MIRA
INFORM REPORT
|
Report Date : |
25.03.2011 |
IDENTIFICATION DETAILS
|
Name : |
DENSO INDIA LIMITED (w.e.f. 26.09.1997) |
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|
|
|
Formerly Known
As : |
NIPPONDENSO INDIA LIMITED |
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|
|
Registered
Office : |
B-l/D-4, Ground
Floor, Mohan Co-operative Industrial Estate, |
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Country : |
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Financials (as
on) : |
31.03.2010 |
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Date of
Incorporation : |
22.11.1984 |
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|
|
|
Com. Reg. No.: |
55-019375 |
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|
|
|
CIN No.: [Company Identification
No.] |
L52110DL1984PLC019375 |
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|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
DELD04459A/ DELD00891C/ DELD06192E |
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|
|
PAN No.: [Permanent Account No.] |
AAACD4255F |
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|
Legal Form : |
A Public Limited Liability Company. The Company’s Shares are Listed on
the Stock Exchanges. |
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|
Line of Business
: |
Manufacturer
and Supplier of Electrical Automotive Components. |
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 8292000 |
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|
|
|
Status : |
Satisfactory |
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Payment Behaviour : |
Regular |
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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 |
|
Restricted |
C2 |
|
Off-credit |
D |
INFORMATION PARTED BY (GENERAL DETAILS)
|
Name : |
Mr. Deepankar |
|
Designation : |
Accountant |
|
Contact No.: |
91-9910439436 |
|
Date : |
24.03.2011 |
LOCATIONS
|
Registered Office : |
B-l/D-4, Ground
Floor, Mohan Co-operative Industrial Estate, |
|
Tel. No.: |
91-11-26953994, 26952308 |
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Fax No.: |
91-11-26953993 |
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E-Mail : |
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|
Website : |
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Factory 1 : |
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|
Tel. No. : |
91-120-2560140 |
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Fax No.: |
91-120-2560156 |
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|
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Factory 2 : |
Plot No. 16,
Industrial Park-II, Salempur, Mehdood, Haridwar – 249 402, |
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Sales office : |
3rd
Floor. Left Wing Capital Carol of Plame Marg, Munirka, |
DIRECTORS
As on 31.03.2010
|
Name : |
Mr. Koji Shiga |
|
Designation : |
Managing Director (w.e.f.
01.11.2009) |
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|
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|
Name : |
Mr. T. Ishiguro |
|
Designation : |
Managing Director (till
31.10.2009) |
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|
Name : |
Mr. A.C. Chakrabortti |
|
Designation : |
Director |
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|
Name : |
Mr. J.S. Baijal |
|
Designation : |
Director |
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|
Name : |
Mr. R.K. Bhatnagar |
|
Designation : |
Director |
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|
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|
Name : |
Mr. K. Sugita |
|
Designation : |
Director (Alternate Director to Mr. H.
Wakabayashi) (w.e.f. 29.01.2010) |
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|
Name : |
Mr. K. Asai |
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Designation : |
Director |
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|
Name : |
Mr. Hiroyuki Wakabayashi |
|
Designation : |
Director |
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|
Name : |
Mr. Koji Arima |
|
Designation : |
Director |
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|
Name : |
Mr. Y. Kajita |
|
Designation : |
Director (Alternate Director to Mr. Hiroyuki
Wakabayashi) (till 29.01.2010) |
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|
|
|
Name : |
Mr. E. Seto |
|
Designation : |
Director |
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|
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|
Name : |
Mr. Taro Nanko |
|
Designation : |
Director (Alternate Director to Mr. E. Seto) |
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|
Name : |
Mr. Takashi Aoyama |
|
Designation : |
Alternate Director to Mr. Koji Arima (w.e.f. 29.01.2010) |
KEY EXECUTIVES
|
Name : |
Mr. Lalit Prabhakar |
|
Designation : |
Company Secretary |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 01.10.2010
|
Category of Shareholder |
No. of Shares |
Percentage of
Holding |
|
(A) Shareholding
of Promoter and Promoter Group |
|
|
|
|
|
|
|
|
2,862,758 |
10.27 |
|
|
2,862,758 |
10.27 |
|
|
|
|
|
|
17,618,867 |
63.20 |
|
|
17,618,867 |
63.20 |
|
Total
shareholding of Promoter and Promoter Group (A) |
20,481,625 |
73.46 |
|
(B) Public
Shareholding |
|
|
|
|
|
|
|
|
5,500 |
0.02 |
|
|
46,064 |
0.17 |
|
|
1,992,829 |
7.15 |
|
|
2,044,393 |
7.33 |
|
|
|
|
|
|
1,294,705 |
4.64 |
|
|
|
|
|
|
2,856,858 |
9.89 |
|
|
958,162 |
3.44 |
|
|
343,901 |
1.23 |
|
|
53,495 |
0.19 |
|
|
287,156 |
1.03 |
|
|
3,250 |
0.01 |
|
|
5,353,626 |
19.20 |
|
Total Public
shareholding (B) |
7,398,019 |
26.54 |
|
Total (A)+(B) |
27,879,644 |
100.00 |
|
(C) Shares held by
Custodians and against which Depository Receipts have been issued |
- |
- |
|
Total
(A)+(B)+(C) |
27,879,644 |
- |
(1) Indian
Bodies Corporate
Individual shareholders holding nominal share
capital up to Rs.0.100 millionBUSINESS DETAILS
|
Line of Business : |
Manufacturer
and Supplier of Electrical Automotive Components. |
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Products : |
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PRODUCTION STATUS (As on 31.03.2010)
|
Particulars |
|
|
Licensed Capacity |
Installed
Capacity # per annum |
|
Alternators/Generators
with or without vacuum pump complete with regulator |
|
|
Delicensed |
620000 |
|
Starter Motors |
|
|
Delicensed |
731000 |
|
Wiper Motors |
|
|
Delicensed |
1207000 |
|
Auto electricals
like Distributors, Voltage Regulators, Flywheel, Magnetos, Condensers,
Electronic Ignition System, Head Lamps, Fractional Horse Power Motors such as
Fan Motors, Blower Motors, Washer Motor, Auto Bulbs |
|
|
Delicensed |
11600000 |
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|
|
|
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|
# Installed
Capacity is on the basis of three shift working , as certified by the
management and relied upon by the auditors, being a technical matter.
* Includes installed capacity of the new plant as well, which commenced
commercial production w.e.f. May 1, 2009.
|
Particulars |
Unit |
|
|
Actual
Production |
|
Alternators |
Nos. |
|
|
553248 |
|
Starter Motors |
Nos. |
|
|
664664 |
|
Wiper Motors |
Nos. |
|
|
1147705 |
|
Fan Motors |
Nos. |
|
|
585544 |
|
Blower Motors |
Nos. |
|
|
674202 |
|
CDI |
Nos. |
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|
1681343 |
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Magneto |
Nos. |
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|
2720490 |
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Print Motor |
Nos. |
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|
6006 |
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Window Washer |
Nos. |
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|
109861 |
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Power Window |
Nos. |
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|
1338780 |
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Flywheel |
Nos. |
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|
89025 |
GENERAL INFORMATION
|
Customers : |
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No. of employees : |
500 (Approximately) |
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Bankers : |
Axis Bank, Branch Dariraod, Area |
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Facilities : |
*Repayable within a year Rs.99.330 millions |
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Banking
Relations : |
-- |
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Auditors : |
|
|
Name : |
Price Waterhouse Chartered Accountants |
|
Address : |
Gurgaon |
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Holding Company : |
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Fellow Subsidiaries : |
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CAPITAL STRUCTURE
AS ON : 31.03.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
30000000 |
Equity Shares |
Rs.10/- each |
Rs.300.000 millions |
|
|
|
|
|
Issued Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
28062000 |
Equity Shares |
Rs.10/- each |
Rs.280.625
millions |
|
|
|
|
|
Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
27880000 |
Equity Shares |
Rs.10/- each |
Rs.278.796
millions |
|
|
|
|
|
*Of the above
Shares:
14756000 thousand
equity shares are held by Denso Corporation,
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 |
278.796 |
278.796 |
278.796 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
1794.145 |
1670.293 |
1538.408 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
2072.941 |
1949.089 |
1817.204 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
99.330 |
36.293 |
37.705 |
|
|
2] Unsecured Loans |
0.000 |
0.000 |
0.000 |
|
|
TOTAL BORROWING |
99.330 |
36.293 |
37.705 |
|
|
DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
2172.271 |
1985.382 |
1854.909 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
980.546 |
561.075 |
459.515 |
|
|
Capital work-in-progress |
45.766 |
153.742 |
100.088 |
|
|
|
|
|
|
|
|
INVESTMENT |
0.000 |
0.000 |
0.000 |
|
|
DEFERREX TAX ASSETS |
43.798 |
56.834 |
36.403 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
1077.546
|
987.596 |
570.282 |
|
|
Sundry Debtors |
559.386
|
673.162 |
399.649 |
|
|
Cash & Bank Balances |
641.402
|
555.251 |
950.828 |
|
|
Other Current Assets |
15.930
|
20.738 |
19.941 |
|
|
Loans & Advances |
290.023
|
153.780 |
193.360 |
|
Total
Current Assets |
2584.287
|
2390.527 |
2134.060 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
729.600
|
683.053 |
454.779 |
|
|
Other Current Liabilities |
578.687
|
368.615 |
283.938 |
|
|
Provisions |
173.839
|
150.839 |
136.440 |
|
Total
Current Liabilities |
1482.126
|
1202.507 |
875.157 |
|
|
Net Current Assets |
1102.161
|
1188.020 |
1258.903 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
25.711 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
2172.271 |
1985.382 |
1854.909 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
7363.256 |
5306.463 |
4657.307 |
|
|
|
Other Income |
87.557 |
100.542 |
104.184 |
|
|
|
TOTAL (A) |
7450.813 |
5407.005 |
4761.491 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Materials Consumed |
5586.340 |
3804.714 |
3197.966 |
|
|
|
Manufacturing Expenses |
165.475 |
126.776 |
123.976 |
|
|
|
Personnel Expenses |
690.706 |
595.994 |
511.494 |
|
|
|
Selling, Administration and Other Expenses |
564.984 |
452.565 |
368.590 |
|
|
|
TOTAL (B) |
7007.505 |
4980.049 |
4202.026 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
443.308 |
426.956 |
559.465 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
2.257 |
3.074 |
2.438 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
441.051 |
423.882 |
557.027 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
159.257 |
137.652 |
128.815 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
281.794 |
286.230 |
428.212 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
92.922 |
105.419 |
150.243 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
188.872 |
180.811 |
277.969 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
1142.397 |
1019.553 |
845.994 |
|
|
|
Employees’
Benefit Tax |
0.000 |
0.000 |
18.327 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Proposed Dividend |
55.759 |
41.819 |
55.759 |
|
|
|
Distribution Tax on Proposed Dividend |
9.261 |
7.107 |
9.476 |
|
|
|
Transfer to General Reserve |
14.165 |
9.041 |
20.848 |
|
|
BALANCE CARRIED
TO THE B/S |
1252.084 |
1142.397 |
1019.553 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
FOB Value of Exports |
42.583 |
1.057 |
NA |
|
|
|
Others |
0.000 |
2.895 |
NA |
|
|
TOTAL EARNINGS |
42.583 |
3.952 |
NA |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials and Components |
114.622 |
99.856 |
NA |
|
|
|
Trading |
74.856 |
56.524 |
NA |
|
|
|
Stores & Spares |
5.055 |
6.193 |
NA |
|
|
|
Capital Goods |
1.653 |
1.699 |
NA |
|
|
TOTAL IMPORTS |
196.186 |
164.272 |
NA |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
6.77 |
6.49 |
9.97 |
|
QUARTERLY RESULTS
|
PARTICULARS |
30.06.2010 (1st
Quarter) |
30.09.2010 (2nd
Quarter) |
31.12.2010 (3rd
Quarter) |
|
Gross Sales |
2063.300 |
2234.600 |
2312.200 |
|
Other Operating Income |
8.100 |
10.400 |
2262.900 |
|
Other Income |
10.400 |
6.200 |
49.300 |
|
Total Income |
2081.800 |
2251.200 |
3.800 |
|
Total Expenditure |
2017.200 |
2186.900 |
53.100 |
|
PBIDT |
64.600 |
64.300 |
4.000 |
|
Interest |
0.600 |
1.500 |
49.100 |
|
PBDT |
64.000 |
62.800 |
58.600 |
|
Depreciation |
49.000 |
53.900 |
(9.500) |
|
Tax |
0.900 |
(1.400) |
18.100 |
|
Fringe Benefit Tax |
0.000 |
0.000 |
0.000 |
|
Deferred Tax |
0.000 |
0.000 |
0.000 |
|
Reported Profit After
Tax |
14.100 |
10.300 |
(27.600) |
|
Extra-ordinary Items |
0.000 |
0.000 |
0.000 |
|
Adjusted Profit After
Extra-ordinary item |
14.100 |
10.300 |
(27.600) |
KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
PAT / Total Income |
(%) |
2.53
|
3.34 |
5.84 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
3.83
|
5.39 |
9.19 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
7.90
|
9.70 |
16.51 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.14
|
0.15 |
0.24 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
0.76
|
0.64 |
0.50 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.74
|
1.99 |
2.44 |
LOCAL AGENCY FURTHER INFORMATION
SUNDRY CREDITORS
DETAILS :
(Rs.
in Millions)
|
PARTICULARS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
Total Outstanding dues of Micro
Enterprises and Small Enterprises |
25.844 |
|
454.779 |
|
Total Outstanding dues of
creditors |
703.756 |
656.978 |
|
|
|
|
|
|
|
TOTAL |
729.600
|
683.053 |
454.779 |
HISTORY:
Subject (formerly Nippondenso
MANAGEMENT
DISCUSSION ANDANALYSIS:
OPERATIONS:
The financial year
saw the revival of the economy following the positive impact of the economic
stimulus. The Auto Industry's growth touched double digit and the average growth
rate was 26% in the 4 wheeler and 2 wheeler segment. The two wheeler segment of
the industry recorded growth of 22% during the financial year 2009-10
contributing to overall growth of the auto industry. Accordingly, the Gross
Sales of the Company grew by 33% as compared to previous year. The Company
reversed the trend of decline in profit by embarking upon stringent cost
control activities and profit after tax improved from the previous year figure
of Rs.180.800 millions to Rs.188.800 millions.
Despite increase
in Sales, the Company could not increase its profitability due to the following
reasons.
1. Sudden upsurge
in demand lead to high level of importation resulting in increased cost of
consumables including substantial Foreign Exchange variation and outgo.
2. High input cost
of indegeneous materials.
3. Pricing
pressure.
All the above
factors combined to affect the margins which was squeezed to maximum extent.
Despite the above
difficulties, the company was able to retain the profit of Rs.188.800 millions. The company is
taking proper steps for improving the working arrangement in the following
directions.
1. Enhancement of
capacity to meet the future growth requirements.
2. Increased
indigenization of products.
3. Cost reduction processes wherever possible
The Company has
also to incur additional cost this year for improving the quality to
International Standards and safeguards.
The market leader
in the passenger car segment, Maruti Suzuki India Limited (MSIL) consolidated
its premier position in the industry. Its latest offering RITZ was voted the
car of the year and is one of the most popular models in its segment. The
market share of MSIL was 45% and its sales grew by 21%.
Two wheeler
industry leader Hero Honda Motors Limited clocked positive growth of 22% and
maintained its number one position in the industry with a market share of 60%
in the two wheeler segment along with its subsidiary Companies. The market
leader's plant at Haridwar is boosting its overall profitability and the Company
is availing the tax incentives offered by the government authorities.
All the major
international auto players have already established their production facilities
in the country and are looking at the Indian auto industry to propel them out
of the recession by introduction of new models. All the auto players are
emphasizing on the low cost production facilities for surviving in the unique
Indian auto market.
The Company is
well equipped to cater to the needs of the Original Equipment Manufacturers (OEMs)
who are introducing new models every year.
NEW FACTORY AT
HARIDWAR
The Company's new
factory at Haridwar catering to the two wheeler major - Hero Honda Motors
Limited has been completed and is fully operational. The commercial production
at the new factory commenced from 2nd May, 2009. The Company plans to cater to
the requirements of its major customer - Hero Honda which is witnessing
positive growth and also to avail tax incentives being offered by the
government of Uttarakhand.
Segment wise Performance:
The Company's
operating business is organized and managed according to the nature of product,
with single Primary Reportable Segment comprising of manufacturing and supply
of electrical automotive components.
OUTLOOK:
Current Operation:
The Company
achieved a Net Sales of Rs.7360.000 millions for the year ended 31sl March, 2010. This
was possible due to higher sales volume of both the Four Wheeler and the Two
wheeler products.
The Company
expects higher sales for the year 2010-11. By adding to its production
capacities, it is expected that the Company shall achieve its sales target for
the next year. The Company is facing pressure from its customers on the price
front which it hopes to off set by cost control measures.
UNAUDITED
FINANCIAL RESULTS FOR THE QUARTER ENDED DECEMBER 31, 2010
(Rs.
in millions)
|
Particulars |
Quarter Ended 31.12.2010 (Un-audited) |
Nine Months Ended 31.12.2010 (Un-audited) |
|
1. a) Net sales/
Income from Operations |
2303.000 |
6600.900 |
|
b) Other Operating
income |
9.200 |
27.700 |
|
2. Total Operating income (a + b) |
2312.200 |
6628.600 |
|
3. Expenditure: |
|
|
|
a) (Increase) /
Decrease in stock in trade and work in progress |
(33.000) |
(25.600) |
|
b) Consumption
of Raw Materials |
1753.600 |
4940.100 |
|
c) Purchase of
traded goods |
56.500 |
152.400 |
|
d) Employee Cost |
235.700 |
656.900 |
|
e) Depreciation |
58.600 |
161.500 |
|
f) Other
expenditure |
250.100 |
743.200 |
|
g) Sub-Total |
2321.500 |
6628.500 |
|
4. Profit from Operations
before Other income, interest and Exceptional items (2-3) |
(9.300) |
0.100 |
|
5. Other income |
3.800 |
20.400 |
|
6. Profit before
interest and Exceptional items (4+5) |
(5.500) |
20.500 |
|
7. Interest |
4.000 |
6.100 |
|
8. Profit before
Exceptional items (6-7) |
(9.500) |
14.400 |
|
9. Exceptional
items |
-- |
-- |
|
10. Profit from
Ordinary activities before Tax (8-9) |
(9.500) |
14.400 |
|
11. Tax Expense |
18.100 |
17.600 |
|
12. Net Profit
from Ordinary Activities after Tax (10-11) |
(27.600) |
(3.200) |
|
13.
Extraordinary items (Net of Tax Expenses) |
-- |
-- |
|
14. Net Profit
for the Period (9-10) |
(27.600) |
(3.200) |
|
15. Paid-up
equity share capital (Face Value Rs.10/- each) |
278.800 |
278.800 |
|
16. Reserves excluding
revaluation reserve as per Balance Sheet of previous year |
-- |
-- |
|
17. Earning Per
Share (before and after extraordinary items for the period, for the year to
date and for the previous year) Basic and Diluted EPS – (not annualized) |
(0.99) |
(0.12)10 |
|
18. Public
shareholding: |
|
|
|
-Number of
Shares |
7398019 |
7398019 |
|
-Percentage of
Shareholding |
26.53 |
26.53 |
|
19. Promoter and
Promoter Group Shareholding |
|
|
|
a) Pledged /
Encumbered |
|
|
|
- Number of
Shares |
-- |
-- |
|
- Percentage of
Shares (as a % of total shareholding of promoter and promoter group) |
-- |
-- |
|
- Percentage of
Shares (as a o/o of total share capital of the Company) |
-- |
-- |
|
b)
Non-Encumbered |
|
|
|
- Number of
Shares |
20481625 |
20481625 |
|
- Percentage of
Shares (as a % of total shareholding of promoter and promoter group) |
100 |
100 |
|
- Percentage of
Shares (as a o/o of total share capital of the Company) |
73.47 |
73.47 |
1. The above results were reviewed by the
Audit Committee and approved by the Board of directors in their respective
meetings held on February 10, 2010
2. Status of investor grievances for the
quarter ended September 30, 2010 is as below:
|
Beginning of the Quarter |
NIL |
|
Received during the Quarter |
16 |
|
Resolved during the Quarter |
16 |
|
Pending as on December 31, 2010 |
NIL |
3. Instead of management initial plan of establishing
II separate Unit –III, Haridwar, the management has now decide to make fresh
investments in its existing Unit II at Haridwar in view of Circular
no.939/29/2010-CX dated 22.12.2010 issues by the Ceatral Excise Department.
4. The company is operating in a single
business/ geographical segment and therefore as per the requirements of the
Accounting Standard – 17 on ‘Segment Reporting’ notified pursuant to the
Companies (Accounting Standards) Rules, 2006 as per section 211(3C) of the
Companies Act, 1956, no additional disclosures are required.
5. Previous Year’s/ period’s figures have been
regrouped/ recasted wherever considered necessary to conform to the current
years’/ periods’ classification.
FIXED ASSETS:
·
·
·
Buildings
·
Plant and Machinery
·
Computers
·
Furniture and Fixtures
·
Vehicles
·
Technical Know-how
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. 72.66 |
|
Euro |
1 |
Rs. 63.06 |
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 |
NO |
|
--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.