MIRA INFORM REPORT
|
Report No. : |
343704 |
|
Report Date : |
06.10.2015 |
IDENTIFICATION DETAILS
|
Name : |
MTU INDIA PRIVATE LIMITED (w.e.f. 25.05.2007) |
|
|
|
|
Formerly Known
As : |
MTU DETROIT DIESEL INDIA PRIVATE LIMITED |
|
|
|
|
Registered
Office : |
H M Geneva House Unit No 303 3rd Floor No 14, Cunningham Road, Bangalore – 560052, Karnataka |
|
Tel. No.: |
91-80-41151302/65951302 |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as
on) : |
31.03.2014 |
|
|
|
|
Date of
Incorporation : |
06.06.2000 |
|
|
|
|
Com. Reg. No.: |
08-027209 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs. 2.500 Million |
|
|
|
|
CIN No.: [Company Identification
No.] |
U35914KA2000PTC027209 |
|
|
|
|
IEC No.: |
0700012150 |
|
|
|
|
TAN No.: [Tax Deduction & Collection
Account No.] |
Not Available |
|
|
|
|
PAN No.: [Permanent Account No.] |
AABCD2233N |
|
|
|
|
Legal Form : |
Private Limited Liability Company |
|
|
|
|
Line of Business
: |
The company is engaged in the business of marketing, sale and distribution
of diesel engines and spare parts including associated equipment and
servicing of diesel engines. |
|
|
|
|
No. of Employees
: |
Information declined by the management |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (47) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
Usually correct |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is part of Rolls-Royce Power Systems AG having satisfactory
track. It is an established company incorporated during the year 2000 and it
is engaged in the business of marketing sale and distribution of diesel
engines and spare parts, including associated equipment and servicing of
diesel engines. There appears decline in profit of the company during the year 2014. However, rating takes into account of company’s sound financial risk
profile backed by its healthy net worth base and strong debt protection
metrics. Trade relations are fair. Business is active. Payment terms are
reported to be usually correct. The company can be considered for 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 |
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 DENIED BY
|
Name : |
Mr. Sunil Vaidya |
|
Designation : |
Assistant Manager Finance and legal |
|
Contact No.: |
91-20-67209200 |
|
Date : |
01.10.2015 |
LOCATIONS
|
Registered Office : |
H M Geneva House Unit No 303 3rd Floor No 14, Cunningham Road, Bangalore – 560052, Karnataka, India |
|
Tel. No.: |
91-80-41151302/65951302 |
|
Fax No.: |
91-80-41161303 |
|
E-Mail : |
|
|
Website : |
|
|
|
|
|
Corporate Office/ Head office : |
159/1, Tathawade, Pune-Mumbai Highway, Pune-411033, Maharashtra,
India |
|
Tel. No.: |
91-20-67209200 |
|
Fax No.: |
91-20-67209299 |
DIRECTORS
As on 25.08.2014
|
Name : |
Mr. Praveen Mohan |
|
Designation : |
Director |
|
Address : |
No 38, Near Om Shakthi Temple, Chinnappana Halli,Marathalli Post, Bangalore-560037, Karnataka, India |
|
Date of Birth/Age : |
14.10.1973 |
|
Date of Appointment : |
29.11.2013 |
|
DIN No.: |
06754926 |
|
|
|
|
Name : |
Mr. Shovan Biswas |
|
Designation : |
Director |
|
Address : |
16 Chestnut Gardens, Singapore, 679241, Singapore |
|
Date of Birth/Age : |
01.07.1971 |
|
Date of Appointment : |
20.01.2014 |
|
DIN No.: |
06811373 |
KEY EXECUTIVES
|
Name : |
Mr. Sunil Vaidya |
|
Designation : |
Assistant Manager Finance and legal |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 25.08.2014
|
Names of Shareholders |
|
No. of Shares |
|
MTU Asia Pte. Limited, Singapore |
|
249998 |
|
MTU Friedrichshafen GmbH, Germany |
|
2 |
|
Total |
|
250000 |
Equity Share Break up (Percentage of Total Equity)
As on 25.08.2014
|
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 |
99.99 |
|
Directors or relatives of Directors |
0.01 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
The company is engaged in the business of marketing, sale and
distribution of diesel engines and spare parts including associated equipment
and servicing of diesel engines. |
|
|
|
|
Products : |
Not Available |
|
|
|
|
Brand Names : |
Not Available |
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|
|
Agencies Held : |
Not Available |
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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
|
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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Facilities : |
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Banking
Relations : |
-- |
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|
|
|
Auditors : |
|
|
Name : |
B B S R and Company Chartered Accountants |
|
Address : |
703, 7th Floor, Godrej Castlemaine, Next to Ruby Hall Clinic, Bund
Garden Road, Pune – 411001, Maharashtra, India |
|
Tel No.: |
91-20-30504000 |
|
Fax No.: |
91-20-30504100 |
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PAN N Income-tax PAN of auditor or auditor's firm : |
AAKFB4397F |
|
|
|
|
Memberships : |
-- |
|
|
|
|
Collaborators : |
-- |
|
|
|
|
Holding Company : |
·
MTU Asia Pte. Limited (formerly known as
Tognum Asia Pte. Limited) |
|
|
|
|
Holding Company of Holding Company MTU Asia Pte. Limited : |
· MTU Friedrichshafen GmbH |
|
|
|
|
Holding Company of Holding Company MTU Friedrichshafen GmbH : |
· Rolls-Royce Power Systems AG (formerly known as Tognum AG) |
|
|
|
|
Fellow Subsidiary : |
· MTU America Inc. (formerly known as Tognum America Inc.) · MTU China · PT MTU Indonesia |
CAPITAL STRUCTURE
As on 25.08.2014
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
250,000 |
Equity Shares |
Rs.10/- each |
Rs. 2.500 Million |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
250,000 |
Equity Shares |
Rs.10/- each |
Rs. 2.500
Million |
|
|
|
|
|
FINANCIAL DATA
[all figures are
in Rupees Million]
ABRIDGED
BALANCE SHEET
|
SOURCES OF FUNDS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
I.
EQUITY
AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
2.500 |
2.500 |
2.500 |
|
(b) Reserves & Surplus |
246.108 |
223.173 |
190.039 |
|
(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) |
248.608 |
225.673 |
192.539 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
63.075 |
53.175 |
45.097 |
|
(b) Deferred tax liabilities (Net) |
0.000 |
0.000 |
0.000 |
|
(c) Other long term
liabilities |
4.875 |
4.399 |
3.350 |
|
(d) long-term
provisions |
24.557 |
20.004 |
13.325 |
|
Total Non-current
Liabilities (3) |
92.507 |
77.578 |
61.772 |
|
|
|
|
|
|
(4)
Current Liabilities |
|
|
|
|
(a) Short
term borrowings |
0.000 |
0.000 |
0.000 |
|
(b) Trade
payables |
57.970 |
73.549 |
61.005 |
|
(c) Other current
liabilities |
41.952 |
70.852 |
29.050 |
|
(d) Short-term
provisions |
13.096 |
22.136 |
6.203 |
|
Total Current
Liabilities (4) |
113.018 |
166.537 |
96.258 |
|
|
|
|
|
|
TOTAL |
454.133 |
469.788 |
350.569 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1)
Non-current assets |
|
|
|
|
(a) Fixed
Assets |
|
|
|
|
(i)
Tangible assets |
143.234 |
146.187 |
108.273 |
|
(ii)
Intangible Assets |
0.911 |
0.494 |
0.100 |
|
(iii)
Capital work-in-progress |
0.000 |
0.000 |
0.473 |
|
(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) |
29.922 |
21.881 |
15.379 |
|
(d) Long-term Loan and Advances |
34.228 |
25.608 |
18.625 |
|
(e) Other Non-current
assets |
0.125 |
0.125 |
0.125 |
|
Total Non-Current
Assets |
208.420 |
194.295 |
142.975 |
|
|
|
|
|
|
(2)
Current assets |
|
|
|
|
(a)
Current investments |
0.000 |
0.000 |
0.000 |
|
(b)
Inventories |
86.593 |
105.007 |
84.603 |
|
(c) Trade
receivables |
95.366 |
87.728 |
43.696 |
|
(d) Cash
and cash equivalents |
41.594 |
63.029 |
54.870 |
|
(e)
Short-term loans and advances |
22.160 |
19.729 |
24.425 |
|
(f) Other
current assets |
0.000 |
0.000 |
0.000 |
|
Total
Current Assets |
245.713 |
275.493 |
207.594 |
|
|
|
|
|
|
TOTAL |
454.133 |
469.788 |
350.569 |
PROFIT
& LOSS ACCOUNT
|
|
PARTICULARS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
|
|
|
|
|
|
Other Income |
|
|
|
|
|
|
TOTAL |
NA |
NA |
NA |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
NA |
NA |
NA |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX |
32.222 |
55.218 |
40.629 |
|
|
|
|
|
|
|
|
|
Less |
TAX |
9.287 |
22.083 |
17.563 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
|
22.935 |
33.135 |
23.066 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
223.173 |
190.038 |
166.972 |
|
|
|
|
|
|
|
|
|
|
BALANCE CARRIED
TO THE B/S |
246.108 |
223.173 |
190.038 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
91.74 |
132.54 |
92.264 |
|
CURRENT MATURITIES OF LONG TERM DEBT DETAILS
|
Particulars |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
Current Maturities of Long term debt |
NA |
NA |
NA |
|
Cash generated from operations |
NA |
52.786 |
NA |
|
Net cash flows from operating activities |
NA |
41.029 |
NA |
KEY
RATIOS
|
PARTICULARS |
|
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
Return on Total Assets (PBT/Total Assets} |
(%) |
7.60 |
12.33 |
12.14 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.13 |
0.24 |
0.21 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
0.25 |
0.24 |
0.23 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
2.17 |
1.65 |
2.16 |
FINANCIAL ANALYSIS
[all figures are
in Rupees Million]
DEBT EQUITY RATIO
|
Particular |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
(Rs.
In Million) |
(Rs.
In Million) |
(Rs.
In Million) |
|
Share Capital |
2.500 |
2.500 |
2.500 |
|
Reserves & Surplus |
190.039 |
223.173 |
246.108 |
|
Net
worth |
192.539 |
225.673 |
248.608 |
|
|
|
|
|
|
long-term borrowings |
45.097 |
53.175 |
63.075 |
|
Short term borrowings |
0.000 |
0.000 |
0.000 |
|
Total
borrowings |
45.097 |
53.175 |
63.075 |
|
Debt/Equity
ratio |
0.234 |
0.236 |
0.254 |
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 |
No |
|
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 |
INDEX
OF CHARGES NO CHARGES EXIST FOR COMPANY
CONTINGENT
LIABILITIES AND COMMITMENTS:
(Rs. in million)
|
PARTICULARS |
31.03.2014 |
31.03.2013 |
|
Contingent liabilities |
|
|
|
Demand in respects of income tax assessment
of earlier years |
0.000 |
0.377 |
|
Capital Commitments |
|
|
|
Estimated amount of capital contract to be
executed on capital account and not provided for (net of advance) |
3.132 |
8.023 |
FIXED ASSETS
- Leasehold Improvements
- Office equipments
- Computers
- Furniture and fittings
- Vehicle
- Plant and machinery
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 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.65.29 |
|
|
1 |
Rs.99.31 |
|
Euro |
1 |
Rs.73.39 |
INFORMATION DETAILS
|
Information
Gathered by : |
NYA |
|
|
|
|
Analysis Done by
: |
HNA |
|
|
|
|
Report Prepared
by : |
JYTK |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL
CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
5 |
|
--PROFITABILITY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
6 |
|
--CREDIT LINES |
1~10 |
5 |
|
--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 |
|
47 |
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.