MIRA INFORM REPORT
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Report No. : |
317776.2 |
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Report Date : |
22.04.2015 |
IDENTIFICATION DETAILS
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Name : |
LEAR ORAGADAM AUTOMOTIVE INDIA PRIVATE LIMITED |
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Registered
Office : |
E - 25, 26 and 27, Bhosari MIDC, Bhosari, Pune – 411026, Maharashtra |
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Country : |
India |
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Financials (as
on) : |
31.03.2014 |
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Date of
Incorporation : |
11.11.2008 |
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Com. Reg. No.: |
18-154106 |
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Capital
Investment / Paid-up Capital : |
Rs.12.817 Million |
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CIN No.: [Company Identification
No.] |
U34100PN2008PTC154106 |
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IEC No.: |
Not Available |
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TAN No.: [Tax Deduction &
Collection Account No.] |
Not Available |
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PAN No.: [Permanent Account No.] |
AADCT1144L |
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Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Manufacture, importer, exporter, buyer, resell or otherwise deal in, whether directly or indirectly, automotive interior systems including without limitation automotive seating systems, headliners, door panels, instrument panels, molded carpets, other interior components and related goods, upholstery, fabrics, foam padding, levers, gear boxes, shafts, motors, sensor, dies, jigs, structures, moulds, gauges, beams and other allied goods. |
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No. of Employees
: |
Not Available |
RATING & COMMENTS
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MIRA’s Rating : |
Ba (50) |
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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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Maximum Credit Limit : |
USD 1828000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Usually correct |
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Litigation : |
Clear |
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Comments : |
The subject company is a wholly owned subsidiary of Lear Corporation,
Mauritius which is a part of Lear Corporation, headquartered in Southfield, Michigan,
USA, is a Fortune 500 company, engaged in the business of manufacturing and
distribution of automobile seating and electrical distribution systems. It is an established company having satisfactory track record. The company has reported decent profitability during the financial
year 2013-14. Further, the company operates on its owned funds. Financial position of the company seems to be sound as the company
possesses debt-free balance sheet as well as healthy Networth. Trade relations are fair. Business is active. Payments 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.
ECGC Country Risk Classification List – December 31, 2014
|
Country Name |
Previous Rating (30.09.2014) |
Current Rating (31.12.2014) |
|
India |
A1 |
A1 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
EXTERNAL AGENCY RATING
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 DENIED
MANAGEMENT NON CO-OPERATIVE (91-20-66123000)
LOCATIONS
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Registered Office : |
E-25, 26 and 27, Bhosari MIDC, Bhosari, Pune – 411026, Maharashtra,
India |
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Tel. No. : |
91-20-66123000 |
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Fax No. : |
Not Available |
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E-Mail : |
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Website : |
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Branch Office : |
Plot No. RNS -4, Renault Nissan Supplier Park, SIPCOT, Oragadam,
Kancheepuram – 602105, Tamilnadu, India |
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Tel. No. : |
91-44-67121100 |
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Fax No. : |
91-44-67121200 |
DIRECTORS
As on 30.09.2014
|
Name : |
Mr. Dhaamodharan Raju |
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Designation : |
Director |
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Address : |
501,Sheshadri Street, ECR, Utthandi Phase I, Chennai - 600119, Tamilnadu, India |
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Date of Birth/Age : |
19.05.1970 |
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Date of Appointment : |
30.09.2014 |
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DIN No. : |
02401889 |
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Other Directorship :
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Name : |
Mr. Amit Sharma |
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Designation : |
Director |
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Address : |
444, Pocket - A, Sarita Vihar, New Delhi - 110076, India |
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Date of Birth/Age : |
10.05.1979 |
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Date of Appointment : |
30.09.2014 |
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DIN No. : |
02513254 |
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Other Directorship :
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Name : |
David Richard Smidt |
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Designation : |
Director |
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Address : |
31945, Cross Bow Ct, Beverly Hills,, Michigan - 480253510, United States Of America |
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Date of Birth/Age : |
20.02.1965 |
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Date of Appointment : |
30.09.2014 |
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DIN No. : |
06798188 |
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Other Directorship :
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MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 30.09.2014
|
Names of Shareholders |
No. of Shares |
%age |
|
Lear Corporation (Mauritius) Limited, Mauritius |
12816 |
99.99 |
|
Lear Corporation China (Mauritius) Limited, Mauritius |
1 |
0.01 |
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Total |
12817 |
100.00 |
.doc%2022-Apr-2015_files/image013.gif)
As on 30.09.2014
Equity Share Break up (Percentage of Total Equity)
|
Category |
Percentage of Holding |
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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
|
Line of Business : |
Manufacture, importer, exporter, buyer, resell or otherwise deal in, whether directly or indirectly, automotive interior systems including without limitation automotive seating systems, headliners, door panels, instrument panels, molded carpets, other interior components and related goods, upholstery, fabrics, foam padding, levers, gear boxes, shafts, motors, sensor, dies, jigs, structures, moulds, gauges, beams and other allied goods. |
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Products : |
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Brand Names : |
Not Available |
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Agencies Held : |
Not Available |
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Exports : |
Not Available |
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Imports : |
Not Available |
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Terms : |
Not Available |
PRODUCTION STATUS –
NOT AVAILABLE
GENERAL INFORMATION
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Suppliers : |
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Customers : |
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No. of Employees : |
Not Available |
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Bankers : |
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Auditors : |
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Name : |
S.V. Ghatalia and Associates LLP Chartered Accountants |
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Address : |
22 CAMC Street, Block C, Third Floor, Kolkata –
700016, West Bengal, India |
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PAN
No. : |
AACFS6921Q |
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Memberships : |
-- |
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Collaborators : |
-- |
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Associates : |
v Lear Automotive Cor-Pte Limited v Lear Automotive India Private Limited v Lear Corporation (Mauritius) Limited v Lear Corporation Japan Ltd v Lear Corporation Southeast Asia Company Limited v Lear Corporation USA South Field v Lear Corporation v Tacle Guangzhou Automotive v Tacle
Seating (Thailand) Company Limited |
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Joint Venture : |
v Tachi-S Company Limited, Japan |
CAPITAL STRUCTURE
As on 31.03.2014
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
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|
50000 |
Equity Shares |
Rs.1000/- each |
Rs. 50.000 Million |
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Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
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|
12817 |
Equity Shares |
Rs.1000/- each |
Rs.12.817 Million |
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FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
I.
EQUITY
AND LIABILITIES |
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(1)Shareholders'
Funds |
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(a) Share Capital |
12.817 |
12.817 |
12.817 |
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(b) Reserves & Surplus |
627.226 |
536.997 |
494.819 |
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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) |
640.043 |
549.814 |
507.636 |
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(3) Non-Current
Liabilities |
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(a) long-term borrowings |
0.000 |
0.000 |
0.000 |
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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 |
|
(d) long-term
provisions |
0.000 |
0.000 |
0.000 |
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Total Non-current
Liabilities (3) |
0.000 |
0.000 |
0.000 |
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(4) Current Liabilities |
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(a) Short
term borrowings |
0.000 |
0.000 |
0.000 |
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(b) Trade
payables |
807.367 |
735.256 |
641.051 |
|
(c) Other
current liabilities |
122.166 |
80.156 |
53.051 |
|
(d) Short-term
provisions |
50.502 |
58.409 |
52.900 |
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Total Current
Liabilities (4) |
980.035 |
873.821 |
747.002 |
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TOTAL |
1620.078 |
1423.635 |
1254.638 |
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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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|
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(i)
Tangible assets |
156.134 |
172.569 |
166.366 |
|
(ii)
Intangible Assets |
3.220 |
3.600 |
2.962 |
|
(iii)
Capital work-in-progress |
0.263 |
1.316 |
6.935 |
|
(iv)
Intangible assets under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current Investments |
0.000 |
0.000 |
0.000 |
|
(c) Deferred tax assets (net) |
25.325 |
48.717 |
16.784 |
|
(d) Long-term Loan and Advances |
0.000 |
0.000 |
0.000 |
|
(e) Other
Non-current assets |
100.936 |
11.189 |
0.000 |
|
Total Non-Current
Assets |
285.878 |
237.391 |
193.047 |
|
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(2) Current assets |
|
|
|
|
(a)
Current investments |
0.000 |
0.000 |
0.000 |
|
(b)
Inventories |
136.475 |
58.344 |
63.203 |
|
(c) Trade
receivables |
571.419 |
561.938 |
550.780 |
|
(d) Cash
and cash equivalents |
424.744 |
404.541 |
353.706 |
|
(e)
Short-term loans and advances |
200.611 |
160.400 |
92.872 |
|
(f) Other
current assets |
0.951 |
1.021 |
1.030 |
|
Total
Current Assets |
1334.200 |
1186.244 |
1061.591 |
|
|
|
|
|
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TOTAL |
1620.078 |
1423.635 |
1254.638 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
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SALES |
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Income |
2922.413 |
2751.574 |
2611.176 |
|
|
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Other Income |
17.273 |
16.316 |
16.708 |
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TOTAL |
2939.686 |
2767.890 |
2627.884 |
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Less |
EXPENSES |
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TOTAL |
2811.796 |
2702.810 |
2430.600 |
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PROFIT/
(LOSS) BEFORE TAX |
127.890 |
65.080 |
197.284 |
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Less |
TAX |
37.661 |
22.902 |
97.338 |
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PROFIT/ (LOSS) AFTER TAX |
90.229 |
42.178 |
99.946 |
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FOB VALUE OF
EXPORTS |
80.832 |
10.862 |
NA |
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Earnings /
(Loss) Per Share (Rs.) |
7039.79 |
3290.78 |
7797.92 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
Net Profit Margin (PAT/Sales) |
(%) |
3.09 |
1.53 |
3.83 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
8.02 |
4.74 |
16.03 |
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Return on Investment (ROI) (PBT/Networth) |
|
0.20 |
0.12 |
0.39 |
|
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Debt Equity Ratio (Total Debt/Networth) |
|
0.00 |
0.00 |
0.00 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.36 |
1.36 |
1.42 |
FINANCIAL ANALYSIS
[all figures are in
Rupees Millions]
DEBT EQUITY RATIO
|
Particular |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
(Rs. In Millions) |
(Rs. In Millions) |
(Rs. In Millions) |
|
Share Capital |
12.817 |
12.817 |
12.817 |
|
Reserves & Surplus |
494.819 |
536.997 |
627.226 |
|
Net worth |
507.636 |
549.814 |
640.043 |
|
|
|
|
|
|
long-term borrowings |
0.000 |
0.000 |
0.000 |
|
Short term borrowings |
0.000 |
0.000 |
0.000 |
|
Total borrowings |
0.000 |
0.000 |
0.000 |
|
Debt/Equity ratio |
0.000 |
0.000 |
0.000 |
.doc%2022-Apr-2015_files/image015.gif)
YEAR-ON-YEAR GROWTH
|
Year on Year Growth |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
(Rs. In Millions) |
(Rs. In Millions) |
(Rs. In Millions) |
|
Revenue from operations |
2611.176 |
2751.574 |
2922.413 |
|
|
|
5.377 |
6.209 |
.doc%2022-Apr-2015_files/image017.gif)
NET PROFIT MARGIN
|
Net Profit Margin |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
(Rs. In Millions) |
(Rs. In Millions) |
(Rs. In Millions) |
|
Revenue from operations |
2611.176 |
2751.574 |
2922.413 |
|
Profit |
99.946 |
42.178 |
90.229 |
|
|
3.83% |
1.53% |
3.09% |
.doc%2022-Apr-2015_files/image019.gif)
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 |
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 |
NOTE:
The registered address of the company has been shifted from Plot E-15,
CMDA Industrial Complex Maraimalai Nagar Kancheepuram – 603209, Tamilnadu,
India to the Plot No. RNS -4, Renault Nissan Supplier Park, SIPCOT, Oragadam,
Kancheepuram – 602105, Tamilnadu, India w.e.f. 18.03.2010
INDEX OF CHARGES
No Charges Exist for Company
CORPORATE
INFORMATION
Pursuant to the share purchase Framework agreement dated April 14, 2014 entered between Lear Corporation (Mauritius) Limited and Taichi-S Company Limited, 6,280 equity shares representing 49% of the total equity of the Company owned by Taichi-S Company Limited, have been acquired by Lear Corporation (Mauritius) Limited except for one equity share which has been acquired by Lear Corporation China (Mauritius) Limited from Taichi-S Company Limited. Consequently, the Company has become a wholly owned subsidiary of Lear Corporation.
OPERATIONS
Operations of the Company continued to support ongoing Seating programs of the customer. The quality performance was as per the customer target which is below 25 PPM.
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.
FIXED ASSETS
v Land
v Buildings
v Plant and equipment
v Furniture and fixtures
v Vehicles
v Office equipment
v Computer equipments
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.62.92 |
|
|
1 |
Rs.93.57 |
|
Euro |
1 |
Rs.67.34 |
INFORMATION DETAILS
|
Information
Gathered by : |
KAM |
|
|
|
|
Analysis Done by
: |
SUC |
|
|
|
|
Report Prepared
by : |
ANK |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
4 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
7 |
|
FINANCIAL
CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
-- PROFITABILITY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
6 |
|
--LEVERAGE |
1~10 |
6 |
|
--RESERVES |
1~10 |
5 |
|
--CREDIT LINES |
1~10 |
6 |
|
--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 |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
50 |
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.