MIRA INFORM REPORT
|
Report Date : |
31.01.2008 |
IDENTIFICATION DETAILS
|
Name : |
AUTOMAX
– UNIT OF OMAX AUTOS LIMITED |
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Registered Office : |
69 K. M. Stone Delhi- Jaipur Highway,
Dharuhera, District Rewari – 123 110, Haryana |
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Country : |
India |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
28.04.1983 |
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Com. Reg. No.: |
05-26142 |
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CIN No.: [Company Identification
No.] |
L30103HR1983PLC026142 |
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TAN No.: [Tax Deduction & Collection
Account No.] |
RTK000520C |
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PAN No.: [Permanent Account No.] |
AAAC02190C |
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Legal Form : |
A
Public Limited Liability Company. The company’s shares are listed on the
Stock Exchange. |
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Line of Business : |
Manufacturing
of Sheet Metal, Tubular and Machined Components for Automobiles and Other
Industries. |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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|
41-55 |
Ba |
Overall
operation is considered normal. Capable to meet normal commitments. |
Satisfactory |
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Maximum Credit Limit : |
USD
5333116 |
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Status : |
Good |
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Payment Behaviour : |
Slow
by average 30 days |
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Litigation : |
Clear |
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Comments : |
Subject
is a well established company having satisfactory track. Financial position
is satisfactory. Trade relations are fair. Payments are reported as slow by
average 30 days. The
company can be considered normal for business dealings at usual trade terms
and conditions. |
LOCATIONS
|
Registered Office : |
69 K. M. Stone Delhi- Jaipur Highway,
Dharuhera, District Rewari – 123 110, Haryana, India |
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Tel. No.: |
91-1274-242323,
26 |
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Fax No.: |
91-1274-242188,
242469 |
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E-Mail : |
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Website : |
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Corporate Office / Gurgaon Plant: |
AUTOMAX (A Unit of Omax Autos Limited) 5/13,
Gurgaon Sonha Road, Village Tikri, Gurgaon – 122 001, Haryana, India |
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Tel.
No.: |
91-124-2219060
/ 2219061 |
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Fax
No.: |
91-11-124-2219169 |
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E-Mail
: |
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Head
Office: |
39/3,
24th A Main, Marenhalli, J P Nagar, II Phase, Bangalore – 560 078,
Karnataka, India |
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Plant: |
SIDHRAWALI PLANT 64th km. Stone, Delhi
Jaipur Highway, Village Sidhrawali - 123413 Plot No. 6, Sector 3, IMT
Manesar, Gurgaon - 122050 (Haryana), India DHARUHERA PLANT-II 69 KM. Stone, Delhi
Jaipur Highway, Dharuhera, Rewari (Haryana)-122106, India BANGALORE PLANT Plot No. 6, Bommasandra Jigani
Link Road, Bommasandra, Bangalore – 560099, India SPROCKET DIVISION 69 KM. Stone, Delhi
Jaipur Highway, Dharuhera, Dist. Rewari (Haryana), India BINOLA PLANT Delhi Jaipur Highway, Village and P.O.
Binola, Gurgaon (Haryana) – 122001, India |
DIRECTORS
|
Name : |
Mr. R.
C. Bhargaya |
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Designation : |
Chairman |
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Name : |
Dr.
Ramesh C. Vaish |
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Designation : |
Director
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Name : |
Dr. T.
N. Kapoor |
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Designation : |
Director [Member] |
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Name : |
Mr.
Vineet Virmani |
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Designation : |
Director |
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Name : |
Mr.
Salil Bhandari |
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Designation : |
Director
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Name : |
Mr.
Verinder Kumar Chhabra |
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Designation : |
Director |
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Name : |
Mr.
Atul Raheja |
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Designation : |
Director |
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Name : |
Mr. K.
C. Chawala |
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Designation : |
Director
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Name : |
Mr.
Jatender Kumar Mehta |
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Designation : |
Managing
Director |
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Date of Birth/Age : |
58
Years |
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Qualification : |
B.E. |
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Experience : |
32
Years |
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Last Employment : |
Partner – Omax
Engineers |
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|
|
|
Name : |
Mr.
Ravinder Kumar Mehta |
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Designation : |
Managing
Director |
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Date of Birth/Age : |
65
Years |
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Qualification : |
B. A. |
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Experience : |
45
Years |
|
Last Employment : |
Partner – Omax
Engineers |
KEY EXECUTIVES
|
Name : |
Chandrasekaran Associates |
|
Designation : |
Company
Secretary |
SENIOR
MANGEMENT EXECUTIVE
|
Name : |
Dr. Brijmohan Lall Munjal |
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Designation : |
Chairman Emeritus |
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Name : |
Mr. D.
S. Sharma |
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Designation : |
Executive
Director (Operations) |
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Name : |
Mr. N.
P. Singh |
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Designation : |
Executive
Director (Human Resource) |
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Name : |
Mr. V.
K. Gupta |
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Designation : |
Executive
Director (Commercial cum Company Secretary) |
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Name : |
Mr.
Naresh Tandon |
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Designation : |
Executive
Director (Finance) |
AUDIT
COMMITTEE
|
Name : |
Dr. T.
N. Kapoor |
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Designation : |
Director [Member] |
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Name : |
Mr.
Salil Bhandari |
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Designation : |
Chairman
[Member] |
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Name : |
Mr.
Atul Raheja |
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Designation : |
Director
[Member] |
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Name : |
Mr. K.
C. Chawala |
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Designation : |
Director
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Name : |
Mr.
Jatender Kumar Mehta |
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Designation : |
Director
[Member] |
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Date of Birth/Age : |
58
Years |
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Qualification : |
B.E. |
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Experience : |
32
Years |
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Last Employment : |
Partner – Omax
Engineers |
MAJOR SHAREHOLDERS / SHAREHOLDING
PATTERN
|
Category of Shareholders |
No. of Shares |
% of Holding |
|
Shareholding of Promoter and Promoter
Group2 |
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Indian |
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Individuals/
Hindu Undivided Family |
7268350 |
33.98% |
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Bodies
Corporate |
3883482 |
18.16% |
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Public shareholding |
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Institutions |
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Mutual Funds/ UTI |
629363 |
2.94% |
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Financial
Institutions / Banks |
500 |
1.90% |
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Foreign
Institutional Investors |
405368 |
4.84% |
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Non-institutions |
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Bodies
Corporate |
3414329 |
15.96% |
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Individuals -i. Individual shareholders
holding nominal share capital up to Rs 0.100 million |
4247843 |
19.86% |
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ii.
Individual shareholders holding nominal
share capital in excess of Rs. 0.100 million |
1145830 |
5.36% |
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Others
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--
Trusts |
1802 |
0.01% |
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--
Directors and Their Relatives |
35330 |
0.17% |
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-- Non
Resident Indians |
138821 |
0.65% |
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--
Clearing Members |
92485 |
0.43% |
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--
Hindu Undivided Families |
124710 |
0.58% |
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Total |
21388213 |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturing
of Sheet Metal, Tubular and Machined Components for Automobiles and Other
Industries. |
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Product : |
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PRODUCTION
STATUS
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Particulars |
Unit |
Actual Production |
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Sheet Metal, Tubular and Machined
Components |
Tonnes |
66998.00 |
GENERAL INFORMATION
|
Customer : |
North American Customers *
Atlantis Global Services *
Delphi Automotive Inc. USA *
Tenneco Automotive (Mexico) *
Tenneco Automotives USA *
Liberty Steels USA European Customers *
Delphi-Spain *
Delphi-Poland *
Honeywell *
Piaggio *
Tenneco Automotive – Belgium *
Supersprax-Czech Indian Customers [OEMs] *
Hero Honda Motors Limited *
Maruti Udyog Limited (Suzuki J.V) *
Honda Motorcycle and Scooters India Private Limited *
TVS Motors Limited *
Suzuki Motorcycle Limited *
New Holland Tractors (India) Private Limited *
Yamaha Motors India Private Limited *
Honda - Siel Car India Limited *
Carrier Aircon Limited *
Hero Motors Limited *
International Tractor Limited *
Suzuki Ponee Train India Limited Indian Customers [ Tier 1 ] *
Bharat Seats Limited *
Carraro India Limited *
Coparo Maruti *
Delphi Automotives *
Denso India Limited *
Gabrial India Limited *
India-Nippon Electrical Limited *
Jai Bharat Maruti Limited *
Krishna Maruti Limited *
Lucas TVS Limited *
Mitsuba Sical India Limited *
Sundram Clayton Limited *
EATON *
Mitsuba Sical India Limited |
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Bankers : |
v
Canara
Bank v
State
Bank of India v
Standard
Chartered Bank v
United
Bank of India v
ABN
Amro Bank v
Citi
Bank v
HSBC
Bank |
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Facilities : |
Notes : (a) Term Loans from United Bank of India are secured by way of First
charge/mortgage by way of deposit of title deeds of Land and Building of Speedomax
Plant, Banglore Plant and Binola Plants and exclusive 1st charge on the
plants and machineries and other movable fixed assets, (covered under Term
Loan I andTerm Loan II) except Manesar plant, under the considered capital
expenditure plan.Term Loan from Standard Chartered Bank is secured by way of
First charge/mortgage by way of deposit of title deed of Land and Building of
Manesar Plant and hypothecation of company's other movable assets both
present and future. (b) Cash Credit Workings Capital from Banks are Secured by
hypothecation of stock and book debts. The Cash Credit from State Bank of
India is further secured by way of deposit of title deed of Land and Building
of Automax Plant and hypothecation of its other movable assets both present and
future. (c) Vehicle loans are secured by way of hypothecation of respective
vehicles. (d) Sales Tax Deferment is secured by way of bank guarantees.
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Banking Relations : |
Satisfactory
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Auditors : |
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Name : |
A.
Kumar Gupta and Company Chartered
Accountant |
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Address: |
Ludhiana,
Punjab, India |
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Internal
Auditors : |
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|
Name : |
*
Garg
and Garg Chartered Accountants *
R.
H. and Company Chartered Accountants |
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Address: |
Gurgaon,
Haryana, India |
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Subsidiary
Companies : |
* Omax Steels
Limited |
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Associates Companies : |
v
Forerunner Capital Investments Limited v
Green Systems Limited v
Mehta Engineers Limited v
Omax Bikes Limited v
Omax Fusions Limited v
Vishal Engineers v
Omax Steels Limited ( Subsidiary Company) v Autotech
Components (Private)Limited |
CAPITAL STRUCTURE
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
26500000 |
Equity Shares |
Rs. 10/- each |
Rs. 265.000 Millions |
|
2000000 |
Equity Shares (with Differential Voting
Rights) |
Rs. 10/- each |
Rs. 20.000 Millions |
|
150000 |
12% Optionally Convertible Cumulative
Preference Shares |
Rs. 100/- each |
Rs. 15.000 Millions |
|
|
TOTAL: |
|
Rs. 300.000 Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
21388213 |
Equity Shares |
Rs. 10/- each |
Rs. 213.882 Millions |
Notes:
(Out of the above
16125000 Equity Shares have been allotted as fully paid-up by way of Bonus
Shares by Capitalisation of Share Premium and General Reserve and 78213 Equity Shares
have been allotted as fully paid up in terms of the scheme of amalgamation for
consideration other than cash.)
FINANCIAL DATA
[all figures are in Rupees
Millions]
ABRIDGED BALANCE SHEET
|
SOURCES OF FUNDS |
31.03.2007 |
31.03.2006 |
31.03.2005 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
213.882 |
213.882 |
227.535 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
1119.397 |
915.379 |
774.995 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
1333.279 |
1129.261 |
1002.530 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
2241.353 |
1683.462 |
997.177 |
|
|
2] Unsecured Loans |
238.930 |
32.425 |
213.042 |
|
|
TOTAL BORROWING |
2480.283 |
1715.887 |
1210.219 |
|
|
DEFERRED TAX LIABILITIES |
133.361 |
118.435 |
95.824 |
|
|
|
|
|
|
|
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TOTAL |
3946.923 |
2963.583 |
2308.573 |
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APPLICATION
OF FUNDS |
|
|
|
|
|
|
|
|
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FIXED
ASSETS [Net Block] |
2518.152 |
1986.156 |
1574.610 |
|
|
Capital
work-in-progress |
162.229 |
277.725 |
145.396 |
|
|
|
|
|
|
|
|
INVESTMENT |
43.500 |
3.000 |
30.000 |
|
|
DEFERREX
TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT
ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
320.612
|
205.732
|
174.246
|
|
|
Sundry
Debtors |
658.352
|
539.397
|
499.328
|
|
|
Cash
& Bank Balances |
820.835
|
522.168
|
514.351
|
|
|
Other
Current Assets |
0.000
|
0.000
|
0.000
|
|
|
Loans
& Advances |
516.418
|
423.918
|
369.676
|
|
Total Current
Assets |
2316.217
|
1691.215
|
1557.601
|
|
|
Less : CURRENT LIABILITIES &
PROVISIONS |
|
|
|
|
|
|
Current
Liabilities |
925.191
|
866.234
|
874.930
|
|
|
Provisions |
167.984
|
130.443
|
128.476
|
|
Total Current
Liabilities |
1093.175
|
996.677
|
1003.406
|
|
|
Net Current Assets |
1223.042
|
694.538
|
554.195
|
|
|
|
|
|
|
|
|
MISCELLANEOUS
EXPENSES |
0.000 |
2.164 |
4.372 |
|
|
|
|
|
|
|
|
TOTAL |
3946.923 |
2963.583 |
2308.573 |
|
PROFIT & LOSS ACCOUNT
|
PARTICULARS |
31.03.2007 |
31.03.2006 |
31.03.2005 |
|
|
Sales
Turnover |
6895.373 |
5785.898 |
5357.188 |
|
|
Other Income |
99.023 |
75.139 |
0.000 |
|
|
Total
Income |
6994.396 |
5861.034 |
5357.188 |
|
|
|
|
|
|
|
|
Profit/(Loss) Before Tax |
363.168 |
304.618 |
302.780 |
|
|
Provision for Taxation |
126.608 |
104.278 |
99.900 |
|
|
Profit/(Loss) After Tax |
236.560 |
200.340 |
202.880 |
|
|
|
|
|
|
|
|
Earnings
in Foreign Currency : |
|
|
|
|
|
Export Earnings |
208.458 |
188.175 |
50.062 |
|
|
Commission Earnings |
NA |
NA |
NA |
|
|
Other Earnings |
NA |
NA |
NA |
|
|
Total
Earnings |
208.458 |
208.458 |
50.062 |
|
|
|
|
|
|
|
|
Imports
: |
|
|
|
|
|
|
Raw Materials |
NA |
0.580 |
99.995 |
|
|
Stores & Spares |
36.809 |
9.496 |
NA |
|
|
Capital Goods |
4.313 |
21.043 |
NA |
|
|
Others |
0.442 |
NA |
NA |
|
Total
Imports |
41.564 |
31.119 |
99.995 |
|
|
|
|
|
|
|
|
Expenditure |
|
|
|
|
|
|
Cost of Raw Material, Stores and Consumables |
4887.876 |
4159.816 |
|
|
|
Personnel Expenses |
662.906 |
554.182 |
4883.015 |
|
|
Power, Fuel and Lubricants |
259.223 |
245.503 |
|
|
|
Manufacturing, Administration and Selling Expenses
|
413.362 |
328.546 |
|
|
Total Expenditure |
6223.367 |
5288.047 |
4883.015 |
|
QUARTERLY RESULTS
|
PARTICULARS |
31.12.2007 |
30.09.2007 |
30.06.2007 |
|
Type |
3rd Quarter |
2nd
Quarter |
1st
Quarter |
|
Sales Turnover |
1742.700 |
1736.000 |
1722.600 |
|
Other Income |
24.400 |
65.100 |
33.900 |
|
Total Income |
1767.100 |
1801.100 |
1756.500 |
|
Total Expenditure |
1637.400 |
1628.200 |
1567.000 |
|
Operating Profit |
129.700 |
172.900 |
189.500 |
|
Interest |
31.100 |
32.600 |
66.500 |
|
Gross Profit |
98.600 |
140.300 |
123.000 |
|
Depreciation |
65.900 |
66.700 |
61.200 |
|
Tax |
12.700 |
24.300 |
19.700 |
|
Reported PAT |
20.000 |
49.300 |
40.300 |
KEY RATIOS
|
PARTICULARS |
31.03.2007 |
31.03.2006 |
31.03.2005 |
|
Debt-Equity Ratio |
1.70 |
1.37 |
1.19 |
|
Long Term Debt-Equity Ratio |
0.64 |
0.67 |
0.60 |
|
Current Ratio |
0.81 |
0.88 |
0.96 |
|
TURNOVER RATIOS |
|
|
|
|
Fixed Assets |
2.62 |
2.76 |
3.17 |
|
Inventory |
31.84 |
36.98 |
51.43 |
|
Debtors |
13.99 |
13.55 |
10.87 |
|
Interest Cover Ratio |
2.98 |
3.84 |
4.78 |
|
Operating Profit Margin(%) |
9.49 |
8.16 |
9.08 |
|
Profit Before Interest And Tax Margin(%) |
6.95 |
5.86 |
6.27 |
|
Cash Profit Margin(%) |
5.64 |
5.14 |
6.13 |
|
Adjusted Net Profit Margin(%) |
3.11 |
2.85 |
3.32 |
|
Return On Capital Employed(%) |
17.50 |
16.31 |
20.03 |
|
Return On Net Worth(%) |
21.14 |
18.91 |
23.41 |
LOCAL AGENCY FURTHER INFORMATION
HISTORY:
Omax
Autos Limited, a part of Omax Group is into manufacture of sheet metal, tubular
and machined components and sprockets for two-wheelers and four at its two
plants in Dharuhera, Haryana. Hero Honda is major client of the company
contributing 75% of its turnover. The company has a marketing tie-up with Hero
Honda, near which the Haryana plant of the company is situated. Omax Auto's
other customers include Maruti, TVS Suzuki, T I Diamond Chain and SRF.
In 1994-95, the company doubled the capacity of its electroplating plant and
sprocket division. It has started constructing its proposed third unit at
Gurgaon. It has also purchased new land in Gurgaon to put up its fourth unit to
exclusively meet the requirements of the upcoming new unit of Hero Honda Motors
at Gurgaon.
Major Part of expansion of new Speedomax project has been completed. New
automatic computerized tri-nickle coating plant is ready for production.
However, to meet the enhanced demand of Hero Honda Motors Limited and to
achieve better economies of scale, company has started putting one more new
Automatic computerized tri-nickle coating plant of same capacity of Speedomax
and Commercial Production of plant commenced in July'99.
The 4th plant at IMT,Manesar,has started its commercial production in
April,2002 at an estimated cost of Rs.180.000 Millions. The company has got a
major break through in getting exports from M/s Piaggio of Italy and from M/s
Santhana Brothers. It is also planning to become global supplier for OEM
buyers. It is also negotiating with MNCs in India for the supply of components
to their international counterparts.
Omax Auto is in the process of amalgamating Indital Tintoria Limited with
itself with effect from March 1, 2003. The amalgamation scheme is pending
approval of High Cour to Pujab and Haryana.
MANAGEMENT DISCUSSION AND ANALYSIS
Overview of Economy
The year 2006-07 has witnessed a turnaround in overall economy of the
country. The GDP grew at a robust rate of 9.2% p.a. The economy has been on an
overall growth trajectory, emerging not only as one of the fastest growing
economies in the globe but stepping up as second most attractive investment
destinations in the World next to China.
During the year under review the Manufacturing, Service, Trading and allied
sectors of economy have reported an excellent performance. Foreign investors
and enterprise are increasing their participation. Financial Institutions and
Banks are extending credit facilities on competitive terms. Information
Technology, enabled services and Business Process Outsourcing industry has
created tremendous job opportunities increasing purchasing power of younger
population. Indian entrepreneurs are either acquiring or setting up business
interests abroad. Foreign exchange resources are at its peak and Foreign Direct
Investment is scaling new heights day by day.
To meet robust domestic and external demand, Indian Companies have undertaken
ambitious expansion plans. Company too is progressively working to enhance
manufacturing capacity and strengthen its operating systems for sustainable
competitive advantage.
Although the demand and production of Automotive Components has increased
during the year 2006-07 but on account of competitive market scenario the
prices remained by and large subdued putting pressure on profit margins. To
meet robust domestic and external demand, Indian Companies have undertaken
ambitious expansion plans. Company too is progressively working to enhance
manufacturing capacity and strengthen its operating systems for sustainable
competitive advantage.
The Automotive Industry:
On the canvas of the Indian economy, automotive 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 well-developed Indian automotive industry ably fulfils this
catalytic role by producing a wide variety of vehicles like passenger cars,
light, medium and heavy commercial vehicles, multi-utility vehicles such as
jeeps, scooters, motorcycles, mopeds, three wheelers, tractors etc.
The automotive sector is one of the core industries of the Indian economy,
whose prospect is reflective of the economic resilience of the country.
Continuous economic liberalization over the years by the government of
India has resulted in making India as one of the prime business destination for
many global automotive players.
Indian Automobile industry today boasts of being
- The Largest Motorcycle and Three wheeler manufacturer
- Second Largest Two Wheeler and Tractor Manufacturer and
- Fifth largest commercial vehicle manufacturer in the World
Highlights of the overall performance of the Indian automobile Industry
During the year 2006-07:
- Overall Domestic sales in automobile industry recorded a growth of 13.50% on
an annualized basis.
- Overall Automobile exports during the year has registered a growth of
25.43% as compared to previous year.
Domestic Market Share of Automobiles during 2006-07:
Three Wheelers 4%, Passenger Vehicles 14%,
Commercial Vehicles 5%, Two Wheelers 77% .
The Auto Component
Sector:
In tandem with the industry trends, the Indian Auto Component sector has
shown great advances in the recent years in terms of growth, spread, absorption
of new technologies and flexibility. Today, India is emerging as one of the key
auto component center in Asia and is ready to play a significant role in the
global automotive supply chain.
The Indian auto component industry is quite comprehensive with around 500 Key
players in the organized sector and more than 10,000 firms in unorganized
sector having the capability to manufacture the entire range of automotive
components. Today the world's top car makers turn to India for the nuts and
bolts of their vehicles. Riding this success, and capitalizing on the spiraling
demand of domestic auto companies, the Indian automobile components industry
has emerged as one of India's fastest growing manufacturing sectors, and a
globally competitive one.
The Delicensing and opening upto FDI has not only helped this sector to develop
in the Domestic economy but also to clock impressive performance in the global
markets.
According to sources the Indian auto component industry is likely to almost
double to 18.7 billion USD by 2009 and reach about 40 billion USD by 2014.
Its globally competitive auto component manufacturing sector has been
much in demand with global auto majors. A number of them source critical
components from India, with engine parts making up nearly a third of all
exports:
Contribution of Components in
Exports:
* Engine parts (31 per cent) ]
* Drive transmission and steering parts (19 per cent)
* Body and chassis (12 per cent)
* Suspension and braking parts (12 per cent)
* Equipment (10 per cent)
* Electrical parts (9 per cent)
* Others (7 per cent)
The India Advantage:
Steered by the country's high engineering skills, established production
lines, a thriving domestic automobile industry and competitive costs, global
auto majors are rapidly ramping up the value of components they source from
India. The industry is poised to jump from exports of 1.8 billion USD in
2005-06 to 5.9 billion USD in 2008-09. According to the Automotive Component
Manufacturers Association of India, (ACMA) more than one third (36 per cent) of
Indian auto component exports head for Europe, with North America a close
second at 26 per cent.
India enjoys a cost advantage with regard to manufacturing components, The
country enjoys natural advantage and is among the lowest cost producers of
steel in the world. Sourcing the components from India is 10-20% cheaper for US
auto makers and about 50% cheaper for their European counterpart.
India's competitive advantage does not come from costs alone, but from
its full service supply capabilities as well.
* During the year 2006-07, components worth 2 billion USD were exported by
Indian companies, 75 per cent of which were bought directly by car companies.
* Over 20 OEMs have set up their International Purchase Offices (IPOs) in India
to the components. This number is expected to double by the year 2010.
Government initiatives:
Government of India allows automatic approval for foreign equity
investment up to 100 per cent for the manufacture of auto components.
Manufacturing and imports in this sector is free from licensing and
approvals. There is no local content regulation in the auto industry. The
engineering export promotion council under the aegis of Ministry of Commerce
and Industry, Government of India, over the years has been engaged in promoting
exports of engineering goods including auto parts. Among other initiatives that
have been effected in 2006-07, some are:
* Reduction in the duty of raw material to 5-7.5 per cent from the earlier 10
per cent.
* Setting up of the National Automotive Testing and RandD Infrastructure
Project (NATRIP) at a total cost of US$ 388.5 million for enabling the industry
to usher in global standards of vehicular safety, emission and performance
standards.
* Finalization of the Automotive Mission Plan (AMP) 2006- 2016 for
making India a preferred destination for design and manufacture of automobile
and automotive components.
Climbing up the
value chain:
The Indian automotive component industry has made a sustained shift to
the global Tier 1 market for their products. In the 1990s, the Indian auto
components market was dominated by supplies to the aftermarket, with only 35
per cent of exports being sourced by Tier 1 OEMs. In 2006, it is a very
different story. Today, Indian automobile component manufacturers supply 75 per
cent of their exports to Tier 1 OEMs and only 25 per cent to the aftermarket.
Indian component suppliers have displayed a growing capability to cater to the
engineering and production needs of the some of the world's biggest auto
companies. This is largely due to:
* Proficiency in understanding technical drawings and being well conversant in
all global automotive standards: American, Japanese, Korean and European
* Appropriate automation has led to economically attractive production
costs
* Flexibility in small batch production
* Growing IT capability for design, development and simulation
Striking the growth chart, Indian companies are:
* increasing investments for expanding their production capacity
* establishing Joint ventures/partnerships in India and abroad
* investing in or acquiring companies overseas
* establishing greenfield manufacturing footprints overseas
The road ahead:
Exciting times lie ahead for the Indian automotive component industry.
Besides the burgeoning demand from global auto majors, there is also the
domestic car industry, which is growing at a spanking rate of over 16 per cent,
driven by a rising consumer base and affordable loans. The continuation of
industrial buoyancy suggests that the strong macroeconomic fundamentals will
continue to provide the required impetus to sustain growth momentum ahead.
Omax Operational Performance:
During
the year 2006-07 the company made large
investments towards enhancing its manufacturing strengths by way of expansion,
modernization and integration of its existing facilities The Company has
invested significantly inbuilding substantial capacities for their existing as
well as new customers targeted to drive growth in the coming years.
The Facilities of the company were augmented, modernized and automated which
will support their growth initiatives. As they look ahead over the next couple
of years they are confident that their investments will come to fruition
leading to a strong product flow into their markets.
During the year under report the company has under taken aggressive expansion
of all the eight world class manufacturing facilities. In view of better
administrative control and to minimize the operating cost the company felt the
need to restructure and merge the exiting unit situated at Gurgaon and the unit
at Binola in to one, and the entire production facilities to combined into at
Binola. and the same has been successfully effected without effecting the
supplies to their valuable customers.
Strategic moves:
A matter
of pride has been the fact that the company has been offered a business opportunity
from a pioneer in the Domestic automotive industry, Tata Motors Ltd. for
manufacturing and assembly of chassis for their light, medium and heavy
commercial vehicles. With a strategic move to enter into the four wheeler foray
The company is going to set up a new manufacturing unit for Tata Motors Ltd. at
Lucknow, in the state of Uttar pradesh for manufacturing Chassis for their
Commercial vehicles. In view of outstanding economic growth coupled with
increased investment in infra-structural sector the company believe that the market of commercial vehicles would
continue to see robust growth in the years ahead.
The estimated capex for setting up the facility in Lucknow is Rs. 1000.000
millions approx which shall be incurred in two phases, and the same be funded
partially by way of term loans and the rest from internal accruals. During the
first phase of operation the project is expected to offer an annual turnover of
Rs. 1000.000 millions approx, which will later grow with the growth in the production
capacity and by the year 2010-11, the project is expected will give an annual
turnover of Rs. 2000.000 millions approx. Considering the scope in commercial
vehicle sector, we are expecting very good growth in this sector and the
turnover may go upto Rs. 5000.000 millions. The trial production in the Lucknow
plant is expected to commence by the second quarter of 2008.
Outlook:
The company is
moving up with a strategic plan to build global scales and capabilities.
Necessary Capex is being done and planned across all the areas within the company right from the sheet metal press
components to machining to Engineering design/Development and R and D, these
investments will help the company to
increase its customer base and product portfolio and become a strategic partner
to OEMs across the globe. The Company has also accelerated its internal
initiatives on cost optimization, productivity enhancement and also built a
quality and secure work environment that will lead to the sound management of
the Company's physical as well as intellectual assets. Going forward achieving
improved productivity and cost efficiency in all the sub business units SBU's
will be the priorities of the Omax. The Strategic crafting exercise in the
company has already been done and now the focus is on implementing the same and
to grow in a very focused and aggressive manner in all the spheres of
operations.
Opportunities:
The Company has been
recognized among the potential quality player in the Auto Component Sector, in
line with the current trends of the automotive industry, the Company has
expanded its value chain, and now is in the process of manufacturing products
upto assembly stages. During the years the Company has recorded a consistent
performance in terms of giving the quality and standard components to match the
market trends.
The quest for excellence has been the hallmark of Omax, in line with these
attitudes and being a leading manufacturer of Sheet Metal Components, Company
has identified some new markets and high volume business areas to capitalize
these competencies, the Company is on its way to diversify this expertise by
widening its existing operation from Two wheelers to Four wheelers Components,
to rise with the key domestic and global players.
Sheet metal, tubular and machined components segment business - the core area
of the company has potentially large outsourcing opportunities. The company has
identified exports as the next area of growth. It has been able to tap
significant international customers including, Delphi, Piaggio, Tenneco
Automotives among others. The potential of mining these accounts is tremendous,
keeping in view the size of the customers and the established trend of
outsourcing to low cost countries like India.
With the various strategies underway the company expects to record significant
growth in revenue during the current fiscal The company is expected to expand,
manage the upcoming challenges, leveraging opportunities and moving ahead well
on course to become one of the top auto component supplier in the coming years.
Dividend:
In view of the improved performance, the Directors of the Company are
pleased to recommend a dividend of Rs. 2.25/- per equity share i.e. 22.50 % on
par value of Rs. 10/- each for the year ended 31st March 2007. The total cash
outgo for this purpose would be Rs. 56.300 millions (previous year Rs.48.800
millions), which includes a dividend of Rs. 48.100 millions and tax on dividend
of Rs. 8.200 millions.
The
dividend, if declared as above, will be paid to the shareholders as
follows:
a) To all those beneficial owners holding shares in electronic form as
per the beneficial ownership data as may be made available to the company by
National Securities Depository Limited (NSDL) and the Central Depository Services Limited
(CDSL) as on 22nd August 2007.
b) To all those
shareholders holding shares in physical form after giving effect to all the
valid share transfers lodged with
the company before 23rd August 2007.
Result of
operations:
Financial
Review:
The Gross sales of the Company for the year under review increased to
Rs. 8484.000 millions as compared to Rs. 7106.900 millions in the previous
financial period, registering a significant growth of 19.38%, on an annualized
basis. This increase is attributed to a large extent to an increase of about
15% in the overall domestic market based on growth of domestic customers'
business and such customers sourcing their requirements in the form of machined
components. This trend is likely to continue.
The operating profit of the Company grew by 36.52 per cent on an annualized
basis from Rs.336.800 millions in the previous period to Rs.459.800 millions in
the year under review. The net profit grew by 18.12 per cent to Rs.236.600
millions.
Performance
review:
A detailed analysis of the company's performance is contained in the
Management Discusion and Analysis Report, which forms part of this Annual
Report.
Exports Revenues:
During the year under review, export revenues (including deemed exports
revenue) have shot up to Rs.307.600 millions against Rs. 265.600 millions in
the previous year i.e. increase by 15.81% on an annualized basis.
Ongoing
efforts:
The company constantly strives to achieve quantum improvements in all
facets of business organization including efficient manufacturing by improving
production efficiency, compressing supply chain costs by collaborating with
vendors to emphasize a relationship of fairness and transparency and by setting
ambitious internal targets for overall reduction in resource consumption
starting from yield of steel to energy, consumptions, paints, chemicals.
The Company has been steadily growing over the years and during the year also
it focused on enhancing the sales/turnover by creating sustainable revenue
streams and enhance core earnings. The company focused on strengthening risk
management systems and operational practices continued to be key focus areas to
ensure high standards of service to its customers. With the ongoing and
proposed capital expansion the company will continue to pursue its objective of
enhancing sustainable profitability, growth and quality.
Business Contract with Tata Motors
Limited
During the year the Company has added a prestigious customer to its present
clientele by entering into a business contract with Tata Motors Limited a
renowned name in the Four wheeler industry. The company is going to set up a
new manufacturing unit for Tata Motors Limited at Lucknow, in the state of
Uttar Pradesh for manufacturing Chassis for the Light, medium and heavy
Commercial vehicles.
The estimated Capital expenditure for the said project in Lucknow is Rs. 1000
millions approx to be incurred in two phases and the same shall be funded from
term loans and internalaccruals. The Expected volume of production will be
48,000 units p.a. which during the first phase will giving an annual turnover
of Rs. 1000 millions approx, the said production capacity will gradually be
raised to 96,000 units p.a. by the year 2010-11, by then giving an annual
turnover of Rs. 2000 millions approx. The trial production is expected to
commence by the second quarter of 2008.
Integration of Manufacturing
Units:
During the current year in view of better administrative control and to minimize
the operating cost the Directors felt the need to restructure and merge the
exiting units situated Gurgaon - Sohna Road and Binola in to one, and the
entire production facilities of Automax plant where to shifted to Binola
plant.
Directors are pleased to inform you that without affecting the supplies the
entire facilities of manufacturing operation have been conveniently shifted
from Gurgaon -Sohna Road to the unit situated at Binola.
Subsidiary
Company:
During the year under review the paid up capital of the Subsidiary
Company 'Omax Steels Limited' has been raised from 3.500 million to 44.000
millions, and the Company made an investments of Rs. 34.500 millions for
acquiring additional shares in the Subsidiary Company, in order to maintain the
present holding in subsidiary company. The total shareholding of the subsidiary
company has gone up from 0.300 million equity shares to 3.750 millions equity
shares of Rs. 10/- each.
During the year although the trial production of Omax Steels Limited has been
commenced in the second quarter, but due to certain technical fault in the
transformer the Company could not commence the commercial production, therefore
all the expenses related to the trial run period has been kept as preoperative
expenses pending allocation.
As required under Section 212 of the Companies Act, 1956 the audited statement
of accounts along with the report of Auditors and Directors thereon for the
year ended March, 31, 2007 are annexed herewith.
Quality Certifications:
The best
product and service quality and customer satisfaction are an integral part of
the company's vision. Company's all round improvements and achievements in
various areas are recognized from time to time by its customers and industrial
associations. The units of the company are ISO 9001 and ISO/TS-16949/2002
certified for quality and show the company's commitment towards quality
management.
The Company adopted the system of Total Productivity Maintenance (TPM) during
the last year to further improve the productivity levels of its systems and
procedures. TPM efforts over the long term will help the company to maximise
profits by improving overall equipment efficiency, achieving zero breakdown,
zero defect, increased customer satisfaction through participation of all
employees. During the year, company undertook various TPM projects which
resulted in increasing the overall productive efficiency at the company.
Endeavors are on to make further improvement with the combined efforts of all
employees.
Fixed
Assets
v
Land
v
Building
v
Plant and Machinery
v
Furniture and Fixture
v
Dies and Tools
v
Office Equipment
v
Computer and Other Equipment
v
Car
v
Other Vehicle
v
Intangible Asset
OTHER INFORMATION:
Contingent
Liabilities
|
Particular |
31.03.2007 |
|
Guarantees given |
Rs. 40.042 millions |
|
Excise Matters |
Rs. 21.100 millions |
|
Income Tax Matter |
Rs. 8.500 millions |
AS PER WEBSITE:
OMAX
Autos Limited is a proactive, loyal and accountable group of people with a quest
for excellence. Through latest technology, people empowerment and brand equity
they produce world class products by adopting the best business practices and
ethics.
Omax
is manufacturing sheet metal tubular and machined components for Automobile
Industry. Hero Honda Motors (HHML) is one of the largest customers of the
company. 60 - 65% of the total production is supplied to Hero Honda Motors.
They
are a 'Kaizen' organization. Over 1627 kaizen projects have been successfully
completed. This continuous process of improvement makes sure that every product
they manufacture is guaranteed to meet the specifications of ISO 9002/TS 16949
standard in quality...
Omax Auto
Limited is promoted by Mr. Jatender Mehta and Mr. Ravinder Mehta.
Omax manufactures
various sheet metal and tubular components such as:
v
Body
Frames
v
Mufflers
v
Sprockets
v
Electroplated
Tubular Components
v
Piston
Rods and Studs
v
Seat
Parts
v
Chain
Cases
v
Gear
Shafts
v
Half
Shaft Bars
v
Steering
Column Shafts
v
Rocker
Arm Shafts
v
Oil
Pump Assemblies
v
Back
Plates and Brake Shoe Accessories
Consistent dividend paying
company for last 13 years.
One of the largest manufacturer of
Sprockets – Capacity to make 9.6 millin sprockets /annum
One of the Largest Electroplating
(Tri- nickel Chrome) facility –11 fullyautomated plants, capacity
of 10 million DM2 /month.
They are having a large range of products which includes Sheet Metal,
Tubular ,Machined Components, Painting and Plating Parts.
Company wide practices in Omax such
as Kaizen, JIT, Kanban, Poke Yoke, TPM, TQM etc. are at par with the World
Class Manufacturing Systems.
Complete in-house designing
capacities and capabilities right from the product designing to tooling, jigs,
fixtures and gauges designing through the latest CAD/CAM software technology
from IDEAS,
Complete in-house facilities for
manufacturing of tooling, jigs, fixtures and gauges etc. with the latest
CNC machines attached Directly to CAD/CAM software.
They are having such a vast variety of
manufacturing facilities and infrastructure to meet the complete range
of Auto Components. Manufacturing
more than 500 type of components
Company
at a glance
No compromises. No concessions. No room for lesser than the best.
That’s the attitude the best have.
At OMAX it has become a part of their processes and their systems.That’s
because they partner the best in the business and their standards of excellence
meet theirs. One on one.
Vision
Highly
customer oriented, humane and system run global organisation with a concern for
society.
Mission
They are a dedicated, proactive, loyal and accountable
group of people, having a quest for excellence through latest technology,
people empowerment and brand equity to produce world class products by adopting
best business practices and ethics.
Growth
Growth at Omax is powered by vision and achieved by
perseverance. It is integral to their work. They believe that it is important
to grow holistically in order to achieve all round development, right from
their manufacturing processes, new product development and R and D to
increasing their shareholder value. At Omax they have grown in every aspect as
a company and as a group. Their figures reflect this reality more clearly than
anything else.
When they started the journey in
1985 the automobile industry was in its nascent stage. They are proud that they
have partnered some of the biggest brands in the industry and have contributed
in a small but significant way to the growth of this dynamic industry. The
progress they made is a testimony to the commitment of the people and practices
at Omax.
Future Plans
- Plant at Bangalore with a
capital outlay of 180.000 Millions
- One Liquid Paint Line at IMT
Manesar
- In house development of
special purpose machine started at its RandD center at Manesar.
Course
of progress
1985
The first unit is
set up as an ancillary supplier to Hero Honda for Sheet Metal and Tubular
components. The unit was set up on a 14000 Sq. Meter plot in Dharuhera. As part
of the project a state - of - the - art fully automatic computerized Trinickle
Chrome Plating Plant was commissioned.
1986
The company went public with more than 7500 shareholders
1988
A major expansion
was planned and implemented in the form of a new unit called Automax Located in
Gurgaon on a 12000 Sq. Meter. Plot the unit added capacity and new processes.
This allowed the company to expand its costumer base to add two other giants in
the industry. Maruti Suzuki Limited and Escorts Limited took the company into
the new arena of components for cars and tractors.
1989
The company
expended its customer base further showing their versatility and innovative
skills. Supplies began to Carrier Aircon Limited paving the way to further
expansions in the arena of business development.
1990
Took up a major
expansion program for manufacturing of body frame for Splendor model of Hero
Honda Motors Limited
1995
Expanded its second
unit on 9000 Sq. Meter land Adjacent to its existing unit Automax in Gurgaon.
1997
A major achievement in the field of process management was achieved with the implementation of ISO 9002. The company chose a tough root and got certification from TUV Germany, a global leader in process audit and accreditation.
1998
Group under took
business process Re –engineering in its on going endeavor to achieve
excellence.
1999
Production capacity
was further expanded with the commissioning of a new factory on a 20,000 Sq.
Meter Properly in Gurgaon. Christened Speedomax the facility allowed an addition
of two major customers. Honda Siel Cars India Limited and New Holland Tractors.
2000
The year saw
further expansion in production capacity. An ultra modern paint shop
manufactures by ABB was commissioned. In addition further expansions were made
on the plating capacity of the company making in the largest Trinickle facility
in the Country and one of the large in Asia.
2001
A variety of
modern HR techniques were implemented in all the units. These included
scheduled training sessions for all levels along with a focus on Kaizen
activities in the company.
2002
The expansion
continues with the construction of the 4th manufacturing unit in Manesar on
20,000 Sq. Meter plot. With an investment of over $4 million, the facility has
got one of the best tool room and design facilities in the Country.
2003
Started
construction of company’s 6th unit at Bangalore mainly for Delphi Automotive
Systems and Customer in Southern Parts in India
Awards and Recognition
NCQC 2000 1st Position
WINTER CONVENTION
2000 NHH-1 1st Position
NCQC 96 1st Position
NCQC 94 1st Position
MANAGEMENT CONVENTION
94 NHH1 1st Position
SPRING CONVENTION 94,
NHH1 1st Position
SUMMER CONVENTION 93, NHH1 1st Position
HHML SUMMER
93,94,95,98 1st Position 1st Position
HHML WINTER
94,95,98,99 1st Position
HHML MANAGEMENT
93,95,98,2000 1st Position
Team
Their People are the force that drives the organisation to success and beyond
Their
Team
In
order to bring customer focus into the mainstream of the company it is important
that employees understand the value they can bring to the customer and in the
end product. Not only in terms of quality but also in terms of innovation and
delivery time. At Omax 'customer focus' days and regular ‘training activities'
are a part of the employee development programme. In order to train their new
recruits well, extensive on-job training facilities are provided. Emphasis on
multi-tasking and developing multiskilled employees is also undertaken so as to
allow employees to contribute more effectively and substantially. Their People
are their biggest asset. They determine the future and are invaluable to the
company's progress. From welfare schemes, to special reward schemes to caring
for the environment, at OMAX the emphasis is on developing a community thriving
on progress and geared to achieve bigger milestones every year.
Environment
Consciousness
They are extremely conscious about their environment. The effluent treatment facilities at Omax is one of its kind in India. The plant has been set up with technology from GOEMA, Germany and ensures zero discharge of effluents with 100% recycling of water
- Latest sewage treatment
plant
- Well maintained company
lawns
- In-house nursery
- Air cooled and smoke free
plant
- Working towards ISO 14001
certification
Products
Omax manufactures various sheet metal components such as :
v
Body
Frames
v
Mufflers
v
Sprockets
v
Electroplated
Tubular Components
v
Seat
Parts
v
Chain
Cases
v
Gear
Shafts
v
Rocker
Arm Shafts
v
MIG
Welding Wire
v
Bicycle
Parts
v
Moped
Parts
v
Axel
Bars
v Piston Rods
OMAX is committed to manufacture consistent and Quality products as
Original Equipment for vehicle manufacturers. The most important aspect of
Quality is the satisfaction of customers, both National and International in
performance, reliability and safety.
Worldclass Components for Worldclass Companies
Sheet
Metal Components
They manufacture sheet metal components for two wheelers, four wheelers as well as LCVs and Tractors. These sheet metal components range from a thickness of 0.6mm to 12mm.
- They
manufacture chain case and side cover for Hero Honda Motors
- Chassis parts for LCVs like
Canter-Mitsubishi
- Housing - Front and rear for
air braking systems
- Back plats
- Engine Plats for Cummins USA
- Assemblies for Maruti Udyog like Panel
Side Body, Panel Assembly Cowl Upper, Member Floor, Cross Member and Sill
Floor Side
- Sheet metal components for
various Auto Electric Assemblies for two wheelers and four wheelers like
Magneto Rotors, Housings for Motors and Shroud Fans
- Frame Assembly installation
and extension components for Honda City car
Tubular
Welded Components
They produce Tubular equipment and accessories for two wheeler and four wheeler industries with special super finishing facilities like Trinickel Chrome Plating and Painting. They manufacture tubes from 10mm - 76mm radius with a metal thickness ranging from 0.9mm - 6.0mm
- Main stand and side stand
for almost all models of Motorcycles. They also manufacture various
Tubular sub assemblies for two wheelers and four wheelers.
- Door Beams for front and rear doors for
Maruti 800CC as well as Maruti Esteem cars
- Beam Steering Hanger for
Honda City car
- Complete Frame Assembly
(Chassis) for various motorcycle models of Hero Honda.
- Silencers for various models
of two wheelers
- Neck
fuel filler for Maruti Esteem
Precise
Machined Components
At Omax they also produce components that demand high levels of precision machining.
- Various Gear Shafts and its sub
assemblies for all models of Maruti Suzuki
- Various Rocker Arm Shafts
for all models of Maruti Suzuki
- Oil pumps assemblies for all
models of Hero Honda
- Piston Rods for Delphi,
Tenneco and Arvin
- Bal Pins for Tenneco
Automotives
Sprockets
The Sprockets manufacturing process involves precision as well as the capacity to produce large numbers in short period of time. They are the largest producers of Sprockets in India, with an installed capacity of over 8.00 lac Sprockets per month.
- Drive and Driven Sprockets
for Transmission Systems
- Highly precised engine parts
for two wheelers like Sprocket timing, Sprocket cam, Sprocket Cam
Chainguide with induction hardening facilities
- Sprocket for high power
bikes for European Market
EXPORTS
Omax has been awarded business by Tenneco automotives for Direct Export to North America and Europe for Bar Pins ,Inner Tubes,Piston Rods for next 3 years.
Omax has been awarded
business from Delphi Automotives
for Deemed export Of Piston Rods
for next 3 years
Omax has been awarded
business from Cummins USA for Direct Export to North America and Mexico
for next 3 years.The business is expected to grow further.
Omax
has been awarded business from Piaggio Italy for export of various
tubular assemblies for next 3 years.
Omax
has been awarded business from Roulunds Braking for export of Back
Plates for Brake-shoes for next 3 years.
Omax
has also got business over next 3 years from companies like Supersprox-Czech
Republic, Amtech International USA and Atlantis Global –USA.
Buyers
Tenneco automotives
Delphi Automotives
Cummins USA
Piaggio Italy
Roulunds Braking
Supersprox
Czech Republic
Amtech International USA
Atlantis Global –USA
Facilities
Manufacturing Plants
As a manufacturing company, over the years they have multiplied capacities, built technologies and invested in equipment that places us in a unique league. This expansion has placed Omax with the biggest facilities in various areas of manufacturing be it metal pressing equipment, welding capacity, or metal finishing. Today they are easily one of the biggest in the country. This expansion plan is in line with the requirements of their customers who are the largest in their respective fields.
OMAX, Dharuhera Unit I
Press Shop, Welding Shop
Welding Robots and SPMs
Trinickle Chrome Plating
Zinc Plating
Tool Room Facilities
CNC Wirecut and Machining Centre
Standards Room
Water Treatment Plant
Centralised Cooling and Ducting
Technical Training Hall
Canteen
Manpower : 1050
Land Area : 14000 sq.
mtrs.
Covered Area : 8500 sq. mtrs.
AUTOMAX, Gurgaon Unit II
Press Shop
Machine Shop
Induction Hardening
Welding Shop
Welding Robots and SPMs
Tool Room Facilities
CNC Wirecut and Machining Centre
Design and Development
Standard Room
Sewage Treatment
Centralised Cooling and Ducting
Technical Training Hall
Canteen
Manpower : 925
Land Area : 12,000 sq.
mtrs.
Covered Area : 10,000 sq. mtrs.
SPEEDOMAX, Gurgaon Unit III
Welding Shop
Trinickle Chrome Plating
Paint Shop
Tool Room Facilities
Water Treatment
Centralised Cooling and Ducting
Technical Training Hall
Canteen
Manpower : 775
Land Area : 20,000 sq. mtrs.
Covered Area : 9,000 sq. mtrs.
OMAX, Manesar Unit IV
Press Shop
Welding Shop
Welding Robots and SPMs
Zinc Plating
State-of-the Art
Tool Room
Design and Development
Standard Room
Water Treatment Plant
Centralised Cooling and Ducting
Technical Training Hall
Canteen
Manpower : 500
Land Area : 20,000 sq.
mtrs.
Covered Area : 12,500 sq. mtrs.
OMAX, Unit V
Machining Shop
Tool
Room
Press Shop
Canteen
Manpower : 300
Land Area : 9700 sq.
mtrs.
Covered Area : 3000
sq. mtrs.
OMAX, Banglore Unit VI
Machining Shop
Tool Room
Canteen
Manpower : 120
Land Area : 65,00 sq. mtrs.
Covered Area 1800 sq. mtrs.
OMAX, Binola Unit VII
Machining
Shop
Press Shop
Tool
Room
Technical Training
Hall
Canteen
Manpower : 110
Land Area : 24,288 sq.
mtrs.
Covered Area 1800 sq.
mtrs.
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.39.38 |
|
UK
Pound |
1 |
Rs.77.48 |
|
Euro |
1 |
Rs.58.38 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
7 |
|
PAID-UP CAPITAL |
1~10 |
6 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
5 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
5 |
|
--CREDIT LINES |
1~10 |
5 |
|
--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 |
NO |
|
--LISTED |
YES/NO |
YES |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
48 |
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 |
|