MIRA
INFORM REPORT
|
Report Date : |
10.01.2011 |
IDENTIFICATION DETAILS
|
Name : |
MAHINDRA TWO WHEELERS LIMITED |
|
|
|
|
Registered Office : |
|
|
|
|
|
Country : |
|
|
|
|
|
Financial as on : |
31.03.2010 |
|
|
|
|
Date of Incorporation : |
05.08.2008 |
|
|
|
|
Com. Reg. No.: |
11-185462 |
|
|
|
|
CIN No.: [Company
Identification No.] |
U35911MH2008PLC185462 |
|
|
|
|
TAN No.: [Tax
Deduction & Collection Account No.] |
MUMM34881A |
|
|
|
|
PAN No.: [Permanent
Account No.] |
AAFCM6870J |
|
|
|
|
Legal Form : |
A Closely Held Public Limited Liability Company |
|
|
|
|
Line of Business : |
Manufacturer of Two Wheelers |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (45) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 1100000 |
|
|
|
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
Usually Correct |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is a part of Mahindra Group. It is a company having
satisfactory track. Trade relations are reported as fair. Business is active.
Payments are reported to be usually correct and as per commitments. In view of strong holding company, the company can be considered
normal for business dealings at usual trade terms and conditions. |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – April 1, 2010
|
Country Name |
Previous Rating (31.12.2009) |
Current Rating (01.04.2010) |
|
|
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
INFORMATION PARTED BY
|
Name : |
Mr. Santosh Katre |
|
Designation : |
Finance Head |
|
Contact No.: |
91-9823300822 |
|
Date : |
04.01.2011 |
LOCATIONS
|
Registered Office : |
|
|
Tel. No.: |
91-22-24931441/ 24961441/24916833 |
|
Fax No.: |
91-22-24983696 / 24900833 |
|
E-Mail : |
|
|
Website : |
|
|
Area : |
10000Sq.ft. |
|
Location : |
Owned |
|
|
|
|
Factory 1 : |
D-1, Block, Plot No. 18/2, M.I.D.C, Chinchwad, Pune - 411019, |
|
Tel. No.: |
91-20-27602222 |
|
Fax No.: |
91-20-27470562 |
|
E-Mail : |
|
|
|
|
|
Factory 2 : |
Plot No.2, Industrial Area 1, Pitampur Dhar, Pithampur – 454775, |
|
Tel. No.: |
91-7292-253009/100 |
|
Fax No.: |
91-7292-253087 |
DIRECTORS
As On : 23.07.2010
|
Name : |
Mr. Anoop Krishna Mathur |
|
Designation : |
Additional Director |
|
Address : |
Flat No. 13, Om Ratan 70/71, |
|
Date of Birth/Age : |
22.10.1947 |
|
Date of Appointment : |
29.09.2008 |
|
|
|
|
Name : |
Mr. Parag C Shah |
|
Designation : |
Additional Director |
|
Address : |
7 Kailas, |
|
Date of Birth/Age : |
25.11.1975 |
|
Date of Appointment : |
29.09.2008 |
|
|
|
|
Name : |
Mr. Pawan Kumar Goenka |
|
Designation : |
Director |
|
Address : |
Flat No. 602, 9 JVPD, |
|
Date of Birth/Age : |
23.09.1954 |
|
Date of Appointment : |
29.09.2008 |
|
|
|
|
Name : |
Mr. Anand G Mahindra |
|
Designation : |
Chairman |
|
Address : |
Goolestan, 65, |
|
Date of Birth/Age : |
01.05.1955 |
|
Date of Appointment : |
12.12.2008 |
|
|
|
|
Name : |
Mr. Zhooben Dossabhoy |
|
Designation : |
Director |
|
Address : |
S-13, Cusrow Baug, |
|
Date of Birth/Age : |
09.12.1959 |
|
Date of Appointment : |
12.12.2008 |
KEY EXECUTIVES
|
Name : |
Mr. Santosh Katre |
|
Designation : |
Finance Head |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 23.07.2010
|
Names of Shareholders |
|
No. of Shares |
|
Mahindra and Mahindra Limited, |
|
11,79,99,994 |
|
Mahindra and Mahindra Limited Jointly with Mr. Narayan Shankar |
|
1 |
|
Mahindra and Mahindra Limited Jointly with Mr. S Venkatraman |
|
1 |
|
Mahindra and Mahindra Limited Jointly with Mr. K Chandrasekhar |
|
1 |
|
Mahindra and Mahindra Limited Jointly with Mr. V S Parthasarathy |
|
1 |
|
Mahindra and Mahindra Limited Jointly with Mr. Anoop Mathur |
|
1 |
|
Mahindra and Mahindra Limited Jointly with Mr. V R Krishanan |
|
1 |
|
Kinetic Motors Company Limited, |
|
2,95,00,000 |
|
Total |
|
14,75,00,000 |
As On 30.09.2010
|
S. No. |
Category |
Percentage |
|
1 |
Bodies corporate |
100.00 |
|
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer of Two Wheelers. |
||||
|
|
|
||||
|
Products : |
|
||||
|
|
|
||||
|
Exports : |
|
||||
|
Products : |
Light Commercial Vehicles |
||||
|
Countries : |
|
||||
|
|
|
||||
|
Imports : |
|
||||
|
Products : |
Spare Parts |
||||
|
Countries : |
|
||||
|
|
|
||||
|
Terms : |
|
||||
|
Selling : |
L/C, Cash, Credit (30 days / 60 days / 90 days) |
||||
|
|
|
||||
|
Purchasing : |
L/C, Cash, Credit (30 days / 60 days / 90 days) |
PRODUCTION STATUS As on 31.03.2010
|
Particulars |
Unit |
Licensed
Capacity |
Installed
Capacity |
Actual
Production |
|
Two Wheelers Scooters, Motor Cycles and Mopeds |
|
|
|
|
|
Manufactured |
Nos. |
NA |
175000 |
69,775 |
|
Traded |
Nos. |
NA |
NA |
NA |
|
Spare Parts and Others ** |
(See note 2) |
NA |
NA |
(See note 6) |
|
|
|
|
|
|
Notes:
1) Installed capacity is as certified by the management and relied on by the auditors as this is a technical matter.
2) Spare parts are manufactured out of the capacity for scooters, motorcycles and mopeds.
3) * It is not practicable to furnish quantitative information in view of considerable number of items diverse in size and nature.
4) ** Includes own manufactured components sold as spare parts.
5) Sales of manufactured vehicles exclude2 (31st march 2009 - 4) free of cost (FOC) vehicles.
6) The Company has also manufactured and sold 97214 Nos. components as spares. (31st March, 2009 – 7225 Nos.)
7) Production of vehicles include 292 vehicles returned to factory for rework and 20 vehicles capitalized during the year.
GENERAL INFORMATION
|
Customers : |
|
|||||||||||||||
|
|
|
|||||||||||||||
|
No. of Employees : |
125 (Approximately) |
|||||||||||||||
|
|
|
|||||||||||||||
|
Bankers : |
ING Vysya Bank Limited Plot C-12, “G” Block, 8th Floor, BKC, Bandra (East),
Mumbai-400051, |
|||||||||||||||
|
Facilities : |
|
|||||||||||||||
|
|
Cash Credit Rs.250.000 Millions (From ING Vysya Bank) |
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
Deloittte Haskins and Sells Chartered Accountant |
|
Address : |
12, |
|
|
|
|
Holding Company
: |
Mahindra and Mahindra Limited, Worli CIN No : L65990MH1954PLC004558 Line of
Business: Manufacturer of General Purpose utility vehicles. |
|
|
|
|
Fellow Subsidiary’s
: |
Engines Engineering S. R. I Mahindra Logistics Limited Mahindra Intertrade Mahindra Lifespace Limited Mahindra and Mahindra financial Services Limited Mahindra Engineering Services Limited |
CAPITAL STRUCTURE
As on 31.03.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
150,000,000 |
Equity Shares |
Rs.10/- each |
Rs.1500.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
147,500,000 |
Equity Shares |
Rs.10/-each |
Rs1475.000
Millions |
|
|
|
|
|
Notes:
- Of the above shares, 118,000,000 shares are held by Mahindra and Mahindra Limited, the holding company.
- Of the above shares, 29,500,000 shares have been issued to
Kinetic Motor Company Limited pursuant to an agreement for sale and
purchase of assets without payment having been received in cash.
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
|
31.03.2010 |
31.03.2009 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
|
1475.000 |
1475.000 |
|
|
2] Share Application Money |
|
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
|
0.000 |
0.000 |
|
|
4] (Accumulated Losses) |
|
(1194.146) |
(225.040) |
|
|
NETWORTH |
|
280.854 |
1249.960 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
|
0.000 |
0.000 |
|
|
2] Unsecured Loans |
|
1210.000 |
350.000 |
|
|
TOTAL BORROWING |
|
1210.000 |
350.000 |
|
|
DEFERRED TAX LIABILITIES |
|
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
|
1490.854 |
1599.960 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
|
1199.775 |
1316.296 |
|
|
Capital work-in-progress |
|
228.539 |
80.000 |
|
|
|
|
|
|
|
|
INVESTMENT |
|
0.000 |
0.000 |
|
|
DEFERREX TAX ASSETS |
|
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
|
472.614 |
256.937
|
|
|
Sundry Debtors |
|
71.925 |
17.428
|
|
|
Cash & Bank Balances |
|
127.630 |
14.726
|
|
|
Other Current Assets |
|
0.000 |
0.000
|
|
|
Loans & Advances |
|
232.485 |
232.132
|
|
Total
Current Assets |
|
904.654 |
521.223
|
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
|
744.849 |
262.500
|
|
|
Other Current Liabilities |
|
62.076 |
2.633
|
|
|
Provisions |
|
35.189 |
52.426
|
|
Total
Current Liabilities |
|
842.114 |
317.559
|
|
|
Net Current Assets |
|
62.540 |
203.664
|
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
|
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
|
1490.854 |
1599.960 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
|
31.03.2010 |
05.08.2008 To
31.03.2009 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
|
2370.352 |
165.300 |
|
|
|
Other Income |
|
5.713 |
1.726 |
|
|
|
TOTAL (A) |
|
2376.065 |
167.026 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Raw Material, Work in progress and Finished Goods |
|
2025.220 |
117.524 |
|
|
|
Employee Cost |
|
269.346 |
81.041 |
|
|
|
Other Expenses |
|
797.507 |
125.748 |
|
|
|
Amount Capitalised |
|
(0.792) |
0.000 |
|
|
|
TOTAL (B) |
|
3091.281 |
324.313 |
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
|
(715.216) |
(157.287) |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
|
87.186 |
7.086 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
|
(802.402) |
(164.373) |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
|
166.704 |
60.268 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
|
(969.106) |
(224.641) |
|
|
|
|
|
|
|
|
|
Less |
TAX (I) |
|
0.000 |
0.399 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-I) (J) |
|
(969.106) |
(225.040) |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Sales of goods abroad which were purchased abroad |
|
173.145 |
67.750 |
|
|
|
Export Sales |
|
13.083 |
0.000 |
|
|
|
Freight Charges |
|
5.194 |
3.750 |
|
|
TOTAL EARNINGS |
|
191.422 |
71.500 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Components and Spare Parts |
|
363.980 |
23.165 |
|
|
|
Capital Goods |
|
8.456 |
|
|
|
TOTAL IMPORTS |
|
372.396 |
23.165 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
|
(6.57) |
(2.74) |
|
KEY RATIOS
|
PARTICULARS |
|
|
31.03.2010 |
31.03.2009 |
|
PAT / Total Income |
(%) |
|
(40.79) |
(134.73) |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
|
(40.88) |
(135.89) |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
|
(67.66) |
(12.22) |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
|
(3.45) |
(0.17) |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
|
7.31 |
0.53 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
|
1.74 |
1.64 |
LOCAL AGENCY FURTHER INFORMATION
SUNDRY CREDITORS DETAILS:
|
Particulars |
|
Rs. In Millions 31.03.2010 |
Rs. In Millions 31.03.2009 |
|
Total outstanding dues of Micro Enterprises and
small Enterprises |
|
75.885
|
6.706 |
|
Total outstanding dues of creditors other
than Micro Enterprises and Small Enterprises |
|
668.964
|
255.793 |
|
|
|
|
|
|
Total |
|
744.849
|
262.500 |
OPERATIONS
During the year, the
Company recorded total sales of 71,600 scooters. The Company has launched two
new Power Scooters "Mahindra Rodeo" and "Mahindra Duro" in
September 2009. Your Company's new scooters are receiving encouraging response
from customers. "Mahindra Duro" has been adjudged as "Scooter of
the year 2010" by NDTV Profit Car and Bike
OUTLOOK FOR THE
CURRENT YEAR
During the year,
the Company's focus on increasing the dealership network, aggressive marketing
through television and other media, developing and launching new products has
started yielding results. The Company will continue to invest significantly for
developing and launching new products to drive its growth efforts in the
challenging environment. The Directors expect to increase the Company's business
potential by continuous monitoring, timely action and implementation of
innovative measures.
Form 8:
|
Corporate
identity number of the company |
U35911MH2008PLC185462 |
|
Name of the
company |
MAHINDRA TWO
WHEELERS LIMITED |
|
Address of the registered
office or of the principal place of
business in |
Mumbai – 400018, |
|
This form is for |
Creation of
charge |
|
Type of charge |
Book Debts Others |
|
Particular of
charge holder |
ING Vysya Bank Limited Plot C-12, “G” Block, 8th Floor, BKC, Bandra (East),
Mumbai-400051, giridharvrn@ingvysybank.com |
|
Nature of
instrument creating charge |
General
Hypothecation Agreement dated 23.09.2010 |
|
Date of
instrument Creating the charge |
23/09/2010 |
|
Amount secured by
the charge |
Rs.250.000
Millions |
|
Brief of the
principal terms an conditions and extent and operation of the charge |
Rate of Interest Mutually agreed rate
at the time of drawdown as per sanction letter dated 22nd July
2010. Terms of Repayment Maximum Tenure of
WCDL – 365 days from the date od disbursement, as per the sanction Letter
dated 22nd July, 2010. Margin 25% Margin on stock
and receivables up to 180 days to be considered. As per sanction letter dated
22nd July, 2010. Extent and Operation of the charge First Pari pasu
charge over stocks and receivables present and future. |
|
Short particulars
of the property charged |
Stocks Book Debts Other Current
Assets |
FIXED ASSETS
- Buildings
- Plant and Machinery
- Furniture and Fixtures
- Vehicles
- Technical Knowhow
- Brand
- Product Development Expenditure
- Software
WEBSITE DETAILS :
Heritage
The US $7.1 billion Mahindra Group is among the top 10 industrial houses
in
The Group has a leading presence in key sectors of the Indian economy,
including the financial services, trade, retail and logistics, automotive
components, after-market, information technology and infrastructure
development. Mahindra has made an entry in the two-wheeler segment which will
see the company emerge as a full-range player with a presence in almost every
segment of the automobile industry.
Expansion
Mahindra & Mohammed was incorporated in 1945 by
KC Mahindra and Ghulam Mohammad as a manufacturer under license of the famous
Willys Jeep. In 1948, KC Mahindra changed the name to Mahindra & Mahindra,
and building on his expertise in the steel industry began trading steel with
The Mahindra Group's foray into the two-wheeler
segment began with the acquisition of business assets of Kinetic Motor Company
Limited. (KMCL) in 2008 extending Mahindra's pedigree into the two wheeler
space.
Factory
Mahindra & Mahindra has state of art
manufacturing facility at Pithampur, near
Mahindra
Two Wheelers Ltd. has an R&D unit located at Chinchwad, Pune, equipped with
necessary design and development facilities right from renderings to prototype
manufacture and testing. Mahindra Two Wheelers has team of R&D experts with
vast industry experience and rich academic background.
Overview
The Mahindra Group shares and identifies with
Press Release :
Mahindra 2 Wheelers zooms into Motorcycles
Aamir Khan unveils the Stallio
Mojo - the
ultimate performance bike
September 30,
2010, Mumbai: World class Italian design, raw power, adrenaline and speed. India’s bikers
can look forward to all this and much more as Mahindra 2 Wheelers’ Stallio and
Mojo motorcycles made their debut at a high voltage launch in Mumbai
today.
“In the last
twelve months Mahindra 2 Wheelers has achieved a milestone by registering a sale
of 0.150 million units – a clear validation of the success of our niche Power
Scooters strategy. We are now all geared up to redefine the biking experience
in India with the Stallio and the Mojo which are a potent blend
of global technology and innovation and will take the category to the next
level,” said Mr. Anand Mahindra, Vice Chairman and Managing Director,
Mahindra Group.
“These world class
bikes are worthy additions to the Mahindra 2 Wheelers product portfolio and are
part of our
commitment to establish
a robust, end-to-end two wheeler business in every segment of the industry,”
said Mr. Anoop Mathur, President Two Wheeler Sector and Member of the Group
Executive Board, Mahindra & Mahindra Limited
“Both bikes
incorporate world class R&D and design elements from our
The Stallio offers
a host of features unheard of in its segment and is ideal for the avant-garde
young executive or
businessman who
desires a rugged and reliable yet stylish bike. We are delighted to have Aamir
Khan, the brand
ambassador for the
Stallio, present at the launch today, as he personifies Mahindra’s can
do spirit, capturing the
imagination of the
masses. The Mojo is a performance oriented, power packed bike and is the
ultimate machine for motorcycle enthusiasts who are passionate about biking,” he
added.
The Stallio was
unveiled by actor, producer and director, Aamir Khan, whose thought provoking
movies have served to both entertain and inspire an entire generation of young
Indians.
“Mahindra is a
solid company with very strong and long standing goodwill. The bike that the
Mahindra Group is
launching, the Stallio,
is a stylish bike offering consumers a great sense of comfort. It’s a complete
bike that offers
safety, style and
peace of mind. I am sure it will soon be one of
associated with
the Mahindras and the Stallio,” said Aamir.
The Mahindra
Stallio is available in two variants – Self Start / Cast Alloy wheels /
Digital Console and Kick Start /
spoke wheels which
are available at Rs.0.044 millions and 0.041 millions (ex showroom Pune),
respectively, while the Mahindra Mojo is priced at Rs. 0.175 million (ex
showroom Pune). The Stallio will be available at 370 Mahindra 2 Wheelers
dealerships across the country. The Stallio comes with a four year
manufacturer’s warranty. The distribution model for Mojo will be
different and therefore, would be available only in select outlets.
The Mahindra
Stallio and Mojo are all set to storm the motorcycle segment with
their sleek, sporty contours, Italian styling and comfort. The bikes
incorporate design elements from the Italian boutique design house, Engines
Engineering which has worked for marques such as Ducati, MV Augusta and
Benelli.
Conquer your roads
with the Mahindra Stallio
Biking will soon
take on a whole new dimension with this powerful steed. The Mahindra Stallio
is a tough and durable bike with several stylish features which puts it in
a distinct motorcycling segment. These include digital speedometer, powerful
LED tail lamps, pilot LED lamps and a fully flush fuel tank cap.
The Stallio incorporates
a convenient, pro touch electric start which allows you to take off at the
touch of a button,
even in heavy
traffic conditions. The multi reflector headlamp coupled with LED lighting with
clear lens indicators in the headlamp, tail lamps and pilot lamps enhance front
and rear visibility, making night riding a safe experience. These LED lights
are more resistant to failures from vibration, generate almost no heat and
consume very little power.
The bike’s chassis
features a rugged, double cradle frame, ensuring greater stability and less
possibility of deformation in future. The superior braking system, more
responsive controls that perform well in a variety of conditions, including
water and mud, makes the Stallio a very safe bike. The sturdy rear grab
rail offers the pillion rider a firm grip, ensuring safety.
The large, fully
digital display – the first in this segment - comes equipped with a
speedometer, fuel gauge, tachometer and clock. It also gives you an idea of the
distance travelled in one trip. The Stallio’s visor features a sharp,
inverted arrow design which is sure to stop traffic when you zoom past. This
nifty bike sports cool racing style alloy wheels which are strong and
lightweight. They not only provide more stability at corners but also have
better tolerance to shocks and ensure good heat dissipation. These trendy
alloys are complemented by class leading wheel base of 1265 mm which provide a
stable ride and good ground clearance. The fuel tank cap blends seamlessly with
the body of the bike, further adding to its style quotient.
The Stallio is
available in a choice of five shades –
Ranch Green.
Mojo Magic
Think Flower
Power. Think groovy classic style but with a contemporary twist. Think Mahindra
Mojo. A testosterone packed 300 cc bike with cool retro styling, the Mojo
blends the best of global motorcycle technology and design. It is a
handcrafted machine and a one of its kind lifestyle motorcycle which will soon
go into production. Mahindra 2 Wheelers has, in fact, devised a unique
marketing and promotion strategy for this ultimate performance bike which will
be revealed when the bike will be available for sale in the next 3-4 months.
This modern
classic is driven by a 4V DOHC engine which offers peak power of 26 BHP @ 8500
rpm and maximum torque of 24 Nm @ 7000 rpm, making it a performance biker’s
dream come true. It also features a 6 speed gearbox, as opposed to the regular
5 speed gearbox found amongst its peers, along with a sporty dual exhaust for
the right propulsion.
The Electronic
Fuel Injection (EFI) system has been developed by Ducati Energia of
The Mojo is
the first ever motorcycle in
The bike also features
LED pilot lamps and tail lamps with clear lens indicators in the headlamp,
ensuring greater
visibility for the rider. The display includes a digital speedometer
with fuel gauge, tripmeter, gear shift indicator, and analogue tachometer. The
bike also sports indicators on the rear view mirrors, which are not seen on
Indian bikes.
This showstopper
sports an aerodynamic ‘tear drop’ shape and a classic gold frame assembly with
twin headlamps adding to the bike’s distinctly retro look. The dual pipe frame adds
strength to the overall structure of
the bike, while
the under cowl enhances the Mojo’s macho appeal. This ‘exoskeleton’ look is
usually only found in top notch brands.
The Mojo is
available in a choice of two colours – red and black. Customers also
have the option of customising their bikes with a range of decals.
The Two Wheeler
Sector of Mahindra aims to design and market a full range of scooters and
motorcycles for the Indian and global markets, thus establishing a robust and
end-to-end two-wheeler business in every segment of the industry.
The company’s
Power Scooters portfolio caters to a range of consumer segments. The Mahindra
Rodeo with its very innovative, contemporary features is popular amongst the
Indian youth, while the Mahindra Duro is positioned as a family scooter. The
Flyte is the Indian woman’s two-wheeler of choice.
About The Mahindra
Group
Mahindra embarked
on its journey in 1945 by assembling the Willys Jeep in
Mahindra is the
only Indian company among the top tractor brands in the world. It is today a
full-range player with a presence in almost every segment of the automobile
industry, from two-wheelers to CVs, UVs, SUVs and sedan. Mahindra recently
acquired a majority stake in REVA Electric Car Co Ltd. (now called Mahindra
REVA), strengthening its position in the Electric Vehicles domain.
The Mahindra Group
expanded its IT portfolio when Tech Mahindra acquired the leading global
business and information technology services company, Satyam Computer Services.
The company is now known as Mahindra
Satyam.
Mahindra is also
one of the few Indian companies to receive an A+ GRI checked rating for its
first Sustainability
Report for the year 2007-08 and has also received the A+ GRI rating for
the year 2008- 09.
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts,
1] INFORMATION ON
DESIGNATED PARTY
No 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.45.37 |
|
|
1 |
Rs.70.03 |
|
Euro |
1 |
Rs.58.93 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
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 |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
45 |
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 |
Capability to overcome financial difficulties seems comparatively
below average. |
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 |
|
-- |
NB |
New Business |
-- |
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.