MIRA INFORM REPORT
|
Report No. : |
354645 |
|
Report Date : |
15.12.2015 |
IDENTIFICATION DETAILS
|
Name : |
BADVE-CELLINO ENGINEERING PRIVATE LIMITED |
|
|
|
|
Registered
Office : |
A-6/6, MIDC Area, Ranjangaon Industrial Area, Taluka Shirur,
Pune - 412220, Maharashtra |
|
Tel. No.: |
91-2138-645233 |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as
on) : |
31.03.2013 |
|
|
|
|
Date of
Incorporation : |
13.01.2012 |
|
|
|
|
Com. Reg. No.: |
11-141935 |
|
|
|
|
Capital Investment
/ Paid-up Capital : |
Rs.40.000 Million |
|
|
|
|
CIN No.: [Company Identification
No.] |
U28110PN2012PTC141935 |
|
|
|
|
IEC No.: |
3112000676 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
PNEB07864D |
|
|
|
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PAN No.: [Permanent Account No.] |
AAECB8586F |
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|
Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Subject has been incorporated to carry on the business in sector like auto
and non-auto component manufacturing from sheet metal and non-sheet metal
pressings, welding and assembly. (Registered activity) |
|
|
|
|
No. of Employees
: |
Information declined by the management |
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 |
|
Status : |
Moderate |
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|
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Payment Behaviour : |
Unknown |
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Litigation : |
Clear |
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Comments : |
Subject is a joint venture between an Indian Company i.e. “Badve
Engineering Limited” and an Italian company i.e. “Cellino S.R.L”. Management has failed to file the latest financial of 2014 and 2015
with the government department. However, the same are not available from any
other sources. As per Financial of 2013, the company has achieved decent turnover of
Rs. 109.400 Million and net profit of Rs. 0.172 Million. The rating assigned to company reflects company moderate financial profile
with decent capital structure, moderate scale of operations and comfortable
debt protection metrics. However, rating is constrained due to unavailability of latest year
financials to evaluate risk associated with the subject company. Trade relations are fair. Business is active. Payment terms are
unknown. The subject can be considered for business dealings with caution. |
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 |
|
Rating |
Not Available |
|
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
31-03-2015.
INFORMATION DECLINED
Management Non-Cooperative (Tel No.:91-240-2694485)
LOCATIONS
|
Registered Office / Factory : |
A-6/6, MIDC Area, Ranjangaon Industrial Area, Taluka
Shirur, Pune - 412220, Maharashtra, India |
|
Tel. No.: |
91-2138-645233 / 240-2694485 |
|
Fax No.: |
91-240-2694463 |
|
E-Mail : |
|
|
Website : |
DIRECTORS
As on 31.03.2015
|
Name : |
Mr. Shrikant Shankar Badve |
|
Designation : |
Director |
|
Address : |
Flat.No.5,Shubhakamna Apartment, Dashmesh Nagar, New Osmanpura, Aurangabad - 431005, Maharashtra, India |
|
Date of Birth/Age : |
10.10.1965 |
|
Date of Appointment : |
13.01.2012 |
|
DIN No.: |
00295505 |
|
|
|
|
Name : |
Mr. Rajiv Vasant Savarkar |
|
Designation : |
Director |
|
Address : |
Flat No. B-5, R.B. Classic, Bijalinagar, Aurangabad - 431005, Maharashtra, India |
|
Date of Birth/Age : |
07.06.1971 |
|
Date of Appointment : |
26.07.2013 |
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DIN No.: |
00371643 |
|
|
|
|
Name : |
Mr. Sunil Chamanlal Patel |
|
Designation : |
Director |
|
Address : |
36, Vijay Amar Society, S.No. 44/2, Erandawane, Pune - 411004, Maharashtra, India |
|
Date of Birth/Age : |
08.07.1949 |
|
Date of Appointment : |
13.01.2012 |
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DIN No.: |
02057191 |
|
|
|
|
Name : |
Osvaldo Paolo Tappero |
|
Designation : |
Director |
|
Address : |
Vicolo Campodoneo No. 9, Aglie - 10011, Italy |
|
Date of Birth/Age : |
30.09.1960 |
|
Date of Appointment : |
13.01.2012 |
|
DIN No.: |
02956001 |
|
|
|
|
Name : |
Fabrizio Cellino |
|
Designation : |
Director |
|
Address : |
Corso Ferraris Galileo 120, Turin - 10129, , Italy |
|
Date of Birth/Age : |
16.03.1971 |
|
Date of Appointment : |
13.01.2012 |
|
DIN No.: |
02956365 |
|
|
|
|
Name : |
Mr. Jitender Pal Singh Talwar |
|
Designation : |
Nominee Director |
|
Address : |
A72-A, Pocket-A, Ashok - Vihar, Phase - II, Delhi - 110052, India |
|
Date of Birth/Age : |
16.10.1964 |
|
Date of Appointment : |
25.02.2012 |
|
DIN No.: |
05206193 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 25.09.2013
|
Names of Shareholders |
|
No. of Shares |
|
Badve Engineering Limited, India |
|
2700000 |
|
Cellino.s.r.l., Italy |
|
2700000 |
|
Total |
|
5400000 |
As on 23.12.2013
|
Names of Allottee |
|
No. of Shares
Allotted |
|
Badve Engineering Limited, India |
|
790000 |
|
Cellino S.r.l., Italy |
|
790000 |
|
Total |
|
1580000 |
Equity Share Break up (Percentage of Total Equity)
As on 25.09.2013
|
Category |
Percentage |
|
Bodies corporate |
100.00 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Subject has been incorporated to carry on the business in sector like
auto and non-auto component manufacturing from sheet metal and non-sheet
metal pressings, welding and assembly. (Registered activity) |
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|
|
|
Products : |
Not Divulged |
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Brand Names : |
Not Divulged |
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Agencies Held : |
Not Divulged |
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Exports : |
Not Divulged |
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Imports : |
Not Divulged |
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Terms : |
Not Divulged |
PRODUCTION STATUS NOT AVAILABLE
GENERAL INFORMATION
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Suppliers : |
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Customers : |
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No. of Employees : |
Information declined by the management |
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Bankers : |
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Auditors : |
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|
Name : |
Asit Mehta and Associates Chartered Accountants |
|
Address : |
501-4, Midas Chambers, Near Fun Republic Multiplex, Off. Andheri Link
Road, Andheri (West), Mumbai – 400053, Maharashtra, India |
|
Tel. No.: |
91-22-26740294 / 26740296 / 26740298 |
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Fax No.: |
91-22-26740298 |
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E-Mail : |
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Memberships : |
Not Available |
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Collaborators : |
Not Available |
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Holding Company : |
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CAPITAL STRUCTURE
After 25.09.2013
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
10000000 |
Equity Shares |
Rs.10/- each |
Rs.100.000 Million |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
6980000 |
Equity Shares |
Rs.10/- each |
Rs.69.800
Million |
|
|
|
|
|
As on 25.09.2013
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
6500000 |
Equity Shares |
Rs.10/- each |
Rs.65.000 Million |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
5400000 |
Equity Shares |
Rs.10/- each |
Rs.54.000
Million |
|
|
|
|
|
FINANCIAL DATA
[all figures are in
Rupees Million]
ABRIDGED
BALANCE SHEET
|
SOURCES
OF FUNDS |
|
31.03.2013 |
31.03.2012 |
|
|
|
|
|
|
I.
EQUITY AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
|
40.000 |
2.500 |
|
(b) Reserves & Surplus |
|
0.172 |
0.000 |
|
(c) Money received against
share warrants |
|
0.000 |
0.000 |
|
|
|
|
|
|
(2) Share Application money
pending allotment |
|
7.000 |
0.101 |
|
Total
Shareholders’ Funds (1) + (2) |
|
47.172 |
2.601 |
|
|
|
|
|
|
(3) Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
|
0.000 |
0.000 |
|
(b) Deferred tax liabilities
(Net) |
|
1.336 |
0.000 |
|
(c) Other long term
liabilities |
|
36.395 |
2.285 |
|
(d) long-term provisions |
|
0.229 |
0.000 |
|
Total
Non-current Liabilities (3) |
|
37.960 |
2.285 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
|
0.000 |
0.000 |
|
(b) Trade payables |
|
12.356 |
0.000 |
|
(c) Other current liabilities |
|
15.315 |
0.858 |
|
(d) Short-term provisions |
|
10.721 |
0.035 |
|
Total
Current Liabilities (4) |
|
38.392 |
0.893 |
|
|
|
|
|
|
TOTAL |
|
123.524 |
5.779 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
|
38.358 |
0.000 |
|
(ii) Intangible Assets |
|
0.680 |
0.000 |
|
(iii) Capital work-in-progress |
|
0.000 |
0.701 |
|
(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 |
|
8.816 |
0.539 |
|
(e) Other Non-current assets |
|
0.756 |
0.789 |
|
Total
Non-Current Assets |
|
48.610 |
2.029 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
|
0.000 |
0.000 |
|
(b) Inventories |
|
6.826 |
0.000 |
|
(c) Trade receivables |
|
56.092 |
0.000 |
|
(d) Cash and cash equivalents |
|
10.294 |
1.423 |
|
(e) Short-term loans and
advances |
|
1.667 |
2.327 |
|
(f) Other current assets |
|
0.035 |
0.000 |
|
Total
Current Assets |
|
74.914 |
3.750 |
|
|
|
|
|
|
TOTAL |
|
123.524 |
5.779 |
PROFIT
& LOSS ACCOUNT
|
|
PARTICULARS |
|
31.03.2013 |
31.03.2012 |
|
|
SALES |
|
|
|
|
|
Gross Sales |
|
109.414 |
|
|
|
Other Income |
|
1.427 |
|
|
|
TOTAL
|
|
110.841 |
0.000 |
|
|
|
|
|
|
|
Less |
TOTAL
EXPENSES |
|
107.848 |
0.000 |
|
|
|
|
|
|
|
|
PROFIT
/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION |
|
2.993 |
0.000 |
|
|
|
|
|
|
|
Less/
Add |
DEPRECIATION/
AMORTISATION |
|
1.085 |
0.000 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS)
BEFORE TAX |
|
1.908 |
0.000 |
|
|
|
|
|
|
|
Less |
TAX (H) |
|
1.736 |
0.000 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS)
AFTER TAX (G-H) (I) |
|
0.172 |
0.000 |
|
|
|
|
|
|
|
|
Earnings
/ (Loss) Per Share (Rs.) |
|
0.13 |
-- |
CURRENT MATURITIES OF LONG TERM DEBT DETAILS
|
Particulars |
|
31.03.2013 |
31.03.2012 |
|
Current Maturities of Long term debt |
|
NA |
NA |
|
Cash generated from operations |
|
NA |
NA |
|
Net cash flow from operating activity |
|
NA |
NA |
KEY
RATIOS
|
PARTICULARS |
|
|
31.03.2013 |
31.03.2012 |
|
Net Profit Margin (PAT / Sales) |
(%) |
|
0.16 |
NA |
|
|
|
|
|
|
|
Operating Profit Margin (PBIDT/Sales) |
(%) |
|
2.74 |
NA |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
|
1.54 |
NA |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
|
0.04 |
NA |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
|
0.00 |
0.00 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
|
1.95 |
4.20 |
FINANCIAL ANALYSIS
[all figures are
in Rupees Million]
DEBT EQUITY RATIO
|
Particular |
31.03.2012 |
31.03.2013 |
|
|
(Rs.
In Million) |
(Rs.
In Million) |
|
Share Capital |
2.500 |
40.000 |
|
Reserves & Surplus |
0.000 |
0.172 |
|
Money received against share
warrants |
0.000 |
0.000 |
|
Share Application money pending allotment |
0.101 |
7.000 |
|
Net
worth |
2.601 |
47.172 |
|
|
|
|
|
long-term borrowings |
0.000 |
0.000 |
|
Short term borrowings |
0.000 |
0.000 |
|
Total
borrowings |
0.000 |
0.000 |
|
Debt/Equity
ratio |
0.000 |
0.000 |
LOCAL AGENCY FURTHER INFORMATION
|
Sr. No. |
Check list by
info agents |
Available in
Report (Yes/No) |
|
1 |
Year of establishment |
Yes |
|
2 |
Constitution of the entity -Incorporation
details |
Yes |
|
3 |
Locality of the entity |
Yes |
|
4 |
Premises details |
No |
|
5 |
Buyer visit details |
-- |
|
6 |
Contact numbers |
Yes |
|
7 |
Name of the person contacted |
Yes |
|
8 |
Designation of contact person |
Yes |
|
9 |
Promoter’s background |
Yes |
|
10 |
Date of Birth of Proprietor / Partners /
Directors |
Yes |
|
11 |
Pan Card No. of Proprietor / Partners |
No |
|
12 |
Voter Id Card No. of Proprietor / Partners |
No |
|
13 |
Type of business |
Yes |
|
14 |
Line of Business |
Yes |
|
15 |
Export/import details (if applicable) |
No |
|
16 |
No. of employees |
No |
|
17 |
Details of sister concerns |
Yes |
|
18 |
Major suppliers |
No |
|
19 |
Major customers |
Yes |
|
20 |
Banking Details |
Yes |
|
21 |
Banking facility details |
Yes |
|
22 |
Conduct of the banking account |
-- |
|
23 |
Financials, if provided |
Yes |
|
24 |
Capital in the business |
Yes |
|
25 |
Last accounts filed at ROC, if applicable |
Yes |
|
26 |
Turnover of firm for last one years |
Yes |
|
27 |
Reasons for variation <> 20% |
-- |
|
28 |
Estimation for coming financial year |
No |
|
29 |
Profitability for last one years |
Yes |
|
30 |
Major shareholders, if available |
Yes |
|
31 |
External Agency Rating, if available |
No |
|
32 |
Litigations that the firm/promoter
involved in |
-- |
|
33 |
Market information |
-- |
|
34 |
Payments terms |
No |
|
35 |
Negative Reporting by Auditors in the
Annual Report |
No |
CORPORATE
INFORMATION
The company has been incorporated
on 13.01.2012. Hence, the present accounts are for the period from 13.01.2012
to 31.03.2012
The Company is a Joint Venture
between Badve Engineering Limited, India and Cellion S.r.l., Italy.
The Company has been incorporated to carry on the business in sector
like auto and non-auto component manufacturing from sheet metal and non-sheet
metal pressings, welding and assembly
PERFORMANCE:
During the year under consideration, the company has achieved a gross turnover
of Rs. 109.400 Million and has earned Net profit after tax Rs. 0.172 Million
this is the first year operation of the company. No double they have achieved
good results for FY 2012-2013, but they believe they are poised to achieve much
more in the years to come. Especially when their economy is an path of robust
growth. Their customers like Volve, Brose etc. are outperforming the markets:
they need to push ourselves to make the most of these commodities.
INDEX
OF CHARGES: No Charges Exist for the company
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.66.99 |
|
|
1 |
Rs.107.78 |
|
Euro |
1 |
Rs.73.46 |
INFORMATION DETAILS
|
Information
Gathered by : |
GYT |
|
|
|
|
Analysis Done by
: |
KAS |
|
|
|
|
Report Prepared
by : |
SUJ |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
3 |
|
PAID-UP CAPITAL |
1~10 |
3 |
|
OPERATING SCALE |
1~10 |
3 |
|
FINANCIAL
CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
3 |
|
--PROFITABILITY |
1~10 |
3 |
|
--LIQUIDITY |
1~10 |
3 |
|
--LEVERAGE |
1~10 |
3 |
|
--RESERVES |
1~10 |
3 |
|
--CREDIT LINES |
1~10 |
2 |
|
--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.