MIRA
INFORM REPORT
|
Report Date : |
14.01.2014 |
IDENTIFICATION DETAILS
|
Name : |
BUNDY INDIA LIMITED |
|
|
|
|
Formerly Known
As : |
BUNDY TUBING OF INDIA LIMITED |
|
|
|
|
Registered
Office : |
No. 2, G.I.D.C. Industrial Estate, Makarpura, Vadodara – 390010,
Gujarat |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as
on) : |
31.12.2012 |
|
|
|
|
Date of Incorporation
: |
01.05.1996 |
|
|
|
|
Com. Reg. No.: |
04-029520 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs.100.464
Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U29199GJ1996PLC029520 |
|
|
|
|
TAN No.: [Tax Deduction & Collection
Account No.] |
BRDB00700A |
|
|
|
|
PAN No.: [Permanent Account No.] |
AAACB3039M |
|
|
|
|
Legal Form : |
A Closely Held Public Limited Liability Company |
|
|
|
|
Line of Business
: |
Manufacturer of Automotive Components, Tubes and Fuel Handling
Products. |
|
|
|
|
No. of Employees
: |
500 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (42) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 2100000 |
|
|
|
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
Slow but correct |
|
|
|
|
Litigation : |
Exist |
|
|
|
|
Comments : |
Subject is a subsidiary of TI Automotive Holdings Limited, UK. It is
an established company having satisfactory track record. There appears some losses recorded by the company from its operational
activities during the year 2012. However, the company gets good financial support from its parent
company. Net worth of the company seems to be decent. Trade relations are fair. Business is active. Payment terms are
reported to be slow but correct. In view of strong holding, 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.
ECGC Country Risk Classification List – September 30, 2013
|
Country Name |
Previous Rating (30.06.2013) |
Current Rating (30.09.2013) |
|
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 narrowed in the quarter ended September as government measures to curb
imports, especially gold, kicked in. The current account deficit, the
excess of a country’s imports of goods and services over exports, narrowed to $
5.2 billion from $ 21 billion in the year ago period, according to provisional
Reserve Bank of India data. Finance Minister P. Chidambaram said the CAD for
the year will be less than $ 60 billion or 3 per cent of GDP and the latest
data suggests the government may achieve the target.
India was ranked 94th
among the world’s most corrupt nations list. Denmark and New Zealand topped as
the cleanest while Somalia emerged as the most corrupt.
India’s services
sector activity witnessed a moderate improvement in November over the previous
month, even while indicating the fifth successive monthly contraction,
according the HSBC survey.
$53 million
estimated losses suffered by India due to phishing attacks during the third quarter,
according to a study by RSA. India ranks fourth in the list of nations hit by
phishing attacks. The US remained at the top of the charts. Phishing is the
process of acquiring information such as user names, passwords and credit card
details by sending e-mails disguised as official mails.
Rs.4080 million
worth of mobile-phone-based transactions by July 2013 compared to Rs.260
million in September, 2012, according to Deloitte report. The number of
transactions has shot up from 94000 to 701000.
India aims to earn
Rs.400000 million from the bandwidth auction set for January. The merger and
acquisition guidelines, cleared by a group of ministers, will be out before the
auction begins so that players can make informed decisions on the auctions.
EXTERNAL AGENCY RATING
|
Rating Agency Name |
CARE |
|
Rating |
BBB (Long Term Bank Facilities) |
|
Rating Explanation |
Moderate degree of safety and moderate
credit risk |
|
Date |
March 18, 2013 |
|
Rating Agency Name |
CARE |
|
Rating |
A3+ (Short Term Bank Facilities) |
|
Rating Explanation |
Moderate degree of safety and high credit
risk |
|
Date |
March 18, 2013 |
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. Anand Jain |
|
Designation : |
Finance Head |
|
Contact No.: |
91-265-2642621 |
|
Date : |
10.01.2014 |
LOCATIONS
|
Registered Office : |
No. 2, G.I.D.C. Industrial Estate, Makarpura, Vadodara – 390010, Gujarat,
India |
|
Tel. No.: |
91-265-2642621/ 2643861/ 2643862 |
|
Fax No.: |
91-265-2638364 |
|
E-Mail : |
|
|
Website : |
|
|
Area : |
1000 Sq. mtrs. |
|
Location : |
Owned |
|
|
|
|
Plant : |
Gat. No. 611/1, Village Kuruli, Taluka Khed, Chakan Pune – 410501,
Maharashtra, India |
|
Tel. No.: |
91-265-263910 |
|
|
|
|
Factory 1 : |
No.13C, 6th Main 3rd Phase, Peenya Industrial
Area, Bangalore – 560058, Karnataka, India |
|
Location : |
Rented |
|
|
|
|
Factory 2 : |
Plot No. 39 and 40, Sector No. 3, Ch. Devilal IMT, Manesar, Gurgaon –
122050, Haryana, India |
|
Tel. No.: |
91-124-2842701/ 2842809 |
|
Fax No.: |
91-124-2842801 |
|
Location : |
Owned |
DIRECTORS
AS ON 28.06.2012
|
Name : |
Mr. Ravibabu Turlapati |
|
Designation : |
Managing director |
|
Address : |
323-B, Hamilton Court, DLF Phase –IV, Gurgaon – 122002, Haryana, India |
|
Date of Birth/Age : |
30.03.1959 |
|
Qualification : |
CA/ CS |
|
Date of Appointment : |
01.07.2003 |
|
PAN No.: |
AAVPT1123A |
|
DIN No.: |
00302698 |
|
|
|
|
Name : |
Mr. Akhilesh Rai |
|
Designation : |
Chairman |
|
Address : |
1/18, Veeram Khand, Gomti Nagar, Lucknow – 226010, Uttar Pradesh,
India |
|
Date of Birth/Age : |
28.07.1948 |
|
Qualification : |
Graduate |
|
Date of Appointment : |
25.02.1997 |
|
DIN No.: |
00317330 |
|
|
|
|
Name : |
Mr. Ravi Kant Sharma |
|
Designation : |
Whole-time director |
|
Address : |
801, Block -14, Heritage City, Gurgaon – 122002, Haryana, India |
|
Date of Birth/Age : |
20.05.1953 |
|
Qualification : |
Graduate |
|
Date of Appointment : |
01.01.2005 |
|
PAN No.: |
ACMPS0766R |
|
DIN No.: |
00335648 |
KEY EXECUTIVES
|
Name : |
Mr. Rakesh Sharma |
|
Designation : |
Secretary |
|
Address : |
B-86, Ashok Vihar, Phase-I, Delhi – 110052, India |
|
Date of Birth/Age : |
28.07.1963 |
|
Date of Appointment : |
17.06.2009 |
|
PAN No.: |
ADFPS3888Q |
|
|
|
|
Name : |
Mr. Anand Jain |
|
Designation : |
Finance Head |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 28.06.2012
SHAREHOLDER
DETAILS FILE ATTACHED
AS ON 28.06.2012
|
Equity Shares
Break Up |
Percentage of
Holding |
|
Nationalized of
other banks |
0.01 |
|
Foreign holdings( Foreign institutional investor(s), Foreign
companie(s) Foreign financial institution(s), Non-resident Indian(s) or
Overseas Corporate bodies or Others |
96.90 |
|
Bodies corporate |
0.05 |
|
Others |
3.04 |
|
TOTAL |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer of Automotive Components, Tubes and Fuel Handling
Products. |
||||||
|
|
|
||||||
|
Products : |
|
||||||
|
|
|
||||||
|
Imports : |
|
||||||
|
Products : |
·
Raw Materials
|
||||||
|
Countries : |
·
Brazil ·
China ·
Germany ·
Japan ·
France ·
South Africa |
||||||
|
|
|
||||||
|
Terms : |
|
||||||
|
Selling : |
Cash and Credit |
||||||
|
|
|
||||||
|
Purchasing : |
Cash and Credit |
GENERAL INFORMATION
|
Customers : |
·
End Users |
||||||||||||||||||
|
|
|
||||||||||||||||||
|
No. of Employees : |
500 (Approximately) |
||||||||||||||||||
|
|
|
||||||||||||||||||
|
Bankers : |
· State Bank of India, Commercial Branch, Mandvi, Baroda - 390017, Gujarat, India ·
State Bank of India, Special Commercial
Branch, Trident Complex, 2nd Floor, Race Course, Vadodara – 390
007, Gujarat, India |
||||||||||||||||||
|
|
|
||||||||||||||||||
|
Facilities : |
Total Limit Rs.87.600 Millions (From State Bank of India)
|
|
|
|
|
Banking Relations
: |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
Price Waterhouse and Company Chartered Accountants |
|
Address : |
Muttha Towers, 5th Floor, Suite No. 8, Yerwada, Pune, Maharashtra,
India |
|
PAN No.: |
AADFP9359C |
|
|
|
|
Holding Company : |
TI Automotive Holdings Limited, UK |
|
|
|
|
Ultimate Holding Company : |
IT Fluid Systems Limited |
|
|
|
|
Fellow Subsidiaries : |
·
Bundy Fluid System (Tianjin) Company Limited ·
Bundy Fluid Systems (Shanghai) Company Limited,
Shanghai ·
Bundy Fluid Systems Limited, China ·
Bundy Tubing Company (Australia) Pty. Limited ·
Hanil Tube Corporation, Korea ·
Hanil Tube India Private Limited
[U34100TN2007PTC064240] ·
TI Automotive (Ettlingen) GmbH ·
TI Automotive (Thailand) Limited ·
Ti Automotive Canada ·
TI Automotive Limited, Korea ·
TI Automotive Systems (Changchun) Company Limited ·
TI Automotive System (Shanghai) Company Limited ·
TI Automotive Systems, Japan ·
TI Automotive Technology Centre GmbH, Germany ·
TI Automotive(Fuldabruk) GmbH, Germany ·
TI Automotive, Marysville ·
TI Brasil Industriae Comercio Ltda ·
TI Group Automotive Systems (Belgium) S.A. ·
TI Group Automotive Systems (Deeside) Limited ·
TI Group Automotive Systems AB, Sweden ·
TI Group Automotive Systems France ·
TI Group Automotive Systems Limited, UK ·
TI Group Automotive Systems Llc, USA ·
Wuhan Bundy Fluid Systems Company Limited |
CAPITAL STRUCTURE
AS ON 31.12.2012
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
12000000 |
Equity Shares |
Rs.10/- each |
Rs.120.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
10046448 |
Equity Shares |
Rs.10/- each |
Rs.100.464
Millions |
|
|
|
|
|
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
|
31.12.2012 |
31.12.2011 |
|
I.
EQUITY
AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
|
100.464 |
90.001 |
|
(b) Reserves & Surplus |
|
442.806 |
427.302 |
|
(c) Money
received against share warrants |
|
0.000 |
0.000 |
|
|
|
|
|
|
(2) Share Application money pending allotment |
|
0.000 |
107.773 |
|
Total
Shareholders’ Funds (1) + (2) |
|
543.270 |
625.076 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
|
167.448 |
163.464 |
|
(b) Deferred tax liabilities (Net) |
|
2.158 |
39.650 |
|
(c) Other long term liabilities |
|
0.000 |
0.000 |
|
(d) long-term provisions |
|
30.623 |
21.773 |
|
Total Non-current Liabilities (3) |
|
200.229 |
224.887 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
|
87.676 |
35.000 |
|
(b) Trade payables |
|
673.153 |
433.974 |
|
(c) Other current
liabilities |
|
15.195 |
26.912 |
|
(d) Short-term provisions |
|
0.000 |
0.000 |
|
Total Current Liabilities (4) |
|
776.024 |
495.886 |
|
|
|
|
|
|
TOTAL |
|
1519.523 |
1345.849 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
|
656.214 |
419.170 |
|
(ii) Intangible Assets |
|
1.486 |
2.744 |
|
(iii) Capital
work-in-progress |
|
9.682 |
118.832 |
|
(iv) Intangible
assets under development |
|
0.000 |
0.000 |
|
(b) Non-current Investments |
|
0.100 |
0.101 |
|
(c) Deferred tax assets (net) |
|
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
|
129.759 |
121.330 |
|
(e) Other Non-current assets |
|
0.000 |
0.000 |
|
Total Non-Current Assets |
|
797.241 |
662.177 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
|
0.000 |
0.000 |
|
(b) Inventories |
|
228.421 |
217.849 |
|
(c) Trade receivables |
|
344.424 |
351.821 |
|
(d) Cash and cash
equivalents |
|
20.227 |
23.241 |
|
(e) Short-term loans and
advances |
|
129.210 |
90.761 |
|
(f) Other current assets |
|
0.000 |
0.000 |
|
Total Current Assets |
|
722.282 |
683.672 |
|
|
|
|
|
|
TOTAL |
|
1519.523 |
1345.849 |
|
SOURCES OF FUNDS |
|
|
31.12.2010 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
|
|
79.258 |
|
|
2] Share Application Money |
|
|
0.000 |
|
|
3] Reserves & Surplus |
|
|
330.333 |
|
|
4] (Accumulated Losses) |
|
|
0.000 |
|
|
NETWORTH |
|
|
409.591 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
|
|
0.000 |
|
|
2] Unsecured Loans |
|
|
73.640 |
|
|
TOTAL BORROWING |
|
|
73.640 |
|
|
DEFERRED TAX LIABILITIES |
|
|
27.440 |
|
|
|
|
|
|
|
|
TOTAL |
|
|
510.671 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
|
|
408.743 |
|
|
Capital work-in-progress |
|
|
13.289 |
|
|
|
|
|
|
|
|
INVESTMENT |
|
|
0.101 |
|
|
DEFERREX TAX ASSETS |
|
|
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
|
|
173.035
|
|
|
Sundry Debtors |
|
|
272.276
|
|
|
Cash & Bank Balances |
|
|
18.645
|
|
|
Other Current Assets |
|
|
0.000
|
|
|
Loans & Advances |
|
|
80.689
|
|
Total
Current Assets |
|
|
544.645 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
|
|
404.619
|
|
|
Other Current Liabilities |
|
|
32.557
|
|
|
Provisions |
|
|
18.931
|
|
Total
Current Liabilities |
|
|
456.107 |
|
|
Net Current Assets |
|
|
88.538
|
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
|
|
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
|
|
510.671 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.12.2012 |
31.12.2011 |
31.12.2010 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
2226.789 |
1913.667 |
1210.793 |
|
|
|
Other Income |
10.063 |
12.691 |
20.098 |
|
|
|
TOTAL (A) |
2236.852 |
1926.358 |
1230.891 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of Material Consumed |
1611.848 |
1417.601 |
|
|
|
|
Employee benefits expenses |
169.215 |
134.371 |
|
|
|
|
Other Expenses |
441.931 |
346.156 |
|
|
|
|
Changes in inventories of Finished goods, work in progress and stock
in trade |
61.022 |
(38.385) |
|
|
|
|
TOTAL (B) |
2284.016 |
1859.743 |
1149.561 |
|
|
|
|
|
|
|
|
Less |
PROFIT
/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
(47.164) |
66.615 |
81.330 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL EXPENSES (D) |
20.806 |
17.981 |
11.876 |
|
|
|
|
|
|
|
|
|
|
PROFIT
/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
(67.970) |
48.634 |
69.454 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
51.328 |
39.345 |
35.236 |
|
|
|
|
|
|
|
|
|
|
PROFIT / (LOSS)
BEFORE TAX (E-F) (G) |
(119.298) |
9.289 |
34.218 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
(37.492) |
12.229 |
9.876 |
|
|
|
|
|
|
|
|
|
|
PROFIT / (LOSS)
AFTER TAX (G-H) (I) |
(81.806) |
(2.940) |
24.342 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
75.915 |
78.855 |
54.513 |
|
|
|
|
|
|
|
|
|
|
BALANCE CARRIED
TO THE B/S |
(5.891) |
75.915 |
78.855 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Export Earnings |
6.148 |
6.662 |
0.000 |
|
|
|
Services rendered |
36.088 |
32.788 |
30.204 |
|
|
TOTAL EARNINGS |
42.236 |
39.450 |
30.204 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials & Consumables |
160.483 |
59.551 |
61.900 |
|
|
|
Bought out Tubes, Components and Chemicals |
378.803 |
216.619 |
133.441 |
|
|
|
Plastic Fuel Tanks |
287.680 |
420.886 |
190.186 |
|
|
|
Capital Goods |
22.717 |
60.105 |
16.676 |
|
|
|
Spares |
7.774 |
3.521 |
1.430 |
|
|
TOTAL IMPORTS |
857.457 |
760.682 |
403.633 |
|
|
|
|
|
|
|
|
|
|
Earnings /
(Loss) Per Share (Rs.) |
(8.14) |
(0.33) |
3.07 |
|
|
Particulars |
|
|
2013 |
|
Sales Turnover (Approximately) |
|
|
2230.000 |
|
|
|
|
|
Expected Sales (2014): Rs.2500.000 Millions
The above information has been parted by Mr. Anand Jain
KEY RATIOS
|
PARTICULARS |
|
31.12.2012 |
31.12.2011 |
31.12.2010 |
|
PAT / Total Income |
(%) |
(3.66)
|
(0.15) |
1.98 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
(5.36)
|
0.49 |
2.83 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
(7.90)
|
0.76 |
3.59 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
(0.22)
|
0.02 |
0.08 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
0.47
|
0.32 |
0.18 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
0.93
|
1.38 |
1.19 |
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
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 |
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 |
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 |
Yes |
|
33] |
Voter ID No of Proprietor/Partner/Director,
if available |
No |
|
34] |
External Agency Rating,
if available |
Yes |
|
Unsecured Loan |
Rs.
In Millions 31.12.2012 |
Rs.
In Millions 31.12.2011 |
|
Long Term
Borrowings |
|
|
|
Fully Convertible Debentures others |
36.000 |
36.000 |
|
Term Loans from Others |
131.448 |
127.464 |
|
|
|
|
|
TOTAL |
167.448 |
163.464 |
|
LITIGATION
DETAILS |
|
HIGH COURT OF GUJARAT |
|
CIVIL APPLICATION (FOR ORDERS) No. 12382
of 2013 |
|
|
|
In SPECIAL CIVIL APPLICATION / 12774 / 2000 ( PENDING ) |
|
Status : PENDING |
( Converted from : C/CAST/12695/2013 ) |
CCIN No : 001003201312382 |
|
|
||||
|
|
|
S.NO. |
Name of the Petitioner |
Advocate On Record |
|
1 |
MILMET LABORATORIES |
NANAVATI ASSOCIATES for: Petitioner(s) |
1|
S.NO. |
Name of the Respondant |
Advocate On Record |
|
1 |
FEDERATION OF INDUSTRIES GUJARAT CHAMBER OF COMMERCE |
MR RITURAJ M MEENA for :Respondent(s) |
|
|
|||
|
Presented On |
: 21/11/2013 |
Registered On |
: 22/11/2013 |
|
Bench Category |
: - |
District |
: VADODARA |
|
Case Originated
From |
: THROUGH ADVOCATE |
Listed |
: 4 times |
|
StageName |
: ADMISSION (ADJOUNRED MATTERS) |
||
|
Classification |
DB - CIVIL APPLICATION - CODE OF CIVIL PROCEDURE, 1908
- DELETION OF PARTY |
|
Act |
CIVIL PROCEDURE CODE, 1908 |
|
Office Details |
|
S. No. |
Filing Date |
Document Name |
Advocate Name |
Court Fee on Document |
Document Details |
|
1 |
21/11/2013 |
APPEARANCE NOTE |
NANAVATI ASSOCIATES ADVOCATE |
0 |
NANAVATIASSOCIATES(1375) for P:1 |
|
2 |
21/11/2013 |
MEMO OF APPEAL/PETITION/SUIT |
NANAVATI ASSOCIATES ADVOCATE |
20 |
NANAVATIASSOCIATES(1375), for P:1 |
|
3 |
18/12/2013 |
AFFIDAVIT IN REPLY |
MR PRANAV G DESAI ADVOCATE |
0 |
MR PRANAV G DESAI(290) for R:2 |
|
Court Proceedings |
|||||
|
S. No. |
Notified Date |
CourtCode |
Board Sr. No. |
Stage |
Action |
Coram |
|
1 |
02/12/2013 |
1 |
32 |
FOR REGULAR ADMISSION |
NEXT DATE |
HONOURABLE THE CHIEF JUSTICE MR. BHASKAR BHATTACHARYA HONOURABLE MR.JUSTICE J.B.PARDIWALA |
|
2 |
19/12/2013 |
1 |
88 |
FOR REGULAR ADMISSION |
NEXT DATE |
HONOURABLE THE CHIEF JUSTICE MR. BHASKAR BHATTACHARYA HONOURABLE MR.JUSTICE J.B.PARDIWALA |
|
3 |
24/12/2013 |
1 |
3 |
ADMISSION (ADJOUNRED MATTERS) |
NEXT DATE |
HONOURABLE THE CHIEF JUSTICE MR. BHASKAR BHATTACHARYA HONOURABLE MR.JUSTICE J.B.PARDIWALA |
|
4 |
07/01/2014 |
1 |
42 |
URGENT ADMISSION (ADJOUNRED MATTERS) |
NEXT DATE |
HONOURABLE THE CHIEF JUSTICE MR. BHASKAR BHATTACHARYA HONOURABLE MR.JUSTICE J.B.PARDIWALA |
|
5 |
23/01/2014 |
1 |
42 |
URGENT ADMISSION (ADJOUNRED MATTERS) |
|
HONOURABLE THE CHIEF JUSTICE MR. BHASKAR BHATTACHARYA HONOURABLE MR.JUSTICE J.B.PARDIWALA |
VIEW INDEX OF
CHARGES
|
S. No |
Charge ID |
Date of Charge Creation /Modification |
Charge amount secured |
Charge Holder |
Address |
Service Request Number (SRN |
|
1 |
10065922 |
17/08/2007 |
50,000,000.00 |
STATE BANK OF INDIA |
SPECIAL COMMERCIAL BRANCH, TRIDENT
COMPLEX, 2ND |
A22169007 |
|
2 |
10057424 |
22/06/2007 |
50,000,000.00 |
STATE BANK OF INDIA |
SPECIAL COMMERCIAL BRANCH, TRIDENT
COMPLEX, 2ND |
A17818220 |
|
3 |
10043974 |
22/03/2007 |
90,000,000.00 |
STATE BANK OF INDIA |
COMMERCIAL BRANCH, 2ND FLOOR, TRIDENT,
RACE COURSE, VADODARA, GUJARAT - 390007, INDIA |
A12970539 |
|
4 |
10045171 |
22/03/2007 |
90,000,000.00 |
STATE BANK OF INDIA |
COMMERCIAL BRANCH, TRIDENT COMPLEX, RACE
COURSE, |
A12970752 |
FINANCIAL RESULTS AND OPERATIONS
During the year
2012, the Company has set up additional facilities in Pune and Chennai. Going
forward with the objective of nearness to the customer Pune facility has been set
up to meet the requirements of Mahindra and Mahindra, General Motors,
Volkswagen and Fiat. A world class facility to manufacture plastic fuel tanks
involving multilayer low permeability technology has been set up in Chennai.
Market slowdown
seriously impacted sales during the second half of the year, negating the
growth achieved in the first half of the year. While passenger vehicle market
to which the company caters has grown by about 10% during the year 2012, the
company sales have increased by over 16%.
Steep fall in
rupee value against major currencies during the year, delay in construction of
building and commencement of local manufacture of plastic fuel tanks in
Chennai, have seriously impacted the profitability of the Company for the year
2012. This has resulted in company incurring a loss of Rs. 1190.000 Millions as
against a modest profit of Rs. 9.200 Millions previous year.
While concerns
remain due to continued slowdown in the market during the first of the current year,
the board of directors is cautiously optimistic about market revival during the
later part of the year. Strategies and plans are in place and geared up to meet
the market challenges.
FIXED ASSETS
Tangible Assets
v Freehold Land
v Leasehold Land
v Buildings – Office and Factory
v Plant and Machinery
v Furniture and Fittings
v Office Equipments
v Computers and Accessories – Hardware
v Vehicles
Intangible Assets
v Technical Knowhow
v 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 records 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 records 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.61.52 |
|
UK Pound |
1 |
Rs.101.48 |
|
Euro |
1 |
Rs.84.11 |
INFORMATION DETAILS
|
Information
Gathered by : |
SVA |
|
|
|
|
Report Prepared
by : |
VRN |
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 |
0 |
|
--LIQUIDITY |
1~10 |
6 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
6 |
|
--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 |
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 |
|
42 |
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.