MIRA
INFORM REPORT
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Report No. : |
307364 |
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Report Date : |
20.02.2015 |
IDENTIFICATION DETAILS
|
Name : |
CST SENSORS INDIA PRIVATE LIMITED |
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Registered
Office : |
Trident Towers, 4th Floor, No. 23, 100 Feet Road, Ashoka
Pillar Road, 2nd Block, Jayanagar Bangalore – 560011, Karnataka |
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Country : |
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Financials (as
on) : |
31.03.2014 |
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Date of
Incorporation : |
31.01.2008 |
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Com. Reg. No.: |
08-045130 |
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Capital
Investment / Paid-up Capital : |
Rs. 12.834 Millions |
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CIN No.: [Company Identification
No.] |
U35303KA2008FTC045130 |
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TIN No.: |
29770802215 |
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IEC No.: |
0708008097 |
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TAN No.: [Tax Deduction &
Collection Account No.] |
BLRC08113A |
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PAN No.: [Permanent Account No.] |
AADCC2906M |
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Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Manufacturer, Exporter and Supplier of a wide range of Sensors,
Controls, Actuation Products, etc. |
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No. of Employees
: |
50 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
Ca (12) |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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|
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 |
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Status : |
Moderate |
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Payment Behaviour : |
Slow |
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Litigation : |
Clear |
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Comments : |
Subject is an established company having moderate track record. The company has incurred huge accumulated losses which has eroded net worth
of the company. Liquidity position of the company is under pressure. Business is active. Payments are reported to be slow. The company can be considered for business dealings on safe and
secured 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 |
|
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 PARTED BY
|
Name : |
Mr. Mrinalini Singh |
|
Designation : |
Marketing and Commn. Executive |
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Contact No.: |
91-9739004590 |
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Date : |
17.02.2015 |
LOCATIONS
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Registered/ Head Office : |
Trident Towers, 4th Floor, No. 23, 100 Feet Road, Ashoka
Pillar Road, 2nd Block, Jayanagar Bangalore – 560011, Karnataka, India |
|
Tel. No. : |
91-80-41132204/ 40818919 |
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Mobile No. : |
91-9739004590 (Mr. Mrinalini Singh) |
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Fax No. : |
91-80-41132206 |
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E-Mail : |
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Website : |
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Area : |
2000 Sq. Ft. |
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Factory : |
Trident Towers, 1st Floor, No. 23, 100 Feet Road, Ashoka Pillar
Road, 2nd Block, Jayanagar Bangalore – 560011, Karnataka, India |
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Area : |
2000 Sq. Ft. |
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Location : |
Rented |
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Branch Office : |
Located at · New Delhi Pune |
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Overseas Officers : |
Located at · USA China East Asia Pacific South Korea Brazil |
DIRECTORS
As on 30.09.2014
|
Name : |
Mr. Sridhar Nalluri |
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Designation : |
Whole-Time Director, General Manager and Chief in India |
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Address : |
D 602, Mantri Elegance, N S Palya, Bannerghata Road, Bangalore -
560067, Karnataka, India |
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Date of Birth/Age : |
21.10.1970 |
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Qualification : |
B.E. and MBA |
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Experience : |
21 Years |
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Date of Appointment : |
30.09.2013 |
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DIN No. : |
06563398 |
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Other Directorship :
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Name : |
Lynn Chen |
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Designation : |
Additional Director |
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Address : |
1851 Shaw Court, Thousand Oaks, California, 91362, United States of
America |
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Date of Birth/Age : |
02.01.1968 |
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Date of Appointment : |
30.09.2014 |
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DIN No. : |
06699859 |
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Other Directorship :
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Name : |
Mr. Sebastien Bernard Nobiron |
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Designation : |
Additional Director |
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Address : |
No.20, 2nd Floor, Lane 195, Yueyang Lu,CHINA, Shanghai,
200031, China |
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Date of Birth/Age : |
14.05.1973 |
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Date of Appointment : |
30.09.2014 |
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DIN No. : |
06708537 |
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Other Directorship :
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KEY EXECUTIVES
|
Name : |
Mr. Mrinalini Singh |
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Designation : |
Marketing and Commn. Executive |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 30.09.2014
|
Names of Shareholders |
No. of Shares |
|
Crouzet Automatismes SAS, France |
1283386 |
|
BEI Sensors, France |
1 |
|
Total |
1283387 |
As on 30.09.2014
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, Exporter and Supplier of a wide range of Sensors, Controls,
Actuation Products, etc. |
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Products : |
· Sensors Controls Actuation Products, etc. |
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Brand Names : |
· BEI Kimco BEI Sensores BEI PSSC Crouzet Crydom Kavlico Newall Systron Donner Inertiatl |
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Agencies Held : |
-- |
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Exports : |
-- |
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Imports : |
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Products : |
Component Products |
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Countries : |
· USA France |
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Terms : |
-- |
PRODUCTION STATUS:
NOT AVAILABLE
GENERAL INFORMATION
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Suppliers : |
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Customers : |
· Schindler, India ABB Limited, India Rolta, India Honeywell, India |
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No. of Employees : |
50 (Approximately) |
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Bankers : |
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Facilities : |
-- |
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Banking Relations
: |
-- |
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Auditors : |
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Name : |
Kalyaniwala and Mistry Chartered Accountants |
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Address : |
Second Floor, No 102, Gangadhara Chetty Road, BANGALORE – 560011, Karnataka, India |
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Tel. No. : |
91-80-25549666/ 25514977/ 41133305 |
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Income-tax
PAN of auditor or auditor's firm : |
AAAFK7554R |
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Memberships : |
Trade India ISO: 9001: 2008 Co. |
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Collaborators : |
-- |
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Parties where common control exists : |
Crouzet Automatismes SAS, France |
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Associate Companies: |
· BEI Ideacode BEI Industrial Encoder BEI Duncan Electronics BEI Kimco Magnetics Crydom, Inc. CST Asia (Honkong) Limited Kavlico Gmbh Kavlico Newall Measurement Systems Limited Custom Sensors and Technologies (Huizho) |
CAPITAL STRUCTURE
As on 30.09.2014
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
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|
|
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|
1,300,000 |
Equity Shares |
Rs.10/- each |
Rs. 13.000 Millions |
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Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
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|
1,283,387 |
Equity Shares |
Rs.10/- each |
Rs. 12.834 Millions |
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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 |
12.834 |
12.834 |
12.834 |
|
(b) Reserves & Surplus |
(15.382) |
(10.025) |
(14.134) |
|
(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) |
(2.548) |
2.809 |
(1.300) |
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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 |
0.309 |
0.000 |
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(c) Other long term liabilities |
0.000 |
0.000 |
0.000 |
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(d) long-term provisions |
0.000 |
0.000 |
0.000 |
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Total Non-current Liabilities (3) |
0.000 |
0.309 |
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 |
91.372 |
76.495 |
73.853 |
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(c) Other current
liabilities |
6.114 |
5.625 |
3.559 |
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(d) Short-term provisions |
4.202 |
1.432 |
1.561 |
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Total Current Liabilities (4) |
101.688 |
83.552 |
78.973 |
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TOTAL |
99.140 |
86.670 |
77.673 |
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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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(i) Tangible assets |
8.961 |
5.229 |
3.237 |
|
(ii) Intangible Assets |
0.782 |
0.446 |
1.401 |
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(iii) Capital
work-in-progress |
0.268 |
3.162 |
0.000 |
|
(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) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
9.727 |
5.348 |
4.022 |
|
(e) Other Non-current assets |
0.000 |
0.000 |
0.000 |
|
Total Non-Current Assets |
19.738 |
14.185 |
8.660 |
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(2) Current assets |
|
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|
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(a) Current investments |
0.000 |
0.000 |
0.000 |
|
(b) Inventories |
22.139 |
24.214 |
18.353 |
|
(c) Trade receivables |
35.132 |
27.212 |
35.673 |
|
(d) Cash and cash
equivalents |
20.415 |
19.423 |
13.674 |
|
(e) Short-term loans and
advances |
1.716 |
1.636 |
1.313 |
|
(f) Other current assets |
0.000 |
0.000 |
0.000 |
|
Total Current Assets |
79.402 |
72.485 |
69.013 |
|
|
|
|
|
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TOTAL |
99.140 |
86.670 |
77.673 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
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SALES |
|
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Income |
168.468 |
148.248 |
154.319 |
|
|
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Other Income |
0.965 |
0.060 |
0.250 |
|
|
|
TOTAL (A) |
169.433 |
148.308 |
154.569 |
|
|
|
|
|
|
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|
Less |
EXPENSES |
|
|
|
|
|
|
|
|
|
108.081 |
134.905 |
|
|
|
Changes in Inventory of Finished Goods |
|
(5.861) |
(12.069) |
|
|
|
Employee Benefits Expenses |
|
21.319 |
17.618 |
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Other Expenses |
|
17.576 |
14.807 |
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TOTAL (B) |
175.100 (Including
Depreciation and Financial Expenses) |
141.115 |
155.261 |
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PROFIT/
(LOSS) BEFORE INTEREST, TAX,
DEPRECIATION AND AMORTISATION (A-B) (C) |
|
7.193 |
(0.692) |
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|
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|
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Less |
FINANCIAL
EXPENSES (D) |
|
0.562 |
1.111 |
|
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|
PROFIT
/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
|
6.631 |
(1.803) |
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|
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Less/ Add |
DEPRECIATION/ AMORTISATION (F) |
|
1.513 |
1.056 |
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|
PROFIT/
(LOSS) BEFORE TAX (E-F) (G) |
(5.667) |
5.118 |
(2.859) |
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Less |
TAX (H) |
(0.309) |
1.009 |
(0.205) |
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|
PROFIT/
(LOSS) AFTER TAX (G-H) (I) |
(5.358) |
4.109 |
(2.654) |
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IMPORTS |
86.804 |
75.276 |
NA |
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|
|
|
Earnings /
(Loss) Per Share (Rs.) |
(4.17) |
3.20 |
(2.07) |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
Net Profit Margin (PAT/Sales) |
(%) |
(3.18) |
2.77 |
(1.72) |
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Operating Profit Margin (PBDIT/Sales) |
(%) |
(3.36) |
4.85 |
(0.45) |
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Return on Total Assets (PBT/Total Assets} |
(%) |
(5.73) |
6.13 |
(3.68) |
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|
Return on Investment (ROI) (PBT/Networth) |
|
2.22 |
1.82 |
2.20 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
0.00 |
0.00 |
0.00 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
0.78 |
0.87 |
0.87 |
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 |
12.834 |
12.834 |
12.834 |
|
Reserves and Surplus |
(14.134) |
(10.025) |
(15.382) |
|
Net
worth |
(1.300) |
2.809 |
(2.548) |
|
|
|
|
|
|
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 |
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) |
|
Sales |
154.319 |
148.248 |
168.468 |
|
|
|
-3.934 |
13.639 |
NET PROFIT MARGIN
|
Net
Profit Margin |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
(Rs.
In Millions) |
(Rs.
In Millions) |
(Rs.
In Millions) |
|
Sales |
154.319 |
148.248 |
168.468 |
|
Profit/ (Loss) |
(2.654) |
4.109 |
(5.358) |
|
|
(1.72%) |
2.77% |
(3.18%) |
LOCAL AGENCY FURTHER INFORMATION
|
Sr. No. |
Check List by Info Agents |
Available in
Report (Yes / No) |
|
1] |
Year of Establishment |
Yes |
|
2] |
Locality of the firm |
Yes |
|
3] |
Constitutions of the firm |
Yes |
|
4] |
Premises details |
Yes |
|
5] |
Type of Business |
Yes |
|
6] |
Line of Business |
Yes |
|
7] |
Promoter's background |
Yes |
|
8] |
No. of employees |
Yes |
|
9] |
Name of person contacted |
Yes |
|
10] |
Designation of contact
person |
Yes |
|
11] |
Turnover of firm for last
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 |
Yes |
|
19] |
Payments terms |
No |
|
20] |
Export / Import details (if
applicable) |
Yes |
|
21] |
Market information |
----- |
|
22] |
Litigations that the firm
/ promoter involved in |
----- |
|
23] |
Banking Details |
Yes |
|
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
CHANGE OF ADDRESS
The registered office of the company has been shifted from Prestige Meridian II, 13th Floor, No. 1301 and 1302, No. 30, MG Road, Bangalore – 560001, Karnataka, India to the present address w.e.f. 09.05.2011.
COMPANY OVERVIEW
Worlds most advanced brand namely Crouzet, Kavilco, Crydom, BEI Technologies formed a global enterprise (Custom Sensor and Technologies) poised to set the standard in the Custom Sensing market. CST Sensor India Private Limited a fully owned subsidiary of Crouzet Automatismes SAS, France.
Company is source for sensors, Controls, actuation products for the Transportation and other industries.
REVIEW OF OPERATIONS
The company has during its seventh year of operations has stabilized its operations and has put in systems and processes in place, to support the business plan of the company. During the year, the sales of the company has dropped in comparison to the last fiscal year and overall loss before taxation is Rs.5.667 Millions.
A number of new plans have been envisages and have to be put into the implementation during the upcoming year.
The management is confident that the company would be able to achieve higher turnover and profits in the years to come.
The company has no recommended any dividend for the year 2013-14 (Previous Year Nil) as the Company is utilizing the funds in its expansion plans which would certainly lead to a quantum growth of the Company thereby increasing the value of the shares of your company.
FIXED ASSETS
Tangible Assets
· Office Equipment
Computer
Equipment
Furniture
and Fixtures
Motor
Car
Plant
and Machinery
Intangible Assets
· Software
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts,
1] INFORMATION ON
DESIGNATED PARTY
No 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.62.25 |
|
|
1 |
Rs.95.57 |
|
Euro |
1 |
Rs.71.01 |
INFORMATION DETAILS
|
Analysis Done by
: |
KAR |
|
|
|
|
Report Prepared
by : |
MRI |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
2 |
|
PAID-UP CAPITAL |
1~10 |
2 |
|
OPERATING SCALE |
1~10 |
2 |
|
FINANCIAL
CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
2 |
|
--PROFITABILITY |
1~10 |
-- |
|
--LIQUIDITY |
1~10 |
2 |
|
--LEVERAGE |
1~10 |
2 |
|
--RESERVES |
1~10 |
-- |
|
--CREDIT LINES |
1~10 |
-- |
|
--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 |
|
12 |
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.