MIRA INFORM REPORT
|
Report Date : |
05.02.2013 |
IDENTIFICATION DETAILS
|
Name : |
LITENS AUTOMOTIVE (INDIA) PRIVATE LIMITED |
|
|
|
|
Registered
Office : |
Gat No.357, Waghjai Nagar, Off Chakan-Ambethan Road, Kharabwadi,
Ckakan Pune - 410501, Maharashtra |
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Country : |
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Financials (as
on) : |
31.03.2012 |
|
|
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Date of
Incorporation : |
29.04.2009 |
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|
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Com. Reg. No.: |
133863 |
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Capital
Investment / Paid-up Capital : |
Rs.25.105 Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U29300PN2009FTC133863 |
|
|
|
|
Legal Form : |
Private Limited Liability Company |
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|
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|
Line of Business
: |
Manufacturer and Exporter of Engineered Power Transmission Systems and
Components. |
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|
|
|
No. of Employees
: |
7 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
B (27) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
Maximum Credit Limit : |
USD 58000 |
|
|
|
|
Status : |
Moderate |
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|
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Payment Behaviour : |
Slow |
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Litigation : |
Clear |
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Comments : |
Subject is an established company having a moderate track record.
There appears huge accumulated recorded by the company. Profitability is
under pressure. However, trade relations are reported to be fair. Business is active.
Payments are slow. The company can be considered for business dealings with great
caution. |
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 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. Rahul Seshadri |
|
Designation : |
Head in Finance |
|
Contact No.: |
91-2135-612319 |
|
Date : |
04.02.2013 |
LOCATIONS
|
Registered Office/ Factory : |
Gat No.357, Waghjai Nagar, Off Chakan-Ambethan Road, Kharabwadi,
Ckakan Pune – 410501, Maharashtra, India |
|
Tel. No.: |
91-2135-612300/ 612319/ 612314 |
|
Fax No.: |
91-2135-612301 |
|
E-Mail : |
|
|
Website : |
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|
Area : |
18000 sq. ft. |
|
Location : |
Leased |
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|
|
|
Sales Office : |
Located at: · Canada · USA · Brazil · Germany · France · Italy · China · Japan · Korea |
DIRECTORS
(AS ON 28.09.2012)
|
Name : |
Mr. Paul Geoffrey Robinson |
|
Designation : |
Director |
|
Address : |
93, Glengowan Road Toronto Ontario M4N1G5 |
|
Date of Birth/Age : |
08.12.1958 |
|
Date of Appointment : |
29.04.2009 |
|
DIN No.: |
02467594 |
|
|
|
|
Name : |
Mr. David Bruce Glover |
|
Designation : |
Director |
|
Address : |
285, High Park AV, Toronto On Canada M6P2S8 |
|
Date of Birth/Age : |
28.07.1965 |
|
Date of Appointment : |
03.09.2012 |
|
DIN No.: |
06369626 |
|
|
|
|
Name : |
Mr. Manishi Pathak |
|
Designation : |
Director |
|
Address : |
C-27, Rashmi Apartments, Harsh Vihar Pitampura, New Delhi – 110034
India |
|
Date of Birth/Age : |
23.02.1969 |
|
Date of Appointment : |
28.05.2009 |
|
DIN No.: |
00074992 |
KEY EXECUTIVES
|
Name : |
Mr. Rahul Seshadri |
|
Designation : |
Head in Finance |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
(AS ON 28.09.2012)
|
Names of Shareholders |
|
No. of Shares |
|
|
|
|
|
836112 Ontario Inc, Canada |
|
2541546 |
|
730144 Ontario Inc, Canada |
|
1 |
|
|
|
|
|
Total |
|
2541547 |
(AS ON 28.09.2012)
Equity Shares Break – up
|
Category |
|
Percentage |
|
|
|
|
|
Foreign holdings [Foreign institutional investors, Foreign Companies, Foreign Financial Institutions, Non-resident Indian or Overseas corporate bodies or others] |
|
100.00 |
|
|
|
|
|
Total
|
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer and Exporter of Engineered Power Transmission Systems and
Components. |
|
|
|
|
Exports : |
|
|
Products : |
Engineered Power Transmission Systems and Components |
|
Countries : |
· Canada · Germany |
|
|
|
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Imports : |
|
|
Products : |
Raw Materials |
|
Countries : |
· Canada · Italy · Brazil · China · Germany |
|
|
|
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Terms : |
|
|
Selling : |
Cash and Credit |
|
|
|
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Purchasing : |
Cash and Credit |
GENERAL INFORMATION
|
Suppliers : |
· Zetak Casting Private Limited – Chennai |
|
|
|
|
Customers : |
End Users · Honda Cars Limited – Gurgaon |
|
|
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No. of Employees : |
7 (Approximately) |
|
|
|
|
Bankers : |
· Standard Chartered Bank Jangali Maharaj Road Branch, Pune, Maharashtra, India Contact No.: 91-20-22670162 (Doesn’t Exist) |
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Banking
Relations : |
-- |
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|
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|
Auditors : |
|
|
Name : |
S. V. Ghatalia and Associates Chartered Accountant |
|
Address : |
C-401, 4th Floor, Panchshil Tech Park, Yerwada, Near Don
Bosco School, Pune – 411006, Maharashtra, India |
|
Tel No.: |
91-20-66036000 |
|
Fax No.: |
91-20-66015900 |
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PAN No.: |
AACFS6921Q |
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|
|
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Holding Company : |
· 836112 Ontario Inc. |
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|
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Parent Company : |
· Litens Automotive Partnership 730, Rowntree Dairy Road, Woodbridge, ON., Canada L4L 5T7 |
CAPITAL STRUCTURE
(AS ON 28.09.2012)
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
3600000 |
Equity Shares |
Rs.10/- each |
Rs.36.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
2541547 |
Equity Shares |
Rs.10/- each |
Rs.25.415
Millions |
|
|
|
|
|
(AS ON 31.03.2012)
Authorised Capital : Not Available
Issued, Subscribed & Paid-up Capital : Rs.25.105 Millions
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
25.105 |
24.650 |
14.850 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
0.000 |
0.000 |
0.000 |
|
|
4] (Accumulated Losses) |
(10.712) |
(5.543) |
(4.691) |
|
|
NETWORTH |
14.393 |
19.107 |
10.159 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
|
0.000 |
0.000 |
|
|
2] Unsecured Loans |
|
0.000 |
0.000 |
|
|
TOTAL BORROWING |
39.298 |
0.000 |
0.000 |
|
|
DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
53.691 |
19.107 |
10.159 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
52.139 |
26.683 |
3.034 |
|
|
Capital work-in-progress |
0.000 |
5.125 |
21.231 |
|
|
|
|
|
|
|
|
INVESTMENT |
0.000 |
0.000 |
0.000 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
11.327
|
2.642 |
3.911 |
|
|
Sundry Debtors |
2.164
|
0.445 |
0.000 |
|
|
Cash & Bank Balances |
5.839
|
3.964 |
2.384 |
|
|
Other Current Assets |
0.963
|
0.035 |
0.007 |
|
|
Loans & Advances |
8.722
|
4.235 |
2.225 |
|
Total
Current Assets |
29.015
|
11.321 |
8.527 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditor |
12.188
|
23.515 |
22.142 |
|
|
Other Current Liabilities |
15.275
|
0.507 |
0.491 |
|
|
Provisions |
0.000
|
0.000 |
0.000 |
|
Total
Current Liabilities |
27.463
|
24.022 |
22.633 |
|
|
Net Current Assets |
1.552
|
(12.701) |
(14.106) |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
53.691 |
19.107 |
10.159 |
|
%20PRIVATE%20LIMITED%20-%20209283%2005-Feb-2013_files/image001.gif){kind=small}
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
|
|
SALES |
|
|
|
|
|
|
|
TOTAL |
2.358 |
11.088 |
0.785 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
TOTAL |
34.329 |
24.454 |
5.385 |
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION |
(31.971) |
(13.366) |
(4.600) |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION |
5.742 |
1.786 |
0.091 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE TAX
|
(37.713) |
(15.152) |
(4.691) |
|
|
|
|
|
|
|
|
|
Less |
TAX |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
|
(37.713) |
(15.152) |
(4.691) |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
NA |
(4.691) |
0.000 |
|
|
|
|
|
|
|
|
|
|
BALANCE CARRIED
TO THE B/S |
NA |
(19.843) |
(4.691) |
|
|
|
|
|
|
|
|
|
|
IMPORTS VALUE |
NA |
3.558 |
15.445 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
NA |
(7.76) |
(9.42) |
|
Expected Sales (2012-13): Rs.75.000 Millions
The above information has been parted by Mr. Rahul Seshadri.
KEY RATIOS
|
PARTICULARS |
|
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
PAT / Total Income |
(%) |
(1599.36)
|
(136.65) |
(597.58) |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
(46.47)
|
(39.87) |
(40.58) |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
(2.62)
|
(0.79) |
(0.46) |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
2.73
|
0.00 |
0.00 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.06
|
0.47 |
0.38 |
LOCAL AGENCY FURTHER INFORMATION
SUNDRY CREDITORS
DETAILS:
|
Particulars |
31.03.2012 (Rs. In Millions) |
|
|
|
|
|
|
|
Trade Payable |
12.188 |
|
|
|
|
Total |
12.188 |
|
Particulars |
31.03.2011 |
31.03.2010 |
|
|
(Rs. In Millions) |
|
|
Sundry Creditors |
|
|
|
Total Outstanding dues of Micro and Small Enterprises |
-- |
-- |
|
Total Outstanding Dues of creditors other than Micro and small Enterprises |
23.515 |
22.142 |
|
|
|
|
|
Total |
23.515 |
22.142 |
|
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 |
Yes |
|
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 |
Yes |
|
15] |
Capital in the business |
Yes |
|
16] |
Details of sister concerns |
Yes |
|
17] |
Major suppliers |
Yes |
|
18] |
Major customers |
Yes |
|
19] |
Payments terms |
Yes |
|
20] |
Export / Import details (if applicable) |
Yes |
|
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 |
No |
TRADE REFERENCE:
· Honda Cars Limited – Gurgaon
· Zetak Casting Private Limited – Chennai
OPERATIONS AND FUTURE PROSPECTS
This is the third year of operations of the
company during the year the company has incurred a loss amounting Rs.37.713
Millions as compared to Rs.15.152 Millions in the prior year. The company
achieved total turnover of Rs.2.358 Millions as compared to Rs.11.088 Millions
in the previous year.
During the year the company has incurred major
capital expenditure in setting up an international standard Quality Control Laboratory
and has also added machineries for enhancing its product mix. The plant is now
well equipped with world class facilities to execute the orders of automotive
OEM’s.
During the year the company has started
supplying Honda Cars India Limited and has received an order from Volkswagen
India Private Limited. The performance of your company in the first six months
of the current financial year 2012-2013 has been very encouraging and the
management is confident of achieving better turnover in the current year.
CONTINGENT LIABILITIES
|
Particulars |
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
|
|
|
|
|
EPCG – Liability if export obligations are
not fulfilled in the future years ** |
Not Available |
2.661 |
2.661 |
|
|
|
|
|
|
** Differential
amount of customs duty payable by the Company in case of non-fulfillment of
export obligation against the import of capital goods made at concessional
rate of duty. Based on the past sales performance and the future sales plan
along with recent changes in EXIM policy, the Management is quite hopeful to
meet out the obligations by executing the required volume of exports in the
future. |
|||
FIXED ASSETS:
· Leasehold Improvement
· Plant and Machinery
· Furniture and Fixture
· Computers
· 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 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.52.97 |
|
|
1 |
Rs.83.17 |
|
Euro |
1 |
Rs.72.21 |
INFORMATION DETAILS
|
Information
Gathered by : |
SVA |
|
|
|
|
Report Prepared
by : |
NIT |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
3 |
|
PAID-UP CAPITAL |
1~10 |
3 |
|
OPERATING SCALE |
1~10 |
3 |
|
FINANCIAL CONDITION |
|
3 |
|
--BUSINESS SCALE |
1~10 |
|
|
--PROFITABILIRY |
1~10 |
3 |
|
--LIQUIDITY |
1~10 |
3 |
|
--LEVERAGE |
1~10 |
3 |
|
--RESERVES |
1~10 |
3 |
|
--CREDIT LINES |
1~10 |
3 |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
YES |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
27 |
This score serves as a reference to assess
SC’s credit risk and to set the amount of credit to be extended. It is
calculated from a composite of weighted scores obtained from each of the major
sections of this report. The assessed factors and their relative weights (as
indicated through %) are as follows:
Financial
condition (40%) Ownership
background (20%) Payment
record (10%)
Credit history
(10%) Market trend (10%) Operational size
(10%)
RATING EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
|
71-85 |
Aa |
Possesses adequate working capital. No caution needed for credit
transaction. It has above average (strong) capability for payment of interest
and principal sums |
Large |
|
56-70 |
A |
Financial & operational base are regarded healthy. General
unfavourable factors will not cause fatal effect. Satisfactory capability for
payment of interest and principal sums |
Fairly Large |
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively below
average. |
Small |
|
11-25 |
Ca |
Adverse factors are apparent. Repayment of interest and principal sums
in default or expected to be in default upon maturity |
Limited with
full security |
|
<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
|
- |
NB |
New Business |
- |
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.