MIRA INFORM REPORT

 

 

Report Date :

30.05.2011

 

IDENTIFICATION DETAILS

 

Name :

ENDURANCE TECHNOLOGIES LIMITED (CN)

 

 

Formerly Known As :

ENDURANCE TRANSMISSION SYSTEMS (INDIA) PRIVATE LIMITED

 

 

Registered Office :

K-228, MIDC Industrial Area, Waluj, Aurangabad - 431136, Maharashtra.

 

 

Country :

India

 

 

Financials (as on) :

31.03.2010

 

 

Date of Incorporation :

27.12.1999

 

 

Com. Reg. No.:

11-123296

 

 

Capital Investment / Paid-up Capital :

Rs.586.768 Millions

 

 

 

CIN No.:

[Company Identification No.]

U34102MH1999PTC123296

 

 

TAN No.:

[Tax Deduction & Collection Account No.]

NSKE00384G / NSKE00391G / NSKE00465D

 

 

PAN No.:

[Permanent Account No.]

AAACE7066P

 

 

Legal Form :

A Closely Held Public Limited Liability Company

 

 

No. of Employees :

2000 Approximately

 

 

RATING & COMMENTS

 

MIRA’s Rating :

Ba (45)

 

RATING

STATUS

PROPOSED CREDIT LINE

 

41-55

Ba

Overall operation is considered normal. Capable to meet normal commitments.

Satisfactory

 

Maximum Credit Limit :

USD 17000000

 

 

Status :

Satisfactory

 

 

Payment Behaviour :

Regular

 

 

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 regular 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)

India

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 :

K-228, MIDC Industrial Area, Waluj, Aurangabad - 431136, Maharashtra, India

Tel. No.:

91-240-2556686/ 87/ 2569737

Fax No.:

91-240-2556685/ 2551700

E-Mail :

enduhox@hotmail.com

aksharma@endurance.co.in

vmachwal@endurance.co.in

Website :

www.endurancesystems.com

www.endurancegroup.com

 

 

Corporate Office1 :

E - 94, MIDC Industrial Area, P O Box 982, Waluj, Aurangabad - 431136, Maharashtra, India

Tel. No.:

91-240-2554902/ 2564582/ 2564595

Fax No.:

91-240-2555423

Website :

www.endurancegroup.com

 

 

Corporate Office 2 :

K-226/2, MIDC Industrial Area Waluj, Aurangabad-431136, Maharashtra, India

Tel No. :

91-240-2569500/ 2563153

Fax No.:

91-240-2555423/ 2563553

 

 

Administrative Office:

B -2, MIDC, Industrial Area, P O Box -960, Waluj, Aurangabad- 431136, India

Tel. No.:

91-240-255 5026 / 027 / 256 4864

Fax No.:

91-240-255 4373

Email:

aecplwal_agd@sancharnet.in
md@anurang.com

 

 

Factory 1 :

(Casting Division)

B-2, MIDC Area, Waluj, Post Box No. 960, Aurangabad - 431136. India

Tel. No.:

91-240-2555026/ 27/ 2554864/ 65

Fax No.:

91-240-2554373

 

 

Factory 2 :

(Casting Division)

L-6/3, MIDC Area, Waluj, Aurangabad - 431136. India.

Tel. No.:

91-240-2551246/ 48

Fax No.:

91-240-2556894/ 65

 

 

Factory 3 :

(Suspension Division)

E-92, MIDC Area, Waluj, Post Box No. 982, Aurangabad (M.S.) 431136. India

Tel. No.:

91-240-2554902/ 2564582/ 2564595

Fax No.:

91-240-2555423

 

 

Factory 4 :

(Suspension Division)

K-120, MIDC Area, Waluj, Post Box No. 982, Aurangabad (M.S.) 431 136. India

Tel. No.:

91-240-2555304/ 2556683/ 2556684

Fax No.:

91-240-2556682

 

 

Factory 5 :

(Suspension Division)

K-228 and K-229, MIDC Area, Waluj, Aurangabad (M.S.) 431136. India

Tel. No.:

91-240-2556686/87

Fax No.:

91-240-2556685

 

 

Factory 6 :

(Braking Division)

K-226/2, MIDC Area, Waluj, Aurangabad (M.S.) 431136. India

Tel. No.:

91-240-2551115

Fax No.:

91-240-2551496

 

 

Factory 7 :

(Casting Division)

K-227, MIDC Area, Waluj, Aurangabad (M.S.) 431136. India

Tel. No.:

91-240-2551116

 

 

Factory 8 :

High Technology Transmission Systems (India) Private Limited

(Transmission Division)

K-226/1, MIDC Area, Waluj, Aurangabad (M.S.) 431136. India.

Tel. No.:

91-240-2552447/2563153

Fax No.:

91-240-2563553

Website :

www.httsindia.com

 

 

Factory 9 :

PUNE
(Casting Division)

Gut No. 416, Village Takve Budruk, Taluka: Vadgoan Maval, Dist. Pune - 412106. India.

Tel. No.:

91-2114-211331/2/3

Fax No.:

91-240-2556894

 

 

Factory 10 :

(Casting Division)

B-1/3, MIDC Area, Chakan, Village Nighoje, Taluka: Khed (Rajgurunagar), Pune - 410501. India.

 

 

Factory 11 :

(Machining Division)

B-20, MIDC Area, Chakan, Village: Nighoje, Taluka: Khed (Rajgurunagar), Pune - 410 501. India.

Tel. No.:

91-020-4103011/12/14

Fax No.:

91-20-4102230

 

 

Factory 12 :

Endurance Magneti Marelli Shock Absorbers (India) Private Limited

(Suspension Division)

B-23, MIDC Area, Chakan, Village Nighoje, Taluka: Khed (Rajgurunagar), Pune - 410501. India.

Tel. No.:

91-20-30947662

 

 

Factory 13 :

(Alloy Wheel Division)

Plot B-22, MIDC Area, Village Nighoje, Taluka: Khed (Rajgurunagar), Pune – 410501, Maharashtra, India.

 

 

Factory 14 :

MANESAR

(Casting Division)

Plot no. 400, Sector 8, IMT, Manesar, Dist. Gurgaon, Haryana - 122050. India

Tel. No.:

91-0124-2291770-73

Fax No.:

91-0124-2291774

 

 

Factory 15 :

PANTNAGAR
(Suspension Division)

Plot No. - 3, Sector 10, Integrated Industrial Estate - IIE, Udham Singh Nagar,
Pantnagar, Uttaranchal, India.

 

 

Factory 16 :

High Technology Transmission Systems (India) Private Limited

(Transmission Division)

Plot No. - 7, Sector 10, Integrated Industrial Estate-IIE, Udham Singh Nagar, Pantnagar, Uttaranchal, India.

Website :

www.httsindia.com

 

 

Factory 17 :

CHENNAI
(Casting Division)

Plot No F-82, SIPCOT Industrial Park, Irungattukottai, Pennalur Post,  Shriperumbudur Taluk,  Kanchipuram District, Chennai – 602105, Tamilnadu, India.

 

 

Factory 18 :

ITALY

Endurance Fondalmec S.p.A.

(Casting Division)

Via Del Boschetto 2/43, 10100 Lombardore (TO), Italy.

Tel. No.:

39 011 9958756

Website:

http://www.fondalmec.it

 

 

Factory 19 :

GERMANY

Amann Druckguss GmbH

(Casting Division)

Massenbachhausen, Germany.

Website:

http://www.amann-druckguss.de

 

 

Wind Farms :

J-57, J-58, J-62, Village Badabagh, Tehsil and District Jaisalmar, Rajasthan – 345001

 

 

Branches :

74/B, Nariman Bhavan, 7th Floor, Nariman Point, Mumbai – 400021, Maharashtra, India

Tel. No. :

91-22-22813053/54

 

 

DIRECTORS

 

(AS ON 16.08.2010)

 

Name :

Mr. Naresh Chandra

Designation :

Chairman

Address :

Bhagwati Bhavan, 31-B, M. L. Dahanukar Marg, Mumbai - 400026, Maharashtra, India

Date of Birth/Age :

11.02.1935

Qualification :

B. E. [Mech.]

Date of Appointment :

27.12.1999

 

 

Name :

Mr. Anurag Jain

Designation :

Managing Director

Address :

Green Leaf, Manor Gat No-43-3-B,Kanchanwadi Opp.Walmi PaithanRoad,Aurangabad,Maharashtra-431035

Date of Birth/Age :

21.03.1962

Qualification :

MBA (Pittsburg)

Date of Appointment :

27.12.1999

 

 

Name :

Mr. Nainesh Jaisingh

Designation :

Director

Address :

Urvashi 3Floor Flat no 66 Jagmohandas Marg,Napmohandas Marg,Napeansea Road,Mumbai - 400006,Maharashtra,Ind

Date of Birth/Age :

24.04.1967

Date of Appointment :

17.08.2006

 

 

Name :

Mr. Srinivas Rajgopal

Designation :

Director

Address :

232, Buena Vista, General J. Bhosle Marg, Mumbai-400021, Maharashtra, India

Date of Birth/Age :

17.07.1935

Date of Appointment :

09.09.2006

 

 

Name :

Mr. Roberto Testore

Designation :

Director

Address :

Fante SRL, Corso Magneta 12 Milano 20123

Date of Birth/Age :

17.10.1952

Date of Appointment :

30.09.2008

Email :

Roberto.testore@industriaesviluppo.com

 

 

Name :

Mr. Soumendra Mohan Basu

Designation :

Director

Address :

22 D-2, Cape, Tower VII Hiland Park, 1925, Chak Garia, Kolkata – 700094, West Bengal, India

Date of Birth/Age :

19.11.1949

Date of Appointment :

16.08.2010

Email :

Basusoumen1401@gmail.com

 

 

Name :

Mr. Partho Sarothy Datta

Designation :

Director

Address :

19/2, Dover Road, Ballygunge, Kolkata – 700019, West Bengal, India

Date of Birth/Age :

08.12.1948

Date of Appointment :

16.08.2010

Email :

parthodatta@yahoo.com

 

 

KEY EXECUTIVES

 

Name :

Mr. Vivek Madhukar Achwal

Designation :

Company Secretary

Address :

C/O, Mr. S H Ghude, Plot No. 21, N5, South A1, CIDCO, Aurangabad-431003, Maharashtra, India

Date of Birth/Age :

28.08.1962

Date of Appointment :

01.06.2007

 

 

Name :

Mr. Ramesh Gehaney

Designation :

Sr. Vice President

Date of Birth/Age :

50 years

Qualification :

BE

Experience :

26 years

Date of Appointment :

23.07.2004

 

 

Name :

Mr. V. Subramanian

Designation :

Sr. Vice President

Date of Birth/Age :

57 year

Qualification :

BE, DBM

Experience :

31 years

Date of Appointment :

16.12.1993

 

 

Name :

Dr. Mohan Godse

Designation :

Vice President

Date of Birth/Age :

48 years

Qualification :

BE (Civil), ME, Ph. D. (Mech)

Experience :

19 years

Date of Appointment :

02.05.2007

 

 

Name :

Mr. S. K. Yogi

Designation :

Vice President

Date of Birth/Age :

43 years

Qualification :

BE, MBA (Marketing)

Experience :

23 years

Date of Appointment :

19.07.2007

 

 

Name :

Mr. Biswajit Choudhry

Designation :

Vice President

Date of Birth/Age :

51 years

Qualification :

B. Sc, BE, DMM

Experience :

28 years

Date of Appointment :

28.03.2001

 

 

Name :

Mr. Sunil Kolhe

Designation :

Vice President

Date of Birth/Age :

48 years

Qualification :

BE, DBM, DEIM

Experience :

27 years

Date of Appointment :

10.10.2006

 

 

Name :

Mr. Ramchandra Marlapalle

Designation :

Vice President

Date of Birth/Age :

52 years

Qualification :

LLB, MLS

Experience :

28 years

Date of Appointment :

01.01.1992

 

 

Name :

Mr. Anmolak Singh

Designation :

Vice President

Date of Birth/Age :

51 years

Qualification :

BE, PGCBM

Experience :

30 years

Date of Appointment :

25.09.2006

 

 

Name :

Mr. Sanjay Sanhai

Designation :

General Manager

Date of Birth/Age :

45 years

Qualification :

DME, GDMM, DBM, MMS

Experience :

23 years

Date of Appointment :

29.07.2000

 

 

Name :

Mr. Mukund Chaphekar

Designation :

General Manager

Date of Birth/Age :

54 years

Qualification :

M. Com, LLB, MPM

Experience :

34 years

Date of Appointment :

14.11.1998

 

 

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

 

(AS ON 16.08.2010)

 

Names of Shareholders

No. of Shares

(Equity)

 

 

Naresh Chandra

3310540

Suman Jain

3701100

Anurang Jain

7549970

Anurag Jain and Varsha Jain

187570

Naresh Chandra and Suman Jain

417130

Naresh Chandra HUF

4500

Anurag Jain HUF

50

Standard Chartered Private Equity (Mauritius) II Limited, Mauritius

1825900

 

 

Total

16996760

 

 

CONVERTIBLE PREFERENCE SHARES

 

Name of Shareholders

No of Shares

(Preference)

 

 

Standard Chartered Private Equity (Mauritius) II Limited, , Mauritius

40000000

                

 

Total

40000000

 

 

REDEEMABLE PREFERENCE SHARES

 

Name of Shareholders

No of Shares

(Preference)

 

 

Naresh Chandra

265000

Suman Jain

1360000

Naresh Chandra HUF

55000

 

 

Total

1680000

 

 

(AS ON 30.09.2010)

Category

Percentage

 

 

Foreign holdings [Foreign institutional investors, Foreign Companies, Foreign Financial Institutions, Non-resident Indian or Overseas corporate bodies or others]

10.74

Directors or relatives of directors

89.26

 

 

Total

100.00

 

 

BUSINESS DETAILS

 

Line of Business :

Manufacturer of Parts and Accessories for Motor Vehicles and their Engines.

 

 

Products :

ITC Code No.

Product Description

 

870897

Aluminium Die Casting Parts

870800, 870880

Shock Absorbers

871400

Disc Brake, Auto Components Parts

 

  • Casting
  • Suspension
  • Transmission
  • Braking

 

 

GENERAL INFORMATION

 

Suppliers :

·         Tata Steel Limited, India

·         Nippon Steel Company Limited, Japan

·         Max Steel GmbH, Germany

·         MMTC Limited, India

 

 

Customers :

·         Manufacturers

·         Wholesalers

·         Bajaj

·         Honda

·         Hundai

·         Tata Motors

·         Mahindra and Mahindra

·         Piaggio

·         Eicher

·         Tata

·         Nokia

·         OPEL

·         Bosch

·         Iveco

·         Siemens

·         Yamaha

 

 

No. of Employees :

2000 Approximately

 

 

Bankers :

·         Indian Overseas Bank,

Pune Contonment Branch, Wonderland, 7 M G Road, Pune – 411001, Maharashtra, India

 

·         IDBI Bank Limited

IDBI Tower, Worli Trade Complex, Cuffe Parader, Mumbai – 400005, Maharashtra, India

 

·         Indian Overseas Bank,

Aurangabad, Maharashtra, India

 

·         Bank of India

Pune Corporation Banking Branch, 1162/6, University Road, Shivaji Nagar, Pune-411005, Maharashtra, India

 

·         Corporation Bank

Industrial Finance Branch, 14, Wakdewadi, Mumbai-411003, Maharashtra, India

 

·         Standard Chartered Bank,

90, M G Road, Fort, Mumbai-400001, Maharashtra, India

 

·         Bank of In Consortium

Pune Corporate Banking Branch, 1162/6, University Road, Shivaji      Nagar, Pune-411005, Maharashtra, India.

 

·         Bank of Maharashtra

·         Citi Bank N. V. 

·         HDFC Bank Limited

·         ICICI Bank Limited

·         Punjab National Bank

 

 

Facilities :

Secured Loans

 

31.03.2010

Rs. In Millions

Term Loans

(Including Foreign currency term loan)

 

Cash Credits, Working Capital Demand Loans and Buyers credit

(Including Foreign currency term loan)

 

Interest Accrued and due on Term Loans

 

Other Loan and Advances

Term Loan: from IREDAL

Term Loan: against Keyman Insurance Policy

 

Interests Free Loan from Customer

5313.220

 

 

659.190

 

 

 

4.870

 

 

14.030

18.400

 

7.950

 

TOTAL

6017.660

 

 

Unsecured Loans

 

31.03.2010

Rs. In Millions

Loan from Directors and shareholders

Short term loans and advances

a) From Banks

Bills Discounted with banks

Overdraft in current account

b) From Others

Loans from public limited company

Interest free loan under sales tax deferral scheme

--

 

 

878.200

--

 

387.640

821.670

 

TOTAL

2087.510

 

 

 

Banking Relations :

--

 

 

Auditors :

 

Name :

Deloitte Haskins and Sells

Chartered Accountant

Address :

706, B Wing, 7th Floor, ICC Trade Tower, International Convention Center, Senapati Bapat Road, Pune - 411016, Maharashtra, India

 

 

Joint Venture :

·         Endurance Magneti Marelli Shock Absorbers (India) Private Limited

 

 

Associates :

·         Paioli Meccania SPA, (In the Previous Year ended 31st March 2009)

 

 

Subsidiaries :

·         High Technology Transmission Systems [India] Private Limited 

CIN No.: U34300MH2002PTC134738

 

·         Endurance Magneti Marelli Shock Absorbers (India) Private Limited

CIN No.: U74900PN2008PTC132425

 

·         Amann Druckguess GmbH (Germany)

·         Endurance Overseas S.R.L (Italy) 

·         Endurance Fondalmec Spa

·         Endurance Holding GmbH (formerly Mainsee 493 V.V.GmbH (Direct Subsidiary)

·         Nouva Renopress S.p.A, Italy (Indirect Subsidiary, in the Previous year ended 31st March 2009)

·         Endurance Fondalmec Officine Meccaniche S.p.A, Italy (Indirect Subsidiary)

·         Endurance Far East Limited, Thailand (Direct Subsidiary)

 

 

CAPITAL STRUCTURE

 

(AS ON 16.08.2010)

 

Authorised Capital :

No. of Shares

Type

Value

Amount

 

 

 

 

22500000

Equity Shares

Rs.10/ each

Rs.225.000 Millions

48000000

Compulsorily Convertible Preference Shares

Rs.10/ each

Rs.480.000 Millions

2000000

Redeemable Preference Shares

Rs.10/ each

Rs.20.000 Millions

 

 

 

 

 

Total

 

Rs.725.000 Millions

 

Issued, Subscribed & Paid-up Capital :

No. of Shares

Type

Value

Amount

 

 

 

 

16996760

Equity Shares

Rs.10/ each

Rs.169.968 Millions

40000000

Compulsorily Convertible Preference Shares

Rs.10/ each

Rs.400.000 Millions

1680000

Redeemable Preference Shares

Rs.10/ each

Rs.16.800 Millions

 

 

 

 

 

Total

 

Rs.586.768 Millions

 

 

NOTE:

 

The above shares include 15,297,084 Equity shares of Rs.10 each allotted as fully paid up bonus share Issued in the ratio 9:1 by way of capitalization of securities premium

 

 

 

 

 

 

 

 

 

 

 

 

 

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

586.768

169.968

169.968

2] Share Application Money

0.000

0.000

0.000

3] Reserves & Surplus

3729.962

3213.049

2631.821

4] (Accumulated Losses)

0.000

0.000

0.000

NETWORTH

4316.730

3383.017

2801.789

LOAN FUNDS

 

 

 

1] Secured Loans

6017.659

7195.347

5957.296

2] Unsecured Loans

2087.512

1359.635

1627.474

TOTAL BORROWING

8105.171

8554.982

7584.770

DEFERRED TAX LIABILITIES

173.224

15.294

501.135

 

 

 

 

TOTAL

12595.125

11953.293

10887.694

 

 

 

 

APPLICATION OF FUNDS

 

 

 

 

 

 

 

FIXED ASSETS [Net Block]

8532.008

9352.193

5647.507

Capital work-in-progress

259.250

210.485

368.643

 

 

 

 

INVESTMENT

2823.362

2372.238

2804.174

DEFERREX TAX ASSETS

0.000

0.000

0.000

 

 

 

 

CURRENT ASSETS, LOANS & ADVANCES

 

 

 

 

Inventories
1035.599

762.792

863.101

 

Sundry Debtors
2443.615

1256.559

1564.710

 

Cash & Bank Balances
433.273

423.047

516.030

 

Other Current Assets
5.905

7.679

6.928

 

Loans & Advances
804.055

592.433

797.175

Total Current Assets
4722.447

3042.510

3747.944

Less : CURRENT LIABILITIES & PROVISIONS
 

 

 

 

Sundry Creditor
2763.040

2126.580

1241.720

 

Other Current Liabilities
735.375

690.420

160.719

 

Provisions
243.527

207.389

278.135

Total Current Liabilities
3741.942

3024.133

1680.574

Net Current Assets
980.505

18.377

2067.370

 

 

 

 

MISCELLANEOUS EXPENSES

0.000

0.000

0.000

 

 

 

 

TOTAL

12595.125

11953.293

10887.694

 

 

 

PROFIT & LOSS ACCOUNT

 

 

PARTICULARS

 

31.03.2010

31.03.2009

31.03.2008

 

SALES

 

 

 

 

 

Income

15742.490

14324.200

12546.880

 

 

Other Income

583.000

431.860

620.030

 

 

TOTAL                                     (A)

16325.490

14756.060

13166.910

 

 

 

 

 

Less

EXPENSES

 

 

 

 

Materials Cost

9722.050

9794.380

 

 

 

Employees Cost

752.290

771.240

12264.360

 

 

Other Expenses

3170.290

2571.720

 

 

 

Extra Ordinary Items

56.450

0.000

 

 

 

TOTAL                                     (B)

13701.080

13137.340

12264.360

 

 

 

 

 

Less

PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B)      (C)

2624.410

1608.720

902.550

 

 

 

 

 

Less

FINANCIAL EXPENSES                         (D)

677.430

672.210

480.800

 

 

 

 

 

 

PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D)                                       (E)

1946.980

936.510

421.750

 

 

 

 

 

Less/ Add

DEPRECIATION/ AMORTISATION                     (F)

1107.570

1012.670

730.570

 

 

 

 

 

 

PROFIT BEFORE TAX (E-F)                               (G)

839.410

(66.160)

(308.820)

 

 

 

 

 

Less

TAX                                                                  (H)

307.910

(353.010)

(27.970)

 

 

 

 

 

 

PROFIT AFTER TAX (G-H)                                (I)

531.500

286.850

(280.850)

 

 

 

 

 

Add

PREVIOUS YEARS’ BALANCE BROUGHT FORWARD

793.560

200.570

--

 

 

 

 

 

Add

Acquired under the scheme of arrangement

0.000

306.180

--

 

 

 

 

 

Less

APPROPRIATIONS

 

 

 

 

 

Transfer to General Reserve

--

--

--

 

 

Dividend on Preference Shares

12.470

--

--

 

 

Dividend Tax on Preference Shares

2.120

--

--

 

BALANCE CARRIED TO THE B/S

1310.470

793.560

--

 

 

 

 

 

 

EARNINGS IN FOREIGN CURRENCY

 

 

 

 

 

Export Earnings

234.120

453.77

98.530

 

 

Other Earnings

0.000

0.25

0.000

 

TOTAL EARNINGS

234.120

454.02

98.530

 

 

 

 

 

 

IMPORTS

 

 

 

 

 

Raw Materials

934.000

796.42

1178.660

 

 

Stores & Spares

29.770

29.11

22.330

 

 

Capital Goods

9.300

209.51

446.670

 

TOTAL IMPORTS

973.070

1035.040

1647.660

 

 

 

 

 

 

Earnings Per Share (Rs.)

30.41

16.88

--

 

 

KEY RATIOS

 

PARTICULARS

 

 

31.03.2010

31.03.2009

31.03.2008

PAT / Total Income

(%)
3.26

1.94

(2.13)

 

 
 

 

 

Net Profit Margin

(PBT/Sales)

(%)
5.33

(0.46)

(2.46)

 

 
 

 

 

Return on Total Assets

(PBT/Total Assets}

(%)
6.33

(0.53)

(3.29)

 

 
 

 

 

Return on Investment (ROI)

(PBT/Networth)

 
0.19

(0.02)

(0.11)

 

 
 

 

 

Debt Equity Ratio

(Total Liability/Networth)

 
2.74

3.42

3.31

 

 
 

 

 

Current Ratio

(Current Asset/Current Liability)

 
1.26

1.01

2.23

 

 

LOCAL AGENCY FURTHER INFORMATION

 

CONVERSION OF COMPANY TO PUBLIC LIMITED COMPANY

 

The shareholders of the Company in the Extraordinary General Meeting held on 28th June, 2010 passed necessary Special Resolutions for conversion of Endurance Technologies Private Limited to a Public Limited Company, for change of name from Endurance Technologies Private Limited to Endurance Technologies Limited, by deleting the word ‘Private’ and for alteration of Articles of Association. Accordingly, with effect from 28th June, 2010, Endurance Technologies Private Limited ceased to be a private limited company. The Registrar of Companies, Maharashtra, Mumbai has issued a fresh certificate of incorporation dated 9th July, 2010. The change of name of the Company to Endurance Technologies Limited has become effective from 9th July, 2010.

 

It is pertinent to note that as the financial year of the Company ended on 31st March, 2010, the annual accounts, schedules thereto and Notes to the Accounts etc. pertained to Endurance Technologies Private Limited as a private limited company.

 

 

PERFORMANCE OF MARKETS DURING FINANCIAL YEAR 2009-10

 

During the financial year 2009-10, India achieved GDP growth rate between 7.2% to 7.5%.During the said fiscal, 10,511,415 two-wheelers (Domestic + Exports) were sold as compared to 8,441,793 two-wheelers for the year ended 31st

March, 2009. The two-wheeler market witnessed a robust growth in volume of 24%. Motorcycles accounted for over 80% of total two-wheeler sales.

 

During the said fiscal 613,650 three-wheelers (Domestic + Exports) were sold, as compared to 497,793 three-wheelers for the year ended 31st March, 2009, witnessing a growth of 23%.

 

During the said fiscal, 2,395,922 passenger vehicles (Domestic + Exports) were sold as compared to 1,888,432 passenger vehicles for the year ended 31st March, 2009, witnessing a growth of about 27%.

 

 

Contingent Liabilities not provided for in respect of : (Rs. In Millions)

 

 

Particulars

31.03.2010

31.03.2009

 

 

 

 

Outstanding Letters of Credit

582.520

607.040

Grantees Given By Company's Bankers

101.590

587.520

SBLC Given to ICICI Bank for EOSRL

402.310

582.990

Corporate Guarantee given to Bank of India, London for the loan taken by Amann Druckguss GMBH.

601.030

671.120

Corporate Guarantee given to Andhra Bank for the loan taken

By EMM

110.000

--

SBLC given to Bank of India, London for the working capital loan taken by Amann Druckguss GMBH.

--

67.790

Disputed Excise Demand

57.280

5.310

Claims by suppliers under dispute

0.450

0.450

Service Tax Matters

3.130

4.760

Sales Tax Matters

0.040

0.320

 

 

trade references:-

 

·         Bajaj

·         Hindustan Motors Limited

·         Tata Motors Limited

·         Yamaha

·         Ford [India] Limited

·         Hyundai Motors [India] Limited

·         Fiat

·         LML

·         Mahindra and Mahindra Limited

·         Mico

·         The Royal Enfield

 

 

FORM 8

 

This form is for

Creation of charge

Corporate identity number of the company

U34102MH1999PTC123296

Name of the company

Endurance Technologies Limited

Address of the registered office or of the principal place of  business in India of the company

K-228, MIDC Industrial Area, Waluj, Aurangabad  -431136, Maharashtra, India

vmachwal@endurance.co.in

Type of charge

Movable Property

Particular of charge holder

Indian Overseas Bank

Pune Cantonment Branch, Wonderland, 7 M G Road, Pune – 411001, Maharashtra, India

IOB@gmail.com

Nature of description of the instrument creating or modifying the charge

Letter of Hypothecation

Date of instrument Creating the charge

19.07.2010

Amount secured by the charge

Rs.43.836 Millions

Brief particulars of the principal terms an conditions and extent and operation of the charge

Rate of Interest

Not applicable being Letter of Credit

 

Terms of Repayment

Not applicable being Letter of Credit

 

Margin

Not applicable being Letter of Credit

 

Extent and Operation of the charge

All present and future Machineries/ Goods of Pant Nagar plant whether fixed or lying loose in addition  to the machinery/ goods procured under the said Capital goods LC and mentioned in the Schedule or by way of substitution for and in lieu of any machineries / goods which may from time to time be replaced or stored are charged to secure  all monies for the time being owing by the borrowers to the bank and for the balance due to bank at any time or ultimately under the said credit facilities.

 

Short particulars of the property charged

Hypothecation of Machineries procured under the Capital Goods Letter of Credit including Machineries in transit

 

All present and future machineries / goods which are fixed or lying loose in premises of Plot No.3, Sector 10, IIE Pant Nagar, Udhamsingh Nagar , Uttaranchal.

 

 

 

 

 

 

Fixed AssetS:

 

·         Leasehold land

·         Freehold Land

·         Buildings

·         Plant and machinery

·         Wind energy generators

·         Factory equipments

·         Electrical installation

·         Computer

·         Dies

·         Electrical Fittings

·         Vehicles

·         Furniture and fixture

·         Office equipments

 

 

As Per Website

 

PROFILE:

 

Subject was established in 1985 as Anurang Engineering Company Private Limited to manufacture Aluminium Die Casting products at Aurangabad, Maharashtra (India). The Endurance Group is a global force in Aluminium Casting (including Alloy Wheel), Suspension, Transmission and Braking products with an annual sale revenue of US$ 375 Million (INR. 17580.000 millions) from domestic operations and approx. US$ 138 Million (INR. 6500.000 millions) from overseas operations for the year 2009-2010. Endurance Group has 19 Plants across India, Italy and Germany.

 
Subject is a name that spells strength and the will to perform. There Core business is focused on becoming the component partner of choice for leading Automobile Manufacturers. Assisted by a strict quality regime, interaction with customers and an eye on emerging needs, they have carved a niche to cater to some of the world's leading Automotive Manufacturers.

 
On the strength of there experience and the depth of there Technological Expertise, they have now geared up to launch there selves on the high growth global circuit.

 

 

MILESTONES:   

 

2008

·         'Technical Assistance Agreement' with TEKSID ALUMINIUM S.R.L., Italy, for manufacture of 'Aluminium Cylinder Head' castings by Gravity Die Casting process.

·         'Technical Assistance Agreement' with WP Suspension (subsidiary of KTM).

·         Joint venture with Magneti Marelli Holdings S.p.A. for manufacture of four-wheeler suspension products in India.

2007

·         Three New Plants in Uttarakhand for Proprietary and Casting (N. E. India).

·         Casting Plant at Chennai (South India).

·         Acquisition of 51% stake in Fondalmec S.p.A. Italy.

2006

·         The Machining of High Pressure Die Casting components was started at Aurangabad, Maharashtra.

·         The production of Brake Shoe was commenced at Aurangabad, Maharashtra.

·         An Alloy Wheel Plant was started at Pune, Maharashtra.

·         Endurance Technologies Private Limited was formed from the merger of two group companies Anurang Engineering Company Private Limited and Endurance Transmission Systems (India) Private Limited

·         The acquisition of majority equity stake in a leading Aluminium Pressure Die Casting and Machining Company at Italy (Nuova Renopress SpA, Bologna, Italy).

·         Acquired 40% equity stake in Paioli Mechanica S. R. L., Italy.

·         Endurance has acquired 100% of the Equity Stake in Amann Druckguss GmbH and Co KG, Germany, an Aluminium Die Casting Manufacturer.

2005

·         A High Pressure Die Casting Plant was started at Manesar, Haryana.

·         Clutch Assembly, High Pressure Die Casting and Suspension Plants were started at Pune, Maharashtra.

·         Tool Room and Paint Shop activities were started at Aurangabad, Maharashtra.

·         TS 16949 certification was awarded to the Endurance Group.

2004

·         TPM Kickoff in Suspension Plant.

·         The production of Disc Brake Assemblies and CVTs were started at Aurangabad, Maharashtra.

·         The production of Low Pressure/Gravity Die Castings were started at Aurangabad, Maharashtra.

·         R and D Center for Transmission was started at Aurangabad, Maharashtra.

2003

·         The Machining and Painting of High Pressure Die Casting Components were started at Pune, Maharashtra.

2002

·         TPM activities were started in the High Pressure Die Casting, Shock Absorber and Front Fork Plants.

·         R and D center for Suspension components was started at Aurangabad, Maharashtra.

2001

·         The Aluminium Die Casting, Shock Absorber and Front Fork Plants were awarded the QS 9000 and ISO 9001 certifications.

1999

·         The production of Clutch Assemblies and Friction plates were started.

1998

·         The Aluminium Die Casting, Shock Absorber and Front Fork Plants were awarded the ISO 9002 Certification.

1997

·         The Production of Front Forks was started at Aurangabad, Maharashtra.

1996

·         A Shock Absorber Plant was started at Aurangabad, Maharashtra.

·         A High Pressure Die Casting Plant and Tool Room was started at Takve, Pune, Maharashtra.

1985

·         The Endurance journey commenced with a High Pressure Die Casting Plant at Aurangabad, Maharashtra under the name Anurang Engineering Company Private Limited

 

 

CMT REPORT (Corruption, Money Laundering & Terrorism]

 

The Public Notice information has been collected from various sources including but not limited to: The Courts, India Prisons Service, Interpol, etc.

 

1]         INFORMATION ON DESIGNATED PARTY

No records exist designating subject or any of its beneficial owners, controlling shareholders or senior officers as terrorist or terrorist organization or whom notice had been received that all financial transactions involving their assets have been blocked or convicted, found guilty or against whom a judgement or order had been entered in a proceedings for violating money-laundering, anti-corruption or bribery or international economic or anti-terrorism sanction laws or whose assets were seized, blocked, frozen or ordered forfeited for violation of money laundering or international anti-terrorism laws.

 

2]         Court Declaration :

No records exist to suggest that subject is or was the subject of any formal or informal allegations, prosecutions or other official proceeding for making any prohibited payments or other improper payments to government officials for engaging in prohibited transactions or with designated parties.

 

3]         Asset Declaration :

No records exist to suggest that the property or assets of the subject are derived from criminal conduct or a prohibited transaction.

 

4]         Record on Financial Crime :

            Charges or conviction registered against subject:                                                  None

 

5]         Records on Violation of Anti-Corruption Laws :

            Charges or investigation registered against subject:                                                          None

 

6]         Records on Int’l Anti-Money Laundering Laws/Standards :

            Charges or investigation registered against subject:                                                          None

 

7]         Criminal Records

No available information exist that suggest that subject or any of its principals have been formally charged or convicted by a competent governmental authority for any financial crime or under any formal investigation by a competent government authority for any violation of anti-corruption laws or international anti-money laundering laws or standard.

 

8]         Affiliation with Government :

No record exists to suggest that any director or indirect owners, controlling shareholders, director, officer or employee of the company is a government official or a family member or close business associate of a Government official.

 

9]         Compensation Package :

Our market survey revealed that the amount of compensation sought by the subject is fair and reasonable and comparable to compensation paid to others for similar services.

 

10]        Press Report :

            No press reports / filings exists on the subject.

 

 

 

 

CORPORATE GOVERNANCE

 

MIRA INFORM as part of its Due Diligence do provide comments on Corporate Governance to identify management and governance. These factors often have been predictive and in some cases have created vulnerabilities to credit deterioration.

 

Our Governance Assessment focuses principally on the interactions between a company’s management, its Board of Directors, Shareholders and other financial stakeholders.

 

 

CONTRAVENTION

 

Subject is not known to have contravened any existing local laws, regulations or policies that prohibit, restrict or otherwise affect the terms and conditions that could be included in the agreement with the subject.

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.45.21

UK Pound

1

Rs.74.31

Euro

1

Rs.64.40

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

SCORE & RATING EXPLANATIONS

 

SCORE FACTORS

 

RANGE

POINTS

HISTORY

1~10

5

PAID-UP CAPITAL

1~10

5

OPERATING SCALE

1~10

5

FINANCIAL CONDITION

 

 

--BUSINESS SCALE

1~10

5

--PROFITABILIRY

1~10

5

--LIQUIDITY

1~10

5

--LEVERAGE

1~10

5

--RESERVES

1~10

5

--CREDIT LINES

1~10

5

--MARGINS

-5~5

--

DEMERIT POINTS

 

 

--BANK CHARGES

YES/NO

YES

--LITIGATION

YES/NO

NO

--OTHER ADVERSE INFORMATION

YES/NO

NO

MERIT POINTS

 

 

--SOLE DISTRIBUTORSHIP

YES/NO

NO

--EXPORT ACTIVITIES

YES/NO

YES

--AFFILIATION

YES/NO

YES

--LISTED

YES/NO

NO

--OTHER MERIT FACTORS

YES/NO

YES

TOTAL

 

45

 

This score serves as a reference to assess SC’s credit risk and to set the amount of credit to be extended. It is calculated from a composite of weighted scores obtained from each of the major sections of this report. The assessed factors and their relative weights (as indicated through %) are as follows:

 

Financial condition (40%)            Ownership background (20%)                 Payment record (10%)

Credit history (10%)                    Market trend (10%)                                Operational size (10%)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

RATING EXPLANATIONS

 

 

RATING

STATUS

 

 

PROPOSED CREDIT LINE

>86

Aaa

Possesses an extremely sound financial base with the strongest capability for timely payment of interest and principal sums

 

Unlimited

71-85

Aa

Possesses adequate working capital. No caution needed for credit transaction. It has above average (strong) capability for payment of interest and principal sums

 

Large

56-70

A

Financial & operational base are regarded healthy. General unfavourable factors will not cause fatal effect. Satisfactory capability for payment of interest and principal sums

 

Fairly Large

41-55

Ba

Overall operation is considered normal. Capable to meet normal commitments.

 

Satisfactory

26-40

B

Capability to overcome financial difficulties seems comparatively below average.

 

Small

11-25

Ca

Adverse factors are apparent. Repayment of interest and principal sums in default or expected to be in default upon maturity

 

Limited with full security

<10

C

Absolute credit risk exists. Caution needed to be exercised

 

 

Credit not recommended

-

NB

                                       New Business

-

 

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.