MIRA
INFORM REPORT
|
Report Date : |
12.08.2013 |
IDENTIFICATION DETAILS
|
Name : |
ENDURANCE TECHNOLOGIES PRIVATE
LIMITED
(CN) (w.e.f. 18.01.2012) |
|
|
|
|
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 (INDIA) PRIVATE LIMITED ENDURANCE
TRANSMISSION SYSTEMS (INDIA) LIMITED (w.e.f.06.12.2000) ENDURANCE SUSPENSION
SYSTEMS (INDIA) LIMITED |
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Registered
Office : |
K-228, MIDC Industrial Area, Waluj, |
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Country : |
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Financials (as
on) : |
31.03.2012 |
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Date of
Incorporation : |
27.12.1999 |
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Com. Reg. No.: |
11-123296 |
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Capital
Investment / Paid-up Capital : |
Rs.198.400
Millions |
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CIN No.: [Company Identification
No.] |
U34102MH1999PLC123296 |
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|
|
|
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 : |
Ba (51) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 27850000 |
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|
Status : |
Satisfactory |
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Payment Behaviour : |
Usually Correct |
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Litigation : |
Clear |
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Comments : |
Subject is a well established company having satisfactory track
record. The company has shown a consistent improvement in the operating
performance marked by a slight increase in the sales turnover as well as net
profitability during 2012. The ratings also take into consideration the long standing
relationship with Bajaj Auto Limited as one of its customers. Trade relations are fair. Business is active. Payment terms are
usually correct. 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 – March 31st, 2013
|
Country Name |
Previous Rating (31.12.2012) |
Current Rating (31.03.2013) |
|
India |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very
High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
INDIAN ECONOMIC OVERVIEW
We are living in a
world where volatility and uncertainty have become the New Normal. We saw a
change of government in countries like Tunisia, Egypt, Libya and Vietnam. Once
powerful countries in Europe are now fighting for bankruptcy. We have
taken growth in the developing part of the world for granted but economic
growth in China and India has begun to slow. Companies that were synonymous
with their product categories just a few years ago are now no longer in
existence. Kodak, the inventor of the digital camera had to wind up its
operations, HMV, the British entertainment retailing company and Borders, once
the second largest bookstore have shut down due to their inability to evolve
their business models with the changing time. Readers’ Digest, Thomson Register
are no more !
There is another
megatrend happening. The World order is changing as economic power shifts from
West to East. According to McKinsey study, it took Britain more than 100 years
to double its economic output per person during its industrial revolution and
the US later took more than 50 years to do the same. More than a century later,
China and India have doubled their GDP per capital in 12 and 18 years
respectively. By 2020, emerging Asia will become the world’s largest consuming
block, overtaking North America.
The years after the outbreak
of the global financial crisis, the world economy continues to remain fragile.
The Indian economy demonstrated remarkable resilience in the initial years of
the contagion but finally lost ground last year. GDP growth slowed down.
Currency has been weakening. There is a marked deceleration in agriculture,
industry and services. Dampening sentiment led to a cut-back in investment as
well as private consumption expenditure. Inflation remained at high
levels fuelled by the pressure from the food and fuel sectors. The large fiscal
and current account deficit s continued to cause grave concern. It is
imperative that India regains its growth trajectory of 8-9 % sooner than later.
This is crucially important given the need to create gainful livelihood opportunities
for the millions living in poverty as also the large contingent of young people
joining the job market every year.
EXTERNAL AGENCY RATING
|
Rating Agency Name |
CARE |
|
Rating |
BBB [Long Term Bank Facilities] |
|
Rating Explanation |
Moderate degree of safety and moderate credit risk. |
|
Date |
22.04.2013 |
|
Rating Agency Name |
CARE |
|
Rating |
A3+ [Short Term Bank Facilities] |
|
Rating Explanation |
Moderate degree of safety and higher credit risk. |
|
Date |
22.04.2013 |
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 : |
K-228, MIDC Industrial Area, Waluj, |
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Tel. No.: |
91-240-2556686/ 87/ 2569737 |
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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, |
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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 (India) Private Limited K-226/2, MIDC Industrial Area Waluj, Aurangabad-431136, Maharashtra,
India |
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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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Marketing Head
Office 1 : |
E - 94, MIDC Industrial Area, PO Box 982, Waluj, Aurangabad - 431136,
Maharashtra, India |
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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. |
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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, |
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Tel. No.: |
91-240-2551116 |
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Factory 9 : |
High Technology Transmission Systems
( (Transmission Division) K-226/1, MIDC Area, Waluj, |
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Tel. No.: |
91-240-2552447/2563153 |
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Fax No.: |
91-240-2563553 |
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Factory 10 : |
(Casting
Division) Gut No. 416, Village Takve Budruk, Taluka: Vadgoan Maval,
District. Pune – 412106, Maharashtra, India. |
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Tel. No.: |
91-2114-211331/2/3 |
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Fax No.: |
91-240-2556894 |
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Factory 11 : |
(Machining
Division) B-20, MIDC Area, Chakan, Village: Nighoje, Taluka: Khed
(Rajgurunagar), Pune - 410 501, |
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Tel. No.: |
91-20-4103011/12/14 |
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Fax No.: |
91-20-4102230 |
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Factory 12 : |
Endurance
Magneti Marelli Shock Absorbers (India) Private Limited (Suspension Division) B-23, MIDC Area, Chakan, Village Nighoje, Taluka: Khed
(Rajgurunagar), Pune – 410501, |
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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, |
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Tel. No.: |
91-0124-2291770-73 |
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Fax No.: |
91-0124-2291774 |
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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 (India) Private Limited (Transmission
Division) Plot No. - 7, Sector 10, Integrated Industrial Estate-IIE,
Udham Singh Nagar, Pantnagar, |
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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) |
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Website: |
DIRECTORS
AS ON 29.08.2012
|
Name : |
Mr. Naresh Chandra |
|
Designation : |
Chairman |
|
Address : |
Bhagwati Bhavan, 31-B, M. L. Dahanukar Marg, Mumbai - 400026, |
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Date of
Birth/Age : |
11.02.1935 |
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Qualification : |
B. E. [Mech.] |
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Date of
Appointment : |
27.12.1999 |
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Voter ID No.: |
MT/04/024/258347 |
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DIN No.: |
00027696 |
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|
|
Name : |
Mr. Anurag Nareshchandra Jain |
|
Designation : |
Managing Director |
|
Address : |
Green Leaf, Manor Gat No-43-3-B,Kanchanwadi Opp.Walmi PaithanRoad,Aurangabad,Maharashtra-431035,
India |
|
Date of
Birth/Age : |
21.03.1962 |
|
Qualification : |
MBA ( |
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Date of
Appointment : |
27.12.1999 |
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Voter ID No.: |
MT/33/193/1254590 |
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DIN No.: |
00291662 |
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|
Name : |
Mr. Roberto Testore |
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Designation : |
Director |
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Address : |
Viale Parioli 40, Rome, Italy, 00197 |
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Date of
Birth/Age : |
17.10.1952 |
|
Date of
Appointment : |
17.10.2007 |
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DIN No.: |
01935704 |
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Name : |
Mr. Soumendra Mohan Basu |
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Designation : |
Director |
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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 |
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DIN No.: |
01125409 |
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|
Name : |
Mr. Partho Sarothy Datta |
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Designation : |
Director |
|
Address : |
19/2, |
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Date of
Birth/Age : |
08.12.1948 |
|
Date of
Appointment : |
16.08.2010 |
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Voter ID No.: |
CJJ2442200 |
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DIN No.: |
00040345 |
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|
|
|
Name : |
Asanka Haren Edirimuni Rodrigo |
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Designation : |
Director |
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Address : |
4202. 42 Floor, Planet Godrej, Tower 2 (Aqua), SM Compound, KK Marg,
Jacob Circlr, Saatrasta, Mahalaxmi, Mumbai-400011, Maharashtra, India |
|
Date of Birth/Age
: |
12.02.1971 |
|
Date of
Appointment : |
22.12.2011 |
|
DIN No.: |
03010463 |
KEY EXECUTIVES
|
Name : |
Sunil Naresh Lalai |
|
Designation : |
Secretary |
|
Address : |
Flat No. 6, Palacia – C, Utopia Co-Operative Society Opposite Rahena
Gardens, Wanowari, Pune-411040, Maharashtra, India |
|
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 Shareholders |
No. of Preferences Shares |
No. of Equity
Shares |
|
Actis Investment Holdings No. 122 Limited, Mauritius |
-- |
6029990 |
|
Anurang Jain and Naresh Chandra |
-- |
26412400 |
|
Anurang Jain and Varsha Jain |
-- |
468925 |
|
Anurang Jain HUF |
-- |
125 |
|
Naresh Chandra |
-- |
4500100 |
|
Naresh Chandra and Suman Jain |
-- |
1042825 |
|
Suman Jain and Naresh Chandra |
-- |
5502750 |
|
Varsha Jain and Anurang Jain |
-- |
25 |
|
Naresh Chandra |
320000 |
-- |
|
Suman Jain and Naresh Chandra |
1360000 |
-- |
|
|
|
|
|
TOTAL
|
1680000 |
43957140 |
AS ON 29.08.2012
|
Equity Share Breakup |
|
Percentage of Holding |
|
Category |
|
|
|
Foreign holdings [Foreign institutional investors, Foreign Companies, Foreign Financial Institutions, Non-resident Indian 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 : |
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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 Wheeling
and Transmission Loss wherever applicable and Includes captively consumed
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
|
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 : |
-- |
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|
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 |
|
|
|
|
Subsidiaries : |
·
High Technology Transmission Systems (India)
Private Limited (Direct ·
Subsidiary) [U34300MH2002PTC134738] ·
Amann Druckguss GmbH (Direct Subsidiary) ·
Endurance Overseas Srl, Italy (Direct Subsidiary) ·
Endurance Fondalmec S.P.A, Italy (Indirect
Subsidiary) |
|
|
|
|
Joint Venture : |
Magneti Marelli Shock Absorbers (India)
Private Limited [U74900PN2008PTC132425] |
CAPITAL STRUCTURE
AS ON 29.08.2012
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
176250000 |
Equity Shares |
Rs.4/- each |
Rs.705.000 Millions |
|
2000000 |
Preferences 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.175.829
Millions |
|
1680000 |
Preferences Shares |
Rs.10/- each
|
Rs.16.800
Millions |
|
|
TOTAL |
|
Rs.192.629 Millions |
AS ON 31.03.2012
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
176250000 |
Equity Shares |
Rs.4/- each |
Rs.705.000 Millions |
|
2000000 |
Preferences Shares |
Rs.10/- each |
Rs.20.000 Millions |
|
|
TOTAL
|
|
Rs.725.000
Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
45400000 |
Equity Shares |
Rs.4/- each |
Rs.181.600
Millions |
|
1680000 |
Preferences Shares |
Rs.10/- each
|
Rs.16.800
Millions |
|
|
TOTAL |
|
Rs.198.400 Millions |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES
OF FUNDS |
|
31.03.2012 |
31.03.2011 |
|
I.
EQUITY AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
|
198.400 |
192.630 |
|
(b) Reserves & Surplus |
|
6764.950 |
5122.730 |
|
(c) Money received
against share warrants |
|
0.000 |
0.000 |
|
|
|
|
|
|
(2) Share
Application money pending allotment |
|
0.000 |
0.000 |
|
Total Shareholders’ Funds (1) + (2) |
|
6963.350 |
5315.360 |
|
|
|
|
|
|
(3) Non-Current
Liabilities |
|
|
|
|
(a) long-term
borrowings |
|
3234.530 |
3931.300 |
|
(b) Deferred tax liabilities (Net) |
|
70.810 |
90.920 |
|
(c) Other long
term liabilities |
|
22.540 |
19.280 |
|
(d) long-term
provisions |
|
89.750 |
59.630 |
|
Total Non-current
Liabilities (3) |
|
3417.630 |
4101.130 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a)
Short term borrowings |
|
2678.610 |
3125.280 |
|
(b)
Trade payables |
|
4106.410 |
3230.720 |
|
(c)
Other current liabilities |
|
2074.650 |
2117.630 |
|
(d) Short-term
provisions |
|
90.290 |
137.410 |
|
Total Current
Liabilities (4) |
|
8949.960 |
8611.040 |
|
|
|
|
|
|
TOTAL |
|
19330.940 |
18027.530 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a)
Fixed Assets |
|
|
|
|
(i)
Tangible assets |
|
8757.950 |
8802.250 |
|
(ii)
Intangible Assets |
|
62.010 |
93.780 |
|
(iii)
Tangible assets capital work-in-progress |
|
319.810 |
184.490 |
|
(iv)
Capital work-in-progress |
|
8.150 |
0.000 |
|
(v) Intangible assets under development |
|
0.000 |
0.000 |
|
(b) Non-current
Investments |
|
3909.680 |
2970.890 |
|
(c) Deferred tax
assets (net) |
|
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
|
402.160 |
500.780 |
|
(e) Other
Non-current assets |
|
79.620 |
118.930 |
|
Total Non-Current
Assets |
|
13539.380 |
12671.120 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a)
Current investments |
|
0.000 |
0.000 |
|
(b)
Inventories |
|
1160.160 |
1321.190 |
|
(c) Trade
receivables |
|
3344.410 |
3090.280 |
|
(d) Cash
and cash equivalents |
|
706.100 |
169.000 |
|
(e)
Short-term loans and advances |
|
309.770 |
350.200 |
|
(f)
Other current assets |
|
271.120 |
425.740 |
|
Total
Current Assets |
|
5791.560 |
5356.410 |
|
|
|
|
|
|
TOTAL |
|
19330.940 |
18027.530 |
|
SOURCES OF FUNDS |
|
|
31.03.2010 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
|
|
586.770 |
|
|
2] Share Application Money |
|
|
0.000 |
|
|
3] Reserves & Surplus |
|
|
3729.960 |
|
|
4] (Accumulated Losses) |
|
|
0.000 |
|
|
NETWORTH |
|
|
4316.730 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
|
|
6017.660 |
|
|
2] Unsecured Loans |
|
|
2087.510 |
|
|
TOTAL BORROWING |
|
|
8105.170 |
|
|
DEFERRED TAX LIABILITIES |
|
|
159.670 |
|
|
|
|
|
13.550 |
|
|
TOTAL |
|
|
|
|
|
|
|
|
12595.120 |
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
|
|
8532.010 |
|
|
Capital work-in-progress |
|
|
259.250 |
|
|
|
|
|
|
|
|
INVESTMENT |
|
|
2823.360 |
|
|
DEFERREX TAX ASSETS |
|
|
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
|
|
1035.600
|
|
|
Sundry Debtors |
|
|
2443.620
|
|
|
Cash & Bank Balances |
|
|
433.270
|
|
|
Other Current Assets |
|
|
5.900
|
|
|
Loans & Advances |
|
|
804.050
|
|
Total
Current Assets |
|
|
4722.440 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
|
|
2763.040
|
|
|
Other Current Liabilities |
|
|
735.370
|
|
|
Provisions |
|
|
243.530
|
|
Total
Current Liabilities |
|
|
3741.940 |
|
|
Net Current Assets |
|
|
980.500
|
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
|
|
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
|
|
12595.120 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
27683.550 |
22787.420 |
15784.580 |
|
|
|
Other Income |
178.920 |
660.780 |
587.300 |
|
|
|
TOTAL (A) |
27862.470 |
23448.200 |
16371.880 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Consumption materials changes inventories |
|
15684.360 |
10417.850 |
|
|
|
Manufacturing Service Cost |
23615.910 |
2978.900 |
2179.830 |
|
|
|
Employees Cost |
|
931.520 |
735.670 |
|
|
|
Administrative, Selling, Other Expenses |
|
492.690 |
357.660 |
|
|
|
Extra Ordinary Items |
|
68.030 |
56.440 |
|
|
|
TOTAL (B) |
23615.910 |
20155.500 |
13747.450 |
|
|
|
|
|
|
|
|
Less |
PROFIT
/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
4246.560 |
3292.700 |
2624.430 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
865.390 |
735.020 |
677.430 |
|
|
|
|
|
|
|
|
|
|
PROFIT
/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
3381.170 |
2557.680 |
1947.000 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
1404.320 |
1197.250 |
1107.570 |
|
|
|
|
|
|
|
|
|
|
PROFIT / (LOSS)
BEFORE TAX (E-F) (G) |
1976.850 |
1360.430 |
839.430 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
294.120 |
326.520 |
307.920 |
|
|
|
|
|
|
|
|
|
|
PROFIT / (LOSS)
AFTER TAX (G-H) (I) |
1682.730 |
1033.910 |
531.510 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
2309.090 |
1310.470 |
793.550 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Dividend on Equity Shares |
33.430 |
13.190 |
0.000 |
|
|
|
Dividend on Preference Shares |
0.000 |
17.120 |
12.470 |
|
|
|
Dividend Tax on Preference Shares |
1.430 |
4.980 |
2.120 |
|
|
|
Tax on Dividend |
5.650 |
0.000 |
0.000 |
|
|
|
Transfer to General Reserves |
126.200 |
0.000 |
0.000 |
|
|
BALANCE CARRIED
TO THE B/S |
3825.110 |
2309.090 |
1310.470 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Export Earnings |
|
435.810 |
234.120 |
|
|
|
Interest |
805.640 |
7.070 |
0.000 |
|
|
|
Other Earnings |
|
2.440 |
0.000 |
|
|
TOTAL EARNINGS |
805.640 |
445.320 |
234.120 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
NA |
1891.330 |
934.000 |
|
|
|
Stores & Spares |
NA |
56.140 |
29.770 |
|
|
|
Capital Goods |
NA |
458.520 |
9.300 |
|
|
TOTAL IMPORTS |
NA |
2405.990 |
973.070 |
|
|
|
|
|
|
|
|
|
|
Earnings /
(Loss) Per Share (Rs.) |
35.74 |
23.45 |
12.17 |
|
%20-%20231845%2012-Aug-2013_files/image001.gif){kind=small}
%20-%20231845%2012-Aug-2013_files/image002.gif){kind=small}
KEY RATIOS
|
PARTICULARS |
|
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
PAT / Total Income |
(%) |
6.04
|
4.41 |
3.25 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
7.14
|
5.97 |
5.32 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
13.10
|
9.15 |
6.33 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.28
|
0.25 |
0.19 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
0.85
|
1.33 |
1.87 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
0.65
|
0.62 |
1.26 |
LOCAL AGENCY FURTHER INFORMATION
|
Sr. No. |
Check List by
Info Agents |
Available in
Report (Yes / No) |
|
1] |
Year of Establishment |
Yes |
|
2] |
Locality of the firm |
Yes |
|
3] |
Constitutions of the firm |
Yes |
|
4] |
Premises details |
No |
|
5] |
Type of Business |
Yes |
|
6] |
Line of Business |
Yes |
|
7] |
Promoter's background |
Yes |
|
8] |
No. of employees |
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 |
No |
|
19] |
Payments terms |
No |
|
20] |
Export / Import details (if applicable) |
No |
|
21] |
Market information |
-- |
|
22] |
Litigations that the firm / promoter involved in |
-- |
|
23] |
Banking Details |
Yes |
|
24] |
Banking facility details |
Yes |
|
25] |
Conduct of the banking account |
-- |
|
26] |
Buyer visit details |
-- |
|
27] |
Financials, if provided |
Yes |
|
28] |
Incorporation details, if applicable |
Yes |
|
29] |
Last accounts filed at ROC |
Yes |
|
30] |
Major Shareholders, if available |
Yes |
|
31] |
PAN of Proprietor/Partner/Director, if available |
No |
|
32] |
Date
of Birth of Proprietor/Partner/Director, if available |
Yes |
|
33] |
Voter ID No of Proprietor/Partner/Director, if available |
No |
|
34] |
External Agency Rating, if available |
Yes |
INDEX OF CHARGES:
|
S. No. |
Charge ID |
Date of Charge
Creation/Modification |
Charge amount
secured |
Charge Holder |
Address |
Service Request
Number (SRN) |
|
1 |
10412060 |
18/03/2013 |
660,000,000.00 |
STANDARD
CHARTERED BANK |
19, RAJAJI
SALAI, CHENNAI - 600001, TAMILNADU, INDIA |
B70847579 |
|
2 |
10390166 |
08/11/2012 |
500,000,000.00 |
UNIT TRUST OF
INDIA INVESTMENT ADVISORY SERVICES L |
UTI TOWER GN BLOCKBANDRA
KURLA COMPLEX, BANDRA EAST, MUMBAI - 400051, MAHARASHTRA, INDIA |
B63365571 |
|
3 |
10363352 |
22/06/2012 |
500,000,000.00 |
GE CAPITAL
SERVICES INDIA |
401, 402, 4TH
FLOOR, AGGARWAL MILLENNIUM TOWER,, |
B42769083 |
|
4 |
10365604 |
21/05/2012 |
300,000,000.00 |
CORPORATION BANK |
CORPORATE
BANKING BRANCH, 14 MUMBAI PUNE ROAD, WAKDEWADI, PUNE - 411003, MAHARASHTRA,
INDIA |
B43553593 |
|
5 |
10340441 |
22/02/2012 |
400,000,000.00 |
CORPORATION BANK |
INDUSTRIAL
FINANCE BRANCH, 14, MUMBAI - PUNE ROAD, WAKDEWADI,, PUNE- 411003,
MAHARASHTRA, INDIA |
B34259325 |
|
6 |
10314216 |
31/12/2012 * |
750,000,000.00 |
STANDARD
CHARTERED BANK |
19, RAJAJI
SALAI, CHENNAI - 600001, TAMILNADU, INDIA |
B66185174 |
|
7 |
10298695 |
08/03/2012 * |
300,000,000.00 |
STANDARD
CHARTERED BANK |
CRESCENZO, 3A/F,
PLOT NO C-38 AND 39, FORT, MUMBAI - 400001, |
B35503317 |
|
8 |
10261384 |
21/12/2010 |
204,500,000.00 |
CORPORATION BANK |
INDUSTRIAL
FINANCE BRANCH,, 14, PUNE -MUMBAI ROAD, PUNE - 411003, MAHARASHTRA, INDIA |
B03513439 |
|
9 |
10248943 |
19/10/2010 |
150,000,000.00 |
IDBI BANK
LIMITED |
SURVEY NO. 20292,
RATNAPRABHA BUILDING, OPPOSITE LIC |
A97647853 |
|
10 |
10238754 |
09/08/2010 |
15,057,940.00 |
INDIAN OVERSEAS
BANK |
PUNE CANTONMENT BRANCH,
WONDERLAND, 7 M G ROAD, PUNE, MAHARASHTRA - 411001, INDIA |
A94023249 |
|
* Date of charge modification |
||||||
CORPORATE INFORMATION:
Subject was established
in 1985 as Anurang Engineering Company Private Limited to manufacture Aluminium
Die Casting Products at Aurangabad Maharashtra (India). The Endurance group
today is a global force in aluminium die casting (including alloy wheel),
suspension, transmission and braking products with 19 plants across India,
Italy and Germany.
AUTOMOTIVE
INDUSTRY SCENARIO:
Supportive
Government policies, positive business environment, availability of reasonably
priced talented workforce and stable outlook for the industry has made India a
global hub for the international manufacturers to set up their facilities in
the Country. The year 2011-12 witnessed a mixed trend where growth in the
segments like passenger vehicles and medium and heavy commercial vehicles slowed
down to single digit owing to inflation, increased fuel price and high interest
rates. Unlike these segments, the two wheeler segment recorded a 14% growth
during 2011-12 over the previous year recording a sales volume of 13.4 Million
units. Over the last ten years, the volume of two wheelers has spurted from 4
Million units to 13 Million units which could be attributed to several key
factors like the Country’s demographic advantage, under developed public
transport system, growing urbanization and shrinking of replacement cycle.
These growth drivers are likely to remain constant over the medium term and
shall provide impetus to the industry’s volumes.
AUTO COMPONENT INDUSTRY:
The Rs. 1,600
Billion (USD 30.77 Billion) Indian auto component industry derives its growth
impetus from the growth in automobile industry. It is expected that the overall
automobile sales will grow by 10-12% in 2012-13 on the back of supportive
Government policies, launch of new models and intensifying enthusiasm for cars
among Indian consumers. Therefore, it could be expected that increase in demand
for automobiles would eventually drive growth for auto component sector. An
analysis released by TechNavio envisage auto component market in India to grow
at a CAGR of 11.7% over 2011-15. The revenue growth of the auto component
industry is likely to be a close reflection of the blended growth of the
individual automotive segment and will depend on the product and revenue mix of
the individual players in the industry.
COMPANY PERFORMANCE:
Financial
performance of the Company is a reflection of the growth achievement in the
automotive industry with an overweight on the two wheeler segment. The two
wheeler segment clocking a growth of 14% over the previous year has
corresponding buoyancy in the Company’s sustained performance in revenue and
profitability. Over 75% of the Company’s revenues are derived from sales to two
wheeler segment, about 8% sales to the three wheeler segment and the remaining
sales comprises to commercial and passenger vehicle segment, aftermarket sales
and exports. The Company’s revenues increased by 19.2% to Rs. 27683.550
Millions over the previous year. This was driven by a significant growth in
volume and improved product mix. Net Profit for the year recorded an impressive
growth of Rs. 1682.730 Millions, an increase of 62.8% over the previous year on
the backdrop of strong financial performance. While the industry grew at 8-9%,
the Company registered a growth over 19% in the revenues reflecting confidence
of customers for the cost, quality and delivery of its products.
MANAGEMENT’S ANALYSIS OF THE BUSINESS OPERATIONS
AND FINANCIAL PERFORMANCE:
NEW PRODUCTS:
The Company
believes in offering to its customers new products through advanced
technological improvement resulting in superior product performance and thereby
bringing the warranty levels below 1000 ppm. Few such products introduced are,
gas filled front forks and adjustable mono shock absorbers which the Company
aims to upgrade to electronic shock absorbers. The introduction of inverted
front forks and gas filled mono shock absorbers has given the Company an extra
mileage to be the first in the industry to make such product offerings for high
performance bikes. The braking systems offered by the Company are benchmark in
the auto component industry that give better designed products to ensure
improved quality and life. Castings made by the Company offer value engineered
aluminum castings replacing the iron castings thereby reducing cost and weight.
OUTLOOK:
To ensure
sustained profitable growth the focus is on two’ three wheeler segment for the
Company’s proprietary business and four wheeler segment for its casting
business. With an endeavour to improve operating efficiency all the
manufacturing plants follow Total Productive Maintenance (TPM). While the
Company has achieved the distinction of being a recipient of Japan Institute of
Plant Maintenance (JIPM) award for TPM practices for its three plants in Waluj,
engaged in the manufacturing of front fork, shock absorber and casting and
machining, it will continue to engage resources in the TPM way of working for
manufacturing processes across all its plants.
The medium term
growth drivers are replacement cycle and penetration of two wheelers in rural
markets. This is based on the fact that the automobile industry has sold around
49 Million units of two wheelers in the domestic market in the last five years;
the total replacement demand is anticipated to be a fairly large number. It is
also expected that the demographic advantage of Indian consumers, around 77
Million youth in the age bracket of 20 - 40 years that got added to the Indian
population mix in the last decade, shall continue to fuel the demand for two
wheelers.
While the outlook
is positive for the motorcycle segment, the major OEMs have embarked upon
increasing capacities by setting up additional facilities in southern and
western parts of India. To garner business share from the planned capacities,
the Company has initiated necessary steps and has its strategic plans to meet
the expected upsurge in demand.
The Company is
aggressively diversifying its customer base and has received large orders from
leading OEMs, which can be considered as a break-through for the Company. It has
plans to expand its operations by adding up capacities in critical processes
like nickel hard chrome plating, induction hardening and new assembly lines for
manufacturing of suspension products namely front forks and shock absorbers.
The Company is also well-paced to meet the requirement of auto components for
high-end and other upcoming models of two-wheelers such as mono shock
absorbers. Investment is channelized to upgrade its manufacturing facilities to
diversify its product mix for manufacturing of brake panel assemblies and
Tandem Master Cylinders for four wheelers.
The Company also
has aggressive plans to foray into the ASEAN markets through its after-market
business. Business forecast envisages increase in orders from existing and new
customers and widening of customer base, resulting in improved operations and
financial performance during the current year 2012-13. This would also be
supported by its overseas subsidiaries which are expected to maintain their
good performance during the financial year 2012-13.
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 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 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.61.12 |
|
|
1 |
Rs.94.77 |
|
Euro |
1 |
Rs.81.54 |
INFORMATION DETAILS
|
Report Prepared
by : |
TPT |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
6 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILIRY |
1~10 |
6 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
6 |
|
--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 |
NO |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
51 |
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.