
|
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
Haribhakti and Company Chartered Accountants |
|
Address : |
42, Free Press House, 215, Nariman Point, Mumbai – 400021, |
|
Tel. No.: |
91-22-66391101/4 |
|
Fax No.: |
91-22-22856237 |
|
PAN.: |
AAAFH2010F |
|
|
|
|
Subsidiaries : |
|
|
|
|
|
Subsidiary of
PMP Bakony Ablaktorlo Rendszerek KFT: |
|
|
|
|
|
Subsidiary of
PMP Components ( |
|
|
|
|
|
Associates : |
|
|
|
|
|
Joint Venture : |
Miranda Tools Private Limited |
CAPITAL STRUCTURE
After 30.09.2011
Authorised Capital : Rs.80.000 Millions
Issued, Subscribed & Paid-up Capital : Rs.58.665 Millions
As on 30.09.2011
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
6800000 |
Equity Shares |
Rs.10/- each |
Rs.68.000 Millions |
|
800000 |
Preference Shares |
Rs.10/- each |
Rs.8.000 Millions |
|
|
Total |
|
Rs.76.000
Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
4491135 |
Equity Shares |
Rs.10/- each |
Rs.44.911
Millions |
|
738000 |
Preference Shares |
Rs.10/- each |
Rs.7.380
Millions |
|
|
Total |
|
Rs.52.291 Millions |
As on 31.03.2011
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
6800000 |
Equity Shares |
Rs.10/- each |
Rs.68.000 Millions |
|
800000 |
Preference Shares |
Rs.10/- each |
Rs.8.000 Millions |
|
|
Total |
|
Rs.76.000
Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
4628500 |
Equity Shares |
Rs.10/- each |
Rs.46.285
Millions |
|
738000 |
Preference Shares |
Rs.10/- each |
Rs.7.380
Millions |
|
|
Total |
|
Rs.53.665 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 |
|
|
|
|
|
1] Share Capital |
53.665 |
52.291 |
44.911 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
1085.208 |
848.598 |
253.049 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
1138.873 |
900.889 |
297.960 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
637.055 |
274.868 |
107.279 |
|
|
2] Unsecured Loans |
2.304 |
174.550 |
321.790 |
|
|
TOTAL BORROWING |
639.359 |
449.419 |
429.069 |
|
|
DEFERRED TAX LIABILITIES |
23.426 |
17.118 |
5.482 |
|
|
|
|
|
|
|
|
TOTAL |
1801.658 |
1367.425 |
732.511 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
536.740 |
495.727 |
228.338 |
|
|
Capital work-in-progress |
87.633 |
150.343 |
16.297 |
|
|
|
|
|
|
|
|
INVESTMENT |
443.896 |
374.184 |
347.245 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
357.699
|
222.866
|
57.698 |
|
|
Sundry Debtors |
269.793
|
240.526
|
91.110 |
|
|
Cash & Bank Balances |
29.341
|
22.911
|
2.759 |
|
|
Other Current Assets |
16.764
|
7.460
|
5.688 |
|
|
Loans & Advances |
433.848
|
128.558
|
88.697 |
|
Total
Current Assets |
1107.445
|
622.321 |
245.952 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
214.965
|
144.541 |
64.831 |
|
|
Other Current Liabilities |
146.318
|
111.276 |
37.639 |
|
|
Provisions |
12.773
|
19.333
|
2.851 |
|
Total
Current Liabilities |
374.056
|
275.150 |
105.321 |
|
|
Net Current Assets |
733.389
|
347.171
|
140.631 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
1801.658 |
1367.425 |
732.511 |
|
PROFIT & LOSS ACCOUNT
|
|
PARTICULARS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
|
|
|
|
|
|
Other Income |
|
|
|
|
|
|
TOTAL |
1897.395 |
1494.867 |
454.008 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Office Expenses |
|
|
|
|
|
|
Administrative Expenses |
1665.279 |
1360.101 |
436.152 |
|
|
|
Advertising Expenses |
|
|
|
|
|
|
TOTAL |
1665.279 |
1360.101 |
436.152 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION |
232.116 |
134.766 |
17.856 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES |
61.868 |
33.662 |
37.144 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION |
170.248 |
101.104 |
(19.288) |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION |
36.822 |
33.570 |
9.122 |
|
|
|
|
|
|
|
|
|
|
Prior Period
Adjustment |
0.000 |
(0.316) |
0.000 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX |
133.426 |
67.218 |
(28.410) |
|
|
|
|
|
|
|
|
|
Less |
TAX |
46.622 |
22.635 |
8.918 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
|
86.804 |
44.583 |
(19.492) |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
54.274 |
10.202 |
29.695 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Transfer to General Reserve |
0.861 |
0.511 |
0.000 |
|
|
BALANCE CARRIED
TO THE B/S |
140.217 |
54.274 |
10.203 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
288.816 |
203.612 |
NA |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
16.18 |
0.81 |
NA |
|
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KEY RATIOS
|
PARTICULARS |
|
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
PAT / Total Income |
(%) |
4.57
|
2.98 |
(4.29) |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
8.12
|
6.01 |
(5.99) |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.12
|
0.07 |
(0.10) |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
0.89
|
0.80 |
1.79 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
2.96
|
2.26 |
2.34 |
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 |
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 |
Yes |
|
24] |
Banking facility details |
Yes |
|
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] |
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 |
Note:
The registered office of the company has been shifted from Admn Bilding, Morarjee Mills, Dr Ambedkar Road, Parel, Mumbai – 400012, Maharashtra, India to 106 Peninsula Centre, Dr S S Rao Road Parel,
Mumbai -400012, Maharashtra, India w.e.f. 01.06.2006
The registered office of the company has been again shifted
from 106 Peninsula Centre, Dr S S Rao Road Parel, Mumbai
-400012, Maharashtra, India to present address w.e.f. 31.01.2007
OPERATIONS:
During the financial year, the total income
increased from Rs.1494.867 Millions to Rs.1897.395 Millions. The year ended at
a profit of Rs.86.804 Millions as against the profit of Rs.44.583 Millions in
the previous years
FUTURE OUTLOOK:
The auto industry has grown in the year
2010-11. As per SIAM projection Auto Industry (passenger car) was to grow at
16-18% per annum, however, due to global slowdown and also the general negative
sentive due to hike in rate and petrol prices
the projections have been revised
to 2-4% in the second half of F-12. To cater to the new market segment their R
and D is developing low cost alternator which is a future product
Their Wiper plant at satara has started
commercial production of wiper systems and started supplying to Maruti Suzuki.
They have also developed wiper systems for Daimler LDT (Low duty truck) and
sample has been approved. Regular business is expected to start in calendar
year 2012.
Further, they
have consolidated their European Subsidiaries (PMP Bakony and PMP PAL)
in one location, i.e. at Prague for
increasing the operating effcine cy and also for meeting the customer
needs.
As regards the cutting tools business the
outlook is positive, with good demand generated in domestic market due to
overall growth in the economy. Export demand is also increasing, despite global
recession. The company has renews its focus on high potential products viz
Bi-Metal Bandsawa and Drills, with expansion Plans. The company is intending to
have a R and D set up to cater to the mark et needs and for development of the
new products / applications
CONTINGENT LIABILITIES (AS ON 31.03.2011)
(a) Outstanding letter of credit as on 31st March 2011 is
Rs,125.510 Millions (Rs.70.869 Millions)
(b) Three employee have filed cases, in Labour Court against the company for
wrongful termination of employment at the Ankleshwar plant, wherein the amount involved is Rs.1.637 Millions
(Rs.1.170 Millions) However, management
estimates that outflow with regard to such cases are not probable and
therefore, no provision is made for
such court cases.
(c) With regard to court cases made against the company by 4 employees for
wrongful termination of employment at Kandivli Plant, the estimated liability
amount to Rs.4.564 millions as at 31st march 11. However, management
estimated that outflow with regard to such cases are not probable and
therefore, no provision are made for such court cases.
(d) W.r.t. tools Division, the excise duty demand under Excise Audit is Rs.0.242
Million
(e) W.r.t Tools Division, there is Service Tax Demand of Rs.0.764 Million for
wrong availmentof service tax. However, management estimates that outflow with
regard to such cases are not probable and therefore, no provisions are made for
such court cases.
(f) Corporate Guarantee of Euro 96336 (Rs.5.973 Millions) issued to Nortpoint
DCO2, s.r.o., Czech Republic on behalf of stop down subsidiary, PMP PAL
International s.r.o. for a period of 67 months form 1st july,
2010
BANKERS CHARGES
REPORT AS PER REGISTRY
|
Corporate
identity number of the company |
U34300MH1996PTC099236 |
|
Name of the
company |
PMP Auto
Components Private Limited |
|
Address of the
registered office or of the principal place of business in |
Peninsula Spenta,
Mathuradas Mills Compound, Senapati Bapat Marg, Lower Parel Mumbai – 400013 |
|
This form is for |
Modification of charge |
|
Charge
identification (ID) number of the charge to be modified |
10242635 |
|
Type of charge |
· Book debts · Movable property (not being pledge) · Floating charge |
|
Particular of
charge holder |
The Saraswat Co-op Bank Limited, Lower Parel Branch, Orbit Eternia, N M Joshi Marg, Lower Parel, Mumbai – 400013, Maharashtra, India |
|
Nature of
instrument creating charge |
Deed of
Hypothecation |
|
Date of
instrument Creating the charge |
29.03.2012 |
|
Amount secured by
the charge |
Rs.250.000
Millions |
|
Brief of the
principal terms an conditions and extent and operation of the charge |
Rate of Interest PLR-1% p.a= 13.50%
or at such rates as may be prescribed in future by the bank from time to
time. Terms of Repayment On demand. Margin Cash Credit- 30%
in Bank's Favour Extent and Operation of the charge Cash Credit :
Rs.200.000 Millions Bank Guarantee :
Rs.50.000 Millions |
|
Short particulars
of the property or asset(s) charged (including complete address and location
of the property) |
First Pari passu
hypothecation charge along with IDBI Bank on entire current assets including stock
and Book Debts, Present and Future Second pari passu charge by way of
hypothecation of all the borrower's movables (save and except stocks and book
debts) including movable machinery, machinery spares, tools and other
accessories |
|
Particulars of the
present modification |
The Credit
Facility has been enhanced from Rs.100.000 Millions to Rs. 200.000 Millions. |
FIXED ASSETS:-
- Goodwill
- Land
- Building
- Plant and
Machinery
- Computer
- Furniture and
Fixture
- Office
Equipment
- 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 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.65.68 |
|
|
1 |
Rs.102.20 |
|
Euro |
1 |
Rs.87.75 |
INFORMATION DETAILS
|
Information
Gathered by : |
JML |
|
|
|
|
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 |
4 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
4 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
5 |
|
--CREDIT LINES |
1~10 |
4 |
|
--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 |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
42 |
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.