|
Report Date : |
13.03.2013 |
IDENTIFICATION DETAILS
|
Name : |
MAT BRAKES INDIA PRIVATE LIMITED |
|
|
|
|
Registered
Office : |
108-109, 1st Floor, Rishab Corporate Tower, 16, Community Centre,
Karkarduma , New Delhi – 110092,Delhi |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as
on) : |
31.03.2012 |
|
|
|
|
Date of
Incorporation : |
01.02.2011 |
|
|
|
|
Com. Reg. No.: |
213212 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs.277.500 Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U34300DL2011FTC213212 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
DELM19825B |
|
|
|
|
PAN No.: [Permanent Account No.] |
AAGCM9838B |
|
|
|
|
Legal Form : |
Private Limited Liability Company |
|
|
|
|
Line of Business
: |
Exporter, supplier and
manufacturer of disc brake pads, brake rotors, disk pack |
|
|
|
|
No. of Employees
: |
Not Available |
RATING & COMMENTS
|
MIRA’s Rating : |
B (26) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
Status : |
Yet to Commence business operation |
|
|
|
|
Payment Behaviour : |
Unknown |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is a relatively new company and it is yet to commence with its
business operation. The company has incurred some pre-operative expenses. However,
Capital base of the company is good. Payments terms are unknown. The company can be considered for business dealings with some caution.
|
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 – June 30, 2012
|
Country Name |
Previous Rating (31.03.2012) |
Current Rating (30.06.2012) |
|
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
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.
LOCATIONS
|
Registered Office : |
108-109, 1st Floor, Rishab Corporate Tower, 16, Community
Centre, Karkarduma , New Delhi – 110092,Delhi |
|
E-Mail : |
|
|
|
|
|
Factory 1 : |
No. 65, Hsidc Industrial
Estate, Kundli, Sonipat - 131021, Haryan |
|
Tel. No.: |
91-8059900120 (Mr. Kamal
Khera (Project Manager) |
DIRECTORS
AS ON 30.07.2012
|
Name : |
Mr. Pradeep Kumar Jain |
|
Designation : |
Director |
|
Address : |
A-56, Sector 26, Gautam Buddha Nagar, Noida – 201301, Uttar Pradesh,
India |
|
Date of Birth/Age : |
06.04.1958 |
|
Date of Appointment : |
01.02.2011 |
|
DIN No.: |
00035214 |
|
|
|
|
Name : |
Mr. Christopher Watson |
|
Designation : |
Director |
|
Address : |
2514, Siddleridger Road, Pulaski – 24301, India |
|
Date of Birth/Age : |
10.08.1962 |
|
Date of Appointment : |
01.02.2011 |
|
DIN No.: |
01191277 |
KEY EXECUTIVES
|
Name : |
Mr. Kamal Khera |
|
Designation : |
Project Manager |
|
|
|
|
Name : |
Mr. Sumit Kumar Gururani |
|
Designation : |
Director |
|
Address : |
House No.62, Sector 7, R K
Puram, New Delhi – 60005, India |
|
Date of Birth/Age : |
27.06.1983 |
|
Date of Appointment : |
02.07.2012 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 30.07.2012
|
Names of Shareholders |
|
No. of Shares |
|
Mat Holdings Inc, USA |
|
1200000 |
|
Roulunds Braking India Private Limited, India |
|
800000 |
|
Total |
|
2000000 |
AS ON 05.10.2012
|
Names of Shareholders |
|
No. of Shares |
|
Mat Holdings Inc, USA |
|
775000 |
|
Total |
|
775000 |
AS ON 30.07.2012
|
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 |
60.000 |
|
Bodies corporate |
40.00 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Exporter, supplier and
manufacturer of disc brake pads, brake rotors, disk pack |
GENERAL INFORMATION
|
No. of Employees : |
Not Available |
|||||||||||||||||||||
|
|
|
|||||||||||||||||||||
|
Bankers : |
ICICI Bank Limited, Landmarkrace Cource Circle, Alkapuri,
Baroda - 390015, Gujarat, India |
|||||||||||||||||||||
|
|
|
|||||||||||||||||||||
|
Facilities : |
|
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
Haribhakti and Company Chartered Accountant |
|
Address : |
52-B, 3rd Floor, Okhla Industrial Area, Phase-III, Delhi, India |
|
|
|
|
Associates/Subsidiaries : |
NA |
CAPITAL STRUCTURE
AS ON 31.03.2012
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
3000000 |
Equity Shares |
Rs.100/- |
Rs.300.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
2000000 |
Equity Shares |
Rs.100/- |
Rs.200.000 Millions |
|
|
|
|
|
FINANCIAL DATA
[all figures are in
Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
|
|
31.03.2012 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
|
|
200.000 |
|
|
2] Share Application Money |
|
|
0.000 |
|
|
3] Reserves & Surplus |
|
|
0.000 |
|
|
4] (Accumulated Losses) |
|
|
(8.323) |
|
|
NETWORTH |
|
|
191.677 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
|
|
234.875 |
|
|
2] Unsecured Loans |
|
|
51.566 |
|
|
TOTAL BORROWING |
|
|
286.441 |
|
|
DEFERRED TAX LIABILITIES |
|
|
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
|
|
478.118 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
|
|
70.105 |
|
|
Capital work-in-progress |
|
|
159.265 |
|
|
Expenditure pending allocation, net |
|
|
5.505 |
|
|
|
|
|
|
|
|
INVESTMENT |
|
|
0.000 |
|
|
DEFERREX TAX ASSETS |
|
|
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
|
|
0.000 |
|
|
Sundry Debtors |
|
|
0.000 |
|
|
Cash & Bank Balances |
|
|
248.410 |
|
|
Other Current Assets |
|
|
0.137 |
|
|
Loans & Advances |
|
|
0.383 |
|
Total
Current Assets |
|
|
248.930 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
|
|
3.616 |
|
|
Other Current Liabilities |
|
|
1.773 |
|
|
Provisions |
|
|
0.298 |
|
Total
Current Liabilities |
|
|
5.687 |
|
|
Net Current Assets |
|
|
243.243 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
|
|
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
|
|
478.118 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
|
|
31.03.2012 |
|
|
|
|
|
|
|
|
EXPENSES |
|
|
2.061 |
KEY RATIOS
|
PARTICULARS |
|
|
|
31.03.2012 |
|
PAT / Total Income |
(%) |
|
|
NA |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
|
|
NA |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
|
|
NA |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
|
|
NA |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
|
|
1.49 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
|
|
43.77 |
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 |
No |
|
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 |
No |
|
13] |
Reasons for variation
<> 20% |
-------- |
|
14] |
Estimation for coming
financial year |
No |
|
15] |
Capital in the business |
Yes |
|
16] |
Details of sister
concerns |
No |
|
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 |
No |
|
27] |
Financials, if provided |
Yes |
|
28] |
Incorporation details, if
applicable |
Yes |
|
29] |
Last accounts filed at
ROC |
Yes |
|
30] |
Major Shareholders, if available |
Yes |
|
31] |
Date of Birth of
Proprietor/Partner/Director, if available |
Yes |
|
32] |
PAN of
Proprietor/Partner/Director, if available |
No |
|
33] |
Voter ID No of
Proprietor/Partner/Director, if available |
No |
|
34] |
External Agency Rating,
if available |
No |
BANKERS CHARGES
REPORT AS PER REGISTRY
|
Corporate
identity number of the company |
U34300DL2011FTC213212 |
|
Name of the
company |
MAT BRAKES INDIA
PRIVATE LIMITED |
|
Address of the registered
office or of the principal place of
business in |
108-109, 1st
Floor, Rishab Corporate Tower, 16 Community Centre,
Karkarduma, Delhi 110092, Delhi, India |
|
This form is for |
Modification
of charge |
|
Charge identification
(ID) number of the charge to be modified |
10325468 |
|
Type of charge |
Immovable
property Book debts Movable property
(not being pledge) others |
|
Particular of
charge holder |
ICICI BANK
LIMITED |
|
Nature of
instrument creating charge |
Deed of
hypothecation and mortgage declaration |
|
Date of
instrument Creating the charge |
29/12/2011 |
|
Amount secured by
the charge |
Mr. 470.800
Millions |
|
Brief of the
principal terms an conditions and extent and operation of the charge |
Rate of Interest ECB: The
aggregate of: The applicable Margin; and 6 month LIBOR Term loan: sum of
I-Base and spread per annum Dervatives: As
per treasury rates Terms of
Repayment Principal amount
of each tranche is to be repaid in 14 semi annually instalments payable
commencing after one and half years (18 months) from the date of first
disbursement. 1st - 3rd
Installment (each) - 4.0% of principal amount 4th Installment -
5.0% of principal amount 5th - 12th
Installment - 8.0% of principal amount. 13th Installment
- 9.0% of principal amount 14th Installment
- 10.0% of principal amount Derivatives: On
demand / due dates Margin Term loan / ECB:
As agreed Derivatives: Nil Extent and
Operation of the charge 1. Exclusive
charge on the entire fixed assets, both present and future, of the company
except those are/shall be financed by other financial institution. 2. Exclusive
charge on entire stocks of raw materials, semifinished and finished goods,
consumable stores and spares and such other movables including book-debts,
bills, outstanding monies, receivables, both present and future. 3. Exclusive
charge on Plot No 65, Sector 53, Phase IV, Industrial Estate, Kundli,
Sonepat, Haryana. Others The above is to
secure the term loan Rs. 440 million and External Commercial Borrowing (sub
limit of rupee term loan) USD 10 million equivalent to Rs. 440 million and
derivatives Rs. 30.8 million. |
|
Short particulars
of the property or asset(s) charged (including complete address and location
of the property) |
Exclusive charge
on the entire fixed assets, both present and future, of the company except
those are/shall be financed by other financial institution. Exclusive charge
by way of hypothecation on entire stocks of raw materials, semifinished and
finished goods, consumable stores and spares and such other movables
including book-debts, bills
whether documentary or clean, outstanding monies, receivables, both present
and future. Exclusive charge
on Plot No 65, Sector 53, Phase IV, Industrial Estate, Kundli, Sonepat,
Haryana. |
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.54.33 |
|
|
1 |
Rs.80.90 |
|
Euro |
1 |
Rs.70.73 |
INFORMATION DETAILS
|
Report Prepared
by : |
SDA |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
3 |
|
PAID-UP CAPITAL |
1~10 |
3 |
|
OPERATING SCALE |
1~10 |
3 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
3 |
|
--PROFITABILIRY |
1~10 |
2 |
|
--LIQUIDITY |
1~10 |
3 |
|
--LEVERAGE |
1~10 |
3 |
|
--RESERVES |
1~10 |
2 |
|
--CREDIT LINES |
1~10 |
2 |
|
--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 |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
26 |
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.