MIRA INFORM REPORT
|
Report No. : |
350188 |
|
Report Date : |
17.11.2015 |
IDENTIFICATION DETAILS
|
Name : |
HP PELZER AUTOMOTIVE PRIVATE LIMITED (w.e.f. 30.07.2012) |
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|
|
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Formerly Known
As : |
HP PELZER MAYUR AUTOMOTIVE PRIVATE LIMITED |
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|
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Registered
Office : |
Gat No.298/301, Kharabwadi, Near Agility Logistics, Chakan, Pune – 410
501, |
|
Tel. No.: |
91-2135-613400 / 613414 / 5 |
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|
|
Country : |
India |
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|
|
|
Financials (as
on) : |
31.12.2014 |
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Date of
Incorporation : |
25.05.2009 |
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Com. Reg. No.: |
11-134015 |
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Capital
Investment / Paid-up Capital : |
Rs.144.443 Million |
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|
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CIN No.: [Company Identification
No.] |
U50300PN2009FTC134015 |
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IEC No.: |
3109005361 |
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|
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TAN No.: [Tax Deduction &
Collection Account No.] |
PNEH06202A |
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|
|
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PAN No.: [Permanent Account No.] |
AACCH2158K |
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|
|
Legal Form : |
Private Limited Liability Company |
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|
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Line of Business
: |
Manufacturer, Exporter and Importer of Automotive Parts. |
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|
|
|
No. of Employees
: |
50 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
Ca (15) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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 |
|
Status : |
Moderate |
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Payment Behaviour : |
Slow but correct |
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Litigation : |
Clear |
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Comments : |
Subject was incorporated in the year 2009. Hankook Pelzer Limited
(Korea) holds 66.38% and HP Pelzer Holding GMBH (Germany) holds 33.58% in the
subject company. As per the director’s report the company has become sick industrial
company as the accumulated losses of the company as at 31st
December 2014 exceeded its net worth and that the company has completed five
years of operations. It is a statutory requirement to make reference to the
Board of Industrial and Financial Reconstruction (BIFR). The application for
registration the company with BIFR is under process. The company has accumulated losses due to which its net worth base is
eroded. However, the company has not taken any external borrowings. Business is active. Payments are slow and delayed. In view of weak financial condition, the company can be considered for
business dealings on safe and secured trade terms and conditions. Note: As per Board for Industrial and Financial Reconstruction (BIFR) current
status, determination of sickness of the company is pending. |
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
31-03-2015.
INFORMATION PARTED BY
|
Name : |
Mr. Vikram Negandhi |
|
Designation : |
Director |
|
Contact No.: |
91-2135-613414 |
|
Date : |
16.11.2015 |
LOCATIONS
|
Registered Office/ Factory : |
Gat No.298/301, Kharabwadi, Near Agility Logistics, Chakan, Pune – 410
501, |
|
Tel. No.: |
91-2135-613400/ 613414 |
|
Fax No.: |
Not Available |
|
E-Mail : |
|
|
Website : |
DIRECTORS
As on 04.06.2015
|
Name : |
Mr. Vikram Jyeoteendra Negandhi |
|
Designation : |
Director |
|
Address : |
7, Swati Society No.-1, Near Smashan,, Manjalpur,, Vadodara - 390011, Gujarat, India |
|
Date of Birth/Age : |
23.07.1976 |
|
Date of Appointment : |
27.09.2013 |
|
DIN No.: |
01474962 |
|
|
|
|
Name : |
Mr. Jerome Christian Olivar |
|
Designation : |
Director |
|
Address : |
22 Rue Francois Rene De Chateaubriand, Verneuil Sur Seine - 78480, France |
|
Date of Birth/Age : |
19.02.1961 |
|
Date of Appointment : |
07.05.2013 |
|
DIN No.: |
06562664 |
KEY EXECUTIVES
|
Name : |
Mr. Kushal Kumar |
|
Designation : |
Secretary |
|
Address : |
Flat No. 4, Yash Building, 140/2, Near Tiny Tots Primary School, Warje, Pune - 411052, Maharashtra, India |
|
Date of Birth/Age : |
22.11.1989 |
|
Date of Appointment : |
01.09.2014 |
|
PAN No.: |
BEPPK6023P |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 04.06.2015
|
Names of Shareholding of Promoters |
No. of Shares |
%age
holding |
|
Hankook Pelzer Limited |
9588376 |
66.38 |
|
HP Pelzer Holding GmbH |
4850905 |
33.58 |
|
Sanjay Kumar Verma |
4985 |
0.03 |
|
Total |
14444266 |
100.00 |
Equity Share Break up (Percentage of Total Equity)
As on 04.06.2015
|
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 |
99.97 |
|
Other top fifty shareholders |
0.03 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer, Exporter and Importer of Automotive Parts. |
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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 : |
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Products : |
Finished Goods |
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Countries : |
European Countries |
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Imports : |
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Products : |
Raw Material |
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Countries : |
European Countries |
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Terms : |
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Selling : |
Cash, L/C and Credit |
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Purchasing : |
Cash, L/C and Credit |
PRODUCTION STATUS NOT AVAILABLE
GENERAL INFORMATION
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Suppliers : |
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Customers : |
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No. of Employees : |
50 (Approximately) |
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Bankers : |
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Financial Institutions : |
Volkswagen India Private Limited, E-1, MIDC Industria Area, Phase-III,
Village Nigoje, Mhalunge Kharabwad Chakan Tal Khed, Pune – 410501,
Maharashtra, India |
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|
|
|
Auditors : |
|
|
Name : |
Hingorani M. and Company Chartered Accountants |
|
Address : |
35, Netaji Subhash Marg, Darya Ganj, |
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Tel. No.: |
91-11-41068129/ 41071344 |
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Fax No.: |
91-11-23268129 |
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PAN N Income-tax PAN of auditor or auditor's firm : |
AAAFH3312F |
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Memberships : |
Not Available |
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Collaborators : |
Not Available |
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Associates: |
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Holding Company : |
Hankook Pelzer Limited |
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Joint Venture
Company : |
Supreme Treves Pelzer Private Limited |
CAPITAL STRUCTURE
As on 04.06.2015
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
26000000 |
Equity Shares |
Rs.10/- each |
Rs.260.000 Million |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
14444266 |
Equity Shares |
Rs.10/- each |
Rs.144.443
Million |
|
|
|
|
|
FINANCIAL DATA
[all figures are in
Rupees Million]
ABRIDGED
BALANCE SHEET
|
SOURCES
OF FUNDS |
31.12.2014 |
31.12.2013 |
31.12.2012 |
|
|
|
|
|
|
I.
EQUITY AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
144.443 |
144.443 |
144.443 |
|
(b) Reserves & Surplus |
(263.639) |
(359.811) |
(304.987) |
|
(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) |
(119.196) |
(215.368) |
(160.544) |
|
|
|
|
|
|
(3) Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
0.000 |
0.000 |
0.000 |
|
(b) Deferred tax liabilities
(Net) |
0.000 |
0.000 |
0.000 |
|
(c) Other long term
liabilities |
0.000 |
0.000 |
0.000 |
|
(d) long-term provisions |
2.965 |
2.462 |
0.000 |
|
Total
Non-current Liabilities (3) |
2.965 |
2.462 |
0.000 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
0.000 |
0.000 |
0.000 |
|
(b) Trade payables |
86.552 |
318.000 |
265.848 |
|
(c) Other current liabilities |
404.041 |
240.444 |
218.845 |
|
(d) Short-term provisions |
16.148 |
0.045 |
0.000 |
|
Total
Current Liabilities (4) |
506.741 |
558.489 |
484.693 |
|
|
|
|
|
|
TOTAL |
390.510 |
345.583 |
324.149 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
158.654 |
157.258 |
159.956 |
|
(ii) Intangible Assets |
0.886 |
0.463 |
1.073 |
|
(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 |
0.050 |
0.050 |
0.050 |
|
(c) Deferred tax assets (net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
5.376 |
5.376 |
5.376 |
|
(e) Other Non-current assets |
0.000 |
0.000 |
0.000 |
|
Total
Non-Current Assets |
164.966 |
163.147 |
166.455 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
0.000 |
0.000 |
0.000 |
|
(b) Inventories |
44.095 |
44.290 |
48.857 |
|
(c) Trade receivables |
52.822 |
74.577 |
59.700 |
|
(d) Cash and cash equivalents |
115.481 |
40.033 |
6.422 |
|
(e) Short-term loans and
advances |
11.568 |
22.447 |
40.791 |
|
(f) Other current assets |
1.578 |
1.089 |
0.924 |
|
Total
Current Assets |
225.544 |
182.436 |
156.694 |
|
|
|
|
|
|
TOTAL |
390.510 |
345.583 |
323.149 |
PROFIT
& LOSS ACCOUNT
|
|
PARTICULARS |
31.12.2014 |
31.12.2013 |
31.12.2012 |
|
|
SALES |
|
|
|
|
|
Income from Operation |
614.916 |
518.892 |
NA |
|
|
|
|
|
|
|
Less |
TOTAL
EXPENSES |
492.733 |
564.302 |
NA |
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE INTEREST, TAX, DEPRECIATION
AND AMORTISATION (C) |
122.183 |
(45.410) |
NA |
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
0.000 |
0.000 |
NA |
|
|
|
|
|
|
|
|
PROFIT
/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
122.183 |
(45.410) |
NA |
|
|
|
|
|
|
|
Less/
Add |
DEPRECIATION/
AMORTISATION (F) |
9.939 |
9.414 |
NA |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS)
BEFORE TAX (E-F) (G) |
112.244 |
(54.824) |
NA |
|
|
|
|
|
|
|
Less |
TAX (H) |
16.072 |
0.000 |
NA |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS)
AFTER TAX (G-H) (I) |
96.172 |
(54.824) |
(27.905) |
|
|
|
|
|
|
|
|
EARNINGS
IN FOREIGN CURRENCY |
|
|
|
|
|
Export of Automotive Parts |
32.776 |
5.476 |
0.084 |
|
|
TOTAL
EARNINGS |
32.776 |
5.476 |
0.084 |
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
Raw Materials |
140.982 |
134.594 |
86.359 |
|
|
Spare parts |
0.000 |
0.000 |
2.815 |
|
|
Tools |
0.000 |
0.000 |
0.427 |
|
|
Capital Goods |
6.018 |
5.391 |
3.471 |
|
|
TOTAL
IMPORTS |
147.000 |
139.985 |
93.072 |
|
|
|
|
|
|
|
|
Earnings
/ (Loss) Per Share (Rs.) |
6.66 |
(3.8) |
-- |
CURRENT MATURITIES OF LONG TERM DEBT DETAILS
|
Particulars |
31.12.2014 |
31.12.2013 |
31.12.2012 |
|
Current Maturities of Long term debt |
NA |
NA |
NA |
|
Cash generated from operations |
NA |
NA |
NA |
|
Net cash flow from operating activity |
NA |
NA |
NA |
KEY
RATIOS
|
PARTICULARS |
|
31.12.2014 |
31.12.2013 |
31.12.2012 |
|
Net Profit Margin (PAT / Sales) |
(%) |
15.64 |
(10.57) |
NA |
|
|
|
|
|
|
|
Operating Profit Margin (PBIDT/Sales) |
(%) |
19.87 |
(8.75) |
NA |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
28.75 |
(15.87) |
NA |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
(0.94) |
0.25 |
NA |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
0.00 |
0.00 |
0.00 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
0.45 |
0.33 |
0.32 |
FINANCIAL ANALYSIS
[all figures are
in Rupees Million]
DEBT EQUITY RATIO
|
Particular |
31.12.2012 |
31.12.2013 |
31.12.2014 |
|
|
(Rs.
In Million) |
(Rs.
In Million) |
(Rs.
In Million) |
|
Share Capital |
144.443 |
144.443 |
144.443 |
|
Reserves & Surplus |
(304.987) |
(359.811) |
(263.639) |
|
Net
worth |
(160.544) |
(215.368) |
(119.196) |
|
|
|
|
|
|
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 |
31.12.2013 |
31.12.2014 |
|
|
(Rs.
In Million) |
(Rs.
In Million) |
|
Sales |
518.892 |
614.916 |
|
|
18.506 |
NET PROFIT MARGIN
|
Net
Profit Margin |
31.12.2013 |
31.12.2014 |
|
|
(Rs.
In Million) |
(Rs.
In Million) |
|
Sales |
518.892 |
614.916 |
|
Profit |
(54.824) |
96.172 |
|
|
(10.57%) |
15.64% |
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) |
Yes |
|
16 |
No. of employees |
Yes |
|
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 two 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 |
Yes |
|
35 |
Negative Reporting by Auditors in the
Annual Report |
No |
OPERATIONS AND PERFORMANCE
The Company generated total revenue from operations of approx. INR 615 million in the current year ended 31 December 2014 as against approx. INR 519 million in the previous year ended 31 December 2013 resulting in a growth of 18.5%. The net profit after tax for the year ended 31 December 2014 stood at approx. INR 96 million as compared to net loss of INR 54 million during the previous year ended 31 December 2013.
The operational performance of the Company has been very resilient in the year under review due to increase in operational efficiency, growth in exports and improvement in sentiments of the market, especially automotive industry.
INDEX
OF CHARGES: NO CHARGES EXIST FOR THE COMPANY
FIXED ASSETS
- Plant and equipment
- Factory equipments
- Furniture and fixtures
- Vehicles
- Motor vehicles
- Office equipment
- Computer equipments
- Leasehold improvements
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.66.16 |
|
|
1 |
Rs.100.65 |
|
Euro |
1 |
Rs.70.97 |
INFORMATION DETAILS
|
Information
Gathered by : |
DIP |
|
|
|
|
Analysis Done by
: |
AMT |
|
|
|
|
Report Prepared
by : |
SUJ |
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 |
1 |
|
--LIQUIDITY |
1~10 |
1 |
|
--LEVERAGE |
1~10 |
2 |
|
--RESERVES |
1~10 |
1 |
|
--CREDIT LINES |
1~10 |
2 |
|
--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 |
YES |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
15 |
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.