MIRA INFORM REPORT
|
Report Date : |
19.08.2013 |
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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|
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Date of Incorporation
: |
27.12.1999 |
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|
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Com. Reg. No.: |
11-123296 |
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Capital
Investment / Paid-up Capital : |
Rs.198.400
Millions |
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|
|
|
CIN No.: [Company Identification
No.] |
U34102MH1999PLC123296 |
|
|
|
|
TAN No.: [Tax Deduction & Collection
Account No.] |
NSKE00384G /
NSKE00391G / NSKE00465D |
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PAN No.: [Permanent Account No.] |
AAACE7066P |
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Legal Form : |
Private Limited Liability Company
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Line of Business : |
Manufacturer of Parts and Accessories for Motor Vehicles and their
Engines. |
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No. of Employees
: |
2000
(Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
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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|
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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.
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.
INFORMATION DECLINED BY
|
Name : |
Mr. R.R. Kasliwal |
|
Contact No.: |
91-240-2554902 |
|
Date : |
17.08.2013 |
LOCATIONS
|
Registered
Office : |
K-228, MIDC Industrial Area, Waluj, |
|
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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|
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Factory 8 : |
(Casting
Division) K-227, MIDC Area, Waluj, |
|
Tel. No.: |
91-240-2551116 |
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|
|
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Factory 9 : |
High Technology Transmission Systems
( (Transmission Division) K-226/1, MIDC Area, Waluj, |
|
Tel. No.: |
91-240-2552447/2563153 |
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Fax No.: |
91-240-2563553 |
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|
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Factory 10 : |
(Casting
Division) Gut No. 416, Village Takve Budruk, Taluka: Vadgoan Maval,
District. Pune – 412106, 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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|
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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, |
|
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) |
|
Website: |
DIRECTORS
AS ON 29.08.2012
|
Name : |
Mr. Naresh Chandra |
|
Designation : |
Chairman |
|
Address : |
Bhagwati Bhavan, 31-B, M. L. Dahanukar Marg, Mumbai - 400026, |
|
Date of
Birth/Age : |
11.02.1935 |
|
Qualification : |
B. E. [Mech.] |
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Date of
Appointment : |
27.12.1999 |
|
Voter ID No.: |
MT/04/024/258347 |
|
DIN No.: |
00027696 |
|
|
|
|
Name : |
Mr. Anurag Nareshchandra Jain |
|
Designation : |
Managing Director |
|
Address : |
Green Leaf, Manor Gat No-43-3-B,Kanchanwadi Opp.Walmi
PaithanRoad,Aurangabad,Maharashtra-431035, India |
|
Date of
Birth/Age : |
21.03.1962 |
|
Qualification : |
MBA ( |
|
Date of
Appointment : |
27.12.1999 |
|
Voter ID No.: |
MT/33/193/1254590 |
|
DIN No.: |
00291662 |
|
|
|
|
Name : |
Mr. Roberto Testore |
|
Designation : |
Director |
|
Address : |
Viale Parioli 40, Rome, Italy, 00197 |
|
Date of
Birth/Age : |
17.10.1952 |
|
Date of
Appointment : |
17.10.2007 |
|
DIN No.: |
01935704 |
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|
|
|
Name : |
Mr. Soumendra Mohan Basu |
|
Designation : |
Director |
|
Address : |
22 D-2, Cape, Tower VII Hiland Park, 1925, Chak Garia, Kolkata –
700094, West Bengal, India |
|
Date of
Birth/Age : |
19.11.1949 |
|
Date of Appointment
: |
16.08.2010 |
|
DIN No.: |
01125409 |
|
|
|
|
Name : |
Mr. Partho Sarothy Datta |
|
Designation : |
Director |
|
Address : |
19/2, |
|
Date of
Birth/Age : |
08.12.1948 |
|
Date of Appointment
: |
16.08.2010 |
|
Voter ID No.: |
CJJ2442200 |
|
DIN No.: |
00040345 |
|
|
|
|
Name : |
Asanka Haren Edirimuni Rodrigo |
|
Designation : |
Director |
|
Address : |
4202. 42 Floor, Planet Godrej, Tower 2 (Aqua), SM Compound, KK Marg, Jacob
Circlr, Saatrasta, Mahalaxmi, Mumbai-400011, 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 : |
|
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 : |
|
|
|
|
|
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-%20232700%2019-Aug-2013_files/image001.gif){kind=small}
%20-%20232700%2019-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
DETAILS OF CURRENT MATURITIES OF LONG TERM
DEBT:
|
Particulars |
31.03.2012 [Rs. in millions] |
31.03.2011 [Rs. in millions] |
31.03.2010 [Rs. in millions] |
|
|
|
|
|
|
Current
Maturities of Long Term Debt |
1563.130 |
1563.990 |
NA |
|
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 |
Yes |
|
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
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 ass
ociate 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.61.82 |
|
|
1 |
Rs.96.57 |
|
Euro |
1 |
Rs.82.45 |
INFORMATION DETAILS
|
Information
Gathered by : |
JML |
|
|
|
|
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.