|
Report Date : |
07.12.2012 |
IDENTIFICATION DETAILS
|
Name : |
ENDURANCE TECHNOLOGIES PRIVATE
LIMITED
(CN) (w.e.f. 09.07.2010) |
|
|
|
|
Formerly Known
As : |
ENDURANCE TECHNOLOGIES LIMITED (CN) (w.e.f. 09.07.2010) ENDURANCE TECHNOLOGIES PRIVATE LIMITED (w.e.f. 11.08.2006) ENDURANCE
TRANSMISSION SYSTEMS ( ENDURANCE TRANSMISSION
SYSTEMS (INDIA) LIMITED (w.e.f.06.12.2000) ENDURANCE
SUSPENSION SYSTEMS ( |
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Registered
Office : |
K-228, MIDC Industrial Area, Waluj, |
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Country : |
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Financials (as
on) : |
31.03.2011 |
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Date of
Incorporation : |
27.12.1999 |
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|
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Com. Reg. No.: |
11-123296 |
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Capital
Investment / Paid-up Capital : |
Rs. 192.630
Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U34102MH1999PLC123296 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
NSKE00384G /
NSKE00391G / NSKE00465D |
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PAN No.: [Permanent Account No.] |
AAACE7066P |
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Legal Form : |
Private Limited Liability Company
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Line of Business : |
Manufacturer of Parts and Accessories for Motor Vehicles and their
Engines. |
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No. of Employees
: |
2000
(Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
B (40) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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Maximum Credit Limit : |
USD 21260000 |
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Status : |
Moderate |
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Payment Behaviour : |
Slow but correct |
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Litigation : |
Clear |
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Comments : |
Subject is an established company having moderate track. The latest
financials are not made available. As per previous years, There appears huge
external borrowings recorded by the company. The operations are carried out efficiently. Trade relations are
reported as fair. Business is active. Payment terms are slow but correct. 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.
INDIAN ECONOMIC OVERVIEW
|
Source
: CIA |
EXTERNAL AGENCY RATING
|
Rating Agency Name |
CARE |
|
Rating |
BBB- (Long Term Rating) |
|
Rating Explanation |
This rating considered to have moderate degree of safety regarding
timely servicing of financial obligation. Such instruments carry moderate
credit risk. |
|
Date |
March 2012 |
|
Rating Agency Name |
CARE |
|
Rating |
A3 (Short Term Rating) |
|
Rating Explanation |
This rating are considered to have moderate degree of safety regarding
timely payment of financial obligation. Such instrument carry very higher credit
risk as compared to instruments rated in the two higher categories. |
|
Date |
March 2012 |
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 DECLINED
MANAGEMENT NON CO-OPERATIVE
|
Contact No.: |
91-240-2569737 |
|
Date : |
06.12.2012 |
LOCATIONS
|
Registered
Office : |
K-228, MIDC Industrial Area, Waluj, |
|
Tel. No.: |
91-240-2556686/ 87/ 2569737 |
|
Fax No.: |
91-240-2556685/ 2551700 |
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E-Mail : |
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Website : |
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Corporate Office
1 : |
E-92, M.I.D.C., Waluj, |
|
Tel No.: |
91-240-2554902 / 2564582 /
2564595 |
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Fax No.: |
91-240-2569703 |
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Transmission
Division Office : |
High Technology
Transmission Systems ( K-226/2, MIDC Industrial Area Waluj, Aurangabad-431136, |
|
Tel No. : |
91-240-2555026 / 27 / 2554864 / 65 |
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Fax No.: |
91-240-2554373 |
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Marketing Head
Office 1 : |
E - 94, MIDC Industrial Area, |
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Tel. No.: |
91-240-2569600 / 2569601 |
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Fax No.: |
91-240-2569703 |
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E-Mail : |
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Marketing Head
Office 2 / Factory 1 : |
B-1/3, MIDC Area, Chakan, Village Nighoje, Taluka: Khed
(Rajgurunagar), Pune - 410501. |
|
Tel. No.: |
91-2135-259587 / 88 / 89 |
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Fax No.: |
91-2135-259586 |
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Factory 2 : |
(Casting Division) B-2, MIDC Area, Waluj, Post Box No. 960, |
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Tel. No.: |
91-240-2555026/ 27/ 2554864/ 65 |
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Fax No.: |
91-240-2554373 |
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Factory 3 : |
(Casting Division) L-6/3, MIDC Area, Waluj, |
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Tel. No.: |
91-240-2551246/ 48 |
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Fax No.: |
91-240-2556894/ 65 |
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Factory 4 : |
(Suspension Division) E-92, MIDC Area, Waluj, Post Box No. 982, |
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Tel. No.: |
91-240-2554902/ 2564582/ 2564595 |
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Fax No.: |
91-240-2555423 |
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Factory 5 : |
(Suspension Division) K-120, MIDC Area, Waluj, Post Box No. 982, |
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Tel. No.: |
91-240-2555304/ 2556683/ 2556684 |
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Fax No.: |
91-240-2556682 |
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Factory 6 : |
(Suspension Division) K-228 and K-229, MIDC Area, Waluj, |
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Tel. No.: |
91-240-2556686/87 |
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Fax No.: |
91-240-2556685 |
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Factory 7 : |
(Braking Division) K-226/2, MIDC Area, Waluj, |
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Tel. No.: |
91-240-2551115 |
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Fax No.: |
91-240-2551496 |
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Factory 8 : |
(Casting Division) K-227, MIDC Area, Waluj, |
|
Tel. No.: |
91-240-2551116 |
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|
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Factory 9 : |
High Technology Transmission Systems
( (Transmission Division) K-226/1, MIDC Area, Waluj, |
|
Tel. No.: |
91-240-2552447/2563153 |
|
Fax No.: |
91-240-2563553 |
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|
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Factory 10 : |
(Casting Division) Gut No. 416, Village Takve Budruk, Taluka: Vadgoan Maval,
District. Pune – 412106, |
|
Tel. No.: |
91-2114-211331/2/3 |
|
Fax No.: |
91-240-2556894 |
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|
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Factory 11 : |
(Machining Division) B-20, MIDC Area, Chakan, Village: Nighoje, Taluka: Khed
(Rajgurunagar), Pune - 410 501, |
|
Tel. No.: |
91-20-4103011/12/14 |
|
Fax No.: |
91-20-4102230 |
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|
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Factory 12 : |
Endurance
Magneti Marelli Shock Absorbers ( (Suspension Division) B-23, MIDC Area, Chakan, Village Nighoje, Taluka: Khed
(Rajgurunagar), Pune – 410501, |
|
Tel. No.: |
91-20-30947662 |
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Factory 13 : |
(Alloy Wheel Division) Plot B-22, MIDC Area, Village Nighoje, Taluka: Khed
(Rajgurunagar), Pune – 410501, |
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Factory 14 : |
MANESAR (Casting Division) Plot no. 400, Sector 8, IMT, Manesar, District. Gurgaon -
122050, |
|
Tel. No.: |
91-0124-2291770-73 |
|
Fax No.: |
91-0124-2291774 |
|
|
|
|
Factory 15 : |
PANTNAGAR Plot No. - 3, Sector 10, Integrated Industrial Estate -
IIE, Udham Singh Nagar, |
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Factory 16 : |
High
Technology Transmission Systems ( (Transmission Division) Plot No. - 7, Sector 10, Integrated Industrial Estate-IIE,
Udham Singh Nagar, Pantnagar, |
|
Website : |
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Factory 17 : |
CHENNAI Plot No F-82, |
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Factory 18 : |
(Casting Division) Via Del Boschetto 2/43, 10100 Lombardore (TO), |
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Tel. No.: |
39 011 9958756 |
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Website: |
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Factory 19 : |
Amann Druckguss GmbH (Casting
Division) |
|
Website: |
DIRECTORS
AS ON 29.08.2012
|
Name : |
Mr. Naresh Chandra |
|
Designation : |
Chairman |
|
Address : |
Bhagwati Bhavan, 31-B, M. L. Dahanukar Marg, Mumbai - 400026, |
|
Date of
Birth/Age : |
11.02.1935 |
|
Qualification : |
B. E. [Mech.] |
|
Date of
Appointment : |
27.12.1999 |
|
Voter ID No.: |
MT/04/024/258347 |
|
DIN No.: |
00027696 |
|
|
|
|
Name : |
Mr. Anurag Nareshchandra Jain |
|
Designation : |
Managing Director |
|
Address : |
Green Leaf, Manor Gat No-43-3-B,Kanchanwadi Opp.Walmi PaithanRoad, |
|
Date of
Birth/Age : |
21.03.1962 |
|
Qualification : |
MBA ( |
|
Date of
Appointment : |
27.12.1999 |
|
Voter ID No.: |
MT/33/193/1254590 |
|
DIN No.: |
00291662 |
|
|
|
|
Name : |
Mr. Roberto Testore |
|
Designation : |
Director |
|
Address : |
Viale Parioli 40, |
|
Date of
Birth/Age : |
17.10.1952 |
|
Date of
Appointment : |
17.10.2007 |
|
DIN No.: |
01935704 |
|
|
|
|
Name : |
Mr. Soumendra Mohan Basu |
|
Designation : |
Director |
|
Address : |
22 D-2, Cape, Tower VII Hiland Park, 1925, Chak Garia, Kolkata –
700094, West Bengal, India |
|
Date of
Birth/Age : |
19.11.1949 |
|
Date of
Appointment : |
16.08.2010 |
|
DIN No.: |
01125409 |
|
|
|
|
Name : |
Mr. Partho Sarothy Datta |
|
Designation : |
Director |
|
Address : |
19/2, |
|
Date of
Birth/Age : |
08.12.1948 |
|
Date of
Appointment : |
16.08.2010 |
|
Voter ID No.: |
CJJ2442200 |
|
DIN No.: |
00040345 |
|
|
|
|
Name : |
Asanka Haren Edirimuni Rodrigo |
|
Designation : |
Director |
|
Address : |
4202. 42 Floor, Planet Godrej, Tower 2 (Aqua), SM Compound, KK Marg,
Jacob Circlr, Saatrasta, Mahalaxmi, Mumbai-400011, |
|
Date of
Birth/Age : |
12.02.1971 |
|
Date of
Appointment : |
22.12.2011 |
|
DIN No.: |
03010463 |
KEY EXECUTIVES
|
Name : |
Sunil Naresh Lalai |
|
Designation : |
AAGPL2945P |
|
Address : |
Flat No. 6, Palacia – C, |
|
Date of
Birth/Age : |
25.05.1965 |
|
Date of
Appointment : |
10.09.2011 |
|
PAN No.: |
AAGPL2945P |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 29.08.2012
|
Names of Equity Shareholders |
No. of Shares |
Percentage of
Holding |
|
Anurang Jain |
26412400 |
60.09 |
|
Varsha Jain |
25 |
0.00 |
|
Anurag Jain and
Varsha Jain |
468925 |
1.07 |
|
Anurag Jain HUF |
125 |
0.00 |
|
Naresh Chandra |
4488850 |
10.21 |
|
Naresh Chandra
and Suman Jain |
1042825 |
2.37 |
|
Naresh Chandra
HUF |
11250 |
0.03 |
|
Suman Jain |
5502750 |
12.52 |
|
Standard
Chartered Private Equity ( |
6029990 |
13.72 |
|
TOTAL
|
43957140 |
100.00 |
|
Names of Redeemable Preference Shareholders |
No. of Shares |
Percentage of
Holding |
|
Naresh Chandra |
265000 |
15.77 |
|
Suman Jain |
1360000 |
80.96 |
|
Naresh Chandra HUF |
55000 |
3.27 |
|
TOTAL
|
1680000 |
100.00 |
AS ON 29.08.2012
|
Equity Shares
Break Up |
Percentage of
Holding |
|
Foreign holdings( Foreign institutional
investor(s), Foreign companie(s) Foreign financial institution(s),
Non-resident Indian(s) or Overseas Corporate bodies or Others |
13.72 |
|
Directors or relatives of Directors |
86.28 |
|
TOTAL |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer of Parts and Accessories for Motor Vehicles and their
Engines. |
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Products : |
|
PRODUCTION STATUS (AS ON : 31.03.2011)
|
Particulars |
Unit |
Installed
Capacity |
Actual
Production |
|
Shock Absorbers
(Including Front Fork Assembly) |
Nos. |
11148000 |
11139262 |
|
Disc Brake
Assembly** (Including Rotary Disc) |
Nos. |
2400000 |
2824205 |
|
Alloy Wheels
(Including Assembly) |
Nos. |
3240000 |
1688966 |
|
Aluminium Pressure
Die Casting Parts (Excludes 1031.88 MT on Job work basis (Previous year
1337.28 MT)) |
MT |
50797 |
47583 |
|
Dies |
Nos. |
-- |
214 |
|
Wind Power Generation |
Unit |
31.03.2011 |
|
Installed
Capacity |
MW |
7.10 |
|
Generation* |
Units |
7745925 |
* Net of
50,79,075 units
(Previous Year 54,43,516 Units). ** The Disc Brake production in FY 2010-11 is
more than the capacity as machining of components activity has been supported
from outside.
Notes:
a)
The Company's products are exempt from licensing
requirement under new Industrial Policy in terms of notification No. S.O.477(E)
dated 25th July, 1991, hence licensed capacity not given.
b)
It is not possible to ascertain installed capacity
of dies as it depends upon the design and type of dies ordered by the customer.
c)
Installed capacity as certified by the Management
and relied upon by the Auditors without verification, it being a technical
matter.
d)
Actual production includes production by outside
parties
|
Particulars |
Unit |
31.03.2011 |
|
Aluminium
Pressure Die Casting parts |
MT |
3243.89 |
|
e) Dies
capitalized |
Nos. |
106 |
f)
Actual Production has been arrived at by adding to the
closing stocks, the sales during the year, and deducting there from the opening
stock and therefore includes the excess/shortages on physical count, write off
of obsolete items etc.
GENERAL INFORMATION
|
Customers : |
·
Bajaj Auto Limited ·
Mahindra Two Wheelers
Limited ·
India Yamaha Motor
Private Limited ·
Suzuki Motorcycle India
Private Limited ·
Hyundai Motor India
Limited ·
Renault Nissan
Automotive India Private Limited ·
CHRYSLER ·
Maruti Suzuki India
Limited ·
Alfa Romeo Automobiles
S.p.A. ·
PEUGEOT ·
MAN Nutzfahrzeuge AG ·
Tata Motors Limited ·
Mahindra and Mahindra
Limited ·
Ashok Leyland Limited ·
Renault Nissan
Automotive India Private Limited ·
Daimler AG |
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|
No. of Employees : |
2000
(Approximately) |
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Bankers : |
·
Corporation Bank, Industrial Finance Branch, 14,
Wakdewadi, Mumbai Pune Road, Pune-411003, Maharashtra, India |
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Facilities : |
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|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
Deloitte Haskins and Sells Chartered Accountants |
|
Address : |
706, B Wing, 7th Floor, ICC Trade Tower, International Convention
Center, Senapati Bapat Road, Pune - 411016, Maharashtra, India |
|
PAN No.: |
AACFD4815A |
|
|
|
|
Joint Venture : |
Endurance Magneti
Marelli Shock Absorbers (India) Private Limited, India CIN No.:-
U74900PN2008PTC132425 |
|
|
|
|
Subsidiaries (Direct): |
·
Amann Druckguss GmbH, Germany ·
Endurance Overseas Srl ·
High Technology Transmission Systems (India)
Private Limited, India CIN No.:-
U34300MH2002PTC134738 |
|
|
|
|
Subsidiaries (Indirect) : |
·
Endurance Fondalmec S.p.A, Italy |
|
|
|
|
Enterprises Owned or controlled by Key Management
personnel and/or their Relatives : |
·
Varroc Engineering Private Limited ·
Varroc Trading Private Limited ·
Varroc Exhaust Systems Private Limited ·
Durovalves India Private Limited ·
Varroc Elastomers Private Limited ·
Varroc Polymers Private Limited |
CAPITAL STRUCTURE
AS ON 31.03.2011
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
176250000 |
Equity Shares |
Rs.4/- each |
Rs. 705.000 Millions |
|
2000000 |
Redeemable Preference Shares |
Rs.10/- each |
Rs. 20.000 Millions |
|
|
TOTAL |
|
Rs. 725.000
Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
43957140 |
Equity Shares |
Rs.4/- each |
Rs. 175.830
Millions |
|
1680000 |
Redeemable Preference Shares |
Rs.10/- each |
Rs. 16.800
Millions |
|
|
TOTAL |
|
Rs. 192.630 Millions |
Note:
Other details
regarding share capital
1.
The above shares include 15,297,084 (Previous Year
15,297,084) Equity Shares of Rs 10each allotted (prior to sub-division of equity
shares from Rs. 10 each to Rs. 4 each) as fully paid up bonus shares issued in
the ratio of 9:1 by way of capitalization of Securities premium in the year
2007-08. After sub-division these shares are equivalent to 38,242,710 equity
shares of Rs 4 each
2.
Equity Shares of Rs 10 each have been sub-divided
into two and half equity shares of Rs 4 each pursuant to the resolution passed
by the Board of Directors in the meeting held on September 27, 2010
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 |
192.630 |
586.770 |
169.970 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
5122.720 |
3729.960 |
3213.050 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
5315.350 |
4316.730 |
3383.020 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
5551.540 |
6017.660 |
7236.760 |
|
|
2] Unsecured Loans |
3074.740 |
2087.510 |
1351.680 |
|
|
TOTAL BORROWING |
8626.280 |
8105.170 |
8588.440 |
|
|
DEFERRED TAX LIABILITIES |
90.920 |
159.670 |
15.290 |
|
|
OTHER LIABILITIES |
0.000 |
13.550 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
14032.550 |
12595.120 |
11986.750 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
8896.030 |
8532.010 |
9352.190 |
|
|
Capital work-in-progress |
272.780 |
259.250 |
210.480 |
|
|
|
|
|
|
|
|
INVESTMENT |
2970.890 |
2823.360 |
2372.240 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
1321.190
|
1035.600
|
762.790 |
|
|
Sundry Debtors |
3091.810
|
2443.620
|
1256.560 |
|
|
Cash & Bank Balances |
471.540
|
433.270
|
423.050 |
|
|
Other Current Assets |
9.190
|
5.900
|
7.680 |
|
|
Loans & Advances |
991.190
|
804.050
|
592.430 |
|
Total
Current Assets |
5884.920
|
4722.440 |
3042.510 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
2910.450
|
2763.040
|
2126.580 |
|
|
Other Current Liabilities |
884.580
|
735.370
|
656.700 |
|
|
Provisions |
197.040
|
243.530
|
207.390 |
|
Total
Current Liabilities |
3992.070
|
3741.940 |
2990.670 |
|
|
Net Current Assets |
1892.850
|
980.500
|
51.840 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
14032.550 |
12595.120 |
11986.750 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
22787.420 |
15784.580 |
14324.200 |
|
|
|
Other Income |
660.780 |
587.300 |
431.860 |
|
|
|
TOTAL (A) |
23448.200 |
16371.880 |
14756.060 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Consumption materials changes inventories |
15684.360 |
10417.850 |
0.000 |
|
|
|
Manufacturing Service Cost |
2978.900 |
2179.830 |
9794.380 |
|
|
|
Employees Cost |
931.520 |
735.670 |
771.240 |
|
|
|
Administrative, Selling, Other Expenses |
492.690 |
357.660 |
2571.730 |
|
|
|
Extra Ordinary Items |
68.030 |
56.440 |
0.000 |
|
|
|
TOTAL (B) |
20155.500 |
13747.450 |
13137.350 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
3292.700 |
2624.430 |
1618.710 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
735.020 |
677.430 |
672.210 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
2557.680 |
1947.000 |
946.500 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
1197.250 |
1107.570 |
1012.670 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
1360.430 |
839.430 |
(66.170) |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
326.520 |
307.920 |
(353.010) |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
1033.910 |
531.510 |
286.840 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
1310.470 |
793.550 |
200.570 |
|
|
|
|
|
|
|
|
|
Add |
Acquired
under the scheme of arrangement |
0.000 |
0.000 |
306.150 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Dividend on Equity Shares |
13.190 |
0.000 |
0.000 |
|
|
|
Dividend on Preference Shares |
17.120 |
12.470 |
0.000 |
|
|
|
Dividend Tax on Preference Shares |
4.980 |
2.120 |
0.000 |
|
|
BALANCE CARRIED
TO THE B/S |
2309.090 |
1310.470 |
793.560 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Export Earnings |
435.810 |
234.120 |
453.77 |
|
|
|
Interest |
7.070 |
0.000 |
0.000 |
|
|
|
Other Earnings |
2.440 |
0.000 |
0.250 |
|
|
TOTAL EARNINGS |
445.320 |
234.120 |
454.020 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
1891.330 |
934.000 |
796.42 |
|
|
|
Stores & Spares |
56.140 |
29.770 |
29.11 |
|
|
|
Capital Goods |
458.520 |
9.300 |
209.51 |
|
|
TOTAL IMPORTS |
2405.990 |
973.070 |
1035.040 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
23.45 |
12.17 |
16.88 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
PAT / Total Income |
(%) |
4.41
|
3.25 |
1.94 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
5.97
|
5.32 |
(0.46) |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
9.20
|
6.33 |
(0.53) |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.26
|
0.19 |
(0.02) |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
2.37
|
2.74 |
3.42 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.47
|
1.26 |
1.02 |
LOCAL AGENCY FURTHER INFORMATION
SUNDRY CREDITORS
DETAILS:
|
Particulars |
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
|
(Rs. In Millions) |
||
|
|
|
|
|
|
Creditors due small micro enterprises |
355.200 |
459.080 |
93.870 |
|
Creditors due others |
2555.250 |
2303.960 |
2032.710 |
|
Total |
2910.450 |
2763.040 |
2126.580 |
|
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 |
Yes |
|
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 |
Yes |
|
19] |
Payments terms |
No |
|
20] |
Export / Import details
(if applicable) |
Yes |
|
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 |
No |
|
30] |
Major Shareholders, if
available |
Yes |
|
31] |
Date of Birth
of Proprietor/Partner/Director, if available |
Yes |
|
32] |
PAN of
Proprietor/Partner/Director, if available |
No |
|
33] |
Voter ID No of
Proprietor/Partner/Director, if available |
Yes |
|
34] |
External
Agency Rating, if available |
Yes |
ECONOMIC SCENARIO
During the year
2011, the major economies of the world witnessed a partial recovery from the
downturn caused by the global recession. The European countries achieved average
rate of GDP growth in the range of 1% to 4%. The economies of China and India
continued to record higher GDP growth rates. The Japanese economy was affected
by a devastating earthquake and tsunami followed by the nuclear fallout during
March, 2011.
India achieved a
GDP growth of 8.5% during 2010-11. The annual industrial growth stood at 7.8%.
On account of
good monsoon, the
agriculture sector recorded growth rate of 5. 4%.
Inflation impacted
across a broad front of costs like materials, energy, transportation, financing
and employment. The hardening in real terms of the Indian Rupee versus US
Dollar and the Chinese Renminbi is the new challenge to exporters, as is the
phased removal of fiscal stimulus in terms of excise duty and export support
schemes. The manufacturing sector growth in India slowed down to 8.3 per cent
in the 2010-11 financial year from 8.8 per cent in 2009-10. The industry awaits
with avid interest the unfolding of the new manufacturing policy and measures
of the Government.
AUTOMOTIVE INDUSTRY SCENARIO
Automotive sector
has been one of the key drivers of economic growth, not only in India but also
globally. This presumably is owing to the high correlation with the GDP growth.
In 2007, the world produced 70 million vehicles, of which India's share was 2.7
million. The corresponding figure in 2010 increased to 72 million and 3.5
million respectively. The projection is that in 2015 when the world production
of vehicles will rise to 97 million vehicles, India's share too will rise to 6
million vehicles. China is expected to be the largest market with 23.3 million
vehicles, up from 15.2 million in 2010, but India, in all likelihood, will
emerge as the fastest growing market. Nearly, all major global OEMs have
announced their plans to make India the component sourcing hub for their global
operations. Several global tier-l suppliers have stated their plans to increase
procurement from India and many international auto-component majors are
establishing operations in India.
The production,
sales and export data of vehicles in India during the financial year 2010-11
published by the Society of Indian Automobile Manufacturers (SIAM) reflects an impressive
growth over the last year in all segments of passenger vehicles and commercial
vehicles. The unit growth of vehicles produced is over 25% in all categories.
The graph below depicts the trend:
AUTO COMPONENT INDUSTRY
Demand for auto
components correspondingly witnessed a robust growth on the back of strong
volumes of automobile production across all the segments namely cars,
commercial and utility vehicles, two-wheelers, tractors, etc. The domestic
consumption of auto-components grew by 26% as compared to the previous year.
The size of the auto component industry in India is roughly USD 22 billion and
has grown at a CAGR of 20% since 2005. This is estimated to grow at 18% during
2011.
Outlook for
India's share in the global market is expected to rise from 0.9% in 2008-09 to
2.5% in 2015. With concerted efforts by Indian players to improve the quality
standards, it has resulted in reduced defects thereby raising confidence of
international buyers and consequently driving the growth in exports of components.
FINANCIAL PERFORMANCE OF THE COMPANY
During the year
the Company achieved a strong financial performance. Net sales recorded a
significant increase of 44.93% to Rs. 22570.440 million from Rs. 15573.490
million last year. This was driven by significant growth in volume and improved
product mix. Net Profit for the year recorded an impressive growth by 94.53% to
Rs. 1033.920 million as against Rs. 531.510 million in the previous year on the
back of strong financial performance.
MANAGEMENT'S ANALYSIS OF THE BUSINESS OPERATIONS
AND FINANCIAL PERFORMANCE
SALES
The market saw a
strong demand for the new as well as existing models of motorcycles
manufactured by the Company's major customers. This resulted in higher demand
for Company's products like die castings, suspension products and braking
components. Breakup of the sales of main products is as under :
Material price
increase adjustment in selling price has also contributed to higher turnover.
The Aftermarket
sales have for the first time crossed Rs. 1000 million-mark, an increase from
Rs. 701.000 million in the previous year to Rs.1010 million in during the year.
This is a focus area for the Company's future growth.
COST
Material cost as a
percentage to net sales witnessed an upward trend at 65.63% (previous year
62.76%). The increase is primarily due to the effect of higher material prices
though compensated in absolute amount through increase in sales price and
increased volume of outsourcing.
To support higher
level of production and sales, the Company maintained higher levels of
inventory.
Higher sales led
to increase in trade debtors. However, DSO came down to 46 days from 53 days in
the previous year. Working capital also was impacted by higher costs and average
realization.
Employee cost
increased to Rs. 949.740 million (previous year Rs. 752.290 million) owing to
wage settlement agreement at seven plants and increments given to employees.
INTEREST
Higher working
capital requirement and hardening of interest rate resulted in higher interest
cost of borrowings as compared to the previous year. The interest outgo was Rs.
735.020 million (previous year Rs. 677.430 million). The requirement of working
capital had increased on account of higher production and sales. Loans
aggregating to Rs. 2,676.300 million were repaid during the year. The fund
requirement was met through internal cash generation from operations and partly
through fresh borrowings.
OUTLOOK FOR THE CURRENT FINANCIAL YEAR
The Government of
India aims to achieve GDP growth of 9% for the current financial year 2011 -12.
Recently, Reserve Bank of India has estimated that the GDP growth rate for the
current year would be 8% due to the major
challenges posed
by high inflation, rising fuel prices and higher commodity prices. The interest
rates are rising on
account of
measures taken by Reserve Bank of India for controlling inflation. These
factors will result in slowdown of pace of growth. As per the forecast of SIAM
(given in the following table), the rate of growth of sales of vehicles in the
current financial year 2011-12 is expected to slowdown.
|
Segment |
2010-2011 |
||
|
|
Volume |
Growth (%) |
Forecast (%) |
|
Cars |
1982702 |
30 |
16-18 |
|
2-Wheelers |
11790305 |
26 |
12-14 |
|
Commercial Vehicles |
676408 |
27 |
14-16 |
|
3-Wheelers |
526022 |
19 |
9-11 |
The vehicle
manufacturers may increase vehicles prices to pass on to customers a part of
the burden of higher input costs. It is felt that these factors should not cause
major impact on the domestic demand of two wheelers which are considered as
necessity in the changed environment characterized by higher rural penetration,
poor public transport system and the convenience and affordability of
two-wheelers.
The business and
prospects of the auto components industry are highly interrelated with the
automobile industry. The auto component industry is envisaged to grow by 16-18
per cent during the financial year 2011-12. Auto component exports depend on
the revival in global auto production and the inroads that Indian companies can
make in key export markets. Replacement demand is expected to grow at slower
pace with continued threat of cheaper imports. The industry will continue to be
highly competitive, characterized by large number of small and medium sized
players.
The OEMs are
increasingly looking for long term relationships with suppliers having sound
financial position, established presence and expertise in auto-component
manufacturing and strong customer base in India and abroad. The Company
therefore is well positioned in meeting these expectations with diversified
range of auto components involving aluminum castings, brakes, transmission and
suspension products. Endurance is the largest aluminum casting manufacturer in
India. They have made strategic investments in overseas subsidiary companies
for supplying automotive components to reputed OEMs in Germany and Italy. With
expansion in customer portfolio, the Company plans to expand its capacities at
Chakan (Pune) and Waluj (Aurangabad), Maharashtra to cater to increasing demand
for auto components. The business forecast envisages increase in orders from
existing and new customers and wider customer base, resulting in improved
operations and financial performance during the current year 2011-12. This
would also be supported by its overseas subsidiaries which are expected to
continue deliver good performance during the financial year 2012.
SUBSIDIARY COMPANIES AND JOINT VENTURE COMPANY
DOMESTIC
The subsidiary,
High Technology Transmission Systems (India) Private Limited -
("HTTS"), is engaged primarily into manufacture and sale of clutch
assembly, continuous variable transmission, friction plates, motorcycle brake
assemblies and parts thereof. The company maintained its upward trend for the
financial year 31st March, 2011 by achieving a total income of Rs.
2044.270 million, an increase of 19.71% over the previous year. During the
year, the Company made strategic acquisition of 15,38,846 Equity shares of Rs.
10 each from the joint venture partner Adler SpA, Italy at a negotiated price
of Rs. 40.21 per share. In June, 2011, the Company again acquired from Adler
SpA additional 615,539 Equity shares at a negotiated price of Rs. 57.20 per share.
With this, the shareholding of the Company in the share capital of HTTS has
increased to 99% . Adler SpA continues to hold the balance shares.
OVERSEAS
In Europe, the
step-down operating subsidiary in Italy, namely Endurance Fondalmec S.p.A
(formerly 'Fondalmec Officine Meccaniche SpA'), manufactures mechanical
components for automotive sector. It is primarily engaged in machining aluminum
/ cast iron / steel and forged automotive components. During the year ended 31st
March, 2011, it posted improved performance achieving sales of Euro 72.50
million (previous year Euro 64.95 million). Profit after tax was Euro 2.61
million (previous year Euro 2.11 million). The company paid dividend of Euro
1.89 million on the equity share capital. This translates to 70% dividend
payout.
The other
operating subsidiary in Germany, namely Amann Druckguss GmbH("Amann")
carries out production of high pressure die casting and machining components.
It caters to large automotive OEMs in the German auto market. This subsidiary reported
a turnaround in performance with higher total income of Euro 41.62 million for
the financial year 31st March, 2011 (previous year Euro 28.23
million). It posted a profit after tax of Euro 2.22 million (previous year loss
of Euro 1.57 million).
JOINT VENTURE
Endurance Magneti
Marelli Shock Absorbers (India) Private Limited ("EMM"), is a joint
venture promoted by the Company and Magneti Marelli Holding SpA, Italy. The
company is formed to manufacture four wheeler struts and
shock absorbers
under the technical know-how from the joint venture partner. During the year,
the joint venture suffered loss mainly on account of under utilization of
capacities due to delay in implementation of projects of its customers. Post
restructuring of the shareholding pattern of EMM, as mutually agreed by the JV
partners, each joint venture partner now holds equal shares in EMM.
BANKERS CHARGES
REPORT AS PER REGISTRY
|
Corporate
identity number of the company |
U34102MH1999PTC123296 |
|
Name of the
company |
ENDURANCE
TECHNOLOGIES Private Limited (CN) |
|
Address of the
registered office or of the principal place of business in |
K-228, MIDC Industrial Area, Waluj, Aurangabad – 431 136, Maharashtra,
India Email: snlalai@endurance.co.in |
|
This form is for |
Modification of charge |
|
Charge
identification (ID) number of the charge to be modified |
10077929 |
|
Type of charge |
Immovable
property Movable
property (not being pledge) |
|
Particular of
charge holder |
Corporation Bank, Industrial Finance Branch, 14, Wakdewadi, Mumbai
Pune Road, Pune-411003, Maharashtra, India Email: cb502@corpbank.co.in |
|
Nature of
instrument creating charge |
No due
certificate dated 20.06.2012 for repayment of corporate loan of Rs.250.000
Millions |
|
Date of
instrument Creating the charge |
20.06.2012 |
|
Amount secured by
the charge |
Rs. 99.000
millions |
|
Brief of the principal
terms an conditions and extent and operation of the charge |
Rate of Interest 12.75% pa (50 bps
below COBAR) at monthly rests at present subject to revision from time to
time. Terms of
Repayment Repayment
Schedule as per Memorandum dated 31-03-2009 Margin 25 % Extent and
Operation of the charge First charge on
plant and machinery and other moveable assets acquired under the term loan
and situated at Company's plant L-6/3, Waluj, Aurangabad and Plant Gut No.
416 Takve, Budruk, Pune. First pari passu
charge on immovable property at Plant L-6/3, Waluj, Aurangabad. |
|
Short particulars
of the property or asset(s) charged (including complete address and location
of the property) |
First charge on
plant and machinery and other moveable assets acquired under the term loan
and situated at Company's plant L-6/3, Waluj, Aurangabad and Plant Gut No.
416 Takve, Budruk, Pune. First pari passu
charge on immovable property at Plant L-6/3, Waluj, Aurangabad. |
|
Date of
instrument modifying the charge |
31.03.2009 |
|
Particulars of
the present modification |
Out of the amount
secured by charge i.e. Rs. 349.000 millions corporate loan of Rs. 250.000
millions is being paid as per the no due certificate issued by the bank. Thus
the amount secured has been reduced to Rs. 99.000 millions i.e. Amount
availed for term loan. |
FIXED ASSETS
·
Leasehold
land
·
Freehold
Land
·
Buildings
·
Plant
and machinery
·
Wind
energy generators
·
Factory
equipments
·
Electrical
installation
·
Computer
·
Dies
·
Electrical
Fittings
·
Vehicles
·
Furniture
and fixture
·
Office
equipments
WEBSITE DETAILS
MILESTONE
2010
·
Celebrating 25 years of Anurang Engineering 2010.
·
Endurance becomes a Public Limited Company &
files DRHP for IPO in September.
·
Endurance MSLTA tennis academy is made operational
at Aurangabad, Maharashtra.
2009
·
Increased Equity stake from 51% to 100% in
Fondalmec S.p.A. Turin, Italy.
·
Commercial production of 4Wh Struts/Shock Absorbers/Gas
Springs for Indian and Overseas market at its Joint Venture (with Magneti
Marelli S.p.A., Italy) Plant in Pune, India
·
Merger of Endurance Systems (India) Private Limited
with its holding Company Endurance Technologies Private Limited.
2008
·
'Technical Assistance Agreement' with TEKSID
ALUMINIUM S.R.L., Italy, for manufacture of 'Aluminium Cylinder Head' castings
by Gravity Die Casting process.
·
'Technical Assistance Agreement' with WP Suspension
(subsidiary of KTM) for inverted front fork and mono shock absorber.
·
Joint venture with Magneti Marelli S.p.A. for
manufacture of four-wheeler suspension products in Pune, India.
2007
·
Two New Plants at Pantnagar, Uttarakhand for
Proprietary and Casting (North India).
·
New Aluminium Casting plant at Chennai, Tamilnadu
(South India).
·
Acquisition of 51% stake in Fondalmec S.p.A. Italy.
2006
·
New plant for Machining of High Pressure Die
Casting components was started at Aurangabad, Maharashtra.
·
Alloy Wheel Plant was started at Pune, Maharashtra.
·
Endurance Technologies Private Limited was formed
from the merger of two group companies Anurang Engineering Company Private
Limited and Endurance Transmission Systems (India) Private Limited.
·
Endurance acquired 100% of the Equity Stake in
Amann Druckguss GmbH and Co KG, Germany, an Aluminium Die Casting Manufacturer.
2005
·
High Pressure Die Casting Plant started at Manesar,
Haryana.
·
New High Pressure Die Casting started at Chakan,
Pune, Maharashtra.
·
Tool Room and Paint Shop activities were started at
Aurangabad, Maharashtra.
·
TS 16949 certification was awarded to the Endurance
Group.
2004
·
The production of Disc Brake Assemblies and CVTs
were started at Aurangabad, Maharashtra.
·
The production of Low Pressure/Gravity Die Castings
were started at Aurangabad, Maharashtra.
·
R and D Center for Transmission was started at
Aurangabad, Maharashtra.
2003
·
The Machining and Painting of High Pressure Die
Casting Components were started at Pune, Maharashtra.
2002
·
TPM activities were started in the High Pressure
Die Casting, Shock Absorber and Front Fork Plants.
·
R and D centre for Suspension components was
started at Aurangabad, Maharashtra.
2001
·
The Aluminium Die Casting, Shock Absorber and Front
Fork Plants were awarded the QS 9000 and ISO 9001 certifications.
1999
·
The production of Clutch Assemblies and Friction
plates were started at Aurangabad, Maharashtra.
1997
·
The Production of Front Forks was started at
Aurangabad, Maharashtra.
1996
·
2, 3-Wheeler Shock Absorber Plant started at
Aurangabad, Maharashtra.
·
A High Pressure Die Casting Plant and Tool Room was
started at Takve, Pune, Maharashtra.
1985
·
The Endurance journey commenced with a High
Pressure Die Casting Plant at Aurangabad, Maharashtra, under the name, Anurang
Engineering Company Private Limited
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts,
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. 54.47 |
|
|
1 |
Rs. 87.63 |
|
Euro |
1 |
Rs. 71.12 |
INFORMATION DETAILS
|
Information Gathered
by : |
PDT |
|
|
|
|
Report Prepared
by : |
MRI |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
4 |
|
PAID-UP CAPITAL |
1~10 |
4 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
5 |
|
--PROFITABILIRY |
1~10 |
4 |
|
--LIQUIDITY |
1~10 |
4 |
|
--LEVERAGE |
1~10 |
4 |
|
--RESERVES |
1~10 |
5 |
|
--CREDIT LINES |
1~10 |
5 |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
NO |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
40 |
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.