1. Summary Information
|
|
|
Country |
|
|
Company Name |
FALCON TYRES
LIMITED |
Principal Name 1 |
Mr. Pawan Kumar Ruia |
|
Status |
Satisfactory |
Principal Name 2 |
Mr. A Sadasivam |
|
|
|
Registration # |
08-002455 |
|
Street Address |
|
||
|
Established Date |
29.11.1973 |
SIC Code |
-- |
|
Telephone# |
91-821-2582055/2582041/2582453 |
Business Style 1 |
Manufacturer |
|
Fax # |
Not Available |
Business Style 2 |
-- |
|
Homepage |
Product Name 1 |
Tyres |
|
|
# of employees |
100
(Approximately) |
Product Name 2 |
Tubes for Scooters |
|
Paid up capital |
Rs.170,427,000/- |
Product Name 3 |
Mopeds |
|
Shareholders |
Promoter and Promoter Group-72.54% Public shareholding-27.46% |
Banking |
Syndicate Bank |
|
Public Limited Corp. |
Yes |
Business Period |
38 Years |
|
IPO |
Yes |
International Ins. |
- |
|
Public |
Yes |
Rating |
Ba
(50) |
|
Related
Company |
|||
|
Relation
|
Country
|
Company
Name |
CEO |
|
Subsidiaries: |
|
Monotona Tyres Limited |
-- |
|
Note |
- |
||
2. Summary
Financial Statement
|
Balance Sheet as of |
30.09.2011 |
(Unit: Indian Rs.) |
|
|
Assets |
Liabilities |
||
|
Current Assets |
1,906,155,000 |
Current Liabilities |
1,571,331,000 |
|
Inventories |
913,997,000 |
Long-term Liabilities |
4,477,327,000 |
|
Fixed Assets |
1,949,700,000 |
Other Liabilities |
446,835,000 |
|
Deferred Assets |
0,000 |
Total Liabilities |
6,495,493,000 |
|
Invest& other Assets |
3,693,342,000 |
Retained Earnings |
1,797,274,000 |
|
|
|
Net Worth |
1,967,701,000 |
|
Total Assets |
8,463,194,000 |
Total Liab. & Equity |
8,463,194,000 |
|
Total Assets (Previous Year) |
5,630,824,000 |
|
|
|
P/L Statement as of |
30.09.2011 |
(Unit: Indian Rs.) |
|
|
Sales |
9007,277,000 |
Net Profit |
289,846,000 |
|
Sales (Previous yr) |
7881,041,000 |
Net Profit(Prev.yr) |
516,346,000 |
MIRA
INFORM REPORT
|
Report Date : |
23.05.2012 |
IDENTIFICATION DETAILS
|
Name : |
FALCON TYRES LIMITED |
|
|
|
|
Registered
Office : |
|
|
|
|
|
Country : |
|
|
|
|
|
Financials (as
on) : |
30.09.2011 |
|
|
|
|
Date of
Incorporation : |
29.11.1973 |
|
|
|
|
Com. Reg. No.: |
08-002455 |
|
|
|
|
Capital Investment
/ Paid-up Capital : |
Rs.170.427 Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
L25114KA1973PLC002455 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
BLRF00538G/BLRF00030C |
|
|
|
|
Legal Form : |
A Public Limited Liability Company. The Company’s Shares are Listed on
the Stock Exchanges. |
|
|
|
|
Line of Business
: |
Manufacturer of Tyres and Tubes for Scooters, Mopeds,
Motor Cycles, Auto Rickshaws and Animal-drawn Vehicles. |
|
|
|
|
No. of Employees
: |
100 (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 7800000 |
|
|
|
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
Usually Correct |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is a well established and reputed company having satisfactory
track. Trade relations are reported as fair. Business is active. Payments are
reported to be usually correct and as per commitments. The company can be considered normal for business dealings at usual
trade terms and conditions. |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – September 30, 2011
|
Country Name |
Previous Rating (30.06.2011) |
Current Rating (30.09.2011) |
|
|
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
LOCATIONS
|
Registered Office / Plant Address / Marketing Department : |
|
|
Tel. No.: |
91-821-2582055/2582041/2582453 |
|
Fax No,: |
Not Available |
|
E-Mail : |
|
|
Website : |
|
|
|
|
|
Corporate Office : |
|
|
Tel. No.: |
91-33-22894747 |
|
Fax No.: |
91-33-22893463 |
|
|
|
|
Branch Office : |
Located At: |
DIRECTORS
AS ON 30.09.2011
|
Name : |
Mr. Pawan Kumar Ruia |
|
Designation : |
Chairman |
|
|
|
|
Name : |
Mr. A Sadasivam |
|
Designation : |
Managing Director |
|
|
|
|
Name : |
Mr. Sunil Bhanushali |
|
Designation : |
Whole Time Director |
|
|
|
|
Name : |
Mr. Tarun Gandhi |
|
Designation : |
Whole-time Director |
|
|
|
|
Name : |
Mr. Ambuj Kumar Jain |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. Kokkarne Natarajan Prithviraj |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. S Ravi |
|
Designation : |
Additional Director |
|
|
|
|
Name : |
Mr. Prakash P Mallya |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. Ambuj Kumar Jain |
|
Designation : |
Non – Executive Independent Director |
|
|
|
|
Name : |
Mr. A. K Joshi |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. Prithviraj Natrajan Kokkarne |
|
Designation : |
Non – Executive Independent Director |
KEY EXECUTIVES
|
Name : |
Mr. M C Bhansali |
|
Designation : |
Company Secretary |
|
|
|
|
Name : |
Mr. S. Badrinarayanan |
|
Designation : |
Vice President – Finance |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 31.03.2012
|
Category of Shareholder |
No. of Shares |
% of No. of
Shares |
|
(A) Shareholding
of Promoter and Promoter Group |
|
|
|
|
|
|
|
Bodies Corporate |
1,213,844 |
3.56 |
|
Sub Total |
1,213,844 |
3.56 |
|
(2) Foreign |
|
|
|
|
23,513,100 |
68.98 |
|
Sub Total |
23,513,100 |
68.98 |
|
Total
shareholding of Promoter and Promoter Group (A) |
24,726,944 |
72.54 |
|
(B) Public
Shareholding |
|
|
|
|
|
|
|
Financial Institutions / Banks |
165,602 |
0.49 |
|
Insurance Companies |
106,462 |
0.31 |
|
Sub Total |
272,064 |
0.80 |
|
|
|
|
|
Bodies Corporate |
5,699,392 |
16.72 |
|
Individuals |
|
|
|
Individual shareholders holding nominal share capital up to Rs. 0.100
million |
2,190,590 |
6.43 |
|
|
487,099 |
1.43 |
|
Clearing Members |
159,643 |
0.47 |
|
Non Resident Indians |
327,456 |
0.96 |
|
Sub Total |
9,086,524 |
26.66 |
|
Total Public
shareholding (B) |
9,358,588 |
27.46 |
|
Total (A)+(B) |
34,085,532 |
100.00 |
|
|
- |
- |
|
(1) Promoter and Promoter Group |
- |
- |
|
(2) Public |
- |
- |
|
Sub Total |
- |
- |
|
Total
(A)+(B)+(C) |
34,085,532 |
- |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer of Tyres and Tubes for Scooters, Mopeds,
Motor Cycles, Auto Rickshaws and Animal-drawn Vehicles. |
||||||||
|
|
|
||||||||
|
Products : |
|
PRODUCTION STATUS (AS ON 30.09.2011)
|
Particulars |
Unit |
Installed
Capacity |
Actual
Production |
|
|
|
|
|
|
Tyres |
Nos. |
10800000 |
10144905 |
|
Tubes |
Nos. |
5400000 |
6874213 |
|
Tonnage
Information (Metric Ton) |
|||
|
Tyres |
Per Annum |
36183 |
33900 |
|
Tubes |
Per Annum |
2566 |
3244.00 |
* The installed capacity
is as certified by the management, and being technical matter reliance has been
placed by the auditors.
** Production includes, Production on Job Work basis.
GENERAL INFORMATION
|
Customers : |
·
Hero Moto Corp ·
Bajaj Auto ·
Piaggio Vehicles Private Limited ·
Mahindra ·
Honda Motors ·
Scooter ·
Royal |
||||||||||||||||||||||||||||||||||||||||||||||||
|
|
|
||||||||||||||||||||||||||||||||||||||||||||||||
|
No. of Employees : |
100 (Approximately) |
||||||||||||||||||||||||||||||||||||||||||||||||
|
|
|
||||||||||||||||||||||||||||||||||||||||||||||||
|
Bankers : |
·
Syndicate Bank ·
Yes Bank ·
Central Bank of ·
The South Indian Bank
Limited |
||||||||||||||||||||||||||||||||||||||||||||||||
|
|
|
||||||||||||||||||||||||||||||||||||||||||||||||
|
Facilities : |
|
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
K.N. Gutgitia and Company Chartered Accountants |
|
|
|
|
Holding Company : |
Limited, |
|
|
|
|
Associates / Group Companies : |
|
|
|
|
|
Subsidiaries: |
Monotona Tyres Limited |
|
|
|
|
With whom the
Company has transaction : |
·
Dunlop India Limited, Dunlop Polymers Private
Limited ·
Falcon Tyres Impex Private Limited ·
Falcon Tyres Rubbers Private Limited ·
Jessop and Company Limited ·
Manali Properties and Finance Private Limited ·
Ruia Sons Private Limited ·
Ruia Corporate Service Private Limited ·
Shalimar Towers Private Limited ·
Suryamani Finance Company Limited, Tulip ·
Machineries Private Limited ·
Vidyuth Petrochem Private Limited. ·
Walker Properties Private Limited |
|
|
|
|
Others : |
|
CAPITAL STRUCTURE
AS ON 30.09.2011
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
200000000 |
Equity Shares |
Rs.5/- each |
Rs. 1000.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
34085532 |
Equity Shares |
Rs.5/- each |
Rs. 170.427
Millions |
|
|
|
|
|
Note:
235,13,100 Equity
Shares of Rs.5/- each held by DIL Rim and Wheel Corporation Limited,
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
30.09.2011 |
30.09.2010 |
30.09.2009 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
170.427 |
170.427 |
170.427 |
|
|
2] Share Application Money |
0.00 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
1797.274 |
1611.062 |
1219.627 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
1967.701 |
1781.489 |
1390.054 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
3080.565 |
1502.260 |
1379.862 |
|
|
2] Unsecured Loans |
1396.762 |
817.180 |
695.480 |
|
|
TOTAL BORROWING |
4477.327 |
2319.440 |
2075.342 |
|
|
DEFERRED TAX LIABILITIES |
76.350 |
72.695 |
79.416 |
|
|
|
|
|
|
|
|
TOTAL |
6521.378 |
4173.624 |
3544.812 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
1949.700 |
1849.893 |
1839.675 |
|
|
Capital work-in-progress |
2807.042 |
386.368 |
44.097 |
|
|
|
|
|
|
|
|
INVESTMENT |
886.300 |
886.300 |
0.597 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
913.997
|
721.821
|
344.579
|
|
|
Sundry Debtors |
1138.337
|
1123.694
|
971.630
|
|
|
Cash & Bank Balances |
277.996
|
321.855
|
209.880
|
|
|
Other Current Assets |
0.000
|
0.000 |
0.000 |
|
|
Loans & Advances |
489.822
|
340.893
|
1089.180
|
|
Total
Current Assets |
2820.152
|
2508.263 |
2615.269 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
516.531
|
332.522 |
194.030 |
|
|
Other Current Liabilities |
1054.800
|
892.563
|
634.357
|
|
|
Provisions |
370.485
|
232.115
|
126.474
|
|
Total
Current Liabilities |
1941.816
|
1457.200 |
954.861 |
|
|
Net Current Assets |
878.336
|
1051.063
|
1660.408
|
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.035 |
|
|
|
|
|
|
|
|
TOTAL |
6521.378 |
4173.624 |
3544.812 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
30.09.2011 |
30.09.2010 |
30.09.2009 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
9007.277 |
7881.041 |
7838.617 |
|
|
|
Other Income |
76.308 |
56.633 |
34.149 |
|
|
|
TOTAL (A) |
9083.585 |
7937.674 |
7872.766 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Raw Material Consumed |
5375.695 |
4203.191 |
4056.921 |
|
|
|
Factored Goods Consumption |
1143.021 |
1138.894 |
1321.587 |
|
|
|
Manufacturing, Administrative, Selling & Distribution Expenses |
2063.130 |
1854.127 |
1699.108 |
|
|
|
(Increase) / Decreases in Stock |
(247.618) |
(159.361) |
120.711 |
|
|
|
TOTAL (B) |
8334.228 |
7036.851 |
7198.327 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
749.357 |
900.823 |
674.439 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
168.667 |
165.211 |
200.457 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
580.690 |
735.612 |
473.982 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
85.233 |
77.766 |
84.455 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
495.457 |
657.846 |
389.537 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
205.611 |
141.500 |
89.355 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
289.846 |
516.346 |
300.182 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
87.240 |
20.590 |
16.933 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Transfer to General Reserve |
100.000 |
350.000 |
250.000 |
|
|
|
Proposed Dividend |
59.649 |
85.214 |
25.564 |
|
|
|
Interim Dividend |
0.000 |
0.000 |
14.202 |
|
|
|
Tax on Dividend |
9.423 |
14.482 |
6.759 |
|
|
BALANCE CARRIED
TO THE B/S |
208.014 |
87.240 |
20.590 |
|
|
|
|
|
|
|
|
|
|
EXPORT VALUE |
419.499 |
131.566 |
382.835 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
933.544 |
721.519 |
659.774 |
|
|
|
Stores & Spares |
0.000 |
0.000 |
0.034 |
|
|
|
Capital Goods |
0.988 |
0.248 |
1.500 |
|
|
TOTAL IMPORTS |
934.532 |
721.767 |
661.308 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
8.50 |
15.15 |
8.81 |
|
QUARTERLY RESULTS
|
PARTICULARS |
31.12.2011 |
31.03.2012 |
|
|
1st
Quarter |
2nd
Quarter |
|
Net Sales |
2272.990 |
2285.660 |
|
Total Expenditure |
2150.030 |
2159.670 |
|
PBIDT (Excl OI) |
122.960 |
125.990 |
|
Other Income |
20.960 |
20.020 |
|
Operating Profit |
143.920 |
146.010 |
|
Interest |
50.140 |
91.720 |
|
Exceptional Items |
0.000 |
(300.790) |
|
PBDT |
93.780 |
(246.500) |
|
Depreciation |
22.680 |
42.460 |
|
Profit Before Tax |
71.100 |
(289.140) |
|
Tax |
3.000 |
0.000 |
|
Provisions and contingencies |
0.000 |
0.000 |
|
Profit After Tax |
68.110 |
(289.140) |
|
Extraordinary Items |
0.000 |
0.000 |
|
Prior Period Expenses |
0.000 |
0.000 |
|
Other Adjustments |
0.000 |
0.000 |
|
Net Profit |
68.110 |
(289.140) |
KEY RATIOS
|
PARTICULARS |
|
30.09.2011 |
30.09.2010 |
30.09.2009 |
|
PAT / Total Income |
(%) |
3.19
|
6.51 |
3.81 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
5.50
|
8.35 |
4.97 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
10.39
|
15.09 |
8.74 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.25
|
0.37 |
0.28 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
3.30
|
2.16 |
2.24 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.45
|
1.72 |
2.74 |
LOCAL AGENCY FURTHER INFORMATION
|
Available
in Report [Yes/No] |
|
|
Year
of Establishment |
Yes |
|
Locality
of the Firm |
Yes |
|
Construction
of the firm |
Yes |
|
Premises
details |
No |
|
Type
of Business |
Yes |
|
Line
of Business |
Yes |
|
Promoters
background |
Yes |
|
No.
of Employees |
Yes |
|
Name
of Person Contacted |
No |
|
Designation
of contact person |
No |
|
Turnover
of firm for last three years |
Yes |
|
Profitability
for last three years |
Yes |
|
Reasons
for variation <> 20% |
- |
|
Estimation
for coming financial year |
No |
|
Capital
the business |
Yes |
|
Details
of sister concerns |
Yes |
|
Major
Suppliers |
No |
|
Major
Customers |
Yes |
|
Payment
Terms |
No |
|
Export
/ Import Details [If Applicable] |
No |
|
Market
Information |
- |
|
Litigations
that the firm / promoter involved in |
- |
|
Banking
Details |
Yes |
|
Banking
Facility Details |
Yes |
|
Conduct
of the banking account |
- |
|
Buyer
visit details |
- |
|
Financials,
if provided |
Yes |
|
Incorporation
details, if applicable |
Yes |
|
Last
accounts filed at ROC |
Yes |
|
Major
Shareholders, if applicable |
No |
STANDALONE PERFORMANCE
The Company has achieved
highest ever turnover of Rs. 9723.300 Millions for the year posting an increase
of 15% over the previous year turnover of Rs. 8443.500 Millions. Profit before
Interest, Depreciation and Taxes stood at Rs. 749.400 Millions as against the
previous year figure of Rs. 900.800 Millions. The Profit before Tax is at Rs.
495.500 Millions as against the previous year figure of Rs. 657.800 Millions.
Profit after Tax is at Rs. 289.800 Millions as against the previous year figure
of Rs. 516.400 Millions. During the year the profit was down due to sluggish
market conditions.
Production of
Tyres and Tubes, during the year stood at 37144 MT against 37660 MT in the
previous year. The Company has partnered with Original Equipment Manufacturers
and has kept pace by developing Tyres for newer models. Production was slightly
down due to change in product mix, increase in value added products like
Tubeless Tyres etc
The Company
maintained its leadership position in OEM and Export market segment in the
period. The replacement market was marginally down due to sluggish market
conditions and cut-throat competition due to over-supply in the market
MANAGEMENT DISCUSSION AND ANALYSIS REPORT
Automobile
industry in
This is the third
year in consecutive that Indian 2- 3 wheel tyre industry has seen a double
digit growth. This itself explains the potential of the 2-3 tyre industry in
Since 2009 the 2
and 3 wheeler industry has shown a remarkable growth. 2-3 wheeler industries
have witnessed a capacity addition by all the major players in the last couple
of years.
INDUSTRY STRUCTURE
AND DEVELOPMENTS
The Automotive
sector was a great beneficiary of the overall recovery during 2009-10 and
registered a healthy growth. Due to this 2-3 wheeler tyre industry also has
shown a very impressive growth of 20%. With buoyancy in 2-3 wheeler market, 2-3
wheeler tyre industry is expected to perform well.
On the other hand
Raw Materials prices are a cause of concern with Natural Rubber prices
continuously increased due to short supply and prices reached to historical
high of Rs. 240 per kg. Synthetic rubber and other input prices also witnessed
a significant increase.
BUSINESS OUTLOOK AND OVERVIEW
Year 2010-11 has
witnessed oversupply situation for products of the Company and industry due to
higher capacity additions by major players in 2-3 wheeler segment. Sudden
increase in production much faster than demand affects the performance of the
Company. The Company has launched various value added new products
like tubeless tyres etc. to increase its sales.
COMPANY
PERFORMANCE DOMESTIC SEGMENT
The Company has
kept a balance between it's major supplies in OEM and Replacement market,
whereas Company was able to increase its supplies to the OEM's but was not able
to increase its business in the replacement market due to sluggish market
conditions and demand supply gap during the year. Although the demand has gone
up but due to recent huge capacity additions a demand supply gap has been
created and it will take some time to absorb additional capacities.
EXPORT SEGMENT
During the period,
the Company has Directly/ Indirectly sold 7.06 Lacs tyres in export market in
comparison to 3.81 Lacs tyres sold during the last year posting a growth of
more than 85%. The Company has started focusing on the segment and expects to
grow at a rapid pace.
OPERATION REVIEW
Financial Performance:
The Company
achieved a highest ever turnover of Rs. 9723.300 Millions for the year ended 30th
September 2011, as against previous year turnover of Rs. 8443.500 Millions with
an annualized increase of 15%. These results were achieved despite severe
competition in the Industry. The PBT for the year is Rs. 495.500 Millions as
against previous year PBT of Rs. 657.800 Millions.
The Company's
sales in various market segments are as given below:
|
Description |
UOM |
2010-11 (12 Months) |
2009-10 (12 Months) |
|
OEM's |
Rs. In Millions |
3991.608 |
3169.364 |
|
Replacement |
Rs. In Millions |
4893.590 |
4911.231 |
|
Exports |
Rs. In Millions |
503.148 |
322.690 |
|
Others |
Rs. In Millions |
334.948 |
40.192 |
|
Total |
Rs. In Millions |
9723.294 |
8443.477 |
FIXED ASSETS: · Land
· Buildings
· Plant and Machinery
· Computers
· Electrical installation
· Office and Lab Equipments
· Furniture and Fixtures
· Vehicles
· Low Value Assets
· Technical Know – how
WEBSITE DETAILS:
Subject is engaged
in the manufacture of tyres and tubes and markets a range of nylon bias ply
tyres and buty tubes for two and three wheelers, passenger cars, jeeps, light
commercial and farm vehicles under the Dunlop brand in Indian market and Falcon
and Donin brands for export markets. During the fiscal year ended September 30,
2010 (fiscal 2010), Falcon produced 37,660 metric tons of tyres and tubes. Its
products include new pneumatic tyres of rubber, inner tubes of rubber and tyre
flaps. As of September 30, 2010, it had an installed capacity of 36,183 metric
tons per annum of tyres and 2,566 metric tons per annum of tubes. Its tyres and
tubes are used by vehicle manufactures, including Hero Honda Motors Limited,
Bajaj Auto Limited, Mahindra and Mahindra Limited, India Yamaha motors Limited.
and Royal
MANAGEMENT
PAWAN KUMAR RUIA - EXECUTIVE CHAIRMAN OF THE BOARD
Education
·
JD,
·
PHD Management, Intercultural Open University
·
B,
SUNIL BHANSALI - WHOLE-TIME DIRECTOR
Mr. Sunil Bhansali
is Whole-Time Director of Subject. He is a Fellow Chartered Accountant having
22 years of experience in different types of manufacturing industries like
textiles, infrastructure, consumable goods, cables etc. He has handled few
Mergers, Acquisitions and IPO's. In the past, he has been associated with reputed
MNCs and also associated with well diversified Indian groups like 'Birla',
Thapar' and the 'Somani' and he has wide international exposure.
PRAKASH P. MALLYA - NON-EXECUTIVE INDEPENDENT
DIRECTOR
Shri. Prakash P.
Mallya is Non-Executive Independent Director of Subject. He is a graduate in
M.A. in Economics having more then 35 years of career in banking sector, and
has held various senior positions including Executive Director of Syndicate
Bank and CMD of Vijaya Bank. Mr. Mallya is currently a Non-Executive Chairman
in IFCI Limited, Director in Stock holding Corporation of India and
Shareholders Director in Bank of India.
Mr. S. Ravi is
Non-Executive Director of Subject. He is a B. Tech from IIT (Kharagpur) having
around 36 years experience in Engineering, Production and General Management.
Has worked as a top executive in reputed Companies like Usha International,
International British Steel -
Education
·
B, Indian Institute of Technology, Kharagpur
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. 54.88 |
|
|
1 |
Rs. 86.84 |
|
Euro |
1 |
Rs. 70.21 |
INFORMATION DETAILS
|
Report Prepared
by : |
VRN |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
7 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
5 |
|
--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.