1. Summary Information
|
Country |
|
||
|
Company Name |
LEAR AUTOMOTIVE INDIA PRIVATE LIMITED |
Principal Name 1 |
Mr. Amit Sharma |
|
Status |
Satisfactory |
Principal Name 2 |
Mr. Amardeep Arepalli |
|
263058 |
Registration # |
11-134085 |
|
|
Street Address |
E-25, 26 and 27, Bhosari MIDC, Bhosari – 411026, Maharashtra, India |
||
|
Established Date |
05.02.1996 |
SIC Code |
-- |
|
Telephone# |
91-20-66123005 |
Business Style 1 |
Manufacturer |
|
Fax # |
91-20-66123000 |
Business Style 2 |
Designer |
|
Homepage |
Product Name 1 |
Automobile Seating |
|
|
# of employees |
Not Available |
Product Name 2 |
Interior Components |
|
Paid up capital |
Rs.326,100,000/-
Millions |
Product Name 3 |
-- |
|
Shareholders |
Foreign holdings
100.00% |
Banking |
Citi
Bank |
|
Public Limited Corp. |
No |
Business Period |
18 Years |
|
IPO |
No |
International Ins. |
- |
|
Public |
No |
Rating |
|
|
Related
Company |
|||
|
Relation
|
Country
|
Company
Name |
CEO |
|
Ultimate holding Company |
-- |
Lear Corporation (Mauritius) Limited |
-- |
|
Note |
- |
||
2. Summary
Financial Statement
|
Balance Sheet as of |
31.03.2013 |
(Unit: Indian Rs.) |
|
|
Assets |
Liabilities |
||
|
Current Assets |
4,699,500,000 |
Current Liabilities |
3,385,000,000 |
|
Inventories |
765,500,000 |
Long-term Liabilities |
790,700,000 |
|
Fixed Assets |
2,429,400,000 |
Other Liabilities |
276,300,000 |
|
Deferred Assets |
104,200,000 |
Total Liabilities |
4,452,000,000 |
|
Invest& other Assets |
639,000,000 |
Retained Earnings |
3,154,800,000 |
|
|
|
Net Worth |
4,185,600,000 |
|
Total Assets |
8,637,600,000 |
Total Liab. & Equity |
8,637,600,000 |
|
Total Assets (Previous Year) |
6,981,400,000 |
|
|
|
P/L Statement as of |
31.03.2013 |
(Unit: Indian Rs.) |
|
|
Sales |
14,236,776,000 |
Net Profit |
361,151,000 |
|
Sales(Previous yr) |
11,733,840,000 |
Net Profit(Prev.yr) |
458,334,000 |
MIRA INFORM REPORT
|
Report Date : |
15.04.2014 |
IDENTIFICATION DETAILS
|
Name : |
LEAR AUTOMOTIVE INDIA PRIVATE LIMITED (w.e.f. 29.03.2006) |
|
|
|
|
Formerly Known
As : |
LEAR SEATING PRIVATE LIMITED |
|
|
|
|
Registered
Office : |
E-25, 26 and 27, Bhosari MIDC, Bhosari – 411026, |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as
on) : |
31.03.2013 |
|
|
|
|
Date of
Incorporation : |
05.02.1996 |
|
|
|
|
Com. Reg. No.: |
11-134085 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs.326.100
Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U34300PN1996PTC134085 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
DELL02667A |
|
|
|
|
PAN No.: [Permanent Account No.] |
AAACL1978K |
|
|
|
|
Legal Form : |
Private Limited Liability Company |
|
|
|
|
Line of Business
: |
Subject is engaged in the Design, Development and Manufacture of Automotive Seating, Trims and Wire Harness. |
|
|
|
|
No. of Employees
: |
Information denied by the management. |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (45) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 16742000 |
|
|
|
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
Usually Correct |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is an established company having satisfactory track record.
There seems slight dip in profit of the company during in the year 2013.
However, general financial position of the company is satisfactory. Trade relations are reported to be fair. Business is active. Payments
are reported to be usually correct. The company can be considered normal for business dealing at usual
trade terms and conditions. |
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 – March 31, 2014
|
Country Name |
Previous Rating (31.12.2013) |
Current Rating (31.03.2014) |
|
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
US investment bank
Goldman Sachs has upgraded its outlook on Indian markets as it expects
positive impact of the election cycle.
India’s economy may
grow 4.7 % in the current financial year, lower than the official estimate of
4.9 %, Fitch Rating said. The global rating agency expects the economy to pick
up in the next two financial years.
Global ratings
agency Standard & Poor said increasing focus by India Inc on lowering debt
is likely to improve their credit profiles.
Singapore (1.1
million Indian tourists in 2012), Thailand (one million), the United Arab
Emirates ().98 million) and Malaysia ().82 million) emerged as the preferred
holidays hotspots for Indians. The total figure is expected to increase to 1.93
million by 2017, according to the latest Eurmonitor international report.
There is a $29.34 bn
outward foreign direct investment by domestic companies between April and
January of 2013/14 which has seen some signs of recovery according to a Care
Ratings report.
There are 264 number
of new companies being set up every day on average during 2014. Most of them
are registered in Mumbai. India had 1.38 million registered companies at the
end of January, 2014.
Twitter like
messaging service Weibo Corporation has filed to raise $ 500 million via a US
initial public offering. Alibaba, which owns a stake in Weibo is expected to
raise about $ 15 billion New York this year in the highest profile Internet IPO
since Facebook’s in 2012.
Bharti Airtel has
raised Rs.2,453.2 crore (350 million Swiss Francs) by selling six-year bonds at
a coupon rate of three per cent and maturing in 2020. This is the largest ever
bond offering by an Indian company in Swiss Francs. Bharat Petroleum
Corporation raised 175 million Swiss Francs by selling five year bonds at 2.98
% coupon rate in February.
Indian Oil
Corporation plans to invest Rs 7650 crore in setting up a petrochemical complex
at its almost complete Paradip refinery in Odhisha in three to four years. The
company board is set to consider the setting up of a 700000 tonne per annum
polypropylene plant at an estimated cost at Rs.3150 crore.
Global chief
information officers at gathering in Bangalore in April to meet Indian startups
at an event called Tech50 Watchout for Little Eye Labs-Facebook type deals in
the making.
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 DECLINED
Management non co-operative [91-20-66123001]
LOCATIONS
|
Registered Office : |
E-25, 26 and 27, Bhosari MIDC, Saket District Centre, Saket,
Bhosari-411026, Maharashtra, India |
|
Tel. No.: |
91-20-66123005/ 66123425 / 66123001 |
|
Fax No.: |
91-20-66123000 |
|
E-Mail : |
|
|
Website : |
|
|
|
|
|
Corporate Office : |
Taj Palace Hotel, Suit No. 268, 2 LSP Marg, New Delhi-110021, India |
|
Tel. No.: |
91-11-24104537 |
|
Fax No.: |
91-11-24104547 |
|
E-Mail : |
|
|
|
|
|
Factory 1: |
Halol Highway Near Toll Naka, Halol-389350, Gujarat, India |
|
Tel No.: |
91-2676-222700/222353/222600 |
|
|
|
|
Factory 2: |
Gat No. 427, Hissa No. 6 to 9, Opposite, HP Gas Refilling, Mahalunge Ingale, MIDC Chakan, Taluka Khed, District Pune-410501, Maharashtra, India |
|
|
|
|
Factory 3 : |
Also Located At: · Nashik · Chennai |
|
|
|
|
Engineering Service Centre : |
Located At:
|
|
|
|
|
Branch Office : |
Located At:
|
DIRECTORS
AS ON 30.09.2013
|
Name : |
Mr. Amit Sharma |
|
Designation : |
Director |
|
Address : |
444, Pocket – A, Sarita Vihar, New Delhi-110 076, India |
|
Date of Birth/Age : |
10.05.1979 |
|
Qualification : |
B. Com, LLB |
|
Date of Appointment : |
29.09.2010 |
|
Din No.: |
02513254 |
|
|
|
|
Name : |
Mr. Amardeep Arepalli |
|
Designation : |
Director |
|
Address : |
Flat No.4A, Pavan Towers, 2nd Line, Gayatri Nagar, Vijaywada
– 520008, Andhra Pradesh, India |
|
Date of Birth/Age : |
18.11.1966 |
|
Qualification : |
BE, MBA |
|
Date of Appointment : |
30.09.2011 |
|
Din No.: |
03502721 |
KEY EXECUTIVES
|
Name : |
Mr. Yogesh Dattatraya Mase |
|
Designation : |
Secretary |
|
Address : |
501, Kashinath Apartment, Walvekar Nagar, Pune Satara Road, Behind
Walvekar Lawn, Pune – 411009, Maharashtra, India |
|
Date of Birth/Age : |
06.04.1974 |
|
Date of Appointment : |
15.06.2009 |
|
PAN No.: |
AEKPM5727L |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 30.09.2013
|
Names of Shareholders |
No. of Shares |
% of Holding |
|
Lear Corporation (Mauritius) Limited (Formerly Ramco
Investments Limited, Mauritius |
33788199 |
100.00 |
|
S. Bhalchandra Bhalerao (under beneficial Ownership of Lear Corporation (Mauritius) Limited, Mauritius) |
1 |
0.00 |
|
Anil Khanna (under beneficial Ownership of Lear corporation (Mauritius) Limited), Mauritius) |
1 |
0.00 |
|
|
|
|
|
TOTAL
|
33788201 |
100.00 |
AS ON 30.09.2013
|
Equity Share Breakup |
|
Percentage of Holding |
|
Category |
|
|
|
Foreign holdings [Foreign institutional investors, Foreign Companies, Foreign Financial Institutions, Non-resident Indian or Overseas corporate bodies or others] |
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Subject is engaged in the Design, Development and Manufacture of Automotive Seating, Trims and Wire Harness. |
||||||||||
|
|
|
||||||||||
|
Products : |
|
PRODUCTION STATUS [AS ON 31.03.2011]
|
Particulars |
Unit |
Actual
Production |
|
Automotive Seating Systems |
Nos. |
2833346 |
|
Interior Components |
Nos. |
2659352 |
|
Metal Parts |
Nos. |
3194370 |
|
Wiring harness |
Nos. |
394392 |
NOTES:
1. Licensed capacity not being applicable has not been indicated.
2. Having regard to the nature of operations, changes in product mix and utilization of manufacturing facilities, it is impracticable to provide details about installed capacity.
3. Difference in quantitative tally represents free supplies/ captive consumption. Production includes free supplies/ captive consumption.
GENERAL INFORMATION
|
No. of Employees : |
Information denied by the management. |
|
|
|
|
Bankers : |
Citibank, Pune Branch, Maharashtra, India |
|
|
|
|
Facilities : |
-- |
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
S. R. Batliboi and Associates Chartered Accountants |
|
Address : |
C – 401, 4th Floor, Panchshil Tech Park, Pune – 411006, Maharashtra, India. |
|
Tel. No.: |
91-20-66036000 |
|
Fax No.: |
91-20-66015900 |
|
PAN No: |
AABFS3421N |
|
|
|
|
Ultimate holding
Company : |
Lear Corporation Inc. |
|
|
|
|
Holding Company : |
Lear Corporation (Mauritius) Limited |
|
|
|
|
Fellow Subsidiaries : |
|
CAPITAL STRUCTURE
AS ON 30.09.2013
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
35000000 |
Equity Shares |
Rs.10/- each |
Rs.350.000 Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
33788201 |
Equity Shares |
Rs.10/- each
|
Rs.337.882
Millions |
AS ON 31.03.2013
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
35000000 |
Equity Shares |
Rs.10/- each |
Rs.350.000 Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
32610000 |
Equity Shares |
Rs.10/- each
|
Rs.326.100
Millions |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
|
|
31.03.2013 |
|
I.
EQUITY AND LIABILITIES |
|
|
|
|
(1) Shareholders' Funds |
|
|
|
|
(a) Share Capital |
|
|
326.100 |
|
(b) Reserves & Surplus |
|
|
3154.800 |
|
(c) Money received against share warrants |
|
|
0.000 |
|
|
|
|
|
|
(2) Share Application money pending allotment |
|
|
704.700 |
|
Total Shareholders’
Funds (1) + (2) |
|
|
4185.600 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) Long-term borrowings |
|
|
790.700 |
|
(b) Deferred tax liabilities (Net) |
|
|
0.000 |
|
(c)
Other long term liabilities |
|
|
0.000 |
|
(d)
Long-term provisions |
|
|
59.300 |
|
Total
Non-current Liabilities (3) |
|
|
850.000 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a)
Short term borrowings |
|
|
0.000 |
|
(b)
Trade payables |
|
|
2887.600 |
|
(c)
Other current liabilities |
|
|
497.400 |
|
(d)
Short-term provisions |
|
|
217.000 |
|
Total
Current Liabilities (4) |
|
|
3602.000 |
|
|
|
|
|
|
TOTAL |
|
|
8637.600 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i)
Tangible assets |
|
|
2385.000 |
|
(ii)
Intangible Assets |
|
|
44.400 |
|
(iii)
Capital work-in-progress |
|
|
639.000 |
|
(iv) Intangible assets under development |
|
|
0.000 |
|
(b) Non-current
Investments |
|
|
0.000 |
|
(c) Deferred tax assets
(net) |
|
|
104.200 |
|
(d) Long-term Loan
and Advances |
|
|
99.400 |
|
(e)
Other Non-current assets |
|
|
0.000 |
|
Total
Non-Current Assets |
|
|
3272.000 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a)
Current investments |
|
|
0.000 |
|
(b)
Inventories |
|
|
765.500 |
|
(c)
Trade receivables |
|
|
2951.200 |
|
(d)
Cash and cash equivalents |
|
|
717.400 |
|
(e)
Short-term loans and advances |
|
|
615.900 |
|
(f)
Other current assets |
|
|
315.600 |
|
Total
Current Assets |
|
|
5365.600 |
|
|
|
|
|
|
TOTAL |
|
|
8637.600 |
|
SOURCES OF FUNDS |
|
31.03.2012 |
31.03.2011 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
|
313.200 |
300.051 |
|
|
2] Share Application Money |
|
779.000 |
452.500 |
|
|
3] Reserves & Surplus |
|
2027.500 |
861.665 |
|
|
4] (Accumulated Losses) |
|
0.000 |
0.000 |
|
|
NETWORTH |
|
3119.700 |
1614.216 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
|
0.000 |
0.000 |
|
|
2] Unsecured Loans |
|
0.000 |
630.281 |
|
|
TOTAL BORROWING |
|
0.000 |
630.281 |
|
|
DEFERRED TAX LIABILITIES |
|
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
|
3119.700 |
2244.497 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
|
1525.500 |
1463.384 |
|
|
Capital work-in-progress |
|
287.000 |
41.013 |
|
|
|
|
|
|
|
|
INVESTMENT |
|
0.000 |
0.000 |
|
|
DEFERREX TAX ASSETS |
|
102.400 |
47.415 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
|
816.700
|
654.149
|
|
|
Sundry Debtors |
|
2861.000
|
1945.573
|
|
|
Cash & Bank Balances |
|
394.900
|
360.112
|
|
|
Other Non-Current Assets |
|
17.400
|
|
|
|
Other Current Assets |
|
306.400
|
199.547
|
|
|
Loans & Advances |
|
670.100
|
425.240
|
|
Total
Current Assets |
|
5066.500
|
3584.621
|
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
|
2933.000
|
2441.047
|
|
|
Other Current Liabilities |
|
609.600 |
317.684 |
|
|
Provisions |
|
319.100
|
133.205
|
|
Total
Current Liabilities |
|
3861.700
|
2891.936
|
|
|
Net Current Assets |
|
1204.800
|
692.685
|
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
|
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
|
3119.700 |
2244.497 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
|
|
SALES |
|
|
|
|
|
|
|
Sales |
|
|
7617.832 |
|
|
|
Service Income |
|
|
437.910 |
|
|
|
Other Income |
31.498 |
400.053 |
87.949 |
|
|
|
TOTAL |
14268.274 |
12133.893 |
8143.691 |
|
|
|
|
|
|
|
|
|
EXPENSES |
|
|
|
|
|
|
|
TOTAL |
13415.485 |
11467.766 |
7814.998 |
|
|
|
|
|
|
|
|
|
PROFIT / (LOSS)
BEFORE TAX |
548.259 |
666.127 |
328.693 |
|
|
|
|
|
|
|
|
|
|
TAX |
187.108 |
207.793 |
171.930 |
|
|
|
|
|
|
|
|
|
|
PROFIT / (LOSS)
AFTER TAX |
361.151 |
458.334 |
156.763 |
|
|
|
|
|
|
|
|
|
|
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
NA |
376.572 |
219.809 |
|
|
|
|
|
|
|
|
|
|
BALANCE CARRIED
TO THE B/S |
NA |
834.906 |
376.572 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Exports at F.O.B. Value |
1304.847 |
0.000 |
0.000 |
|
|
|
|
|
886.200 |
618.905 |
|
|
|
|
|
540.000 |
414.622 |
|
|
|
Reimbursement of Expenses |
0.000 |
0.910 |
35.069 |
|
|
TOTAL EARNINGS |
1856.245 |
1427.110 |
1068.596 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
NA |
NA |
1622.131 |
|
|
|
Stores & Spares |
NA |
NA |
8.105 |
|
|
|
Capital Goods |
NA |
NA |
21.261 |
|
|
TOTAL IMPORTS |
NA |
NA |
1651.497 |
|
|
|
|
|
|
|
|
|
|
Earnings /
(Loss) Per Share (Rs.) |
11.20 |
14.72 |
5.27 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
PAT / Total Income |
(%) |
2.53
|
3.78
|
1.92
|
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
3.85
|
5.68
|
4.31
|
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
4.91
|
10.11
|
6.51
|
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.13
|
0.21
|
0.20
|
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
0.19
|
0.00
|
0.39
|
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.49
|
1.31
|
1.24
|
FINANCIAL ANALYSIS
[all figures are
in Rupees Millions]
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) |
|
Total Income |
8143.691 |
12133.893 |
14268.274 |
|
|
|
48.997 |
17.590 |
NET PROFIT MARGIN
|
Net Profit Margin |
31.03.2011 |
31.03.2012 |
31.03.2013 |
|
|
(Rs. In Millions) |
(Rs. In Millions) |
(Rs. In Millions) |
|
Total Income |
8143.691 |
12133.893 |
14268.274 |
|
Profit |
156.763 |
458.334 |
361.151 |
|
|
1.92% |
3.78% |
2.53% |
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 |
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] |
PAN of Proprietor/Partner/Director, if available |
No |
|
32] |
Date
of Birth of Proprietor/Partner/Director, if available |
Yes |
|
33] |
Voter ID No of Proprietor/Partner/Director, if available |
No |
|
34] |
External Agency Rating, if available |
No |
NOTE:
The registered office address of the company has been shifted from “206
and 206A, Rectangle – 1, D-4, Saket District Centre, Saket, New Delhi – 110017,
India” to the present address w.e.f. 27.05.2009.
INDEX OF CHARGES: NO CHARGES EXIST FOR COMPANY
CORPORATE INFORMATION:
Subject was
incorporated in India as a private limited company on February 5, 1996. The
entire share capital of the Company is held by Lear Corporation (Mauritius)
Limited, Mauritius, together with its nominee, Lear Corporation Inc. (USA)
being the ultimate parent company. The Company is engaged in the design,
development and manufacture of automotive seating, trims and wire harness and
has a corporate office at Pune; manufacturing plants at Ambad and Gonde
(Nashik), Halol (Baroda), Chennai, Bhosari (Pune), Vadhu (Pune) and Chakan
(Pune), engineering services at Thane (Mumbai) and Bhosari (Pune).
OPERATIONS:
During the
financial year 2012-2013, the Company had successfully launched various new
Seating programs for its customers including Mahindra and Mahindra, General
Motors India and BMW India from Company’s Nasik, Chennai and Chakan plants.
Operations from existing plants of the Company at Halol, Nasik, Pune and
Chennai continued to support ongoing Seating and Wire Harness programs of the
customers. The quality performance was as per the customer target which is
below 25 PPM.
The Company
continued to expand its Vertical Integration Metals manufacturing facility at
Pune, Chennai and continued to export Track Assembly and Recliners to China,
Thailand, and Malaysia. New facility at Chakan and Chennai has been completed
as per Plans and fully operational. During the year, Company was also certified
for ISO/TS 16949:2009 for its Chennai VI plant and Halol operations. Company
ensured 100% on time deliveries to its customers. Company continued to face
challenges from ever increasing customer expectations and performance level of
the suppliers. The engineering centers at Thane and Pune continued to support
the engineering and design related activities of the Company and Company’s
affiliates worldwide and some non-affiliated companies as well. The Company
continued to support from its state-of-the-art seat testing facility at
Bhosari, Pune to augment various testing requirements for the new seating
programs.
|
Unsecured Loan |
As
on 31.03.2013 [Rs.
in Millions] |
As
on 31.03.2012 [Rs.
in Millions] |
|
Long Term
Borrowings |
|
|
|
Fully convertible debenture others |
790.700 |
0.000 |
|
TOTAL
|
790.700 |
0.000 |
FIXED ASSETS:
- Land – Freehold
- Land – Leasehold
- Factory Building
- Office Building
- Leasehold Improvement
- Furniture and Fixture
- Computers (Hardware and Software)
- Plant and Machinery
- Equipment and Fittings
- Office Equipments
- 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.60.27 |
|
|
1 |
Rs.101.10 |
|
Euro |
1 |
Rs.83.74 |
INFORMATION DETAILS
|
Information
Gathered by : |
PDT |
|
|
|
|
Analysis Done by
: |
DIV |
|
|
|
|
Report Prepared
by : |
TPT |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
5 |
|
--PROFITABILIRY |
1~10 |
4 |
|
--LIQUIDITY |
1~10 |
6 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
5 |
|
--CREDIT LINES |
1~10 |
5 |
|
--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 |
|
45 |
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.