MIRA
INFORM REPORT
|
Report Date : |
01.08.2012 |
IDENTIFICATION DETAILS
|
Name : |
J K |
|
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Registered
Office : |
7, |
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Country : |
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Financials (as
on) : |
31.03.2012 |
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Date of
Incorporation : |
14.02.1951 |
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Com. Reg. No.: |
21-019430 |
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Capital
Investment / Paid-up Capital : |
Rs.410.600 Millions |
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CIN No.: [Company Identification
No.] |
L67120WB1951PLC019430 |
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|
TAN No.: [Tax Deduction & Collection
Account No.] |
JDHJ01475F /
CALJ01643F |
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PAN No.: [Permanent Account No.] |
AAACJ6716P |
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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
: |
Manufacturing of
Automotive Tyres, Tubes and Flaps, Pharmaceuticals and Cane Sugar. |
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No. of Employees
: |
4000
[Approximately] |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (50) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 27000000 |
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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 a well established and reputed company having good track.
Directors are reported to be experienced and respectable businessman. There
appears sharp dip in the profitability of the company. However, trade
relations are reported as fair. Business is active. Payments are reported to
be regular and as per commitments. The company can be considered for normal 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 – June 30, 2012
|
Country Name |
Previous Rating (31.03.2012) |
Current Rating (30.06.2012) |
|
India |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
EXTERNAL AGENCY RATING
|
Rating Agency Name |
CARE |
|
Rating |
(LONG TERM) CARE A - |
|
Rating Explanation |
Having adequate degree of safety regarding timely servicing of
financial obligation it carry low credit risk. |
|
Date |
January, 2012 |
|
Rating Agency Name |
CARE |
|
Rating |
(SHORT TERM) CARE A2+ |
|
Rating Explanation |
It is having strong degree of safety regarding timely payment of
financial obligation it carry low credit risk. |
|
Date |
January, 2012 |
RBI DEFAILTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available RBI Defaulters’ list.
EPF (Employee Provident Fund) DEFAILTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of
31-03-2012.
LOCATIONS
|
Registered
Office : |
7, |
|
Tel. No.: |
91-33-22484198 /
22486181 |
|
Fax No.: |
91-33-22481641 |
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E-Mail : |
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|
Website : |
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Administrative/
Head Office : |
‘Link House’, 3,
Bahadur Shah Zafar Marg, |
|
Tel. No.: |
91-11-23311112-7 |
|
Fax No.: |
91-11-23322059/
23716205 |
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Plants
Locations : |
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Branch Office
: |
3/Fl, Gulab
Bhavan, 3 Bahadur Shah Jafar Marg, |
DIRECTORS
As on 31.03.2012
|
Name : |
Mr. Hari Shankar Singhania
|
|
Designation : |
Chairman |
|
Qualification : |
B.Sc., F. Inst. D. ( |
|
Date of Joining : |
25/03/1974 |
|
Other Directorships : |
|
|
|
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|
Name : |
Dr. Raghupati
Singhania |
|
Designation : |
Vice Chairman and
Managing Director |
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|
Name : |
Mr. Bharat Hari
Singhania |
|
Designation : |
Managing Director |
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|
Name : |
Mr. Arvind Singh
Mewar |
|
Designation : |
Director |
|
Qualification
: |
B. A. (English
Literature, Economics and Political Science), Hotel Management Ctheirse (U.K) |
|
Date of
Joining : |
07/04/1975 |
|
Other
Directorships : |
|
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|
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|
Name : |
Mr. Bakul Jain |
|
Designation : |
Director |
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|
Name : |
Mr. |
|
Designation : |
Director |
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|
|
Name : |
Mr. Kalpataru
Tripathy |
|
Designation : |
Director |
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|
|
|
Name : |
Mr. Vikrampati
Singhania |
|
Designation : |
Deputy Managing
Director |
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|
|
|
Name : |
Mr. Swaroop Chand
Sethi |
|
Designation : |
Whole Time
Director |
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|
|
|
Name : |
Mr. Arun K.
Bajoria |
|
Designation : |
President and
Director |
KEY EXECUTIVES
|
Name : |
Mr. P. K. Rustagi |
|
Designation : |
Vice President (legal) and Company Secretary |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
(AS ON 30.06.2012)
|
Names of Shareholders |
No.
of Shares |
Percentage
of Holding |
|
(A) Shareholding of Promoter
and Promoter Group |
|
|
|
|
|
|
|
|
715161 |
1.74 |
|
|
18724320 |
45.60 |
|
|
19439481 |
47.34 |
|
|
|
|
|
Total shareholding of Promoter
and Promoter Group (A) |
19439481 |
47.34 |
|
(B) Public Shareholding |
|
|
|
|
|
|
|
|
157562 |
0.38 |
|
|
37233 |
0.09 |
|
|
285520 |
0.70 |
|
|
1903294 |
4.64 |
|
|
2102297 |
5.12 |
|
|
4485906 |
10.93 |
|
|
|
|
|
|
4416695 |
10.76 |
|
|
|
|
|
|
5463900 |
13.31 |
|
|
1786996 |
4.35 |
|
|
5466368 |
13.31 |
|
|
139551 |
0.34 |
|
|
1300 |
0.00 |
|
|
1833681 |
4.47 |
|
|
3487500 |
8.49 |
|
|
100 |
0.00 |
|
|
4236 |
0.01 |
|
|
17133959 |
41.73 |
|
Total Public shareholding (B) |
21619865 |
52.66 |
|
Total (A)+(B) |
41059346 |
100.00 |
|
(C)
Shares held by Custodians and against which Depository Receipts have been
issued |
-- |
-- |
|
(1)
Promoter and Promoter Group |
-- |
-- |
|
(2)
Public |
-- |
-- |
|
Sub Total |
-- |
-- |
|
Total
(A)+(B)+(C) |
41059346 |
-- |
BUSINESS DETAILS
|
Line of Business : |
Manufacturing of
Automotive Tyres, Tubes and Flaps, Pharmaceuticals and Cane Sugar. |
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Products : |
|
PRODUCTION STATUS (AS ON 31.03.2011)
|
PARTICULARS |
UNITS |
INSTALLED CAPACITY PER ANNUM |
PRODUCTION |
|
QTY. |
QTY. |
||
|
Automobile
Tyres |
Lac
Nos. |
98.61 |
85.98 |
|
Automobile Tubes |
Lac Nos. |
13.82 |
54.62 |
|
Automobile Flaps |
Lac
Nos. |
-- |
24.47 |
GENERAL INFORMATION
|
No. of Employees : |
4000 [Approximately] |
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Bankers : |
§
Bank of §
Corporation Bank §
IDBI Bank Limited §
Indian Bank §
Punjab National Bank §
State Bank of §
State Bank of §
State Bank of §
Syndicate Bank §
The Federal Bank Limited §
UCO Bank |
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Facilities : |
NOTES: 1 (a) 27353 Zero Coupon
Non-Convertible Debentures (ZCNCDs) of ? 10,000 each issued to a Bank,
outstanding as on 31.03.2012 - Nil, were secured by first pari passu charge
created on the specified property of Gujarat and movable and immovable properties of Company's Plants in
Karnataka, both present and future. These debentures were redeemable at premium based on a YTM of
13.75% p.a upto 30.06.2005 and a YTM of 9% p.a. w.e.f. 01.07.2005 with
quarterly rests in five instalments at the end of 3 to 7 years from the
respective dates of payment of allotment money / call money. (b) 9057 Zero
Coupon Non-Convertible Debentures (ZCNCDs) of ? 10,000 each issued to
Financial Institutions, outstanding as on 31.03.2012 - Nil, were secured by
first pari passu charge created on the specified property of Gujarat and
movable and immovable properties of Company's Plants in Karnataka, both
present and future. 2656 ZCNCDs were redeemable at premium based on a YTM of
13.75% p.a. and 6401 ZCNCDs were redeemable at premium based on a YTM of
13.75% p.a. reduced to a YTM of 9% p.a. w.e.f. various dates during January,
2006 to March, 2006 with quarterly rests in five instalments at the end of 3
to 7 years from the respective dates of payment of allotment money / call
money. 2. Term Loan of Rs.400.000 Millions from
a Bank, secured by a first pari passu charge created on movable and immovable
properties of Company's Plant in Madhya Pradesh, both present and future is
repayable in 28 equal quarterly instalments commencing from 01.08.2012. 3. Term Loans from Banks outstanding as
at 31.03.2012 - Nil, were secured by a first pari passu charge created on
movable and immovable properties of the Company's Plants in Rajasthan, Madhya
Pradesh and Karnataka, both present and future. 4. Term Loans aggregating Rs.1469.900
Millions from Banks are secured by a first pari passu charge created on
movable and immovable properties at a Company's Plant in Karnataka, both
present and future and also secured by way of hypothecation created / to be
created on the specified movable assets at Company's Plants in Rajasthan,
Madhya Pradesh and Karnataka. Term Loan from one bank amounting to Rs.769.900
Millions is repayable in 24 equal quarterly instalments and from another bank
Rs.700.000 Millions is repayable in 21 equal quarterly instalments. 5. Term Loans aggregating Rs.600.000
Millions from Banks, secured by a first pari passu charge created / to be
created on movable and immovable properties at a Company's Plant in
Karnataka, both present and future are repayable in 36 equal quarterly
instalments commencing from 01.04.2014. 6. Term Loans aggregating Rs.4343.300
Millions from Banks and Foreign Currency Loan from a Financial Institution
amounting to Rs.942.900 Millions (including Rs.42.900 Millions for foreign exchange
fluctuation), secured by a first pari passu charge created on movable and
immovable properties at a Company's Plant in Tamilnadu, both present and
future are repayable in 36 equal quarterly instalments commencing from
01.04.2014. 7. Term Loan of Rs.52.500 Millions from a Bank, secured by
an exclusive charge by way of hypothecation of specified assets at Company's
Plants in Rajasthan, Madhya Pradesh and Karnataka is repayable in 3 equal
quarterly instalments. 8. Term Loan of Rs.0.500 Million from a Bank and Rs.1.300
Millions from a body corporate, secured by hypothecation of specified
vehicles are repayable in 8 and 30 equated monthly instalments respectively. 9. Term Loan of Rs.653.800 Millions from
a body corporate to be secured by way of hypothecation on the specified
assets at a Company's Plant in Karnataka is repayable in 32 equal quarterly
instalments. 10. Term Loans carrying first pari passu
charge on the movable and immovable properties, are subject to prior charge
of banks on stocks and book debts for working capital borrowings. 11. (a) Deferred Sales Tax aggregating
Rs.177.300 Millions from Madhya Pradesh State Industrial Development
Corporation Limited, secured
by first available charge on movable and immovable properties (created subject
to charges referred to in note 2, 3, 4 & 7 on movable and immovable
properties of Company's Plant in Madhya Pradesh) is repayable as Rs.122.100
Millions in April 2012 and Rs.55.200 Millions in April 2013. (b) Deferred Sales Tax Loan aggregating Rs.Nil from
Government of Karnataka subordinated to loans from Financial Institutions, is
secured by a second charge on immovable properties of the Company's Plant in
Karnataka. 12. Unsecured Deferred Sales Tax Rs.1215.100 Millions. is repayable
in 5 equal annual instalments commencing from January 2013. 13. Fixed
Deposits of Rs.202.500 Millions, Rs.148.600 Millions and Rs.75.500 Millions
(aggregating Rs.426.600 Millions) are due for repayment in 2012-2013,
2013-2014 and 2014-2015 respectively. 14. Unsecured loan from a bank amounting to
Rs.500.000 Millions is repayable during January 2014. |
|
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|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
Lodha and Company Chartered
Accountants |
|
|
|
|
Memberships : |
Confederation of
Indian Industry |
|
|
|
|
Associates : |
§ Hari Shankar Singhania Elastomer and Tyre Research Institute (HASETRI) §
Valiant Pacific LLC. (VPL) |
|
|
|
|
|
§
JK Lakshmi Cement Limited.
(JKLC) § Fenner India Limited. (FIL) (w.e.f. 01.06.2010) |
|
|
|
|
Subsidiaries : |
§
J. K. International Limited §
J. K. Asia Pacific Limited §
J. K. Asia Pacific (S) Pte. Limited
(Subs. of J. K. Asia Pacific Limited) §
Lankros Holdings Limited §
Sarvi Holdings Switzerland AG. (Subs.
of Lankros Holdings Limited) §
JK Tornel, S.A. De C.V. - (JKTSA - Subs. of Sarvi
Holdings Switzerland AG.) §
Comercializadora América Universal, S.A. De C.V.* §
Compañía Hulera Tacuba, S.A. De C.V.* §
Compañía Hulera Tornel, S.A. De C.V. (CHT)* §
Compañía Inmobiliaria Norida, S.A. De C.V.* §
General de Inmuebles Industriales, S.A. De C.V.* §
§
Hules y Note: *Subsidiary of
JKTSA |
CAPITAL STRUCTURE
As on 31.03.2012
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
125,000,000 |
Equity shares |
Rs.10/- each |
Rs.1250.000 Millions |
|
700,000 |
14% Cumulative Redeemable Preference Shares |
Rs.100/- each |
Rs. 70.000 Millions |
|
4,800,000 |
Preference Shares |
Rs.100/- each |
Rs. 480.000 Millions |
|
|
|
|
|
|
|
Total |
|
Rs. 1800.000
Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
41,059,346 |
Equity shares |
Rs.10/- each |
Rs.410.600
Millions |
|
|
|
|
|
Note:
|
Details of each
shareholder holding more than 5% shares: |
No. of Shares held As at 31.03.2012 |
|
|
|
|
Name of Shareholder |
|
|
|
|
|
Bengal & Assam Company Limited |
85,89,250 |
|
Fenner India Limited |
36,00,000 |
|
JK Agri Genetics Limited |
60,34,070 |
|
Edgefield Securities Limited |
34,87,500 |
|
|
|
|
Reconciliation of
the number of shares outstanding: |
As at 31.03.2012 |
|
|
|
|
Shares outstanding as at the beginning of the year |
4,10,59,346 |
|
Addition during the year |
- |
|
Deletion during the year |
- |
|
Shares outstanding as at the end of the year |
4,10,59,346 |
FINANCIAL DATA
[all figures are in
Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
410.600 |
410.600 |
410.600 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
6295.400 |
6736.600 |
6523.600 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
6706.000 |
7147.200 |
6934.200 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
13966.900 |
7586.800 |
4333.300 |
|
|
2] Unsecured Loans |
2813.500 |
5593.500 |
4268.500 |
|
|
TOTAL BORROWING |
16780.400 |
13180.300 |
8601.800 |
|
|
DEFERRED TAX LIABILITIES |
1475.600 |
1448.600 |
1391.000 |
|
|
|
|
|
|
|
|
TOTAL |
24962.000 |
21776.100 |
16927.000 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
14431.900 |
14163.100 |
13527.700 |
|
|
Capital work-in-progress |
7492.000 |
2878.800 |
1320.200 |
|
|
|
|
|
|
|
|
INVESTMENT |
1008.900 |
935.600 |
902.400 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
6615.400
|
|
|
|
|
Sundry Debtors |
8673.600
|
14883.100
|
10107.200
|
|
|
Cash & Bank Balances |
784.200
|
|
|
|
|
Other Current assets |
881.800
|
|
|
|
|
Loans & Advances |
3396.700
|
2381.900
|
2019.500
|
|
Total
Current Assets |
20351.700
|
17265.000
|
12126.700
|
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditor |
10301.700
|
6629.600
|
6483.700
|
|
|
Other Current Liabilities |
6968.100
|
5795.300
|
3395.700
|
|
|
Provisions |
1052.700
|
1041.500
|
1070.600
|
|
Total
Current Liabilities |
18322.500
|
13466.400
|
10950.000
|
|
|
Net Current Assets |
2029.200
|
3798.600
|
1176.700
|
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
24962.000 |
21776.100 |
16927.000 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
56437.100 |
48109.200 |
36777.000 |
|
|
|
Other Income |
35.000 |
208.600 |
147.200 |
|
|
|
TOTAL (A) |
56472.100 |
48317.800 |
36924.200 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Material and Manufacturing |
0.000 |
39891.300 |
25540.200 |
|
|
|
Cost of Material consumed |
41085.900 |
0.000 |
0.000 |
|
|
|
Purchase of Stock-in-Trade |
609.900 |
0.000 |
|
|
|
|
Employee Cost |
2948.000 |
2718.000 |
2539.800 |
|
|
|
(Increase)/ Decrease in Finished Goods |
849.500 |
(1482.000) |
726.700 |
|
|
|
Freight and Transportation |
0.000 |
1117.300 |
946.400 |
|
|
|
Transfer from Capital Reserve |
0.000 |
(234.400) |
(234.700) |
|
|
|
Other Expenditure |
8149.100 |
3299.000 |
2968.200 |
|
|
|
Exceptional Item |
(16.700) |
|
|
|
|
|
TOTAL (B) |
53625.700 |
45309.200 |
32486.600 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
2846.400 |
3008.600 |
4437.600 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
1704.300 |
946.500 |
886.600 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
1142.100 |
2062.100 |
3551.000 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
1014.100 |
1145.400 |
1094.200 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
128.000 |
916.700 |
2456.800 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
18.000 |
303.500 |
822.100 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
110.000 |
613.200 |
1634.700 |
|
|
|
|
|
|
|
|
|
Less |
Tax Provision For Earlier Year |
NA |
0.000 |
2.900 |
|
|
|
|
|
|
|
|
|
Add |
Debenture
Redemption Reserve no Longer Required |
NA |
38.500 |
56.300 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
487.400 |
782.700 |
272.300 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Debenture Redemption Reserve |
NA |
3.800 |
10.100 |
|
|
|
General Reserve |
NA |
800.000 |
1000.000 |
|
|
|
Proposed Dividend |
NA |
123.200 |
143.700 |
|
|
|
Corporate Dividend Tax |
NA |
20.000 |
23.900 |
|
|
BALANCE CARRIED
TO THE B/S |
NA |
487.400 |
782.700 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
FOB Value of exports |
5902.900 |
4180.400 |
3572.300 |
|
|
|
Royalty |
45.200 |
37.400 |
42.000 |
|
|
|
Interest Income |
5.200 |
11.200 |
22.900 |
|
|
|
Others |
0.000 |
24.700 |
0.000 |
|
|
TOTAL EARNINGS |
5953.300 |
4253.700 |
3637.200 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
14000.000 |
8890.500 |
7525.100 |
|
|
|
Capital Goods |
2818.700 |
807.500 |
512.800 |
|
|
|
Spares |
50.600 |
39.800 |
39.100 |
|
|
TOTAL IMPORTS |
16869.300 |
9737.800 |
8077.000 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
2.68 |
14.93 |
39.74 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
PAT / Total Income |
(%) |
0.19
|
1.27
|
4.43
|
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
0.23
|
1.90
|
6.68
|
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
0.37
|
2.92
|
9.58
|
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.02
|
0.13
|
0.35
|
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
5.23
|
3.73
|
2.82
|
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.11
|
1.28
|
1.11
|
LOCAL AGENCY FURTHER INFORMATION
|
Sr. No. |
Check List by Info Agents |
Available in
Report (Yes / No) |
|
1] |
Year of Establishment |
Yes |
|
2] |
Locality of the firm |
Yes |
|
3] |
Constitutions of the firm |
Yes |
|
4] |
Premises details |
No |
|
5] |
Type of Business |
Yes |
|
6] |
Line of Business |
Yes |
|
7] |
Promoter's background |
Yes |
|
8] |
No. of employees |
No |
|
9] |
Name of person contacted |
No |
|
10] |
Designation of contact
person |
No |
|
11] |
Turnover of firm for last
three years |
Yes |
|
12] |
Profitability for last
three years |
Yes |
|
13] |
Reasons for variation
<> 20% |
--------- |
|
14] |
Estimation for coming
financial year |
No |
|
15] |
Capital in the business |
Yes |
|
16] |
Details of sister
concerns |
Yes |
|
17] |
Major suppliers |
No |
|
18] |
Major customers |
No |
|
19] |
Payments terms |
No |
|
20] |
Export / Import details
(if applicable) |
No |
|
21] |
Market information |
------------ |
|
22] |
Litigations that the firm
/ promoter involved in |
------------ |
|
23] |
Banking Details |
Yes |
|
24] |
Banking facility details |
Yes |
|
25] |
Conduct of the banking
account |
------------- |
|
26] |
Buyer visit details |
------------ |
|
27] |
Financials, if provided |
Yes |
|
28] |
Incorporation details, if
applicable |
Yes |
|
29] |
Last accounts filed at
ROC |
Yes |
|
30] |
Major Shareholders, if
available |
No |
|
31] |
PAN of Director, if
available |
No |
|
32] |
Passport No of Director,
if available |
No |
|
33] |
Voter ID No of Director,
if available |
No |
OPERATIONS
Turnover for the year was at all time high of Rs.61520.000 Millions recording an increase of 17% over the previous year. Operating Profit for the year was Rs.2830.000 Millions and Profit Before Tax was Rs.13 Millions.
The Company along with its wholly owned subsidiary JK Tornel achieved a turnover of Rs.74560.000 Millions during the year.
The year began on a promising note with robust sale of automotives across various segments. Economy was expected to grow at 9%. However, in order to contain inflation, monetary policy was tightened, during the year, resulting in steep increase in interest rates. The automotive sector was adversely affected and passenger car segment grew by merely 2.7%. Consequently demand for tyres slowed down.
During the year, operations were disrupted at Mysore Plant II and Banmore Plant for 45 days and 60 days respectively, pursuant to go slow resorted to by a section of workmen at these locations. This illegal partial stoppage of work resulted in loss of production and profit to the Company.
Second half of the year witnessed severe volatility in foreign exchange rate movement, thus substantially impacting the cost of imported raw materials. All round cost push on the one hand and slow down in the automotive sales on the other, affected profitability.
The Company continued its relentless drive towards improving operating parameters, cost cutting, enrichment of product mix and enlarging market network. This helped contain the impact of these factors to some extent.
EXPANSION PROJECTS
Several expansion projects launched in the earlier years went on stream during the year:
Truck Radials
Expansion at Mysore for further enhancing the capacity to 10 lac tyres p.a. was completed.
Chennai Project
The new green site all radial plant at Chennai went on stream towards the end of the year. This facility with a capacity of 25 lac Car radials p.a. and 2 lac Truck/ Bus radials p.a., will strengthen our market presence significantly in the year ahead. The coming financial year shall have the benefit of enhanced production from this Plant.
Another expansion of Chennai Tyre Plant by 2 lac Truck/Bus radials p.a. has been undertaken, which is expected to go on stream during the current year.
With the completion of the above projects, the turnover of the Company is expected to increase significantly in the current year, cementing Subject's leadership in Radials.
Plans have been drawn for further enhancing capacity of Chennai Tyre Plant, both for Passenger Car Radial and Truck Radial tyres.
SUBJECT-MOVING AHEAD
Inspite of difficult and challenging year for the Tyre Industry, Subject continued to march ahead driven by continued zest for growth;
· Turnover from Indian Operations at Rs.61520.000 Millions grew by 17% and consolidated Turnover including JK Tornel, Mexico at Rs.74560.000 Millions - up 16%,
· Total exports from India and Mexico crossed Rs.10000.000 Millions, an increase of 35% over previous year.
· Subject maintained its leadership position as India's No.l in Truck and Bus Radial tyre manufacturer. 27% of Company's production in Truck/Bus tyre category is already radialised. This position will be further strengthened with the commissioning of its new capacities at Mysore and at the new all radials Chennai plant,
· A number of new size of Ultra Large OTR tyres were introduced, for various dumpers and loaders. Their performance have been applauded by the users.
· Once again "Subject" has been selected as a "Super Brand" and continues to be India's first and only Tyre Super Brand.
· Subject partnered in the first ever Formula 1 championship held in India. It has acquired the rights of renowned world series 'Formula BMW Pacific' which is now known as "JK Racing Asia Series" with the participating cars racing on speclaiy made Subjects'. The race was run along with the First ever Formula 1 championship held In India,
TRUCK/BUS
RADIALISATION
It Is Indeed heartening to note that radlallzatton of truck/bus segment Is now catching up fast with current radlallzatlon being at 19%, which Is expected to Increase significantly to 35% In the next couple of years,
The Company envisioned this much earlier, built capacttles and continues to be the Truck/Bus Radials' leader In India. Already 27% of the Truck/Bus tyre production at Subjects Is that of Radials.
JK TREAD
Doubling of capacity of retread material was completed during the year, as planned. The Company markets Its retreading services under the brand JK Tread'. The network of franchises has been expanded across the country which offer end-to-end solutions to customers for retreading, both Bias as well as Radial truck/bus tyres.
EXPORTS
The Company exports Its products to over 80 countries across the six continents, offering Its wide range of products. During the year, the Company's export registered an increase of 41% with exports at Rs.5900.000 Millions,
In addition to exports from India It also exports tyres from JK Tomel, which amounted to Rs.4280.000 Millions, thus the total exports were at Rs.10180.000 Millions.
JKTORNEL
JK Tornel, Mexico, recorded a Sales of 3447 Mn Pesos [Rs.13040.000 Millions) a growth of 13% over previous year. JK Tornel continues to Improve Its operations In several areas. There was significant Increase In the production of Passenger Car Radials. Plans have been drawn to expand Passenger Car Radials capacity to meet the growing demand In this segment.
JK Tornel has entered for the first time In the highly competitive and prestigious passengers Car Radial OE segment for supply of tyres to Chrysler and Nissan after a rigorous OEM approval procedure.
Slow recovery in the American markets as well as Increased costs and foreign exchange rate volatility faced during the year was a challenge for JK Tornel.
JK Tornel enhanced fts exports to North and South American markets, ft also exports tyres In "JKTYRE" brand in addition to its range of "TORNEL" branded tyres.
MOTORSPORTS
The year 2011 was a remarkable one for Indian Motorsport and for Subject, in particular. The highest echelon of motorsport-Formula 1 was successfully hosted in India. It was a proud moment for the Company to be a part of the biggest motorsport extravaganza and to join the most coveted club of top brands of the world.
During the year, the Company acquired the Formula BMW Series and rechristened it as the JK Racing Asia Series (JKRAS). With this acquisition, Subject created history in Indian Motorsport by becoming the first Indian company to acquire an FIA accredited series.
At the 2011 inaugural season, the JKRAS was a support race at the Formula One Grand Prix in Malaysia, Singapore and India, providing exposure to the young racing talents to prove their mettle in front of motorsports fraternity.
These races had a very large viewership across the globe, providing Subject an excellent platform for reinforcing its presence in the Motorsports which added significant value to Subject brand
AWARDS
During the year, the Company received several coveted awards. To mention a few, the Company received GOLDEN PEACOCK AWARD for "ENVIRONMENT MANAGEMENT", Asia's best Employer Branding Awards 2011 for "TALENT MANAGEMENT" and Greentech Environment Award - "CATEGORY GOLD". Subject has been selected as a Super Brand once again and continues to be India's first and only Tyre Super brand. Subject has also been recognized as an Indian Power brand. It is heartening to note that Dr. Raghupati Singhania, Vice Chairman and Managing Director of the Company received "CORPORATE ICON OF THE YEAR AWARD" by IIPM POWER BRAND.
MANAGEMENT DISCUSSION
AND ANALYSIS
OVERVIEW
The last 12 months have been very challenging for the Indian economy. Managing growth and price stability were the major concerns of macroeconomic management. The Indian economy is estimated to grow at 6.9% in 2011-12, after having grown at the rate of 8.4% in each of the two preceding years clearly indicating a slowdown in the economic activity during the year. At the same time, by any inter-country comparison, India still remains amongst the front runners. With agriculture and services continuing to perform well, Indian's slowdown can be attributed largely to weakening industrial growth. The manufacturing sector grew by 2.7% and 0.4% in the 2nd and 3rd Quarters respectively. The all time high current account deficit has led to depletion of forex reserves as a percentage of GDR This has resulted in foreign exchange rate volatility with its consequential impact on costlier imports and thus higher domestic input costs.
In a bid to control inflation, RBI tightened the Monetary Policy leading to frequent and steep increase in interest rates. Though the inflation has slowed down, this has severally dented growth.
The global economies are still facing uncertainties of slowdowns, however, for the Indian economy, the outlook for growth and price stability at this juncture looks more promising. There are signs from some indicators that the weakness in economic activity has bottomed out and a gradual upswing is imminent.
AUTOMOTIVE INDUSTRY
The slowdown in the Indian economy had a direct impact on the Automotive sector. The buoyancy as seen in the past few years waned off to a large extent, The Truck/Bus segment witnessed a lower growth of 7%, however the Light Commercial Vehicle and Small Commercial Vehicle segment, providing the last mile connectivity, witnessed growth of over 25% and 35% respectively. High interest rates led to Car sales slowing down to a meager 2.7% growth after many years of sustained high growth. Increased gap in the cost of petrol and diesel led to a demand pattern shift in favour of diesel vehicles. Two three wheelers also witnessed a slower growth at 15%.
TYRE INDUSTRY
SCENARIO
While the Tyre Industry in India is expected to have a top line growth during this year, the slowdown and the increase in the input costs as well as exchange rate volatility has affected the profitability of the industry.
The overall Truck and Bus Tyre demand remained more or less stagnant, however, with growing radialisation in this segment, the demand for Truck/Bus radials grew by 8%. Radialisation in Truck/Bus segment was 19% and is expected to increase substantially to reach 35% in the next couple of years. This structural change in the market is reducing demand for Bias Truck/Bus tyres, thereby increasing competition in this segment,
The LCV alongwith Small Commercial Vehicle (SCV) segment grew by 23%.
The demand for Passenger Radials slowed down considerably and grew by merely 2.7% during the year,
In a bid to cater to changing demand patterns across all vehicle segments there is a proliferation of models across the segments, and the tyre industry is well equipped to meet these needs of the OEMs and the after market,
Tyre exports from India increased by approximately 50% and is likely to cross Rs.40000.000 Millions mark,
RAW MATERIALS
During the year , raw material prices continued to increase, practically throughout the year with Natural Rubber prices attaining the unprecedented levels. Most of the raw materials for the tyre industry are petro based. Spiralling prices of oil triggered the prices of Synthetic Rubber, Carbon Black, Fabric etc. Natural Rubber demand in India was much higher than the production, thereby necessitating sizeable quantities to be imported by the tyre industry.
Moreover, depreciation of the rupee by 14% added to the burden, particularly on cost of imported raw materials. The increasing trend of input costs during the year impacted the profitability of tyre manufacturers in the country.
The Company continues to deploy innovative methods to meet this challenge, of unabated cost increase, by developing alternate materials, cost effective global sources and vendor relationship management, Working capital management remained an area of focus throughout the year, to partly overcome higher unit costs as well as steep increase in the rates of interest.
SUBJECT
Subject, the pioneers of radials in India, continues to march on relentlessly with strategic expansion and investments in the Truck Bus radial and PCR segments as the key to future growth. The year saw completion of various expansion projects as under:
Truck/Bus Radial tyre capacity at Mysore was further expanded to 10 lac tyres p.a. Production from the expanded capacity has started during the year.
The ultra modern state-of-the-art all Radials plant near Chennai went on stream during the year. This plant slated to annually produce 25 lac Car Radial tyres p.a. and 2 lac Truck/Bus Radials p.a. shall start regular production in the beginning of the next financial year.
The Chennai Tyre plant is being further expanded by enhancing Truck Radial production to 4 lac tyres p.a, This additional capacity will start becoming available from the last Quarter of calendar year 2012.
TRUCK/BUS RADIAL
Truck/Bus Radials are growth drivers for the industry and are expected to witness a demand growth of around 40% in the financial year 2013. Subject, leader in this segment has further strengthened its position with the commissioning of its new capacities at Mysore and at the new all Radials Chennai plant.
New products such as, JDH Star series for heavy load, JDL series for high speed long-haul and JUC2 series for all-wheel applications were introduced, to cater to the rapidly radialising market in this segment.
Subject has been running a unique Fleet management programme for the last several years, to provide service for its tyres at transporters' premises, in order to help them derive optimum value and mileage from its tyres. This is also an effective tool to build relationship with the valued customers. In addition to several customer centric programmes and meets undertaken by the Company throughout the year.
In an initiative to help mitigate shortage of qualified truck drivers and help the transporters, the Company has conducted 300 Driver training programmes to enhance their skill sets.
"JK TYRE TRUCK WHEELS" a new concept for providing "Total Tyre Solutions" was launched, and 6 such TRUCK WHEELS started functioning during the year, which provide repair, retread, wheel alignment and balancing and other allied services.
The Company provides tyre repair and care facility to its customers through a chain of "JK Truck Radial Tyre Care Centres" located along major National Highways in the country - which operate 365 days/24 hours, for repair and care of tyres.
TRUCK BIAS
Radialisation of the Truck/Bus tyre segment, though, has been making in-roads in the Bias tyre segment, the cross ply tyres still constitute a large portion of commercial tyres, accounting for over 80% in this segment.
The Company's leading products i.e.. Jet Extra, Jet One and Jet R Miles enjoy high consumer preference and confidence, and contribute to significant volumes in this segment. Keeping in mind the continuing importance of this segment, a Fleet management programme for Truck Bias Fleets as well, has been undertaken.
LIGHT (LCV)/ SMALL
COMMERCIAL VEHICLE (SCV)
The LCV/SCV segments have achieved healthy growth and are expected to further grow at 25% and 30% respectively during the current year. In view of this, Subject expanded the capacity of LCV/SCV tyres by 25%.
New product offerings, in Jumbo King series were made. Special consumer connect initiatives were undertaken at a national level to reinforce relationships with trucking community In this segment.
PASSENGER CAR RADIALS
Getting closer to the customer and delivering wide range of high quality products, and Brand Building, have been thrust areas in the PCR segment.
Various customer connect programmes were undertaken across the country. One such tyre care initiative was "Cool Wheels", which was conducted in top 20 cities across the country at major dealer outlets.
The Company has been expanding the footprint of its unique one stop retail outlets - "JK Tyre STEEL WHEELS" -spread over 80 cities across the country. These outlets have been providing integrated services for tyre care such as, alignment, balancing, automated tyre changing etc., in addition to offering the wide Subject range, under one roof.
With the Car industry introducing large number of models throughout the year, Subject introduced several new products to meet such emerging needs. ULTIMA NXT, a high performance tyre made significant impact in the market. The market is transforming into more and more Tubeless tyres which were pioneered by Subject in India several years ago.
Subject is a leading supplier of Car Radials to most of the car manufacturers in India, including General Motors, Maruti Suzuki, Volkswagen, Nissan, Fiat, Mahindra, Tata Motors etc. The Car radial tyre demand is expected to grow by 12% in the coming year. The recent addition of all Radials plant at Chennai will help the Company to capture this growing demand.
Subject has once again been selected as a 'Super Brand' and continues to be India's first and only Tyre Super Brand. Subject has been recognised as an Indian "Power Brand". During a nationwide survey conducted b/Readers Digest, Subject rra been voted as a "Trusted Brand".
FARM
Subject has reached out to the Farm community by active participation in a number of Kfean Melas at various locations. Rural Brand Ambassadors designated as "Sona Singh' have been appointed to promote JK Farm Tyres, which has been well appreciated by the Farming community.
OTR (Off the Road
Tyres)
The Company continues to be a leading player in this segment. During the year, it introduced several new Ultra Large OTR tyres for different load segments of Dumpers and Loaders.
Subject participated in the International Mining Exhibition (IME), showcasing amongst others, its largest Ultra Large OTR tyre in the size 40.00-57, which is used by 240 Ton capacity Dumpers. These Ultra Large OTRs generated immense interest among the users.
The Company has introduced a programme on Comprehensive Tyre Management - "TOTAL SOLUTION" which will help in achieving optimum tyre usage with reduced downtime, thereby maximising productivity of OTRs.
JK TORNEL
Tyre business in Mexico has been challenging in last twelve months with economy growing at 3.5% coupled with large imports of tyres particularly from China at low rates. In the current year, markets are showing steady growth and JK Tornel has been able to take benefit of this increased demand. JK Tornel has entered for the first time in the highly competitive and prestigious Passenger Car Radial OE segment for supply of tyres to Chrysler and Nissan after a rigorous OEM approval procedure. JK Tornel has tied up with world renowned retail chains like WALMART, BODEGA and TIRECO, for selling its wide range of Passenger Radial tyres through their outlets in Mexico as well as Americas.
JK TREAD
Subject had entered Truck/Bus Radial retreading segment some time back. During the year, several new low weight tread patterns were introduced which have received resounding acceptance in the market. Encouraged by its success, the capacity for production of the retreading material was doubled during the year. The Company markets brand "JK Tread" through a network of franchises, which has been further expanded during the year. Thus, Subject provides end-to-end solutions to its customers for retreading, both Bias as well as Radial Truck/Bus tyres, thereby enhancing its brand value.
MOTORSPORT
Years back, Subject identified motorsport as a springboard for its brand promotion. These efforts not only paid rich dMdends in terms of leveraging the brand equity but also has been means for continuous feedback on the products evaluated by world class champions in most demanding conditions. In the process, Subject has been nurturing Indian talent, through Kartlng and Racing championships in India and has churned out Indian drivers, such as Narain Karthiheyan, Karun Chandhok and Armaan Ebrahim and many more, who have qualified and participated in the global arena of motor racing including Formula 1, the apex racing event in the world.
During the year, the Company recorded its highest ever sales. However, all round increase in the raw material costs, steep increase in the interest rates and a significant rupee depreciation affected profitability.
FIXED ASSETS
- Buildings
- Plant and Machinery
- Office Equipments
- Furniture and Fixtures
- Vehicles
- Software
CONTINGENT
LIABILITIES (AS ON 31.03.2011) :
Contingent liabilities in respect of claims not accepted and not provided for Rs. 376.400 Millions. (Previous year: Rs. 376.400 Millions.) pertaining to Excise duty matters in appeal Rs. 44.500 Millions., Service tax matters Rs. 14.900 Millions., Sales Tax matters in appeal Rs. 34.000 Millions., Income tax matters in appeal Rs. 67.600 Millions. & other matters Rs. 215.400 Millions. (Previous year: Rs. 43.900 Millions. Rs.13.000 Millions.,Rs. 23.600 Millions., Rs. 67.600 Millios. & Rs. 208.300 Millions. respectively).
WEBSITE DETAILS:
PROFILE
JK Tyre and Industries is a leading
corporate entity which believes in excellence, innovation and technology. The
Company started manufacturing tyres in 1977, with a capacity of 0.5 million tyres
per annum and has grown multifold over the years to its present capacity of
more than 16 million tyres per annum. JK Tyre has five state-of-the art plants
strategically located in
As the 22nd largest tyre manufacturer in the
world, JK Tyre exports its tyres to over 80 countries across 6 continents and
enjoys a premium brand status in various sophisticated markets, including the
JK Tyre pioneered the Radial technology in
India way back in 1977 and is India’s only tyre manufacturer, offering full
range of radial tyres for Cars, Jeeps, SUVs, LCVs, Truck and Bus and Tractors.
The Company manufactures the entire range of tyres for all four-wheeler
categories.
The Company is the No.1 player in ‘Off the
Road’ (OTR) tyre segment and has presence across
With a distribution network of over 4000
dealers and over 120 stocking points, JK Tyre has left a mark across every
Indian road treading into every nook and corner of the country. This includes
125 ‘JK Tyre Steel Wheels’ – high-tech one-stop-tyre shops, and over 20 JK Tyre
Truck Radial Care Centres on major National highways which operate on a 365
days/24 hours basis. In addition, Tornel in
The Company has consciously been modernizing
and expanding its manufacturing facilities continuously to retain its edge in
the market place. JK Tyre is a Total Quality Management (TQM) driven company,
having received all four ISO 9001, QS 9000, ISO 14001 and TS 16949
accreditations. The Company was the first tyre company in the world to receive
ISO/TS 16949:2000 certificate for its entire operations in one go. This indeed
is a true reflection of JK Tyre’s commitment to systems and quality oriented
approach.
JK Tyre is a technology driven company. Its
R and D Centres, “HASETRI (Hari Shankar Singhania Elastomer and Tyre Research
Institute)” one of its kind institute in Asia; “Raghupati Singhania Centre of
Excellence for Tyre and Vehicle Mechanics”, set up jointly with IIT Madras, a
successful example of ‘Academia Industry Collaboration’; and its Test Track at
Chennai, keep the Company at cutting edge of tyre technology. It also has a
technical collaboration with M/s Continental AG,
JK Tyre’s premium brand identity can be
attributed to the superior technology, performance and the durability of its
products. Over the years, apart from ushering in the era of Radial technology
in India, JK Tyre pioneered introduction of high performance tyres such as, H
–rated (210 km/hr speed), V-rated (240 km/hr speed), as also Z rated tyres (300
km/hr speed) for racing cars.
JK Tyre started a revolution by unveiling
the nation's first eco-friendly colored radials. These Green Tyres were
developed indigenously at JK Tyre's state-of-the-art R and D facilities
HASETRI.
Over the years, JK Tyre and Industries has
been conferred with numerous top honours like The Brand Equity Award, Rajiv
Gandhi National Quality Award, CII-Exim Bank Award, National Quality Award and
countless more.
As a constructive partner in the communities
in which it operates, JK Tyre has been taking various actions to realize its commitment
towards society. Over the years, JK Trye has supported enumerable social and
community initiatives in the fields of health care, education, social, cultural
and environmental projects. JK Tyre is committed to the protection of
environment and has undertaken various projects for conservation of energy,
water resources, as also by introduction of “Green” products and processes.
With a strong belief in – “People make the
Organisation” – JK Tyre provides a challenging and healthy work environment for
the growth and fulfillment of its people.
Almost two decades ago, JK Tyre took upon
itself the promotion of motor sport in
With a vision to be amongst the most admired
Companies in
LAKSHMIPAT SINGHANIA-IIM
7th Lakshmipat Singhania- IIM
JK Organisation, in
association with the Indian Institute of Management,
The awardees were; Business
Category: Leader Award to Shri
Deepak Parekh, Chairman, HDFC; Young Leader Award to Shri Rajiv Bajaj, Managing
Director, Bajaj Auto, Science and Technology: Leader
Award to Dr. Roddam Narsimha. Chairman, Engineering Mechanics
Unit, Jawaharlal Nehru Centre tor Advanced Scientific Research; Young Leader
Awardto Dr. Amitabh Joshi, Professor, Jawaharla! Nehru Centre for Advanced
Scientific Research. Community Service: Leader
Award to Dr. Uma Tuli, Founder Managing
Secretary,
Amar Jyoti Charitable Trust; Voting Leader Award to Dr. Akhil
Paul, Director, SENSE International and Vice President, Deaf and Blind
international.
The eminent jury members of
the awards included Dr. C Rangarajan, Chairman. Economic Advisory Council to
the Prime Minister; Shri Venu Srinivasan, Chairman and Managing Director, TVS
Motor Company Limited.; Dr. R.A. Mashelkar, CSIR Bhatnagar Fellow, National
Chemical Laboratory, Pune. Shri S.K. Roongta, Former Chairman, Steel Authority
of India Limited.; Shri T.N Ninan, Chairman and Editorial Director, Business
Standard Limited.; Dr, Amit Mitra, Former Secretary General, FICCl and
presently Finance Minister, Government of Went Bengal; Smt. Asha Das, Former
Secretary to the Government of India, Ministry of Social Justice and Empowerment, Dr. J.J. Irani, Chairman,
BoG, IIM Lucknow and Director, Tata Sons Limited; Dr. Devi Singh, Director, IIM
Lucknow; Shri H.S. Singhania, President, JK Organisation and Dr. K.P. Singhania,
Director. JK Organisation.
A commemorative book on the
life of Shri Lata Lakshmipat Singhania was also released by the Minister. This
pictorial publication gives a glimpse into the life and times of a rate
individual, who saw the future and built one of the leading industrial groups
in
PRESS RELEASE
JK Tyre Prodigy Aditya Patel
secures historic victory at the 24 hours of Nurburgring
15 May, 2012
·
Young race
talent, Aditya Patel’s team Pro Handicap e.V finishes top of their class
(Overall 59th)
·
Double
victory for Audi at Nürburgring
·
Audi
Sport Team Phoenix claims maiden victory at ‘the Green Hell’
Mumbai/Nürburgring: The 40th edition of the 24 Hours ADAC Nürburgring race concluded with a proud victory for Audi as it claimed the top spot for the first time ever in the history of one of most watched motorsports spectacle in the world. Audi India’s latest signing and JK Tyre prodigy- Aditya Patel who’s team Pro-Handicap e.V finished first in their category, SP 4T piloting the iconic Audi TTS.
Aditya Patel, racing with Team Pro-Handicap e.V with partners, Wolfgang Müller and Oliver Rudolph completed a total of 126 laps of the 25 kms ‘Green Hell’ track to race past the much coveted chequered flag. This was Aditya’s maiden stint at the Nürburgring layout making him not only the first Indian to participate in the marathon of all car races but also the first to be part of the winning team on debut at the track.
Speaking on the occasion, Michael Perschke, Head, Audi India said, “This is a proud victory not only for Audi but also for India. We were confident that Aditya’s talent combined with the technical capabilities of our cars put the team up as a strong contender in the challenge. With this victory we further consolidate our strong association with motorsport and will continue to nurture Aditya’s promising career.”
Reacting on his historic win, Aditya Patel, Audi race talent said, “I am ecstatic. This is a great victory for team Pro-Handicap e.V and also for Audi. This victory is very special because this is my first attempt at the 24 hours challenge. The tough weather conditions were not a concern thanks to the Audi TTS advantage that I was equipped with.”
Aditya Patel had qualified for the race after his participation in the VLN endurance series held in Germany last month. Team Pro-Handicap e.V is highly experienced and is known for the reliability of their car, the Audi TTS, having completed the 24 hours of Nürburgring all 7 times that they have entered. This is also a big win for the team as it is one of the few to race with only 3 drivers, while most other teams are racing with 4 drivers.
Aditya’s motorsport career began at an early age with the JK Tyre National Racing Championship in 2001 when he was 14.Consistent performances and dedicated support from long term sponsors like JK Tyre, MAS Holdings and Petra Energy saw him rise through the ranks and later into more advanced formats such as the VW Polo R Cup and the VW Scirocco R Cup in Germany, where he finished 5th overall, in 2011.
Audi India and JK Tyre along with other long term sponsors are dedicated to defining a concrete development path for Aditya. This will provide him access to various international racing platforms in Audi performance models ranging from the newly (in India) launched Audi TT to the super sports car, the Audi R8.
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.55.81 |
|
|
1 |
Rs.87.67 |
|
Euro |
1 |
Rs.68.45 |
INFORMATION DETAILS
|
Report Prepared
by : |
BSN |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILIRY |
1~10 |
6 |
|
--LIQUIDITY |
1~10 |
6 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
6 |
|
--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 |
|
50 |
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.