MIRA INFORM REPORT
|
Report Date : |
01.11.2014 |
IDENTIFICATION DETAILS
|
Name : |
AQ MECHANICAL AND ELECTRICAL MANUFACTURING INDIA PRIVATE LIMITED |
|
|
|
|
Registered
Office : |
Gat No. 343, Plot No. 54/A, & 54/B, Chakan-Talegaon Road, Village:
Mahalunge, Taluka: Khed, Pune – 410501, Maharashtra |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as
on) : |
31.03.2013 |
|
|
|
|
Date of
Incorporation : |
06.05.2011 |
|
|
|
|
Com. Reg. No.: |
11-139442 |
|
|
|
|
Capital Investment
/ Paid-up Capital : |
Rs. 27.441 Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U31909PN2011FTC139442 |
|
|
|
|
Legal Form : |
Private Limited Liability Company |
|
|
|
|
Line of Business
: |
Manufacturer and Supplier of Inductive Components, Wiring
Harness and Welding and Assembly of Sheet Metal Enclosures. |
|
|
|
|
No. of Employees
: |
Not Divulged |
RATING & COMMENTS
|
MIRA’s Rating : |
B (26) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
Maximum Credit Limit : |
USD 250000 |
|
|
|
|
Status : |
Moderate |
|
|
|
|
Payment Behaviour : |
Slow but correct |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is an established company having moderate track record. The company has incurred some accumulated losses. Trade relations are reported as fair. Business is active. Payment
terms are reported to be slow but correct. The company can be considered for business dealings with some caution. |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – June 1, 2014
|
Country Name |
Previous Rating (31.03.2014) |
Current Rating (01.06.2014) |
|
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
N E W S
Verdict Implications
: Apex court order may alter coal import dynamics. Traders go slow on talks over
coal supply contracts, uncertainty over cancellation of blocks weigh on stocks.
Recent arrest of the
Chennai head of the Registrar of Companies, the ministry of corporate affairs arm
that ensures that companies file all the information required by the Companies
Act is the latest manifestation of a messy fight between a father and his
adopted son for the control of Rs 40000 mn business empire. The Central Bureau
of Investigation arrested Manumeethi Cholan after he accepted Rs 10 lakhs as
bribe from M A M Ramaswamy, a CBI official said.
Central Bureau of
Investigation books Electrotherm for cheating Central Bank of Rs 4360 mn.
Infosys maintains
revenue guidance. COO Rao says attrition still an area of concern and it would
take a few more quarters to bring down levels to 13-15 %.
DHL to invest
Euro 100 mn in India over next 2 years. The firm has chosen India to pilot its
e-commerce business model for the Asia-Pacific region.
Blackstone may buy
stake in BlueRidge SEZ in line with the fund’s real estate strategy in India.
Kingfisher Airlines
Ltd grounded in October 2012 under the weight of heavy debt and accumulated
losses, recently approached the Delhi high court for relief in two separate
cases. The airline challenged a notice by Punjab & National Bank alleging
that It had wilfully defaulted on Rs 7700 mn of loans and sought more time to
comply with the requirements under the listing agreements with the Stock
Exchanges.
OnMobile likely to
sack another 300 employees. The lay-offs follow a spate of senior-level exits
over the past two years, starting with of its founder. The overall lay-offs
could number around 600 and are driven by the need to cut costs, says a former
employee.
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 DECLINED BY
|
Name : |
Mr. Srinath Rao |
|
Designation : |
Sales Manager |
|
Contact No.: |
91-9845206373 |
|
Date : |
31.10.2014 |
LOCATIONS
|
Registered Office : |
Gat No. 343, Plot No. 54/A, & 54/B, Chakan-Talegaon Road, Village:
Mahalunge, Taluka: Khed, Pune – 410501, Maharashtra, India |
|
Tel. No. : |
91-2135-671710 |
|
Fax No. : |
Not Available |
|
E-Mail : |
DIRECTORS
As on 30.09.2013
|
Name : |
Claes Hakan Mellgren |
|
Designation : |
Director |
|
Address : |
Enkopings-Nas Nybyholm 15, Enkoping, 74592, Sweden |
|
Date of Birth/Age : |
07.01.1959 |
|
Date of Appointment : |
06.05.2011 |
|
DIN No. : |
03412255 |
|
|
|
|
Name : |
Andreas Clifford Bjork |
|
Designation : |
Managing Director |
|
Address : |
C/O Rolf Bjork, Tallbacksvagen 28, 81575, Soderfors,
Sverige, Soderfors, 81575, Sweden |
|
Date of Birth/Age : |
28.11.1974 |
|
Date of Appointment : |
30.11.2011 |
|
DIN No. : |
03636264 |
|
|
|
|
Name : |
Per Olof Andersson |
|
Designation : |
Director |
|
Address : |
Tegelbruksvagen 8A, Vasteras, 72348, Sweden |
|
Date of Birth/Age : |
16.09.1955 |
|
Date of Appointment : |
06.05.2011 |
|
DIN No. : |
03412286 |
KEY EXECUTIVES
|
Name : |
Mr. Srinath Rao |
|
Designation : |
Sales Manager |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 30.09.2013
|
Names of Shareholders |
No. of Shares |
Percentage of
Holding |
|
AQ Group AB, Sweden |
3342129 |
99.85 |
|
AQ Komponent AB, Sweden |
5000 |
0.15 |
|
Total |
3347129 |
100.00 |
Allottee as on 12.11.2013
|
Names of Allottee |
No. of Shares |
|
AQ Group AB, Sweden |
494303 |
|
Total |
494303 |
As on 30.09.2013
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 and Supplier of Inductive Components, Wiring
Harness and Welding and Assembly of Sheet Metal Enclosures. |
GENERAL INFORMATION
|
No. of Employees : |
Not Divulged |
|
|
|
|
Bankers : |
Not Available |
|
|
|
|
Banking Relations
: |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
A.C. Ingalwar and Company Chartered Accountants |
|
Address : |
Off No - 109, 2nd Floor, 283, Shukarwar Peth, Pune – 411002, Maharashtra, India |
|
Mobile No. : |
91-9881096789 |
|
E-Mail : |
|
|
Income-tax
PAN of auditor or auditor's firm : |
AAMPI7657R |
|
|
|
|
Holding Company : |
AQ Group AB |
|
|
|
|
Associated Companies : |
· AQ Lasertool · AQ Plast AB · AQ Magnit AD · AQ Enclosure Systems AB · AQ Electric Suzou Co. Limited · AQ Wiring Systems UAB · AQ Trafo AB · AQ Wiring Systems Sp. Z.o.o. · AQ Wiring Systems AS · AQ Holmbergs AB · AQ Itly SRL |
CAPITAL STRUCTURE
After 30.09.2013
Authorised Capital : Rs. 50.000 Millions
Issued, Subscribed & Paid-up Capital : Rs.
41.567 Millions
As on 31.03.2013
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
5,000,000 |
Equity Shares |
Rs.10/- each |
Rs. 50.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
2,744,077 |
Equity Shares |
Rs.10/- each |
Rs. 27.441 Millions |
|
|
|
|
|
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
|
31.03.2013 |
31.03.2012 |
|
I.
EQUITY
AND LIABILITIES |
|
|
|
|
(1)Shareholders'
Funds |
|
|
|
|
(a) Share Capital |
|
27.441 |
14.999 |
|
(b) Reserves & Surplus |
|
(24.194) |
(22.607) |
|
(c) Money
received against share warrants |
|
0.000 |
0.000 |
|
|
|
|
|
|
(2)
Share Application money pending allotment |
|
60.305 |
34.301 |
|
Total
Shareholders’ Funds (1) + (2) |
|
63.552 |
26.693 |
|
|
|
|
|
|
(3) Non-Current
Liabilities |
|
|
|
|
(a) long-term borrowings |
|
26.713 |
0.000 |
|
(b) Deferred tax liabilities (Net) |
|
0.000 |
0.000 |
|
(c) Other long term
liabilities |
|
0.000 |
0.000 |
|
(d) long-term
provisions |
|
0.000 |
0.000 |
|
Total Non-current
Liabilities (3) |
|
26.713 |
0.000 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short
term borrowings |
|
0.000 |
0.000 |
|
(b) Trade
payables |
|
52.696 |
2.110 |
|
(c) Other
current liabilities |
|
35.927 |
0.234 |
|
(d) Short-term
provisions |
|
2.483 |
0.050 |
|
Total Current
Liabilities (4) |
|
91.106 |
2.394 |
|
|
|
|
|
|
TOTAL |
|
181.371 |
29.087 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed
Assets |
|
|
|
|
(i)
Tangible assets |
|
14.214 |
0.702 |
|
(ii)
Intangible Assets |
|
0.000 |
0.000 |
|
(iii) Capital
work-in-progress |
|
59.395 |
7.455 |
|
(iv)
Intangible assets under development |
|
0.000 |
0.000 |
|
(b) Non-current Investments |
|
0.000 |
0.000 |
|
(c) Deferred tax assets (net) |
|
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
|
10.254 |
10.033 |
|
(e) Other
Non-current assets |
|
0.000 |
0.000 |
|
Total Non-Current
Assets |
|
83.863 |
18.190 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a)
Current investments |
|
0.000 |
0.000 |
|
(b)
Inventories |
|
50.073 |
0.000 |
|
(c) Trade
receivables |
|
8.296 |
0.000 |
|
(d) Cash
and cash equivalents |
|
15.737 |
9.137 |
|
(e)
Short-term loans and advances |
|
23.402 |
1.760 |
|
(f) Other
current assets |
|
0.000 |
0.000 |
|
Total
Current Assets |
|
97.508 |
10.897 |
|
|
|
|
|
|
TOTAL |
|
181.371 |
29.087 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2013 |
31.03.2012 |
||
|
|
SALES |
|
|
|
|
|
|
|
TOTAL |
|
18.650 |
0.000 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
TOTAL |
|
82.444 |
22.607 |
|
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE TAX |
|
(63.794) |
(22.607) |
|
|
|
|
|
|
|
|
|
Less |
TAX |
|
0.000 |
0.000 |
|
|
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) AFTER TAX |
|
(63.794) |
(22.607) |
|
|
|
|
|
|
|
|
|
|
Earnings / (Loss)
Per Share (Rs.) |
|
(23.25) |
(15.07) |
|
KEY RATIOS
|
PARTICULARS |
|
|
31.03.2013 |
31.03.2012 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
|
(52.30) |
(104.51) |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
|
(1.00) |
(0.85) |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
|
0.42 |
0.00 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
|
1.07 |
4.55 |
FINANCIAL ANALYSIS
[all figures are
in Rupees Millions]
DEBT EQUITY RATIO
|
Particular |
|
31.03.2012 |
31.03.2013 |
|
|
|
(Rs.
In Millions) |
(Rs.
In Millions) |
|
Share Capital |
|
14.999 |
27.441 |
|
Reserves & Surplus |
|
(22.607) |
(24.194) |
|
Share Application money
pending allotment |
|
34.301 |
60.305 |
|
Net
worth |
|
26.693 |
63.552 |
|
|
|
|
|
|
long-term borrowings |
|
0.000 |
26.713 |
|
Short term borrowings |
|
0.000 |
0.000 |
|
Total
borrowings |
|
0.000 |
26.713 |
|
Debt/Equity
ratio |
|
0.000 |
0.420 |
YEAR-ON-YEAR GROWTH
|
Year
on Year Growth |
|
31.03.2012 |
31.03.2013 |
|
|
|
(Rs.
In Millions) |
(Rs.
In Millions) |
|
Sales |
|
0.000 |
18.650 |
|
|
|
|
|
NET PROFIT MARGIN
|
Net
Profit Margin |
|
31.03.2012 |
31.03.2013 |
|
|
|
(Rs.
In Millions) |
(Rs.
In Millions) |
|
Sales |
|
0.000 |
18.650 |
|
Profit/ (Loss) |
|
(22.607) |
(63.794) |
|
|
|
|
(342.06%) |
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 |
Yes |
|
10] |
Designation of contact
person |
Yes |
|
11] |
Turnover of firm for last
two years |
Yes |
|
12] |
Profitability for last
two 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 |
Yes |
|
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 |
No |
|
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] |
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: NO
CHARGES EXIST FOR COMPANY
UNSECURED LOANS
|
PARTICULAR |
31.03.2013 (Rs.
In Millions) |
31.03.2012 (Rs.
In Millions) |
|
LONG TERM
BORROWINGS |
|
|
|
Term Loan Foreign Currency Loan from Holding Company |
26.713 |
0.000 |
|
Total |
26.713 |
0.000 |
CORPORATE INFORMATION
Subject was incorporated on 26.05.2011 and is primarily in the business of manufacture and supply of inductive components, wiring harness and welding and assembly of sheet metal enclosures. The company is a subsidiary of AQ Group AB, Sweden.
OPERATION AND FUTURE
PROSPECTS
Since this was the second financial year of the company, the company has not started its commercial activities in full-swing and is still going through the initial phase of setting up of its operations in the Indian Industry. Company has during the Financial year 2012-13 has reported the Total Income of Rs. 18.650 Millions and considering the increased cost of operations plus the expenses involved in establishing its operations has incurred a net loss of Rs. 63.794 Millions. However, the financial performance of the company for the FY 2012-13 should not be concluded as below par as the company’s going through the stage of establishing itself in the Indian Market and it would take some time for the Company are of the opinion that the future outlook of the company is promising, primarily because of the positive scenarios and projections of the business of the company and the developments taking place in the industry.
Directors of the company are continuing to strive for the growth in the performance of the company and are pretty confident of reporting satisfactory financial results in the year to come.
The company and the directors are continuously looking for avenues for further growth of the company and are evaluating various areas where it can fetch good returns for the company.
CHANGE OF ADDRESS
The registered office of the company has been shifted from Vatika Business Centre, Suite No. 35, Level -5, C Wing Panchshil Tech, Park-1, Airport Road, Yerwada, Pune – 411006, Maharashtra, India to the present address w.e.f. 15.11.2011.
FIXED ASSETS
· Leasehold Improvement
· Plant and Machinery
· Furniture and Fixture
· Software
· Computer Hardware
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.61.41 |
|
|
1 |
Rs.98.06 |
|
Euro |
1 |
Rs.77.19 |
INFORMATION DETAILS
|
Information
Gathered by : |
PRT |
|
|
|
|
Analysis Done by
: |
DIV |
|
|
|
|
Report Prepared
by : |
MRI |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
3 |
|
PAID-UP CAPITAL |
1~10 |
4 |
|
OPERATING SCALE |
1~10 |
3 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
3 |
|
--PROFITABILIRY |
1~10 |
2 |
|
--LIQUIDITY |
1~10 |
3 |
|
--LEVERAGE |
1~10 |
3 |
|
--RESERVES |
1~10 |
2 |
|
--CREDIT LINES |
1~10 |
3 |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
NO |
|
--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 |
|
26 |
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.