MIRA
INFORM REPORT
|
Report Date : |
13.08.2012 |
IDENTIFICATION DETAILS
|
Name : |
NISSAN ASHOK LEYLAND TECHNOLOGIES LIMITED (w.e.f.27.07.2009 |
|
|
|
|
Formerly Known
As : |
NISSAN ASHOK LEYLAND TECHNOLOGIES PRIVATE LIMITED |
|
|
|
|
Registered
Office : |
Kochar Towers, 19 Venkatnarayana Road, T Nagar, Chennai –
600017, Tamilnadu |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as
on) : |
31.03.2011 |
|
|
|
|
Date of
Incorporation : |
22.05.2008 |
|
|
|
|
Com. Reg. No.: |
18-067840 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs.520.500 Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U34300TN2008PLC067840 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
CHEN06420B |
|
|
|
|
PAN No.: [Permanent Account No.] |
AACCN7741G |
|
|
|
|
Legal Form : |
A Closely Held Public Limited Liability Company |
|
|
|
|
Line of Business
: |
Manufacturer of Automobile Vehicles |
|
|
|
|
No. of Employees
: |
Information declined by the management. |
RATING & COMMENTS
|
MIRA’s Rating : |
B (33) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
Status : |
Recently commenced business |
|
|
|
|
Payment Behaviour : |
Slow but correct |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is a part of joint venture between Ashok Leyland Limited, a leading
Heavy commercial vehicle Manufacturer in India and Nissan Motor Company
Limited Japan, a leading car and light commercial manufacturer with global
presence. Subject is an established company having moderate track. It has
recently commenced its business activities. Networth of the company appears
to be sound. There appears some accumulated losses recorded by the company.
However, trade relations are reported as decent. Business is active. Payments
are reported to be slow but correct. In view of strong holding, the company can be considered for business
dealings with slight caution. |
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 |
RBI DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available RBI Defaulters’ list.
EPF (Employee Provident Fund) DEFAULTERS’ 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.
INFORMATION PARTED BY
|
Name : |
Mr. Vinod |
|
Designation : |
Assistant Manager |
|
Contact No.: |
91-9094756639 |
|
Date : |
10.08.2012 |
LOCATIONS
|
Registered Office : |
Kochar Towers, 19 Venkatnarayana Road, T Nagar, Chennai –
600017, Tamilnadu, India |
|
Tel. No.: |
91-44-2675868 |
|
Mobile No.: |
91-9094756639 (Mr. Vinod) |
|
Fax No.: |
Not Available |
|
E-Mail : |
|
|
|
|
|
Factory : |
Old No.111, New No.49, MCP Industrial Complex, Sengadu Village,
Sriperumbudur Taluk, Kanchipuram – 602105, Tamilnadu, India |
DIRECTORS
As on 26.09.2011
|
Name : |
Andrew Charles Palmer |
|
Designation : |
Director |
|
Address : |
4 Church View, Brackley, Northamptonshire, NN137BB, United Kingdom |
|
Date of Birth/Age : |
30.06.1963 |
|
Qualification : |
Chartered Engineer , Mechanical Engineer, MSC Product Engineering ,
PhD in Mgmt |
|
Date of Appointment : |
22.05.2008 |
|
DIN No.: |
02155231 |
Other Directorship:
|
S.No. |
CIN/LLPIN |
Name
of the Company/ LLP |
Current
designation of the Director/ Designated Partner |
Date
of appointment at current designation |
Original
date of appointment |
Date
of cessation |
Company/
LLP Status |
Defaulting
status |
|
1 |
U34102TN2008PLC067838 |
NISSAN
ASHOK LEYLAND POWERTRAIN LIMITED |
Director |
24/07/2009 |
22/05/2008 |
- |
Active |
NO |
|
2 |
U34102TN2008PLC067839 |
ASHOK
LEYLAND NISSAN VEHICLES LIMITED |
Director |
24/07/2009 |
22/05/2008 |
- |
Active |
NO |
|
3 |
U34300TN2008PLC067840 |
NISSAN
ASHOK LEYLAND TECHNOLOGIES LIMITED |
Director |
24/07/2009 |
22/05/2008 |
- |
Active |
NO |
|
Name : |
Mr. Seshasayee Ramaswami |
|
Designation : |
Director |
|
Address : |
Ashley House, 6 Boat Club II Avenue, Chennai – 600028, Tamilnadu,
India |
|
Date of Birth/Age : |
01.06.1948 |
|
Qualification : |
B.COM./ A.C.A |
|
Date of Appointment : |
22.05.2008 |
|
DIN No.: |
00047985 |
Other Directorship:
|
S.No. |
CIN/LLPIN |
Name
of the Company/ LLP |
Current
designation of the Director/ Designated Partner |
Date
of appointment at current designation |
Original
date of appointment |
Date
of cessation |
Company/
LLP Status |
Defaulting
status |
|
1 |
L34101TN1948PLC000105 |
ASHOK
LEYLAND LIMITED |
Managing
director |
01/04/2011 |
31/03/1993 |
- |
Active |
NO |
|
2 |
U65993TN1997PLC037661 |
ASHLEY
HOLDINGS LIMITED |
Director |
17/03/1997 |
17/03/1997 |
15/02/2010 |
Active |
NO |
|
3 |
U65993TN1997PLC037662 |
ASHLEY
INVESTMENTS LIMITED |
Director |
17/03/1997 |
17/03/1997 |
15/02/2010 |
Active |
NO |
|
4 |
L27104TN1959PLC003849 |
HINDUJA
FOUNDRIES LIMITED |
Director |
21/10/2010 |
30/03/1998 |
- |
Active |
NO |
|
5 |
U35202TN1998PLC041466 |
IRIZAR
TVS LIMITED |
Director |
05/02/2001 |
05/02/2001 |
- |
Active |
NO |
|
6 |
U63090TN2004PLC052661 |
ASHLEY
TRANSPORT SERVICES LIMITED |
Director |
16/11/2004 |
16/11/2004 |
15/02/2010 |
Active |
NO |
|
7 |
U74999MH1993PLC072925 |
HINDUJA
GROUP INDIA LIMITED |
Director |
25/09/2006 |
25/09/2006 |
- |
Active |
NO |
|
8 |
U62200MH2007PLC167111 |
ASHLEY
AIRWAYS LIMITED |
Director |
18/01/2007 |
18/01/2007 |
- |
Under
liquidation |
NO |
|
9 |
L65191PN1994PLC076333 |
INDUSIND
BANK LTD. |
Director |
18/09/2007 |
07/06/2007 |
- |
Active |
NO |
|
10 |
U27310TN2006PLC065084 |
ASHLEY
ALTEAMS INDIA LIMITED |
Director |
12/09/2008 |
25/10/2007 |
- |
Active |
NO |
|
11 |
U29130TN2007PLC064471 |
AUTOMOTIVE
INFOTRONICS LIMITED |
Director |
30/09/2008 |
16/11/2007 |
04/02/2011 |
Active |
NO |
|
12 |
U34102TN2008PLC067839 |
ASHOK
LEYLAND NISSAN VEHICLES LIMITED |
Director |
24/07/2009 |
22/05/2008 |
- |
Active |
NO |
|
13 |
U34300TN2008PLC067840 |
NISSAN
ASHOK LEYLAND TECHNOLOGIES LIMITED |
Director |
24/07/2009 |
22/05/2008 |
- |
Active |
NO |
|
14 |
U34102TN2008PLC067838 |
NISSAN
ASHOK LEYLAND POWERTRAIN LIMITED |
Director |
24/07/2009 |
22/05/2008 |
- |
Active |
NO |
|
15 |
U65993TN2008PLC069837 |
HINDUJA
LEYLAND FINANCE LIMITED |
Director |
18/07/2011 |
12/11/2008 |
- |
Active |
NO |
|
16 |
U72400TN2009PLC072067 |
DEFIANCE
TECHNOLOGIES LIMITED |
Director |
06/09/2010 |
24/06/2009 |
31/12/2010 |
Active |
NO |
|
17 |
U29253TN2009PTC072136 |
ASHOK
LEYLAND JOHN DEERE CONSTRUCTION EQUIPMENT COMPANY PRIVATE LIMITED |
Director |
03/08/2010 |
11/07/2009 |
18/01/2011 |
Active |
NO |
|
18 |
U40109AP1994PLC017199 |
HINDUJA
NATIONAL POWER CORPORATION LTD |
Director |
18/12/2009 |
11/12/2009 |
- |
Active |
NO |
|
19 |
L85110KA1981PLC013115 |
INFOSYS
LIMITED |
Director |
11/06/2011 |
13/01/2011 |
- |
Active |
NO |
|
20 |
U34200TN2008PLC080987 |
ASHOK
LEYLAND DEFENCE SYSTEMS LIMITED |
Director |
13/05/2011 |
07/02/2011 |
18/07/2012 |
Active |
NO |
|
21 |
U40105MH2008PLC189213 |
HINDUJA
ENERGY (INDIA) LIMITED |
Whole-time
director |
15/09/2011 |
13/05/2011 |
- |
Active |
NO |
|
Name : |
Mr. Sridharan Kesavan |
|
Designation : |
Director |
|
Address : |
Old No.8, New No.17, Solaiyappa Street, Mylapore, Chennai – 600004,
Tamilnadu, India |
|
Date of Birth/Age : |
16.08.1953 |
|
Qualification : |
B.Com., ACA, Grad.CWA |
|
Date of Appointment : |
22.05.2008 |
|
DIN No.: |
00051976 |
Other Directorship:
|
S.No. |
CIN/LLPIN |
Name
of the Company/ LLP |
Current
designation of the Director/ Designated Partner |
Date
of appointment at current designation |
Original
date of appointment |
Date
of cessation |
Company/
LLP Status |
Defaulting
status |
|
1 |
U40109AP1994PLC017199 |
HINDUJA
NATIONAL POWER CORPORATION LTD |
Director |
31/10/2001 |
31/10/2001 |
- |
Active |
NO |
|
2 |
U34102TN2004PLC052489 |
GULF
ASHLEY MOTOR LIMITED |
Director |
10/02/2004 |
10/02/2004 |
- |
Active |
NO |
|
3 |
U65993TN1997PLC037661 |
ASHLEY
HOLDINGS LIMITED |
Director |
06/09/2004 |
06/09/2004 |
- |
Active |
NO |
|
4 |
U65993TN1997PLC037662 |
ASHLEY
INVESTMENTS LIMITED |
Director |
06/09/2004 |
06/09/2004 |
- |
Active |
NO |
|
5 |
U74130TN2004PTC054568 |
ATSL
SOLUTIONS PRIVATE LIMITED |
Director |
03/02/2006 |
03/02/2006 |
- |
Strike
off |
NO |
|
6 |
U63090TN2004PLC052661 |
ASHLEY
TRANSPORT SERVICES LIMITED |
Director |
24/08/2006 |
03/02/2006 |
- |
Active |
NO |
|
7 |
U93090TN1989PLC033174 |
ASHOK
LEYLAND PROJECT SERVICES LIMITED |
Director |
28/04/2006 |
28/04/2006 |
- |
Active |
NO |
|
8 |
U62200MH2007PLC167111 |
ASHLEY
AIRWAYS LIMITED |
Director |
18/01/2007 |
18/01/2007 |
- |
Under
liquidation |
NO |
|
9 |
U51909TN2006PLC059710 |
MANGALAM
RETAIL SERVICES LIMITED |
Director |
20/12/2007 |
28/03/2007 |
- |
Active |
NO |
|
10 |
U40107TN2007PLC064245 |
ASHLEY
BIO-FUELS LIMITED |
Director |
30/09/2008 |
16/07/2007 |
- |
Active |
NO |
|
11 |
U34102TN2008PLC067839 |
ASHOK
LEYLAND NISSAN VEHICLES LIMITED |
Director |
24/07/2009 |
22/05/2008 |
- |
Active |
NO |
|
12 |
U34300TN2008PLC067840 |
NISSAN
ASHOK LEYLAND TECHNOLOGIES LIMITED |
Director |
24/07/2009 |
22/05/2008 |
- |
Active |
NO |
|
13 |
U35914TN2009PTC073654 |
ALBONAIR
(INDIA) PRIVATE LIMITED |
Director |
23/11/2009 |
23/11/2009 |
24/11/2009 |
Active |
NO |
|
14 |
U40105TN2010PLC077414 |
ASHOK
LEYLAND WIND ENERGY LIMITED |
Director |
19/09/2011 |
21/09/2010 |
- |
Active |
NO |
|
15 |
U34100TN1980PLC008389 |
AUTOMOTIVE
COACHES AND COMPONENTS LIMITED |
Nominee
director |
21/03/2012 |
21/03/2012 |
- |
Active |
NO |
|
16 |
U29253TN2009PTC072136 |
ASHOK
LEYLAND JOHN DEERE CONSTRUCTION EQUIPMENT COMPANY PRIVATE LIMITED |
Additional
director |
10/05/2012 |
10/05/2012 |
- |
Active |
NO |
|
17 |
U72400TN2009PLC072067 |
DEFIANCE
TECHNOLOGIES LIMITED |
Additional
director |
15/05/2012 |
15/05/2012 |
- |
Active |
NO |
|
Name : |
Mr. Venkataramani Sumantran |
|
Designation : |
Director |
|
Address : |
7/1, Valli Ammai Aachi Road, Kottupuram, Chennai – 600085, Tamilnadu,
India |
|
Date of Birth/Age : |
27.09.1958 |
|
Qualification : |
PH.D.,VIRGINIA TECH |
|
Date of Appointment : |
22.05.2008 |
|
DIN No.: |
02153989 |
Other Directorship:
|
S.No. |
CIN/LLPIN |
Name
of the Company/ LLP |
Current
designation of the Director/ Designated Partner |
Date
of appointment at current designation |
Original
date of appointment |
Date
of cessation |
Company/
LLP Status |
Defaulting
status |
|
1 |
U34102TN2008PLC067838 |
NISSAN
ASHOK LEYLAND POWERTRAIN LIMITED |
Director |
24/07/2009 |
22/05/2008 |
- |
Active |
NO |
|
2 |
U34102TN2008PLC067839 |
ASHOK
LEYLAND NISSAN VEHICLES LIMITED |
Director |
24/07/2009 |
22/05/2008 |
- |
Active |
NO |
|
3 |
U34300TN2008PLC067840 |
NISSAN
ASHOK LEYLAND TECHNOLOGIES LIMITED |
Director |
24/07/2009 |
22/05/2008 |
- |
Active |
NO |
|
4 |
U29130TN2007PLC064471 |
AUTOMOTIVE
INFOTRONICS LIMITED |
Director |
30/09/2008 |
21/06/2008 |
- |
Active |
NO |
|
5 |
L34101TN1948PLC000105 |
ASHOK
LEYLAND LIMITED |
Director |
28/07/2009 |
21/10/2008 |
- |
Active |
NO |
|
6 |
U72400TN2009PLC072067 |
DEFIANCE
TECHNOLOGIES LIMITED |
Director |
06/09/2010 |
24/06/2009 |
- |
Active |
NO |
|
7 |
L31900TN1985PLC012343 |
UCAL
FUEL SYSTEMS LIMITED |
Director |
29/09/2009 |
29/07/2009 |
- |
Active |
NO |
|
8 |
U73100TN2006NPL059651 |
IIT
MADRAS RESEARCH PARK |
Additional
director |
15/12/2009 |
15/12/2009 |
- |
Active |
NO |
|
9 |
U29253TN2009PTC072136 |
ASHOK
LEYLAND JOHN DEERE CONSTRUCTION EQUIPMENT COMPANY PRIVATE LIMITED |
Director |
07/09/2011 |
03/08/2010 |
- |
Active |
NO |
|
10 |
U66030MH2008PLC180206 |
ASHLEY
AVIATION LIMITED |
Director |
03/08/2011 |
24/09/2010 |
- |
Active |
NO |
|
11 |
U34200TN2008PLC080987 |
ASHOK
LEYLAND DEFENCE SYSTEMS LIMITED |
Director |
13/05/2011 |
07/02/2011 |
- |
Active |
NO |
|
Name : |
Hideto Murakami |
|
Designation : |
Director |
|
Address : |
Goten 1-19-7. Hiratsuka, Kanagawa, 12540061, Japan |
|
Date of Birth/Age : |
15.07.1955 |
|
Qualification : |
Graduate |
|
Date of Appointment : |
17.06.2011 |
|
DIN No.: |
03572415 |
Other Directorship:
|
S.No. |
CIN/LLPIN |
Name
of the Company/ LLP |
Current
designation of the Director/ Designated Partner |
Date
of appointment at current designation |
Original
date of appointment |
Date
of cessation |
Company/
LLP Status |
Defaulting
status |
|
1 |
U34102TN2008PLC067838 |
NISSAN
ASHOK LEYLAND POWERTRAIN LIMITED |
Director |
26/09/2011 |
17/06/2011 |
- |
Active |
NO |
|
2 |
U34102TN2008PLC067839 |
ASHOK
LEYLAND NISSAN VEHICLES LIMITED |
Director |
26/09/2011 |
17/06/2011 |
- |
Active |
NO |
|
3 |
U34300TN2008PLC067840 |
NISSAN
ASHOK LEYLAND TECHNOLOGIES LIMITED |
Director |
26/09/2011 |
17/06/2011 |
- |
Active |
NO |
|
Name : |
Mr. Chandrasekharan Aduthuraiperumalkoil Ramachandran |
|
Designation : |
Director |
|
Address : |
C-2 Krishna Chith Apartments No. 10 Third Main Road, Gandhi Nagar,
Adyar, Chennai – 600020, Tamilnadu, India |
|
Date of Birth/Age : |
19.09.1952 |
|
Date of Appointment : |
17.06.2011 |
|
DIN No.: |
01794721 |
Other Directorship:
|
S.No. |
CIN/LLPIN |
Name
of the Company/ LLP |
Current
designation of the Director/ Designated Partner |
Date
of appointment at current designation |
Original
date of appointment |
Date
of cessation |
Company/
LLP Status |
Defaulting
status |
|
1 |
U27310TN2006PLC065084 |
ASHLEY
ALTEAMS INDIA LIMITED |
Director |
12/09/2008 |
25/10/2007 |
- |
Active |
NO |
|
2 |
U40107TN2007PLC064245 |
ASHLEY
BIO-FUELS LIMITED |
Director |
30/09/2008 |
17/03/2008 |
- |
Active |
NO |
|
3 |
U62200MH2007PLC167111 |
ASHLEY
AIRWAYS LIMITED |
Director |
24/09/2008 |
30/06/2008 |
- |
Under
liquidation |
NO |
|
4 |
U45201TN1950PTC000038 |
ADYAR
PROPERTY HOLDING COMPANY PRIVATE LIMITED |
Director |
24/09/2008 |
14/08/2008 |
- |
Active |
NO |
|
5 |
U35914TN2009PTC073654 |
ALBONAIR
(INDIA) PRIVATE LIMITED |
Director |
25/09/2010 |
23/11/2009 |
- |
Active |
NO |
|
6 |
U40105TN2010PLC077414 |
ASHOK
LEYLAND WIND ENERGY LIMITED |
Director |
19/09/2011 |
21/09/2010 |
- |
Active |
NO |
|
7 |
U29130TN2007PLC064471 |
AUTOMOTIVE
INFOTRONICS LIMITED |
Director
appointed in casual vacancy |
24/03/2011 |
24/03/2011 |
- |
Active |
NO |
|
8 |
U34102TN2008PLC067839 |
ASHOK
LEYLAND NISSAN VEHICLES LIMITED |
Director |
26/09/2011 |
17/06/2011 |
- |
Active |
NO |
|
9 |
U34300TN2008PLC067840 |
NISSAN
ASHOK LEYLAND TECHNOLOGIES LIMITED |
Director |
26/09/2011 |
17/06/2011 |
- |
Active |
NO |
|
10 |
U34102TN2008PLC067838 |
NISSAN
ASHOK LEYLAND POWERTRAIN LIMITED |
Director |
26/09/2011 |
17/06/2011 |
- |
Active |
NO |
|
11 |
U72400TN2009PLC072067 |
DEFIANCE
TECHNOLOGIES LIMITED |
Additional
director |
15/05/2012 |
15/05/2012 |
- |
Active |
NO |
KEY EXECUTIVES
|
Name : |
Mr. Vinod |
|
Designation : |
Assistant Manager |
|
|
|
|
Name : |
Mr. Saravanan N |
|
Designation : |
Manager |
|
Address : |
27/38, A4-Second Main Road, Adyar, Chennai - 600020, Tamil Nadu, India |
|
Date of Birth/Age : |
01.03.1966 |
|
Date of Appointment : |
17.06.2011 |
|
PAN No.: |
AEIPN7911B |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 26.09.2011
|
Names of Shareholders |
|
No. of Shares |
|
|
|
|
|
Nissan Motor Company Limited, Japan |
|
26025000 |
|
Ashok Leyland Limited, India |
|
25504000 |
|
Ashley Holdings Limited, India |
|
520497 |
|
Ashley Investments Limited, India |
|
500 |
|
R Seshasayee and Ashley Holdings Limited, India |
|
1 |
|
K Sridharan and Ashley Holdings Limited, India |
|
1 |
|
V Sumantran and Ashley Holdings Limited, India |
|
1 |
|
Total |
|
52050000 |
As on 26.09.2011
Equity Share Break up (Percentage of Total Equity)
|
Category |
Percentage |
|
Foreign holdings( Foreign institutional investor(s),
Foreign companie(s) Foreign financial institution(s), Non-resident Indian(s)
or Overseas Corporate bodies or Others |
50.00 |
|
Bodies corporate |
50.00 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer of Automobile Vehicles |
GENERAL INFORMATION
|
No. of Employees : |
Information declined by the management |
||||||||||||
|
|
|
||||||||||||
|
Bankers : |
Not Divulged |
||||||||||||
|
|
|
||||||||||||
|
Facilities : |
|
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
S.R. Batliboi and Associates Chartered Accountants |
|
Address : |
Chennai, Tamilnadu, India |
|
Tel. No.: |
91-44-66328400 |
|
Fax No.: |
91-44-24311450 |
|
PAN No.: |
AABFS3421N |
|
|
|
|
Joint Ventures : |
· Nissan Motor Company Limited, Japan · Ashok Leyland Limited, India |
|
|
|
|
Related Parties : |
· Ashok Leyland Nissan Vehicles Limited · Ashok Leyland Nissan Vehicles Private Limited · Defiance Tech Limited · Defiance Technologies USA · Nissan Ashok Leyland Powertrain Limited · Nissan Motor Iberica SA · Nissan Trading Company Limited Japan · Nissan Trading Europe Limited, · Renault Nissan Technology Business India Private Limited |
CAPITAL STRUCTURE
As on 31.03.2011
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
7,50,00,000 |
Equity Shares |
Rs.10/- Each |
Rs.750.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
5,20,50,000 |
Equity Shares |
Rs.10/- Each |
Rs.520.500
Millions |
|
|
|
|
|
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
520.500 |
520.500 |
120.500 |
|
|
2] Share Application Money |
0.000 |
0.000 |
95.000 |
|
|
3] Reserves & Surplus |
0.000 |
0.000 |
0.000 |
|
|
4] (Accumulated Losses) |
(878.050) |
(670.343) |
(307.537) |
|
|
NETWORTH |
(357.500) |
(149.843) |
(92.037) |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
0.000 |
0.000 |
0.000 |
|
|
2] Unsecured Loans |
806.900 |
166.900 |
0.000 |
|
|
TOTAL BORROWING |
806.900 |
166.900 |
0.000 |
|
|
DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
449.350 |
17.057 |
(92.037) |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
62.657 |
52.616 |
28.044 |
|
|
Capital work-in-progress |
385.297 |
3.383 |
9.937 |
|
|
|
|
|
|
|
|
INVESTMENT |
0.000 |
0.000 |
6.552 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
0.000
|
0.000 |
0.000 |
|
|
Sundry Debtors |
0.000
|
0.000 |
0.000 |
|
|
Cash & Bank Balances |
8.668
|
2.883 |
2.606 |
|
|
Other Current Assets |
0.000
|
0.000 |
0.000 |
|
|
Loans & Advances |
88.380
|
66.513 |
45.565 |
|
Total
Current Assets |
97.048
|
69.396 |
48.171 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
53.795
|
75.472 |
166.078 |
|
|
Other Current Liabilities |
36.955
|
30.957 |
16.728 |
|
|
Provisions |
4.902
|
1.909 |
1.935 |
|
Total
Current Liabilities |
95.652
|
108.338 |
184.741 |
|
|
Net Current Assets |
1.396
|
(38.942) |
(136.570) |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
449.350 |
17.057 |
(92.037) |
|
PROFIT & LOSS ACCOUNT
|
|
PARTICULARS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
0.000 |
0.000 |
0.000 |
|
|
|
Other Income |
2.348 |
2.588 |
2.450 |
|
|
|
TOTAL (A) |
2.348 |
2.588 |
2.450 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Manufacturing Service Costs |
1.041 |
3.485 |
|
|
|
|
Employee Related Expenses |
62.935 |
92.955 |
|
|
|
|
Administrative Selling Other Expenses |
57.816 |
151.769 |
|
|
|
|
Research Development Expenditure |
46.658 |
96.405 |
|
|
|
|
TOTAL (B) |
168.450 |
344.614 |
300.392 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
(166.102) |
(342.026) |
(297.942) |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
32.648 |
3.925 |
0.071 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
(198.750) |
(345.951) |
(298.013) |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
8.957 |
16.855 |
8.989 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
(207.707) |
(362.806) |
(307.002) |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
0.000 |
0.000 |
0.535 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
(207.707) |
(362.806) |
(307.537) |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Technical consultancy received |
0.000 |
1.572 |
0.000 |
|
|
TOTAL EARNINGS |
0.000 |
1.572 |
0.000 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Capital Goods |
13.811 |
15.513 |
6.249 |
|
|
|
Testing and Related Expenses |
27.536 |
31.628 |
5.236 |
|
|
TOTAL IMPORTS |
41.347 |
47.141 |
11.485 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
(3.99) |
(16.15) |
(69.79) |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
PAT / Total Income |
(%) |
(8846.12)
|
(14018.78) |
(12552.53) |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
0.00
|
0.00 |
0.00 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
(130.06)
|
(297.35) |
(402.81) |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.58
|
2.42 |
3.34 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
(2.52)
|
(1.84) |
(2.01) |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.01
|
0.64 |
0.26 |
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 |
Yes |
|
10] |
Designation of contact
person |
Yes |
|
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 |
No |
|
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 |
Yes |
|
31] |
Date of Birth of
Director, if available |
Yes |
|
32] |
PAN of Director, if
available |
No |
|
33] |
Voter ID No of Director,
if available |
No |
|
34] |
External Agency Rating,
if available |
No |
NOTE:
The registered office address of the company has been shifted from
“Khivraj Complex II, 4th Floor, 477-482, Annasalai, Nandanam Chennai – 600035,
Tamil Nadu, India” to the present address w.e.f. 14.11.2011
BUSINESS OPERATIONS
The company has successfully developed its first vehicle under the (307T Platform) and it intends to provide the license to manufacture the required Engines and vehicle aggregates to its Associates Companies to market the same by middle of 2011. The company has provided necessary support to obtain approvals and homologation certificates from appropriate authorities for launch of this vehicle in Indian Market.
The company has undertaken pre market survey to analyse market requirement on Light Commercial vehicle products and is in the process of developing appropriate product strategy, the company is in the process of design and development of following vehicles for commercial as well as passenger segment:
513T (F91A-platform)
613T (F91A-platform)
Pass 16 (F91A-platform)
Pass 27 (F91A-platform)
X11M NML Badge (NSV Platform)
X11M AL Badge (NSV Platform)
For the above new programs, the Company is developing detailed design of vehicle aggregates and Engine system under guidance from Nissan Motors Limited and Ashok Leyland Limited The team includes good quality R and D engineers in the field of automotive engineering. The company's efforts are in line with expectations and hope that the company will bring its intended product would meet the Quality, Cost and Time targets of the program. This will create foreground IPRs for the company.
NATURE OF OPERATIONS
Subject was incorporated on May 22, 2008 as a private limited company under the Companies Act, 1956.The Company is a part of joint venture between Ashok Leyland Limited, a leading heavy commercial vehicle manufacturer in India and Nissan Motor Company Limited, Japan, a leading car and light commercial manufacturer with global presence. The Company derives its strength from synergies between Ashok Leyland's in-depth local market knowledge and Nissan Motor's design/quality processes, apart from experience in global markets. The Company is engaged in the business of providing engineering design and development services of light commercial vehicles (LCV).
FIXED ASSETS:
·
Plant and Machinery
·
Computers
·
Furniture and Fittings
·
Software
PRESS RELEASE:
ASHOK LEYLAND AND
NISSAN SIGN 3 LCV JVs:
- Three vehicle platforms for initial launch –
- Brand new Euro
III/IV diesel engine to be part of powertrain –
MAY 26, 2008
CHENNAI (May 26, 2008) - Hinduja Group flagship Ashok Leyland and Nissan Motor Co., Ltd., today announced the legal formation of the three JV companies for the Light Commercial Vehicle (LCV) business in India for vehicle manufacturing, powertrain manufacturing and technology development. This follows the signing of the Master Co-Operation Agreement between the two companies in October 2007.
The shareholding structures of the three joint ventures are as under:
· Ashok Leyland Nissan Vehicles Pvt. Ltd., the vehicle manufacturing company will be owned 51% by Ashok Leyland and 49% by Nissan;
· Nissan Ashok Leyland Powertrain Pvt. Ltd., the powertrain manufacturing company will be owned 51% by Nissan and 49% by Ashok Leyland;
· Nissan Ashok Leyland Technologies Pvt. Ltd., the technology development company will be owned 50:50 by the two partners.
The aggregate investment in all three companies will be around Rs. 23 billion (approx. 575 Million USD). The enterprise will involve a capacity of 100,000 vehicles in the first phase, to be scaled up subsequently. The plant is expected to start production from 2010/11. Among the three platforms identified, covering applications up to 7.5 ton Gross Vehicle Weight, is an all-new generation Nissan Atlas F24 light-duty truck. In addition, an all-new engine is being developed specifically for LCV applications, as part of the range of Euro 3 and Euro 4 compliant diesel engines.
Executive comments
Mr. R. Seshasayee, Managing Director,
Ashok Leyland:
“The current growth plans of Ashok Leyland involve, not only our stated capacity additions and new product launches but also, with this important step, our entry into the fast-growing LCV segment. The balanced JV structure facilitates meaningful contribution from both partners and the best opportunity to leverage their respective strengths.”
Mr. Carlos Tavares,
Executive Vice President, Nissan:
“We made another important step in the creation of a solid structure that will allow Nissan and Ashok Leyland to enter successfully the light commercial vehicle market in India and global markets. This represents an important embedded element in our new NISSAN GT 2012 plan based on growth and trust.”
The Hinduja Group is an investment and banking group with a diversified global portfolio of holdings across the manufacturing services and banking sectors. The Group, founded by Shri P.D. Hinduja in 1914, has activities across three core areas: Investment Banking, International Trading and Global Investments. As part of its Global investments, the Group owns businesses in Automotive, Information Technology, Media, Entertainment and Communications, Banking and Finance, Infrastructure, Project Development, Chemicals and Agri business, Energy, Real Estate and Healthcare. The Hinduja Group also supports charitable and philanthropic activities across the world through the Hinduja Foundation.
Ashok Leyland is the flagship of the Hinduja Group and a leading manufacturer of commercial vehicles in India with 07-08 turnover of more than US $ 2 billion. With six manufacturing locations at Chennai, Hosur (three plants), Alwar and Bhandara, the Company has an annual production capacity of 84,000 vehicles with additional 100,000 vehicle capacity planned by 2010. The Company has associate companies in the Czech Republic and the UAE and joint ventures in Sri Lanka and Bangladesh, besides exports to over 20 countries worldwide.
Nissan Motor Company generated global net revenues of 10.824 trillion yen in 2007. Nissan is present in all major auto markets worldwide selling a comprehensive range of cars, pickup trucks, SUVs and light commercial vehicles under the Nissan and Infiniti brands. Nissan employs over 224,000 people worldwide.
The Nissan GT 2012 five-year business plan is focused on the company’s long-term performance combined with its responsibilities to stakeholders as a significant global business. The three commitments are:
· Quality leadership
· Zero-emission vehicle leadership
· Five percent revenue growth on average over five years (FY2008 to FY2012)
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.55.34 |
|
|
1 |
Rs.86.45 |
|
Euro |
1 |
Rs.68.04 |
INFORMATION DETAILS
|
Information
Gathered by : |
SBA |
|
|
|
|
Report Prepared
by : |
BSN |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
3 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
4 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
4 |
|
--PROFITABILIRY |
1~10 |
2 |
|
--LIQUIDITY |
1~10 |
4 |
|
--LEVERAGE |
1~10 |
4 |
|
--RESERVES |
1~10 |
2 |
|
--CREDIT LINES |
1~10 |
5 |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
NO |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
NO |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
33 |
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.