MIRA INFORM REPORT
|
Report Date : |
02.04.2014 |
IDENTIFICATION DETAILS
|
Name : |
MAGNA POWERTRAIN BANGALORE PRIVATE LIMITED (w.e.f. 19.11.2013) |
|
|
|
|
Formerly Known
As : |
IXETIC DSI AUTO PRODUCTS PRIVATE LIMITED |
|
|
|
|
Registered
Office : |
Plot. No. 25 (Sub- Layout), 4th Phase, Bommasandra Industrial
Area, Jigani Link Road, Jigani, Bangalore – 560099, Karnataka |
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|
|
Country : |
India |
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|
Financials (as
on) : |
31.03.2013 |
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|
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|
Date of
Incorporation : |
24.02.2009 |
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Com. Reg. No.: |
08-049218 |
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|
|
|
Capital Investment
/ Paid-up Capital : |
Rs. 32.807 Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U34102KA2009PTC049218 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
BLRI03844B |
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|
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PAN No.: [Permanent Account No.] |
AACCI0351D |
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|
Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Manufacturer of Vacuum and Oil Pumps for Automotive Industry. |
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|
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|
No. of Employees
: |
14 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
Ca (13) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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 |
|
Status : |
Moderate |
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Payment Behaviour : |
Slow |
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Litigation : |
Clear |
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Comments : |
Subject is an established company having moderate track record. The financial position of the company seems to be weak marked by huge accumulated
losses recorded by the company, which has further resulted into erosion of
net worth. However, business is active. Payments terms are reported to be slow. The company can be considered for business dealings on a secured trade
terms and conditions. Note: Mr. Sunil Kumar
(Account Manager) provided with us all information and also confirmed that
before this company was Known as “IXETIC DSI AUTO PRODUCTS PRIVATE LIMITED”
and in December 2013 it is taken over by “MAGNA POWERTRAIN BANGALORE PRIVATE
LIMITED”. |
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 – December 1, 2013
|
Country Name |
Previous Rating (30.09.2013) |
Current Rating (01.12.2013) |
|
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
India’s current account deficit for the fiscal third quarter ended
September 2013 narrowed to $4.2 billion or 0.9 % of the gross domestic product
from $31.9 billion or 6.5 % of GDP a year earlier, thanks to a pick-up in exports
and moderation in gold imports. Manufacturing activity and new orders in India
showed their strongest growth in a year in February. The news comes as a relief
after data showed Asia’s third largest economy grew by a slower-than-expected
4.7 % annually in the three months through December. The HSBC Manufacturing
Purchasing Managers’ Index which gauges the business activity of India’s
factories but not its’ utilities, rose to 52.5 in February, its highest in a
year from 51.4 in January. Overall new orders for factory goods which rose to a
one-year high of 54.9 contributed to the surge. China has emerged as India’s
biggest trading partner in the current financial year replacing the United Arab
Emirates and pushing it to the third spot. India-China trade has reached $49.5
billion with a 8.7 % share in India’s total trade. The US comes second at $46
billion with 8.1 % share during the first nine months of the current financial
year.
The Reserve Bank of India has granted an additional nine months to the
public to exchange currency notes printed before 2005 including Rs 500 and Rs
1,000 denominations, pushing the deadline to January 1, 2015. A day before
dates for the Lok Sabha polls were announced, the government decided to hike
interest rates on fixed deposit schemes offered by post offices up to 0.2 per
cent. The new rates will be effective April, 1. The Supreme Court will resume
hearing on March, 11 Nokia’s appeal against a ruling over transferring
ownership of its local mobile phones plant which is the subject of a tax
dispute to Microsoft Corp.
In the last days of the current Government, another scam has surfaced.
The defence ministry has ordered a probe into Hindustan Aeronautics Limited’s
contracts from Britain’s Rolls-Royce Holdings worth at least $ 1.2 billion. The
Central Bureau of Investigation will look into allegations that over $80
million was paid in kickbacks in a deal signed in 2011. India has asked Boeing
Co. to find a solution for problems with state-owned Air India’s 787
Dreamliners. The aircraft has experienced a series of malfunctions since its
debut in 2011.
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. Sunil Kumar |
|
Designation : |
Accounts Manager |
|
Contact No.: |
91-9739841292 |
|
Date : |
24.03.2014 |
LOCATIONS
|
Registered Office / Factory: |
Plot. No. 25 (Sub- Layout), 4th Phase, Bommasandra
Industrial Area, Jigani Link Road, Jigani, Bangalore – 560099, Karnataka,
India |
|
Tel. No. : |
91-80-28391944 |
|
Mobile No. : |
91-9739841292 (Mr. Sunil Kumar) |
|
Fax No. : |
Not Available |
|
E-Mail : |
|
|
Area : |
23000 sq.ft. |
|
Location : |
Leased |
DIRECTORS
As on 11.09.2013
|
Name : |
Harald Nippel |
|
Designation : |
Nominee Director |
|
Address : |
Gerh Hauptmann Str 11, Augsburg, Germany 86199 |
|
Date of Birth/Age : |
21.07.1963 |
|
Date of Appointment : |
24.11.2010 |
|
DIN No. : |
03542163 |
|
|
|
|
Name : |
Francois Adrien Barthel |
|
Designation : |
Nominee Director |
|
Address : |
42 Rue Du Moulin, Weyersheim, France 67720 |
|
Date of Birth/Age : |
03.05.1967 |
|
Date of Appointment : |
24.11.2010 |
|
DIN No. : |
03542175 |
KEY EXECUTIVES
|
Name : |
Mr. Sunil Kumar |
|
Designation : |
Accounts Manager |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 11.09.2013
|
Names of Equity Shareholders |
|
No. of Shares |
|
Magna Powertrain GmbH, Germany |
|
3706730 |
|
Magna Steyr Inc. Canada |
|
1 |
|
Total |
|
3706731 |
|
Names of Preference Shareholders |
|
No. of Shares |
|
Magna Powertrain GmbH, Germany |
|
1280692 |
|
Total |
|
1280692 |
As on 11.09.2013
Equity Share Break up (Percentage of Total Equity)
|
Category |
Percentage of Holding |
|
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 : |
Manufacturer of Vacuum and Oil Pumps for Automotive Industry. |
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Imports : |
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Products : |
Raw Material |
|
Countries : |
Germany |
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Terms : |
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|
|
|
Purchasing : |
TT |
PRODUCTION STATUS (AS ON 31.03.2011)
|
Particulars |
Unit |
Installed
Capacity |
Actual
Production |
|
|
|
|
|
|
Vacuum Pump |
Nos. |
240000 |
6774 |
|
|
|
|
|
GENERAL INFORMATION
|
Suppliers : |
Sun Beam Auto Products Private Limited, Gurgaon |
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Customers : |
· Honda Cars · Maruti Suzuki |
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No. of Employees : |
14 (Approximately) |
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Bankers : |
Canara Bank, 473D, 13th Cross, IV Phase, Peenya Industrial Estate, Bangalore - 560058, Karnataka, India |
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Facilities : |
NOTE Secured Loan - Term loan from Canara Bank is secured by hypothecation of tooling, test benches and measuring equipment’s, machineries Furniture and fixtures, office equipment’s, hypothecation of stocks including raw materials, work-in-process, finished goods and book debts, continuing EMT on Factory Land and Building in the name of Devilong Systems (India), situated at A-316, Peenya II Stage, Bangalore – 560058, personal guarantee of a director namely, Divyaraj Thukral and corporate guarantee of Adideva Auto Systems Private Limited, Devilong Systems (India) and Ixetic GmbH, Germany Secured Loan - Term Loan from Canara Bank carries an interest @ 11.75% compounded monthly and is to be repaid in 50 monthly installments starting from February, 2012. Secured Loan - Vehicle Loan – Canara Bank, RMV Extension, is secured by hypothecation of vehicles financed through the loan arrangement and personally guaranteed by the directors of the company. |
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Banking
Relations : |
-- |
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|
|
|
Auditors : |
|
|
Name : |
PNR and Company Chartered Accountants |
|
Address : |
No.11/13, Fortune Square, Flat No.T-301 and T-302, S.C. Road, Seshadripuram, Bangalore – 560020, Karnataka, India |
|
Tel. No. : |
91-80-23560283/ 23464144 |
|
Fax No. : |
91-80-23560618 |
|
E-Mail : |
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|
Income-tax
PAN of auditor or auditor's firm : |
AAJFP9123C |
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|
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Holding Company: |
Ixetic GmbH, Bad Homburg, Germany |
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|
|
|
Fellow Subsidiaries: |
Ixetic Hukeswagen GmbH, Germany Ixetic Bad Homburg GmbH, Germany |
|
|
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Joint Venture: |
Devilog Systems (India) |
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|
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|
Other Related Party: |
Adideva Auto Systems Private Limited |
CAPITAL STRUCTURE
As on 11.09.2013
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
5,719,308 |
Equity Shares |
Rs.10/- each |
Rs. 57.193 Millions |
|
1,280,692 |
Preference Shares |
Rs.10/- each |
Rs. 12.807 Millions |
|
|
|
|
|
|
|
Total |
|
Rs. 70.000
Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
3,706,731 |
Equity Shares |
Rs.10/- each |
Rs. 37.067 Millions |
|
1,280,692 |
Preference Shares |
Rs.10/- each |
Rs. 12.807 Millions |
|
|
|
|
|
|
|
Total |
|
Rs. 49.874
Millions |
As on 31.03.2013
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
3,500,000 |
Equity Shares |
Rs.10/- each |
Rs. 35.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
2,000,000 |
Equity Shares |
Rs.10/- each |
Rs. 20.000 Millions |
|
1,280,692 |
Fully Convertible 3.5% Preference Shares |
Rs.10/- each |
Rs. 12.807 Millions |
|
|
|
|
|
|
|
Total |
|
Rs. 32.807
Millions |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
I.
EQUITY
AND LIABILITIES |
|
|
|
|
(1)Shareholders'
Funds |
|
|
|
|
(a) Share Capital |
32.807 |
32.807 |
23.057 |
|
(b) Reserves & Surplus |
(69.877) |
(46.579) |
(24.250) |
|
(c) Money
received against share warrants |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
(2)
Share Application money pending allotment |
0.000 |
0.000 |
9.750 |
|
Total
Shareholders’ Funds (1) + (2) |
(37.070) |
(13.772) |
8.557 |
|
|
|
|
|
|
(3) Non-Current
Liabilities |
|
|
|
|
(a) long-term borrowings |
9.262 |
30.846 |
14.997 |
|
(b) Deferred tax liabilities (Net) |
0.000 |
0.000 |
0.000 |
|
(c) Other long term
liabilities |
0.000 |
0.000 |
1.978 |
|
(d) long-term
provisions |
0.355 |
0.194 |
0.167 |
|
Total Non-current Liabilities
(3) |
9.617 |
31.040 |
17.142 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short
term borrowings |
0.000 |
0.000 |
0.000 |
|
(b) Trade
payables |
28.633 |
23.196 |
14.582 |
|
(c) Other
current liabilities |
46.358 |
17.452 |
10.765 |
|
(d) Short-term
provisions |
0.921 |
0.480 |
0.090 |
|
Total Current
Liabilities (4) |
75.912 |
41.128 |
25.437 |
|
|
|
|
|
|
TOTAL |
48.459 |
58.396 |
51.136 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed
Assets |
|
|
|
|
(i)
Tangible assets |
22.285 |
27.220 |
25.202 |
|
(ii)
Intangible Assets |
0.066 |
0.110 |
0.183 |
|
(iii)
Capital work-in-progress |
0.000 |
0.000 |
0.000 |
|
(iv)
Intangible assets under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current Investments |
0.000 |
0.000 |
0.000 |
|
(c) Deferred tax assets (net) |
4.802 |
2.742 |
0.763 |
|
(d) Long-term Loan and Advances |
2.156 |
2.159 |
3.050 |
|
(e) Other
Non-current assets |
0.000 |
0.000 |
0.000 |
|
Total Non-Current
Assets |
29.309 |
32.231 |
29.198 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a)
Current investments |
0.000 |
0.000 |
0.000 |
|
(b)
Inventories |
7.892 |
12.459 |
12.535 |
|
(c) Trade
receivables |
5.611 |
6.563 |
2.682 |
|
(d) Cash
and cash equivalents |
0.475 |
2.244 |
2.146 |
|
(e)
Short-term loans and advances |
5.172 |
4.893 |
4.575 |
|
(f) Other
current assets |
0.000 |
0.006 |
0.000 |
|
Total
Current Assets |
19.150 |
26.165 |
21.938 |
|
|
|
|
|
|
TOTAL |
48.459 |
58.396 |
51.136 |
PROFIT & LOSS ACCOUNT
|
|
PARTICULARS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
47.692 |
7.471 |
6.014 |
|
|
|
Other Income |
0.292 |
0.018 |
0.000 |
|
|
|
TOTAL (A) |
47.984 |
7.489 |
6.014 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of Materials Consumed |
39.249 |
6.291 |
5.375 |
|
|
|
Purchases of Traded Goods |
1.576 |
1.329 |
0.000 |
|
|
|
Changes in inventories of finished goods and work in
progress |
1.852 |
(0.938) |
(2.872) |
|
|
|
Employees benefits expense |
7.058 |
7.108 |
8.365 |
|
|
|
Other expenses |
13.797 |
9.313 |
7.654 |
|
|
|
Prior Period Items |
0.207 |
0.000 |
0.000 |
|
|
|
TOTAL (B) |
63.739 |
23.103 |
18.522 |
|
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE INTEREST, TAX,
DEPRECIATION AND AMORTISATION (A-B) (C) |
(15.755) |
(15.614) |
(12.508) |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
4.496 |
3.292 |
1.385 |
|
|
|
|
|
|
|
|
|
|
PROFIT
/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
(20.251) |
(18.906) |
(13.893) |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
5.109 |
5.401 |
4.341 |
|
|
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE TAX (E-F)
(G) |
(25.360) |
(24.307) |
(18.234) |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
(2.062) |
(1.979) |
(0.763) |
|
|
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) AFTER TAX (G-H) (I) |
(23.298) |
(22.328) |
(17.471) |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Export Sales |
0.328 |
0.000 |
0.000 |
|
|
TOTAL EARNINGS |
0.328 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials, packing materials and components |
14.219 |
6.446 |
10.847 |
|
|
|
Purchases for traded goods |
1.556 |
0.000 |
0.000 |
|
|
|
Capital Goods |
0.000 |
0.262 |
0.139 |
|
|
|
Exchange Loss |
0.542 |
2.212 |
1.021 |
|
|
TOTAL IMPORTS |
16.317 |
8.920 |
12.007 |
|
|
|
|
|
|
|
|
|
|
Earnings /
(Loss) Per Share (Rs.) |
(8.14) |
(7.80) |
(8.31) |
|
Expected Sales (2013-2014): Rs. 150.000 Millions
The above information has been parted by Mr. Sunil Kumar (Accounts
Manager).
KEY RATIOS
|
PARTICULARS |
|
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
PAT / Total Income |
(%) |
(48.55) |
(298.14) |
(290.51) |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
(53.17) |
(325.35) |
(303.19) |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
(58.09) |
(43.68) |
(36.20) |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.68 |
1.76 |
(2.13) |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
(0.25) |
(2.24) |
1.75 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
0.25 |
0.64 |
0.86 |
FINANCIAL ANALYSIS
[all figures are
in Rupees Millions]
DEBT EQUITY RATIO
|
Particular |
31.03.2011 |
31.03.2012 |
31.03.2013 |
|
|
(Rs.
In Millions) |
(Rs.
In Millions) |
(Rs.
In Millions) |
|
Share Capital |
23.057 |
32.807 |
32.807 |
|
Reserves & Surplus |
(24.250) |
(46.579) |
(69.877) |
|
Share Application money pending allotment |
9.75 |
0.000 |
0.000 |
|
Net
worth |
8.557 |
(13.772) |
(37.070) |
|
|
|
|
|
|
long-term borrowings |
14.997 |
30.846 |
9.262 |
|
Short term borrowings |
0.000 |
0.000 |
0.000 |
|
Total
borrowings |
14.997 |
30.846 |
9.262 |
|
Debt/Equity
ratio |
1.753 |
(2.240) |
(0.250) |
YEAR-ON-YEAR GROWTH
|
Year
on Year Growth |
31.03.2011 |
31.03.2012 |
31.03.2013 |
|
|
(Rs.
In Millions) |
(Rs.
In Millions) |
(Rs.
In Millions) |
|
Sales |
6.014 |
7.471 |
47.692 |
|
|
|
24.227 |
538.362 |
NET PROFIT MARGIN
|
Net
Profit Margin |
31.03.2011 |
31.03.2012 |
31.03.2013 |
|
|
(Rs.
In Millions) |
(Rs.
In Millions) |
(Rs.
In Millions) |
|
Sales |
6.014 |
7.471 |
47.692 |
|
Profit |
(17.471) |
(22.328) |
(23.298) |
|
|
(290.51%) |
(298.86%) |
(48.85%) |
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 |
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 |
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 |
No |
INDEX OF CHARGES
|
S.NO. |
CHARGE ID |
DATE OF CHARGE CREATION/MODIFICATION |
CHARGE AMOUNT SECURED |
CHARGE HOLDER |
ADDRESS |
SERVICE REQUEST NUMBER (SRN) |
|
1 |
10252714 |
20/07/2012 * |
30,000,000.00 |
CANARA BANK |
SPECIALISED SME
BRANCH, NO.D473, 13TH CROSS, IV P |
B45677473 |
|
2 |
10184750 |
29/12/2009 * |
650,000.00 |
CANARA BANK |
RAJMAHAL VILAS EXTN. BRANCH, SADASHIVANAGAR, BANGALORE - 560080, KARNATAKA, INDIA |
A77199800 |
* Date of charge modification
UNSECURED LOANS
|
PARTICULAR |
31.03.2013 (Rs.
In Millions) |
31.03.2012 (Rs.
In Millions) |
|
LONG TERM
BORROWINGS |
|
|
|
Loans and advances
from related parties |
|
|
|
From Holding Company |
5.569 |
5.443 |
|
From a Shareholder |
0.000 |
16.700 |
|
Total |
5.569 |
22.143 |
|
NOTE: Unsecured Loan – from Holding Company – ECB of Euro 80,000 – INR is repayable on June 30, 2014 along with the interest. It carries interest at six months LIBOR plus 300 Basic points. Unsecured Loan – from a Shareholder – in INR carries
interest @ 12% per annum and is repayable beyond the period of twelve months. |
||
CORPORATE INFORMATION
Subject is a Private Limited company domiciled in India and incorporated under the provision of Companies Act, 1956 on February 24, 2009. The Company is engaged in manufacturing of vacuum and oil pumps for automotive industry.
OPERATIONS
The performance of the company during the period ended 31.03.2013 was no so encouraging when compared to the previous year results. During the year the company has registered an amount of (Gross) Rs. 53.368 Millions as revenue from operations as against Rs. 8.268 Millions the previous year there is marginal decrease due to market volatility and Global economic down trend.
CONTINGENT
LIABILITIES:
|
PARTICULARS |
31.03.2013 (Rs.
In Millions) |
31.03.2012 (Rs.
In Millions) |
|
|
|
|
|
Provision duty bond executed in favour of the Assistant Commissioner of Customs at ICD, Bnagalore |
50.000 |
0.000 |
|
|
|
|
FIXED ASSETS
v
Tangible
Assets
· Plant and Machinery
· Furniture and Fixtures
· Computer and Accessories
· Leasehold Improvements
· Vehicles
v
Intangible
Assets
· Computer 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.60.10 |
|
|
1 |
Rs.99.85 |
|
Euro |
1 |
Rs.82.58 |
INFORMATION DETAILS
|
Information
Gathered by : |
HNA |
|
|
|
|
Analysis Done by
: |
DIV |
|
|
|
|
Report Prepared
by : |
MRI |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
2 |
|
PAID-UP CAPITAL |
1~10 |
3 |
|
OPERATING SCALE |
1~10 |
2 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
2 |
|
--PROFITABILIRY |
1~10 |
-- |
|
--LIQUIDITY |
1~10 |
2 |
|
--LEVERAGE |
1~10 |
2 |
|
--RESERVES |
1~10 |
-- |
|
--CREDIT LINES |
1~10 |
-- |
|
--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 |
|
13 |
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.