MIRA
INFORM REPORT
|
Report Date : |
20.09.2012 |
IDENTIFICATION DETAILS
|
Name : |
ASHOK LEYLAND
LIMITED |
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Registered
Office : |
No. 1, |
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Country : |
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Financials (as
on) : |
31.03.2012 |
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Date of
Incorporation : |
07.09.1948 |
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Com. Reg. No.: |
18-000105 |
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Capital
Investment / Paid-up Capital : |
Rs.2660.677 millions |
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CIN No.: [Company Identification
No.] |
L34101TN1948PLC000105 |
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|
Legal Form : |
A Public Limited Liability company. The company’s Share are Listed on
the Stock Exchange. |
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Line of Business
: |
Manufacturing of
Commercial Vehicles, Engines and Ferrous Castings. |
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No. of Employees
: |
Not Available |
RATING & COMMENTS
|
MIRA’s Rating : |
Aa (72) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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 |
|
Maximum Credit Limit : |
USD 168000000 |
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Status : |
Excellent |
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Payment Behaviour : |
Regular |
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Litigation : |
Exists |
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Comments : |
Subject is a well established and reputed company having fine track.
Financial position of the company appears to be sound. Directors are reported
to be an experienced and respectable businessman. Trade relations are reported
as fair. Business is active. Payments are reported to be regular and as per
commitments. The company can be considered normal for business dealings at usual
trade terms and conditions. |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – 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 |
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Restricted |
C2 |
|
Off-credit |
D |
INDIAN ECONOMIC OVERVIEW
India is developing into an open-market economy, yet traces
of its past autarkic policies remain. Economic liberalization, including
industrial deregulation, privatization of state-owned enterprises, and reduced
controls on foreign trade and investment, began in the early 1990s and has
served to accelerate the country's growth, which has averaged more than 7% per
year since 1997. India's diverse economy encompasses traditional village
farming, modern agriculture, handicrafts, a wide range of modern industries,
and a multitude of services. Slightly more than half of the work force is in
agriculture, but services are the major source of economic growth, accounting
for more than half of India's output, with only one-third of its labor force.
India has capitalized on its large educated English-speaking population to
become a major exporter of information technology services and software
workers. In 2010, the Indian economy rebounded robustly from the global
financial crisis - in large part because of strong domestic demand - and growth
exceeded 8% year-on-year in real terms. However, India's economic growth in
2011 slowed because of persistently high inflation and interest rates and
little progress on economic reforms. High international crude prices have
exacerbated the government's fuel subsidy expenditures contributing to a higher
fiscal deficit, and a worsening current account deficit. Little economic reform
took place in 2011 largely due to corruption scandals that have slowed legislative
work. India's medium-term growth outlook is positive due to a young population
and corresponding low dependency ratio, healthy savings and investment rates,
and increasing integration into the global economy. India has many long-term
challenges that it has not yet fully addressed, including widespread poverty,
inadequate physical and social infrastructure, limited non-agricultural
employment opportunities, scarce access to quality basic and higher education,
and accommodating rural-to-urban migration.
|
Source
: CIA |
EXTERNAL AGENCY RATING
|
Rating Agency Name |
CRISIL |
|
Rating |
AA (Long term Rating) |
|
Rating Explanation |
High degree of safety and very low credit risk. |
|
Date |
17.08.2012 |
|
Rating Agency Name |
CRISIL |
|
Rating |
A1+ (Short term Rating) |
|
Rating Explanation |
Very strong degree of safety and lowest credit risk. |
|
Date |
17.08.2012 |
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.
LOCATIONS
|
Registered Office : |
No. 1, |
|
Tel. No.: |
91-44-22206000 |
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Fax No.: |
91-44-22206001 |
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E-Mail : |
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Website : |
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Corporate
Office : |
19, Rajaji Salai,
Chennai – 600 001, |
|
Tel. No.: |
91-44-25342141 |
|
Fax No.: |
91-44-25342493 |
|
E-Mail : |
chandrasekharan.ar@ashokleyland.com
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Factory 1 : |
Kathivakkam High
Road, Ennore, Chennai - 600 057, Tamilnadu, India |
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Factory 2 : |
175 Hosur
Industrial Complex, Hosur - 635 126, Tamilnadu, India |
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Factory 3 : |
77 Electronic
Complex, Perandapalli Village, Hosur - 635 109, Tamilnadu, India |
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Factory 4 : |
Cab Panel Press
Shop, SIPCOT Industrial Complex, |
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Factory 5 : |
Plot No.1 MIDC
Industrial Area Village, Gadegaon, Sakoli Taluk, Bhandara - 441 904,
Maharashtra, India |
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Factory 6 : |
Plot No. SPL 298,
Matsya Industrial Area, Alwar - 301 030, Rajasthan, India |
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Factory 7 : |
3A/A and 2 North Phase,
SIDCO Industrial Estate, Ambattur, Chennai - 600 098 Tamilnadu, India |
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Factory 8 : |
Vellivoyalchavadi,
Via Manali New Town, Chennai - 600 103, |
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Factory 9 : |
Plot No.1, Sector
XII, IIE, Pant Nagar - 263 153, |
DIRECTORS
As on 31.03.2012
|
Name : |
Mr.
Dheeraj G Hinduja |
|
Designation : |
Chairman,
(Alternate
: Y M Kale) |
|
|
|
|
Name : |
Mr. R
Seshasayee |
|
Designation : |
Executive Vice Chairman |
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|
Name : |
Mr. Anil
Harish |
|
Designation : |
Director |
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|
Name : |
Mr. D J
Balaji Rao |
|
Designation : |
Director |
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|
Name : |
Mr.
A K Das |
|
Designation : |
Director |
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|
|
|
Name : |
Mr.
Jean Brunol |
|
Designation : |
Director (from
20.10.2010 ) |
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|
|
|
Name : |
Mr.
Jorma Antero Halonen |
|
Designation : |
Director
(from 19.05.2011) |
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|
|
|
Name : |
Mr. Sanjay
K Asher |
|
Designation : |
Director (from
21.12.2010) |
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|
Name : |
Mr. F. Sahami |
|
Designation : |
Director |
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|
Name : |
Mr. Shardul S Shroff |
|
Designation : |
Director |
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|
Name : |
Dr V Sumantran |
|
Designation : |
Director (Non Executive
Vice Chairman) |
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|
Name : |
Mr.
Vinod K Dasari |
|
Designation : |
Managing
Director |
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|
Name: |
Mr.
Y. M. Kamle |
|
Designation : |
Alternate Director |
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|
Name : |
Mr. Anup Bhat |
|
Designation : |
Executive Directors |
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|
Name : |
Mr. A K Jain |
|
Designation : |
Executive Directors |
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|
Name : |
Mr. C G Belsare |
|
Designation : |
Executive Directors |
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|
|
|
Name : |
Mr. Nitin Seth |
|
Designation : |
Executive Directors |
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|
|
Name : |
Mr. P G Nilsson |
|
Designation : |
Executive Directors |
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|
Name : |
Mr. R R G Menon |
|
Designation : |
Executive Directors |
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|
Name : |
Mr. Sam Burman |
|
Designation : |
Executive Directors |
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|
Name : |
Mr. Rajive Saharia |
|
Designation : |
Executive Directors |
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|
Name : |
Mr. Shekhar Arora |
|
Designation : |
Executive Directors |
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|
Name : |
Mr. B Venkat Subramaniam |
|
Designation : |
Executive Directors |
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|
Name : |
Mr. A R Chandrasekharan |
|
Designation : |
Executive Director and Company Secretary |
KEY EXECUTIVES
|
Name : |
Mr. R J Shahaney |
|
Designation : |
Chairman Emeritus |
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|
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|
Name : |
Mr. K Sridharan |
|
Designation : |
Chief Financial Officer |
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|
Name : |
Mr. A R Chandrasekharan |
|
Designation : |
Executive Director and Company Secretary |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 30.06.2012
|
Category of Shareholders |
No. of Shares |
Percentage of
holding |
|
(A) Shareholding
of Promoter and Promoter Group |
|
|
|
|
|
|
|
|
|
|
|
|
1,027,237,424 |
44.60 |
|
|
1,027,237,424 |
44.60 |
|
Total
shareholding of Promoter and Promoter Group (A) |
1,027,237,424 |
44.60 |
|
(B) Public
Shareholding |
|
|
|
|
|
|
|
|
58,473,541 |
2.54 |
|
|
255,313,046 |
11.08 |
|
|
2,218,720 |
0.10 |
|
|
60,122,670 |
2.61 |
|
|
419,265,840 |
18.20 |
|
|
1,000 |
- |
|
|
1,000 |
- |
|
|
795,394,817 |
34.53 |
|
|
|
|
|
|
181,594,482 |
7.88 |
|
|
|
|
|
|
253,537,135 |
11.01 |
|
|
13,144,567 |
0.57 |
|
|
32,410,569 |
1.41 |
|
|
6,427,423 |
0.28 |
|
|
559,169 |
0.02 |
|
|
721,388 |
0.03 |
|
|
24,630,174 |
1.07 |
|
|
2,000 |
- |
|
|
60,600 |
- |
|
|
9,815 |
- |
|
|
480,686,753 |
20.87 |
|
Total Public shareholding
(B) |
1,276,081,570 |
55.40 |
|
Total (A)+(B) |
2,303,318,994 |
100.00 |
|
(C) Shares held
by Custodians and against which Depository Receipts have been issued |
- |
- |
|
|
329,200,140 |
- |
|
|
28,157,500 |
- |
|
|
357,357,640 |
- |
|
Total
(A)+(B)+(C) |
2,660,676,634 |
- |
BUSINESS DETAILS
|
Line of Business : |
Manufacturing of
Commercial Vehicles, Engines and Ferrous Castings. |
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Products as on 31.03.2011 : |
|
PRODUCTION STATUS AS ON 31.03.2011
Installed capacity – Two shifts
Commercial vehicles - 1,50,500 Nos.
|
Particulars |
Unit |
Actual
Production |
|
Commercial Vehicles |
Nos. |
95,337 |
|
Engines@ and Gensets |
Nos. |
17,603 |
|
|
|
|
@ Engines manufactured against spare capacity of commercial vehicles
GENERAL INFORMATION
|
No. of Employees : |
Not Available |
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Bankers : |
·
Bank of America ·
Bank of Baroda ·
Canara Bank ·
Central Bank of India ·
Citibank N.A. ·
Credit Agricole Corporate and Investment Bank ·
Deutsche Bank A.G. ·
HDFC Bank Limited ·
ICICI Bank Limited ·
IDBI Bank Limited ·
Indian Bank ·
Punjab National Bank ·
Standard Chartered Bank ·
State Bank of India ·
State Bank of Patiala ·
The Bank of Tokyo - Mitsubishi UFJ Limited ·
The Hongkong and Shanghai Banking Corporation
Limited ·
The Royal Bank of Scotland N.V. ·
Vijaya Bank |
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Facilities : |
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Banking
Relations : |
-- |
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Auditors : |
|
|
Name : |
M S Krishnaswami and Rajan Chartered Accountants |
|
|
|
|
Name : |
Deloitte Haskins and Sells Chartered Accountants |
|
|
|
|
Name : |
Geeyes and Company Chartered Accountants |
|
|
|
|
Holding Company: |
·
Hinduja Automotive Limited, United Kingdom ·
Machen Holdings SA (Holding Company of Hinduja Automotive
Limited, United Kingdom) ·
Machen Development Corporation, Panama (Holding
Company of Machen Holdings SA) ·
Amas Holdings SA (Holding Company of Machen
Development Corporation, Panama) |
|
|
|
|
Fellow subsidiaries: |
·
Hinduja Foundries Limited ·
Hinduja Auto Components Limited ·
Hinduja Automotive (UK) Limited |
|
|
|
|
Associates: |
·
Albonair GmbH, Germany ·
Albonair India Private Limited ·
Ashley Airways Limited (under liquidation) ·
Ashley Bio-Fuels Limited [ upto March 1, 2012 ] ·
Ashley Holdings Limited ·
Ashley Investments Limited ·
Ashley Transport Services Limited [ upto March
19, 2012 ] ·
Ashok Leyland Defence Systems Limited ·
Ashok Leyland (UAE) LLC, Ras Al Khaimah, UAE ·
Ashok Leyland (UK) Limited [ from November 01,
2011 ] ·
Automotive Coaches and Components Limited ·
Avia Ashok Leyland Motors s.r.o, Czech Republic [
upto March 19, 2012] ·
Defiance Technologies Limited ·
Defiance Testing and Engineering Services Inc.
USA ·
Gulf Ashley Motor Limited ·
Hinduja Leyland Finance Limited [ upto March 19,
2012 ] ·
I rizar TVS Limited ·
Lanka Ashok Leyland Limited, Sri Lanka ·
Mangalam Retail Services Limited ·
Optare plc, UK |
|
|
|
|
Joint Ventures: |
·
Ashley Alteams India Limited ·
Automotive Infotronics Limited ·
Ashok Leyland John Deere Construction Equipment Company
Private Limited ·
Ashok Leyland Nissan Vehicles Limited ·
Nissan Ashok Leyland Powertrain Limited ·
Nissan Ashok Leyland Technologies Limited |
CAPITAL STRUCTURE
AS ON 19.07.2011
Authorised Capital : Rs. 4000.000 Millions
Issued, Subscribed
& Paid-up Capital : Rs. 2660.677 Millions
As on 31.03.2012
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
3000000000 |
Equity Shares |
Re.1/- each |
Rs.3000.000
Millions |
Issued Capital:
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
2014566829 |
Equity Shares |
Re.1/- each |
Rs.2014.567
Millions |
|
646314480 |
Equity shares
issued through Global depository receipts |
Re.1/- each |
Rs.646.314
Millions |
|
|
Total |
|
Rs.2660.881
Millions |
Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
2014362154 |
Equity Shares |
Re.1/- each |
Rs.2014.362
Millions |
|
646314480 |
Equity shares issued through Global depository receipts |
Re.1/- each |
Rs.646.314 Millions |
|
|
Add: Forfeited shares |
Re.1/- each |
Rs.0.004 Million |
|
|
Total |
|
Rs.
2660.680 Millions |
|
Note |
31.03.2012 |
|
1. Reconciliation of number of Equity shares subscribed |
|
|
Balance as at the beginning of the year |
1330338317 |
|
Add: Shares
issued and allotted as bonus shares during the year in the ratio of 1:1 [
Refer Note 1.2 (b) to the Financial Statements] * |
1330338317 |
|
Balance as at the end of the year |
2660676634 |
* Represents the number
of shares issued as Bonus shares during last five years
2. Shares held by
the Holding Company
Hinduja Automotive
Limited, the holding Company, holds 102,72,37,424 (2011: 51,36,18,712) Equity
shares and 54,86,669 (2011: 54,86,669) Global Depository Receipts (GDRs)
equivalent to 32,92,00,140 (2011: 16,46,00,070) equity shares of Re. 1 (2011:
Re.1) each aggregating to 50.98% of the total share capital.
3. Shareholders
other than the Holding Company holding more than 5% of the total share capital
Life Insurance Corporation of India holds 25,93,11,056 (2011: 12,59,14,895)
Equity shares of Re.1 each aggregating to 9.75% (2011: 9.46%).
4. Pursuant to the
issue of bonus shares in the ratio of 1:1 during the year, the entitlement of
GDR holders to the underlying Equity shares in the Company has increased
proportionately.
5. Rights,
preferences and restrictions in respect of equity shares and GDRs issued by the
Company
a) The Equity
shareholders are entitled to receive dividends as and when declared; a right to
vote in proportion to holding etc. and their rights, preferences and
restrictions are governed by / in terms of their issue under the provisions of
the Companies Act, 1956.
b) The rights, preferences
and restrictions of the GDR holders are governed by the terms of their issue,
and the provisions of the Companies Act 1956. Each GDR holder is entitled to
receive 60 equity shares [ 2011: 30 equity shares ] of Re. 1 each, per GDR, and
their voting rights can be exercised through the Depository
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES
OF FUNDS |
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
|
SHAREHOLDERS
FUNDS |
|
|
|
|
|
1] Share Capital |
2660.680 |
1330.342 |
1330.342 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
39421.055 |
38299.279 |
35357.239 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
NETWORTH
|
42081.735 |
39629.621 |
36687.581 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
9600.000 |
11822.975 |
7115.668 |
|
|
2] Unsecured
Loans |
14351.011 |
13859.673 |
14923.250 |
|
TOTAL BORROWING
|
23951.011 |
25682.648 |
22038.918 |
|
|
DEFERRED TAX
LIABILITIES |
4903.669 |
4438.869 |
3845.369 |
|
|
Deferred
Liability |
- |
899.267 |
765.485 |
|
|
Foreign Currency
Monetary Item Translation Difference - net |
- |
0.000 |
(124.501) |
|
TOTAL
|
70936.415 |
70650.405 |
63212.852 |
|
|
|
|
|
|
|
APPLICATION OF FUNDS
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block]
|
49134.941 |
46337.918 |
42495.592 |
|
Capital work-in-progress
|
5482.209 |
3579.661 |
5614.697 |
|
|
|
|
|
|
|
INVESTMENT
|
15344.789 |
12299.968 |
3261.549 |
|
|
DEFERRED TAX
ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS,
LOANS & ADVANCES |
|
|
|
|
|
|
Inventories
|
22306.252
|
22089.034
|
16382.400
|
|
|
Sundry Debtors
|
12302.479
|
11852.133
|
10220.615
|
|
|
Cash & Bank Balances
|
325.558
|
1795.272
|
5189.205
|
|
|
Loans & Advances
|
13353.301
|
7936.014
|
9604.623
|
|
|
Other Current Assets
|
907.942
|
0.000
|
0.000
|
Total Current Assets
|
49195.532
|
43672.453
|
41396.843
|
|
Less :
CURRENT LIABILITIES & PROVISIONS
|
|
|
|
|
|
|
Sundry Creditors
|
27724.610
|
21283.898
|
15625.520
|
|
|
Other Current Liabilities
|
15527.072
|
9095.579
|
10295.137
|
|
|
Provisions
|
4969.374
|
4903.263
|
3686.915
|
Total Current Liabilities
|
48221.056
|
35282.740
|
29607.572
|
|
Net Current Assets
|
974.476
|
8389.713
|
11789.271
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES
|
0.000 |
43.145 |
51.743 |
|
|
|
|
|
|
|
TOTAL
|
70936.415 |
70650.405 |
63212.852 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
128419.932 |
111177.090 |
72447.105 |
|
|
|
Other Income |
403.503 |
153.343 |
704.454 |
|
|
|
TOTAL (A) |
128823.435 |
111330.433 |
73151.559 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Manufacturing and Other Expenses
|
- |
99001.516 |
64818.713 |
|
|
|
Voluntary retirement scheme compensation amortised |
- |
0.000 |
32.715 |
|
|
|
Cost of materials consumed |
91214.833 |
- |
- |
|
|
|
Purchases of Stock-in-Trade - Traded goods |
5073.737 |
- |
- |
|
|
|
Changes in inventories of finished goods, work-in-progress and
Stock-in-Trade |
(1670.130) |
- |
- |
|
|
|
Employee benefits expenses |
10203.942 |
- |
- |
|
|
|
Other expenses |
11036.601 |
- |
- |
|
|
|
TOTAL (B) |
115858.983 |
99001.516 |
64851.428 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
12964.452 |
12328.917 |
8300.131 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
2552.532 |
1636.614 |
811.304 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
10411.920 |
10692.303 |
7488.827 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION, AMORTISATION AND
IMPAIRMENT
(F) |
3528.132 |
2674.310 |
2041.079 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
6883.788 |
8017.993 |
5447.748 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
1224.022 |
1705.000 |
624.729 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
5659.766 |
6312.993 |
4236.748 |
|
|
|
|
|
|
|
|
|
|
Excess provision written back - Dividend |
0.000 |
0.000 |
0.000 |
|
|
|
- Corporate dividend tax thereon |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
7511.852 |
5774.498 |
4823.019 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Transfer from / (to) - Debenture redemption reserve |
(900.000) |
(41.666) |
(41.667) |
|
|
|
|
375.000 |
525.000 |
0.000 |
|
|
|
- General reserve |
1000.000 |
1000.000 |
1000.000 |
|
|
|
Proposed dividend |
2660.677 |
2660.677 |
1995.507 |
|
|
|
Corporate dividend tax thereon |
431.628 |
431.628 |
331.429 |
|
|
BALANCE CARRIED TO
THE B/S |
9604.313 |
7511.852 |
5774.498 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Export – FOB Value |
15403.597 |
11090.912 |
6041.093 |
|
|
|
Royalty, Know-how, Professional and
consultation fees |
112.248 |
- |
- |
|
|
|
Interest |
90.382 |
81.809 |
101.328 |
|
|
|
Others (Includes freight, insurance, dividend and
commission earned) |
853.310 |
592.933 |
302.092 |
|
|
TOTAL EARNINGS |
16459.537 |
11765.654 |
6444.513 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
4403.902 |
4445.936 |
2833.714 |
|
|
|
Trading goods and others |
215.180 |
163.465 |
165.378 |
|
|
|
Spares & Tools |
156.808 |
100.679 |
39.923 |
|
|
|
Capital Goods |
1725.637 |
924.135 |
2711.536 |
|
|
TOTAL IMPORTS |
6501.527 |
5634.215 |
5750.551 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
2.13 |
4.75 |
3.18 |
|
QUARTERLY RESULTS
|
PARTICULARS |
30.06.2012 |
|
Type |
1st
Quarter |
|
Sales Turnover |
30073.470 |
|
Total Expenditure |
27666.490 |
|
PBIDT (Excl OI) |
2406.980 |
|
Other Income |
128.660 |
|
Operating Profit |
2535.640 |
|
Interest |
833.760 |
|
Exceptional Items |
0.000 |
|
PBDT |
1701.880 |
|
Depreciation |
892.520 |
|
Profit Before Tax |
809.360 |
|
Tax |
140.000 |
|
Provision and Contingencies |
0.000 |
|
Profit After Tax |
669.360 |
|
Extraordinary Items |
0.000 |
|
Prior Period Expenses |
0.000 |
|
Other Adjustments |
0.000 |
|
Net Profit |
669.360 |
KEY RATIOS
|
PARTICULARS |
|
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
PAT / Total Income |
(%) |
4.39
|
5.67
|
5.79
|
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
5.36
|
7.21
|
7.52
|
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
7.00
|
8.91
|
6.49
|
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.16
|
0.20
|
0.15
|
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
1.72
|
1.54
|
1.41
|
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.02
|
1.24
|
1.40
|
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 |
No |
|
8] |
No. of employees |
No |
|
9] |
Name of person contacted |
No |
|
10] |
Designation of contact
person |
No |
|
11] |
Turnover of firm for last
three years |
Yes |
|
12] |
Profitability for last
three years |
Yes |
|
13] |
Reasons for variation
<> 20% |
------- |
|
14] |
Estimation for coming
financial year |
No |
|
15] |
Capital in the business |
Yes |
|
16] |
Details of sister
concerns |
Yes |
|
17] |
Major suppliers |
No |
|
18] |
Major customers |
No |
|
19] |
Payments terms |
No |
|
20] |
Export / Import details
(if applicable) |
No |
|
21] |
Market information |
------- |
|
22] |
Litigations that the firm
/ promoter involved in |
Yes |
|
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 |
No |
|
32] |
PAN of
Proprietor/Partner/Director, if available |
No |
|
33] |
Voter ID No of
Proprietor/Partner/Director, if available |
No |
|
34] |
External Agency Rating, if
available |
Yes |
LITIGATION
DETAILS:
CASE STATUS
INFORMATION SYSTEM
CHENNAI HIGH COURT
CHENNAI COURT
CASE STATUS
INFORMATION SYSTEM
|
Case Status : |
Pending |
|
Status Of : |
Writ Petition |
|
Case No.: |
3852 |
|
Year: |
2011 |
|
Petitioner : |
UNIVERSAL LOGISTICS |
|
Respondent : |
Ashok Leyland Limited |
|
Pet’s Advocate : |
M/S.UM.RAVICHANDRAN |
|
Res’s Advocate : |
|
|
Category : |
Money Suits |
|
|
Last Listed on: No Date Mentioned |
|
Case Updated on : |
Aug 22 2011 |
|
|
|
Press Releases:
September 2012
Tuesday, September 11, 2012
Ashok Leyland celebrates 1st Anniversary of
DOST • Launches limited Anniversary Edition
Published From: Chennai
‘Dost’,
the Light Commercial Vehicle from Ashok Leyland, the Hinduja flagship,
completes one successful year in the market. To celebrate this event, the
Company has launched a limited 1st Anniversary edition of ‘Dost’ in the eight
markets where it is available at present.
Speaking
at the launch event, Dr. V. Sumantran, Vice Chairman, Ashok Leyland and
Chairman, Nissan Ashok Leyland Powertrain Ltd., said, “This first anniversary
for the DOST is an important juncture for us at Ashok Leyland as well as our JV
partner Nissan to take stock of the year gone by. We have been extremely
pleased with the very positive reaction to the product by our customers. We had
attempted to redefine the benchmark amongst small LCVs. The results over the
past year, measured by customer satisfaction, sustained waiting list and rising
share of market are greatly appreciated by us at Ashok Leyland and our rapidly
expanding dealer network. Our celebration is more a gesture of gratitude to our
loyal and growing customer base.”
While
the tough chassis and powerful engine will remain the same, the Anniversary
edition of ‘Dost’ will be available in an attractive colour - Gray Beige
replete with stylish body graphics and some specially designed accessories like
Bull Bars, Fuel Tank Guards, Fuel Tank Skirt Panels, LED lights and Arm Rests.
The new edition will be priced at Rs. 0.478 Millions (ex-showroom, Chennai).
“Dost’
is currently the leader with 31% share in its category in the markets of Tamil
Nadu, Karnataka, Kerala, Andhra Pradesh, Maharashtra, Gujarat, Rajasthan and
Goa and the No. 2 brand at an all-India level. Since launch in September 2011,
Ashok Leyland has sold 20479 units of ‘Dost’ till August 2012.
Offering
higher productivity and class-leading performance at an extremely competitive
cost of ownership, ‘Dost’ rolls out from Ashok Leyland’s Hosur facility where
the Company has been progressively ramping up production to the meet the
increasing demand. Currently operating through 45 customer touch points, the
Company will expand its LCV network aggressively across the country, going
forward.
Company
Performance:
The year under
review witnessed a lot of challenges with growing competition and changes in
customers preference. Despite the challenges posed, the Company achieved a sale
volume of 101,990 vehicles – highest recorded in any year so far. This was
aided by the launch of ‘Dost’, the first variant in the Light Commercial
Vehicles (LCV) category, during the year. Overall, the performance in Exports,
Power, Solutions Business and Spares have also been encouraging.
Long Term
Borrowings:
Secured
Non-Convertible Debentures
During the year,
The Company issued Secured Nonconvertible Debentures Series AL 16 to the tune
of Rs.1500.000 millions repayable at the end of 3rd, 4th and 5th
year from the date of issue and fully redeemed Secured Non- Convertible
Debentures Series AL 12 of Rs. 1500.000 millions.
External
Commercial Borrowings (ECBs)
The Company
contracted ECBs to the tune of Japanese Yen equivalent to USD 150 Mn during
2011-12 from banks for an average tenor of 5 years (door to door of 6 years) on
unsecured basis and drew Japanese Yen equivalent to USD 90 Mn during 2011-12.
The balance of USD 60 Mn would be drawn in the ensuing financial year. The
funds drawn under ECBs were utilized to fund the capital expenditure programmes
of theCompany as per extant RBI guidelines and as per the terms of the loan.
The Company repaid ECB loan instalments that fell due to the tune of USD 36.66
Mn during 2011-12.
Strategic
Alliances
Optare plc, U.K.
In line with the
vision of being among the top 5 bus manufacturers globally, significant stakes
were acquired by the Company together with it’s investment arms in Optare plc,
a leading bus manufacturer in U.K. thereby opening large opportunities for
growth and development based on synergy and integration with the Company’s bus
business.
Future plan of
action:
- I ntroduction of
the world’s first front engine, single step entry, fully flat low floor bus,
the Jan Bus (displayed at Auto Expo 2012).
- New range of
Intermediate Commercial Vehicle trucks with higher payload, better performance
and completely new styling.
- New 5-axle
haulage vehicle off the U-Truck platform, with liftable/self-steer pusher lift
axle, for improved payload carrying capacity and superior price-performance
point.
- Next Generation
of medium duty truck platform and cab with all-new styling under development.
Market
Trends
Indian Economy
During
2011-12, the Indian economy slowed down substantially compared to the previous
year. Overall GDP growth rate dropped from a high of 8.1% in 2010-11 to 6.9% in
the first 3 quarters of the year. Advance GDP estimates peg the number to be in
the range of 6.8% to 7% for FY 2011-12. High inflation, rising interest rates,
spiralling oil prices and dampened business sentiments contributed to the
slowdown. Wholesale price index eventually declined to 6.9% levels in March and
April 2012, which, among other factors, triggered one of the first rate cuts by
RBI in many months. While a few more rate cuts are expected at suitable
junctures in the current fiscal, RBI still pegs overall GDP growth at 7.3% for
FY 2012-13 and range-bound inflation levels at around 6.5% till March 2013. In
the previous fiscal, consumption was partly supported by a booming rural
economy, thanks to schemes such as NREGS which saw a rise in the sale of
2-wheelers and other similar products. Further, a reasonably good performance
in agriculture (growth at about 3%) bolstered the GDP to some extent.
However,
this was dampened by poor industrial growth, with Year-to-date IIP growth rate
of only 3.5%, compared
to
8.1% in the same period previous fiscal. Specifically, the manufacturing growth
rate slowed from 8.7% to 3.7%. Mining experienced contraction due to
interventions by executive and judiciary bodies which had an impact on growth.
The mining sector, consequently shrank by 2.9% in Q2 FY12 and 3.1% in Q3 FY12
(Year-on-Year) as opposed to a growth of 7.3% and 6.1% in the corresponding
quarters of FY 2010-11. Slowdown was apparent in
construction
as well (1.2% in Q1 FY12, compared to 8.4% in the same quarter last year).
However, this sector has shown some promise in Q3, with growth rising to 7.2%.
This was largely driven by government thrust in infrastructure (particularly
roads).
IIP
growth rate has improved in January and February 2012. Manufacturing inched
back to +4% levels, and mining also showed the first positive signs of growth
in about 8 months, though on a low base.
The
prevalent governance slowdown remains an area of concern. Fiscal Deficit has
continued to expand and is estimated to cross 5.9% of GDP by analysts, contrary
to budget estimates of 4.6%. Continually high oil prices, the possibility of
having to import coal at higher-thanestimated rates to meet the rising power
gap and the continuing subsidy burdens do not augur well for the public
accounts next year as well.
Commercial Vehicle industry
As was
predicted last year, the Commercial Vehicle (CV) industry grew well, albeit at
a slower pace compared to the previous year, having recovered to higher base
volumes. The industry also saw a substantial amount of competitive activity.
The
industry recorded 18% growth during 2011-12 to post its highest ever volumes of
8,09,532 units. Medium and
Heavy
Commercial Vehicles (M and HCV) grew by 8%, posting volumes of 3,48,701, again
recording highest ever sales. Light Commercial Vehicles (LCV) posted a growth
of 27.4% and reached volumes of 4,60,831 units. The contribution of M&HCV
declined to about 43% of the overall CV segment, compared to 47% in the
previous year.
The
LCV segment continued to grow steadily. It has, in fact, been one of the
strongest growing segments in the entire automobile space. In fact, the Small
Commercial Vehicle segment [trucks less than 3.5 tonnes Gross Vehicle Weight
(GVW)] within LCVs, which accounts for over 3/4th of the LCV market,
is driving growth on the back of strong demand for transportation of consumer
goods within cities and replacement demand from upper-end three wheelers.
Reflecting the
uncertain economic scenario, multi-axle
rigid trucks with capacities greater than 25 tonnes have reported a
sales drop of 2% over the previous year. These are used to transport a wide
range of goods, such as
agricultural
produce, cement, other materials used in construction and industrial goods.
This drop was due to overall slowdown in industrial, mining and construction
activity, and the resultant caution among transporters. It was also in part due
to the shift to rigid vehicles with higher capacity (8X2), to achieve greater
operating efficiencies. Conversely, sales of intermediate commercial trucks, in
the 10-12 tonne capacity range, registered a growth rate of 21% during 2011-12.
Sale of Tippers also grew by 37%, due to substantial fleet replacements as well
as the boost given to infrastructure in the second half of the fiscal by the
Government.
Also notable was
the slowdown in the Southern Indian market. This was due to elections in Tamil
Nadu, blanket mining ban in Karnataka and continued political uncertainty in
Andhra Pradesh. Total Industry Volumes in multi axle vehicles reduced by almost
17% in the first 3 quarters before recovering somewhat in the fourth quarter.
Overall, volumes grew by 5%, lower than the national average of 8%.
2011-12 was a
watershed year for Indian exports, with the highest ever number of vehicles
being exported worldwide from India (92,663 nos.). Exports of LCVs registered a
substantial growth of 41%, while M&HCVs registered 2.4% growth over the
previous year.
Ashok Leyland -
2011-12 in brief
Medium and heavy commercial vehicles
Ashok Leyland
delivered mixed results in 2011-12. The Company registered its highest ever
sales of 94,397 vehicles, with a marginal growth of 0.3% compared to the
previous year.
In the domestic
market, the Company sold 81,147 M&HCVs, 2% less than the previous year.
These included 20,635 M&HCV buses and 60,512 M&HCV trucks, 1% more and
3.5% less respectively, compared to the previous year. The Company lost 2.4%
market share in the Indian Medium and Heavy CV market during FY 2011-12.
Sales of Multi-
Axle Vehicles, the largest segment in trucks, contracted by 13% in Southern
India. On the other hand, the Intermediate Commercial Vehicles (ICV) goods
segment grew nationwide by nearly 21% and Ashok Leyland did gain market share
in ICV goods, a fast-growing segment in which your Company has a nascent
presence. To sum up, contraction of Ashok Leyland's strongholds, and rapid
growth of segments where the Company has limited presence resulted in a mixed
outcome in the domestic market.
The Company
demonstrated substantial growth in exports, clocking 12,852 vehicles in
2011-12, 25% growth compared to the previous year. Besides the performance in
the SAARC markets, your Company benefited through strategic expansion into
several new geographies. Sales in the Middle East grew substantially, despite
the overall uncertainty in the region, bolstered by the Company's capability to
locally manufacture buses at Ras-al-Khaimah. Besides this, your Company entered
several nations in the Commonwealth of Independent States (CIS) and Africa,
offering a wide range of bus and truck products. The Company's performance in
the Russian and CIS markets has been very heartening. The Russian market was
penetrated with the sales of AVIA trucks and bus chassis and the launch of Midi
buses in collaboration with a local bus body builder of repute. A similar
strategy was adopted in the Ukraine, by entering that market in partnership
with local bus body builders. Your Company seeks to make significant inroads
into both these markets going forward.
The Power
Solutions Business earned revenues of Rs. 3490.000 Millions in the year 2011-12,
which is comparable to the earnings of the previous year.
A healthy 20%
growth was achieved in the Spare Parts Business in 2011-12, with an all-time
high turnover of Rs. 8520.000 millions, reflecting an increasing use of genuine
parts in the service considered necessary as the technical complexity of the
product increases. The Defence business continued to hold steady, with sales of
370 vehicles and 2,981 kits. Overall, the turnover from the Spare Parts
Business, kits, traded products and components, etc. stood at Rs. 17170.000
millions.
In FY 2011-12,
your Company produced 95,559 vehicles, 0.2% growth compared to the previous
year. The Company's recently commissioned plant in Pantnagar, a
state-of-the-art production facility in the northern state of Uttarakhand,
continued to ramp up manufacturing capacity and reached production rate of over
4,000 units per month in March 2012.
The Company also
expanded its dealer network substantially in areas where hitherto it had only
limited coverage. Full service outlets grew to over 400 and for the first time,
the number of outlets in the North exceeded the number in the South.
To address the
challenges faced in the domestic market, the Company applied substantial
product development
and marketing
effort, targeted at the fastest growing segments and regions. This resulted in
promising growth in the 4th quarter of the previous fiscal. The Company has
also lined up several ground-breaking products for core segments in the
upcoming fiscal. Three such new products were displayed at the Auto Expo 2012
held in Jan'12 in Delhi: the Jan Bus, 10x4 Multi-axle truck and the 8m ICV bus
named 'Solo', all of which will be launched shortly. While the Jan Bus is the
world's first single step, front engine, fully flat floor bus, the 10x2 will be
a pioneering product for the Indian CV industry. The 10x2 MAV represents a
significant product introduction into the largest truck segment, indicating
further movement towards higher tonnage vehicles. The launch of Solo is further
evidence of the Company's capability to bring world-class passenger transport
products to the growing Indian market.
The Company's
continued investments in Research and Development through 2011-12 will also
result in several launches in the next fiscal. The New Generation Cab and the
Neptune Engine programmes will see market introductions. ICV, the fastest
growing segment in the M&HCV range, will see the Company come up with a
brand new product with inputs from AVIA Ashok Leyland Motors s.r.o in the Czech
Republic.
The Company has
continued to invest in efficient IT systems to support its strategies and one
important step in this regard has been through the SAP system to achieve full
integration across the Company.
In a scenario of
blurring lines of product differentiations, it is the strength of the brand
that will prove vital and well mindful of this, the Company took several
important steps to build brand Ashok Leyland. Firstly, the Company's brand
promise was re-articulated as 'It's all
about You', the 'You' standing for the customer who was
at the centre of all activities and every effort was made to improve his
profitability. To lead and give traction to the many marketing initiatives,
some launched and others soon to be, all aimed at enhancing customer experience
and thereby market share, your Company signed on the iconic Indian cricket
captain, M. S. Dhoni as its Brand Ambassador. Apart from befitting the values
of the Company very well, he will be at the forefront of the efforts of the Company
to be a stronger global brand.
Apart from Brand,
the other identified focus areas for development were Quality, People,
Innovation and Efficiency. The Company has taken on challenging targets on each
of these areas and has kicked off a host of ambitious banner projects.
In summary, the
Company has prepared well for the challenging economic scenario expected in
future, as well as the upcoming competition in the M&HCV space.
Light Commercial Vehicles
Taking advantage
of the proliferation of the hub-andspoke model and the strong demand
originating from the rural segment, the Company entered the LCV segment with
the launch of 'Dost' last year.
The product has
been well accepted by customers, with 7,593 vehicles having been sold in the
last fiscal. Within 6 months of launch, 'Dost' is already the second highest
selling model in the 2-3.5T GVW segment and has achieved a pan India market
share of 16.6%. This is despite 'Dost' having been launched in only six States
(Tamilnadu, Kerala, Karnataka, Andhra Pradesh, Maharashtra and Gujarat). 'Dost'
is being sold through an all-new dedicated distribution network. The product
continues to enjoy tremendous pull, particularly for its high end variants that
offer more features, such as power steering, air conditioning, etc.
The Company is
aggressively ramping up production at its Hosur facility to meet the rising
demand for 'Dost'. The
dealer network
will also be expanded, and the product launched in additional states this
fiscal. Further variants of 'Dost' are in the pipeline. In addition, the
Company also displayed 2 new platforms in the Auto Expo 2012 – the 'Partner' 6T
truck and the 'Stile' Multi- Functional Vehicle – both of which will be
launched over the next 2 years.
Hinduja Leyland Finance Limited
The Non-banking
Finance Company (NBFC), Hinduja Leyland Finance Limited (HLFL) promoted by
Ashok Leyland, commenced their operations in March 2010. HLFL now has
operations in 440 locations with employee strength of 1199 (increased from 588
in the year 2010). In 2011-12, HLFL continued to grow rapidly. The company made
a disbursement of Rs. 2,107 Cr., a rise of over 70% from the previous year,
across a wide range of segments, including Medium and Heavy Commercial
Vehicles, Light Commercial Vehicles and 3-wheelers.
Ashok Leyland John Deere Construction Equipment
Company Private Limited
The 50:50 Joint
Venture with John Deere Construction & Forestry Company, USA, successfully
launched its first product, the 435 Backhoe Loader in November 2011. The JV
Company sold 221 units in 4 months in the current fiscal. The JV Company's
product has been well accepted by customers due to its superior positioning
compared to its competitors. The development of the distribution system is in
high gear, starting with the Southern market. 18 dealership nodes have already
been rolled out and another 27 planned in the coming year. New service
benchmarks are being set with 100% achievement of completing running repairs on
the same day and 100% parts availability within 24 hours. The JV Company is
planning to launch the Wheel Loader in the year 2012-13.
Automotive Infotronics Limited
This 50:50 Joint
Venture with Continental AG aims to become an innovation centre for delivering
automotive infotronics solutions at value price points. The JV showcased its
capability and products like the Telematics OBU (On-Board Unit) at the
Continental booth at Auto Expo 2012 in Delhi to fleet operators, IT/BPO
personnel, transporters, etc. The company is working with several OEMs for both
OEM and aftermarket solutions.
Albonair GmbH
Albonair GmbH,
Germany was established with a vision of being a complete SCR solution provider
for reducing automotive emissions. The company is actively marketing its
products to global automotive and construction equipment OEMs and progressing
on business discussions with various global OEMs. With increase in demand due
to stricter emission norms, Albonair is expanding its production base in
Germany and in India. In Germany,
Albonair received
the quality certificate ISO 14001 (environmental audit).
Ashok Leyland Defence Systems Ltd. (ALDS)
ALDS, a newly
formed associate company, will provide increased focus to address the
opportunities in the Indian
and overseas
defence markets. ALDS participated in DEFEXPO'12 and the vehicles on display
were well received by customers. ALDS exhibited a Light Tactical Vehicle on the
new COLT platform. The company is in discussions for technical collaboration
with various producers of equipment in the world.
Ashley Alteams India Ltd. (AAIL)
The 50:50 JV
partnership between Ashok Leyland and Alteams OY, Finland aims to be a
world-class aluminium die-casting manufacturer and become a 'partner of choice'
for their customers by providing innovativeproduct solutions. AAIL has set up
an Electroplating facility which is now ready and under evaluation. The Surface
Coating Facility was inaugurated in August 2011. TS 16949, ISO 9001 and ISO
14001 Surveillance Audits have been successfully completed.
AVIA Ashok Leyland Motors s.r.o (AALM)
AVIA Ashok Leyland
Motors s.r.o in Prague, has been producing trucks in the total weight class of
6.5 to 12 tonnes. In 2011, the Letňany manufacturing plant produced 600 trucks
for the markets of Europe, the United States, and Asia. The company recorded a growth
of 34% during this year. This increase was primarily attributable to recovery
in Eastern Europe, the expansion into the Commonwealth of Independent States
and the Middle East. Avia is expanding the market reach further to Latin
America and the USA.
Defiance Technologies Ltd.
Defiance
Technologies Ltd. is a leading provider of Engineering, ERP and IT services to
global customers leveraging the Global Delivery Model. Headquartered at
Chennai, India, Defiance has world-class development centres at Chennai and
Bangalore in India, and state-ofthe- art testing facilities at Troy and
Westland, Michigan. Apart from serving many global MNCs in India and abroad,
the company is also pursuing many significant opportunities from leading
companies including multicountry, multi-lingual Web Content Management System
migration.
FIXED ASSETS:
·
Freehold and
Leasehold Land
·
Buildings
·
Plant and
Machinery
·
Furniture, Fittings and Equipment
·
Computer
·
Fittings and
Equipments
·
Vehicles and Aircraft
·
Computer Software
·
Technical Know how
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.54.26 |
|
|
1 |
Rs.88.15 |
|
Euro |
1 |
Rs.71.03 |
INFORMATION DETAILS
|
Report Prepared
by : |
MRI |
|
|
|
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
8 |
|
PAID-UP CAPITAL |
1~10 |
7 |
|
OPERATING SCALE |
1~10 |
9 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
9 |
|
--PROFITABILIRY |
1~10 |
7 |
|
--LIQUIDITY |
1~10 |
8 |
|
--LEVERAGE |
1~10 |
8 |
|
--RESERVES |
1~10 |
8 |
|
--CREDIT LINES |
1~10 |
8 |
|
--MARGINS |
-5~5 |
- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
YES |
|
--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 |
|
72 |
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.