|
|
|
MIRA INFORM REPORT
|
Report No. : |
502401 |
|
Report Date : |
10.04.2018 |
IDENTIFICATION DETAILS
|
Name : |
FAURECIA EMISSIONS CONTROL TECHNOLOGIES INDIA PRIVATE LIMITED (w.e.f.
06.05.2010) |
|
|
|
|
Formerly Known
As : |
EMCON TECHNOLOGIES INDIA PRIVATE LIMITED (w.e.f. 01.08.2007) ARVIN EXHAUST INDIA PRIVATE LIMITED |
|
|
|
|
Registered
Office : |
Karumuthu Center, 1st Floor, No.634, Anna Salai, Chennai – 600035, Tamilnadu |
|
Tel No.: |
91-80-28437092/93/94 |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as
on) : |
31.03.2017 |
|
|
|
|
Date of
Incorporation : |
11.04.1997 |
|
|
|
|
Com. Reg. No.: |
18-037962 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
INR 151.900 Million |
|
|
|
|
CIN No.: [Company Identification
No.] |
U29130TN1997FTC037962 |
|
|
|
|
IEC No.: [Import-Export Code No.] |
0597019932 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
Not Available |
|
|
|
|
PAN No.: [Permanent Account No.] |
AAACA8450F |
|
|
|
|
GSTN : [Goods & Service Tax
Registration No.] |
33AAACA8450F1Z1 |
|
|
|
|
TIN No.: |
33100441435 |
|
|
|
|
Legal Form : |
Private Limited Liability Company |
|
|
|
|
Line of Business
: |
Subject is engaged in manufacture of Automotive Exhaust Systems, Catalytic Converter and Instrumental Panel Reinforcement Tubes and is supplying those to car manufacturers. (Registered Activity) |
|
|
|
|
No. of Employees
: |
Information declined by the management |
RATING & COMMENTS
(Mira Inform has adopted New Rating mechanism w.e.f. 23rd
January 2017)
|
MIRA’s Rating : |
A |
|
Credit Rating |
Explanation |
Rating Comments |
|
A |
Acceptable Risk |
Business dealings permissible with
moderate risk of default |
|
Maximum Credit Limit : |
USD 1990000 |
|
|
|
|
Status : |
Good |
|
|
|
|
Payment Behaviour : |
Regular |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject was incorporated in the year 1997. It is a subsidiary of Faurecia
Emission Control Systems Korea Limited, South Korea. The company manufactures exhaust system, catalytic converters, side
impact beams and reinforcement instrument panel assembly. The subject’s customers include- Ford, Fiat, Tata Motors, Hyundai,
Toyota Motors, Renault-Nissan, Land Rover, Cummins, etc. As per the financial of 2017, the company has achieved an average net
profit margin of 1.78% but has reported a decline in its revenue as compared
to the previous year. The company possesses healthy financial position marked by above
average net worth base along with low debt balance sheet profile and average
liquidity position. Business is active. Payment seems to be regular. In view of aforesaid, the company can be considered for business
dealings at usual trade terms and condition. |
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
|
Country Name |
Previous Rating (30.09.2017) |
Current Rating (31.12.2017) |
|
India |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low Risk |
A2 |
|
Moderately Low Risk |
B1 |
|
Moderate Risk |
B2 |
|
Moderately High Risk |
C1 |
|
High Risk |
C2 |
|
Very High Risk |
D |
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
31-03-2018.
BIFR (Board for Industrial & Financial Reconstruction) LISTING
STATUS
Subject’s name is not listed as a Sick Unit in
the publicly available BIFR (Board for Industrial & Financial
Reconstruction) list as of 10.04.2018
IBBI (Insolvency and Bankruptcy Board of India) LISTING STATUS
Subject’s name is not listed in the publicly
available IBBI (Insolvency and Bankruptcy Board of India) list as of report
date.
INFORMATION DECLINED
Management non-cooperative (Tel No.:91-44-71114900)
Tel No.:91-44-67404999 (Ringing)
Tel No.:91-44-71114907/91-80-28437092 (Not Exist)
LOCATIONS
|
Registered Office: |
Karumuthu Center, 1st Floor, No.634, Anna
Salai, Chennai – 600035, Tamilnadu, India |
|
Tel. No.: |
Not Available |
|
Fax No.: |
Not Available |
|
E-Mail : |
|
|
Website : |
|
|
|
|
|
Factory 1: |
#86/1, Kumbalagodu Industrial Area, Phase II, Mysore Road, Bangalore –
560 074, Karnataka, India |
|
Tel No.: |
91-80-28437093/94 |
|
|
|
|
Factory 2 : |
Located at:
|
|
|
|
|
Branch Office : |
17 and 18, Sengindram Industrial Area, Melrosapuram, S.P. Koil Post,
District Kancheepuram– 603204, Tamilnadu, India |
|
Tel. No.: |
91-44-67404999, 27464640, 27464633 , 27464620 , 71114900 |
|
Fax No.: |
91-44-27464620 |
DIRECTORS
As on 31.03.2017
|
Name : |
Benjamin Jerome Thibout |
||||||||||||||||||||||||||||||||||||||||
|
Designation : |
Managing Director |
||||||||||||||||||||||||||||||||||||||||
|
Address : |
Bungalow No. 45, South Main Road, Koregaon Park Pune 411001 In |
||||||||||||||||||||||||||||||||||||||||
|
Date of Birth/Age : |
16.03.1980 |
||||||||||||||||||||||||||||||||||||||||
|
Date of Appointment : |
15.03.2017 |
||||||||||||||||||||||||||||||||||||||||
|
DIN : |
07598000 |
||||||||||||||||||||||||||||||||||||||||
|
Other Directorship:
|
|||||||||||||||||||||||||||||||||||||||||
|
|
|||||||||||||||||||||||||||||||||||||||||
|
Name : |
Mr. Venkatesa Madhavan |
||||||||||||||||||||||||||||||||||||||||
|
Designation : |
Director |
||||||||||||||||||||||||||||||||||||||||
|
Address : |
4A, Mauli Towers, 92 CP Ramasamy Road, Alwarpet, Chennai – 600 018,
Tamilnadu, India |
||||||||||||||||||||||||||||||||||||||||
|
Date of Birth/Age : |
15.05.1962 |
||||||||||||||||||||||||||||||||||||||||
|
Date of Appointment : |
15.06.2012 |
||||||||||||||||||||||||||||||||||||||||
|
PAN No.: |
AEJPM1936L |
||||||||||||||||||||||||||||||||||||||||
|
DIN No.: |
00104932 |
||||||||||||||||||||||||||||||||||||||||
|
Other Directorship:
|
|||||||||||||||||||||||||||||||||||||||||
|
|
|
||||||||||||||||||||||||||||||||||||||||
|
Name : |
Mr. Mahendra Kumar Goyal |
||||||||||||||||||||||||||||||||||||||||
|
Designation : |
Director |
||||||||||||||||||||||||||||||||||||||||
|
Address : |
C/o4B, TowerH, Belgravia Central Park 2, Resorts Herobonda /Sohna Road, Near Subhash Chowk, Sector 48,Is lampur(97), Gurugram -122018, Haryana, India |
||||||||||||||||||||||||||||||||||||||||
|
Date of Birth/Age : |
01.11.1969 |
||||||||||||||||||||||||||||||||||||||||
|
Date of Appointment : |
20.09.2016 |
||||||||||||||||||||||||||||||||||||||||
|
PAN No.: |
AGOPG3298E |
||||||||||||||||||||||||||||||||||||||||
|
DIN No.: |
02605616 |
||||||||||||||||||||||||||||||||||||||||
|
Other Directorship:
|
|||||||||||||||||||||||||||||||||||||||||
|
|
|
||||||||||||||||||||||||||||||||||||||||
|
Name : |
Olivier Pierre Virgile Valade |
||||||||||||||||||||||||||||||||||||||||
|
Designation : |
Director |
||||||||||||||||||||||||||||||||||||||||
|
Address : |
2239, Hongqiao Lu Maison 40d Shanghai 200336 CN |
||||||||||||||||||||||||||||||||||||||||
|
Date of Birth/Age : |
13.01.1974 |
||||||||||||||||||||||||||||||||||||||||
|
Date of Appointment : |
16.03.2017 |
||||||||||||||||||||||||||||||||||||||||
|
DIN No.: |
07751522 |
||||||||||||||||||||||||||||||||||||||||
|
|
|
||||||||||||||||||||||||||||||||||||||||
|
Name : |
Hadi Hassan Awada |
||||||||||||||||||||||||||||||||||||||||
|
Designation : |
Director |
||||||||||||||||||||||||||||||||||||||||
|
Address : |
6004, Indian Trial Sylvania Ohio 43560 US |
||||||||||||||||||||||||||||||||||||||||
|
Date of Appointment : |
15.03.2017 |
||||||||||||||||||||||||||||||||||||||||
|
DIN No.: |
08064622 |
||||||||||||||||||||||||||||||||||||||||
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 31.03.2017
|
Names of Shareholders |
No. of Shares |
Percentage |
|
Faurecia Emissions Control Systems Korea Company Limited, |
11240952 |
74.00 |
|
Asia Investments Private Limited, |
3949523 |
26.00 |
|
Total |
15190475 |
100.00 |
Equity Share Break up (Percentage of Total Equity)
As on 31.08.2017
|
Category |
Percentage |
|
Promoters (Bodies corporate) |
100.00 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Subject is engaged in manufacture of Automotive Exhaust Systems, Catalytic Converter and Instrumental Panel Reinforcement Tubes and is supplying those to car manufacturers. (Registered Activity) |
||||
|
|
|
||||
|
Products : |
|
||||
|
|
|
||||
|
Brand Names : |
Not Available |
||||
|
|
|
||||
|
Agencies Held : |
Not Available |
||||
|
|
|
||||
|
Exports : |
Not Divulged |
||||
|
|
|
||||
|
Imports : |
Not Divulged |
||||
|
|
|
||||
|
Terms : |
Not Divulged |
PRODUCTION STATUS NOT AVAILABLE
GENERAL INFORMATION
|
Suppliers : |
|
||||||||||||||||||||||||
|
|
|
||||||||||||||||||||||||
|
Customers : |
|
||||||||||||||||||||||||
|
|
|
||||||||||||||||||||||||
|
No. of Employees : |
Information declined by the management |
||||||||||||||||||||||||
|
|
|
||||||||||||||||||||||||
|
Bankers : |
|
||||||||||||||||||||||||
|
|
|
||||||||||||||||||||||||
|
Facilities : |
|
|
Auditors : |
|
|
Name : |
Price Waterhouse and Company Chartered Accountants |
|
Address : |
PWC Centre, #32, Khader Nawaz Khan Road, Nungambakkam, Tamilnadu, India |
|
Income-tax
PAN of auditor or auditor's firm : |
AAEFP5579P |
|
|
|
|
Memberships : |
-- |
|
|
|
|
Collaborators : |
-- |
|
|
|
|
Holding Company: |
|
|
|
|
|
Fellow Subsidiary
companies : |
|
CAPITAL STRUCTURE
As on 31.08.2017
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
32000000 |
Equity Shares |
INR 10/- each |
INR 320.000 Million |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
15190475 |
Equity Shares |
INR 10/- each |
INR 151.905
Million |
|
|
|
|
|
FINANCIAL DATA
[all figures are
in INR Million]
ABRIDGED
BALANCE SHEET
|
SOURCES OF FUNDS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
I.
EQUITY
AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
151.900 |
151.900 |
151.900 |
|
(b) Reserves & Surplus |
547.210 |
487.940 |
407.680 |
|
(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) |
699.110 |
639.840 |
559.580 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
121.880 |
52.940 |
64.280 |
|
(b) Deferred tax liabilities (Net) |
0.000 |
0.000 |
0.000 |
|
(c) Other long term
liabilities |
33.890 |
27.110 |
29.890 |
|
(d) long-term provisions |
37.450 |
36.580 |
27.430 |
|
Total Non-current
Liabilities (3) |
193.220 |
116.630 |
121.600 |
|
|
|
|
|
|
(4)
Current Liabilities |
|
|
|
|
(a) Short
term borrowings |
175.000 |
231.740 |
183.540 |
|
(b) Trade
payables |
961.220 |
687.130 |
576.180 |
|
(c) Other
current liabilities |
225.510 |
118.520 |
250.010 |
|
(d) Short-term
provisions |
11.220 |
5.560 |
9.120 |
|
Total Current
Liabilities (4) |
1372.950 |
1042.950 |
1018.850 |
|
|
|
|
|
|
TOTAL |
2265.280 |
1799.420 |
1700.030 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1)
Non-current assets |
|
|
|
|
(a) Fixed
Assets |
|
|
|
|
(i)
Tangible assets |
776.870 |
758.000 |
595.990 |
|
(ii)
Intangible Assets |
31.150 |
64.430 |
103.250 |
|
(iii)
Capital work-in-progress |
156.170 |
0.130 |
154.790 |
|
(iv)
Intangible assets under development |
47.640 |
0.000 |
0.000 |
|
(b) Non-current Investments |
0.000 |
0.000 |
0.000 |
|
(c) Deferred tax assets (net) |
3.190 |
2.300 |
18.770 |
|
(d) Long-term Loan and Advances |
167.950 |
172.220 |
133.350 |
|
(e) Other
Non-current assets |
0.000 |
0.000 |
0.000 |
|
Total Non-Current
Assets |
1182.970 |
997.080 |
1006.150 |
|
|
|
|
|
|
(2)
Current assets |
|
|
|
|
(a)
Current investments |
0.000 |
0.000 |
0.000 |
|
(b)
Inventories |
376.040 |
186.340 |
247.500 |
|
(c) Trade
receivables |
590.540 |
508.270 |
393.210 |
|
(d) Cash
and cash equivalents |
10.450 |
6.170 |
4.900 |
|
(e)
Short-term loans and advances |
105.280 |
101.560 |
48.270 |
|
(f) Other
current assets |
0.000 |
0.000 |
0.000 |
|
Total
Current Assets |
1082.310 |
802.340 |
693.880 |
|
|
|
|
|
|
TOTAL |
2265.280 |
1799.420 |
1700.030 |
PROFIT
& LOSS ACCOUNT
|
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
|
SALES |
|
|
|
|
|
Income |
3336.640 |
3480.740 |
2797.050 |
|
|
Other Income |
19.160 |
13.140 |
22.410 |
|
|
TOTAL |
3355.800 |
3493.880 |
2819.460 |
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
Cost of Materials
Consumed |
2261.580 |
2314.510 |
1835.850 |
|
|
Changes in inventories of
finished goods, work-in-progress and Stock-in-Trade |
(129.980) |
2.100 |
(44.340) |
|
|
Employee benefit expense |
379.720 |
346.670 |
297.250 |
|
|
CSR expenditure |
1.210 |
1.030 |
0.000 |
|
|
Other expenses |
530.300 |
500.230 |
529.220 |
|
|
Exceptional items before tax |
27.220 |
0.000 |
0.000 |
|
|
TOTAL |
3070.050 |
3164.540 |
2617.980 |
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE INTEREST, TAX,
DEPRECIATION AND AMORTISATION |
285.750 |
329.340 |
201.480 |
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES |
38.670 |
52.940 |
48.430 |
|
|
|
|
|
|
|
|
PROFIT
/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION |
247.080 |
276.400 |
153.050 |
|
|
|
|
|
|
|
Less/
Add |
DEPRECIATION/
AMORTISATION |
141.800 |
150.680 |
126.420 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS)
BEFORE TAX |
105.280 |
125.720 |
26.630 |
|
|
|
|
|
|
|
Less |
TAX |
46.010 |
45.460 |
7.670 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS)
AFTER TAX |
59.270 |
80.260 |
18.960 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
EARNINGS
IN FOREIGN CURRENCY |
10.100 |
2.200 |
15.500 |
|
|
|
|
|
|
|
|
Earnings
/ (Loss) Per Share (INR) |
3.90 |
5.28 |
1.31 |
CURRENT MATURITIES OF LONG TERM DEBT DETAILS
|
Particulars |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Current Maturities of Long term debt |
57.490 |
11.340 |
77.120 |
|
Cash generated from operations |
NA |
NA |
NA |
|
Net cash flows from (used in) operation |
360.400 |
328.940 |
258.210 |
|
Net cash flows from (used in) operating activity |
306.050 |
279.780 |
218.410 |
KEY
RATIOS
EFFICIENCY RATIOS
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Average Collection Days (Sundry Debtors / Income * 365 Days) |
64.60 |
53.30 |
51.31 |
|
|
|
|
|
|
Account Receivables Turnover (Income / Sundry
Debtors) |
5.65 |
6.85 |
7.11 |
|
|
|
|
|
|
Average Payment Days (Sundry Creditors
/ Purchases * 365 Days) |
155.13 |
108.36 |
114.55 |
|
|
|
|
|
|
Inventory Turnover (Operating Income
/ Inventories) |
0.76 |
1.77 |
0.81 |
|
|
|
|
|
|
Asset Turnover (Operating Income
/ Net Fixed Assets) |
0.28 |
0.40 |
0.24 |
LEVERAGE RATIOS
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Debt Ratio ((Borrowing + Current Liabilities) / Total
Assets) |
0.69 |
0.62 |
0.68 |
|
|
|
|
|
|
Debt Equity Ratio (Total Liability
/ Networth) |
0.51 |
0.46 |
0.58 |
|
|
|
|
|
|
Current Liabilities to Networth (Current
Liabilities / Net Worth) |
1.96 |
1.63 |
1.82 |
|
|
|
|
|
|
Fixed Assets to Networth (Net Fixed Assets
/ Networth) |
1.45 |
1.29 |
1.53 |
|
|
|
|
|
|
Interest Coverage Ratio (PBIT / Financial
Charges) |
7.39 |
6.22 |
4.16 |
PROFITABILITY RATIOS
|
PARTICULARS |
|
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Net Profit Margin ((PAT / Sales) *
100) |
% |
1.78 |
2.31 |
0.68 |
|
|
|
|
|
|
|
Return on Total Assets ((PAT / Total
Assets) * 100) |
% |
2.62 |
4.46 |
1.12 |
|
|
|
|
|
|
|
Return on Investment (ROI) ((PAT / Networth)
* 100) |
% |
8.48 |
12.54 |
3.39 |
SOLVENCY RATIOS
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Current Ratio (Current Assets / Current Liabilities) |
0.79 |
0.77 |
0.68 |
|
|
|
|
|
|
Quick Ratio ((Current Assets
– Inventories) / Current Liabilities) |
0.51 |
0.59 |
0.44 |
|
|
|
|
|
|
G-Score Ratio Financial (Networth / Total
Assets) |
0.31 |
0.36 |
0.33 |
|
|
|
|
|
|
G-Score Ratio Debt (Debts / Equity
Capital) |
2.33 |
1.95 |
2.14 |
|
|
|
|
|
|
G-Score Ratio Liquidity (Total Current
Assets / Total Current Liabilities) |
0.79 |
0.77 |
0.68 |
Total Liability = Short-term Debt + Long-term
Debt + Current Maturities of Long-term debts
FINANCIAL ANALYSIS
[all figures are
in INR Million]
DEBT EQUITY RATIO
|
Particular |
31.03.2015 |
31.03.2016 |
31.03.2017 |
|
|
(INR
In Million) |
(INR
In Million) |
(INR
In Million) |
|
Share Capital |
151.900 |
151.900 |
151.900 |
|
Reserves & Surplus |
407.680 |
487.940 |
547.210 |
|
Money received against share
warrants |
0.000 |
0.000 |
0.000 |
|
Share Application money
pending allotment |
0.000 |
0.000 |
0.000 |
|
Net
worth |
559.580 |
639.840 |
699.110 |
|
|
|
|
|
|
Long-term borrowings |
64.280 |
52.940 |
121.880 |
|
Short term borrowings |
183.540 |
231.740 |
175.000 |
|
Current maturities of
long-term debts |
77.120 |
11.340 |
57.490 |
|
Total
borrowings |
324.940 |
296.020 |
354.370 |
|
Debt/Equity
ratio |
0.581 |
0.463 |
0.507 |
YEAR-ON-YEAR GROWTH
|
Year
on Year Growth |
31.03.2015 |
31.03.2016 |
31.03.2017 |
|
|
(INR
In Million) |
(INR
In Million) |
(INR
In Million) |
|
Sales |
2797.050 |
3480.740 |
3336.640 |
|
|
|
24.443 |
(4.140) |
NET PROFIT MARGIN
|
Net
Profit Margin |
31.03.2015 |
31.03.2016 |
31.03.2017 |
|
|
(INR
In Million) |
(INR
In Million) |
(INR
In Million) |
|
Sales |
2797.050 |
3480.740 |
3336.640 |
|
Profit/ (Loss) |
18.960 |
80.260 |
59.270 |
|
|
0.68
% |
2.31
% |
1.78
% |
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 |
No |
|
8] |
Designation of contact person |
No |
|
9] |
Promoter’s background |
Yes |
|
10] |
Date of Birth of Proprietor / Partners /
Directors |
Yes |
|
11] |
Pan Card No. of Proprietor / Partners |
Yes |
|
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 |
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 Fagun Mansion, 26, C-IN-C Road, Chennai-600008, Tamilnadu, India to the present address w.e.f. 06.02.2014
GENERAL INFORMATION
The ‘Company incorporated on April 11, 1997, is engaged in manufacture of automotive Exhaust Systems, Catalytic Converter and Instrumental Panel Reinforcement Tubes and is supplying those to car manufacturers in India. The Company has manufacturing plants in Chennai, Bangalore and Pune and sells primarily in India.
OPERATIONS AND
BUSINESS PROSPECTS:
The company has achieved a turnover of INR 3,336.6 Million compared to INR 3480.7 Million during the previous year. The decrease in the turnover for the current year is on account of a lower volume off take by Toyota and Ford. During the year, The Company had to take calibrated price increases as commodity prices increased sharply
The overall market showed signs of recovery in the latter half of the year but faced a temporary slowdown in November due to demonetisation. During the year, The Company witnessed a modest recovery in the Indian economy, enabling the industry to signal an uptrend after years of down cycle. Indian industry continues to be adversely impacted by low capacity utilisation and stretched balance sheets. The economy witnessed signs of growth revival and some of the key macroeconomic indicators have started moving in the right direction. GDP has begun to show an increasing trend, inflation has also moderated significantly in large part due to erosion in fuel prices following which RBI has also reduced interest rates
The company has been successful in acquiring 100% share of existing business and is aggressively and continuously striving to add new business from its current and new customers both in domestic and in overseas market thereby improving its market share by exploring and expanding the market.
Looking ahead, The Company anticipates many developments in the economic and business environment, some of which are local phenomena and some triggered by global trends. The Company is well positioned to capture the upsides owing to these developments
The company has been successful in getting many major projects with OEMs such as Toyota, Ford, Hyundai and Cummins. The commercial production of these businesses would start between fourth quarter of 2018 and first quarter of 2019.
The company has continued to enjoy good reputation and high customer satisfaction by ensuring timely supply of quality products in high volumes to both its domestic and overseas customers.
Lean manufacturing principles supported by employee involvement culture continues to be the key focus for the company. Implementation of lean manufacturing concepts like single piece flow, E-Kanban, Employee Involvement, etc has helped the company sustain its operational excellence. The Company has successfully implemented Faurecia Excellence System (FES), 7QB and QRQC in various areas of its operations. To fuel growth, your Company continued to deploy effective cost savings programmes. Maximising operating leverage is a key focus in your Company.
UNSECURED LOAN
|
PARTICULAR |
31.03.2017 (INR
in Million) |
31.03.2016 (INR
in Million) |
|
Short-term
borrowings |
|
|
|
Loans repayable on demand from banks |
0.000 |
50.000 |
|
Total |
0.000 |
50.000 |
INDEX
OF CHARGES
|
SNo |
SRN |
Charge Id |
Charge Holder Name |
Date of Creation |
Date of
Modification |
Date of
Satisfaction |
Amount |
Address |
|
1 |
A03893609 |
10016215 |
FORD INDIA (P) LIMITED |
28/08/2006 |
- |
- |
488826.0 |
S.P.KOIL POST,CHENGALPATTU,,
KANCHEEPURAM - 603 2 |
|
2 |
A03893252 |
10015970 |
FORD INDIA (P) LIMITED |
28/08/2006 |
- |
- |
4170002.0 |
S.P.KOIL
POST,CHENGALPATTU,, KANCHEEPURAM - 603 2 |
|
3 |
A03892833 |
10016208 |
FORD INDIA (P) LIMITED |
28/08/2006 |
- |
- |
4028753.0 |
S.P.KOIL
POST,CHENGALPATTU,, KANCHEEPURAM - 603 2 |
|
4 |
G33709924 |
10486764 |
HDFC BANK LIMITED |
14/03/2014 |
- |
05/01/2017 |
100000000.0 |
HDFC BANK HOUSE
SENAPATI BAPAT MARG, LOWER PAREL |
|
5 |
G33707787 |
10239057 |
HDFC BANK LIMITED |
04/08/2010 |
31/05/2013 |
05/01/2017 |
280000000.0 |
HDFC BANK HOUSE
SENAPATI BAPAT MARG, LOWER PAREL |
|
6 |
G33709056 |
10436076 |
HDFC BANK LIMITED |
31/05/2013 |
- |
05/01/2017 |
70000000.0 |
HDFC BANK HOUSE SENAPATI
BAPAT MARG, LOWER PAREL |
|
7 |
G33265398 |
10167596 |
Axis Bank Limited |
03/07/2009 |
31/01/2014 |
03/01/2017 |
191000000.0 |
CORPORATE BANKING BRANCH,KARUMUTHU NILAYAM, NO.192 ANNA SALAI, CHENNAI, TAMILNADU - 600002, INDIA |
|
8 |
C03739125 |
10264156 |
Axis Bank Limited |
27/01/2011 |
14/02/2011 |
09/05/2014 |
199400000.0 |
CORPORATE BANKING BRANCH,KARUMUTHU NILAYAM, NO.192 ANNA SALAI, CHENNAI, TAMILNADU - 600002, INDIA |
|
9 |
A67308510 |
10069784 |
Citibank N.A |
01/10/2007 |
- |
23/07/2009 |
40000000.0 |
NO.2 CLUBHOUSE
ROAD ANNA SALAI CHENNAI TAMILNADU 600002 INDIA |
|
10 |
A18930982 |
90086098 |
BANK OF MAHARASHTRA |
13/05/2002 |
19/10/2006 |
17/07/2007 |
10000000.0 |
IFB BRANCHF C
ROAD, SHIVAJI NAGAR PUNE MAHARASHTRA 411005 INDIA |
FIXED ASSETS
·
Land
·
Buildings
·
Plant and Machinery
·
Furniture, Fittings and
Equipment
·
Vehicles
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 |
INR 65.06 |
|
|
1 |
INR 91.50 |
|
Euro |
1 |
INR 79.77 |
INFORMATION DETAILS
|
Information
Gathered by : |
SUV |
|
|
|
|
Analysis Done by
: |
NYT |
|
|
|
|
Report Prepared
by : |
RKI |
SCORE FACTORS
|
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 |
RATING EXPLANATIONS
|
Credit Rating |
Explanation |
Rating Comments |
|
A++ |
Minimum Risk |
Business dealings permissible with minimum
risk of default |
|
A+ |
Low Risk |
Business dealings permissible with low
risk of default |
|
A |
Acceptable Risk |
Business dealings permissible with
moderate risk of default |
|
B |
Medium Risk |
Business dealings permissible on a regular
monitoring basis |
|
C |
Medium High Risk |
Business dealings permissible preferably
on secured basis |
|
D |
High Risk |
Business dealing not recommended or on
secured terms only |
|
NB |
New Business |
No recommendation can be done due to
business in infancy stage |
|
NT |
No Trace |
No recommendation can be done as the
business is not traceable |
NB is stated where there is insufficient information to facilitate rating. However, it is not to be considered as unfavourable.
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 are as follows:
·
Financial
condition covering various ratios
·
Company
background and operations size
·
Promoters
/ Management background
·
Payment
record
·
Litigation
against the subject
·
Industry
scenario / competitor analysis
·
Supplier
/ Customer / Banker review (wherever available)
This report is issued at
your request without any risk and responsibility on the part of MIRA INFORM
PRIVATE LIMITED (MIPL) or its officials.