MIRA INFORM REPORT
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Report No. : |
324520 |
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Report Date : |
06.06.2015 |
IDENTIFICATION DETAILS
|
Name : |
NOBEL AUTOMOTIVE INDIA PRIVATE LIMITED |
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Registered
Office : |
Plot No. B 28, Sipcot Growth Centre, Oragadam, Sriperumbudur Taluk, Chennai-602
105, Tamilnadu. |
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Tel. No.: |
91-44-2710 7459 / 45583052 |
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Country : |
India |
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Financials (as
on) : |
31.12.2013 |
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Date of
Incorporation : |
20.09.2011 |
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Com. Reg. No.: |
18-082421 |
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Capital Investment
/ Paid-up Capital : |
Rs.178.170 Million |
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CIN No.: [Company Identification
No.] |
U34300TN2011FTC082421 |
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TAN No.: [Tax Deduction &
Collection Account No.] |
CHEN07679A |
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PAN No.: [Permanent Account No.] |
AADCN7799P |
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Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Subject is engaged in the business of Designing and manufacturing of
automotive parts including Liquid transfer systems, brake systems and fuel
systems. |
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No. of Employees
: |
Information declined by the management |
RATING & COMMENTS
|
MIRA’s Rating : |
B (30) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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Maximum Credit Limit : |
USD 430000 |
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Status : |
Moderate |
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Payment Behaviour : |
Slow but correct |
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Litigation : |
Clear |
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Comments : |
Subject is a subsidiary of Orhan International B.V. Netherland. It is an established company having moderate track record. Management of the company not filed its latest financial i.e. Dec 2014
with the government department. As per the available financial of Dec 2013, the company has incurred
some accumulated losses. However, company is operating on its own funds. Trade relations are reported to be fair. Business is active. Payments
terms are reported to be slow but correct. The company can be considered for business dealings with some caution.
|
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 |
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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
|
Rating Agency Name |
Not Available |
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Rating |
Not Available |
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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
31-03-2013.
INFORMATION DENIED BY
|
Name : |
Ms. Radha V. Raghavan |
|
Designation : |
Company Secretary |
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Contact No.: |
91-9840984073 |
|
Date : |
28.05.2015 |
LOCATIONS
|
Registered Office : |
Plot No. B 28, Sipcot Growth Centre, Oragadam, Sriperumbudur Taluk,
Chennai-602 105, Tamilnadu, India. |
|
Tel. No.: |
91-44-2710 7459 / 45583052 |
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Fax No.: |
91-44-4558 3052 / 45583052 |
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Email : |
DIRECTORS
As on 23.05.2014
|
Name : |
Halil Murat Orhan |
|
Designation : |
Director |
|
Address : |
Bademli MH.Oryapi Evleri 3/1, Ibrahim Orhan Villalari, Mudanya, 16943
Bursa, Turkey. |
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Date of Birth/Age : |
09.05.1966 |
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Date of Appointment : |
20.09.2011 |
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DIN No.: |
03612614 |
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|
|
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Name : |
Aysegul Orhan |
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Designation : |
Director |
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Address : |
Bademli MH.Oryapi Evleri 3/1, Ibrahim Orhan Villalari, Mudanya, 16943 Bursa,
Turkey. |
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Date of Birth/Age : |
15.01.1970 |
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Date of Appointment : |
20.09.2011 |
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DIN No.: |
03612617 |
KEY EXECUTIVES
|
Name : |
Ms. Radha V. Raghavan |
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Designation : |
Company Secretary |
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Address : |
New No.6,Old no 61-A,M.G.Ramachandran Road ,Kalakshetra Colony, Besant
Nagar, Chennai-600 090,Tamilnadu. |
|
Date of Birth/Age : |
12.05.1955 |
|
Date of Appointment : |
27.12.2013 |
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PAN No.: |
AAKPR1880K |
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Email: |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 23.05.2014
|
Names of Shareholders |
|
No. of Shares |
|
Orhan International B.V, Netherland |
|
21941544 |
|
Orhan Holding A.S, Turkey |
|
1000 |
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Total |
|
21942544 |
Equity Share Break up (Percentage of Total Equity)
As on 23.05.2014
|
Category |
Percentage |
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Foreign holdings( Foreign institutional investor(s),
Foreign companie(s) Foreign financial institution(s), Non-resident Indian(s)
or Overseas Corporate bodies or Others |
100.00 |
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Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Subject is engaged in the business of Designing and manufacturing of
automotive parts including Liquid transfer systems, brake systems and fuel
systems. |
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Products : |
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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 : |
S. Murali and Associates Chartered Accountants |
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Address : |
New No 5, Old No 3, VIP Home II Main, Road R A Puram, Chennai 600028, Taminadu, India |
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PAN N Income-tax PAN of auditor or auditor's firm : |
ABWFS8004R |
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Memberships : |
Not Available |
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Collaborators : |
Not Available |
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Holding Company : |
Orhan International B.V, Netherlands |
CAPITAL STRUCTURE
After As on
23.05.2014
Authorised Capital : Rs.300.000 Million
Issued,
Subscribed & Paid-up Capital : Rs.338.613 Million
As on 31.12.2013
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
20000000 |
Equity Shares |
Rs.10/- each |
Rs.338.613
Million |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital : Rs. 178.170
Million
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
17817044 |
Equity Shares |
Rs.10/- each |
Rs.178.170
Million |
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FINANCIAL DATA
[all figures are
in Rupees Million]
ABRIDGED
BALANCE SHEET
|
SOURCES
OF FUNDS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
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|
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I.
EQUITY AND LIABILITIES |
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|
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(1)Shareholders' Funds |
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|
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(a) Share Capital |
178.170 |
3.352 |
1.000 |
|
(b) Reserves & Surplus |
(28.377) |
(0.579) |
(0.553) |
|
(c) Money received against
share warrants |
0.000 |
0.000 |
0.000 |
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|
|
|
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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) |
149.793 |
2.773 |
0.447 |
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(3) Non-Current Liabilities |
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|
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|
(a) long-term borrowings |
0.000 |
0.000 |
0.000 |
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(b) Deferred tax liabilities
(Net) |
0.591 |
0.000 |
0.000 |
|
(c) Other long term
liabilities |
0.000 |
0.000 |
0.000 |
|
(d) long-term provisions |
0.000 |
0.000 |
0.000 |
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Total
Non-current Liabilities (3) |
0.591 |
0.000 |
0.000 |
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(4) Current Liabilities |
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(a) Short term borrowings |
0.000 |
0.000 |
0.000 |
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(b) Trade payables |
18.625 |
0.603 |
0.000 |
|
(c) Other current liabilities |
1.832 |
0.178 |
0.000 |
|
(d) Short-term provisions |
0.141 |
0.028 |
1.918 |
|
Total
Current Liabilities (4) |
20.598 |
0.809 |
1.918 |
|
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|
|
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TOTAL |
170.982 |
3.582 |
2.365 |
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II.
ASSETS |
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(1) Non-current assets |
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(a) Fixed Assets |
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|
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(i) Tangible assets |
38.766 |
0.371 |
0.000 |
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(ii) Intangible Assets |
4.539 |
1.325 |
0.000 |
|
(iii) Capital work-in-progress |
0.000 |
0.000 |
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 |
8.517 |
0.000 |
0.000 |
|
(e) Other Non-current assets |
0.000 |
0.000 |
0.000 |
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Total
Non-Current Assets |
51.822 |
1.696 |
0.000 |
|
|
|
|
|
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(2) Current assets |
|
|
|
|
(a) Current investments |
0.000 |
0.000 |
0.000 |
|
(b) Inventories |
5.585 |
0.000 |
0.000 |
|
(c) Trade receivables |
6.752 |
0.059 |
0.000 |
|
(d) Cash and cash equivalents |
97.356 |
1.562 |
0.000 |
|
(e) Short-term loans and
advances |
8.982 |
0.265 |
2.207 |
|
(f) Other current assets |
0.485 |
0.000 |
0.158 |
|
Total
Current Assets |
119.160 |
1.886 |
2.365 |
|
|
|
|
|
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TOTAL |
170.982 |
3.582 |
2.365 |
PROFIT
& LOSS ACCOUNT
|
|
PARTICULARS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
|
SALES |
|
|
|
|
|
Revenue from operations |
|
10.696 |
0.000 |
|
|
Other Income |
|
0.000 |
0.000 |
|
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TOTAL
(A) |
31.357 |
10.696 |
0.000 |
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
Cost of Materials Consumed |
|
1.501 |
0.000 |
|
|
Employees benefits expense |
|
4.608 |
0.283 |
|
|
Other expenses |
|
4.024 |
0.268 |
|
|
TOTAL
(B) |
NA |
10.133 |
0.551 |
|
|
|
|
|
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|
PROFIT/
(LOSS) BEFORE INTEREST, TAX, DEPRECIATION
AND AMORTISATION (C) |
NA |
0.563 |
(0.551) |
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
NA |
0.021 |
0.001 |
|
|
|
|
|
|
|
|
PROFIT
/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
NA |
0.542 |
(0.552) |
|
|
|
|
|
|
|
Less/
Add |
DEPRECIATION/
AMORTISATION (F) |
NA |
0.568 |
0.000 |
|
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|
PROFIT/ (LOSS)
BEFORE TAX (E-F) (G) |
NA |
(0.026) |
(0.552) |
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|
|
|
|
Less |
TAX (H) |
NA |
0.000 |
0.000 |
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|
PROFIT/ (LOSS)
AFTER TAX (G-H) (I) |
(27.798) |
(0.026) |
(0.552) |
|
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EARNINGS
IN FOREIGN CURRENCY |
|
|
|
|
|
F.O.B. Value of Exports |
30.086 |
10.696 |
0.000 |
|
|
TOTAL
EARNINGS |
30.086 |
10.696 |
0.000 |
|
|
|
|
|
|
|
|
Earnings
/ (Loss) Per Share (Rs.) |
(27.79) |
(0.026) |
NA |
CURRENT MATURITIES OF LONG TERM DEBT DETAILS
|
Particulars |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
Current Maturities of Long term debt |
NA |
NA |
NA |
|
Cash generated from operations |
NA |
NA |
NA |
KEY
RATIOS
|
PARTICULARS |
|
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
Net Profit Margin (PAT / Sales) |
(%) |
(88.65) |
(0.24) |
NA |
|
|
|
|
|
|
|
Operating Profit Margin (PBIDT/Sales) |
(%) |
NA |
5.26 |
NA |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
NA |
(0.73) |
(23.34) |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
NA |
(0.01) |
(1.23) |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
NA |
0.00 |
0.00 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
5.79 |
2.33 |
1.23 |
FINANCIAL ANALYSIS
[all figures are
in Rupees Million]
DEBT EQUITY RATIO
|
Particular |
31.12.2011 |
31.12.2012 |
31.12.2013 |
|
|
(Rs.
In Million) |
(Rs.
In Million) |
(Rs.
In Million) |
|
Share Capital |
1.000 |
3.352 |
178.170 |
|
Reserves & Surplus |
(0.553) |
(0.579) |
(28.377) |
|
Net
worth |
0.447 |
2.773 |
149.793 |
|
|
|
|
|
|
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 |
31.12.2012 |
31.12.2013 |
|
|
(Rs.
In Million) |
(Rs.
In Million) |
|
Sales |
10.696 |
31.357 |
|
|
-- |
193.166 |
NET PROFIT MARGIN
|
Net
Profit Margin |
31.12.2012 |
31.12.2013 |
|
|
(Rs.
In Million) |
(Rs.
In Million) |
|
Sales |
10.696 |
31.357 |
|
Profit |
(0.026) |
(27.798) |
|
|
(0.24%) |
(88.65%) |
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 |
No |
|
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 |
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 |
NOTE: Registered office of the company has been shifted from New No. 6, Old No.61, M.G. Ramachandra Road, Kalakshetra Colony, Besant Nagar, Chennai – 600090, Tamilnadu, India to the present address w.e.f. 27.09.2013
FINANCIAL RESULTS
& OPERATIONAL REVIEW
The Company ended the year remove with a total revenue of Rs. 31.357 Million, arising mainly from provision of design and engineering services by the Design and Engineering Centre at Hyderabad.
During the year under report, the Company set up a manufacturing facility at Oragadam, Chennai for manufacture of automotive parts at a capital cost of about Rs. 40.000 million in the first phase. The factory commenced production subsequent to the close of the financial year in April 2014.
The loss for the year including the operating costs of running the factory stands at Rs.27.798 million.
FUTURE PROSPECTS
The Chennai plant has commenced regular supplies to its leading customer and further production lines are being set up for meeting customer requirements.
The company has also acquired land at Sanand, Gujarat and proposes to establish one more manufacturing facility in Sanand in the near future.
With the proposed augmented capacity, the Company is geared to meet the growing customer demand satisfactorily in the forthcoming year.
INDEX
OF CHARGES : NO CHARGES EXIST FOR THE COMPANY
FIXED ASSETS
Tangible Assets
- Plant and equipment
- Factory equipments
- Furniture and fixtures [
- Office equipment
- Computer equipments
Intangible Assets
- Computer 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.64.17 |
|
|
1 |
Rs.98.30 |
|
Euro |
1 |
Rs.72.25 |
INFORMATION DETAILS
|
Information
Gathered by : |
NYA |
|
|
|
|
Analysis Done by
: |
DIV |
|
|
|
|
Report Prepared
by : |
SUJ |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
3 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
4 |
|
FINANCIAL
CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
3 |
|
--PROFITABILITY |
1~10 |
2 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
3 |
|
--RESERVES |
1~10 |
2 |
|
--CREDIT LINES |
1~10 |
3 |
|
--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 |
|
30 |
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.