|
Report Date : |
27.05.2013 |
IDENTIFICATION DETAILS
|
Name : |
ZF LENKSYSTEME INDIA PRIVATE LIMITED |
|
|
|
|
Registered
Office : |
Gat No. 184, Global Raisoni Industrial Park, Alandi Markal Road, Phulgaon,
Pune – 412216, Maharashtra |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as
on) : |
31.03.2012 |
|
|
|
|
Date of
Incorporation : |
24.09.2007 |
|
|
|
|
Com. Reg. No.: |
11-130749 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs. 819.000 Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U29130PN2007PTC130749 |
|
|
|
|
Legal Form : |
Private Limited Liability Company |
|
|
|
|
Line of Business
: |
Manufacturer and Exporter of Electrical Power Steering. |
|
|
|
|
No. of Employees
: |
60 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
B (36) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
Maximum Credit Limit : |
USD 2900000 |
|
|
|
|
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 some accumulated losses recorded by the company. However, trade relations are reported to be 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.
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 (GENERAL DETAILS)
|
Name : |
Mr. Madhav Marathe |
|
Designation : |
Accounts Department |
|
Contact No.: |
91-20-67346301 |
|
Date : |
24.05.2013 |
LOCATIONS
|
Registered Office / Factory : |
Gat No. 184, Global Raisoni Industrial Park, Alandi Markal Road,
Phulgaon, Pune – 412216, Maharashtra, India |
|
Tel. No.: |
91-20-67346301 |
|
Fax No.: |
91-20-67346302 |
|
E-Mail : |
|
|
Website : |
|
|
Location : |
Owned |
|
|
|
|
Branch Office : |
601-602, A Wing, MCCIA Trade Tower, ICC 403 A, Senapati Bapat Road,
Pune – 411016, Maharashtra, India |
|
Tel. No.: |
91-20-30205600 |
DIRECTORS
As on 27.07.2012
|
Name : |
Mr. Dinesh Hirachand Munot |
|
Designation : |
Director |
|
Address : |
Pratik Off Senapati Bapat Road, Behind Hotel Sahara, Pune – 411016,
Maharashtra, India |
|
Date of Birth/Age : |
08.12.1947 |
|
Date of Appointment : |
24.09.2007 |
|
DIN No.: |
00049801 |
|
Election Commission Identity Card No.: |
MT/0042/0247/576579 |
|
|
|
|
Name : |
Ludwing Rapp |
|
Designation : |
Director |
|
Address : |
Riedstra/E 19, 73579 Schechingen, Germany |
|
Date of Birth/Age : |
07.04.1957 |
|
Date of Appointment : |
24.09.2007 |
|
DIN No.: |
00700693 |
|
|
|
|
Name : |
Crl Magnus Backlund |
|
Designation : |
Director |
|
Address : |
Maillingerstrasse 24, 80636 Munchen Tyskland, Sweden - 8036 |
|
Date of Birth/Age : |
17.03.1974 |
|
Date of Appointment : |
28.07.2011 |
|
DIN No.: |
03573869 |
|
|
|
|
Name : |
Klaus Trader |
|
Designation : |
Alternative Director |
|
Address : |
Boppelgasse II, 73525 Herlikofen, Germany |
|
Date of Birth/Age : |
04.07.1954 |
|
Date of Appointment : |
30.01.2008 |
|
DIN No.: |
01864738 |
|
|
|
|
Name : |
Ronaldo Alves |
|
Designation : |
Director |
|
Address : |
Bunglow C 4, Mari Gold Co Operative Housing Society, Phase – I,
Kalyani Nagar, Pune – 41101, Maharashtra, India |
|
Date of Birth/Age : |
02.07.1967 |
|
Date of Appointment : |
28.07.2011 |
|
DIN No.: |
03583596 |
KEY EXECUTIVES
|
Name : |
Amruta Dnyaneshwar Moghe |
|
Designation : |
Secretary |
|
Address : |
Flat No. 104, Sahil Apartment Sai Nagar, Kondhwa BK, Pune – 411048,
Maharashtra, India |
|
Date of Birth/Age : |
02.03.1987 |
|
Date of Appointment : |
07.03.2012 |
|
PAN No.: |
BPLPM9127H |
|
|
|
|
Name : |
Mr. Madhav Marathe |
|
Designation : |
Accounts Department |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 27.07.2012
|
Names of Shareholders |
|
No. of Shares |
|
ZF Lenksysteme GmbH, Germany |
|
60606000 |
|
ZF Steering Gear (India) Limited, India |
|
21294000 |
|
|
|
|
|
Total |
|
81900000 |
As on 30.01.2013
|
Names of Allottees |
|
No. of Shares |
|
ZF Lenksysteme GmbH, Germany |
|
50986000 |
|
ZF Steering Gear (India) Limited, India |
|
17914000 |
|
|
|
|
|
Total |
|
68900000 |
Equity Share Break up (Percentage of Total Equity)
As on 27.07.2012
|
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 |
74.00 |
|
Bodies corporate |
26.00 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer and Exporter of Electrical Power Steering. |
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Products : |
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Exports : |
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Products : |
Finished Goods |
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Countries : |
Germany |
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Terms : |
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Selling : |
L/C, Cash and Credit |
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Purchasing : |
L/C, Cash and Credit |
GENERAL INFORMATION
|
Customers : |
End Users |
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No. of Employees : |
60 (Approximately) |
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Bankers : |
Tel: 91-20-25671350
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Facilities : |
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Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
Muttha and Lahoti Chartered Accountants |
|
Address : |
Pune, Maharashtra, India |
|
PAN No.: |
AAMFM5424A |
|
|
|
|
Holding company: |
|
|
|
|
|
Fellow Subsidiary company |
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|
|
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|
Joint venture: |
(CIN: L29130PN1981PLC023734) |
CAPITAL STRUCTURE
As on 27.07.2012
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
150800000 |
Equity Shares |
Rs.10/- each |
Rs.1508.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
150800000 |
Equity Shares |
Rs.10/- each |
Rs.1508.000
Millions |
|
|
|
|
|
As on 31.03.2012
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
81900000 |
Equity Shares |
Rs.10/- each |
Rs.819.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
81900000 |
Equity Shares |
Rs.10/- each |
Rs.819.000
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 |
819.000 |
130.000 |
10.000 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
0.000 |
0.000 |
0.000 |
|
|
4] (Accumulated Losses) |
(85.440) |
(19.319) |
(10.375) |
|
|
NETWORTH |
733.560 |
110.681 |
(0.375) |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
105.527 |
17.685 |
0.000 |
|
|
2] Unsecured Loans |
0.000 |
0.000 |
0.000 |
|
|
TOTAL BORROWING |
105.527 |
17.685 |
0.000 |
|
|
DEFERRED TAX LIABILITIES |
2.762 |
0.423 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
841.849 |
128.789 |
(0.375) |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
80.187 |
5.046 |
0.605 |
|
|
Capital work-in-progress |
4.479 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
INVESTMENT |
0.000 |
0.000 |
0.000 |
|
|
DEFERRED TAX ASSETS |
0.000 |
8.401 |
4.558 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
44.806
|
28.888 |
0.000 |
|
|
Sundry Debtors |
11.684
|
6.946 |
0.001 |
|
|
Cash & Bank Balances |
705.695
|
72.479 |
1.867 |
|
|
Other Current Assets |
4.949
|
0.774 |
0.000 |
|
|
Loans & Advances |
33.013
|
22.843 |
0.360 |
|
Total
Current Assets |
800.147
|
131.930 |
2.228 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
31.207
|
12.827 |
0.121 |
|
|
Other Current Liabilities |
11.033
|
3.652 |
7.994 |
|
|
Provisions |
0.724
|
0.109 |
0.000 |
|
Total
Current Liabilities |
42.964
|
16.588 |
8.115 |
|
|
Net Current Assets |
757.183
|
115.342 |
(5.887) |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.349 |
|
|
|
|
|
|
|
|
TOTAL |
841.849 |
128.789 |
(0.375) |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
35.957 |
NA |
NA |
|
|
|
Other Income |
NA |
NA |
NA |
|
|
|
TOTAL |
NA |
NA |
NA |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Office Expenses |
NA |
NA |
NA |
|
|
|
Administrative Expenses |
NA |
NA |
NA |
|
|
|
Advertising Expenses |
NA |
NA |
NA |
|
|
|
TOTAL |
NA |
NA |
NA |
|
|
|
|
|
|
|
|
|
PROFIT/(LOSS)
BEFORE TAX, DEPRECIATION AND AMORTISATION |
NA |
NA |
(6.971) |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION |
NA |
NA |
0.081 |
|
|
|
|
|
|
|
|
|
Less |
PRELIMINARY
EXPENSES WRITTEN OFF |
NA |
NA |
0.118 |
|
|
|
|
|
|
|
|
|
|
PROFIT/(LOSS) BEFORE TAX |
(55.381) |
NA |
(7.170) |
|
|
|
|
|
|
|
|
|
Less |
TAX |
10.740 |
NA |
(2.207) |
|
|
|
|
|
|
|
|
|
|
PROFIT/(LOSS) AFTER TAX |
(66.121) |
(8.944) |
(4.963) |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
(0.81) |
NA |
NA |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
Net Profit Margin (PBT/Sales) |
(%) |
(154.02)
|
NA |
NA |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
(6.92)
|
NA |
(321.81) |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
(0.08)
|
NA |
(19.12) |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
0.14
|
0.16 |
0.00 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
18.62
|
7.95 |
0.27 |
LOCAL AGENCY FURTHER INFORMATION
SUNDRY CREDITORS
DETAILS:
|
Particulars |
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
|
(Rs. In Millions) |
||
|
Sundry Creditors |
31.207
|
12.827 |
0.121 |
|
Total |
31.207
|
12.827 |
0.121 |
|
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 |
Yes |
|
16] |
Details of sister
concerns |
Yes |
|
17] |
Major suppliers |
No |
|
18] |
Major customers |
No |
|
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 |
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 |
Yes |
|
34] |
External Agency Rating,
if available |
No |
NOTE: Registered office of the company has been
shifted from 601-602, A Wing, MCCIA Trade Tower, ICC 403 A, Senapati Bapat Road, Pune
– 411016, Maharashtra, India to the present
address w.e.f 01.04.2012
REVIEW OF
OPERATIONS
During the year under report, The Company has managed to acquire
strategic Customer Projects with Tata Motors Limited and Daimler India
Commercial Vehicles Limited and has continued its regular endeavours to
increase sales within the existing projects.
The Company has completed its establishment of infrastructure, necessary
regulatory compliances concerning a new plant, and has initiated activities to
add manpower and streamline processes and systems into place.
Due to unfavorable business and market specific reasons, The Company is
yet to commence any substantial business activity.
Nevertheless, The Company managed to report a Sales Turnover of Rs.
35.957 Millions.
The loss before tax reported of Rs. (55.381) Millions is mainly on
account of setting up of the office and plant infrastructure. In the coming
years, speed of localization, winning Customer Projects are important
challenges the company needs to overcome by taking rapid steps.
FIXED ASSETS
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.55.60 |
|
|
1 |
Rs.83.98 |
|
Euro |
1 |
Rs.71.94 |
INFORMATION DETAILS
|
Information
Gathered by : |
PLK |
|
|
|
|
Report Prepared
by : |
KVT |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
4 |
|
PAID-UP CAPITAL |
1~10 |
4 |
|
OPERATING SCALE |
1~10 |
4 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
4 |
|
--PROFITABILIRY |
1~10 |
4 |
|
--LIQUIDITY |
1~10 |
4 |
|
--LEVERAGE |
1~10 |
4 |
|
--RESERVES |
1~10 |
4 |
|
--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 |
YES |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
36 |
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.