MIRA INFORM REPORT
|
Report
Date : |
30.01.2007 |
IDENTIFICATION
DETAILS
|
Name : |
ENDURANCE
TECHNOLOGIES PRIVATE LIMITED |
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Formerly
Known As : |
ENDURANCE TRANSMISSION SYSTEMS INDIA PRIVATE LIMITED |
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Registered
Office : |
K-228,
MIDC Industrial Area, Waluj, Aurangabad – 431136, Maharashtra |
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Country: |
India |
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Financials
as on: |
31.03.2005 |
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Date
of Incorporation : |
27.12.1999 |
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Com.
Reg. No.: |
11-123296 |
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CIN
No.: |
U34102MH1999PTC123296 |
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TAN
No.; |
NSKE00384G / NSKE00391G / NSKE00465D |
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PAN
No.: |
AAACE7066P |
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Legal
Form : |
Private Limited Liability Company |
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Line
of Business : |
Manufacturing
of Parts and Accessories for Motor Vehicles and their Engines. |
RATING & COMMENTS
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MIRA’s
Rating : |
Aa |
RATING |
STATUS |
PROPOSED CREDIT LINE |
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|
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 |
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Maximum
Credit Limit : |
USD
1500000 |
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Status
: |
Good |
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Payment
Behaviour : |
Regular |
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Litigation
: |
Clear |
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Comments
: |
Subject is a well established company and doing well. Its trade relations are fair. Financial position is good. Payments are correct and as per
commitments. The company can be considered good for normal business
dealings at usual trade terms and conditions. |
LOCATIONS
|
Registered
Office |
K-228,
MIDC Industrial Area, Waluj, Aurangabad – 431136, Maharashtra, India |
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Tel.
No.: |
91-240-2556686/87 |
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Fax
No.: |
91-240-2556685 |
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E-Mail
: |
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Website
: |
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Location : |
Commercial |
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Factory
: |
Front Fork & Die
Casting Unit K – 228 / K – 229, M.I.D.C. Industrial Area, Waluj,
Aurangabad – 431136, Maharashtra, India Non Ferrous Castings
Unit K – 227, M.I.D.C. Industrial Area, Waluj, Aurangabad –
431136, Maharashtra, India Disc Brake Unit K – 226/2, M.I.D.C. Industrial Area, Waluj, Aurangabad –
431136, Maharashtra, India |
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Area : |
48000 sq. ft. |
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Location : |
Owned |
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|
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Wind
Farms : |
J-57, J-58, J-62, Village Badabagh, Tehsil and District
Jaisalmar, Rajasthan - 345001 |
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Branches
: |
74/B, Nariman Bhavan, 7th Floor, Nariman Point,
Mumbai – 400021, Maharashtra, India |
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Tel.
No. : |
91-22-22813053/54 |
DIRECTORS
|
Name : |
Mr.
Naresh Chandra |
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Designation
: |
Chairman |
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Address
: |
Bhagwati
Bhavan, 31-B, M. L. Dahanukar Marg, Mumbai – 400026, Maharashtra, India |
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Date
of Birth : |
11.02.1935 |
|
Qualification
: |
B. E.
[Mech.] |
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Date
of Appointment : |
27.12.1999 |
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Election
Commission Identity Card No. |
MT04/024258347 |
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|
|
|
Name : |
Mr.
Anurag Jain |
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Designation
: |
Managing Director |
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Address
: |
Green
Leaf, Manor Kan Chanwadi, Opposite Walmi Paithan Road, Aurangabad – 431005,
Maharashtra, India |
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Date
of Birth : |
21.03.1962 |
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Date
of Appointment : |
27.12.1999 |
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|
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Name : |
Mr.
Tarang Jain |
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Designation
: |
Director |
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Address
: |
Halcyon Kanchanwadi, Opposite Walmi Paithan Road,
Aurangabad – 431005, Maharashtra, India |
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Date
of Birth : |
21.03.1962 |
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Date
of Appointment : |
27.12.1999 |
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Election
Commission Identity Card No. |
MT100570207420 |
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|
|
|
Name : |
Mr. S. R.
Halbe |
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Designation
: |
Director |
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Other Personnel |
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|
Name : |
Mr. Ajay
Kumar Sharma |
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Designation
: |
Company Secretary |
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Address
: |
A1, Chanakya Puri, Shahanurmiya
Dargah Road, Aurangabad – 431005, Maharashtra, India |
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Date
of Birth : |
23.01.1968 |
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Date
of Appointment : |
01.04.2006 |
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Pan
No. : |
ALIPS2558J |
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|
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|
Name : |
Mr. Pranesh Tripathi |
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Designation
: |
Company Secretary |
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Address
: |
23, Dashmesh Nagar, Behind
State Bank of India, Aurangabad – 431001, Maharashtra, India |
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Date
of Birth : |
12.10.1973 |
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Pan
No. : |
ACWPT9367K |
MAJOR SHAREHOLDERS
|
Name of Shareholders |
No of Shares |
|
Mr.
Naresh Chandra |
296640 |
|
Mr.
Anurang Jain |
605000 |
|
Endurance
Systems India Private Limited |
63725 |
|
Mrs.
Suman Jain |
296635 |
|
Mr.
Anurang Jain |
12500 |
BUSINESS DETAILS
|
Line
of Business : |
Manufacturing
of Automobile original parts such as shock absorbers and clutch assemblies. |
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|
|
|
Products
: |
·
Shock
Absorbers ·
Clutch
Assembly ·
Job
Work Charges |
|
|
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Imports
from : |
Japan and Germany |
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Terms
: |
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Selling : |
Contract [30/45 days] and Cash Local – 100% |
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Purchasing : |
Contract [30 days], Cash and L/C Local – 97.66% International – 2.34% |
PRODUCTION STATUS
|
Particulars |
Units |
Installed Capacity |
Actual Production |
|
Shock
Absorbers |
Nos. |
13000000 |
1216321 |
|
Clutch
Assembly |
Nos. |
-- |
4596 |
|
Disc
Brake Assembly |
Nos. |
140400 |
87528 |
|
Alluminium
Die Casting |
MT |
2599 |
1186 |
|
|
|
|
|
|
**
Captivity consumed 1.91 MT (Previous year 3.35 MT) and Job work 1179.88 MT
(Previous year 708.72 MT) |
|
|
|
|
Wind
Power Generation |
|
3 MW |
5451360 |
GENERAL INFORMATION
|
Suppliers
: |
Ø Tata Steel Limited, India Ø Nippon Steel Company Limited,
Japan Ø Max Steel GmbH, Germany Ø MMTC Limited, India |
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Customers
: |
Ø Manufacturers Ø Wholesalers |
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No. of
Employees : |
2000 |
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Bankers
: |
v
Indian
Overseas Bank, Contonment Branch, Pune v
Indian
Overseas Bank, Aurangabad, Maharashtra, India v Bank of India, Pune Corporation
Banking Branch v Corporation Bank, Aurangabad,
Maharashtra, India |
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Facilities : |
SECURED LOAN Ø Term Loan - From bank : Rs. 268.519 millions Ø Loan From banks : Rs. 142.570
millions Ø Cash Credit – From Bank : Rs.
58.109 millions Ø From Banks against bills : Rs.
14.412 millions UNSECURED LOAN From bank : Rs. 80.175 millions |
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Banking Relations : |
Good |
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Auditors
: |
N. C. Panpalia
& Company Chartered Accountants, Aurangabad, Maharashtra, India |
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Subsidiaries
: |
High Technology Transmission Systems [India] Private
Limited - Manufacturing clutch assembles friction plates and
clutches, variables transmission
systems, etc. |
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Parent
Company : |
Endurance Systems (India) Private Limited |
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Associates
: |
Anurang Engineering Company Private Limited Varroc Engineering [Private] Limited Varroc Exhaust Private Limited Varroc Lighting Private Limited Varroc Trading Private Limited Mouldcraft Hindustan Private Limited Duro Valves [India] Private Limited |
CAPITAL STRUCTURE
Authorised
Capital :
|
No. of
Shares |
Type |
Value |
Amount |
|
3000000 |
Equity Shares |
Rs.10/- each |
Rs.
30.000 millions |
Issued,
Subscribed & Paid-up Capital :
|
No. of
Shares |
Type |
Value |
Amount |
|
1274500 |
Equity Shares |
Rs.10/-
each |
Rs.
12.745 millions |
FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE SHEET
|
SOURCES
OF FUNDS |
31.03.2005 |
31.03.2004 |
31.03.2003 |
|
SHAREHOLDERS FUNDS |
|
|
|
|
1] Share Capital |
12.745 |
12.745 |
12.745 |
|
2] Share Application Money |
0.000 |
0.000 |
127.861 |
|
3] Reserves & Surplus |
404.927 |
249.881 |
0.000 |
|
3) (Accumulated Loss) |
0.000 |
0.000 |
0.000 |
NETWORTH
|
417.672 |
262.626 |
140.606 |
|
|
|
|
|
|
LOAN FUNDS |
|
|
|
|
1] Secured Loans |
483.611 |
497.012 |
160.053 |
|
2] Unsecured Loans |
504.202 |
394.746 |
221.204 |
|
TOTAL
BORROWING |
987.813 |
891.758 |
381.257 |
|
Deferred Tax Liabilities |
41.493 |
49.600 |
30.523 |
|
|
|
|
|
GRAND TOTAL
|
1446.978 |
1203.984 |
552.386 |
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
720.275 |
660.241 |
280.287 |
|
Capital work-in-progress |
102.659 |
36.427 |
8.758 |
|
Technical Know-how |
0.000 |
0.000 |
10.961 |
|
|
|
|
|
|
INVESTMENTS |
113.965 |
113.965 |
59.86 |
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
Inventories |
118.149
|
77.795 |
51.455 |
|
Sundry Debtors |
222.923
|
179.443 |
171.392 |
|
Cash & Bank Balances |
215.557
|
235.494 |
96.886 |
|
Loans & Advances |
287.742
|
113.893 |
73.665 |
|
Total Current Assets |
844.371
|
606.625 |
393.398 |
|
Less : |
|
|
|
|
Current Liabilities & Provisions |
334.292
|
213.310 |
201.611 |
|
Total Current Liabilities |
334.292 |
213.310 |
201.611 |
Net
Current Assets
|
510.079
|
393.315 |
191.787 |
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.036 |
0.787 |
|
|
|
|
|
GRAND TOTAL
|
1446.978 |
1203.984 |
552.386 |
PROFIT & LOSS ACCOUNT
|
PARTICULARS |
31.03.2005 |
31.03.2004 |
31.03.2003 |
Sales Turnover [including other income]
|
2050.362 |
1386.819 |
1345.153 |
|
|
|
|
|
Profit/(Loss) Before Tax
|
242.911 |
186.065 |
174.768 |
Provision for Taxation
|
86.411 |
63.827 |
66.763 |
Profit/(Loss) After Tax
|
156.500 |
122.238 |
108.005 |
|
|
|
|
|
Import Value
|
58.944 |
146.364 |
53.528 |
|
|
|
|
|
Total Expenditure
|
1807.450 |
1200.754 |
1170.385 |
KEY
RATIOS
|
PARTICULARS |
|
31.03.2005 |
31.03.2004 |
31.03.2003 |
PAT / Total Income
|
(%)
|
7.63 |
8.81 |
8.02
|
|
|
|
|
|
|
Net Profit Margin
(PBT/Sales) |
(%) |
11.84 |
12.61 |
12.99
|
|
|
|
|
|
|
Return on Total Assets
(PBT/Total
Assets} |
(%) |
15.52 |
13.12 |
23.20
|
|
|
|
|
|
|
Return on Investment (ROI)
(PBT/Networth) |
|
0.58 |
0.70 |
1.24
|
|
|
|
|
|
|
Debt Equity Ratio
(Total
Liability/Networth) |
|
3.16 |
7.20 |
4.14
|
|
|
|
|
|
|
Current Ratio
(Current
Asset/Current Liability) |
|
2.52 |
2.84 |
1.95
|
LOCAL AGENCY FURTHER INFORMATION
History
The company was incorporated under the name and style of
Edurance Suspension Systems [India] Limited, on 27.12.1999 and changed its name
to Edurance Transmission Systems India Private Limited w.e.f. 06.12.2000.
The company again changed its name to present, recently.
The increased demand for clutch
Assemblies and Fronts Forks coupled with better capacity utilization and costs
saving measures have contributed largely to this growth.
Subject has transferred its Clutch
Assembly manufacturing Machinery and Equipments and also assigned the related
technical collaboration agreements with Adlea Spa, Italy to its subsidiary viz.
High Technology Transmission Systems (India) Private Limited.
Subject has planned to add new
products to its range. Subject has acquired land and construction thereon has
commenced. The commercial production is expected to commence during the
financial year 2003-04.
With this, subject hopes to achieve
higher turnover and better profitability during the current year.
The company also owns and operates a wind Power Unit with 3
M.W. capacity, which provided 866651 KWH power during 2002-03.
The company is an ISO 9001/9000 certified company.
Performance
The year under report recorded significant growth in the
turnover and profitability. The company
has achieved a turnover of Rs. 2050.400 millions in the year under report as
against a turnover of Rs. 1386.800 millions in the previous year. The profit before tax has increased to Rs.
242.900 millions against Rs. 186 millions in previous year. The increased demand for Front Forks coupled
with better capacity utilization and costs saving measures have contributed
largely to this growth.
Outlook
Front Fork Division
The company continues to manufacture quality telescope
front-fork with its state-of-art technology of manufacturing the Front-Forks of
motor cycles. The endeavor of the
division has been to enhance the performance and quality of the products and to
reduce rejection for which dedicated efforts have been undertaken.
Technology has been a major focus of the company. The company reached an understanding with an
Italian company, Paioli Meccanica S.P.A., a world leader in telescopic front fork
technology, for transfer of know-how including design & development &
traning on critical processes. This
resulted in a technical collaboration agreement which was signed on 10.01.2005
for a period of 5 years.
In its efforts the company has strengthened its engineering
capabilities. The fully automatic plant
for Nickel Hard Chrome plating installed by the company in the previous
financial year with a view to make corrosion free fork-pipe for increasing the
life of the product has also yielded the desired results. The consistent quality improvement measures
undertaken by the company are generating confidence among the customers.
The company is a supplier of OEM’s like Bajaj Auto Limited,
LML and Kinetic Engineering apart from after market sales.
Disc Brake Unit
Since its commencement of commercial production at its Disc
Brake Unit in March, 2004 the company has been able to maintain uninterrupted
supply of Disc brakes to its customers i.e. Bajaj Auto Limited and LML. Since braking system is a safety part in a
vehicle, it requires clearance by ARAI.
The company is already achieved the ARAI clearances and certification
for safety parameters in June, 2004.
The company sees a great OEM and Export potential for its product in the
segment, which is expected to contribute favorable to the increase in turnover
during the current year.
Non Ferrous Casting
Unit
Since its commencement of commercial production at its non
ferrous unit in March, 2004 the company has been able to maintain uninterrupted
supply of Die Castings to its customers i.e. Bajaj Auto Limited and Tata Motors
Limited. The company sees a great OEM
potential for its products in this segment which is expected to contribute
favourably to the increase in turnover during the current year.
IMT Mansar Die Casting
Unit
The company has commenced the commercial production at its
new Die Casting Unit facility in the month of May, 2005. The plant near Delhi has been set up to
service the customers in the Northern region, and as a result expand its OEM customer
base. The company sees a great OEM
potential for its products in this segment.
Chakan Unit
In its endeavour towards satisfaction of customer
requirements, the company is in the process of setting up of another unit for
manufacture of Shock Absorbers and Front Fork assemblies at Chakan, Pune. The unit will come into production during
the current financial year.
Wind Power Project
Wind Power project of the company set up at Village
Badabagh, District Jaisalmer in the State of Rajasthan with total three
windmills having installed capacity of 3.00MW are running successfully.
These projects generated over 5451360 units of electricity
valued at Rs. 20.006 millions during the year ended as on 31st
March, 2005.
Subsidiary Company
A statement relating to High Technology Transmission Systems
[India] Private Limited, the subsidiary of the company, pursuant to Section 212
of the companies Act, 1956 along with its Annual Accounts is attached to the
Balance sheet.
TS 16949 Certification
In its endeavor for excellent standards of quality
procedures & methods, the company has successfully undertaken the
Pre-certification audit for TS 16949 Certification from TUV CERT Certification
body of RWTUV Systems GmbH. The company
expects the certificate to be issued in the current financial year.
Generic Names of three principal products/ services of the
company are as under :
|
Item Code No. |
Product Description |
|
870880 |
Shock Absorbers |
|
871400 |
Disc Brake |
|
870897 |
Alluminium Die Casting |
It is in trade terms with :
·
Bajaj
·
Hindustan
Motors Limited
·
Tata
Motors Limited
·
Yamaha
·
Ford
[India] Limited
·
Hyundai
Motors [India] Limited
·
Fiat
·
LML
·
Mahindra
& Mahindra Limited
·
Mico
- The
Royal Enfield
Fixed Asset :
- Leasehold
land
- Building
- Plant
and machinery
- Wind
energy generators
- Factory
equipments
- Electrical
installation
- Computer
- Dies
- Vehicles
- Furniture
and fixture
- Office
equipments
Profile
Endurance Transmission Systems (India) Private Limited (Disc
Brake Division), is manufacturing world class disc brake assemblies for motorcycle
under the technical collaboration of M/S Bassano Grimeca, Italy.
It is catering to domestic market of India & also
exporting international OEMS. The plant is situated at Waluj, Aurangabad
(Maharashtra).
The entire setup is equipped with latest manufacturing facilities which
includes Blanking of discs, roller straightening, special heat treatment,
double disc grinding, anodizing plant and in process automatic
multi-gauging fixtures. These are all part of their in house capability.
The major product of the group are Shock Absorbers and Front Forks for all two
wheeler applications. After Successful establishment of above products in
Market, now Endurance has started new plant for manufacturing of Disc Brake
System & Discs for motorcycles & Scooterates.
Achievements
Ø
A
continuously moving special conveyer driven furnace
Ø During hardening , the rotary disc
will undergo heating in a controlled protective atmosphere of LPG and subsequently undergo cooling in a jacket of
cool water (No physical contact of cooling element) , to completely avoid any
kind of oxidation on the disc surface.
Ø
After
hardening disc undergo tempering, to relieve the stresses caused during
previous processes.
Ø
During
tempering also the disc undergo heatin.
Group Profile
Endurance is a name that spells strength and
will to perform. Endurance, A name that finds expression in their performance.
Apart of one of corporate India’s leading automotive business houses, they have
created four entities having holistic approach and capabilities that include
designing, research and development as well as manufacturing
Ø
Anurang Engineering Company Private
Limited
- High Pressure Die
cast Components and Tooling.
Ø
Endurance Systems India Private
Limited
- Hydraulic Telescopic Front Forks and Shock Absorbers.
Ø
Endurance Transmission Systems India
Private Limited
- Hydraulic
Telescopic Front Forks, Two Wheeler Disk Brake
Assemblies and Low Pressure / Gravity Die-cast Components.
Ø
High Technology Transmission Systems
India Private Limited
Clutch
Assembly, Friction Plates and Continuous Variation Transmissions
(CVTs)
Joint Venture - Endurance Group has started
joint venture with M/s. Adler s.p.a. Italy, one of the world’s largest two
and three wheeler transmission system manufacturers, for providing technical
know-how and licensed to manufacture two wheeler clutch assemblies, friction
plates, and CVTs. (Continuous Variable Transmissions). The new company is named
as “HIGH TECHNOLOGY TRANSMISSION SYSTEMS“.
|
Corporation identity number or foreign company
registrations number of the company |
U34102MH1999PTC123296 |
|
Name of the company |
ENDURANCE TRANSMISSION SYSTEMS [INDIA] PRIVATE LIMITED |
|
Address |
K-228, MIDC Industrial Area, Waluj, Aurangabad – 431136,
Maharashtra, India |
|
This Form is for |
Creation of charge |
|
Particular of the charge holder |
Bank of India Puen Corporate Banking Branch,
Shivajinagar, University Road, Pune – 411005, Maharashtra, India E-mail : boipcbb@vsnl.net |
|
Brief of the principal terms and conditions and extent and
operation of the charge |
Equitable mortgage for FC loan fo
JPY 247 million equivalent to Rs. 96 millions Int: @ equal to 1.50% pa over
the 3 months LIBOR. Repayment in 8
half yearly installments of JPY 30.88 mm. each commencing from 18 months from
the date of 1st disbursement.
The bank is acting on behalf of and has executed the documents for and
on behalf of one of its branch office : Bank of India, Marunochi Nakadori
Building, 2-2-3, Marunouchi, Chiyoda-ku, Tokyo 1000005 |
|
Date of the instrument creating charge |
28.03.2006 |
|
Amount Secure by the charge |
Rs. 96 millions |
|
Description of the property charge whether it is a charge
on |
Immovable properties |
|
Particulars of property charged |
Mortgage by deposit of title deeds
over immovable property of the company together with all buildings and
structures thereon. Details of
property : all the piece or parcel of land known as plot no. B – 22 in the
Chakan Industrial Area within the village limit of Nighoje, Taluka Khed,
District Pune admeasuring 27272.00 sq. meters or thereabouts. Exclusive first ranking mortgage and
charge in favour of the bank alongwith Citi Bank N.A. |
AS PER WEBSITE
Customer
Satisfaction Quality
(QS9000, TPM, Six Sigma)
Focus on
Technology Brand Equity
People
Involvement Market
Leadership
Value
Engineering Major
OEMs as Customers
Training Exports
Continuous
Improvement World class
manufacturing
Excellence
through individual
Entrepreneurship Cost
Competitiveness
COLABORATIONS
They always try to deliver nothing less
than the world’s very best to their customers.' Towards this objective they have established
technical synergies with
Endurance Systems [India] Private
Limited
Technical collaboration with PAIOLI s.p.a. Italy
Endurance Transmission Systems [India] Private
Limited
Technical collaboration
with PAIOLI Meccanica s.p.a. Italy
Endurance Transmission Systems
[India] Private Limited
Technical collaboration with Bassano Grimeca, Italy
High Technology Transmission Systems [India] Private
Limited
Joint Venture with Adler
s.p.a. Italy
Endurance Systems [India] Private Limited
Technical
collaboration with AL-KO Group, Germany.
Achievements
Ø
Developed and launched rechargeable type Gas Filled Shock
Absorbers for 2 wheelers, first time in India
Ø
Patent granted for revolutionary
“Dust Seal Washer”.
Ø
Patent Applied for twin tube rechargeable canister type Ole –
pneumatic Shock Absorber.
Ø
Successfully Designed and Developed complete suspension for a new
type of Bike.
Ø
Successfully Designed and developed Hydraulic Shock Absorbers with
externally adjustable damping force in rebound and compression.
CMT REPORT
[Corruption, Money laundering & Terrorism]
The Public Notice information has been collected from
various sources including but not limited to: The Courts, India Prisons
Service, Interpol, etc.
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.44.17 |
|
UK Pound |
1 |
Rs.86.66 |
|
Euro |
1 |
Rs.57.25 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
8 |
|
PAID-UP
CAPITAL |
1~10 |
8 |
|
OPERATING
SCALE |
1~10 |
8 |
|
FINANCIAL
CONDITION |
|
|
|
--BUSINESS
SCALE |
1~10 |
7 |
|
--PROFITABILIRY |
1~10 |
8 |
|
--LIQUIDITY |
1~10 |
8 |
|
--LEVERAGE |
1~10 |
8 |
|
--RESERVES |
1~10 |
8 |
|
--CREDIT
LINES |
1~10 |
8 |
|
--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 |
|
TOTAL |
|
71 |
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 |
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 |
Unfavourable & favourable
factors carry similar weight in credit consideration. Capability to overcome
financial difficulties seems comparatively below average/normal. |
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 |