MIRA
INFORM REPORT
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Report Date : |
01.09.2007 |
IDENTIFICATION DETAILS
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Name : |
MINDA
INDUSTRIES LIMITED |
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Registered Office : |
B-64 / 1, Wazirpur, Industrial Area, Delhi-110 052. |
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Country : |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
16.09.1992 |
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Com. Reg. No.: |
50333 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
DELM12237B/DELM08257E |
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PAN No.: [Permanent
Account No.] |
AAACM1152C |
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Legal Form : |
Public Limited Liability company The company’s shares are listed on the Stock Exchanges. |
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Line of Business : |
Manufacturing
of Ignition Switches, Oil Pressure Switches, Locks and Ignition Locks for Automobiles,
DC horns for 2 wheelers and 3 wheelers, Automobile Bulbs and Signalling
Lights Equipments and Switches. |
RATING & COMMENTS
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MIRA’s Rating : |
Aa |
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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
1250000 |
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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 having fine track. Directors are reported as
experienced, respectable and resourceful industrialist. Financial position is
satisfactory. Payments are correct and as per commitments. The
company can be considered good for normal business dealings at usual trade
terms and conditions. |
LOCATIONS
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Registered Office : |
B-64 / 1, Wazirpur Industrial Area, Delhi-110 052, |
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Tel.
No.: |
91-11-27374882/27372887 |
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Fax
No.: |
91-11-27372620 |
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E-Mail
: |
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Website: |
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Corporate
Office |
Village-
Nawada,Fatehpur, P.O.-SikanderPur Badda, IMT Manesar, Distt. - Gurgaon.
Haryana. 122004. |
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Tel.
No.: |
91-124-2290427,
2290674, 95124-2290675, 2290693, 2290698 |
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Fax
No.: |
91-124-2290676 |
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E-Mail
: |
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Administrative Office : |
36-A, Rajasthan Udyog Nagar, |
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Tel.
No.: |
91-11-27244324/27142820/27432450/27437964 |
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Fax
No.: |
91-11-27212182/27241524 |
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Minda
Industries |
2/3 Wheeler
Switch Division) Minda
TYC Minda
FIAMM Minda
Impco Minda
Rika |
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Factory
1 : |
B-64/1,
Wazirpur Industrial Area, Tel. No. 91-11-27240444/27248533 E-mail. admin@mindaswitch.com B-73,
Wazirpur Industrial Area, Tel.
No. 91-11-27144882/27224034/27144887 Fax.
No. 91-11-27142620 E-mail.
admin@minohorn.com 34-35,
Tel.
No. 91-1264-270374/270375/270073/270577 Fax.
No. 91-1264-270576 E-mail. mindaiv@del6.vsnl.net.in Village
Nawada, Fatehpur, P. O. Nakhrola, Gurgaon, Haryana - 122001 Tel. No. 91-124-26337317 Fax.
No. 91-124-2633732 E-mail. mrimktg@mantraonline.com 36-A,
Rajaasthan Udyog Nagar, Tel.
No. 91-11-27432450/27437964 E-mail.
admin@mindaweb.com 37,
Rajasthan Udyog Nagar, Village Naherpur Kasan P.O. Nakhrola Distt. Gurgaon (Haryana) B-6, Chakan Industrial Area Village-Mahalunge, Taluk-Khed Distt. Pune, 20A, SIPCOT Industrial Area, Phase-It, Hosur, Tamilandu-635109 |
DIRECTORS
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Name : |
Mr. S.
L. Minda |
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Designation : |
Chairman |
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Name : |
Mr. Nirmal Kumar Minda |
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Designation : |
Managing Director |
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Date of Birth/Age : |
1958 |
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Qualification : |
Science Graduate |
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Previous
Employment |
Minda
Industries, |
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Name : |
Mr.
Ashok Minda |
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Designation : |
Director |
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Name : |
Mr. B.
R. Aggarwal |
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Designation : |
Director |
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Name : |
Mr.
Raju Ram Gupta |
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Designation : |
Director |
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Name : |
Mr.
Subhas Lakhotia |
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Designation : |
Director |
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Name : |
Mr. S
K Arya |
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Designation : |
Director
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MAJOR SHAREHOLDERS
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Names
of Shareholders |
No. of Shares |
Percentage of Holding |
|
Promoters & Associates |
7443512 |
70.86 |
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Public |
3061552 |
29.14 |
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Total |
10505064 |
100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturing
of Ignition Switches, Oil Pressure Switches, Locks and Ignition Locks for
Automobiles, DC horns for 2 wheelers and 3 wheelers, Automobile Bulbs and
Signalling Lights Equipments and Switches. |
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Products : |
Switches, Head Lamps and Horns for Automobiles |
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Brand Names : |
'MINDA' |
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Exports to : |
UAE, |
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Imports from : |
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Terms : |
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Selling : |
Cash,
Contract or Credit (30/60 days) terms |
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Purchasing : |
Cash,
L/C or Credit (30/60 days) terms |
PRODUCTION
STATUS
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Particulars |
Unit |
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Installed Capacity |
Actual Production |
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Switches |
Nos |
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62.000 |
33486857 |
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Horns |
Nos |
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-- |
2867219 |
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Head
lamp |
Nos |
|
4.500 |
5289900 |
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Oil
pressure switches |
Nos |
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-- |
145150 |
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Others |
Nos |
|
7.500 |
11225932 |
GENERAL INFORMATION
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Customers : |
v
Escorts
Limited, v
Bajaj
Auto Limited v
Maruti
Udhyog Limited v
Hero
Honda Motors Limited v
Rajdoot
(Escorts Limited) v
Yamaha v
Honda v
Piaggio v
Royal
Enfifeld v
John
Deere v
Swaraj
Mazda |
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No. of Employees : |
2000 |
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Bankers : |
v
Canara
Bank, 3-F Kamla Nagar, v
Standard
Chartered Grindlays Bank, |
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Facilities : |
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Banking Relations : |
Satisfactory
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Auditors : |
R.N. Saraf & Co. Chartered Accountants BRANCH AUDITORS Sancheti Thakkar & Associates Chartered Accountants INTERNAL AUDITORS N.Bahi & Co. Chartered Accountants |
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Associates/Subsidiaries : |
v
Mindarika
Private Limited v
Minda
Wirelinks Private Limited v
Minda
Huf Limited v
Minda
Instruments Limited v
Minda
Finance Limited |
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Membership |
v
Confederation
of Indian Industry |
CAPITAL STRUCTURE
Authorised
Capital :
|
No.
of Shares |
Type |
Value |
Amount |
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15,000,000 |
Equity shares |
Rs. 10/- each |
Rs. 150.000 Millions |
|
3,000,000 |
Preference share |
Rs. 10/- each |
Rs. 30.000 Millions |
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Total
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Rs. 180.000 Millions |
Issued,
Subscribed & Paid-up Capital :
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No.
of Shares |
Type |
Value |
Amount |
|
10505064 |
Equity shares |
Rs. 10/- each |
Rs. 105.050 Millions |
|
3000000 |
Preference share |
Rs. 10/- each |
Rs. 30.000 Millions |
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Total
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Rs. 135.050 Millions |
FINANCIAL DATA
[all figures are in Rupees
Millions]
ABRIDGED BALANCE SHEET
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SOURCES OF FUNDS |
31.03.2007 |
31.03.2006 |
31.03.2005 |
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SHAREHOLDERS
FUNDS |
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1]
Share Capital |
135.100 |
135.100 |
135.100 |
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2] Share
Application Money |
0.000 |
0.000 |
0.000 |
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3]
Reserves & Surplus |
394.600 |
287.500 |
186.800 |
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4]
(Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
529.700 |
422.600 |
321.900 |
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LOAN FUNDS |
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1]
Secured Loans |
799.000 |
372.100 |
392.000 |
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2]
Unsecured Loans |
339.300 |
319.400 |
274.700 |
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TOTAL BORROWING |
1138.300 |
691.500 |
666.700 |
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DEFERRED
TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
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TOTAL |
1668.000 |
114.100 |
988.600 |
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APPLICATION
OF FUNDS |
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FIXED
ASSETS [Net Block] |
856.800 |
723.600 |
692.900 |
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Capital
work-in-progress |
376.800 |
7.000 |
0.300 |
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INVESTMENT |
60.000 |
36.200 |
14.300 |
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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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Inventories |
244.800
|
157.100 |
102.100 |
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Sundry
Debtors |
557.100
|
451.800 |
298.100 |
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Cash
& Bank Balances |
26.000
|
11.300 |
27.600 |
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Other
Current Assets |
0.000
|
0.000 |
0.000 |
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Loans
& Advances |
167.700
|
178.200 |
205.600 |
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Total Current
Assets |
995.600
|
798.400 |
633.400 |
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Less : CURRENT LIABILITIES &
PROVISIONS |
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Current
Liabilities |
570.600
|
404.800 |
312.100 |
|
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Provisions |
50.700
|
46.500 |
40.800 |
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Total Current
Liabilities |
621.300
|
451.300 |
352.900 |
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Net Current Assets |
374.300
|
347.100 |
280.500 |
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MISCELLANEOUS
EXPENSES |
0.100 |
0.200 |
0.600 |
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TOTAL |
1668.000 |
114.100 |
988.600 |
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PROFIT & LOSS ACCOUNT
|
PARTICULARS |
31.03.2007 |
31.03.2006 |
31.03.2005 |
|
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Sales
Turnover |
4441.300 |
3065.800 |
2249.900 |
|
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Other Income |
67.700 |
76.700 |
32.300 |
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Total
Income |
4509.000 |
3142.500 |
2282.200 |
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Profit/(Loss) Before Tax |
213.600 |
208.800 |
155.200 |
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Provision for Taxation |
78.200 |
79.300 |
53.000 |
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Profit/(Loss) After Tax |
135.400 |
129.500 |
102.200 |
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Expenditures : |
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Raw Materials |
2845.300 |
1686.400 |
1107.700 |
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Excise Duty |
574.700 |
385.600 |
286.300 |
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Power and Fuel Cost |
79.100 |
78.900 |
57.000 |
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Other Manufacturing Expenses |
110.100 |
187.400 |
126.700 |
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Employee Cost |
295.000 |
258.700 |
245.500 |
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Selling and Administration Expenses |
186.400 |
176.500 |
159.700 |
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Miscellaneous Expenses |
18.700 |
12.800 |
2.900 |
|
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Interest |
51.000 |
42.700 |
49.900 |
|
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Depreciation |
135.100 |
104.700 |
91.300 |
|
Total
Expenditure |
4295.400 |
2933.700 |
2127.000 |
|
QUARTERLY RESULTS
|
PARTICULARS |
|
|
31.06.2007 |
|
Type |
|
|
1st Qtr |
|
Sales Turnover |
|
|
915.500 |
|
Other Income |
|
|
24.000 |
|
Total Income |
|
|
939.500 |
|
Total Expenditure |
|
|
839.500 |
|
Operating Profit |
|
|
100.000 |
|
Interest |
|
|
20.500 |
|
Gross Profit |
|
|
79.500 |
|
Depreciation |
|
|
36.800 |
|
Tax |
|
|
14.400 |
|
Reported PAT |
|
|
27.000 |
200706 Quarter 1 --------------- Notes Expenditure Includes
(Increase)/Decrease in Stock in Trade Rs 55.847 million Consumption of Raw
Materials Rs 577.086 million Staff Cost Rs 98.360 million Other Expenditure Rs 108.222
million Tax Includes Provision for Taxation Rs 13.00 million Deferred Tax Rs
1.30 million Fringe Benefit Tax Rs 1.40 million EPS is Basic & Diluted
Status of Investor Complaints for the quarter ended June 30, 2007 Complaints
Pending at the beginning of the quarter Nil Complaints Received during the
quarter 03 Complaints disposed off during the quarter 03 Complaints unresolved
at the end of the quarter Nil 1. The above results were reviewed by the Audit
Committee at its meeting held on July 18, 2007, approved and taken on record by
the Board of Directors in the meeting held on July 25, 2007. 2. The Company is
engaged in the manufacturing of Auto Electrical Parts & there is no
separate segment as per Accounting Standard (AS-17) on Segment Reporting issued
by The Institute of Chartered Accountants of India (ICAI). 3. Commercial
Production of Switch Division, Pantnagar (uttranchal) has commenced w.e.f.
April 09, 2007. 4. The figures of the Period / Previous Year have been
regrouped and adjusted wherever necessary.
KEY RATIOS
|
PARTICULARS |
|
31.03.2007 |
31.03.2006 |
31.03.2005 |
|
Debt-Equity Ratio |
|
1.95 |
1.86 |
2.11 |
|
Long Term Debt-Equity Ratio |
|
1.29 |
1.20 |
1.54 |
|
Current Ratio |
|
1.06 |
1.12 |
1.16 |
|
TURNOVER RATIOS |
|
|
|
|
|
Fixed Assets |
|
3.36 |
2.73 |
2.36 |
|
Inventory |
|
22.10 |
23.66 |
23.45 |
|
Debtors |
|
8.80 |
8.18 |
8.13 |
|
Interest Cover Ratio |
|
5.19 |
5.89 |
4.11 |
|
Operating Profit Margin(%) |
|
9.00 |
11.62 |
13.17 |
|
Profit Before Interest And Tax Margin(%) |
|
5.96 |
8.20 |
9.12 |
|
Cash Profit Margin(%) |
|
6.09 |
7.64 |
8.60 |
|
Adjusted Net Profit Margin(%) |
|
3.05 |
4.22 |
4.54 |
|
Return On Capital Employed(%) |
|
19.10 |
24.07 |
23.57 |
|
Return On Net Worth(%) |
|
30.14 |
37.73 |
39.81 |
STOCK PRICES
|
Face
Value |
Rs.10/- |
|
High |
Rs.134.90/- |
|
Low |
Rs.130.00/- |
LOCAL AGENCY FURTHER INFORMATION
History
Subject is
the most favoured vendor of automotive components with major automobile
manufacturers in
PERFORMANCE
During the year 2006-07 the company has performed with the pace of industry
growth. The Sales for the Financial Year under review were Rs. 4441.277
Millions as against Rs. 3065.824 Millions for the previous year, registering an
increase of 44.86%.
During the year under review, there was an abnormal increase in raw material
price, resulting in a marginal increase of profit by 4.48% over last year
DIVIDEND & APPROPRIATIONS
Appropriations
During the year 2006-07 an amount of Rs.40.0 Millions has been appropriated to General
Reserve (last year Rs.40.0 Millions).
JOINT
VENTURE
The Company on January 11, 2007 had executed a Joint Venture Agreement (JVA)
with Valeo Group, France for the manufacture of alternators and starter motors
for passenger cars, commercial vehicles and other two or three wheeler vehicles
and / or industrial applications. The JVA will be operated through proposed
Joint Venture Company (JVC) namely Valeo Minda Electrical Systems India Pvt.
Ltd., whose name has been approved by Registrar of Companies, NCT of Delhi
& Haryana and the incorporation activities of JVC are in process.
UNIT/ PROJECTS
The company has set-up manufacturing unit(s) at Pant Nagar, Uttaranchal for
Automotive Switches, Lightings and Batteries. It will enable the company to
give timely supply to its customers. The switch unit has started its commercial
production In the month of April 2007. For
The company has also set up manufacturing unit at MIDC, Chakan, Pune for
manufacturing of lightings for automobiles. The commercial production for
Lighting unit will take place during 2007-08. This unit is in addition to the
existing switch manufacturing unit at MIDC, Chakan, Pune.
REPRESENTATIVE OFFICES
ABROAD
The company has opened three representative offices abroad, the details of
which are given hereunder:
(1) Japan: Japan Representative Office has been set up with the objective of
effective product development co-ordination, collaborative designing with
customers / OEMs in Japan for product design & development for India,
ASEAN, Japan and Rest of World, exploration of new technologies, development
processes etc.
(2)
(3) China: The Company has established a representative office in China with an
objective of sourcing of Components and raw materials, tools & moulds,
establishing good supplies quality from Chinese sources and component
development etc, This office has been registered with Director-General of State
Administration for Industry and Commerce of the Peoples Republic of China in
the month of September, 2006.
MANAGEMENT DISCUSSIONS AND ANALYSIS
REPORT
Industry Structure and Development
Continuous economic liberalization over the years by the Government of India
has resulted in making
On the canvas of the Indian Economy, auto industry occupies a prominent place.
Due to its deep forward and backward linkages with several key segments of the
economy, automotive industry has a strong multiplier effect and is capable of
being the driver of economic growth. A sound transportation system plays a
pivotal role in the country's rapid economic and industrial development. The
automotive sector is one of the core industries of the Indian economy, whose
prospect is reflective of the economic resilience of the country. The
well-developed Indian automotive industry ably fulfils this catalytic role by
producing a wide variety of vehicles: passenger cars, light, medium and heavy
commercial vehicles, multi-utility vehicles such as jeeps, scooters,
motorcycles, mopeds, threewheelers, tractors etc.
Indian automotive industry is quite comprehensive with around 500 firms in the
organized sector and
10000 in small unorganized sector.
The growth of auto component industry is directly linked with the growth of the
auto industry. As the Indian automobile industry has grown with the presence of
worldwide renowned automakers, the Indian auto component industry has also
grown tremendously.
During the year 2006-07 the auto industry has shown continuously encouraging
results. The domestic market has registered a growth over 13.50% in numbers and
export sale has also registered a tremendous growth of over 25.43%. The company
has also performed well with the pace of the overall industry growth and
achieved a growth of 44.86% in sales, over last year.
Opportunities and Threats
The Government of India is drawing up an Automotive Mission Plan 2016 (AMP
2016] that aims to make
The cost pressure on global auto makers and suppliers would drive them to
outsource from low cost
countries like
Further, automobile prices are expected to remain flat for the next 2-3 years
despite addition of new
features and need to comply for higher environmental and safety standards, which implies the need to find innovative ways to reduce total cost.
Global auto majors are introducing new models and also upgrading their existing
ones to expand their market in days to come is also one of the opportunities to
the Indian auto industry and in turn to auto ancillaries.
Reputation of
The industry has the opportunity to buy sick plants in Europe /
and operate them in a cost-effective manner.
The Company is also in the process of reaping the benefits of above stated
opportunities and has opened various representative offices abroad in the
countries of
The Company has set up new plants at Pant Nagar to manufacture switches, lamps
and batteries. The commercial production for switches has been started in the
month of April, 2007 and for batteries, the commercial production is expected
to start in the month of July, 2007. The company will be able to supply just in
time its product to all major OEM's including Bajaj Auto Ltd. Further to state
that the Company has got quality accreditation certificate - OHSAS 18001 ;1999,
ISO/TS 16949:2002 for its global standard and environmental safety.
Threats / Challenges
New technologies like fuel cells or hydrogen powered vehicles can alter the
complexion of the automobile industry and this will have its impact on the auto
component industry as well. The higher demand due to global requirement may
lead to rationing of domestic supply and hence, put pressure on input
prices.
The Indian auto component suppliers have not invested in R&D as compared to
their foreign counterparts. Underlying processes and systems / applications
(especially with unorganized sectors) are not flexible and responsive enough to
meet global requirements. Inadequate strategies to build up competencies in
marketing, manufacturing engineering, and organizational capabilities.
Structural disadvantages like higher power cost, transaction costs, and indirect
taxes, relatively poor infrastructure like roads, ports, and railways, which
impact logistics efficiency and costs, comparatively higher cost of capital are
some threats / challenges with the Indian auto components manufacturers.
However, the Company is continuously and successfully maintaining and operating
efficiencies and is striven to improve quality by benchmarking its products and
is constantly improving its financial performance by the use and implementation
of BEST (Business Excellence through Simple Techniques), Quality Circles,
Kaizen, 5S, TEI 100 (100 PPM level through Total Employee Involvement)
Segment-wise performance
The company is engaged in the manufacturing
of automotive parts such as electrical switches and lightings. All products
carry similar risks and returns. Hence, there is no separate reportable
segment. The domestic sale of the Company was encouraging during 2006-07. This
upward swing is due to increase in demand from domestic customers as a result
of the introduction of new models, improvement in existing models of two
wheelers (except scooters). The export sales of the Company during the year
2006-07 was Rs.1623.90 Millions.
The Company's ongoing efforts on cost reduction, productivity and efficiency
improvements in all areas of operations, that should help the Company stay in
good stead to continue growing at a healthy rate in the years to come.
Outlook
The economy is widely expected to continue showing strong performance during
the year, which may open new vistas for the Company. In the case of car, the
low car penetration and low percentage of first time buyer demonstrates that
there is an opportunity for growth in the automobile sector.
The company will put more emphasis on timely deliveries of products to new
models as well as variants of existing models so as to cater the requirements
of its valued customers.
The company will continue to improve efficiencies at shop level and also work
closely with suppliers to reduce cost and improve quality.
M/s. Hero Honda Motors Limited has proudly acknowledged the switch unit of the
company as one of the 'Direct On Line Supplier'. Management of the Company and
team at subject is committed to make the Company a World-Class
Company.
Risk
and Concerns
The company's performance and growth is directly linked with
the growth of the Automobile Industry i.e. Original Equipment Manufacturers to
whom the company is also supplying its products. Presently Automobile industry
is under pressure due to opening up of the Indian economy for automobile
manufacturers and disintegration of Global Barriers. All major automobile
manufacturers are establishing their place of business in
Consequently, there is a pressure on Indian Automobile Industry from all
corners like sales & margin, stringency in regulation driving technology,
shift in Global markets. This pressure ultimately shifts to the auto component
manufacturers and will face a stiff competition all around.
Fixed
Assets
v Land
v Building
v Plant & Machinery
v Electric Fitting
v Furniture & Fixture
v Office Equipment
v Vehicles
As
per Website Details
About
Them
Subject is the flagship company of the Minda Group. It
designs, develops and manufactures switches for 2/3 wheelers and off-road
vehicles.
Currently,
subject is the country’s largest manufacturer of switches in the 2/3 wheeler
segment and is amongst the top few globally.
Today,
subject is a Rs. 1375 million (over US $ 32 million) company and is on a rapid
expansion spree. It is geared to take on global competition and has already
made inroads into the ASEAN market. subject is on its way to becoming the
favoured vendor for 2/3 wheeler switches globally.
VISION
v To be a world-class organization
by:
v Business expansion
v Manufacturing excellence
v Creating world-class products
v Cost management
v People excellence
v Business support initiatives
To be the global leader (No. 1) in 2/3 wheeler and
off-road vehicles' switches by volume and revenue.
MILESTONES
|
1997 |
Implementation
of TQM – PQCDSM – TPS in the group |
|
|
Received
ISO 9001 certification |
|
|
Established
Joint Venture company Mindarika Limited |
|
|
Received
ISO 9001 certification |
|
2001 |
Start of
production at Pune for 2 & 3 Wheeler Switches at newly set up state of
the art facility |
|
2002-03 |
Entry in
ASEAN region |
|
|
Bi-wheeler
switch manufacturing units at |
|
|
Set up manufacturing
plants in Waluj and Hosur for Handle Bar Assembly |
|
|
Received
ISO-14001 and OHSAS 18001 certification |
Subject
produces a variety of world-class switches for the 2/3 wheelers and off road vehicles.
The various product offerings include:
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v Grips
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The company also designs different types of switches like Rotary Switch, Handle
Bar Switch, Plunger Type Switch, Rocker Switch, Grip, Lever Holder Assembly,
Panel Switch and Modular Switch. On an average, subject develops 140 distinct
products across categories each year and puts in place 25 new assembly lines to
manufacture them.
Facility
Subject
believes in collaborative designing with the vehicle manufacturers. Subject has
its manufacturing plants in Gurgaon, Pune, Hosur,
MANUFACTURING
Top of the
line equipment like high pressure die-casting machines, vertical and horizontal
injection molding machine, automated powder coating plant, press shop, CNC are
used for the manufacturing process. Subject has dedicated assembly lines for
each customer. The work environment is totally dust-free and the company uses
Japanese concepts extensively.
TESTING
Subject
has developed in-house testing facilities like:
v Metal Testing
v Product Reliability Testing
v Environmental Testing
v Calibration Testing
Subject
has advanced product quality planning through FMEA, QFD, MSA, and Product &
Process Validation activities. The company also emphasizes on statistical
process control for minimising defects.
Technology
At
subject, the USP is to collaborate with the customer right from the concept
stage to black box design and development of new products. The company has the
expertise and the resources to create products and solutions for specific
customer requirements as well as competencies to develop new products.
DESIGN & DEVELOPMENT
Subject
has a design studio with top-of-the-line CAD-CAM software, an experienced and
technically competent team of 67 designers and well-developed facilities to
create the latest, innovative and creative designs for the customers.
The company
has 50 Workstations of PRO-E Wildfire 2 and is the largest user of the same
among Tier-1 suppliers in
Some of
the finest design softwares like PRO - Mechanica, I-DEAS Simulation,
Rhinoceros, Adobe Photoshop, Adobe Illustrator and Imageware are used by the
designers to produce the designs best suited to customer requirements. These
are extensively used for 3D styling and to check the surface details, assembly,
mating parts and seamless movements.
Subject has also developed rapid prototyping and tooling processes. The various
methods used are
The tool
design team ensures that seamless integration takes place with Product Design,
maintaining bi-directional associativity.
CMT REPORT [Corruption, Money laundering
& Terrorism]
The
Public Notice information has been collected from various sources including but
not limited to: The Courts,
1] INFORMATION
ON DESIGNATED PARTY
No records exist designating subject or any of its beneficial owners,
controlling shareholders or senior officers as terrorist or terrorist
organization or whom notice had been received that all financial transactions
involving their assets have been blocked or convicted, found guilty or against
whom a judgement or order had been entered in a proceedings for violating
money-laundering, anti-corruption or bribery or international economic or
anti-terrorism sanction laws or whose assets were seized, blocked, frozen or
ordered forfeited for violation of money laundering or international
anti-terrorism laws.
2] Court
Declaration :
No records exist to suggest that subject is or was the subject of any
formal or informal allegations, prosecutions or other official proceeding for
making any prohibited payments or other improper payments to government
officials for engaging in prohibited transactions or with designated parties.
3] Asset
Declaration :
No records exist to suggest that the property or assets of the subject
are derived from criminal conduct or a prohibited transaction.
4] Record
on Financial Crime :
Charges or conviction registered
against subject: None
5] Records
on Violation of Anti-Corruption Laws :
Charges or investigation registered
against subject: None
6] Records
on Int’l Anti-Money Laundering Laws/Standards :
Charges or investigation registered
against subject: None
7] Criminal
Records
No available
information exist that suggest that subject or any of its principals have been
formally charged or convicted by a competent governmental authority for any
financial crime or under any formal investigation by a competent government
authority for any violation of anti-corruption laws or international anti-money
laundering laws or standard.
8] Affiliation
with Government :
No record
exists to suggest that any director or indirect owners, controlling
shareholders, director, officer or employee of the company is a government
official or a family member or close business associate of a Government
official.
9] Compensation
Package :
Our market
survey revealed that the amount of compensation sought by the subject is fair
and reasonable and comparable to compensation paid to others for similar
services.
10] Press Report :
No press reports / filings exists on
the subject.
CORPORATE GOVERNANCE
MIRA
INFORM as part of its Due Diligence do provide comments on Corporate Governance
to identify management and governance. These factors often have been predictive
and in some cases have created vulnerabilities to credit deterioration.
Our
Governance Assessment focuses principally on the interactions between a
company’s management, its Board of Directors, Shareholders and other financial
stakeholders.
CONTRAVENTION
Subject
is not known to have contravened any existing local laws, regulations or
policies that prohibit, restrict or otherwise affect the terms and conditions
that could be included in the agreement with the subject.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US
Dollar |
1 |
Rs.40.88 |
|
|
1 |
Rs.82.58 |
|
Euro |
1 |
Rs.55.79 |
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 |
8 |
|
--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 |
YES |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
72 |
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 |