MIRA INFORM REPORT
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Report Date : |
24.12.2014 |
IDENTIFICATION DETAILS
|
Name : |
RINDER INDIA PRIVATE LIMITED |
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Formerly Known
As : |
FIEM RINDER PRIVATE LIMITED HALOGEN AUTO AND ELECTRICAL INDUSTRIES PRIVATE LIMITED |
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Registered
Office : |
Gat No.148, Mahalunge Ingale, Off Chakan, |
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Country : |
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Financials (as
on) : |
31.12.2013 |
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Date of
Incorporation : |
18.01.1988 |
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Com. Reg. No.: |
11-045915 |
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Capital
Investment / Paid-up Capital : |
Rs.8.500 Millions |
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CIN No.: [Company Identification
No.] |
U31506PN1988PTC045915 |
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TAN No.: [Tax Deduction &
Collection Account No.] |
PNER06605E |
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PAN No.: [Permanent Account No.] |
AAACH4211R |
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Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Manufacturer of auto components. (lighting and signaling Equipments). |
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No. of Employees
: |
700 (Approximately) [In Office – 200 and In Factory – 500] |
RATING & COMMENTS
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MIRA’s Rating : |
Ba (47) |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Status : |
Satisfactory |
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Payment Behaviour : |
Usually Correct |
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Litigation : |
Exist |
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Comments : |
Subject is an established company having satisfactory track record. Overall financial position of the company is sound and healthy. Trade relations are reported to be fair. Business is active. Payment
are reported to be usually correct. The company can be considered for business dealings 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.
EXTERNAL AGENCY RATING
|
Rating Agency Name |
Not Available |
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Rating |
Not Available |
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Rating Explanation |
Not Available |
|
Date |
Not Available |
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
31-03-2014.
INFORMATION PARTED BY
|
Name : |
Mr. Raj Kumar |
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Designation : |
Assistant Finance Manager |
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Contact No.: |
91-9850984086 |
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Date : |
23.12.2014 |
LOCATIONS
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Registered Office : |
Gat No.148, Mahalunge Ingale, Off Chakan, Talegaon Road, Tal Khed, Pune
– 410501, Maharashtra, India |
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Tel. No.: |
91-20-30616100 / 200 |
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Mobile No.: |
91-9850984086 (Mr. Raj Kumar) |
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Fax No.: |
91-20-30616161 / 62 |
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E-Mail : |
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Website : |
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Area : |
1 Hectare |
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Location : |
Owned |
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Corporate Office / Factory 1: |
Plot No. 74-74A, F-II Block, MIDC, Pimpri, Pune – 411018, |
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Tel. No.: |
91-20-66114461/ 27470481/ 27472508 |
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Fax No.: |
91-20-27472435 |
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E-Mail : |
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Website : |
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Area : |
15000 Sq. ft. |
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Location : |
Owned |
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Branch Office / Factory 2: |
Plot No.12-13, Sector – 16, HSIIDC Industrial Estate,
Bahadurgarh - 124507, |
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Tel No : |
91-1276-215727 |
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Fax No : |
91-1276-244964 |
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E mail: |
DIRECTORS
AS ON 30.06.2014
|
Name : |
Mr. Fernando Echevarria |
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Designation : |
Director |
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Address : |
C. Particular Del Club, 4-5, Fi Lasarenas, |
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Date of Birth/Age : |
07.03.1958 |
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Date of Appointment : |
23.01.1998 |
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DIN No.: |
00380088 |
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Name : |
Mr. Carlos Marzana |
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Designation : |
Director |
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Address : |
C. Senorio De Vizcaya 32 D, Gernika Lumo, |
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Date of Birth/Age : |
10.10.1959 |
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Date of Appointment : |
23.01.1998 |
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DIN No.: |
00389077 |
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Name : |
Mr. Rafael Azcarreta |
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Designation : |
Director |
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Address : |
C/ Iparraguirre, 18-4 – E, Vizcaya, |
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Date of Birth/Age : |
24.11.1954 |
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Date of Appointment : |
24.06.2002 |
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DIN No.: |
00364312 |
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Name : |
Ms. Maria Concepcion Marzana |
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Designation : |
Director |
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Address : |
C. Egana, 13 3 B, |
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Date of Birth/Age : |
08.12.1947 |
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Date of Appointment : |
24.06.2002 |
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DIN No.: |
00389443 |
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Name : |
Mr. Antonio Basterrechea |
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Designation : |
Director |
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Address : |
C. Egana, 13 3 B, |
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Date of Birth/Age : |
16.05.1947 |
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Date of Appointment : |
24.06.2002 |
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DIN No.: |
00388940 |
KEY EXECUTIVES
|
Name : |
Mr. Raj Kumar |
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Designation : |
Assistant Manager - Finance |
MAJOR SHAREHOLDERS
AS ON 30.06.2014
|
Names of Shareholders |
No. of Shares |
% of holding |
|
Rinder Industrial S.A., Spain |
84986 |
99.99 |
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Carlos Marzana, Spain |
10 |
0.01 |
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TOTAL
|
84996 |
100.00 |
AS ON 30.06.2014
|
Equity Shares
Break Up |
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 |
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TOTAL |
100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer of auto components (lighting and signaling equipments). |
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Products : |
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Brand Names : |
Not Divulged |
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Agencies Held : |
Not Divulged |
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Exports : |
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Products : |
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Countries : |
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Imports : |
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Products : |
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Countries : |
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Terms : |
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Selling : |
Cash and Credit |
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Purchasing : |
Cash and Credit |
GENERAL INFORMATION
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Suppliers : |
Phoenix India Private Limited, Delhi |
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Customers : |
Wholesalers and Retailers
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No. of Employees : |
700 (Approximately) [In Office – 200 and In Factory – 500] |
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Bankers : |
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Facilities : |
Fund and non-fund based = Rs. 220.000 Millions |
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Banking
Relations : |
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Auditors : |
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Name : |
Suresh Surana and Associates Chartered Accountant |
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Address : |
13th Floor, Bakhtawar, 228, Nariman Point, Mumbai-400021, Maharashtra,
India |
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PAN No.: |
AAQFS7647M |
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Ultimate Holding Company: |
Corporacion Rinder S.L. |
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Holding Company : |
Rinder Industrial S.A. |
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Subsidiaries : |
Rinder Tools India Private Limited (Fellow Subsidiary up to 20.12.2011) CIN No.:- U29299PN2004PTC019276 |
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Fellow Subsidiaries : |
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CAPITAL STRUCTURE
AS ON 31.12.2013
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
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|
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|
295,060 |
Equity Shares |
Rs.100/- each |
Rs.29.506 Millions |
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Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
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|
84,996 |
Equity Shares |
Rs.100/-
each |
Rs.8.500
Millions |
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FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES
OF FUNDS |
31.12.2013 |
31.12.2012 |
31.12.2011 |
|
I.
EQUITY
AND LIABILITIES |
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(1)Shareholders' Funds |
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(a) Share Capital |
8.500 |
8.500 |
8.500 |
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(b) Reserves & Surplus |
582.221 |
566.017 |
562.714 |
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(c) Money received against
share warrants |
0.000 |
0.000 |
0.000 |
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(2) Share Application
money pending allotment |
0.000 |
0.000 |
0.000 |
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Total Shareholders’ Funds (1) + (2) |
590.721 |
574.517 |
571.214 |
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(3) Non-Current
Liabilities |
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(a) long-term
borrowings |
113.991 |
40.425 |
29.780 |
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(b) Deferred tax liabilities (Net) |
0.000 |
0.000 |
0.000 |
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(c) Other long term
liabilities |
0.000 |
0.000 |
0.000 |
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(d) long-term
provisions |
0.000 |
0.000 |
3.790 |
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Total Non-current
Liabilities (3) |
113.991 |
40.425 |
33.570 |
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(4) Current Liabilities |
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(a) Short term
borrowings |
133.488 |
69.160 |
16.935 |
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(b) Trade payables |
421.779 |
312.650 |
251.000 |
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(c) Other current
liabilities |
214.488 |
70.931 |
82.023 |
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(d) Short-term
provisions |
8.223 |
9.600 |
13.302 |
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Total Current
Liabilities (4) |
777.978 |
462.341 |
363.260 |
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TOTAL |
1482.690 |
1077.283 |
968.044 |
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II.
ASSETS |
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(1) Non-current assets |
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(a) Fixed Assets |
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(i) Tangible assets |
485.127 |
425.742 |
395.961 |
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(ii) Intangible Assets |
154.840 |
6.471 |
4.327 |
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(iii) Capital
work-in-progress |
0.000 |
11.227 |
0.000 |
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(iv) Intangible assets under development |
0.000 |
0.000 |
0.000 |
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(b) Non-current
Investments |
0.000 |
0.000 |
0.000 |
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(c) Deferred tax
assets (net) |
13.516 |
13.590 |
14.411 |
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(d) Long-term Loan and Advances |
47.853 |
29.263 |
12.684 |
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(e) Other
Non-current assets |
0.729 |
1.056 |
0.966 |
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Total Non-Current
Assets |
702.065 |
487.349 |
428.349 |
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(2) Current assets |
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(a) Current investments |
0.000 |
0.000 |
0.000 |
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(b) Inventories |
173.931 |
109.102 |
78.510 |
|
(c) Trade receivables |
446.171 |
361.711 |
349.280 |
|
(d) Cash and cash
equivalents |
65.360 |
51.646 |
48.140 |
|
(e) Short-term loans
and advances |
73.656 |
47.332 |
57.768 |
|
(f) Other current
assets |
21.507 |
20.143 |
5.997 |
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Total Current Assets |
780.625 |
589.934 |
539.695 |
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|
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|
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TOTAL |
1482.690 |
1077.283 |
968.044 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.12.2013 |
31.12.2012 |
31.12.2011 |
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SALES |
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Income |
2167.413 |
1918.961 |
1772.172 |
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Other Income |
NA |
NA |
NA |
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TOTAL |
NA |
NA |
NA |
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Less |
EXPENSES |
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Office Expenses |
NA |
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Administrative Expenses |
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Advertising Expenses |
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TOTAL |
NA |
NA |
NA |
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PROFIT / (LOSS)
BEFORE TAX |
27.182 |
13.205 |
55.427 |
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TAX |
7.973 |
9.721 |
13.574 |
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PROFIT / (LOSS)
AFTER TAX |
19.209 |
3.484 |
41.853 |
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EARNINGS IN
FOREIGN CURRENCY |
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Export Earnings |
582.353 |
498.470 |
301.746 |
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TOTAL EARNINGS |
582.353 |
498.470 |
301.746 |
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IMPORTS |
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Raw Materials |
287.226 |
276.564 |
163.829 |
|
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Components and Spare Parts |
3.609 |
5.344 |
46.554 |
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Capital Goods |
23.295 |
18.547 |
115.058 |
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TOTAL IMPORTS |
314.130 |
300.455 |
325.441 |
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Earnings /
(Loss) Per Share (Rs.) |
225.99 |
40.99 |
492.41 |
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Particulars |
31.12.2013 |
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Sales Turnover (Approximately) |
2000.000 |
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Expected Sales (2014): Rs.2400.000 Millions
The above information has been parted by Mr. Raj Kumar.
KEY RATIOS
|
PARTICULARS |
|
31.12.2013 |
31.12.2012 |
31.12.2011 |
|
Net Profit Margin |
(%) |
0.89 |
0.18 |
2.36 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
1.85 |
1.25 |
5.81 |
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Return on Investment (ROI) (PBT/Networth) |
|
0.05 |
0.02 |
0.10 |
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Debt Equity Ratio (Total Debt /Networth) |
|
0.42 |
0.19 |
0.08 |
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Current Ratio (Current Asset/Current Liability) |
|
1.00 |
1.28 |
1.49 |
FINANCIAL ANALYSIS
[all figures are
in Rupees Millions]
DEBT EQUITY RATIO
|
Particular |
31.12.2011 |
31.12.2012 |
31.12.2013 |
|
|
(Rs. In Millions) |
(Rs. In Millions) |
(Rs. In Millions) |
|
Share Capital |
8.500 |
8.500 |
8.500 |
|
Reserves & Surplus |
562.714 |
566.017 |
582.221 |
|
Net worth |
571.214 |
574.517 |
590.721 |
|
|
|
|
|
|
long-term borrowings |
29.780 |
40.425 |
113.991 |
|
Short term borrowings |
16.935 |
69.160 |
133.488 |
|
Total borrowings |
46.715 |
109.585 |
247.479 |
|
Debt/Equity ratio |
0.082 |
0.191 |
0.419 |
YEAR-ON-YEAR GROWTH
|
Year on Year Growth |
31.12.2011 |
31.12.2012 |
31.12.2013 |
|
|
(Rs. In Millions) |
(Rs. In Millions) |
(Rs. In Millions) |
|
Sales |
1772.172 |
1918.961 |
2167.413 |
|
|
|
8.283 |
12.947 |
NET PROFIT MARGIN
|
Net Profit Margin |
31.12.2011 |
31.12.2012 |
31.12.2013 |
|
|
(Rs. In Millions) |
(Rs. In Millions) |
(Rs. In Millions) |
|
Sales |
1772.172 |
1918.961 |
2167.413 |
|
Profit |
41.853 |
3.484 |
19.209 |
|
|
2.36% |
0.18% |
0.89% |
LOCAL AGENCY FURTHER INFORMATION
CURRENT MATURITIES OF
LONG-TERM DEBT
(Rs. In Millions)
|
PARTICULARS |
31.12.2013 |
31.12.2012 |
31.12.2011 |
|
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|
|
|
|
Current maturities of long-term debt |
64.052 |
22.050 |
28.028 |
|
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
four 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 |
Yes |
|
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 |
LITIGATION
DETAILS:
CASE STATUS:
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UNSECURED LOAN
|
PARTICULARS |
Rs.
In Millions 31.12.2013 |
Rs.
In Millions 31.12.2012 |
|
Long term
borrowings |
|
|
|
Term loans from others |
113.991 |
40.425 |
|
|
|
|
|
Total
|
113.991 |
40.425 |
VIEW INDEX OF
CHARGES
|
S.NO. |
CHARGE ID |
DATE OF CHARGE
CREATION/MODIFICATION |
CHARGE AMOUNT
SECURED |
CHARGE HOLDER |
ADDRESS |
SERVICE REQUEST
NUMBER (SRN) |
|
1 |
10533362 |
05/11/2014 |
90,000,000.00 |
BAJAJ FINANCE LIMITED |
AKURDI PUNE-, PUNE, MAHARASHTRA - 411035, INDIA |
C35041961 |
|
2 |
90088734 |
18/09/2014 * |
220,000,000.00 |
CITI BANK N.A. |
FIRST INTERNATIONAL FINANCIAL CENTRE,, PLOT NO.C- |
C31078124 |
* Date of charge modification
GENERAL INFORMATION
Subject is a manufacturer of auto components (lighting and signaling equipments). The Company operates near automobile producing companies and the products are directly supplied to them. Presently, the Company manufactures products as per specifications given / accepted by the customers. The Company has manufacturing plant at Chakan, Pimpari and Bhadurgarh.
OPERATIONS
The Company has registered substantial increase in turnover and profits as compared to the previous year. The Directors feel that the overall performance of the Company is satisfactory.
During the year, the scheme of amalgamation of Rinder Tools India Private Limited (wholly owned subsidiary) with the Company was approved by the Hon'ble High Court of Mumbai vide its order dated 25 October 2013.
As per the terms of the Scheme, Rinder Tools India Private Limited (Transferor Company) was amalgamated with the Company (Transferee Company) with effect from 1 January 2012. The attached financial statements are after giving effect to the Scheme as per the High Court Order.
FIXED ASSETS
- Freehold Land
- Leasehold Land
- Buildings
- Plant and Machinery
- Moulds
- Dies
- Electrical Installations
- Furniture and Fixtures
- Office Equipments
- Technical know-how
- Vehicles
- Computers
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.63.45 |
|
|
1 |
Rs.98.88 |
|
Euro |
1 |
Rs.77.62 |
INFORMATION DETAILS
|
Information
Gathered by : |
HTL |
|
|
|
|
Analysis done by
: |
SUM |
|
|
|
|
Report Prepared
by : |
SNT |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
5 |
|
--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 |
YES |
|
--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 |
|
47 |
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.