MIRA INFORM REPORT

 

 

Report No. :

330784

Report Date :

06.07.2015

 

IDENTIFICATION DETAILS

 

Name :

EFTEC (INDIA) PRIVATE LIMITED (w.e.f. 12.10.2012)

 

 

Formerly Known As :

EFTEC SHROFF (INDIA) PRIVATE LIMITED (w.e.f. 08.06.2012)

 

EFTEC SHROFF (INDIA) LIMITED

 

 

Registered Office :

 G-9, MIDC Ranjangaon, Pune-Ahmednagar Highway, Ranjangaon Shirur, Pune – 412210, Maharashtra

Tel. No.:

91-20-38663400

 

 

Country :

India

 

 

Financials (as on) :

31.03.2014

 

 

Date of Incorporation :

30.06.2000

 

 

Com. Reg. No.:

11-147685

 

 

Capital Investment / Paid-up Capital :

Rs.15.000 Million

 

 

CIN No.:

[Company Identification No.]

U25200PN2000PTC147685

 

 

IEC No.:

Not Available

 

 

TAN No.:

[Tax Deduction & Collection Account No.]

Not Available

 

 

PAN No.:

[Permanent Account No.]

Not Available

 

 

Legal Form :

Private Limited Liability Company

 

 

Line of Business :

Manufacturing and sales of bonding coating and sealing adhesives used in the automobile industry.

 

 

No. of Employees :

Information declined by the management 

 

 

RATING & COMMENTS

 

MIRA’s Rating :

Ba (52)

 

RATING

STATUS

PROPOSED CREDIT LINE

41-55

Ba

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

Satisfactory

 

Status :

Good

 

 

Payment Behaviour :

Regular

 

 

Litigation :

Clear

 

 

Comments :

Subject is a subsidiary of "EFTEC AG, SWITZERLAND. It is an established company having fine track record.

 

Company possesses healthy operational risk profile marked by adequate financial base and adequate net worth base and debt protection metrics of the company.

 

Rating also takes into account of strong financial, technical and marketing support received from holding company supported by established market position in bonding, coating, sealing and damping adhesives used in the domestic automobile industry and decent customer base of the company.

 

Trade relation; are reported as fair. Business is active. Payments are reported to be regular and as per commitment.

 

In view of aforesaid, the company can be considered good for normal 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.

 

EXTERNAL AGENCY RATING

 

Rating Agency Name

ICRA

Rating

Long term fund based: BBB+

Rating Explanation

Moderate degree of safety and moderate credit risk.

Date

March 2015

 

Rating Agency Name

ICRA

Rating

Short term Non fund based: A2

Rating Explanation

Strong degree f safety and low credit risk.

Date

March 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 31-03-2013.

 

INFORMATION DECLINED BY

 

Name :

Mr. Jayant Jha

Designation :

Accountant

Contact No.:

91-2138-663400

Date :

04.07.2015

 

 

LOCATIONS

 

Registered Office :

G-9, MIDC Ranjangaon, Pune-Ahmednagar Highway, Ranjangaon Shirur, Pune – 412210, Maharashtra

Tel. No.:

91-2138-663400

Fax No.:

Not Available

E-Mail :

esil@eftecindia.com

 

 

DIRECTORS

 

AS ON 30.09.2014

 

Name :

Mr. Markus Johann Kremmel

Designation :

Director

Address :

Sankt-Antonius-Strabe 26a, 6890, Lustenau, 6890, Austria

Date of Birth/Age :

09.10.1960

Date of Appointment :

31.03.2007

DIN No.:

01460881

 

 

Name :

Mr. Tee Check Seng

Designation :

Director

Address :

9G Yuan Ching Road, 12-72 Lakeside Tower, Singapore, 618649, , Singapore

Date of Birth/Age :

01.06.1957

Date of Appointment :

03.02.2014

DIN No.:

01513072

 

 

Name :

Mr. Sagar Tanaji Kulkarni

Designation :

Additional director

Address :

9/2, Coroment Housing Society, Sector No-27, Sai Prasad, Sindhunagar, Pradhikaran, Nigdi, Pune - 411044, Maharashtra, India

Date of Appointment :

17.01.2015

DIN No.:

05189345

 

 

Name :

Mr. Philipp Hans Bachtold

Designation :

Additional director

Address :

Flat No A 51/F, Seymour, 9 Seymour Road, Central, Hong Kong, 852, China

Date of Appointment :

17.01.2015

DIN No.:

07070139

 

 

KEY EXECUTIVES

 

Name :

Mr. Jayant Jha

Designation :

Accountant

 

 

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

 

AS ON 30.09.2014

 

Names of Shareholders

No. of Shares

%age holding

EFTEC Asia Pte Limited, Singapore

735000

49.00

EFTEC AG, Switzerland

765000

51.00

Total

1500000

100.00

 

 

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

100.00

Total

100.00

 

 

BUSINESS DETAILS

 

Line of Business :

Manufacturing and sales of bonding coating and sealing adhesives used in the automobile industryand.

 

 

Products :

Item Code No.

Product Description

48114900

Sealing Adhesive

 

 

Brand Names :

Not Available

 

 

Agencies Held :

Not Available

 

 

Exports :

Not Divulged

 

 

Imports :

Not Divulged

 

 

Terms :

Not Divulged

 

PRODUCTION STATUS: NOT AVAILABLE

 

 

GENERAL INFORMATION

 

Suppliers :

Reference :

Not Divulged

Name of the Person :

Not Divulged

Contact No.:

Not Divulged

Since How Long Known :

Not Divulged

Maximum Limit Dealt :

Not Divulged

Experience :

Not Divulged

Remark:

Not Divulged

 

 

Customers :

Reference :

Not Divulged

Name of the Person :

Not Divulged

Contact No.:

Not Divulged

Since How Long Known :

Not Divulged

Maximum Limit Dealt :

Not Divulged

Experience :

Not Divulged

Remark:

Not Divulged

 

 

No. of Employees :

Information declined by the management 

 

 

Bankers :

Banker Name

Standard Chartered Bank

Branch Address

90, M G Road, Fort, Mumbai - 400001, Maharashtra, India

Person Name (With Designation)

Not Divulged

Contact Number

Not Divulged

Name of Account Holder

Not Divulged

Account Number

Not Divulged

Account Since (Date/Year of Account Opening)

Not Divulged

Average Balance Maintained (If Possible)

Not Divulged

Credit Facilities Enjoyed (If any)

Not Divulged

Account Operation

Not Divulged

Remarks (If any)

Not Divulged

 

 

Facilities :

(Rs. In Million)

SECURED LOAN

As on

31.03.2014

As on

31.12.2012

LONG TERM BORROWING

 

 

Fully convertible debentures others

98.080

0.000

SHORT TERM BORROWING

 

 

Working capital loans from banks

49.446

98.823

Total

147.526

98.823

 

Banking Relations :

 

 

 

Auditors :

 

Name :

B K Khare and Company

Chartered Accountant

Address :

Pune, Maharashtra, India

PAN N Income-tax PAN of auditor or auditor's firm :

AAAFB0265E

 

 

Memberships :

--

 

 

Collaborators :

--

 

 

Holding company:
  • Eftec AG With effect from April 132012

 

 

Venture in respect of which

the Company is an

associate joint venture and:
  • EFTEC Asia Pte Limited

 

 

Entities having common Control:
  • Eftec Thailand Company Limitedand
  • Eftec Nv
  • Eftec North America LandLandC
  • Eftec Engineering GMBH
  • Eftec Limited wandeandfand January 12012

 

 

Entities having significant

Influence:
  • Punjab Chemical and Crop Protection Limited Upto April 132012, India [L24231CH1975PLC003603]
  • d L and L Products Shroff Private Limited Upto April 132012, India [U25190MH2010PTC209780]

 

 

CAPITAL STRUCTURE

 

AS ON 31.03.2014

 

Authorised Capital :

No. of Shares

Type

Value

Amount

 

 

 

 

3000000

Equity Shares

Rs.10/- each

Rs. 30.000 Million

 

 

 

 

 

Issued, Subscribed & Paid-up Capital :

No. of Shares

Type

Value

Amount

 

 

 

 

1500000

Equity Shares

Rs.10/- each

Rs. 15.000 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

15.000

15.000

15.000

(b) Reserves & Surplus

211.220

200.303

316.646

(c) Money received against share warrants

0.000

0.000

0.000

 

 

 

 

(2) Share Application money pending allotment

0.000

0.000

0.000

Total Shareholders’ Funds (1) + (2)

226.220

215.303

331.646

 

 

 

 

(3) Non-Current Liabilities

 

 

 

(a) long-term borrowings

98.080

0.000

0.000

(b) Deferred tax liabilities (Net)

1.238

2.179

9.646

(c) Other long term liabilities

0.000

0.000

0.000

(d) long-term provisions

2.956

3.620

2.226

Total Non-current Liabilities (3)

102.274

5.799

11.872

 

 

 

 

(4) Current Liabilities

 

 

 

(a) Short term borrowings

49.446

98.823

80.849

(b) Trade payables

190.607

218.900

124.328

(c) Other current liabilities

7.963

6.829

3.862

(d) Short-term provisions

14.059

10.456

7.857

Total Current Liabilities (4)

262.075

335.008

216.896

 

 

 

 

TOTAL

590.569

556.110

560.414

 

 

 

 

II.          ASSETS

 

 

 

(1) Non-current assets

 

 

 

(a) Fixed Assets

 

 

 

(i) Tangible assets

207.409

219.667

235.295

(ii) Intangible Assets

0.000

0.000

7.818

(iii) Capital work-in-progress

0.818

0.000

12.926

(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

22.622

19.742

18.789

(e) Other Non-current assets

0.000

0.000

0.000

Total Non-Current Assets

230.849

239.409

274.828

 

 

 

 

(2) Current assets

 

 

 

(a) Current investments

0.000

0.000

0.000

(b) Inventories

162.670

139.951

97.048

(c) Trade receivables

148.279

101.360

144.573

(d) Cash and cash equivalents

11.881

23.724

10.100

(e) Short-term loans and advances

36.890

51.666

33.865

(f) Other current assets

0.000

0.000

0.000

Total Current Assets

359.720

316.701

285.586

 

 

 

 

TOTAL

590.569

556.110

560.414

 

 

PROFIT & LOSS ACCOUNT

 

 

PARTICULARS

31.03.2014

(15 Months)

31.12.2012

(12 Months)

31.12.2011

(12 Months)

 

SALES

 

 

 

 

Income

115.638

992.444

852.404

 

Other Income

14.243

3.738

6.817

 

TOTAL

1167.929

996.182

859.221

 

 

 

 

 

 

EXPENSES

1133.030

1096.521

787.836

 

 

 

 

 

 

PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION 

34.899

(100.339)

71.385

 

 

 

 

 

 

DEPRECIATION/ AMORTISATION

18.615

16.418

20.416

 

 

 

 

 

 

PROFIT/ (LOSS)  BEFORE TAX

16.284

(116.757)

50.969

 

 

 

 

 

 

TAX

5.648

(7.467)

19.522

 

 

 

 

 

 

PROFIT/ (LOSS)  AFTER TAX 

10.625

(109.290)

31.447

 

 

 

 

 

 

EARNINGS IN FOREIGN CURRENCY

 

 

 

 

F.O.B. Value of Exports

0.350

24.458

14.367

 

TOTAL EARNINGS

0.350

24.458

14.367

 

 

 

 

 

 

IMPORTS

 

 

 

 

CIF Value of Import Raw Material Cost

434.333

379.566

232.336

 

TOTAL IMPORTS

434.333

379.566

232.336

 

 

 

 

 

 

Earnings / (Loss) Per Share (Rs.)

7.08

NA

NA

 

 

 

 

 

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

NA

NA

NA

Cash generated from operations

NA

NA

NA

Net cash flows from (used in) operations

(58.810)

(4.405)

79.161

 

 

KEY RATIOS

 

PARTICULARS

 

 

31.03.2014

(15 Months)

31.12.2012

(12 Months)

31.12.2011

(12 Months)

Net Profit Margin

(PAT / Sales)

(%)

9.19

(11.01)

3.69

 

 

 

 

 

Return on Total Assets

(PBT/Total Assets}

(%)

2.76

(21.00)

9.31

 

 

 

 

 

Return on Investment (ROI)

(PBT/Networth)

 

0.07

(0.54)

0.15

 

 

 

 

 

Debt Equity Ratio

(Total Debt /Networth)

 

0.65

0.46

0.24

 

 

 

 

 

Current Ratio

(Current Asset/Current Liability)

 

1.37

0.95

1.32

 

 

 

FINANCIAL ANALYSIS

[all figures are in Rupees Million]

 

DEBT EQUITY RATIO

 

Particular

31.12.2011

31.12.2012

31.03.2014

 

(Rs. In Million)

(Rs. In Million)

(Rs. In Million)

Share Capital

15.000

15.000

15.000

Reserves & Surplus

316.646

200.303

211.220

Money received against share warrants

0.000

0.000

0.000

 Share Application money pending allotment

0.000

0.000

0.000

Net worth

331.646

215.303

226.220

 

 

 

 

long-term borrowings

0.000

0.000

98.080

Short term borrowings

80.849

98.823

49.446

Total borrowings

80.849

98.823

147.526

Debt/Equity ratio

0.244

0.459

0.652

 

 

YEAR-ON-YEAR GROWTH

 

Year on Year Growth

31.12.2011

31.12.2012

31.03.2014

 

(Rs. In Million)

(Rs. In Million)

(Rs. In Million)

Sales

852.404

992.444

115.638

 

 

16.429

-88.348

 

 

 

NET PROFIT MARGIN

 

Net Profit Margin

31.12.2011

31.12.2012

31.03.2014

 

(Rs. In Million)

(Rs. In Million)

(Rs. In Million)

Sales

852.404

992.444

115.638

Profit

31.447

(109.290)

10.625

 

3.69%

(11.01%)

9.19%

 

 

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

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

Yes

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

--

33

Market information

--

34

Payments terms

No

35

Negative Reporting by Auditors in the Annual Report

No

 

 

NOTE: Registered office of the company has been shifted from Plot No. 645/646, Oberoi Chambers – II 4th and 5th Floor, New Link Road, Andheri (West), Mumbai – 400053, Maharashtra, India to the present address w.e.f. 27.11.2012

 

COMPANY BACKGROUND

 

The Company was incorporated on 30 June 2000and The Company is in the business of manufacturing and sales of bonding coating and sealing adhesives used in the automobile industry.

 

INDEX OF CHARGES

 

S.NO.

CHARGE ID

DATE OF CHARGE CREATION/MODIFICATION

CHARGE AMOUNT SECURED

CHARGE HOLDER

ADDRESS

SERVICE REQUEST NUMBER (SRN)

1

10399451

12/06/2015 *

160,000,000.00

ICICI BANK LIMITED

REGIONAL HEAD OFFICE,A WING, 3RD FLOOR,, SHANGRIL
A GARDENS, BUND GARDEN ROAD,, PUNE, MAHARASHTRA -
411001, INDIA

C57673436

 

* Date of charge modification

 

FIXED ASSETS

 

Tangible assets

 

 

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 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.63.40

UK Pound

1

Rs.98.94

Euro

1

Rs.70.33

 

 

INFORMATION DETAILS

 

Information Gathered by :

NYA

 

 

Analysis Done by :

KAR

 

 

Report Prepared by :

KVT

 

 

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

5

--LIQUIDITY

1~10

6

--LEVERAGE

1~10

5

--RESERVES

1~10

6

--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

YES

--LISTED

YES/NO

NO

--OTHER MERIT FACTORS

YES/NO

YES

DEFAULTER

 

 

--RBI

YES/NO

NO

--EPF

YES/NO

NO

TOTAL

 

52

 

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.