|
|
|
MIRA
INFORM REPORT
|
Report No. : |
488743 |
|
Report Date : |
07.02.2018 |
IDENTIFICATION DETAILS
|
Name : |
VALEO INDIA PRIVATE LIMITED [w.e.f. 23.10.2017] |
|
|
|
|
Formerly known
as: |
VALEO LIGHTING SYSTEMS INDIA PRIVATE LIMITED |
|
|
|
|
Registered
Office : |
Cee Dee Yeas IT Parks, Block 1, No. 63, Rajiv Gandhi Salai, Navalur,
Chennai - 600130, Tamilnadu |
|
Tel. No.: |
91-44-67104113 |
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|
|
|
Country : |
India |
|
|
|
|
Financials (as
on) : |
31.03.2017 |
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|
|
|
Date of
Incorporation : |
19.06.2008 |
|
|
|
|
Com. Reg. No.: |
18-101183 |
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|
|
|
Capital
Investment / Paid-up Capital : |
INR 7553.411 Million |
|
|
|
|
CIN No.: [Company Identification
No.] |
U51505TN2008PTC101183 |
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|
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|
GST No.: |
Not Divulged |
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|
|
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IEC No.: |
Not Divulged |
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|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
Not Available |
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|
|
|
PAN No.: [Permanent Account No.] |
AACCV7701J |
|
|
|
|
Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Subject is engaged in the business of Manufacturing, Assembling, Sub-Assembling, Designing, Developing, Fabrication, Distribution of Alternators, Starter Motors, Air Conditioning Units, Head Lamps, Rear Lamps and in Trading of Compressors. [Registered Activity] |
|
|
|
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No. of Employees
: |
Not Divulged |
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 12470000 |
|
|
|
|
Status : |
Satisfactory |
|
|
|
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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 subsidiary of “Valeo Bayen S.A.S” France. The company was incorporated in the year 2008. It is a manufacturer of lighting products. For the financial year 2017, the company has achieved a massive growth in its revenue as compared to previous year and has reported an average profit margin of 3.76%. The moderate financial profile of the company is marked by negative reserve base along with negligible debt level. However, rating weakness is partially offset by equity infused by its promoters. Rating takes into consideration strong financial and managerial support that company receives from its holding entity backed by its well experienced management team. Payments seems to be slow but correct. In view of aforesaid, the company can be considered for business dealings at usual trade terms and condition. Note: Management has confirmed that “Valeo India Private Limited’ got amalgamated with “Valeo Lighting Systems India Private Limited” and later on the company has changed its name to “Valeo India Private Limited”. |
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 (30.06.2017) |
Current Rating (30.09.2017) |
|
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
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
31-03-2016.
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 07.02.2018.
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.: 91-44-67104113]
LOCATIONS
|
Registered Office : |
Cee Dee Yeas IT Parks, Block 1, No. 63, Rajiv Gandhi Salai, Navalur,
Chennai - 600130, Tamilnadu, India |
|
Tel. No.: |
91-44-67104113/ 71027300 |
|
Fax No.: |
91-44-71028799 |
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E-Mail : |
|
|
Website: |
DIRECTORS
AS ON: 31.03.2017
|
Name : |
Mr. Ashok Kumar Belani |
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|
Designation : |
Director |
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Address : |
Flat No. 1412, Building No. 14, Clover Highlands, Near Nibm Road, Pune
-411048, Maharashtra, India |
||||||||||||||||||||
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Date of Birth/Age : |
01.05.1960 |
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Qualification: |
B.E. |
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Date of Appointment : |
24.08.2016 |
||||||||||||||||||||
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DIN No.: |
02153002 |
||||||||||||||||||||
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PAN No.: |
AAAPB0812B |
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Other Directorship:
|
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|
||||||||||||||||||||
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Name : |
Mr. Raul Andrade Perez |
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Designation : |
Director |
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|
Address : |
27 Rue Chauveau Neuilly Sur Seine 92200 FR |
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|
Date of Appointment : |
01.02.2012 |
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PAN No.: |
05303487 |
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|
||||||||||||||||||||
|
Name : |
Mr. Xavier Raymond Andre Dupont |
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Designation : |
Director |
||||||||||||||||||||
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Address : |
28 R Leon Gambetta Ailly Sur Noye 80250 FR |
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|
Date of Appointment : |
17.11.2017 |
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DIN No.: |
03484638 |
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|
|
||||||||||||||||||||
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Name : |
Mr. Jegapriyan Govindarajan |
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Designation : |
Director |
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|
Address : |
Plot no. 25, Kaviya Garden, Manapakkam, Chennai - 600097, Tamilnadu, India |
||||||||||||||||||||
|
Date of Appointment : |
30.04.2012 |
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DIN No.: |
06374130 |
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|
||||||||||||||||||||
|
Name : |
Mr. Sundar Subramanian |
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Designation : |
Director |
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Address : |
47,Jamals Palazzo, Medavakkam Main Road, Keelkattalai Kancheepuram, Old Pallavaram, Chennai - 600117, Tamilnadu, India |
||||||||||||||||||||
|
Date of Appointment : |
17.11.2017 |
||||||||||||||||||||
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DIN No.: |
07854597 |
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KEY EXECUTIVE
|
Name : |
Mrs. Meenakshi Sundaram subramanian |
|
Designation : |
Company Secretary |
|
Address : |
4 II Main Road, NGGO Nagar, Tiruninravur, R S Chennai - 602024, Chennai -602024, Tamilnadu, India |
|
Date of Appointment : |
18.09.2009 |
|
DIN No.: |
AISPS5179E |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON: 31.03.2017
|
Names of Shareholders |
No. of Shares |
% age holding |
|
Valeo Bayen S A S, France |
753179820 |
99.71 |
|
Valeo FinanceS A S, France |
402600 |
0.05 |
|
Equipment 11 |
1758705 |
0.23 |
|
|
|
|
|
Total |
755341125 |
100.00 |
AS ON: 30.09.2017
|
Equity Share Breakup |
Percentage of Holding |
|
Category |
|
|
Public/Other than promoters (Bodies corporate) |
100.00 |
|
|
|
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Subject is engaged in the business of Manufacturing, Assembling, Sub-Assembling, Designing, Developing, Fabrication, Distribution of Alternators, Starter Motors, Air Conditioning Units, Head Lamps, Rear Lamps and in Trading of Compressors. [Registered Activity] |
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Products : |
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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 : |
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Selling : |
Not Divulged |
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Purchasing : |
Not Divulged |
PRODUCTION STATUS: (NOT AVAILABLE)
GENERAL INFORMATION
|
Suppliers : |
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Customers : |
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No. of Employees : |
Not Divulged |
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Bankers : |
|
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Auditors : |
|
|
Name : |
S.R.Batliboi and Associates Chartered Accountants |
|
Address : |
6th & 7th Floor, "A" Block, Tidel Park, (Module 601,701 & 702),No.4,Rajiv Gandhi Salai,Taramani, Chennai - 600 113, Tamilnadu, India |
|
Income-tax
PAN of auditor or auditor's firm : |
ACHFS9118A |
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|
|
|
Memberships : |
Not Available |
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|
|
|
Collaborators : |
Not Available |
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|
|
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Holding company: |
Valeo Bayen S.A.S, France |
|
|
|
|
Ultimate
Holding company: |
Valeo S.A., France |
|
|
|
|
Fellow
Subsidiary company |
·
Valeo Automotive Korea Limited ·
Valeo Electrical Systems Korea Limited ·
Valeo Management (Beijing) Company Limited ·
Valeo Management (Shanghai) Company Limited ·
Valeo Auto Parts Trading (Shanghai) Co.,
Limited ·
Valeo Service India Auto Parts Private
Limited [U50100TN2012PTC084043] |
|
|
|
|
Associate Companies: |
· Amalgamations Valeo Clutch Private Limited [U29130TN1997PTC037909] · Connaught Electronics Limited · DAV Tunisie SA · Foshan Ichikoh Valeo Auto Lighting System Co. Ltd · Ichikoh Industries (Thailand) Company Limited · Niles (Thailand) Company Limited · PT Valeo AC Indonesia · SC2N · Shanghai Valeo Automotive Electrical Systems Company Limited · Spheros Motherson Thermal System Limited [U74899DL2004PLC131101] · Taizhou Valeo-Wenling Automotive Systems · Valeo Auto Electric Hungary LLC · Valeo Autoklimatizace K.S. · Valeo Automotive (Thailand) Co Limited · Valeo Autosystemy Sp Z.O.O · Valeo Climatizacion, SA · Valeo Comfort & Driving Assistance · Valeo Compressor (Changchun) Co., Limited · Valeo Compressor EUR S.R.O. · Valeo Electric and Electronic Systems Sp Z.O.O · Valeo Embrayages · Valeo Engine Cooling Foshan Co. Ltd · Valeo Engine Cooling UK Limited · Valeo Equipements Electriques Moteur S.A.S · Valeo Espana SA · Valeo Finance · VALEO FRICTION MATERIALS INDIA PRIVATE LIMITED · [U29309TN1997PTC038508] · Valeo GmbH · Valeo Ichikoh (China) Auto Lighting Co. Ltd · Valeo Iluminacion S.A · Valeo Inc · Valeo Interior Controls (Shenzhen) Co. Ltd. · Valeo Japan Co Ltd · Valeo Klimasysteme GmbH · Valeo Lighting Hubei Technical Centre Co. Ltd · Valeo Lighting Injection SA · Valeo Management Services · Valeo Niles (Guangzhou) Electronics Co. Ltd. · Valeo North America Inc · Valeo Otomotiv Sanayi Ve Ticaret A.S. · Valeo Otomotiv Sistemleri Endustrisi A.S · Valeo s.p.a · Valeo Schalter and Sensoren Gmbh · Valeo Service, France · Valeo Siam Thermal Systems Company Limited · Valeo Sistemas Automotivos Ltd · Valeo Sistemas Automotrices De Mexico S.A. De Cv · Valeo Sistemas Electricos S.A. de C.V. · Valeo Sistemas Electronicos, S. de R.L. de C.V. · Valeo Sylvania LLC · Valeo Systemes D Essuyage · Valeo Systemes De Controle Moteur · Valeo Systemes Thermiques · Valeo Unisia Transmissions K.K · Valeo Vision Belgique SA · Valeo Vision · Valeo Wishersysteme Gmbh · Valeo Vision SAS, France |
CAPITAL STRUCTURE
AS ON: 31.03.2017
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
756000000 |
Equity Shares |
INR 10/- each |
INR 7560.000 Million |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
755341125 |
Equity Shares |
INR 10/- each |
INR 7553.411 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 |
7553.411 |
1748.164 |
1748.164 |
|
(b) Reserves and Surplus |
(3187.433) |
(1838.722) |
(1751.876) |
|
(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) |
4365.978 |
(90.558) |
(3.712) |
|
|
|
|
|
|
(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 |
1.961 |
6.074 |
0.000 |
|
(d) long-term
provisions |
55.587 |
5.196 |
4.318 |
|
Total Non-current
Liabilities (3) |
57.548 |
11.270 |
4.318 |
|
|
|
|
|
|
(4)
Current Liabilities |
|
|
|
|
(a) Short-term
borrowings |
502.742 |
1541.644 |
1456.808 |
|
(b) Trade
payables |
1580.449 |
272.324 |
235.889 |
|
(c) Other
current liabilities |
477.178 |
143.673 |
173.107 |
|
(d) Short-term provisions |
172.434 |
14.586 |
10.673 |
|
Total Current
Liabilities (4) |
2732.803 |
1972.227 |
1876.477 |
|
|
|
|
|
|
TOTAL |
7156.329 |
1892.939 |
1877.083 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1)
Non-current assets |
|
|
|
|
(a) Fixed
Assets |
|
|
|
|
(i)
Tangible assets |
2157.829 |
673.984 |
636.668 |
|
(ii)
Intangible Assets |
90.412 |
0.029 |
0.789 |
|
(iii) Tangible assets
capital work-in-progress |
379.402 |
170.409 |
238.985 |
|
(iv)
Intangible assets under development |
0.000 |
9.678 |
0.000 |
|
(b) Non-current Investments |
0.000 |
0.000 |
0.000 |
|
(c) Deferred tax assets (net) |
0.000 |
0.000 |
0.000 |
|
(d)
Long-term loans and advances |
628.523 |
84.260 |
117.235 |
|
(e) Other
Non-current assets |
6.105 |
4.677 |
5.772 |
|
Total Non-Current
Assets |
3262.271 |
943.037 |
999.449 |
|
|
|
|
|
|
(2)
Current assets |
|
|
|
|
(a)
Current investments |
0.000 |
0.000 |
0.000 |
|
(b)
Inventories |
1081.123 |
258.579 |
129.356 |
|
(c) Trade
receivables |
1927.516 |
388.776 |
377.856 |
|
(d) Cash and
bank balances |
159.536 |
6.445 |
20.906 |
|
(e)
Short-term loans and advances |
552.878 |
294.579 |
306.388 |
|
(f) Other
current assets |
173.005 |
1.523 |
43.128 |
|
Total
Current Assets |
3894.058 |
949.902 |
877.634 |
|
|
|
|
|
|
TOTAL |
7156.329 |
1892.939 |
1877.083 |
PROFIT
& LOSS ACCOUNT
|
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
|
SALES |
|
|
|
|
|
Total
Revenue from operations |
9237.544 |
1611.795 |
1565.889 |
|
|
Other Income |
94.426 |
16.180 |
6.777 |
|
|
TOTAL |
9331.970 |
1627.975 |
1572.666 |
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
Cost of Materials
Consumed |
4808.042 |
763.591 |
669.780 |
|
|
Purchases of
Stock-in-Trade |
615.277 |
0.000 |
0.000 |
|
|
Changes in inventories of
finished goods, work-in-progress and Stock-in-Trade |
(41.702) |
(10.877) |
3.118 |
|
|
Employee benefit expense |
1338.752 |
175.338 |
172.006 |
|
|
CSR expenditure |
0.000 |
0.000 |
0.000 |
|
|
Other expenses |
1578.646 |
547.816 |
593.086 |
|
|
Prior period items before tax |
0.000 |
0.000 |
(16.692) |
|
|
TOTAL |
8299.015 |
1475.868 |
1421.298 |
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE INTEREST, TAX,
DEPRECIATION AND AMORTISATION |
1032.955 |
152.107 |
151.368 |
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES |
25.667 |
83.072 |
118.794 |
|
|
|
|
|
|
|
|
PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION |
1007.288 |
69.035 |
32.574 |
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION |
659.272 |
155.881 |
136.551 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS)
BEFORE TAX |
348.016 |
(86.846) |
(103.977) |
|
|
|
|
|
|
|
Less |
TAX |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS)
AFTER TAX |
348.016 |
(86.846) |
(103.977) |
|
|
|
|
|
|
|
|
EARNINGS IN FOREIGN
CURRENCY |
|
|
|
|
|
F.O.B. Value of Exports |
1799.724 |
183.406 |
251.469 |
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
Raw Materials |
1975.707 |
347.949 |
271.337 |
|
|
Components and spare
parts |
821.441 |
134.043 |
99.111 |
|
|
Capital Goods |
404.885 |
75.810 |
138.327 |
|
|
TOTAL IMPORTS |
3202.033 |
557.801 |
508.775 |
|
|
|
|
|
|
|
|
Earnings / (Loss) Per
Share (INR) |
0.46 |
(0.50) |
(0.88) |
CURRENT MATURITIES OF LONG TERM DEBT DETAILS
|
Particulars |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Current Maturities of Long term debt |
NA |
NA |
NA |
|
|
|
|
|
|
Net cash flows from (used in) operations |
689.164 |
116.624 |
(173.597) |
|
|
|
|
|
|
Net cash flows from (used in) operating activities |
680.241 |
115.858 |
(157.016) |
KEY
RATIOS
EFFICIENCY RATIOS
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Average Collection Days (Sundry
Debtors / Income * 365 Days) |
76.16 |
88.04 |
88.08 |
|
|
|
|
|
|
Account Receivables Turnover (Income / Sundry Debtors) |
4.79 |
4.15 |
4.14 |
|
|
|
|
|
|
Average Payment Days (Sundry Creditors / Purchases * 365 Days) |
106.37 |
130.17 |
128.55 |
|
|
|
|
|
|
Inventory Turnover (Operating Income / Inventories) |
0.96 |
0.59 |
1.17 |
|
|
|
|
|
|
Asset Turnover (Operating Income / Net Fixed Assets) |
0.39 |
0.18 |
0.17 |
LEVERAGE RATIOS
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Debt Ratio ((Borrowing
+ Current Liabilities) / Total Assets) |
0.38 |
1.04 |
1.00 |
|
|
|
|
|
|
Debt Equity Ratio (Total Liability / Networth) |
0.12 |
(17.02) |
(392.46) |
|
|
|
|
|
|
Current Liabilities to Networth (Current Liabilities / Net Worth) |
0.63 |
(21.78) |
(505.52) |
|
|
|
|
|
|
Fixed Assets to Networth (Net Fixed Assets / Networth) |
0.60 |
(9.43) |
(236.11) |
|
|
|
|
|
|
Interest Coverage Ratio (PBIT / Financial Charges) |
40.24 |
1.83 |
1.27 |
PROFITABILITY RATIOS
|
PARTICULARS |
|
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Net Profit Margin ((PAT / Sales) * 100) |
% |
3.77 |
(5.39) |
(6.64) |
|
|
|
|
|
|
|
Return on Total Assets ((PAT / Total Assets) * 100) |
% |
4.86 |
(4.59) |
(5.54) |
|
|
|
|
|
|
|
Return on Investment (ROI) ((PAT / Networth) * 100) |
% |
7.97 |
95.90 |
2801.10 |
SOLVENCY RATIOS
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Current Ratio (Current
Assets / Current Liabilities) |
1.42 |
0.48 |
0.47 |
|
|
|
|
|
|
Quick Ratio ((Current Assets – Inventories) / Current
Liabilities) |
1.03 |
0.35 |
0.40 |
|
|
|
|
|
|
G-Score Ratio Financial (Networth / Total Assets) |
0.61 |
(0.05) |
0.00 |
|
|
|
|
|
|
G-Score Ratio Debt (Debts / Equity Capital) |
0.07 |
0.88 |
0.83 |
|
|
|
|
|
|
G-Score Ratio Liquidity (Total Current Assets / Total Current Liabilities) |
1.42 |
0.48 |
0.47 |
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 |
1748.164 |
1748.164 |
7553.411 |
|
Reserves & Surplus |
(1751.876) |
(1838.722) |
(3187.433) |
|
Money received against share
warrants |
0.000 |
0.000 |
0.000 |
|
Share Application money
pending allotment |
0.000 |
0.000 |
0.000 |
|
Net
worth |
(3.712) |
(90.558) |
4365.978 |
|
|
|
|
|
|
Long-term borrowings |
0.000 |
0.000 |
0.000 |
|
Short term borrowings |
1456.808 |
1541.644 |
502.742 |
|
Total
borrowings |
1456.808 |
1541.644 |
502.742 |
|
Debt/Equity
ratio |
(392.459) |
(17.024) |
0.115 |
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 |
1565.889 |
1611.795 |
9237.544 |
|
|
0.000 |
2.932 |
473.122 |
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 |
1565.889 |
1611.795 |
9237.544 |
|
Profit/ (Loss) |
(103.977) |
(86.846) |
348.016 |
|
|
(6.64
%) |
(5.39
%) |
3.77
% |
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 |
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 |
No |
|
21 |
Banking facility details |
No |
|
22 |
Conduct of the banking account |
-- |
|
23 |
Financials, if provided |
Yes |
|
24 |
Capital in the business |
Yes |
|
25 |
Last accounts filed at ROC, if applicable |
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 |
INDEX OF CHARGES: NO
CHARGES EXISTS FOR COMPANY
UNSECURED LOANS
|
PARTICULARS |
31.03.2017 (INR
In Million) |
31.03.2016 (INR
In Million) |
|
SHORT TERM BORROWINGS |
|
|
|
Rupee term loans from banks |
0.000 |
1449.165 |
|
Foreign currency term loans from banks |
407.742 |
92.479 |
|
Working capital loans from banks |
95.000 |
0.000 |
|
|
|
|
|
Total |
502.742 |
1541.644 |
GENERAL INFORMATION
Valeo India Private Limited (Formerly known as Valeo Lighting Systems India Private Limited) (the 'Company' or the 'Transferee Company') was incorporated on June 19, 2008 (CIN: U51505TN2008PTC101183). The Company is engaged in the business of manufacturing head lamps / rear lamps / fog lamps for passenger cars.
Pursuant to a scheme of Amalgamation ('the Scheme') with the erstwhile Valeo India Private Limited (CIN: U29130TN2005PTC081914) ('Transferor Company'), the details of which are more fully discussed in Note 28, the business operations of VIPL was amalgamated with the Company with effect from April 1, 2016 ('the appointed date') vide the order of the National Company Law Tribunal dated July 28, 2017 ('NCLT Order'). The Scheme was given effect by filing a certified copy of the NCLT Order on August 28, 2017 by the Company and Transferor Company with the Registrar of Companies, Chennai, Tamil Nadu. Pursuant to the Scheme, the name of the Company is being changed to Valeo India Private Limited.
REVIEW OF BUSINESS OPERATIONS AND FUTURE
PROSPECTS:
Despite a challenging macroeconomic environment, demonetization effect and intense competitive landscape, the Company's working results for the year ended March 31, 2017 are encouraging.
The Company's total revenue increased to INR 933.19 Crores in the current year from INR 1627.900 million in the previous year. The increase in revenue is due to consolidation of merged entity accounts and increase in operations. This year your company incurred profit of INR 348.000 million against loss incurred in last year. EBITDA was INR 1030.000 million against INR 160.000 million of last year, which shows we are in the positive direction.
This increase of profit was achieved due to material management, savings in overhead expenses, effective cost control, improved productivity, new business profitability, new business activity of VIAS2/Hardware etc. and Forex impact. This year we made additional depreciation of INR 21 Crores due to increase in gross block by reversal of impairment provision last year. This additional depreciation was to make net book value for balance useful life of assets. The future outlook seems to be better for the range of product offered by the Company. The demand for the company's product expects to go up in 2017-18 with a moderate growth rate in line with growth of passenger car and commercial vehicle segment. The current economic scenario is expected to improve with stable political situation in the country and pick-up global automotive industry.
SCHEME OF AMALGAMATION :
The erstwhile Valeo India Private Limited ('Transferor Company') was incorporated on December 29, 2005. The Transferor Company was engaged in the business of manufacturing, assembling, distribution of alternators, starter motors, air conditioning units (HVAC), radiators and fan cooling systems, trading of compressors, providing design and simulation / IS support services to its group companies.
The Company had entered into a Scheme of Amalgamation ('the Scheme') with the Transferor Company, with an appointed date of April 1, 2016 (Appointed Date). The Scheme was approved by the National Company Law Tribunal at Chennai on July 28, 2017. The Company has filed the order approved by the National Company Law Tribunal with the Registrar of Companies, Chennai ('ROC') on August, 28 2017. The ROC has registered the order on August 30, 2017 (effective date) and as at date, the Transferor Company has been amalgamated with the Company and stands dissolved from the appointed date i.e. April 1, 2016. The date for the purpose of issue of the Company's equity shares to the members of the Transferor Company is November 17, 2017 ('Record date').
Subsequent to filing of the order of the NCLT with the ROC, the Company has filed an affidavit for an amendment to the Scheme, clarifying the accounting treatment of the Scheme, before the NCLT. Based on legal advice obtained, the management is of the view that the Scheme in its current form (i.e. prior to filing for the said affidavit) is effective as such, and the amendment is only clarificatory in nature and will not have any impact on the substance of the Scheme.
Under the provisions of the scheme, during the period between the Appointed date and the Effective date, the Transferor Company shall be deemed to have carried on the existing business in "trust" on behalf of the Company. Further, all profits or incomes earned and expenses incurred by the Company during such period, shall for all purposes, be deemed to be profits or incomes or expenditure or losses of the Company.
The amalgamation has been accounted in accordance with the pooling of interest method prescribed under Accounting Standard 14 - "Accounting for Amalgamations" issued by the Institute of Chartered Accountants of India, in the manner laid down in the Scheme.
Accordingly, a) The net assets of the Transferor Company transferred as of April 1,2016, amounting to INR 3605.247 million were transferred to and vested in the Company at the carrying values as appearing in the books of accounts.
b) In consideration of transfer of the undertaking of the Transferor Company, the Company will be issuing 573,024,725 equity shares of the face value of INR Nil each held in the Transferor Company as at the record date ("exchange ratio").
c) The paid up capital of the Transferor Company as at the record date is INR 5730.247 million comprising of 573,024,725 equity shares of INR 10/- each.
d) The excess of purchase consideration over the net assets of the Transferor Company has been adjusted to the balance in the Statement of Profit and Loss in accordance with the Scheme.
The shares issuable to the shareholders of the Transferor Company as at March 31,2017 in the above exchange ratio has been considered in determination of the weighted number of equity shares for the purpose of computation of earnings per share.
AMALGAMATION
ACCOUNTING :
Consistent with the requirements of Accounting Standard (AS) 14 notified under section 133 of the Companies Act 2013, read together with paragraph 7 of the Companies (Accounts) Rules 2014 and Companies (Accounting Standard) Amendment Rules, 2016, the Company treats an amalgamation as being an amalgamation in the nature of merger if it satisfies all of the following criteria:
i. All the assets and liabilities of the Transferor Company become, after amalgamation, the assets and liabilities of the Transferee Company.
ii. Shareholders holding not less than 90% of the face value of the equity shares of the Transferor Company (other than the equity shares already held therein, immediately before the amalgamation, by the Transferee Company or its subsidiaries or their nominees) become equity shareholders of the Transferee Company.
iii. The consideration for amalgamation receivable by those equity shareholders of the Transferor Company who agree to become shareholders of the Transferee Company is discharged by the Transferee Company wholly by the issue of equity shares, except that cash may be paid in respect of any fractional shares.
iv. The business of the Transferor Company is intended to be carried on, after the amalgamation, by the Transferee Company.
v. The Transferee Company does not intend to make any adjustment to the book values of the assets and liabilities of the Transferor Company, except to ensure uniformity of accounting policies.
All other amalgamations, if any, are in the nature of purchase.
The Company accounts for all amalgamations in the nature of merger using the pooling of interest method. The application of this method requires the Company to recognize any non-cash element of the consideration at fair value. All assets and liabilities recorded in the books of Transferor Company are recorded by the Transferee Company at their respective book values. The reserves / balance in statement of profit and loss of the Transferor Company is recorded as reserves / balance in statement of profit and loss respectively of the Transferee Company. The difference between the amount recorded as share capital issued, along with any additional consideration in the form of cash or other assets, and the amount of share capital of the Transferor Company as at the appointed date is adjusted in reserves.
FIXED ASSETS:
·
Land
·
Building
·
Office Equipment
·
Plant and Machinery
·
Computer
·
Vehicles
·
Furniture and Fixture
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
|
INR |
|
US Dollar |
1 |
INR 64.27 |
|
UK Pound |
1 |
INR 89.71 |
|
Euro |
1 |
INR 79.52 |
INFORMATION
DETAILS
|
Information
Gathered by : |
PUJ |
|
|
|
|
Analysis Done by
: |
VAR |
|
|
|
|
Report Prepared
by : |
ARC |
SCORE FACTORS
|
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 |
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.