%20-%20UNIT%20OF%20OMAX%20AUTOS%20LIMITED%20-%20137216%2031-Mar-2011_files/image002.jpg){kind=small}
MIRA
INFORM REPORT
|
Report Date : |
31.03.2011 |
Note:
·
Correct name of the
company is “AUTOMAX – (BINOLA) – UNIT OF OMAX AUTOS LIMITED”.
· Given address could not be confirmed.
IDENTIFICATION DETAILS
|
Name : |
OMAX AUTOS LIMITED AUTOMAX – (BINOLA) – UNIT OF OMAX AUTOS LIMITED |
|
|
|
|
Registered Office : |
69 K.M. Stone, |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as on) : |
31.03.2010 |
|
|
|
|
Date of Incorporation : |
28.04.1983 |
|
|
|
|
Com. Reg. No.: |
05-026142 |
|
|
|
|
CIN No.: [Company
Identification No.] |
L30103HR1983PLC026142 |
|
|
|
|
TAN No.: [Tax
Deduction & Collection Account No.] |
RTK000520C |
|
|
|
|
PAN No.: [Permanent
Account No.] |
AAAC02190C |
|
|
|
|
Legal Form : |
A Public Limited
Liability Company. The company’s shares are listed on the Stock Exchange. |
|
|
|
|
Line of Business : |
Manufacturing of Sheet Metal,
Tubular and Machined Components for Automobiles and Other Industries. |
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 6456000 |
|
|
|
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
Usually correct |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
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 |
|
Restricted |
C2 |
|
Off-credit |
D |
LOCATIONS
|
Registered Office and Dharuhera Plant : |
69 K.M. Stone, |
|
Tel. No.: |
91-1274-242323, 26/ 267217/ 18/ 19/
20/ 21/ 22 |
|
Fax No.: |
91-1274-242188, 242469/ 267216 |
|
E-Mail : |
|
|
Website : |
|
|
|
|
|
Corporate Office : |
Plot No.26,
4-Bays, , Institutional Area, Sector 32, Gurgaon – 122 001, |
|
Tel. No.: |
91-124-4343000 / 4341000 |
|
Fax No.: |
91-124-2580016 |
|
|
|
|
|
Omax Autos
Limited-Bangalore Plant, Plot No. 6, Bomassandra-Jigani Link Road,
Bomassandra, Bangalore – 560 099, Karnataka, India |
|
Tel. No.: |
91-80-27839145 /
46 / 47 / 48 / 49 |
|
Fax No.: |
91-80-27831772 |
|
|
|
|
Binola Plant : |
Automax (A unit
of Omax Autos Limited), |
|
|
|
|
Dharuhera Plant
II : |
Indital (A unit
of Omax Autos Limited), 69 K.M. Stone, |
|
|
|
|
Manesar Plant : |
Omax Autos
Limited- Manesar Plant, Plot No. 6, IMT, Sector- 3, Manesar, Gurgaon – 122
050, Haryana, India |
|
Tel. No.: |
91-124-4356200 |
|
Fax No.: |
91-124-2290588 /
2290655 |
|
|
|
|
Sidhrawali Plant
: |
Speedomax (A
unit of Omax Autos Limited), 64 K.M. Stone, |
|
Tel. No.: |
91-124-3294229 /
3266800 / 3294058 / 3265200 |
|
Fax No.: |
91-124-2679016 |
|
|
|
|
Dharuhera Plant
III : |
Omax Autos
Limited- Sprocket Division, 69 K.M. Stone, |
|
Tel. No.: |
91-1274-267187 /
88 |
|
|
|
|
|
Omax Autos Limited
- Lucknow Plant, Tata Motors Vendor Park, Chinhat Industrial Area, Deva Road,
Lucknow - 226 019, Uttar Pradesh, India |
|
|
|
|
Bawal Plant : |
Omax Autos
Limited - Bawal Plant, (Home Furnishing Division), Plot No. 2, Sector-5,
Bawal, District Rewari, |
|
Tel. No.: |
91-1274-267070 |
|
Fax No.: |
91-1274-267216 |
|
|
|
|
Gurgaon Plant : |
Omax Autos
Limited - Railway Division, 38 KM Stone, Delhi-Jaipur Highway, Beharampur
Road, Post-Office Khandsa, Gurgaon - 122 001, Haryana, India |
|
Tel. No.: |
91-522-6591221,
6591344 |
DIRECTORS
As on 31.03.2010
|
Name : |
Dr. Brijmohan Lall Munjal |
|
Designation : |
Chairman Emeritus |
|
|
|
|
Name : |
Mr. Suresh Mathur |
|
Designation : |
Chairman |
|
|
|
|
Name : |
Dr. Ramesh C. Vaish |
|
Designation : |
Director |
|
|
|
|
Name : |
Dr. T.N. Kapoor |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. Salil Bhandari |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. Verinder Kumar |
|
Designation : |
Chhabra Director |
|
|
|
|
Name : |
Mr. Atul Raheja |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. Lalit Bhasin |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. K.C. Chawla |
|
Designation : |
Whole Time Director |
|
|
|
|
Name : |
Mr. Jatender Kumar Mehta |
|
Designation : |
Managing Director |
|
|
|
|
Name : |
Mr. Ravinder Mehta |
|
Designation : |
Managing Director |
|
|
|
|
AUDIT COMMITTEE : |
|
|
Name : |
Mr. Salil Bhandari |
|
Designation : |
Chairman |
|
|
|
|
Name : |
Dr. T.N. Kapoor |
|
Designation : |
Member |
|
|
|
|
Name : |
Mr. Atul Raheja |
|
Designation : |
Member |
|
|
|
|
Name : |
Mr. Jatender Kumar Mehta |
|
Designation : |
Member |
|
|
|
|
Name : |
Dr. R.C. Vaish |
|
Designation : |
Member |
KEY EXECUTIVES
|
Name : |
Mr. N.P. Singh |
|
Designation : |
ED (Human Resource) |
|
|
|
|
Name : |
Mr. V.K. Gupta |
|
Designation : |
ED (Commercial) |
|
|
|
|
Name : |
Mr. Sharad Jain |
|
Designation : |
Chief Financial Officer |
|
|
|
|
Name : |
Mr. Kishor Karnataki |
|
Designation : |
CEO (Commercial Vehicle) |
|
|
|
|
Name : |
Mr. Manoj Mishra |
|
Designation : |
President (Passenger Car) |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 31.12.2010
|
Category of Shareholders |
No. of Shares |
Percentage of
Holding |
|
(A) Shareholding
of Promoter and Promoter Group |
|
|
|
|
|
|
|
|
7,273,736 |
34.01 |
|
|
3,894,504 |
18.21 |
|
|
11,168,240 |
52.22 |
|
|
|
|
|
Total shareholding
of Promoter and Promoter Group (A) |
11,168,240 |
52.22 |
|
(B) Public
Shareholding |
|
|
|
|
|
|
|
|
25,600 |
0.12 |
|
|
14,217 |
0.07 |
|
|
39,817 |
0.19 |
|
|
|
|
|
|
3,652,404 |
17.08 |
|
|
|
|
|
|
4,726,917 |
22.10 |
|
|
991,488 |
4.64 |
|
|
809,347 |
3.78 |
|
|
2,402 |
0.01 |
|
|
35,870 |
0.17 |
|
|
543,044 |
2.54 |
|
|
12,368 |
0.06 |
|
|
215,663 |
1.01 |
|
|
10,180,156 |
47.60 |
|
Total Public
shareholding (B) |
10,219,973 |
47.78 |
|
Total (A)+(B) |
21,388,213 |
100.00 |
|
(C) Shares held
by Custodians and against which Depository Receipts have been issued |
- |
- |
|
|
- |
- |
|
|
- |
- |
|
|
- |
- |
|
Total
(A)+(B)+(C) |
21,388,213 |
- |
%20-%20UNIT%20OF%20OMAX%20AUTOS%20LIMITED%20-%20137216%2031-Mar-2011_files/image004.gif){kind=small}
(1) Indian%20-%20UNIT%20OF%20OMAX%20AUTOS%20LIMITED%20-%20137216%2031-Mar-2011_files/image005.gif){kind=small}
Individuals / Hindu Undivided Family%20-%20UNIT%20OF%20OMAX%20AUTOS%20LIMITED%20-%20137216%2031-Mar-2011_files/image006.gif){kind=small}
Individual shareholders holding nominal
share capital up to Rs.0.100 millionBUSINESS DETAILS
|
Line of Business : |
Manufacturing of Sheet Metal,
Tubular and Machined Components for Automobiles and Other Industries. |
||||
|
|
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||||
|
Products : |
|
PRODUCTION STATUS (As on 31.03.2010)
|
Particulars |
Unit |
|
|
Actual
Production |
|
Sheet Metal ,Tubular and Machined Components |
Tonnes |
|
|
99719.16 |
|
Dies |
Pcs. |
|
|
73.00 |
GENERAL INFORMATION
|
Customers : |
INDIAN CUSTOMERS (OEMS) ·
Hero Honda Motors Limited ·
Maruti Udyog Limited (Suzuki J.V.) ·
Honda Motorcycle and Scooters India Private
Limited ·
TVS Motors Limited ·
Suzuki Motorcycle Limited ·
New ·
Yamaha Motors India Private Limited ·
Hero Motors Limited ·
International Tractor Limited INDIAN CUSTOMERS (TIER 1) ·
Bharat Seats Limited ·
Carraro ·
Caparo Maruti ·
Deiphi Automotives ·
Denso India Limited ·
Gabrial India Limited ·
Honeywell ·
IKEA ·
India-Nippon Electricals Limited ·
Mitsuba Sical India Limited ·
Sundram Clayton Limited ·
Tata Motors Limited ·
EUROPEAN CUSTOMERS ·
Delphi-Spain ·
Delphi-Poland ·
Honeywell ·
Piaggio ·
Tenneco Automotive-Belgium ·
Supersprox-Czech NORTH AMERICAN CUSTOMERS ·
Delphi Automotive Inc. ·
Tenneco Automotive ( |
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Bankers : |
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Facilities : |
Notes: a) Term Loans from
United Bank of India are secured by way of first charge/mortgage by way of
deposit of title deeds of Land and Building of Speedomax Plant, Banglore
Plant and Binola Plant and exclusive first charge on the plants and
machineries and other movable fixed assets of all other units (Dharuhera,
sprocket and Indital) except Manesar, financed by Term Loan I and II and
Exclusive charge on the plants and machineries and other movable fixed assets
of all other units (Sprocket, Indital) except Dharuhera financed by term loan
III and creation of exclusive hypothecation charge on plant and machinery and
other moveable fixed assets of Rs.68.200 millions installed at Manesar plant. b) Term Loan
from ICICI Bank Limited is secured by way of first charge/mortgage by way of
deposit of title deeds of Land and c) Term Loans
from Royal Bank of Scotland N.V., d) Term Loans
from TATA Capital Limited is secured by way of exclusive charge on all the
present and future fixed assets (excluding land and building) of Lucknow
project and negative lien on the building/ super structure created on the
land covered under term loan and equitable mortgage by way of deposit of
title deed of Sector-44, institutional plot, Gurgaon and hypothecation of
receivables of Lucknow plant in respect of supply to TATA Motors Limited e) Cash Credit
Working Capital Limits from Banks are secured by hypothecation of stock and
book debts. Cash Credit from State Bank of India are further secured by way
of deposit of title deed of Land and Building of Manesar Plant and
hypothecation of company's other movable assets both present and future
except for the plant and machineries and other moveable fixed assets of
Rs.68.200 millions installed at Manesar plant and financed by UBI under term
loan III having exclusive charge on these assets. f) Sales Tax Deferment is partially secured by way of bank guarantees.
|
|
|
|
|
Banking
Relations : |
Satisfactory |
|
|
|
|
Financial Institution : |
Tata Capital Limited |
|
|
|
|
Auditors : |
|
|
Name : |
A. Kumar Gupta and
Company Chartered Accountants |
|
Address : |
|
|
|
|
|
Internal Auditors : |
KRA and Associates Singhi Chugh and Kumar Doogar and Associates |
|
|
|
|
Secretarial Auditors : |
Chandrasekaran Associates Company Secretaries |
|
|
|
|
Entities over which
key management personnel and their relatives are able to exercise significant
influence : |
|
CAPITAL STRUCTURE
As on 31.03.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
2,65,00,000 |
Equity Shares |
Rs.10/- each |
Rs.265.000 millions |
|
20,00,000 |
Equity Shares (with Differential Voting Rights) |
Rs.10/- each |
Rs.20.000 millions |
|
1,50,000 |
12% Optionally
Convertible Cumulative Preference Shares |
Rs.100/- each |
Rs.15.000 millions |
|
|
|
|
Rs.300.000
millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
2,13,88,213 |
Equity Shares |
Rs.10/- each |
Rs.213.882
millions |
|
|
|
|
|
(Out of the above 1,61,25,000
Equity Shares have been allotted as fully paid-up by way of Bonus Shares by
Capitalisation of Share Premium and General Reserve and 78,213 Equity Shares
have been allotted as fully paid up in terms of the scheme of amalgamation for
consideration other than cash.)
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE SHEET
|
SOURCES OF FUNDS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
213.882 |
213.882 |
213.900 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
1400.014 |
1242.233 |
1242.800 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
1613.896 |
1456.115 |
1456.700 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
2651.894 |
2797.883 |
2946.100 |
|
|
2] Unsecured Loans |
458.514 |
30.100 |
308.100 |
|
|
TOTAL BORROWING |
3110.408 |
2827.983 |
3254.200 |
|
|
DEFERRED TAX LIABILITIES |
159.950 |
144.395 |
143.700 |
|
|
|
|
|
|
|
|
TOTAL |
4884.254 |
4428.493 |
4854.600 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
3000.104 |
2592.136 |
2630.100 |
|
|
Capital work-in-progress |
542.110 |
746.889 |
546.800 |
|
|
|
|
|
|
|
|
INVESTMENT |
0.000 |
6.000 |
6.000 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
327.053
|
362.965
|
301.000 |
|
|
Sundry Debtors |
1261.198
|
892.741
|
965.200 |
|
|
Cash & Bank Balances |
451.148
|
410.213
|
771.200 |
|
|
Other Current Assets |
0.000
|
0.000
|
0.000 |
|
|
Loans & Advances |
523.074
|
606.403
|
486.700 |
|
Total
Current Assets |
2562.473
|
2272.322
|
2524.100 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
892.505
|
|
754.800 |
|
|
Other Current Liabilities |
244.614
|
239.633
|
|
|
|
Provisions |
83.314
|
60.309
|
104.600 |
|
Total
Current Liabilities |
1220.433
|
1188.854
|
859.400 |
|
|
Net Current Assets |
1342.040
|
1083.468
|
1664.700 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
7.000 |
|
|
|
|
|
|
|
|
TOTAL |
4884.254 |
4428.493 |
4854.600 |
|
%20-%20UNIT%20OF%20OMAX%20AUTOS%20LIMITED%20-%20137216%2031-Mar-2011_files/image007.gif){kind=small}
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
8650.986 |
8156.930 |
7136.100 |
|
|
|
Other Income |
104.777 |
186.592 |
256.000 |
|
|
|
TOTAL (A) |
8755.763 |
8343.522 |
7392.100 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of Material |
6170.334 |
5959.026 |
6593.200 |
|
|
|
Personnel Expense |
918.808 |
781.977 |
|
|
|
|
Power, Fuel and Lubricants |
291.823 |
258.876 |
|
|
|
|
Manufacturing, Administrative and Selling Expenses |
595.942 |
544.526 |
|
|
|
|
Exceptional income |
(40.727) |
0.000 |
|
|
|
|
TOTAL (B) |
7936.180 |
7544.405 |
6593.200 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
819.583 |
799.117 |
798.900 |
|
|
|
|
|
|
|
|
|
Less |
INTEREST &
FINANCIAL EXPENSES (D) |
323.192 |
423.884 |
295.500 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
496.391 |
375.233 |
503.400 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
292.019 |
284.983 |
267.700 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
204.372 |
90.250 |
235.700 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
61.334 |
35.985 |
74.700 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
143.038 |
54.265 |
161.000 |
|
|
|
|
|
|
|
|
|
|
Prior Period Adjustments |
(0.973) |
13.485 |
NA |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
-- |
-- |
NA |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Proposed Dividend |
32.082 |
21.388 |
NA |
|
|
|
Dividend Distribution Tax |
5.453 |
3.635 |
NA |
|
|
|
General Reserve |
40.000 |
40.000 |
NA |
|
|
BALANCE CARRIED
TO THE B/S |
64.530 |
2.727 |
NA |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
FOB Value of Exports |
152.701 |
338.371 |
NA |
|
|
TOTAL EARNINGS |
152.701 |
338.371 |
NA |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
44.278 |
96.423 |
NA |
|
|
|
Capital Goods |
38.804 |
0.127 |
NA |
|
|
|
Consumables |
9.241 |
23.357 |
NA |
|
|
TOTAL IMPORTS |
92.323 |
119.907 |
NA |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
6.64 |
3.17 |
7.27 |
|
%20-%20UNIT%20OF%20OMAX%20AUTOS%20LIMITED%20-%20137216%2031-Mar-2011_files/image008.gif){kind=small}
QUARTERLY RESULTS
|
PARTICULARS |
30.06.2010 |
30.09.2010 |
31.12.2010 |
|
Type |
1st
Quarter |
2nd
Quarter |
3rd
Quarter |
|
Net Sales |
2672.400 |
2781.700 |
3008.500 |
|
Total Expenditure |
2455.500 |
2573.400 |
2764.900 |
|
PBIDT (Excl OI) |
216.900 |
208.300 |
243.600 |
|
Other Income |
1.800 |
1.800 |
0.000 |
|
Operating Profit |
218.700 |
210.100 |
243.600 |
|
Interest |
87.400 |
96.500 |
87.400 |
|
Exceptional Items |
14.400 |
38.800 |
0.000 |
|
PBDT |
145.700 |
152.400 |
156.200 |
|
Depreciation |
75.400 |
71.700 |
72.200 |
|
Profit Before Tax |
70.300 |
80.700 |
84.000 |
|
Tax |
19.100 |
24.100 |
28.200 |
|
Provisions and contingencies |
0.000 |
0.000 |
0.000 |
|
Profit After Tax |
51.200 |
56.600 |
55.700 |
|
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 |
51.200 |
56.600 |
55.700 |
KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
PAT / Total Income |
(%) |
1.63
|
0.65 |
2.18 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
2.36
|
1.11 |
3.30 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
3.67
|
1.86 |
4.57 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.13
|
0.16 |
0.16 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
2.68
|
2.76 |
2.82 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
2.10
|
1.91 |
2.94 |
LOCAL AGENCY FURTHER INFORMATION
HISTORY
Subject, a part of Omax Group is into
manufacture of sheet metal, tubular and machined components and sprockets for
two-wheelers and four at its two plants in Dharuhera, Haryana. Hero Honda is
major client of the company contributing 75% of its turnover. The company has a
marketing tie-up with Hero Honda, near which the Haryana plant of the company
is situated. Subject other customers include Maruti, TVS Suzuki, T I Diamond
Chain and SRF.
In 1994-95, the company doubled the capacity of its electroplating plant and
sprocket division. It has started constructing its proposed third unit at
Gurgaon. It has also purchased new land in Gurgaon to put up its fourth unit to
exclusively meet the requirements of the upcoming new unit of Hero Honda Motors
at Gurgaon.
Major Part of expansion of new Speedomax project has been completed. New
automatic computerized tri-nickle coating plant is ready for production.
However, to meet the enhanced demand of Hero Honda Motors Limited and to
achieve better economies of scale, company has started putting one more new
Automatic computerized tri-nickle coating plant of same capacity of Speedomax
and Commercial Production of plant commenced in July'99.
The 4th plant at IMT, Manesar, has started its commercial production in April,
2002 at an estimated cost of Rs.180.000 Millions. The company has got a major
break through in getting exports from M/s Piaggio of Italy and from M/s
Santhana Brothers. It is also planning to become global supplier for OEM
buyers. It is also negotiating with MNCs in
Subject is in the process of amalgamating Indital Tintoria Limited with itself
with effect from March 1, 2003. The amalgamation scheme is pending approval of
High Cour to
OPERATIONS AND FUTURE PROSPECTS OF THE COMPANY
The Net sales and
other Income of the Company for the year has increased to Rs.8755.800 millions
as compared to Rs.8343.500 millions in the previous financial year. This
increase is due to overall growth in domestic market and management initiative
of diversification of company's business.
Despite the fact
that total outstanding loans have increased, interest cost has reduced by
Rs.100.700 millions from Rs.423.900 millions to Rs.323.200 millions. This was
primarily on account of reduction in interest rates and the Company's
continuous efforts to minimize its overall working capital costs and optimal
fund utilization.
The profit before
exceptional income in the year is Rs.163.700 millions in comparison to
Rs.90.200 millions recorded last year primarily driven by reduced interest
costs. The Net Profit After Tax for the year 2009-10 has increased to
Rs.143.100 millions. As compared to Rs.54.200 millions in corresponding year,
which includes an exceptional income of 40.700 millions from sale of land.
However, for the
next financial year, management is very confident that the company will touch
the INR 10 Billion mark, by achieving a turnover of Rs.10000.000 millions. This
is possible due to forecasted boom in auto sector, full scale commercial
production at
Two Wheelers
During the year
2009-10, this sector registered a growth of 25% from 84.41 Lacs vehicles to 105.11
Lacs vehicles. The company's major customer M/s. Hero Honda Motors Limited was
the front runner in terms of sale in two wheeler segment. For Omax Autos, this
segment contributed net sales of Rs.6581.800 millions during the year. The
Company is confident that the two wheeler segment, led by Hero Honda Motors
will continue to witness growth in volumes and being a major supplier, the
Company would be able to participate in this growth.
Commercial Vehicles
In Auto Sector,
Commercial vehicle segment recorded a growth of 35% during 2009-10 i.e. from
4.27 Lacs to 5.76 Lacs vehicles. Medium and heavy commercial segment faced 40%
downturn during 2008-09 but has now started to grow again with robust economy,
industry and infrastructure growth. During the year, the Company's Lucknow
Plant had started its commercial production in September 2009. The Plant has
been set up with an initial investment of Rs.420.000 millions and is engaged in
the manufacture of chassis for Light and Heavy Commercial Vehicles for Tata Motors
Limited.
The net sales
under this segment was Rs.82.600 millions during the year 2009-10. The
Directors expect the commercial vehicle market to grow further at a good pace.
Omax is making continuous efforts to establish contacts with other commercial
vehicle manufacturers for new business and expanding the product portfolio.
With first full year operations, the company is expected to post a decent
growth in this segment during 2010-11.
PASSENGER CAR SEGEMENT
During the year
2009-10, the passenger vehicle segment registered a growth of 25.6% reporting
domestic sales of 1949776 vehicles as compared to 1552703 vehicles in the
previous year.
The Net Sales of
The Company in this segment during the year was Rs.815.700 millions through its
"Automax" plant at Binola. Automax is market leader in piston rod
manufacturing, and secured orders to organically grow with International
Tractors Limited (ITL) and New Holland Tractors. It is also in advanced stage
of discussion for business from Earthmoving equipment manufacturers.
Diversification
The Company has
made efforts towards diversifying the product portfolio and exploring the
opportunity in various fields including the Home Furnishing and Railways. The
strategy is to utilize the existing infrastructure and resources, thereby
increasing the overall efficiencies of the plants. Nevertheless, wherever
required, new equipments are also being added to complement the existing set up
and to meet the enhanced requirements of its prestigious customers.
(A) Home
Furnishing Business: The Company had started the production in Home Furnishing
segment with Business from IKEA in the year 2008-2009, and this business has
continued to grow for Omax. The Home Furnishing business of the company is
divided into two parts viz. Stainless Steel Business and Carbon Steel Business.
Presently the
Stainless Steel and Carbon Steel made Home Furnishing Products are being
manufactured at plants located at Bawal and Dharuhera.
In this segment,
total Sales of the company grew by Rs.457.200 millions from Rs.244.200 millions
in 2008-2009 to 701.400 millions in 2009-2010.
In the year
2010-2011 this business is expected to grow with the launch of another new
product "Stainless Steel Cookware" in high end range, to benefit from
the existing opportunity in this business segment.
(B) Railway
Business: The Company has set up a new plant at Gurgaon for manufacture and
supply of components for Railways and has commenced supplies to Indian Railways
on tender basis.
The Company is
making serious inroad into both these segments. This would increase the product
profile of the
Company and also
spread the business risk. Each of these lines is expected to further create
opportunities in the near future. The Company has the necessary resources to
exploit these avenues.
Subsidiary Company
The Company has
formed a Subsidiary Company namely "Omax Engineering Services
Limited" to provide Services in the field of Solar Energy, Gas, training
in the field of engineering etc. on 15.07.2010. The Company has not yet
obtained its Commencement of Business Certificate. The business is yet to be
started.
MANAGEMENT
DISCUSSION AND ANALYSIS
The objective of
this report is to share with you and keep you abreast with the happenings and
transformations occurring within the Company, that in the industry and economy,
its manufacturing processes, technology and its overall business strategies. They
begin with a general review of the industry, macro economy followed by the
operational and financial details of the company including details of its human
resources, research and development activities.
Industry Structure and Development
Automotive Industry
comprises of automobile and auto component sectors and is one of
The fortunes of
the automotive component segment are linked to the performance of auto
industry. The auto ancillary gives support to sectors such as metal that
includes steel, aluminum, copper and also to many other machine tools,
plastics, rubbers, polymers, glass and surface transport etc.
The sustained
growth achieved by the Indian auto industry has grabbed the attention of
international auto giants, including Nissan, Ford and General Motors. All these
manufacturers are looking to produce smaller, more affordable models so as to
tap the growing demand for cars in the third-biggest Asian economy. This
promises a bright future for the auto industry in
Automobile industry
reported a 26.41 per cent growth in sales in 2009-10, making it the second
fastest growing market in the world after
Variety of
factors, including the stimulus package, lower interest rates, implementation
of the 6th pay commission and new model launches, helped the industry register
the growth.
Indian auto
component industry has gained a significant growth momentum from de-licensing
of industries. In a response to relaxed regulations, easing FDI policies and
support to the industry, production and sales both have achieved double-digit
CAGR growths in last 4-5 years. "India Auto Component Market
Analysis", a Research Report, further reveals that rising sales of
automobiles in the country will continue to sustain higher levels of auto
component demand, which is poised to grow at 13.8% CAGR during 2010-11 -
2013-14.
Exports of Auto Components
During the
financial year 2009-10, automobile export registered an overall growth of
17.90%. Passenger vehicle,
Commercial Vehicle
and Two Wheelers Segment grew by 32.89%, 5.59%, and 13.54% respectively in this
period.
Steered by the
country's high engineering skills, established production lines, a booming
domestic automobile industry and competitive costs, global auto majors are
rapidly ramping up the value of components they source from
On the export
front,
Four Wheeler Segment
After a downturn
in 2008-2009, the passenger car segment, in particular, showed tremendous
growth potential. This was due to increasing income levels, aggressive model launches
and improving transportation infrastructure in the country. "India
Passenger Car Market Analysis" report further reveals that the increasing
demand will continue to fuel passenger car production at a CAGR of 10.6%
through 2013-14.
Moreover,
All prominent
domestic players are planning to invest huge sum of money to provide answers to
the overflowed demand for futuristic passenger cars in the country. In addition,
some foreign auto majors are also foraying into the Indian market after seeing
the disappointing performance of the automobile markets of US and EU amid
economic slowdown. The industry anticipates large number of foreign
manufacturers to enter the Indian market in the years to come, which will
intensify the market competition and will prove beneficial for the industry
development.
Growing middle
class population, increasing income levels, launch of small and economical cars
like Tata Nano, and rural development will drive the future sales growth.
Government's stimulus package as well as better road connectivity along with
expansion of flyovers and roads will also support the growth in future sales of
new passenger cars.
At Omax Autos,
this segment reported net sales of Rs.815.700 millions in the year 2009-10.
Omax is operating its Four Wheeler business through Automax (A Unit of Omax
Autos Limited) and Omax Autos Limited-Bangalore Plant.
Automax is
situated in NCR to cater to the requirement of Tier I and Tier-2 suppliers. It
is in advanced stage of discussion with customers in earthmoving segment and
likely to secure new business in this segment. Their
Commercial Vehicles
The Indian
Commercial Vehicle (CV) industry, after facing a severe demand slowdown in the
second half of 2008-09, has bounced back, reporting an impressive 38.3% growth
in 2009-10 against a 21.7% drop in volumes in 2008-09.
There were various
factors for this turnaround which includes improved economic activity,
favorable impact of Government mandated stimulus package and an overall
improvement in the financing environment.
Although the
medium to longer-term outlook for the CV segment remains strong, the growth in
volumes as witnessed during the last year is likely to see some moderation
owing to certain short-term challenges which includes partial withdrawal of the
stimulus package, expected increase in interest rates and successive price
increases agreed by OEMs to compensate for the rise in input material prices.
It is expected that the OEMs will gradually pass on the emission norm-driven
increase in costs, provided the underlying demand remains robust. This, along
with the expected increase in interest rates, could in the near term, offset
some of the demand recovery. The longer term demand drivers however remain
intact, and the trend growth rates are expected to be in the region of 10-11%.
Medium and heavy commercial segment faced 40% downturn during 2008-09 but has
now started to grow again with robust economy and industrial growth and also
due to various infrastructure projects in pipeline.
At Omax Autos,
this segment reported net sales of Rs.82.600 millions in the year 2009-10.
The Company has
set up a plant at
While Tata Motors
is leader in commercial vehicle segment and is strengthening its market share,
new entrants like Mahindra Navistar and Daimler are launching their global
products in next 2-3 years. Also global players like Hino, Scania and Photon
are planning to enter the Indian market. Omax is making continuous efforts to
establish contacts with other commercial vehicle manufacturers for new
business.
Two Wheelers
The performance of
the 2W industry in the current fiscal has been quite strong so far. Total 2W
industry sales volumes are expected to grow at 9-11% over the medium term, supported
by large number of product options that would become available to customers as
new product launches/refurbishments are made by various OEMs; anticipated
increase in brand promotions; increased segmentation in the 2W industry,
converting latent demand into higher sales; and favorable outlook for economic
growth. Growth is also likely to be supported by an increase in exports. Indian
manufacturers may be considered well-positioned to expand into global
developing markets. Also, international players are looking at making
However, the
expected increase in competitive intensity in the short to medium term, the
anticipated increase in input costs, and the likely dilution of the pricing
power are likely to start showing their impact on the industry's profit margins
over the short to medium term.
At OAL, this
segment reported net sales of Rs.6581.800 millions in the year 2009-10 as
compared to Rs.6547.700 millions in 2008-09. The Company did not witness
increase during the year as compared to previous year. Due to the fact that
their major customer, Hero Honda produced more vehicles at Haridwar plant where
Omax does not have a manufacturing plant.
Home Furnishings and Railways
OAL has made
significant efforts for diversification by setting up facilities to manufacture
products for the Indian Railways and Home Furnishing. Each of these lines would
create opportunities in the near future.
The Company is
exporting various items under the Home Furnishing Segment to large
international customers like IKEA, Target, Gimmy etc. This segment reported a
total sales of Rs.701.400 millions in 2009-10 compared to Rs.24.42 sales in
2008-09. In the current fiscal i.e. 2010-2011, this business is expected to
grow further with the launch of new products made of stainless steel.
Omax Autos is a
registered supplier of the Indian Railways. The Company has set up dedicated
facilities at Gurgaon Plant to manufacture parts and components for Indian
Railways. On full operational basis, the Company expects to do a total business
of Rs.1000.000 millions in these segments.
FINANCIAL
PERFORMANCE AND ANALYSIS
The net sales and
other income of the Company for the year increased to Rs.8755.763 millions as
compared to Rs.8343.522 millions in the previous financial year, registering a
growth of 4.94% on an annualized basis. The profit before interest,
depreciation and tax of the Company decreased by 2.53% on an annualized basis
from Rs.799.117 millions in the previous period to Rs.778.856 millions in the
year due to increase in raw material prices .The net profit before exceptional
income has increased by 81.32% from Rs.90.250 millions to Rs.163.645 millions
due to reduction in rate of interest and better fund management.
During the year,
export revenues (including deemed exports revenue) have shot up to Rs.850.033
millions against Rs.526.563 millions in the previous year i.e. increased by
61.44% on an annualized basis.
During the current
financial year Company is expecting substantial increase in profit due to
starting of production of Railway Coaches and Home Furnishing items at Gurgaon
and Bawal Plants respectively which will help the Company to diversify its
business and gradually reduce dependency on auto segment. Further commercial
production of chassis of commercial vehicle has already been started at
Milestones
1983 The year marked
the beginning of the name "Omax Autos Limited".
1985 The first unit
started in Dharuhera as an ancillary supplier to Hero Honda for Sheet Metal and
Tubular Welded components.
1986 Omax Autos Limited
went public with more than 7500 shareholders.
1988 Established its
second unit Automax in Gurgaon.
1989 Diversified its
customer base by roping in Carrier Aircon Limited in Air Conditioning
Components.
1997 Bagged ISO 9002
certificate from TUV of Germany.
1999 Established its
third unit- Speedomax in Sidhrawali.
Tied up with
Honda- Siel Cars India Limited and New Holland Tractors Limited For supply of
Body and Axle parts.
2000 Set up the ultra
modern Paint Shop with latest technology from ABB India Limited
2001 A new phase of
Kaizen activity- Various Training and HR activities started in all plants.
2002 Established its
Fourth Plant at IMT Manesar with a capital outlay of Rs.200 million equipped
with modern Tool Room, R and D Centre with state of the art machinery began
production.
2003 Established its
Fifth Plant- Sprocket division in Dharuhera. Bagged ISO/TS- 16949, ISO 14001
and OHSAS- 18001 Certification from UL India for all plants.
2004 Established its
Sixth Plant at
Established its
Seventh Plant- Indital at Dharuhera. Started Exports to North America and
Europe with clients such as
2005 Established its
Eighth Plant at Binola, Gurgaon for catering export clients.
2006 SAP rolled out in
all Eight plants across
2007 Automax,
Gurgaon-Sohna Road Plant merged with Binola Plant.
2008 Established its
latest Plant at
Established new
Corporate Office in Gurgaon.
2009 Tied up with IKEA
for supply of Metal Houseware Products. Reached the remarkable heights of 26
years of manufacturing and rendering quality products and services to
customers.
2010 Commercial
production started at
UNAUDITED FINANCIAL RESULTS
FOR THE QUARTER ENDED DECEMBER 31, 2010
(Rs. in millions)
|
PARTICULARS |
Quarter ended on |
Nine months
ended on |
|
|
31.12.10 (Unaudited) |
31.12.10 (Unaudited) |
|
1 (a) Net
Sales/Income from operations |
2970.500 |
8373.300 |
|
(b) Other
Operating Income |
38.000 |
89.200 |
|
TOTAL INCOME 1 (a+b) |
3008.500 |
8462.500 |
|
2 EXPENDITURES |
|
|
|
a)
(-)Increase/(+)decrease in Stock in trade & work in progress |
(28.900) |
(83.700) |
|
b) Consumption
of Raw materials |
2140.300 |
5997.000 |
|
c) Purchases of
traded goods |
-- |
-- |
|
d) Employees
cost |
290.800 |
845.800 |
|
e) Depreciation |
72.200 |
219.300 |
|
f) Other
Expenditure |
362.700 |
1034.400 |
|
Total 2 ( a to f) |
2837.100 |
8012.800 |
|
3 Profit from
Operations before Other Income, Interest & Exceptional Items (1-2) |
171.400 |
449.700 |
|
4 Other Income |
0.000 |
3.600 |
|
5 Profit before
Interest & Exceptional Items (3+4) |
171.400 |
453.300 |
|
6 Interest &
Financial Charges |
87.400 |
271.300 |
|
7 Profit after
Interest but before Exceptional Items (5-6) |
84.000 |
182.000 |
|
8 Profit from
Exceptional Item |
-- |
53.200 |
|
9 Profit (+)/
Loss (-) from Ordinary Activities before tax (7+8) |
84.000 |
235.200 |
|
10 Tax Expense |
|
|
|
- Current tax |
32.900 |
75.100 |
|
- Deferred tax |
(4.600) |
(3.600) |
|
11 NET PROFIT (+)/
Loss(-) FROM ORDINARY ACTIVITIES AFTER TAX (9-10) |
55.700 |
163.700 |
|
12 Extraordinary
items Prior Period (-) expenses/(+)income |
-- |
0 |
|
13 NET PROFIT
FOR THE PERIOD |
55.700 |
163.700 |
|
14 Paid-up equity
share capital (Face value of Rs.10/-per share) |
213.900 |
213.900 |
|
15 Reserves
excluding Revaluation Reserves as per balance sheet of previous accounting
year - |
-- |
-- |
|
16 Earning 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) |
2.61 |
7.65 |
|
b) Basic and
Diluted EPS after Extraordinary items for the period, for the year to date
and for the previous year (not to be annualized) |
2.61 |
7.65 |
|
17 Public
shareholding |
|
|
|
- Number of
shares |
10219973 |
10219973 |
|
- percentage of
shareholding |
47.78% |
47.78% |
|
18 Promoters and
Promoter Group |
11168240 |
11168240 |
|
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 |
11168240 |
11168240 |
|
- 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) |
52.22% |
52.22% |
NOTES:
1. The above
unaudited results for the quarter ended 31st December,2010 were reviewed and
recommended by the Audit committee in its meeting held on 5 Feb, 2011 and thereafter
approved and taken on record by the Board of Directors in its meeting held on
the same day.
2. The Statutory
Auditors of the Company have conducted a Limited Review of the financial
results for the period ended on 31st December, 2010.
3. Current tax
includes provision for Income Tax and Wealth Tax. Accounting for deferred
taxation has been made in accordance with Accounting Standard 22 of ICAI.
4. The Company
primarily operates in one business segment viz. Auto Components and Parts.
5. Exceptional item
represents Profit on Sale of Land at
6. Company
incorporated a 100% subsidiary company on 15th July 2010 in the name
of "Omax Engineering Services Limited". This subsidiary company has
obtained certificate of commencement of business on 06.01.2011.
7. Corresponding
previous period figures have been regrouped and rearranged wherever necessary.
8. The status of the
Investors' complaints received during the quarter ended 31st
December 2010:
Opening : Nil Received
: 7 Resolved: 7 Pending : Nil
CONTINGENT LIABILITIES:
|
Particulars |
31.03.2010 (Rs. in
millions) |
|
(i) Outstanding Guarantees issued by bank |
126.685 |
|
(ii) Excise and Service Tax matters |
30.130 |
|
(iii) Income Tax Matter |
-- |
|
(iv) Letter of credits |
58.983 |
|
(v) Bills discounted |
199.812 |
|
|
|
FIXED ASSETS:
·
Land
·
Building
·
Plant and Machinery
·
Dies and Tools
·
Furniture and Fixture
·
Office Equipment
·
Computer and other Equipment
·
Vehicles
WEBSITE DETAILS:
PROFILE:
Fully attuned to evolving customer needs and requirements, over the years, the Omax group has grown from strength to strength. It has not only multiplied its manufacturing and engineering capabilities in a big way, but also taken a giant leap in the highly dynamic international market. The group is working hand in hand with a multitude of new clients across many industries.
- Amongst top Three companies in sheet metal and tubular segment – (Process 85k Tons Steel pa)
- Largest
Sprocket manufacturing capacity (11 Million pa) in
- Largest Tri Nickel Chrome Plating facility (120 Million DM2)
- Largest
welding facility in
- 7 Manufacturing Plants – located across the country.
- Land Area – 204,000 Mts2 and Covered Area – 100,600 Mts2
- Composite solution provider to customer requirement
MILESTONES
1984 – 90
- Started commercial production at
Dharuhera for Hero Honda
- Went public and established 2nd
plant at Gurgaon 1991 – 98
- Expanded customer base to include TVS
- Expanded product profile to include
complete 2 wheeler body frame
- Certified ISO 9002 compliant by TUV –
1999 – 03
- Established 3rd facility at
Sidhrawali
- Expanded process capability to include
paint shop with technology from ABB
- Major expansion and up gradation of
electro plating facility
- Kaizen pocess initiated across all
plants
- New customers added – New Holland
Tractors, Honda Seil Cars
- Set up separate Sprocket Devision
2003 – 08
- ISO/TS – 16949, ISO – 14001 and OHSAS –
18001 compliant
- 6th Plant at
- 7th Plant INDITAL at
Dharuhera (Harayana)
- Started Exports to North America and
Europe :
- Established 8th Plant at
Binola (Gurgaon).
- TPM Activities initiated.
- SAP rolled out in all plants
- Diversified in Home Furnishing Business
with IKEA –
- Further diversified into Defence and
Railway business as well.
- Signed a Joint Venture Agreement with
COC (
- Chassis project for TATA MOTORS under
construction
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.44.77 |
|
|
1 |
Rs.71.69 |
|
Euro |
1 |
Rs.63.02 |
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 |
YES |
|
--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.