MIRA INFORM REPORT

 

 

Report No. :

356151

Report Date :

24.12.2015

 

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

Tel. No.:

91-265-2642621

 

 

Country :

India

 

 

Financials (as on) :

31.03.2014

 

 

Date of Incorporation :

01.05.1996

 

 

Com. Reg. No.:

04-029520

 

 

Capital Investment / Paid-up Capital :

Rs.100.464 Million

 

 

CIN No.:

[Company Identification No.]

U29199GJ1996PLC029520

 

 

IEC No.:

0888007361

 

 

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 :

Manufactures weld tubes (single wall and double wall copper coated steel tubes), brake and fuel lines, clusters and other basic accessories for manufacturing motor vehicles and it also provides back-office support services [Information Technology Enabled Services (ITES)] to some entities within the TI Automotive Group. [Registered Activity]

 

 

No. of Employees :

Not Available

 

 

RATING & COMMENTS

 

MIRA’s Rating :

Ba (51)

 

RATING

STATUS

PROPOSED CREDIT LINE

41-55

Ba

Overall operation is considered normal. Capable to meet normal commitments.

Satisfactory

 

Maximum Credit Limit :

USD 1800000

 

 

Status :

Satisfactory

 

 

Payment Behaviour :

Usually correct

 

 

Litigation :

Exist

 

 

Comments :

Subject is a subsidiary of TI Automotive Holdings Limited, U.K. and part of the TI Automotive Group (TIAG), which develops and manufactures automotive fluid storage, carrying and delivery systems.

 

It is engaged in the business of manufacturing of automobile fluid carrying system, tubes, plastic fuel tanks and other auto components.

 

Management of the company has failed to file financials for the year 2015 with the government department.

 

The rating takes into consideration strong financial risk profile of the company marked by adequate networth base and comfortable gearing in FY14. Further, management has successfully wiped off losses of previous year by earning significant profit with fair margin in the year under consideration.

 

Trade relations are fair. Business is active. Payment terms are reported to be usually correct.

 

In view of strong support from its holding company along with decent financial condition, the company can be considered for business dealings with 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 – March 31, 2015

 

Country Name

Previous Rating

(31.12.2014)

Current Rating

(31.03.2015)

India

A1

A1

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low

 

A2

Moderate

 

B1

High

 

B2

Very High

 

C1

Restricted

 

C2

Off-credit

 

D

 

 

EXTERNAL AGENCY RATING

 

Rating Agency Name

CARE

Rating

Long term bank facilities= BBB+

Rating Explanation

Moderate degree of safety and moderate credit risk.

Date

09.03.2015

 

 

Rating Agency Name

CARE

Rating

Short term bank facilities= A2

Rating Explanation

Strong degree of safety and low credit risk.

Date

09.03.2015

 

 

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.

 

 

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 :

rakesharma@in.tiauto.com

Website :

http://www.tiautomotive.com

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

 

 

Corporate Office / Factory 2 :

Plot No. 39 and 40, Sector No. 3, Ch. Devilal IMT, Manesar, Gurgaon – 122050, Haryana, India

Tel. No.:

91-124-4534700

Fax No.:

91-124-4534801

Location :

Owned

 

 

DIRECTORS

 

AS ON 31.03.2015

 

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. 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

 

 

Name :

Mr. Phillip Stephenson

Designation :

Director

Address :

37, Stonehenge Ave, Stirling, South Australia, 5152, Australia

Date of Appointment :

26.03.2015

DIN No.:

00426606

 

 

Name :

Mr. Anand Majmudar

Designation :

Director

Address :

209/210 Avanti Chambers, R C Dutt Rd, Behind Express Hotel, Alkapuri, Vadodara - 390005, Gujarat, India

Date of Appointment :

26.08.2015

DIN No.:

03019026

 

 

Name :

Mr. Satyanarain Laxminarain Samdani

Designation :

Director

Address :

C-63 Mangal Jyot Cooperative Housing Society, Near Jyoti Park Society, Karelibaug, Vadodara - 390018, Gujarat, India

Date of Appointment :

26.08.2015

DIN No.:

06707680

 

 

Name :

Mr. Ramandeep Singh

Designation :

Director

Address :

E-114, Ground Floor, Kalkaji, Aali, Ali, South Delhi - 110019, India

Date of Appointment :

30.06.2015

DIN No.:

07248376

 

 

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. Ved Girish Somani

Designation :

Chief Financial Officer

Address :

38-B Sevashram Society, Behind Atmajyoti Ashram, Ellora Park, Subhanpura, Vadodara - 390023, Gujarat, India

Date of Appointment :

30.06.2015

PAN No.:

BFPPS2875L

 

 

MAJOR SHAREHOLDERS

 

AS ON 30.09.2014

 

 

SHAREHOLDERS DETAILS FILE ATTACHED

 

 

Equity Share Break up (Percentage of Total Equity)

 

AS ON 30.09.2014

 

Category

 

Percentage

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

0.13

Others

2.95

 

 

Total

100.00

 

 

 

BUSINESS DETAILS

 

Line of Business :

Manufactures weld tubes (single wall and double wall copper coated steel tubes), brake and fuel lines, clusters and other basic accessories for manufacturing motor vehicles and it also provides back-office support services [Information Technology Enabled Services (ITES)] to some entities within the TI Automotive Group. [Registered Activity]

 

 

Products :

Product Descriptions

ITC Code

Bundy Weld Steel Tubes

73063090

Parts and Accessories of Motor Vehicle

87089900

 

 

Brand Names :

Not Available

 

 

Agencies Held :

Not Available

 

 

Exports :

Not Available

 

 

Imports :

Not Available

 

 

Terms :

 

Selling :

Not Available

 

 

Purchasing :

Not Available

 

 

PRODUCTION STATUS – NOT AVAILABLE

 

 

GENERAL INFORMATION

 

Suppliers :

Company Name :

Not Available

Name of the Person :

Not Available

Contact No.:

Not Available

Since How Long Known :

Not Available

Maximum Limit Dealt :

Not Available

Experience :

Not Available

Remark :

Not Available

 

 

Customers :

Company Name :

Not Available

Name of the Person :

Not Available

Contact No.:

Not Available

Since How Long Known :

Not Available

Maximum Limit Dealt :

Not Available

Experience :

Not Available

Remark :

Not Available

 

 

No. of Employees :

Not Available

 

 

Bankers :

Banker Name :

State Bank of India

Branch :

Special Commercial Branch, Trident Complex, 2nd Floor, Race Course, Vadodara – 390007, Gujarat, India

Person Name (With Designation) :

Not Available

Contact Number :

Not Available

Name of Account Holder :

Not Available

Account Number :

Not Available

Account Since (Date/Year of Account Opening) :

Not Available

Average Balance Maintained :

Not Available

Credit Facilities Enjoyed (CC/OD/Term Loan) :

Not Available

Account Operation :

Not Available

Remark :

Not Available

 

 

Facilities :

SECURED LOANS

31.03.2014

(15 Months)

31.12.2012

(12 Months)

 

Rs. In Million

Short Term Borrowings

 

 

Working capital loans from banks

67.869

7.676

 

 

 

Total

67.869

7.676

 

 

Auditors :

 

Name :

Price Waterhouse and Company

Chartered Accountants

Address :

Muttha Towers, 5th Floor, Suite No. 8, Yerwada, Pune, Maharashtra, India

PAN No.:

AADFP9359C

 

 

Memberships :

Not Available

 

 

Collaborators :

Not Available

 

 

Holding company :

·         TI Automotive Holdings Limited

 

 

Fellow Subsidiary Company :

·         Bundy Tubing Company (Australia) Pty

·         TI Automotive (Thailand) Limited

·         TI Automotive Limited

·         Hanil Tube India Private Limited

·         TI Group Automotive Systems Limited

·         TI Group Automotive Systems LLC

·         TI Automotive Technology Centre GmbH

·         TI Automotive Systems

·         TI Group Automtive Systems (Belgium) S.A

·         Hanil Tube Corporation

·         TI Automotive (Fuldabruk) GmbH

·         Bundy Fluid Systems Limited

·         TI Automotive Systems (Changchun) Co. Limited

·         TI Brasil Industria e Comercio Ltda

·         TI Group Automotive System SPA

·         TI Automotive AB

·         Bundy Fluid Systems (Shanghai) Co.

·         TI Group Automotive Systems

·         TI Automotive (Hong Kong) Holdings Limited

·         TI Automotive

·         Bundy Fluid System (Tianjin) Co Limited

·         TI Automotive (Heidelberg) GmbH

·         TI Automotive AC s.r.o

·         TI Group Automotive Systems (Deeside) Limited

 

CAPITAL STRUCTURE

 

AS ON 30.09.2014

 

Authorised Capital:

No. of Shares

Type

Value

Amount

 

 

 

 

12000000

Equity Shares

Rs.10/- each

Rs.120.000 Million

 

 

 

 

 

Issued, Subscribed & Paid-up Capital:

No. of Shares

Type

Value

Amount

 

 

 

 

10046448

Equity Shares

Rs.10/- each

Rs.100.464 Million

 

 

 

 

 

 

FINANCIAL DATA

[all figures are in Rupees Million]

 

 

ABRIDGED BALANCE SHEET

 

SOURCES OF FUNDS

 

31.03.2014

(15 Months)

31.12.2012

(12 Months)

31.12.2011

(12 Months)

I.              EQUITY AND LIABILITIES

 

 

 

(1)Shareholders' Funds

 

 

 

(a) Share Capital

100.464

100.464

90.001

(b) Reserves & Surplus

536.400

440.939

427.302

(c) Money received against share warrants

0.000

0.000

0.000

 

 

 

 

(2) Share Application money pending allotment

0.000

0.000

107.773

Total Shareholders’ Funds (1) + (2)

636.864

541.403

625.076

 

 

 

 

(3) Non-Current Liabilities

 

 

 

(a) long-term borrowings

126.150

167.448

163.464

(b) Deferred tax liabilities (Net)

16.118

2.158

39.650

(c) Other long term liabilities

0.000

0.000

0.000

(d) long-term provisions

36.923

30.623

21.773

Total Non-current Liabilities (3)

179.191

200.229

224.887

 

 

 

 

(4) Current Liabilities

 

 

 

(a) Short term borrowings

177.869

87.676

35.000

(b) Trade payables

370.019

672.519

433.974

(c) Other current liabilities

191.933

15.697

26.912

(d) Short-term provisions

8.969

0.000

0.000

Total Current Liabilities (4)

748.790

775.892

495.886

 

 

 

 

TOTAL

1564.845

1517.524

1345.849

 

 

 

 

II.            ASSETS

 

 

 

(1) Non-current assets

 

 

 

(a) Fixed Assets

 

 

 

(i) Tangible assets

672.357

656.378

419.170

(ii) Intangible Assets

9.938

1.323

2.744

(iii) Capital work-in-progress

0.000

9.681

118.832

(iv) Intangible assets under development

0.000

0.000

0.000

(b) Non-current Investments

0.101

0.101

0.101

(c) Deferred tax assets (net)

0.000

0.000

0.000

(d)  Long-term Loan and Advances

114.769

125.123

121.330

(e) Other Non-current assets

0.000

0.000

0.000

Total Non-Current Assets

797.165

792.606

662.177

 

 

 

 

(2) Current assets

 

 

 

(a) Current investments

0.000

0.000

0.000

(b) Inventories

245.428

228.421

217.849

(c) Trade receivables

327.851

344.137

351.821

(d) Cash and cash equivalents

53.911

20.226

23.241

(e) Short-term loans and advances

140.490

132.134

90.761

(f) Other current assets

0.000

0.000

0.000

Total Current Assets

767.680

724.918

683.672

 

 

 

 

TOTAL

1564.845

1517.524

1345.849

 

 

PROFIT & LOSS ACCOUNT

 

 

PARTICULARS

 

31.03.2014

(15 Months)

31.12.2012

(12 Months)

31.12.2011

(12 Months)

 

SALES

 

 

 

 

 

Income

2844.917

2226.790

1913.667

 

 

Other Income

34.647

10.275

12.691

 

 

TOTAL                                             (A)

2879.564

2237.065

1926.358

 

 

 

 

 

Less

EXPENSES

 

 

 

 

 

Cost of Materials Consumed

1789.729

1596.746

1417.601

 

 

Changes in Inventories of finished goods, work-in-progress and stock-in-trade

7.899

61.022

(38.385)

 

 

Employee Benefits Expenses

245.997

169.215

134.371

 

 

Other Expenses

563.527

457.913

346.156

 

 

TOTAL                                              (B)

2607.152

2284.896

1859.743

 

 

 

 

 

 

PROFIT/(LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B)     (C)

272.412

(47.831)

66.615

 

 

 

 

 

Less

FINANCIAL EXPENSES                                    (D)

55.202

20.138

17.981

 

 

 

 

 

 

PROFIT/(LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D)                                (E)

217.210

(67.969)

48.634

 

 

 

 

 

Less

DEPRECIATION/ AMORTISATION                     (F)

84.421

51.328

39.345

 

 

 

 

 

 

PROFIT/(LOSS) BEFORE TAX (E-F)                  (G)     

132.789

(119.297)

9.289

 

 

 

 

 

Less

TAX                                                                  (H)

37.328

(37.492)

12.229

 

 

 

 

 

 

PROFIT/(LOSS) AFTER TAX (G-H)                    (I)

95.461

(81.805)

(2.940)

 

 

 

 

 

Add

PREVIOUS YEARS’ BALANCE BROUGHT FORWARD

(5.890)

75.915

78.855

 

 

 

 

 

 

BALANCE CARRIED TO THE B/S

89.571

(5.890)

75.915

 

 

 

 

 

 

EARNINGS IN FOREIGN CURRENCY

 

 

 

 

 

Export Earnings

107.179

6.148

6.662

 

 

Services rendered

44.843

36.088

32.788

 

TOTAL EARNINGS

152.022

42.236

39.450

 

 

 

 

 

 

IMPORTS

 

 

 

 

 

Raw Materials & Consumables

976.650

160.483

59.551

 

 

Bought out Tubes, Components & Chemicals

0.000

378.803

216.619

 

 

Plastic Fuel Tanks

0.000

287.680

420.886

 

 

Capital Goods

6.551

22.717

60.105

 

 

Spares

8.227

7.774

3.521

 

TOTAL IMPORTS

991.428

857.457

760.682

 

 

 

 

 

 

Earnings / (Loss) Per Share (Rs.)

9.50

(8.14)

(0.33)

 

 

 

CURRENT MATURITIES OF LONG TERM DEBT DETAILS

 

Particulars

 

31.03.2014

(15 Months)

31.12.2012

(12 Months)

31.12.2011

(12 Months)

Current Maturities of Long term debt

144.240

0.000

NA

Cash generated from operations

NA

NA

NA

Net cash flow from (used in) operations

5.651

156.452

(100.301)

Net cash flows from (used in) operating activities

(10.420)

138.786

(126.718)

 

 

KEY RATIOS

 

PARTICULARS

 

 

31.03.2014

(15 Months)

31.12.2012

(12 Months)

31.12.2011

(12 Months)

Net Profit Margin

PAT / Sales

(%)

3.36

(3.67)

(0.15)

 

 

 

 

 

Operating Profit Margin

(PBDIT/Sales)

(%)

9.58

(2.15)

3.48

 

 

 

 

 

Return on Total Assets

(PBT/Total Assets)

(%)

8.49

(7.91)

0.76

 

 

 

 

 

Return on Investment (ROI)

(PBT/Networth)

 

0.21

(0.22)

0.01

 

 

 

 

 

Debt Equity Ratio

(Total Debt /Networth)

 

0.70

0.47

0.32

 

 

 

 

 

Current Ratio

(Current Asset/Current Liability)

 

1.03

0.93

1.38

 

 

FINANCIAL ANALYSIS

[all figures are in Rupees Million]

 

 

DEBT EQUITY RATIO

 

Particular

31.12.2011

(12 Months)

31.12.2012

(12 Months)

31.03.2014

(15 Months)

 

Rs. In Million

Rs. In Million

Rs. In Million

Share Capital

90.001

100.464

100.464

Reserves & Surplus

427.302

440.939

536.400

Share Application money pending allotment

107.773

0.000

0.000

Net worth

625.076

541.403

636.864

 

 

 

 

long-term borrowings

163.464

167.448

126.150

Short term borrowings

35.000

87.676

177.869

Total borrowings

198.464

255.124

304.019

Debt/Equity ratio

0.318

0.471

0.477

 

 

 

YEAR-ON-YEAR GROWTH

 

Year on Year Growth

31.12.2011

(12 Months)

31.12.2012

(12 Months)

31.03.2014

(15 Months)

 

Rs. In Million

Rs. In Million

Rs. In Million

Sales

1913.667

2226.790

2844.917

 

 

16.362

27.759

 

 

 

NET PROFIT MARGIN

 

Net Profit Margin

31.12.2011

(12 Months)

31.12.2012

(12 Months)

31.03.2014

(15 Months)

 

Rs. In Million

Rs. In Million

Rs. In Million

Sales

1913.667

2226.790

2844.917

Profit

(2.940)

(81.805)

95.461

 

(0.15%)

(3.67%)

3.36%

 

 

 

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

Yes

5

Buyer visit details

--

6

Contact numbers

Yes

7

Name of the person contacted

No

8

Designation of contact person

No

9

Promoter’s background

Yes

10

Date of Birth of Proprietor / Partners / Directors

Yes

11

Pan Card No. of Proprietor / Partners

Yes

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

No

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

No

26

Turnover of firm for last three years

Yes

27

Reasons for variation <> 20%

--

28

Estimation for coming financial year

No

29

Profitability for last three years

Yes

30

Major shareholders, if available

Yes

31

External Agency Rating, if available

Yes

32

Litigations that the firm/promoter involved in

Yes

33

Market information

--

34

Payments terms

No

35

Negative Reporting by Auditors in the Annual Report

No

 

 

LITIGATION DETAILS:

 

 

HIGH COURT OF GUJARAT

 

TAX APPEAL No. 819 of 2015

 

Status : PENDING

( Converted from : O/ST/2717/2015 )

CCIN No : 001092201500819

 

 

Last Listing Date:

01/12/2015

Coram

·         HONOURABLE MR.JUSTICE AKIL KURESHI

·         HONOURABLE MR.JUSTICE MOHINDER PAL

 

S.NO.

Name of the Petitioner

Advocate On Record

1

PR.COMMISSIONER OF INCOME TAX-VADODARA-1

MR KM PARIKH for: Appellant(s) http://gujarathc-casestatus.nic.in/gujarathc/images/arrow1.png 1

 

S.NO.

Name of the Respondant

Advocate On Record

1

BUNDY INDIA LTD.

RULE NOT RECD BACK for :Opponent(s) http://gujarathc-casestatus.nic.in/gujarathc/images/arrow1.png 1

 

 

Presented On

: 05/10/2015

Registered On

: 28/10/2015

Bench Category

: -

District

: VADODARA

Case Originated From

: THROUGH HIS/HER/THEIR ADVOCATE

Listed

: 2 times

StageName

: ADMISSION (FRESH MATTERS)

 

 

Office Objection

Process Stage
Process Stage
Process Stage
Process Stage
Process Stage
Process Stage
Process Stage
Process Stage

·         1. WHETHER INDEX-CUM-CHRONOLOGY OF DOCUMNETS AND EVENTS FILED ?

·         4. WHETHER PROPER & FULL COURT FEE IS PAID ?

·         12. WHETHER CERTIFIED COPIES FILED ? APPELLATE JUDGEMENT

·         13. WHETHER NAMES OF THE PARTIES TALLY WITH NAMES IN THE CERTIFIED COPIES ?

·         16. WHETHER PAGING IS DONE ?

·         19. WHETHER COPIES ARE LEGIBLE AND WHETHER TYPED COPIES OF HAND WRITTEN ANNEXURES FILED ?

·         20. WHETHER COPIES ARE TRUE COPIES SO SIGNED BY ADVOCATE ?

·         32. WHETHER THE MATTER INVOLVES QUESTIONS OF ENVIORNMENTAL LAWS AND/OR IS COVERED UNDER THE PROVISION OF THE NATIONAL GREEN TRIBUNAL ACT, 2010 AND/OR RELATING TO ANY OF THE SEVEN STATUTES SPECIFIED IN SCHEDULE I OF THE SAID NGT ACT?

 

Classification

·         DB - OJ - TAX APPEAL - INCOME TAX ACT, 1961 - APPEAL TO HIGH COURT - U/S 260 OF IT ACT - LONG TERM CAPITAL GAIN - U/S 54EA

Act

·         INCOME-TAX ACT, 1961

 

 

Office Details

 

S. No.

Filing Date

Document Name

Advocate Name

Court Fee on Document

Document Details

1

05/10/2015

APPEARANCE NOTE

MR KM PARIKH ADVOCATE
for PETITIONER(s) http://gujarathc-casestatus.nic.in/gujarathc/images/arrow1.png 1

0

MR KM PARIKH(575) for P:1

2

05/10/2015

MEMO OF PETITION/APPEAL/SUIT

MR KM PARIKH ADVOCATE
for PETITIONER(s) http://gujarathc-casestatus.nic.in/gujarathc/images/arrow1.png 1

20

MR KM PARIKH(575), for P:1

3

27/11/2015

ADDITIONAL FEE ON CERTIFIEDCOPY

MR KM PARIKH ADVOCATE
for PETITIONER(s) http://gujarathc-casestatus.nic.in/gujarathc/images/arrow1.png 1

6

MR KM PARIKH(575) for P:1

 

 

Court Proceedings

 

S. No.

Notified Date

CourtCode

Board Sr. No.

Stage

Action

Coram

1

29/10/2015

4

72

FOR OFFICE OBJECTION

NEXT DATE

·         HONOURABLE MS.JUSTICE HARSHA DEVANI 

·         HONOURABLE MR.JUSTICE A.G.URAIZEE

2

01/12/2015

4

77

ADMISSION (FRESH MATTERS)

RULE/ADMIT

·         HONOURABLE MR.JUSTICE AKIL KURESHI 

·         HONOURABLE MR.JUSTICE MOHINDER PAL

 

 

Available Orders

 

S. No.

Case Details

Judge Name

Order Date

CAV

Judgement

Questions

Transferred

Download

1

SPECIAL CIVIL APPLICATION/18084/2015

·         HONOURABLE MS.JUSTICE HARSHA DEVANI 

·         HONOURABLE MR.JUSTICE A.G.URAIZEE

29/10/2015

N

ORDER

-

Y

Download

2

TAX APPEAL/819/2015

·         HONOURABLE MR.JUSTICE AKIL KURESHI 

·         HONOURABLE MR.JUSTICE MOHINDER PAL

01/12/2015

N

ORDER

-

Y

Download

 

 

Certified Copy

 

S. No.

ApplicantName

ApplicationType

Application Date

UOL Number

Order Date

Notify Date

Delivery Date

Status

Nature Of Document

1

MR KM PARIKH

ORDINARY

03/12/2015

O/46107/2015

01/12/2015

04/12/2015

05/12/2015

Delivered

ORDER

 

 

 

GENERAL INFORMATION ABOUT COMPANY

 

Subject operates under Passenger Vehicle segment of Automobile Industry, which designs and manufactures fluid carrying systems, including fuel lines, brake lines, tank top lines, heated SCR lines, vacuum booster lines, etc. It also has a tank manufacturing business and imports pump and modules to be combined in the tank. Subject specifically manufactures weld tubes (single wall and double wall copper coated steel tubes), brake and fuel lines, clusters and other basic accessories for manufacturing motor vehicles. Bundy India Limited also provides back-office support services [Information Technology Enabled Services (ITES)] to some entities within the TI Automotive Group.

 

 

UNSECURED LOANS:

 

Particulars

31.03.2014

(15 Months)

31.12.2012

(12 Months)

 

Rs. In Million

Long Term Borrowings

 

 

Fully convertible debentures others

36.000

36.000

Foreign currency term loans from others

90.150

131.448

 

 

 

Short Term Borrowings

 

 

Loans and advances from others

110.000

80.000

 

 

 

Total

236.150

247.448

 

 

INDEX OF CHARGE:

 

Sr. 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 FLOOR, RACE COURSE, VADODARA, GUJARAT - 390007, INDIA

A22169007

2

10057424

22/06/2007

50,000,000.00

STATE BANK OF INDIA

SPECIAL COMMERCIAL BRANCH, TRIDENT COMPLEX, 2ND FLOOR, RACE COURSE, VADODARA, GUJARAT - 390007, INDIA

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, VADODARA, GUJARAT - 390007, INDIA

A12970752

 

 

FIXED ASSETS:

 

·         Land

·         Building

·         Plant and Machinery

·         Furniture and Fixture

·         Office Equipment

·         Computer

·         Vehicles

 

 

CMT REPORT (Corruption, Money Laundering & Terrorism]

 

The Public Notice information has been collected from various sources including but not limited to: The Courts, India Prisons Service, Interpol, etc.

 

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.66.20

UK Pound

1

Rs.98.30

Euro

1

Rs.72.41

 

 

INFORMATION DETAILS

 

Analysis Done by :

KIN

 

 

Report Prepared by :

NKT

 

 

SCORE & RATING EXPLANATIONS

 

SCORE FACTORS

 

RANGE

POINTS

HISTORY

1~10

6

PAID-UP CAPITAL

1~10

6

OPERATING SCALE

1~10

6

FINANCIAL CONDITION

 

 

--BUSINESS SCALE

1~10

6

--PROFITABILITY

1~10

6

--LIQUIDITY

1~10

5

--LEVERAGE

1~10

5

--RESERVES

1~10

5

--CREDIT LINES

1~10

6

--MARGINS

-5~5

--

DEMERIT POINTS

 

 

--BANK CHARGES

YES/NO

YES

--LITIGATION

YES/NO

YES

--OTHER ADVERSE INFORMATION

YES/NO

NO

MERIT POINTS

 

 

--SOLE DISTRIBUTORSHIP

YES/NO

NO

--EXPORT ACTIVITIES

YES/NO

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

 

51

 

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

 

 

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.