MIRA INFORM REPORT
|
Report Date : |
04.05.2013 |
IDENTIFICATION DETAILS
|
Name : |
MECAPLAST INDIA PRIVATE LIMITED |
|
|
|
|
Registered
Office : |
P-43, 8th Avenue, Mahindra World City, Natham Sub (Po),
Chengalpet – 603002, Tamilnadu |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as
on) : |
31.12.2011 |
|
|
|
|
Date of
Incorporation : |
31.05.2005 |
|
|
|
|
Com. Reg. No.: |
18-080198 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs.19.809
Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U74999TN2005FTC080198 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
CHEM11044F |
|
|
|
|
PAN No.: [Permanent Account No.] |
AAECM2854M |
|
|
|
|
Legal Form : |
Private Limited Liability Company |
|
|
|
|
Line of Business
: |
Manufacture of Components for Automotive Industry. |
|
|
|
|
No. of Employees
: |
Not Available |
RATING & COMMENTS
|
MIRA’s Rating : |
B (28) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
Maximum Credit Limit : |
USD 480000 |
|
|
|
|
Status : |
Moderate |
|
|
|
|
Payment Behaviour : |
Slow but correct |
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|
|
|
Litigation : |
Clear |
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|
Comments : |
Subject is an established company having a moderate track record.
There appears drastic fall in the profitability of the company during
December 2011. There appears some accumulated losses recorded by the company.
However, trade relations are reported as fair. Business is active. Payments
are reported to be slow but correct. 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 |
EXTERNAL AGENCY RATING
|
Rating Agency Name |
CRISIL |
|
Rating |
BBB- (Long Term Rating) |
|
Rating Explanation |
Moderate degree of safety and moderate credit risk. |
|
Date |
18.10.2012 |
|
Rating Agency Name |
CRISIL |
|
Rating |
A3 (Short Term Rating) |
|
Rating Explanation |
Moderate degree of safety and higher credit risk. |
|
Date |
18.10.2012 |
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 / Factory : |
P-43, 8th Avenue, Mahindra World City, Natham Sub (Po), Chengalpet
– 603002, Tamilnadu, India |
|
Tel. No.: |
91-44-37475000 |
|
Fax No.: |
91-44-37475000 |
|
E-Mail : |
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|
Website : |
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|
Location: |
Owned |
DIRECTORS
As on: 29.06.2012
|
Name : |
Mr. Thierry Manni |
|
Designation : |
Director |
|
Address : |
Block B 1, Et Nigi Gh, Harbour Crest 3, Rue Louis Aureglia, Monaco -
98000 |
|
Date of Birth/Age : |
07.06.1968 |
|
Date of Appointment : |
09.03.2006 |
|
DIN No.: |
01550213 |
|
|
|
|
Name : |
Mr. Sreenivasa Rao Boyapati |
|
Designation : |
Director |
|
Address : |
A – 204, Sylvan County, Mahindra Worldcity, Nathan (PO), Chengalpet,
Kanchipuram – 603002, Tamilnadu, India |
|
Date of Birth/Age : |
03.07.1974 |
|
Date of Appointment : |
02.04.2009 |
|
DIN No.: |
02601324 |
MAJOR SHAREHOLDERS
As on: 29.06.2012
|
Names of Shareholders |
No. of Shares |
|
Mecaplast International BV, The Netherlands |
1980887 |
|
Thierry Manni |
1 |
|
Total |
1980888 |
Equity Share Break up (Percentage of Total Equity)
As on: 29.06.2012
|
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 |
100.00 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacture of Components for Automotive Industry. |
PRODUCTION STATUS
|
Particulars |
Unit |
31.12.2011 |
|
Actual Production |
Nos. |
732832 |
GENERAL INFORMATION
|
No. of Employees : |
Not Available |
|||||||||||||||
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Bankers : |
Canara Bank, Thousand Lights Branch, 5, Greams Road, Chennai – 600006,
Tamilnadu, India |
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Facilities : |
(Rs.
In Millions)
|
|
|
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Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
R Subramanian and Company Chartered Accountants |
|
Address : |
New No,6 (36), Krishnaswamy Avenue, Mylapore, Luz, Cennai – 600004,
Tamilnadu, India |
|
PAN No.: |
AAAFR0602F |
|
|
|
|
Holding Company : |
Mecaplast International B.V. |
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|
|
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Fellow subsidiaries
: |
|
CAPITAL STRUCTURE
As on: 31.12.2011
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
3000000 |
Equity Shares |
Rs.10/- each |
Rs.30.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
1980888 |
Equity Shares |
Rs.10/- each |
Rs.19.809
Millions |
|
|
|
|
|
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.12.2011 (12 Months) |
31.12.2010 (12 Months) |
31.12.2009 (9 Months) |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
19.809 |
19.809 |
19.809 |
|
|
2] Share Application Money |
0.000 |
2.400 |
2.400 |
|
|
3] Reserves & Surplus |
104.893 |
102.493 |
102.493 |
|
|
4] (Accumulated Losses) |
(2.264) |
(11.842) |
(39.746) |
|
|
NETWORTH |
122.438 |
112.860 |
84.956 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
196.334 |
187.965 |
103.647 |
|
|
2] Unsecured Loans |
0.000 |
0.000 |
0.000 |
|
|
TOTAL BORROWING |
196.334 |
187.965 |
103.647 |
|
|
DEFERRED TAX LIABILITIES |
3.242 |
5.508 |
2.886 |
|
|
|
|
|
|
|
|
TOTAL |
322.014 |
306.333 |
191.489 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
261.220 |
265.621 |
227.524 |
|
|
Capital work-in-progress |
52.901 |
2.600 |
8.540 |
|
|
|
|
|
|
|
|
INVESTMENT |
0.000 |
0.000 |
0.000 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
20.693 |
17.062 |
18.685 |
|
|
Sundry Debtors |
47.917
|
23.841 |
6.252 |
|
|
Cash & Bank Balances |
40.753
|
60.274 |
25.990 |
|
|
Other Current Assets |
98.243
|
0.219 |
0.100 |
|
|
Loans & Advances |
62.764
|
26.660 |
91.677 |
|
Total
Current Assets |
270.370
|
128.056 |
142.704 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
0.960
|
0.197 |
88.151 |
|
|
Other Current Liabilities |
258.933
|
84.403 |
98.592 |
|
|
Provisions |
2.584
|
5.344 |
0.536 |
|
Total
Current Liabilities |
262.477
|
89.944 |
187.279 |
|
|
Net Current Assets |
7.893
|
38.112 |
(44.575) |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
322.014 |
306.333 |
191.489 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.12.2011 (12 Months) |
31.12.2010 (12 Months) |
31.12.2009 (9 Months) |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
430.510 |
344.191 |
11.208 |
|
|
|
Other Income |
2.468 |
NA |
NA |
|
|
|
TOTAL (A) |
432.978 |
NA |
NA |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Office Expenses |
|
|
|
|
|
|
Administrative Expenses |
|
|
|
|
|
|
Advertising Expenses |
|
|
|
|
|
|
TOTAL (B) |
371.296 |
NA |
NA |
|
|
|
|
|
|
|
|
Less |
PROFIT/
(LOSS) BEFORE INTEREST, TAX,
DEPRECIATION AND AMORTISATION (A-B) (C) |
61.682 |
68.896 |
(2.065) |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
29.120 |
19.455 |
0.035 |
|
|
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION
(C-D) (E) |
32.562 |
49.441 |
(2.100) |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
20.511 |
18.665 |
1.135 |
|
|
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE TAX (E-F)
(G) |
12.051 |
30.776 |
(3.235) |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
2.473 |
2.873 |
2.900 |
|
|
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) AFTER TAX (G-H) (I) |
9.578 |
27.903 |
(6.135) |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
FOB value of Exports |
10.534 |
1.741 |
0.000 |
|
|
TOTAL EARNINGS |
10.534 |
1.741 |
0.000 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials and Components |
84.948 |
56.186 |
24.172 |
|
|
|
Capital Goods |
0.617 |
1.913 |
28.428 |
|
|
TOTAL IMPORTS |
85.565 |
58.099 |
52.600 |
|
|
|
|
|
|
|
|
|
|
Earnings/ (Loss)
Per Share (Rs.) |
4.84 |
14.09 |
(3.60) |
|
KEY RATIOS
|
PARTICULARS |
|
31.12.2011 (12 Months) |
31.12.2010 (12 Months) |
31.12.2009 (9 Months) |
|
PAT / Total Income |
(%) |
2.21
|
NA |
NA |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
2.80
|
8.94 |
(28.86) |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
2.27
|
7.82 |
(0.87) |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.10
|
0.27 |
0.04 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
1.67
|
1.67 |
1.22 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.03
|
1.42 |
0.76 |
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 |
Yes |
|
30] |
Major Shareholders, if available |
Yes |
|
31] |
Date of Birth of Proprietor/Partner/Director, if available |
Yes |
|
32] |
PAN of Proprietor/Partner/Director, if available |
No |
|
33] |
Voter ID No of Proprietor/Partner/Director, if available |
No |
|
34] |
External Agency Rating, if available |
Yes |
Note: The registered
office of the company has been shifted from 14 Ratan Apartments, S V Road,
Borivali (West), Mumbai – 400092, Maharashtra, India to present address w.e.f. 02.02.2011.
FINANCIAL OUTLOOK:
The Company has achieved an overall sale of Rs. 430.51 million (excluding ED). The Company during the year has earned a Profit of Rs.12.050 Millions before tax. The Profit includes a sum of Rs. 0 140 million on account of sale of tools. Also, the profit is impacted to the extent of Rs 5.920 million by revenue from tool development recognised in accordance with Percentage of Completion method
During the year, the company has adopted the depreciation rates in accordance with its group policy with retrospective effect. This effect of depreciation has resulted in increase of profit by Rs. 4.570 millions.
OPERATIONS:
During the year, Company started developments of various components for Renault, Nissan etc They have also added more customer: Like Toyota and Nissan Ashok Leyland to their current local customer base Company also received additional business from Ford due to their excellent performance on Quality and delivery. There is a significant expansion by adding 1500T Injection, Laser Welding, Filter element line etc. Implementation of SAC in-line with the Group requirement is being done actively.
Even though Local Automotive industry was in ups and downs, company performed well in terms of sales. However, there is a significant pressure on their financials due to High interest rates in the country and Exchange loss.
FIXED ASSETS:
- Leasehold Land
- Buildings
- Plant and Machinery
- Office Equipments
- Furniture and Fixtures
- Vehicles
- Software
CMT REPORT [Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts,
1] INFORMATION ON
DESIGNATED PARTY
No exist designating subject or any of its beneficial owners, controlling
shareholders or senior officers as terrorist or terrorist organization or whom
notice had been received that all financial transactions involving their assets
have been blocked or convicted, found guilty or against whom a judgement or
order had been entered in a proceedings for violating money-laundering,
anti-corruption or bribery or international economic or anti-terrorism sanction
laws or whose assets were seized, blocked, frozen or ordered forfeited for
violation of money laundering or international anti-terrorism laws.
2] Court Declaration :
No exist to suggest that subject is or was
the subject of any formal or informal allegations, prosecutions or other
official proceeding for making any prohibited payments or other improper
payments to government officials for engaging in prohibited transactions or
with designated parties.
3] Asset Declaration :
No records exist to suggest that the property or assets of the subject
are derived from criminal conduct or a prohibited transaction.
4] Record on Financial
Crime :
Charges or conviction
registered against subject: None
5] Records on Violation of
Anti-Corruption Laws :
Charges or
investigation registered against subject: None
6] Records on Int’l
Anti-Money Laundering Laws/Standards :
Charges or
investigation registered against subject: None
7] Criminal Records
No
available information exist that suggest that subject or any of its principals
have been formally charged or convicted by a competent governmental authority for
any financial crime or under any formal investigation by a competent government
authority for any violation of anti-corruption laws or international anti-money
laundering laws or standard.
8] Affiliation with
Government :
No record
exists to suggest that any director or indirect owners, controlling
shareholders, director, officer or employee of the company is a government
official or a family member or close business associate of a Government
official.
9] Compensation Package :
Our market
survey revealed that the amount of compensation sought by the subject is fair
and reasonable and comparable to compensation paid to others for similar
services.
10] Press Report :
No press reports / filings exists on
the subject.
CORPORATE GOVERNANCE
MIRA INFORM as part of its Due Diligence do provide comments on
Corporate Governance to identify management and governance. These factors often
have been predictive and in some cases have created vulnerabilities to credit
deterioration.
Our Governance Assessment focuses principally on the interactions
between a company’s management, its Board of Directors, Shareholders and other
financial stakeholders.
CONTRAVENTION
Subject is not known to have contravened any existing local laws,
regulations or policies that prohibit, restrict or otherwise affect the terms
and conditions that could be included in the agreement with the subject.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.53.95 |
|
|
1 |
Rs.83.81 |
|
Euro |
1 |
Rs.70.50 |
INFORMATION DETAILS
|
Report Prepared
by : |
RAJ |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
3 |
|
PAID-UP CAPITAL |
1~10 |
4 |
|
OPERATING SCALE |
1~10 |
3 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
3 |
|
--PROFITABILIRY |
1~10 |
3 |
|
--LIQUIDITY |
1~10 |
3 |
|
--LEVERAGE |
1~10 |
3 |
|
--RESERVES |
1~10 |
4 |
|
--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 |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
--DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
28 |
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.