MIRA
INFORM REPORT
|
Report Date : |
02.05.2008 |
IDENTIFICATION
DETAILS
|
Name : |
INTERNATIONAL AUTO LIMITED |
|
|
|
|
Registered Office : |
C-40, 4th
Phase, Gamharia, P S Gamharia, Jamshedpur, Bihar |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as on) : |
31.03.2007 |
|
|
|
|
Date of Incorporation : |
11.03.1992 |
|
|
|
|
Com. Reg. No.: |
004825 021849 |
|
|
|
|
CIN No.: [Company
Identification No.] |
U00375JH1992PLC004825 U34300PN1992PLC021849 |
|
|
|
|
IEC No.: |
2195000121 |
|
|
|
|
TAN No.: [Tax
Deduction & Collection Account No.] |
RCHI00067E |
|
|
|
|
PAN No.: [Permanent
Account No.] |
AAACI00067E AAACI3750Q |
|
|
|
|
Legal Form : |
A Closely Held
Public Limited Liability Company |
|
|
|
|
Line of Business : |
Manufacturing and
Exporter of fabricated and machined aggregates such as arms, booms and frames
for construction equipments; axle systems for tractors, commercial vehicles
and others; sheet metal stampings and assemblies and axles. |
RATING &
COMMENTS
|
MIRA’s Rating : |
A |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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 |
|
Maximum Credit Limit : |
USD 1569064 |
|
|
|
|
Status : |
Good |
|
|
|
|
Payment Behaviour : |
Regular |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is a
well-established company having satisfactory track. Directors are experienced,
respectable and resourceful businessmen. Their trade relations are reported
as fair. Payments are reported as correct and as per commitments. The company can
be considered normal for business dealings at usual trade terms and
conditions. It can be
regarded as a promising business partner in a medium to long-run. |
INFORMATION PARTED
BY
|
Name : |
Mr. Ganesh Pardeshi |
|
Designation : |
Head Finance |
|
Contact No.: |
91-20-66024844/45, 91-9850071285 |
|
Date : |
29.04.2008 |
LOCATIONS
|
Registered Office : |
C-40, 4th
Phase, Gamharia, P S Gamharia, Jamshedpur, Bihar, India |
|
Website : |
|
|
|
|
|
Corporate Office 1: |
Nyati Millennium,
2nd Floor, Viman Nagar, Pune – 411014, India |
|
Tel. No.: |
91-20-24024844/24024845 |
|
Fax No.: |
91-20-26630411 |
|
E-Mail : |
|
|
Area: |
25000 sq. ft. |
|
|
|
|
Corporate Office
2: |
No.908, Sanaswadi, Shirur (Taluka), District Pune – 412408,
Maharashtra, India |
|
Tel. No.: |
91-20-66024844/ 45 |
|
Fax No.: |
91-2137-669200 |
|
Mobile : |
91-9850071285 |
|
Email : |
|
|
Locations : |
Leased |
|
|
|
|
Factory : |
Plant No. I C-20, Phase IV,
Adityapur Industrial Area, Gamharia, Jamshedpur – 832108, Jharkhand, India Tel No.: 91-657-2200481 Fax No.:
91-657-2200751 Email : ialgroup@vsnl.com Website : http://www.ialgroup.com Plant No. II Plot No. B-15,
16(P) NS-17, 18, 19 and 20 (P) Phase VII, Industrial Area, Gamharia,
Jamshedpur – 832108 Jharkhand, India Plant No. III Gat # 907/1,
Nagar Road, Sanaswadi, Shirur (Taluka), District Pune – 412408, Maharashtra,
India Tel. No.:
91-2137-669200 Fax No.:
91-2137-669200 E-Mail: ashish.tiwari@rsglobal.com Website- http://www.rsbglobal.com Area – 745040 sq.
ft Location – Owned Plant No. IV Plot No.G-23,
G-24, Sipcot Industrial Park, Kattrampkkam Village, Pinore -602105, Chennai |
DIRECTORS
|
Name : |
Mr. Rabindra Kumar Behera |
|
Designation : |
Chairman cum
Managing Director |
|
Address : |
Bunglow No. 132,
Clover Hills, NIBM Road, Kondwa, Pune – 411052, Maharashtra, India |
|
Date of Birth/Age : |
04.03.1951 |
|
Qualification : |
B.E. (Mechanical) |
|
Experience : |
28 Years |
|
Date of Appointment : |
11.03.1992 |
|
Profile : |
He is graduate in
Mechanical Engineering from Regional Institute of Technology, Jamshedpur and undergone
specialized training in Industrial Management and Value Engineering. He is
Council Member of Indian Institute of Industrial Engineering, National
Council Member of Indian Value Engineering Society. He is a member of Indo
German Chamber of Commerce and Governing Council Member of Central Tool Room
and Training Centre. He is a Committee Member of Automotive Components
Manufacturers Associations of India. He has over 27 years of experience in
Auto Component Industry. |
|
Email : |
|
|
|
|
|
Name : |
Mr. Suvendra
Kumar Behera |
|
Designation : |
Managing Director |
|
Address : |
C-39, Cross Road
No. 15, CH Area, Jamshedpur, Jharkhand, India |
|
Date of Birth/Age : |
19.10.1957 |
|
Qualification : |
B. Com. |
|
Experience : |
26 Years |
|
Profile : |
He is a Commerce
Graduate with specialized training in Management Production System and Time
Management. He is an Executive Committee Member of Automotive Components Manufacturers
Association of India and Indo-Danish Tool Room, Jamshedpur. He has over 25
years of experience in Auto component Industry. |
|
Email : |
|
|
|
|
|
Name : |
Mr. Sailendra
Kumar Behers |
|
Designation : |
Non-Executive
Director |
|
Address : |
Bunglow No. 48,
Clover Hills, NIBM Road, Kondwa, Pune – 411052, Maharashtra, India |
|
Date of Birth/Age : |
07.10.1963 |
|
Qualification : |
B.E. (Mechanical) |
|
Experience : |
17 Years |
|
Profile : |
He is a Bachelor
of Mechanical Engineering and undergone advance training in Cutting
Technology (Israel), Total Production Management (Japan), QS 9000 training in
TUV (USA), Gear Technology in Italy and Turnkey. He is associated with the
company since 1989. |
|
Email : |
|
|
|
|
|
Name : |
Mr. Nagarajan
Srinivasan |
|
Designation : |
Nominee Director |
|
Address : |
C/o CDC Advisors
Private Limited, 11, Golf Links, New Delhi – 110 003, India |
|
Date of Birth/Age : |
44 Years |
|
Qualification : |
Master in
Economics, MBA |
|
Experience : |
20 Years |
|
Profile : |
He holds a
Masters Degree in Economics and a Post Graduate in Business Administration from
Warwick School of Business, UK. He is presently Investment Principal at ACTIS
Capital LLP, Managing Director a portfolio of investments in India and Sri
Lanka and has also worked for Standard Chartered Bank in Investment Banking. |
|
Email : |
|
|
|
|
|
Name : |
Mr. Donald M. Peck |
|
Designation : |
Nominee Director |
|
Address : |
C/o CDC Advisors
Private Limited, 11, Golf Links, New Delhi – 110 003, India |
|
Date of Birth/Age : |
52 Years |
|
Qualification : |
MA and PhD |
|
Experience : |
27 Years |
|
Profile : |
He is a MA and
PhD from Oxford University and having specialization in Equity investments in
financial services and Equity mobilization for emerging markets. |
|
|
|
|
Name : |
Mr. Dwijdas
Sanyal |
|
Designation : |
Non-Executive
Director |
|
Address : |
Marigold Flat No.
4, 26, Anand Park, Lane No. 5, Aundh, Pune – 411 007, Maharashtra, India |
|
Date of
Birth/Age : |
16.12.1939 |
|
Qualification
: |
B.E. (Mechanical)
|
|
Experience : |
38 Years |
|
Profile |
He is a Bachelor
of Mechanical Engineering and expertise in Materials and General Management.
He has over 36 year of experience in a renowned Automobile Company viz. Tata Motors
Limited and retired as the General Manager (Materials). |
|
Email : |
|
|
|
|
|
Name : |
Mr. Jaysinh
Sakharam Konkar |
|
Designation : |
Non-Executive
Director |
|
Address : |
302, Vinspa Apartment,
06-Boat Club Road, Pune – 411 001, Maharashtra, India |
|
Date of
Birth/Age : |
24.04.1943 |
|
Qualification
: |
B.E. (Mechanical) |
|
Experience : |
45 Years |
|
Profile |
He is Bachelor of
Mechanical Engineering, Master of Engineering (Production) and Diploma in
Operation Management. He is having a good and varied experience of
Agriculture and Construction Equipments Industry for more than four decades. |
|
Email : |
|
|
|
|
|
Name : |
Mr. Sunil
Deewakar |
|
Designation : |
Nominee Director |
|
Address : |
|
|
Date of
Birth/Age : |
44 years |
|
Qualification
: |
M. Tech
(Production Technology) |
KEY EXECUTIVES
|
Name : |
Mr. Ashish Tiwari |
|
Designation : |
Company Secretary |
|
|
|
|
Name : |
Mr. Narendra
Patwardhan |
|
Designation : |
Vice President |
|
Mobile No.: |
91-9822976398 |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
(As on 30.09.2005)
|
Names of Shareholders |
|
No. of Shares |
|
Promoters |
|
2438702 |
|
Family Members |
|
1080342 |
|
Associate
Companies |
|
4346981 |
|
Others |
|
223075 |
|
|
|
|
|
Total |
|
8089100 |
(As on 31.03.2007)
|
Category |
|
Percentage |
|
|
|
|
|
Bodies Corporate
(Not mentioned above) |
|
56.26 |
|
Directors or
relatives of directors |
|
43.72 |
|
Other top fifty
shareholders (other than listed above) |
|
0.02 |
|
|
|
|
|
Total |
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturing and
Exporter of fabricated and machined aggregates such as arms, booms and frames
for construction equipments; axle systems for tractors, commercial vehicles
and others; sheet metal stampings and assemblies and axles. |
||||||||
|
|
|
||||||||
|
Products : |
· Sheet Metal Stampings and Aggregates · Axle Systems, Chassis Systems and Floor Plate Assemblies · Machined Fabrications · Main Frame and Track Frame · Arm and Boom · Bucket and Shovels · Rear Frame |
||||||||
|
|
|
||||||||
|
Exports: |
|
||||||||
|
Products: |
·
Fabricated
And Machined ·
Aggregates
and Axles |
||||||||
|
Countries : |
· Germany · Italy · US |
||||||||
|
|
|
||||||||
|
Terms : |
|
||||||||
|
Selling : |
Credit (30-60 days) |
||||||||
|
|
|
||||||||
|
Purchasing : |
Credit (30-60 days) |
GENERAL
INFORMATION
|
Customers : |
·
OEM’s ·
Tata Motors
Limited ·
Telco
Construction Equipment Company Limited (Telcon) ·
Mahindra and
Mahindra Limited ·
Tata Cummins
Limited ·
L & T – Case
Equipment Private Limited ·
Caterpiller
India Private Limited ·
New Holland
Tractors (India) Limited ·
Volvo India
Limited ·
L & T –
Komatsu Limited ·
Hindustan
Motors Limited ·
Inter
Tractors |
|
|
|
|
No. of Employees : |
900 |
|
|
|
|
Bankers : |
·
Bank of
India Jamshedpur,
Jharkhand, India ·
State Bank
of India Industrial
Finance Branch, Tata Chambers, Wakde Wadi, Pune – Mumbai Road, Pune – 411003,
Maharashtra, India ·
Small
Industries Development Bank of India Shantiniketan
Building, 1st Floor, Bistpur, Jamshedpur – 831001, Jharkhand,
India |
|
|
|
|
Facilities : |
Term Loan Rs.
500.000 Millions State Bank of
India – Term Loan – Rs.129.417 Millions Bank of India –
Term Loan – Rs.22.267 Millions |
|
Banking
Relations : |
Satisfactory |
|
|
|
|
Auditors : |
|
|
Name : |
Price Waterhouse Chartered
Accountant |
|
Address: |
305/306/307
Century Arcade, 249/244, B/2 Narangi Baug Road, Off Boat Club Road, Pune –
411001, Maharashtra, India |
|
|
|
|
Name : |
Sharp and Tannan Associates Chartered Accountant |
|
Address: |
802 Llyods Chambers, Dr. Ambedlkar Road, Opposite Ambedkar Bhavan,
Pune – 411001, Maharashtra, India |
|
|
|
|
Associates : |
·
Ceat
Financial Services Limited ·
IAL Ventures
Private Limited ·
I-Design
Engineering Solutions Limited (Formerly known as
Garudadri Engineering Private Limited) Pune Trade
Center, 237/1 Kandhave Nagar, Nagar Road, Near Sai Satyam Park, Wagoli, Pune
– 14 ·
RSB
Transmission (India) Limited Nyati Millennium,
2nd Floor, Viman Nagar, Pune – 411014, Maharashtra, India Tel. No. 91-20-56024844/45 Fax. No.
91-20-26630411 (Manufacturers of
transmission systems and gears.) ·
IAL
Construction and Agri Equipments Private Limited (Manufacturers of
fabricated and machined aggregates of construction equipments) ·
IAL
Technologies Private Limited (Providers of
software developments and other IT services.) ·
I Design
Services Private Limited (Providers of
complete design solutions for components and systems.) ·
IAL
Technologies Limited 3rd Floor,
Gama 1, Gega Space IT – Park, Viman Nagar, Pune – 411014, India Tel. No.
91-20-56454300 Fax. No.
91-20-66454444 |
|
|
|
|
Subsidiaries: |
·
IAL
Construction and Agri Equipments Private Limited U00500BR2003PTC010470 U29248PN2000PTC022086 (Formerly known
as IAL International Private Limited Plot No. 184,
Belur Industrial Area, Dharwad – 588011, India Tel. No.
91-836-2486037 Fax. No.
91-836-2486037 |
CAPITAL STRUCTURE
Authorized Capital:
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
10000000 |
Equity Shares |
Rs.10/- each |
Rs.100.000
Millions |
|
10000000 |
Preference Shares
|
Rs.10/- each |
Rs.100.000
Millions |
|
|
|
|
|
|
|
Total |
|
Rs.200.000 Millions |
Issued, Subscribed & Paid-up Capital:
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
8091100 |
Equity Shares |
Rs.10/- each |
Rs.80.911 Millions |
|
2622230 |
Preference Shares
|
Rs.10/- each |
Rs.26.222 Millions |
|
|
|
|
|
|
|
Total |
|
Rs.107.133 Millions |
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 |
100.581 |
124.642 |
58.612 |
|
|
2] Share Application Money |
0.000 |
29.559 |
28.325 |
|
|
3] Reserves & Surplus |
291.685 |
129.163 |
36.615 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
392.266 |
283.364 |
123.552 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
469.583 |
326.154 |
317.192 |
|
|
2] Unsecured Loans |
37.906 |
52.216 |
40.727 |
|
|
TOTAL BORROWING |
507.489 |
378.370 |
357.919 |
|
|
DEFERRED TAX LIABILITIES |
44.966 |
41.623 |
39.611 |
|
|
|
|
|
|
|
|
TOTAL |
944.721 |
703.357 |
521.082 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
584.675 |
499.144 |
364.364 |
|
|
Capital work-in-progress |
171.750 |
72.151 |
68.112 |
|
|
|
|
|
|
|
|
INVESTMENT |
17.444 |
17.443 |
4.547 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories
|
219.507
|
177.845
|
122.008 |
|
|
Sundry Debtors
|
171.995
|
130.495
|
143.067 |
|
|
Cash & Bank Balances
|
74.137
|
43.214
|
29.916 |
|
|
Other Current Assets
|
62.186
|
0.516
|
1.107 |
|
|
Loans & Advances
|
80.562
|
61.271
|
44.938 |
|
Total
Current Assets |
608.387
|
413.341
|
341.036 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
|
417.776
|
293.777
|
248.116 |
|
|
|
19.759
|
4.945
|
8.908 |
|
Total
Current Liabilities |
437.535
|
298.722
|
257.024 |
|
|
Net Current Assets |
170.852
|
114.619
|
84.012 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.047 |
|
|
|
|
|
|
|
|
TOTAL |
944.721 |
703.358 |
521.082 |
|
PROFIT & LOSS
ACCOUNT
|
PARTICULARS |
31.03.2007 |
31.03.2006 |
31.03.2005 |
|
Sales Turnover |
2341.057 |
1666.178 |
1478.125 |
|
Other Income |
3.029 |
0.000 |
0.000 |
|
Total Income |
2344.086 |
1666.178 |
1478.125 |
|
|
|
|
|
|
Profit/(Loss) Before Tax |
69.947 |
32.067 |
20.594 |
|
Provision for Taxation |
63.684 |
4.712 |
5.123 |
|
Profit/(Loss) After Tax |
6.263 |
27.355 |
15.471 |
|
|
|
|
|
|
Total Expenditure |
2274.139 |
1634.111 |
1457.530 |
KEY RATIOS
|
PARTICULARS |
|
31.03.2007 |
31.03.2006 |
31.03.2005 |
|
PAT / Total Income |
(%) |
0.27
|
1.64
|
1.04 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
2.99
|
1.92
|
1.39 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
5.86
|
3.51
|
2.91 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.18
|
0.11
|
0.16 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
2.41
|
2.38
|
4.97 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.39
|
1.38
|
1.32 |
LOCAL AGENCY
FURTHER INFORMATION
Automobile Industry
The Indian
automobile industry is going through a technological change where each firm is
engaged in changing its processes and technologies to sustain the competitive advantage
and provide customers with the optimized products and services. Starting from
the two wheelers, trucks, and tractors to the multi utility vehicles,
commercial vehicles and the luxury vehicles, the Indian automobile industry has
achieved tremendous amount of success in the recent years. 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, 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. The automotive sector in India is growing at around 18 per cent per
annum.
The Indian
automotive industry started its new journey from 1991 with delicensing of the
sector and subsequent opening up for 100 per cent FDI through automatic route.
Since then almost all the global majors have set up their facilities in India
taking the production of vehicle from 2 million in 1991 to 9.7 million in 2006
(nearly 7 per cent of global automobiles production and 2.4 per cent of four
wheeler production).
The cumulative
annual growth rate of production of the automotive industry from the year
2000-2001 to 2005-2006 was 17 per cent. The cumulative annual growth rate of
exports during the period 2000-01 to 2005-06 was 32.92 per cent. The production
of the automotive industry is expected to achieve a growth rate of over 20 per
cent in 2006-07 and about 15 per cent in 2007-08. The export during the same
period is expected to grow over 20 per cent.
Advantage India
India holds huge
potential in the automobile sector including the automobile component sector
owing to its technological, cost and manpower advantage. Further, India has a well-developed,
globally competitive Auto Ancillary Industry and established automobile testing
and R&D centres. The country enjoys natural advantage and is among the
lowest cost producers of steel in the world. The Indian automobile industry
today boasts of being the largest three wheeler second largest two wheelers
manufacturers in the world, world largest motorcycle manufacturer is in India,
second largest tractor manufacturer in the world, fifth largest commercial
vehicle manufacturer in the world and third largest car market in Asia.
Investment
Opportunities
Establishing
Research and Development Centres
Establishing
Engineering Centres
Passenger Car
Segment
Two Wheeler Segment
Heavy truck Segment
Production
One of the largest
industries in India, automotive industry has been witnessing impressive growth
during the last two decades. Abolition of licensing in 1991, permitting
automatic approval and successive liberalization of the sector over the years
have led to overall development of the automobile industry. The freeing of the
industry from restrictive environment, on the one hand, helped it to
restructure, absorb new technologies, align itself to global developments and
realize its potential and on the other hand, this has significantly increased industry's
contribution to overall industrial growth in the country. The automobile
industry witnessed a growth of 19.35 percent in April- July 2006 when compared
to April- July 2005.
Domestic Sales
·
The figures
for April-January 2008 over April-January 2007 indicate that domestic sales of
automobiles decelerated with a negative growth rate of (-) 4.82 percent.
·
The cumulative
growth of the Passenger Vehicles segment during April-January 2008 was 12.79 percent.
Passenger Cars grew by 12.75 percent, Multi Purpose Vehicles by 23.60 percent
and Utility Vehicles by 8.95 percent in April-January 2008 compared to the same
period last year.
·
In April-
January 2008, the Commercial Vehicles segment grew by 2.98 percent over the
same period in 2007. Light Commercial Vehicles recorded a growth of 13.84
percent; however, Medium & Heavy Commercial Vehicles witnessed a fall by
4.55 percent.
·
Three Wheelers
sales fell by 8.54 percent with sales of Goods Carriers decreasing by 19.34
percent. Passenger Carriers also fell with a negative growth rate of 0.84
percent during the period.
·
Two Wheeler
sales registered a negative growth of 8.04 percent during April-January 2008
over April-January 2007. Though Moped and Scooter segments grew by 18.23
percent and 14.68 percent respectively, Motorcycle and Electric Two Wheeler
segments declined by 12.43 percent and 39.27 percent respectively.
Exports
Automobile Exports
saw a growth rate at 18.15 percent during April- January 2008.
Exports of two
wheelers segment grew by 27.07 percent, Commercial Vehicles exports grew by
17.88 percent and Passenger Vehicles exports at 4.89 percent in April-January
2008 over the same period last year and 3-Wheelers exports declined by 2.23
percent during this period.
Auto Components Industry
Surge in automobile
industry since the nineties has led to robust growth of the auto component
sector in the country. In tandem with the industry trends, the Indian component
sector has shown great advances in recent years in terms of growth, spread,
absorption of new technologies and flexibility. Indian auto component industry
has seen major growth with the arrival of world vehicle manufacturers from
Japan, Korea, US and Europe. Today, India is emerging as one of the key auto
components center in Asia and is expected to play a significant role in the
global automotive supply chain in the near future.
The auto parts
industry has emerged as one of India's fastest growing manufacturing sectors
and a globally competitive one. The auto components industry in India is
dominated by around 500 key players, which contribute more than 85 percent of
India's production. The industry has very deep forward and backward linkages
with almost every other engineering manufacturing sector of the economy. It
supports industries like automobiles, machine tools, steel, aluminum, rubber,
plastics, electrical, electronics, forgings and machining.
India has also
emerged as an outsourcing hub for auto parts for international companies such
as Ford, General Motors, Daimler Chrysler, Fiat, Volkswagon, and Toyota.
India enjoys cost
advantage with regard to castings and forgings. The manufacturing costs in
India are 25 to 30 percent lower than its western counterparts. India's
competitive advantage does not come from costs alone, but from its full service
supply capability.
To encourage the
smooth growth of the industry, the Government of India has allowed automatic
approval for foreign equity investment up to 100 percent of manufacture of auto
components. Further, 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.
Besides, the Automotive Component Manufacturers' Association of India (ACMA)
represents the Indian auto component industry. The association is engaged in
promoting trade, technology upgradation, quality enhancement, and collection
and dissemination of information.
Exports of auto-components
India is being
preferred as low cost country by various global OEMs for sourcing auto
components for their worldwide production. As a result of this, Indian auto component
industry's export scenario has changed. Now, 75 per cent of its export is
directed to OEM and rest is feeding the after sales market overseas. while auto
component exports grew by 40 per cent in 2004-05 to a level of US$ 1.4 billion,
it registered a growth rate of 46 per cent in 2005-06 and crossed US$ 2 billion
mark. A high growth of over 40 per cent is expected to materialize in 2006-07
as well. Total export was of the order of Rs. 6237 crore during the year
2004-05 and Rs. 9127 crore during the year 2005-06.
Foreign Direct Investment
The Indian auto
industry with a turnover of US$ 12 billion and the auto parts industry with a
turnover of US$3 billion offer excellent scope for FDI. Automatic approval for
foreign equity investment upto 100 per cent of manufacture of automobiles and
component is permitted. The automobile industry is delicensed Import of
components is freely allowed Automotive
Mission Plan 2016.
The Government of
India is drawing up an Automotive Mission Plan 2016 (AMP 2016) that aims to
make India a global automotive hub. To maintain the high rate of growth of the
automotive industry and to retain the attractiveness of Indian market and
further enhancing the competitiveness of Indian companies, the Government has
prepared the mentioned ten-year Automotive Mission Plan. The idea is to draw a
futuristic plan of action with full participation of the stakeholders and to
implement it in mission mode to meet the challenges coming in the way of growth
of industry. Through this Automotive Mission Plan, Government also wants to
provide a level playing field to the players in the sector and to lay a
predictable future direction of growth to enable the manufacturers in making a
more informed investment decision.
Major players in
the automobile sector
·
Tata
·
Mahindra
·
Ashok Leyland
·
Bajaj
·
Hero Honda
·
Daimler
Chrysler
·
Suzuki
·
Ford
·
Fiat
·
Hyundai
·
General Motors
·
Volvo
·
Yamaha
·
Mazda
Form 8:
|
Corporate
identity number (CIN) Foreign company registration number |
U34300PN1992PLC021849 |
|
Name of the
Company |
INTERNATIONAL AUTO LIMITED |
|
Address |
Gat No.908, Sanaswadi, Shirur (Taluka), District Pune – 412408,
Maharashtra, India |
|
This form is for |
Modification of
Charge |
|
Type of Charge |
Immovable
Property Movable Property (Not
being pledge) |
|
Particulars of
the charge holder |
Small Industries
Development Bank of India Shantiniketan
Building, 1st Floor, Bistpur, Jamshedpur – 831001, Jharkhand,
India |
|
Nature or
description of the instrument(s) creating or modifying the charge |
Deed of
Hypothecation and Declaration and Undertaking Executed on 27th Day
of December, 2007 |
|
Date of the
instrument creating or modifying the charge |
27.12.2007 |
|
Amount secured by
the charge |
Rs.50.000
Millions |
|
Brief particulars
of the principal terms and conditions and extent and operation of the charge |
Rate of
Interests: Receivable
finance Scheme upto the limit of Rs.50.00 Millions The rate of discounting
shall be the rate prevailing at the time of discounting of bills by SIDBI,
the present rate of discounting 10.00% p. a. Terms of
Repayment: Usance period of
bills presented for discounting shall not exceed 90 days. Margin: 0.00% Extent and operation
of the charge: First charge by
way of mortgage of immovable properties and hypothecation of movable properties of the company situated at Plot
No.C-20 and 27, Phase IV, Adityapur Industrial Area, Village Bara Gamharia,
District, Seraikela Kharswana, Jharkhand together with all the buildings and
structure thereon for the limit of Rs.50.00 Millions |
|
Short particulars
of the property charged (including location of the property) |
Immovable and
movable properties of the company situated at Plot No. C-20 and 27, Phase IV, Adityapur Industrial
Area, Village Bara Gamharia, District, Seraikela Kharswana, Jharkhand
together with all the buildings and structure thereon for the limit of
Rs.50.00 Millions |
|
Particular of the
present modification |
By this
modification the small industrial development Bank of India (SIDBI) has
enhanced its sanctioned limit from Rs.20.000 Millions to Rs.50.000 Millions
under the receivable scheme and the charge extended to the limits of
Rs.50.000 Millions on the properties already mortgage and hypothecation with
SIDBI |
|
Name of the
Company |
INTERNATIONAL
AUTO LIMITED |
|
Presented by |
- |
|
Date and
description of instrument creating the change |
Instrument of Hypothecation
of Immovable Property, Plant and Machinery, Furniture and Fixtures, Stock in
Trade and Book Debts and Other Current Assets of the Company Equitable
mortgage or mortgage of property by depositing the title deeds |
|
Amount secured by
the charge/amount owing on the securities of charge |
Rs. 319.200
millions |
|
Short particular
of the property charged. If the property acquired is subject to charge, date
of the acquired of the property should be given |
Hypothecation of
stock, book debts and other current assets. Extension of charge on existing
and proposed fixed assets of the company at unit no. 1 at Jamshedpur and at
Pune unit. Second charge on fixed assets at Jamshedpur plant unit no. 2 of
the company |
|
Gist of the terms
and conditions and extent and operation of the charge. |
- |
|
Name and Address
and description of the person entitled to the charge. |
State Bank of
India Industrial
Finance Branch, Tara Chambers Wakdewadi, Pune –
Mumbai – Road, Pune, Maharashtra - 411003 |
|
Date and brief description of instrument
modifying the charge |
Form CA-1, Form
C2A, Form C4A. Form C5 Dated 18/04/2006 |
|
Particulars of
modifications specifying the terms and conditions or the extent of operations
of the charge in which modification is made and the details of the
modification. |
The existing
sanctioned limit increased to Rs. 319.20 millions including total fund based
limit of Rs. 269.200 millions and total non fund based limit of Rs. 50.000
millions |
Trade Reference:
·
John Deere Zweibrcken,
Germany
·
Intertractor,
Gevelsberg, Germany
·
AGCO, Jackson,
MN (U.S.A.)
·
Tata Motors
Limited
·
Tata Cummins
Limited
·
Piagio Vehicle
Private Limited
·
Duplex Light
Engineering Works
·
Explorer
Enterprises
·
Hosemanna Goa
Private Limited
·
Hydrokrimp A. C.
Private Limited
·
Iemco
Industries Private Limited
·
IIa Auto Works
and Services
·
Imperial
Fastners Private Limited
·
Indian
Forgings and Stamping Company
·
Indica
Composite Private Limited
·
Industrial
Enterprises
·
J. K. Rubber
Products
·
Jsr. Spring
and Engineering Company Private Limited
·
Jutindra and
Sons
·
Kamla
Enterprises
·
Kant
Enterprises
·
Khurana
Industries
·
MAchino
Technocrafts
·
Magadh
Engineering Works
·
Maharaj
Engineering Works
·
Manu Plastics
·
Maps
Enterprises
·
Matharu
Construction
·
Multitech Auto
Limited
·
Nalin Rubbers
Private Limited
·
Nu Carbonic
Gas Industries Private Limited
·
Orient
Engineering Woks
·
P. K.
Enterprises
·
P. R. B.
Associates
·
Rahul Springs
Private Limited
·
Raju Pattern
Works
·
Ranbir Polymer
Industries
·
Ratan
Enterprises
·
Reliance
Fabrications Private Limited
·
Roy Brothers
·
Ruber Auto
Industries
·
Diving
Engineering
·
Lakshmi Press
and Forge Works
·
Agra Metal
Perforators
·
Alcalab
Private Limited
·
D. Industries
·
K. Enterprises
·
Bharat
Malleables
·
Bihar
Engineering Corporation
·
Bihar
Packaging Industries
·
BMC Metalcast
Limited
·
Bright
Engineering Works
·
Diana Foams
Private Limited
·
Dilip and
Company
·
Dipak Foundry
and Engineering Products
·
Art FFab
·
Dalane
Industries
·
Dynamic
Industries
·
El-Mech
Diagnostics Private Limited – CRS
·
Friends
Industries
·
Kuber
Engineering Private Limited
·
Maharashtra
Fasteners Private Limited
·
Neelachal
Engineering Company
·
Raj Shree
Industries
·
Sadguru
Pressing Works
·
Sanjay
Enterprises
·
Siddhant
Pressing
·
S. M. Rolling
Works
·
Universal
Enterprises
·
Yeshwant
Industries
·
Davi
Engineering
·
Mitter
Fasteners
·
Mould Craft Engineers
·
PRavin Auto
Engineering Private Limited
·
Sang Fasteners
Private Limited
·
Shri Datta
Founders and Engineers
Industry outlook and
business overview
The company is the
supplier of components/aggregate fabricated and machined aggregates and axles
gates in the following sectors of the industry:-
All these sectors
had witnessed substantial growth rate during the last five years and was
expected to maintain the same trend in the future company. Growth in these
sectors varies from 46% to 98%.
After IT sector
success, manufacturing industry has been recognized as the next sunrise area
for development. Auto Components industry has already made a mark for itself in
the international market and more and more multinational auto industry players
are eager to source their requirements from India.
The company is not
lagging behind in the race and has registered sales growth of 44% during the
financial year 2003-2004 as compared to previous year. The growth of company
implies that valued customers namely TATA Motors (TELCO), TELCON, TATA Cummins,
Caterpillar, JCB, John Deere, Ashok Leyland, Mahindra and Mahindra, Piaggio,
etc had confidence in capability, cost competitiveness and commitments.
Fixed Assets:
·
Leasehold land
·
Freehold land
·
Plant and
machinery
·
Electrical
installation
·
Shed and
building
·
Furniture and
fixtures
·
Computer and
accessories
·
Hardware and
software
·
Office
equipment
·
Vehicles
As per Website
International Auto Limited is India’s largest manufacturer of systems
and aggregates for Earthmoving Equipments, Off-Highway machineries and
Commercial Vehicles.
More than just Products-
IAL has been
providing world class solutions to its demanding OE customers for past several
years. With a product range of Frames, Arms & Booms, Buckets and Shovels,
IAL is in possession of
Far reaching capabilities-
That translates
into manufacturing from customers’ specs or drawings. Employing modern shop
floor practices and cutting edge technologies, IAL has a focus
And a vision-
Of recognition as a
cost effective and value added provider of unique solutions. IAL believes in
the concept
Of world-class quality-
That must result in
solution that represent outstanding merit and ensure unsurpassed customers
delight.
Brief History
• Started as a proprietorship firm
in 1973 at Jamshedpur and began commercial production in 1975
• Converted into public limited
company effective November 1994. Name of the company was also changed from
International Auto Products to International Auto Limited.
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.40.46 |
|
UK Pound |
1 |
Rs.79.99 |
|
Euro |
1 |
Rs.63.09 |
SCORE & RATING
EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
7 |
|
PAID-UP CAPITAL |
1~10 |
7 |
|
OPERATING SCALE |
1~10 |
8 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
9 |
|
--PROFITABILIRY |
1~10 |
6 |
|
--LIQUIDITY |
1~10 |
8 |
|
--LEVERAGE |
1~10 |
8 |
|
--RESERVES |
1~10 |
8 |
|
--CREDIT LINES |
1~10 |
7 |
|
--MARGINS |
-5~5 |
- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
YES |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
68 |
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 |
|