MIRA INFORM REPORT
|
Report No. : |
320337 |
|
Report Date : |
02.05.2015 |
IDENTIFICATION DETAILS
|
Name : |
REYDEL AUTOMOTIVE INDIA PRIVATE LIMITED (w.e.f. 17.03.2015) |
|
|
|
|
Formerly Known
As : |
VISTEON INTERIOR SYSTEMS INDIA PRIVATE LIMITED |
|
|
|
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Registered
Office : |
Keelakaranai Village, Malrosapuram Post, Chengalpattu – 603204,
Tamilnadu |
|
Tel. No.: |
91-20-39166805 |
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|
Country : |
India |
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Financials (as
on) : |
31.03.2014 |
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Date of
Incorporation : |
28.05.2013 |
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|
|
|
Com. Reg. No.: |
18-091389 |
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|
|
Capital
Investment / Paid-up Capital : |
Rs. 0.500 Million |
|
|
|
|
CIN No.: [Company Identification
No.] |
U34101TN2013FTC091389 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
CHEV12293B |
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|
|
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PAN No.: [Permanent Account No.] |
AAECV4531G |
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Legal Form : |
Private Limited Liability Company |
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|
|
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Line of Business
: |
Manufacturer and sales of various automotive products like
instrument panel, door trim, central console components, etc. |
|
|
|
|
No. of Employees
: |
Information declined by the management |
RATING & COMMENTS
|
MIRA’s Rating : |
B (36) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
Status : |
Recently acquired an established business |
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|
|
Payment Behaviour : |
Slow but correct |
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|
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Litigation : |
Clear |
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Comments : |
Subject is a newly acquired business acting a subsidiary of a foreign company, having being yet to commence its commercial operations as per the available of FY14. Management remained non co-operative to part any information of the subject to us. As per available, the management has reported some per operative expenses which are further shown as accumulated losses during FY14. The ratings also take into consideration, the fact that the subject has been setup by acquiring the Indian automotive interior business of M/S Visteon Corporation, which may help the management to start its commercial operations in coming years. However, trade relations seem to be fair. Business is active. Payment terms are reported as slow but correct. In view of the aforesaid, the company should be continuously monitored regarding its commercial operations, till then the business dealing should be entered into with adequate securities. |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
EXTERNAL AGENCY RATING
|
Rating Agency Name |
Not Available |
|
Rating |
Not Available |
|
Rating Explanation |
Not Available |
|
Date |
Not Available |
RBI DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available RBI Defaulters’ list.
EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of
31-03-2014.
INFORMATION DECLINED
MANAGEMENT NON COOPERATIVE (91-20-39166823)
LOCATIONS
|
Registered Office : |
Keelakaranai Village, Malrosapuram Post, Chengalpattu – 603204,
Tamilnadu, India |
|
Tel. No.: |
Not Available |
|
Fax No.: |
Not Available |
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E-Mail : |
|
|
|
|
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Plant : |
283/2, Raisoni Industrial Area, Village Man, Hinjewadi, Pune – 411057,
Maharashtra, India |
|
Tel. No.: |
91-20-39166805 |
DIRECTORS
As on 08.08.2014
|
Name : |
Mr. Nagasubramony |
|
Designation : |
Director |
|
Address : |
Plot No. B 26, 3rd Cross ST, AG S Colony Extetion Beach
Layout, Kottivakkam, Chennai – 600041, Tamilnadu, India |
|
Date of Birth/Age : |
24.05.1967 |
|
Date of Appointment : |
28.05.2013 |
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DIN No.: |
00198053 |
|
|
|
|
Name : |
Mr. Swaminathan Balasubramanian |
|
Designation : |
Director |
|
Address : |
Flat No. 3 C Lasaya Apartment, 189 A, St Marrys Road, Alwarpet,
Chennai – 600018, Tamilnadu, India |
|
Date of Birth/Age : |
03.03.1963 |
|
Date of Appointment : |
28.05.2013 |
|
DIN No.: |
01267383 |
|
|
|
|
Name : |
Mr. Yang Woo Nam |
|
Designation : |
Director |
|
Address : |
Dalsun And Company, New No. 28, Brienz Villa Co-operative, Alwarpet,
Chennai – 600018, Tamilnadu, India |
|
Date of Birth/Age : |
25.02.1966 |
|
Date of Appointment : |
18.03.2014 |
|
DIN No.: |
06618675 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 08.08.2014
|
Names of Shareholders |
|
No. of Shares |
|
Halla Visteon Climate Control Corporation, Korea |
|
35499999 |
|
J H NAM |
|
1 |
As on 01.11.2014
|
Names of Allottees |
|
No. of Shares |
|
Halla Visteon Climate Control Corporation, Korea |
|
81066311 |
|
J H NAM |
|
1 |
|
Total |
|
81066312 |
Equity Share Break up (Percentage of Total Equity)
As on 08.08.2014
|
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 : |
Manufacturer and sales of various automotive products like
instrument panel, door trim, central console components, etc. |
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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 : |
Balaram and Nandakumar Chartered Accountants |
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Address : |
XX/211, Vivekananda Gardens, Adiyat Lane, Poothole |
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PAN N Income-tax PAN of auditor or auditor's firm : |
AACFB4299C |
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Memberships : |
-- |
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Collaborators : |
-- |
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Holding Company: |
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CAPITAL STRUCTURE
AFTER 08.08.2014
Authorised Capital : Rs. 1184.468 Million
Issued, Subscribed & Paid-up Capital : Rs. 1166.163
Million
As on 31.03.2014
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
50000 |
Equity Shares |
Rs.10/- each |
Rs. 0.500 Million |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
50000 |
Equity Shares |
Rs.10/- each |
Rs. 0.500 Million |
|
|
|
|
|
FINANCIAL DATA
[all figures are
in Rupees Million]
ABRIDGED BALANCE
SHEET
|
SOURCES
OF FUNDS |
|
|
31.03.2014 |
|
|
|
|
|
|
I.
EQUITY AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
|
|
0.500 |
|
(b) Reserves & Surplus |
|
|
(0.877) |
|
(c) Money received against
share warrants |
|
|
0.000 |
|
|
|
|
|
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(2) Share Application money
pending allotment |
|
|
0.000 |
|
Total
Shareholders’ Funds (1) + (2) |
|
|
(0.377) |
|
|
|
|
|
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(3) Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
|
|
0.000 |
|
(b) Deferred tax liabilities
(Net) |
|
|
0.000 |
|
(c) Other long term
liabilities |
|
|
0.000 |
|
(d) long-term provisions |
|
|
0.000 |
|
Total
Non-current Liabilities (3) |
|
|
0.000 |
|
|
|
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|
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(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
|
|
0.000 |
|
(b) Trade payables |
|
|
0.785 |
|
(c) Other current liabilities |
|
|
0.086 |
|
(d) Short-term provisions |
|
|
0.000 |
|
Total
Current Liabilities (4) |
|
|
0.871 |
|
|
|
|
|
|
TOTAL |
|
|
0.494 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
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(i) Tangible assets |
|
|
0.000 |
|
(ii) Intangible Assets |
|
|
0.000 |
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(iii) Capital work-in-progress |
|
|
0.000 |
|
(iv) Intangible assets under
development |
|
|
0.000 |
|
(b) Non-current Investments |
|
|
0.000 |
|
(c) Deferred tax assets (net) |
|
|
0.000 |
|
(d) Long-term Loan and Advances |
|
|
0.000 |
|
(e) Other Non-current assets |
|
|
0.000 |
|
Total
Non-Current Assets |
|
|
0.000 |
|
|
|
|
|
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(2) Current assets |
|
|
|
|
(a) Current investments |
|
|
0.000 |
|
(b) Inventories |
|
|
0.000 |
|
(c) Trade receivables |
|
|
0.000 |
|
(d) Cash and cash equivalents |
|
|
0.494 |
|
(e) Short-term loans and
advances |
|
|
0.000 |
|
(f) Other current assets |
|
|
0.000 |
|
Total
Current Assets |
|
|
0.494 |
|
|
|
|
|
|
TOTAL |
|
|
0.494 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
|
|
31.03.2014 |
|
|
SALES |
|
|
|
|
|
Income |
|
|
0.000 |
|
|
Other Income |
|
|
0.000 |
|
|
TOTAL |
|
|
0.000 |
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
Other expenses |
|
|
0.877 |
|
|
TOTAL |
|
|
0.877 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS)
BEFORE TAX |
|
|
(0.877) |
|
|
|
|
|
|
|
Less |
TAX |
|
|
0.000 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS)
AFTER TAX |
|
|
(0.877) |
|
|
|
|
|
|
|
|
Earnings
/ (Loss) Per Share (Rs.) |
|
|
(20.79) |
KEY RATIOS
|
PARTICULARS |
|
|
|
31.03.2014 |
|
Net Profit Margin (PAT / Sales) |
(%) |
|
|
0.00 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
|
|
(177.53) |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
|
|
2.33 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
|
|
0.00 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
|
|
0.57 |
LOCAL AGENCY FURTHER INFORMATION
CURRENT MATURITIES
OF LONG-TERM DEBT DETAILS: NOT
AVAILABLE
|
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 |
No |
|
5] |
Type of Business |
Yes |
|
6] |
Line of Business |
Yes |
|
7] |
Promoter's background |
Yes |
|
8] |
No. of employees |
No |
|
9] |
Name of person contacted |
No |
|
10] |
Designation of contact
person |
No |
|
11] |
Turnover of firm for last
one year |
Yes |
|
12] |
Profitability for last
one year |
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 |
No |
|
19] |
Payments terms |
No |
|
20] |
Export / Import details
(if applicable) |
No |
|
21] |
Market information |
-- |
|
22] |
Litigations that the firm
/ promoter involved in |
-- |
|
23] |
Banking Details |
Yes |
|
24] |
Banking facility details |
Yes |
|
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 |
FINANCIAL INFORMATION
During the period, the Company did not carry on any business activities and hence no revenue was generated during the period ended 31'' March, 2014.
GENERAL INFORMATION
Subject is a company incorporated on May 28, 2013 with the registered office in Chennai. The company is a 100% subsidiary of Halla Visteon Climate Control Corporation, Korea. The Company has plans to commence the business of manufacturer and sales of various automotive products like instrument panel, door trim, central console components, etc. and is in the process of applying to State Industries promotion Corporation of Tamilnadu (SIPCOT) to allot land for setting up a manufacturing plant in oragadam. A Scheme of arrangement (Demerger) with Visteon Automotive System (India) Private Limited (VASi), a allot subsidiary company has been filed the Honourable High Court of Madras to demerge the “Interior Business” of VASI to the company.
INDEX
OF CHARGES
|
S.NO. |
CHARGE ID |
DATE OF CHARGE
CREATION/MODIFICATION |
CHARGE AMOUNT
SECURED |
CHARGE HOLDER |
ADDRESS |
SERVICE REQUEST
NUMBER (SRN) |
|
1 |
10531721 |
25/10/2014 |
380,000,000.00 |
HDFC BANK LIMITED |
BANK HOUSE, SENAPATI BAPAT MARG,, LOWER PAREL WES |
C33852914 |
PRESS RELEASES
VISTEON COMPLETES SALE OF INDIA INTERIORS OPERATIONS TO REYDEL
AUTOMOTIVE HOLDINGS B.V. DECEMBER 1, 2014
Visteon Corporation has completed the sale of its interiors operations in India to Reydel Automotive Holdings B.V. The transaction is part of the previously announced divestiture of the majority of Visteon's interiors business to Reydel. Other interiors transaction closings with Reydel are expected to be completed by the end of the first half of 2015, with timing dependent on government approvals.
The India interiors operations sold to Reydel Automotive include all manufacturing operations in Pune and Visteon's interiors business in Chennai, although Visteon retains the Chennai facility itself. The operations acquired by Reydel Automotive have approximately 550 employees and produce instrument panels, door panels, floor consoles and other plastic trim parts for various vehicle manufacturers.
About Visteon
Visteon Corporation is a global automotive supplier that designs, engineers and
manufactures innovative products for nearly every vehicle manufacturer
worldwide. Visteon delivers value for its customers and shareholders through
two technology-focused core businesses: vehicle cockpit electronics and thermal
energy management. Visteon owns 70 percent of Halla Visteon Climate Control
Corp., the world's second largest provider of vehicle thermal management
solutions. With corporate offices in Van Buren Township,
Mich. (U.S.); Shanghai, China; and Chelmsford, UK; Visteon has
approximately 26,000 employees at facilities in 29 countries. Visteon had sales
of $7.4 billion in 2013.
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 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.63.20 |
|
|
1 |
Rs.91.01 |
|
Euro |
1 |
Rs.69.34 |
INFORMATION DETAILS
|
Information Gathered
by : |
PPT |
|
|
|
|
Analysis Done by
: |
SUB |
|
|
|
|
Report Prepared
by : |
KVT |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
4 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
5 |
|
--PROFITABILITY |
1~10 |
3 |
|
--LIQUIDITY |
1~10 |
4 |
|
--LEVERAGE |
1~10 |
3 |
|
--RESERVES |
1~10 |
3 |
|
--CREDIT LINES |
1~10 |
4 |
|
--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 |
|
36 |
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.