MIRA
INFORM REPORT
|
Report Date : |
23.06.2011 |
IDENTIFICATION DETAILS
|
Name : |
SAMKRG PISTONS AND RINGS LIMITED |
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Registered
Office : |
1-201, Divyashakti Complex, 7-1-58, Ameerpet, |
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Country : |
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Financials (as
on) : |
31.03.2010 |
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Date of
Incorporation : |
30.03.1985 |
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|
Com. Reg. No.: |
01-005423 |
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Capital
Investment / Paid-up Capital : |
Rs.98.205
millions |
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|
|
|
CIN No.: [Company Identification
No.] |
L27310AP1985PLC005423 |
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|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
HYDS00130E |
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PAN No.: [Permanent Account No.] |
AACCS8679N |
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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
: |
Manufacturer of Auto Components – Piston Assemblies. Manufacturer and
marketer a wide array of engineered Pistons, Piston Pins, Piston Rings and
Circlips for the automotive markets. |
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|
|
|
No. of Employees
: |
Not Available |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (46) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 1824000 |
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|
Status : |
Satisfactory |
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Payment Behaviour : |
Usually Correct |
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Litigation : |
Clear |
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Comments : |
Subject is an established company having satisfactory track. Trade
relations are reported as fair. Business is active. Payments are reported to be
usually correct and as per commitments. 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 |
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Restricted |
C2 |
|
Off-credit |
D |
LOCATIONS
|
Registered/ Corproate Office : |
1-201, Divyashakti Complex, 7-1-58, Ameerpet, |
|
Tel. No.: |
91-40-23730596/ 23735578 |
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Fax No.: |
91-40-23730216 |
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E-Mail : |
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Website : |
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Factories : |
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Plant – I
(Pistons and Pins) : |
Sy.No.537, |
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Plant – II
(Piston Rings) : |
Sy.No.33, Varisam, Pydibhimavaram, Ranastalam Mandal, Srikakulam
District, |
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|
|
Plant – III
(Pistons and Pins) : |
Sy.No.232, Arinama Akkivalasa, Allinagaram, Etcherla Mandal,
Srikakulam District |
DIRECTORS
As on 31.03.2010
|
Name : |
Mr. S.D.M. Rao |
|
Designation : |
Chairman and Managing Director |
|
Date of Birth/Age : |
76 Years |
|
Qualification : |
B.Sc, B.E |
|
Experience : |
Industrial Experience over 45 years |
|
Date of Appointment : |
01.07.1987 |
|
|
|
|
Name : |
Mr. S. Karunakar |
|
Designation : |
Whole Time Director |
|
Date of Birth/Age : |
46 Years |
|
Qualification : |
B.E (Mechanical) |
|
Date of Appointment : |
30.09.1998 |
|
|
|
|
Name : |
Mr. S. Kishore |
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Designation : |
Whole Time Director |
|
Date of Birth/Age : |
44 Years |
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Qualification : |
B.E (Mechanical) |
|
Date of Appointment : |
30.09.1998 |
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|
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Name : |
Mr. M.N. Thakkar |
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Designation : |
Director |
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|
Name : |
Mr. S. Madhava Rao |
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Designation : |
Director |
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Name : |
Mr. V. Chakrapani |
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Designation : |
Director |
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Name : |
Dr. V. Venkat Reddy |
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Designation : |
Director |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 31.03.2011
|
Category of Shareholders |
No. of Shares |
Percentage of Holding |
|
(A) Shareholding of Promoter and Promoter Group |
|
|
|
|
|
|
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|
6,514,612 |
66.34 |
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|
6,514,612 |
66.34 |
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|
|
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Total shareholding of Promoter and Promoter Group (A) |
6,514,612 |
66.34 |
|
(B) Public Shareholding |
|
|
|
|
|
|
|
|
1,200 |
0.01 |
|
|
3,800 |
0.04 |
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|
5,000 |
0.05 |
|
|
|
|
|
|
281,803 |
2.87 |
|
|
|
|
|
|
2,522,889 |
25.69 |
|
|
444,510 |
4.53 |
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|
51,686 |
0.53 |
|
|
51,686 |
0.53 |
|
|
3,300,888 |
33.61 |
|
Total Public shareholding (B) |
3,305,888 |
33.66 |
|
Total (A)+(B) |
9,820,500 |
100.00 |
|
(C) Shares held by Custodians and against which Depository Receipts
have been issued |
- |
- |
|
|
- |
- |
|
|
- |
- |
|
|
- |
- |
|
Total (A)+(B)+(C) |
9,820,500 |
- |
(1) Indian
Individuals / Hindu Undivided Family
Individual shareholders holding nominal
share capital up to Rs.0.100 millionBUSINESS DETAILS
|
Line of Business : |
Manufacturer of Auto Components – Piston Assemblies. |
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Products : |
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PRODUCTION STATUS (AS ON 31.03.2010)
|
Particulars |
Unit |
Licensed
Capacity |
Installed
Capacity |
Actual
Production |
|
Piston |
Nos. |
De-licensed |
7500000 |
6264106 |
|
Piston Pin |
Nos. |
De-licensed |
7500000 |
6369169 |
|
Piston Rings |
Nos. |
De-licensed |
22000000 |
19947601 |
|
|
|
|
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GENERAL INFORMATION
|
Customers : |
v
Honda v
Bajaj v
TVS v
PIAGGIO v
Kirloskar v
Mahindra Two Wheelers v
TATA Motors v
LOMBARDINI India Private Limited v
LML v
Birla Yamaha v
Majestic Auto |
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No. of Employees : |
Not Available |
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Bankers : |
State Bank of |
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Facilities : |
Notes: 1) Working
Capital Loan with State Bank of India is secured by Hypothecation of all
current assets including Book debts on First charge basis on all fixed assets
and immovable properties of the company. 2) Term Loan
from State Bank of
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
Chartered Accountants |
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Address : |
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CAPITAL STRUCTURE
As on 31.03.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
12500000 |
Equity Shares |
Rs.10/- each |
Rs.125.000 millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
9820500 |
Equity Shares |
Rs.10/- each |
Rs.98.205
millions |
|
|
|
|
|
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
98.205 |
98.205 |
98.205 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
357.795 |
362.083 |
263.616 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
456.000 |
460.288 |
361.821 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
187.883 |
146.742 |
180.196 |
|
|
2] Unsecured Loans |
258.526 |
255.100 |
249.752 |
|
|
TOTAL BORROWING |
446.409 |
401.842 |
429.948 |
|
|
DEFERRED TAX LIABILITIES |
2.500 |
17.697 |
15.197 |
|
|
|
|
|
|
|
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TOTAL |
904.909 |
879.827 |
806.966 |
|
|
|
|
|
|
|
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APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
771.407 |
751.177 |
602.578 |
|
|
Capital work-in-progress |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
INVESTMENT |
0.000 |
0.000 |
0.000 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
101.323
|
83.254 |
105.793 |
|
|
Sundry Debtors |
303.428
|
239.008 |
273.817 |
|
|
Cash & Bank Balances |
42.012
|
3.288 |
4.899 |
|
|
Other Current Assets |
0.000
|
0.000 |
0.000 |
|
|
Loans & Advances |
24.002
|
43.443 |
40.344 |
|
Total
Current Assets |
470.765
|
368.993 |
424.853 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
173.968
|
138.985 |
125.177 |
|
|
Other Current Liabilities |
95.634
|
51.590 |
39.587 |
|
|
Provisions |
67.661
|
49.768 |
55.701 |
|
Total
Current Liabilities |
337.263
|
240.343 |
220.465 |
|
|
Net Current Assets |
133.502
|
128.650 |
204.388 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
904.909 |
879.827 |
806.966 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
|
|
SALES |
|
|
|
|
|
|
|
Net Sales |
1326.028 |
991.292 |
938.890 |
|
|
|
Other Income |
10.624 |
20.411 |
11.027 |
|
|
|
TOTAL (A) |
1336.652 |
1011.703 |
949.917 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Material Cost |
350.302 |
269.855 |
241.094 |
|
|
|
Purchase of Trading goods |
13.148 |
9.451 |
11.515 |
|
|
|
Personnel |
182.404 |
138.195 |
108.814 |
|
|
|
Other Manufacturing, Administration & selling expenses |
587.901 |
409.359 |
374.462 |
|
|
|
Increase/(Decrease) in stocks |
(9.193) |
11.888 |
5.192 |
|
|
|
TOTAL (B) |
1124.562 |
838.748 |
741.077 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
212.090 |
172.955 |
208.840 |
|
|
|
|
|
|
|
|
|
Less |
INTEREST (D) |
19.667 |
33.826 |
26.209 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
192.423 |
139.129 |
182.631 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
91.238 |
77.768 |
98.959 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
101.185 |
61.361 |
83.672 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
30.100 |
16.533 |
25.475 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
71.085 |
44.828 |
58.197 |
|
|
|
|
|
|
|
|
|
|
Refund of Income Tax |
0.000 |
0.000 |
4.000 |
|
|
|
Taxation of earlier years |
0.000 |
(4.191) |
(3.345) |
|
|
|
Extra ordinary item - excess depreciation |
0.000 |
92.301 |
0.000 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
240.894 |
150.096 |
141.918 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Proposed dividend |
39.282 |
29.462 |
34.372 |
|
|
|
Tax on Proposed Dividend |
6.679 |
5.008 |
5.843 |
|
|
|
Transfer to General reserve |
12.648 |
7.670 |
10.459 |
|
|
BALANCE CARRIED
TO THE B/S |
253.370 |
240.894 |
150.096 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Export Earnings |
225.077 |
231.821 |
235.470 |
|
|
TOTAL EARNINGS |
225.077 |
231.821 |
235.470 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
15.015 |
17.732 |
9.327 |
|
|
|
Capital Goods |
0.000 |
4.496 |
38.813 |
|
|
TOTAL IMPORTS |
15.015 |
22.228 |
48.140 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
7.24 |
4.56 |
5.93 |
|
QUARTERLY RESULTS
|
PARTICULARS |
30.06.2010 |
30.09.2010 |
31.12.2010 |
|
Type |
1st
Quarter |
2nd
Quarter |
3rd
Quarter |
|
Net Sales |
411.360 |
478.610 |
411.670 |
|
Total Expenditure |
346.940 |
405.960 |
346.160 |
|
PBIDT (Excl OI) |
64.420 |
72.650 |
65.510 |
|
Other Income |
0.240 |
1.330 |
1.010 |
|
Operating Profit |
64.660 |
73.980 |
66.520 |
|
Interest |
8.760 |
7.980 |
7.550 |
|
Exceptional Items |
0.000 |
0.000 |
0.000 |
|
PBDT |
55.900 |
66.000 |
58.970 |
|
Depreciation |
25.000 |
30.000 |
25.000 |
|
Profit Before Tax |
30.900 |
36.020 |
33.970 |
|
Tax |
9.150 |
10.590 |
10.010 |
|
Provisions and contingencies |
0.000 |
0.000 |
0.000 |
|
Profit After Tax |
21.750 |
25.430 |
23.960 |
|
Extraordinary Items |
0.000 |
0.000 |
0.000 |
|
Prior Period Expenses |
0.000 |
0.000 |
0.000 |
|
Other Adjustments |
0.000 |
0.000 |
0.000 |
|
Net Profit |
21.750 |
25.430 |
23.960 |
KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
PAT / Total Income |
(%) |
5.32
|
4.43 |
6.13 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
7.63
|
6.19 |
8.91 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
8.15
|
5.48 |
8.14 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.22
|
0.13 |
0.23 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
1.72
|
1.40 |
1.80 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.40
|
1.54 |
1.93 |
LOCAL AGENCY FURTHER INFORMATION
OPERATIONS:
Despite the drop
in export sales in 3rd and 4th Quarters verses the
previous year as well as drop in OEM sales due to unprecedented decline in Automotive
market the Company has adopted aggressive marketing strategies in domestic and
after market achieved the gross turnover of Rs.1503.304 millions during 2009-10
as against Rs.1161.018 millions in the previous year 2008-09 there by an
increase of growth of Rs.342.286 millions and profits to Rs.101.185 millions as
against Rs.61.361 millions.
The company pushed
up the R and D expenditure to 9.945 millions i.e., 0.75% of sales during the
year to catch up with up- gradation of technology and to meet OEM's ever
demanding quality and new developments requirement to improve life cycle of
their product meeting Euro III norms.
The operation of
the Company on the whole has been satisfactory.
The company has
posted Net turnover of Rs.1326.028 millions as compared to Rs.991.292 millions
for the previous year.
Earnings Before
Depreciation, Interest and Tax (PBDIT) at Rs.212.090 millions as against
previous year of Rs.172.955 millions. The Profit Before Tax was at Rs.101.185
millions as compared to Rs.61.361 millions in 2008-09.
EXPORTS:
The Export
Turnover of Rs.254.228 millions during the year as against Rs.218.712 millions
of the previous year recession in US and
The Company is
focusing exports to developed Countries like
The Company has
plans to reach 25% of the Turnover during the next 2 years.
MANAGEMENT
DISCUSSION AND ANALYSIS REPORT
Management discussions and analysis
Auto Component Industry
is having high growth prospects. Indian Industry is now growing as potential
Global automotive supplier with very good export potential as the developing
Countries comes out of recession.
The Company has
very good opportunities because of valued customers both in Domestic OEM's and
Replacement Market and Exports. Because of their in time supplies, superior
quality products and their technical expertise both from Japanese and German
Consultants.
The Company has
got very strong distribution network at their aftermarket sales because of
imports from free trade zones the competition is very stiff and price
sensitive.
Outlook:
The company
continues its drive for sustainable growth in this growing Domestic automotive
industry.
All the cost
effective steps taken to meet the challenges of price competition and also
quality, delivery and logistics.
FINANCIAL PERFORMANCE:
The Company earned
total revenue of Rs.1326.028 millions compared with Rs.991.292 millions in the
previous year and the operational expenses increased by 30.00% at Rs.1235.467
millions compared with Rs.950.342 millions incurred last year mainly on account
of steep increase in raw material cost.
Profit Before
Depreciation, interest and tax (PBDIT) at Rs.212.090 millions. The Profit Before
Tax was at Rs.101.185 millions as compared to Rs.61.361 millions in 2008-09.
AUDITED FINANCIAL RESULTS FOR THE YEAR ENDED 31ST MARCH 2011
(Rs. in millions)
|
PARTICULARS |
3 Months ended 31.03.2011 |
Current accounting year ended 31.03.2011 |
|
(AUDITED) |
(AUDITED) |
|
|
Gross Sales /
Income from operations |
471.977 |
1975.154 |
|
Less: Excise
Duty & Sales Tax |
73.719 |
281.610 |
|
1(a) Net
Sales/Income from Operations |
398.258 |
1693.544 |
|
i) Domestic
Sales |
290.039 |
1354.797 |
|
ii) Export Sales |
108.219 |
338.747 |
|
(b) Other
Operating Income |
1.339 |
7.702 |
|
Total Income (a+b) |
399.597 |
1701.246 |
|
2 Expenditure |
|
|
|
a)
Increase/decrease in stock in trade and work in progress |
(20.844) |
(12.344) |
|
b) Consumption of
Raw materials |
64.238 |
430.426 |
|
c) Purchase of
traded goods |
(0.299) |
12.654 |
|
d) Employees
cost |
28.682 |
210.022 |
|
e) Depreciation |
11.011 |
91.011 |
|
f) Other
expenditure |
272.909 |
802.976 |
|
g) Total |
355.697 |
1534.745 |
|
3 Profit from
Operations before Other Income, interest and exceptional items (1-2) |
43.900 |
166.501 |
|
4 Other income |
2.612 |
5.194 |
|
5 Profit before
interest and Exceptional Items (3+4) |
46.512 |
171.695 |
|
6 Interest |
0.695 |
24.980 |
|
7 Profit after interest
but before Exceptional Items (5-6) |
45.817 |
146.715 |
|
8 Exceptional
items |
0.000 |
0.000 |
|
9 Profit (+)/
Loss (-) from Ordinary Activities before tax (7+8) |
45.817 |
146.715 |
|
10 Tax Expense |
|
|
|
Current Tax |
16.748 |
45.000 |
|
Deferred Tax |
1.000 |
2.500 |
|
Frienge Benefit
Tax |
0.000 |
0.000 |
|
11 Net Profit
(+)/ Loss (-) from Ordinary Activities after tax (9-10) |
28.069 |
99.215 |
|
12 Extraordinary
Items (net of tax expense Rs.___) |
0.000 |
0.000 |
|
13 Net Profit(+)/Loss(-)
for the period (11-12) |
28.069 |
99.215 |
|
14 Paid-up
equity share capital (Face Value of the Share Rs.10) |
98.205 |
98.205 |
|
15 Reserves
excluding Revaluation Reserves as per balance sheet of previous accounting
year |
0.000 |
416.283 |
|
16 Earnings Per
Share (EPS) |
|
|
|
a) Basic and
diluted EPS before Extraordinary Items for the period, for the year to date
and for the previous year (Not to be annualized) |
2.86 |
10.10 |
|
b) Basic and diluted
EPS after Extraordinary items for the period, for the year to date and the
previous year (Not to be annualized) |
2.86 |
10.10 |
|
17 Public
Shareholding |
|
|
|
- No. of Shares |
3305888 |
3305888 |
|
- Percentage of
shareholding |
33.66% |
33.66% |
|
18 Promoters and
Promoter Group Shareholding |
|
|
|
(a) Pledged /
Encumbered |
|
|
|
- Number of
Shares |
Nil |
Nil |
|
- Percentage of
shares (as a % of the total shareholding of promoter and promoter group) |
Nil |
Nil |
|
- Percentage of shares
(as a % of the total share capital of the company) |
Nil |
Nil |
|
(b)
Non-encumbered |
|
|
|
- Number of
Shares |
6514612 |
6514612 |
|
- Percentage of
shares (as a % of the total shareholding of promoter and promoter group) |
100.00% |
100.00% |
|
- Percentage of
shares (as a % of the total share capital of the company) |
66.34% |
66.34% |
Notes:
1.
The above results were reviewed and recommended by Audit
Committee and approved by the Board of Directors meeting on 16-05-2011
2.
The Company operates in Primary business segment
namely Manufacturers of Auto Components.
3.
The Company did not have any investor complaints pending
as on 31-3-2011 There were Twenty five Investor complaints relating to
non-receipt of dividend and Non receipt of share certificates received and
disposed off during the quarter ended 31.03.2011.
4.
The Board has recommended Dividend 45% i.e. Rs.4.50
per equity share subject to approval of Shareholders.
5.
Figures have been re-grouped wherever necessary to
confirm to Current Period classification.
Contingent liabilities not provided for: (As on
31.03.2010)
a) Disputed amount
of Rs.2.568 millions towards A.P. Tax on Entry of goods for the assessment year
2002-03 is pending with the ADC (CT) Punjagutta Division,
b) Customs Duty
liability on Imports under EPCG Scheme pending fulfillment of Export
obligations of Rs.6.707 millions is Rs.0.838 million.
FIXED ASSETS:
v
Land - Freehold
v
Buildings
v
Plant and Machinery
v
Electrical Installation
v
Furniture and Fixtures
v
Vehicles
v Impairment Assets
WEBSITE DETAILS:
BRIEF HISTORY
|
Month and Year |
Event Description |
|
Mar-85 |
Company Incorporated Commencement of Business |
|
Mar-86 |
Technical Collaboration with M/s. Cheng Shing Piston Company Limited |
|
Oct-88 |
Commercial Production of Piston and Pins at Bonthapally |
|
Jan-89 |
Developed Asymmetric Profile of Super hyper Eutectic Piston |
|
May-91 |
4 Stroke Pistons developed for Motorcycles |
|
Aug-93 |
Setup a full fledged Piston Ring Plant at Varisam |
|
Aug-94 |
Developed squeeze casting process for 4S 2-wheeler; and 4- wheeler |
|
Oct-94 |
Developed Ductile/Nodular/KV1 piston rings with key stone chrome
plated rings. |
|
Dec-96 |
Setup second factory for manufacture of Pistons to increase capacity and
commenced commercial production at Akkivalasa |
|
Aug-97 |
Accredited with ISO 9002 |
|
Sep-98 |
Established |
|
Dec-99 |
Commercialized Production of ring Carrier Pistons for Tractors, LCVs
and HCVs with German Technology |
|
Apr-00 |
Best QCD Vendor award received from TVS-Suzuki for 3 years 1998, 1999
and 2000 |
|
Feb-01 |
Technology award by CBMD - |
|
May-01 |
Accredited with QS-9000: 1998 |
|
Jun-01 |
FAPCCI Award for the Best All Round Industrial Performance |
|
Oct-03 |
Dr.Sir M Visveswaraya Industrial Award for Best Performance in Large
and Medium Scale Sector for the year 2003. |
|
Mar-04 |
Company has become a DEBT FREE COMPANY from all long-term interest
paying loans. |
|
Jun-04 |
Certified for Quality Management System (QMS) under ISO/TS 16949 :
2002 by M/s. Underwrites Laboratories Inc. - |
|
May-05 |
Achieved Best Management Award for 2005 from Govt. of Andhra Pradesh |
|
Mar-06 |
Achieved Honda Motorcycle and Scooter India Private Limited for
Quality and Delivery Targets for 2005-06. |
|
Apr-06 |
FAPCCI AWARD for Best Marketing Performance for 2005 |
|
Mar-09 |
ISO 14001 : 2004 for Environmental Management System |
|
Mar-09 |
BSI - OHSAS 18001 : 2007 for Occupational Health and Safety Management
System |
PROFILE:
Subject manufactures and markets a wide array of engineered Pistons,
Piston Pins, Piston Rings and Circlips for the automotive markets. The company
has grown in strong markets and maintained profitability in economic downturns
making its business units better leaders in their niche markets.
Their strategy of a shared vision - Innovation, Diversity and Excellence
enables it to deliver the ultimate in quality products and services, introduced
and engineered in the last several years.
Compliance to ISO/TS: 16949, ISO 14001 and OHSAS 18001 Quality systems
and ISO14001 AND OHSAS 18001 has only enhanced their commitment to quality as
they now find newer and better ways for improving their internal processes,
designed to select, assess and develop their people as process owners. The
accent is on the optimization of available resources, i.e. the utilization of
the TOTAL person and not just the competencies necessary to execute the current
mission.
Company and the mother plant is located
close to Hyderabad (Base for Information Technology) in central part of India
and other two manufacturing units, Piston rings and another piston plant close
to Vishakapatnam - India's biggest sea port city. All the three units
strategically located close to Air port (International) and Sea port.
Strong leaders in OEM and After market of domestic and overseas markets, now
exporting 25% to developed countries.
Through the years, a strong commitment to customer service and strong
dedication to technological innovation has made them a recognized leader in the
automotive markets it serves.
AWARDS
v
Best Management Award For
The Year 2005
v FAPCCI Award for Best All-Round Industrial Performance
v FAPCCI Award for Best Marketing Performance for the Year 2005
v Dr. Sri. M. Visveswaraya for Best Performance in Large and Medium Scale
Industries
v Honda Achivement Awards for Quality and Delivery Targets for 2005-06
v Honda Achivement Awards for Quality and Delivery Targets for 2006-07
v Honda Achivement Awards for Quality and Delivery Targets for 2008-09
v Honda Achivement Awards for Quality and Delivery Targets for 2009-10
v Technology Award by CBMD-INDIA
v Best QCD Vendor Award from TVS- Suzuki for 3 Years
v Knorr Bremse Award - Global source
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts,
1] INFORMATION ON
DESIGNATED PARTY
No records exist designating subject or any of its beneficial owners,
controlling shareholders or senior officers as terrorist or terrorist
organization or whom notice had been received that all financial transactions
involving their assets have been blocked or convicted, found guilty or against
whom a judgement or order had been entered in a proceedings for violating
money-laundering, anti-corruption or bribery or international economic or
anti-terrorism sanction laws or whose assets were seized, blocked, frozen or
ordered forfeited for violation of money laundering or international
anti-terrorism laws.
2] Court Declaration :
No records exist to suggest that subject is
or was the subject of any formal or informal allegations, prosecutions or other
official proceeding for making any prohibited payments or other improper
payments to government officials for engaging in prohibited transactions or
with designated parties.
3] Asset Declaration :
No records exist to suggest that the property or assets of the subject
are derived from criminal conduct or a prohibited transaction.
4] Record on Financial
Crime :
Charges or conviction
registered against subject: None
5] Records on Violation of
Anti-Corruption Laws :
Charges or
investigation registered against subject: None
6] Records on Int’l Anti-Money
Laundering Laws/Standards :
Charges or
investigation registered against subject: None
7] Criminal Records
No
available information exist that suggest that subject or any of its principals
have been formally charged or convicted by a competent governmental authority
for any financial crime or under any formal investigation by a competent
government authority for any violation of anti-corruption laws or international
anti-money laundering laws or standard.
8] Affiliation with
Government :
No record
exists to suggest that any director or indirect owners, controlling
shareholders, director, officer or employee of the company is a government
official or a family member or close business associate of a Government
official.
9] Compensation Package :
Our market
survey revealed that the amount of compensation sought by the subject is fair
and reasonable and comparable to compensation paid to others for similar
services.
10] Press Report :
No press reports / filings exists on
the subject.
CORPORATE GOVERNANCE
MIRA INFORM as part of its Due Diligence do provide comments on
Corporate Governance to identify management and governance. These factors often
have been predictive and in some cases have created vulnerabilities to credit deterioration.
Our Governance Assessment focuses principally on the interactions
between a company’s management, its Board of Directors, Shareholders and other
financial stakeholders.
CONTRAVENTION
Subject is not known to have contravened any existing local laws,
regulations or policies that prohibit, restrict or otherwise affect the terms
and conditions that could be included in the agreement with the subject.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.44.82 |
|
|
1 |
Rs.72.84 |
|
Euro |
1 |
Rs.64.58 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
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 |
NO |
|
--LISTED |
YES/NO |
YES |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
46 |
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.