MIRA
INFORM REPORT
|
Report Date : |
08.01.2007 |
IDENTIFICATION
DETAILS
|
Name : |
ENKEL
CASTALLOY LIMITED |
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Registered Office : |
GateNo.1426,
Shikrapuri, Pune-412208, Maharashtra |
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Country : |
India |
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Financials (as on) : |
31.03.2006 |
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Date of Incorporation : |
19.12.1990 |
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Com. Reg. No.: |
11-59487 |
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CIN No.: [Company
Identification No.] |
U99999MH1990PLC059487 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
PNEE01509E |
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PAN No.: [Permanent
Account No.] |
AABCP0252B |
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Legal Form : |
A
Public Limited Liability Company. The Company’s shares are listed on Stock
Exchanges. |
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Line of Business : |
Manufacturing
aluminium alloy die casting, by Gravity and Low Pressure Techniques, mainly
catering to automobile industry |
RATING & COMMENTS
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MIRA’s Rating : |
A |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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 |
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Maximum Credit Limit : |
USD
925000 |
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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 and reputed company having fine track. Trade relations
are fair. Financial position is good. Payments are correct and as per commitments. The
company is doing well. It can
be considered good for any normal business dealings at usual trade terms and
conditions. It can
be regarded as a promising business partner in a medium to long-run. |
LOCATIONS
|
Registered Office : |
GateNo.1426,
Shikrapuri, Pune-412208, Maharashtra, India |
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Tel. No.: |
91-2137-677100 |
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Fax No.: |
91-2137-677130 |
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E-Mail : |
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Website : |
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Factory
1 : |
57-58Km
Stone, Delhi, Jaipur, NH-8, Industrial Area, Village Binola, Haryana, India |
DIRECTORS
|
Name : |
Mr. S.
Rai |
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Designation : |
Managing
Director |
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Name : |
Mr.
Junichi Suzuki |
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Designation : |
Director |
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Name : |
Mr.
Tetsuro Masui |
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Designation : |
Director |
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Name : |
Mr.
Asis Roy |
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Designation : |
Director |
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Name : |
Mr. A.
D. Harolikar |
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Designation : |
Director |
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Name : |
Mr. S.
C. Khanna |
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Designation : |
Director |
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Name : |
Mr.
Vinay Panjabi |
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Designation : |
Director |
KEY EXECUTIVES
|
Name
: |
Mr.
Rajeev Sikand |
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Designation
: |
Group
CEO |
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Date
of Birth/Age : |
46
years |
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Qualification
: |
MBA |
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Experience
: |
24
years |
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Date
of Appointment : |
03.12.2005 |
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Previous
Employment : |
Motherson
Sumi Systems Limited, Head-International Business |
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Name
: |
Mr.
K.K. Jha |
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Designation
: |
CEO |
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Date
of Birth/Age : |
44
years |
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Qualification
: |
B. Sc.
(Engineering) |
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Experience
: |
21
years |
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Date
of Appointment : |
15.06.1994 |
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Previous
Employment : |
Maruti
Udyog Limited, Engineer |
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Name
: |
Mr.
Naishad J. Purohit |
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Designation
: |
Company
Secretary |
MAJOR SHAREHOLDERS
|
Names
of Shareholders |
No. of Shares |
Percentage of Holding |
|
Indian
Promoters |
1900000 |
38.00 |
|
Foreign
Collaborators |
1900000 |
38.00 |
|
Private
Corporate Bodies |
416071 |
8.32 |
|
Indian
Public |
661057 |
13.22 |
|
Other
than Promoter Directors |
1462 |
0.03 |
|
Any
other than Promoter Directors |
5350 |
0.11 |
|
NRIs |
43875 |
0.88 |
|
FIIs |
72185 |
1.44 |
|
Total |
5000000 |
100.000 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturing
aluminium alloy die casting, by Gravity and Low Pressure Techniques, mainly catering
to automobile industry |
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Products : |
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PRODUCTION
STATUS
|
Particulars |
Unit |
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|
Installed Capacity |
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Semi-finished Casting made from aluminium
alloys |
Nos. |
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|
83603 |
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Wheels (Traded) |
Nos. |
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0 |
GENERAL
INFORMATION
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Bankers : |
Ø
Bank
of Maharashtra, Industrial Finance Branch, Pune Ø
ING
Vysya Bank Limited, F. C. Road, Pune Ø
Kotak
Mahindra Bank Limited, Pune Ø
State
Bank of India, IFB Branch, Pune Ø
Export
Import Bank Of India, Shankarsheth Road, Pune |
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Facilities : |
Secured
Loans :
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Banking Relations : |
Satisfactory |
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Auditors : |
Engineer
& Mehta Chartered
Accountants |
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Associates : |
Ø
Enkei
Corporation, Japan Ø
Enkei
Thai Company Limited Ø
Enkei
thai Moulding company Limited Ø
Asian
Enkei Company Limited Ø
Enkei
Logistics Limited Ø
Enkei
Audit And Computer Limited Ø
Atlas
Automotive Components Private Limited Ø
Pamela
Finance Private Limited Ø
Silicon
Meadows Designs Private Limited Ø
Nastic
Trading Private Limited Ø
Chemetall
Rai India Limited |
CAPITAL STRUCTURE
Authorised
Capital :
|
No.
of Shares |
Type |
Value |
Amount |
|
5000000 |
Equity
Shares |
Rs.10/- each |
Rs.50.000 millions |
Issued,
Subscribed & Paid-up Capital :
|
No.
of Shares |
Type |
Value |
Amount |
|
5000000 |
Equity
Shares |
Rs.10/- each |
Rs.50.000 millions |
FINANCIAL DATA
[all figures are in Rupees
Millions]
ABRIDGED
BALANCE SHEET
|
SOURCES OF FUNDS |
31.03.2006 |
31.03.2005 |
31.03.2004 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
50.000 |
50.000 |
50.000 |
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|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
181.860 |
114.293 |
62.200 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
231.860 |
164.293 |
112.200 |
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LOAN FUNDS |
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1] Secured Loans |
473.851 |
247.351 |
154.300 |
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2] Unsecured Loans |
272.509 |
172.931 |
28.200 |
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TOTAL BORROWING |
746.360 |
420.282 |
182.500 |
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DEFERRED TAX LIABILITIES |
31.217 |
25.494 |
0.000 |
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|
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|
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TOTAL |
1009.437 |
610.069 |
294.700 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
712.960 |
427.347 |
197.800 |
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Capital work-in-progress |
110.458 |
95.183 |
31.100 |
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INVESTMENT |
0.070 |
0.070 |
0.100 |
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DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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|
|
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Inventories |
116.930 |
62.043 |
33.600 |
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Sundry Debtors |
269.820 |
168.783 |
88.900 |
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|
Cash & Bank Balances |
7.803 |
7.308 |
7.600 |
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Other Current Assets |
0.000 |
0.000 |
0.000 |
|
|
Loans & Advances |
96.952 |
43.182 |
37.200 |
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Total Current Assets |
491.505 |
281.316 |
167.300 |
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Less : CURRENT LIABILITIES & PROVISIONS |
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|
|
|
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Current Liabilities |
236.203 |
160.877 |
88.100 |
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|
Provisions |
69.589 |
33.568 |
14.000 |
|
Total Current Liabilities |
305.792 |
194.445 |
102.100 |
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|
Net Current Assets |
185.713 |
86.871 |
65.200 |
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MISCELLANEOUS EXPENSES |
0.236 |
0.598 |
0.500 |
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TOTAL |
1009.437 |
610.069 |
294.700 |
|
PROFIT
& LOSS ACCOUNT
|
PARTICULARS |
31.03.2006 |
31.03.2005 |
31.03.2004 |
|
Sales Turnover [including other income] |
1234.360 |
658.078 |
354.800 |
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|
|
|
|
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Profit/(Loss)
Before Tax |
116.436 |
87.545 |
33.700 |
|
Provision
for Taxation |
41.030 |
28.516 |
11.600 |
|
Profit/(Loss)
After Tax |
75.406 |
59.029 |
22.100 |
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|
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Export
Value |
54.450 |
50.952 |
NA |
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Import
Value |
102.279 |
98.337 |
NA |
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Total
Expenditure |
1117.924 |
570.533 |
321.100 |
QUARTERLY
RESULTS
|
PARTICULARS |
|
30.06.2006 |
30.09.2006 |
|
Sales Turnover |
|
43.26 |
56.28 |
|
Other Income |
|
0.40 |
0.31 |
|
Total Income |
|
43.66 |
56.59 |
|
Total Expenditure |
|
36.64 |
48.02 |
|
Operating Profit |
|
7.02 |
8.57 |
|
Interest |
|
1.59 |
2.16 |
|
Gross Profit |
|
5.43 |
6.41 |
|
Depreciation |
|
1.77 |
2.72 |
|
Tax |
|
0.95 |
0.90 |
|
Reported PAT |
|
2.71 |
2.61 |
200606 Quarter
Notes 1 The above Statement of Unaudited Financial Results
(Provisional) was taken on record by the Board of Directors at their Meeting
hold on 31.07.2006. 2 Figures of the Previous Period have been regrouped/
reclassified wherever necessary to make them comparable. 3 Paid up capital of
the Company has increased by Rs. 5.000 millions on account of issue of 0.500
millions Equity shares on preferential basis during the quarter ended on
30.06.2006. 4 Gross Sales/Income from Operations for the current Quarter are
not comparable with those of the. Corresponding Quarter of previous year due to
change in composition of sales from conversion sales to sales with material. 5
Tax Provision for the current Quarter ended 30th June, 06 has been Computed in
accordance with the A S 22, dealing with accounting for Taxes on income on an
estimate basis and hence it is not comparable with that of corresponding period
of the previous year and the deferred tax liability if any would be provided at
the end of the year. 6 The company has no separate reportable segments as per
'Accounting Standard (AS 17) Segment Reporting. 7 The company has successfully
developed Intake Manifold for YN4 (SWIFT MOF MUL) at its new plant in
Shikrapur, District Pune. 8 Implementation of second phase of Gurgaon Plant is
at an advanced stage. 9 Details of shareholders' grivances in the Quarter ended
30-06-06, pending at the beginning of the Quarter Nil Received during the
Quarter Two Pending at the end of the Quarter Nil Redressed during the Quarter
Two
200609 Quarter 2
Notes 1) The above Statement of 'Unaudited Financial Results
(Provisional)' was taken on record by the Board of Directors at their Meeting
held on 30th October, 2006. 2) Figures of the Previous Period have been
regrouped/ reclassified wherever necessary to make them comparable. 3) Paid up
capital of the Company has increased by Rs. 5.000 millions on account of issue
of 0.500 millions Equity shares on preferential basis during the quarter ended
on 30th June 2006. 4) Gross Sales/Income from Operations for the current
Quarter is not comparable with those of the corresponding Quarter of previous
year due to change in composition of sales from conversion sales to sales with
material. 5) Tax Provision for the current Quarter ended 30th June, 2006 has
been computed in accordance with the A S 22, dealing with accounting for Taxes
on income on an estimate basis and hence it is not comparable with that of
corresponding period of the previous year and the deferred tax liability if
any, would be provided at the end of the year. 6) The company has no separate
reportable segments as per Accounting Standard (AS 17)' Segment Reporting. 7)
The Company has decided to undertake expansion of existing wheel manufacturing
capacity to 0.100 millions wheels per month. 8) Details of shareholders'
grievances in the Quarter ended 30.06.2006. Pending at the beginning of the
Quarter Nil Received during the Quarter Three Pending at the end of the Quarter
Nil Redressed during the Quarter Three 9) Members In their EGM held to-day,
have passed resolution for sub-division of shares into shares of the face value
of Rs.5/- each.
KEY
RATIOS
|
PARTICULARS |
31.03.2006 |
31.03.2005 |
31.03.2004 |
|
Debt-Equity Ratio |
2.94 |
2.18 |
1.26 |
|
Long Term
Debt-Equity Ratio |
2.56 |
1.86 |
0.93 |
|
Current Ratio |
1.09 |
1.09 |
1.21 |
|
TURNOVER RATIOS |
|
|
|
|
Fixed Assets |
1.99 |
1.78 |
1.51 |
|
Inventory |
16.09 |
15.73 |
11.74 |
|
Debtors |
6.56 |
5.84 |
4.61 |
|
Interest Cover Ratio |
3.33 |
3.18 |
3.04 |
|
Operating Profit
Margin(%) |
15.53 |
21.85 |
21.11 |
|
Profit Before
Interest And Tax Margin(%) |
11.56 |
16.97 |
14.38 |
|
Cash Profit
Margin(%) |
9.21 |
12.73 |
13.06 |
STOCK PRICES
|
Face
Value |
Rs.10.00/- |
|
High |
Rs.(0.01) |
|
Low |
Rs.(0.01) |
LOCAL AGENCY
FURTHER INFORMATION
Company’s
fixed assets include Land, Building, Plant and Machinery, Electrical
Installation, Furniture and Fixtures, Computers/ Softwares, Office Equipments,
Quality Control Equipments, Motor Vehicles and Dies and Patterns.
DIVIDEND
Inspite of remarkable increase in profit and desire of the Directors to
reward the Shareholders with maximum return, considering the on going expansion
of manufacturing capacities involving large capital expenditure programme of
the Company, the Board of Directors proposes to maintain the dividend and
accordingly, have recommended a dividend of 12.50% (Rs.1.25 per share of
Rs.10/- each) for the financial year 2005-06.
There will be no tax deduction at source on dividend payment and the
Company will pay dividend distribution tax on the dividend along with surcharge
thereon and education cess. The dividend received at shareholders end will be
free of tax. The total outgo on this score shall be Rs. 7.84 millions.
MANAGEMENT
DISCUSSION AND ANALYSIS REPORT
Industry Structure
and Development:
The Company is manufacturing aluminium alloy die castings, by Gravity
and Low Pressure techniques, mainly catering to automobile industry. The
Company is offering comprehensive range of castings with precision machining used
as engine parts to various Auto OEM's. The Company is also manufacturing
aluminium alloy wheels, required for two and four wheelers.
The automotive industry in India is one of the fastest growing
automotive industry in the world. The industry grew by 30% in term volume in
2004 as against global growth of 6% (source OICA). In 2005-06 the vehicle
production grew by 10% over previous year, whereas the compounded average
growth of past five years is 20%.The auto ancillary industry has grown at much
faster pace than the Automotive Industry. The added advantage being the
international auto giants looking the India as the main hub for their OEM
requirements.
The Indian auto ancillary has the added advantage of low cost of
production and better quality compared toemerging markets like China. Their
Company enjoys technical support from Enkei Corporation, Japan, who is the
world's largest OEM supplier.
Review of
Operations:
Their Company operates into only one business segment viz. manufacturing
of aluminium alloy castings
mainly used in auto industry.
Their Company has .recorded yet another year of impressive performance
with highest ever top and bottom lines. During the year under review, sales
turnover amounted to an all time high of Rs.1439.22 million as against
Rs.751.95 million last year, a jump of 91.40%. Pre-tax profit was also higher
at Rs.116.44 million as against Rs.87.54 million in previous year. Cash profit
after Tax of Rs.132.49 million shows a very healthy growth of about 38.10% on
year to year basis. Earning per share (EPS) for the year was Rs.15.08 compared
to Rs.11.81 in the earlier year.
The Company recorded an export turnover of Rs.141.91 million for the
year under review compared to an
export of Rs.50.95 million in last year.
Opportunities /
Outlook for the Company
Buoyant economy, higher industrial growth, emphasis on infrastructure
developments, etc. are expected to bring momentum in the demand for two and
four wheeler automobiles. Also, international auto giants are looking India as
the main hub for supply of their OEM requirements. This will result in
continued strong demand for their Company's products. Their Company is well
poised to take maximum advantage of growth opportunity being thrown open by the
auto industry and has planned a total capital expenditure of Rs.1000 million in
the coming year. This envisages increasing the production capacity of its
existing plant at Shikrapur, District Pune, commencing second phase of
operation at Gurgaon, Haryana, and setting up a new plant at Pantnagar,
Uttaranachal.
Their Directors are glad to report that the production of aluminium
alloy wheels, which began last year, has been stabilized. The wheels produced
are of international quality. The Company is supplying aluminium alloy wheels
to Honda Siel Cars India Limited for their Honda Accord, Honda Civic Models and
Bajaj Auto Limited for their Pulser Model. The Company is also negotiating with
other two/four wheeler manufacturers for the supply of aluminium alloy wheels.
The first phase of the Company's new plant at Gurgaon, Haryana, for
manufacturing aluminium alloy castings commenced production in the month July
2006. Second phase will be operational in the month
November 2006.
Their Directors are pleased to report that enthused with the up surging
demand, the management has decided to set up one more plant at the total cost
of Rs.100 million for manufacturing aluminium castings at Pantnagar,
Uttaranachal. Necessary site has been finalized and statutory approvals are
being obtained.
PREFERENTIAL ISSUE
As approved by the members in their Extra-Ordinary General Meeting held
on 21st June, 2006, 5,00,000 Equity Shares of Rs.10/- each were allotted to
Prudential ICICI Trust Limited - Prudential ICICI Fusion Fund and Minivet
Limited of Mauritius, at a premium of Rs. 390/- per equity share. The listing
application for listing of shares is filed with The Bombay Stock Exchange
Limited and listing approval is awaited.
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 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 |
Rs.44.61 |
|
UK
Pound |
1 |
Rs.86.80 |
|
Euro |
1 |
Rs.57.54 |
SCORE &
RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
7 |
|
PAID-UP CAPITAL |
1~10 |
7 |
|
OPERATING SCALE |
1~10 |
7 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
7 |
|
--PROFITABILIRY |
1~10 |
7 |
|
--LIQUIDITY |
1~10 |
7 |
|
--LEVERAGE |
1~10 |
7 |
|
--RESERVES |
1~10 |
7 |
|
--CREDIT LINES |
1~10 |
7 |
|
--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 |
YES |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
63 |
This score serves as a reference to assess SC’s credit risk
and to set the amount of credit to be extended. It is calculated from a
composite of weighted scores obtained from each of the major sections of this
report. The assessed factors and their relative weights (as indicated through
%) are as follows:
Financial
condition (40%) Ownership
background (20%) Payment
record (10%)
Credit
history (10%) Market
trend (10%) Operational
size (10%)
RATING EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
>86 |
Aaa |
Possesses an extremely sound financial
base with the strongest capability for timely payment of interest and
principal sums |
Unlimited |
|
71-85 |
Aa |
Possesses adequate working capital. No
caution needed for credit transaction. It has above average (strong)
capability for payment of interest and principal sums |
Large |
|
56-70 |
A |
Financial & operational base are
regarded healthy. General unfavourable factors will not cause fatal effect.
Satisfactory capability for payment of interest and principal sums |
Fairly Large |
|
41-55 |
Ba |
Overall operation is considered normal.
Capable to meet normal commitments. |
Satisfactory |
|
26-40 |
B |
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 |
|
NR |
In view of the lack of information, we
have no basis upon which to recommend credit dealings |
No Rating |
|