MIRA INFORM REPORT
|
Report Date : |
30.08.2013 |
IDENTIFICATION DETAILS
|
Name : |
MAHINDRA TRUCKS AND BUSES LIMITED (w.e.f. 04.06.2013) |
|
|
|
|
Formerly Known
As : |
MAHINDRA NAVISTAR AUTOMOTIVES LIMITED (w.e.f. 06.06.2008) MAHINDRA INTERNATIONAL LIMITED |
|
|
|
|
Registered
Office : |
Gateway Building, Apollo Bunder, Mumbai – 400001, Maharashtra |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as
on) : |
31.03.2012 |
|
|
|
|
Date of
Incorporation : |
20.06.1994 |
|
|
|
|
Com. Reg. No.: |
11-079098 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs.8009.256 Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U63040MH1994PLC079098 |
|
|
|
|
PAN No.: [Permanent Account No.] |
AAACM7863L |
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|
|
|
Legal Form : |
A Closely Held Public Limited Liability Company |
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Line of Business
: |
Manufacturer of Commercial Vehicles. |
|
|
|
|
No. of Employees
: |
Not Divulged |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (50) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 11800000 |
|
|
|
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
Usually Correct |
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|
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|
Litigation : |
Clear |
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|
Comments : |
Subject is a part of “Mahindra Group”. It is an established company having satisfactory track record. Eventhough the management was quite efficient in increasing its sales turnover,
but failed to generate profits. There appears huge accumulated loss recorded
during 2012. Liquidity position is stretched. The ratings, however, take into consideration, the strong managerial
and financial support which the subject gets from its holding company. Trade relations are fair. Business is active. Payment terms are
reported as 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) |
|
|
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
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.
RBI DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available RBI Defaulters’ list.
EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of
31-03-2012.
INFORMATION DECLINED
MANAGEMENT NON-COOPERATIVE
(Contcat No.: 91-22-22021031)
LOCATIONS
|
Registered Office : |
Gateway Building, Apollo Bunder, Mumbai – 400001, Maharashtra, India |
|
Tel. No.: |
Not Available |
|
Fax No.: |
Not Available |
|
E-Mail : |
|
|
|
|
|
Corporate Office : |
Marketing Department,3rd Floor Mahindra Towers
Worli, Mumbai – 400018, Maharashtra, India |
|
Tel. No.: |
91-20-27473600 |
DIRECTORS
AS ON 02.08.2012
|
Name : |
Mr. Anand Gopal Mahindra |
|
Designation : |
Director |
|
Address : |
Goolestan, 65, Nepean Sea Road, Mumbai-400006, Maharashtra, India |
|
Date of Birth/Age : |
01.05.1955 |
|
Qualification : |
BA (Harvard), MBA (Harvard) |
|
Date of Appointment : |
11.01.2006 |
|
DIN No.: |
00004695 |
|
|
|
|
Name : |
Mr. Hemant Hans Raj Luthra |
|
Designation : |
Director |
|
Address : |
Breach Candy Gardens, Flat No.6, 2nd Floor, Bhulabhai Desai Road, Mumbai-400026, Maharashtra, India |
|
Date of Birth/Age : |
18.04.1949 |
|
Qualification : |
B.Tech, PGDBM (Harvard) |
|
Date of Appointment : |
11.01.2006 |
|
DIN No.: |
00231420 |
|
|
|
|
Name : |
Dr. Pawan Kumar Goenka |
|
Designation : |
Director |
|
Address : |
Flat No.602, 9th JVPD, Near UTI Bank Limited, 10th Road, Vile Parle (West), Mumbai-400056, Maharashtra, India |
|
Date of Birth/Age : |
23.09.1954 |
|
Qualification : |
B.Tech, M.S. Phd. |
|
Date of Appointment : |
11.01.2006 |
|
DIN No.: |
00254502 |
|
|
|
|
Name : |
Mr. Nalin Bhimsen Mehta |
|
Designation : |
Director |
|
Address : |
1805/06, Beverly Hills, T-36, Shastri Nagar, Andheri (West), Mumbai-400053, Maharashtra, India |
|
Date of Birth/Age : |
08.09.1958 |
|
Qualification : |
B.Tech(IIT), MBA(FMS), Delhi |
|
Date of Appointment : |
28.07.2011 |
|
PAN No.: |
AAOPM1564H |
|
DIN No.: |
02272736 |
|
|
|
|
Name : |
Mr. Durgashankar
Subramaniam
|
|
Designation : |
Additional Director |
|
Address : |
203, 2nd Floor, Ganga Towers, Atur Park, Sion Trombay Road Mumbai-400071, Maharashtra, India |
|
Date of Birth/Age : |
13.07.1959 |
|
Date of Appointment : |
26.04.2013 |
|
DIN No.: |
00044713 |
|
|
|
|
Name : |
Mr. Bharat Moossaddee |
|
Designation : |
Additional Director |
|
Address : |
M-14/17, DLF City-II, Off Akashneem Marg, Gurgaon-122002, Haryana, India |
|
Date of Birth/Age : |
11.11.1962 |
|
Date of Appointment : |
26.04.2013 |
|
DIN No.: |
02166403 |
|
|
|
|
Name : |
Mr. Rajan Wadhera
|
|
Designation : |
Additional Director |
|
Address : |
1203, Oberoi Gardens, 'C' Wing Thakur Village, Kandivli (East) Mumbai-400101, Maharashtra, India |
|
Date of Birth/Age : |
10.07.1956 |
|
Date of Appointment : |
26.04.2013 |
|
DIN No.: |
00416429 |
KEY EXECUTIVES
|
Name : |
Mr. Nandkumar Khandare |
|
Designation : |
VP - Engineering (PD) |
|
|
|
|
Name : |
Mr. Mandeep J Sachdeva |
|
Designation : |
Sr - VP Vendor Development and Supply Chain Management and SCM |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 02.08.2012
|
Names of Shareholders |
|
No. of Shares |
|
|
|
|
|
Mahindra and Mahindra Limited, India jointly Mr. A. M. Choksey |
|
1 |
|
Mahindra and Mahindra Limited, India jointly. Mr. Narayan Shankar |
|
1 |
|
Mahindra and Mahindra Limited, India jointly Mr. P. N. Shah |
|
1 |
|
Mahindra and Mahindra Limited, India jointly Mr. A. K. Nanda |
|
1 |
|
Mahindra and Mahindra Limited, India jointly Mr. M. A. Nazareth |
|
1 |
|
Mahindra and Mahindra Limited, India jointly Ms. Angarika Baviskar |
|
1 |
|
Mahindra and Mahindra Limited, India jointly Mr. Vinay Mohan |
|
1 |
|
Mahindra and Mahindra Limited, India |
|
408472093 |
|
International Truck and Engine Corporation Mauritius Holding Limited, Mauritius |
|
392453500 |
|
|
|
|
|
Total |
|
800925600 |
(AS ON 20.03.2013)
|
Names of Allottees |
|
No. of Shares |
|
|
|
|
|
Mahindra and Mahindra Limited, India |
|
347000000 |
|
|
|
|
|
Total |
|
347000000 |
(AS ON 02.08.2012)
Equity Share Break up (Percentage of Total Equity)
|
Category |
Percentage of Holding |
|
|
|
|
Foreign holdings( Foreign institutional investor(s),
Foreign companie(s) Foreign financial institution(s), Non-resident Indian(s)
or Overseas Corporate bodies or Others |
49.00 |
|
Bodies corporate |
51.00 |
|
|
|
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer of Commercial Vehicles. |
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|
Products : |
|
GENERAL INFORMATION
|
No. of Employees : |
Not Divulged |
|||||||||||||||
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|
|
|||||||||||||||
|
Bankers : |
· Punjab and Sind Bank 78, Girgaon Road, Opera House, Mumbai - 400004, Maharashtra, India |
|||||||||||||||
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|
|||||||||||||||
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Facilities : |
|
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Financial Institution : |
· Sbicap Trustee Company Limited 202, Maker Tower, 'E', Cuffe Parade, Colaba, Mumbai – 400005, Maharashtra, India |
|
|
|
|
Auditors : |
|
|
Name : |
A.F. Ferguson and Comapany Chartered Accountants |
|
Address : |
Mumbai, Maharashtra, India |
|
PAN No.: |
AABFA5846M |
|
|
|
|
Holding Company : |
Mahindra and Mahindra Limited, India (Also a venturer in respect of which Mahindra NavistarAutomotives Limited is a joint venture) CIN No.: L65990MH1945PLC004558 |
|
|
|
|
Companies having
significantinfluence : |
International Truck and Engines Mauritius Holding Limited, Mauritius |
|
|
|
|
Fellow
Subsidiaries : |
· Bristlecone India Limited CIN No.: U30007MH1991PLC064368 · Mahindra Engineering ServicesLimited CIN No.: U72400MH1995PLC091404 · Mahindra and Mahindra FinancialServices Limited CIN No.: L65921MH1991PLC059642 · Mahindra Ugine Steel CompanyLimited CIN No.: L99999MH1962PLC012542 · NBS International Limited · Mahindra Vehicle ManufacturersLimited CIN No.: U34100MH2007PLC171151 · Mahindra Intertrade Limited CIN No.: U51900MH1978PLC020222 · Mahindra First Choice ServicesLimited CIN No.: U35999MH2008PLC180385 · Mahindra Defence Land Systems PrivateLimited · Mahindra Hinoday Industries Limited CIN No.: U29299MH1963PLC019745 · Mahindra Holidays and Resorts IndiaLimited · Mahindra Forgings Limited CIN No.: L27100MH1999PLC121285 · Mahindra Logistics Limited CIN No.: U63000MH2007PLC173466 · Mahindra Navistar Engines Private Limited CIN No.: U35914MH2007PTC169753 · Mahindra BPO Services Private Limited (with effect from 18th January, 2011) · Mahindra Automobile Distributor Private Limited (Formerly Mahindra Renault Private Limited) CIN No.: U34100MH2005PTC153702 |
CAPITAL STRUCTURE
AFTER 02.08.2012
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
1500000000 |
Equity Shares |
Rs.10/- each |
Rs.15000.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
1147925600 |
Equity Shares |
Rs.10/- each |
Rs.11479.256 Millions |
|
|
|
|
|
AS ON 31.03.2012
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
1500000000 |
Equity Shares |
Rs.10/- each |
Rs.15000.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
800925600 |
Equity Shares |
Rs.10/- each |
Rs.8009.256 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 |
|
8009.256 |
4949.456 |
|
(b) Reserves & Surplus |
|
(5055.428) |
(1952.781) |
|
(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) |
|
2953.828 |
2996.675 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
|
2464.286 |
2700.000 |
|
(b) Deferred tax liabilities (Net) |
|
0.000 |
0.000 |
|
(c) Other long term
liabilities |
|
0.000 |
0.000 |
|
(d) long-term
provisions |
|
178.229 |
84.794 |
|
Total Non-current
Liabilities (3) |
|
2642.515 |
2784.794 |
|
|
|
|
|
|
(4)
Current Liabilities |
|
|
|
|
(a) Short
term borrowings |
|
0.000 |
272.207 |
|
(b) Trade
payables |
|
2495.245 |
2123.992 |
|
(c) Other
current liabilities |
|
989.484 |
554.082 |
|
(d) Short-term
provisions |
|
150.655 |
125.246 |
|
Total Current
Liabilities (4) |
|
3635.384 |
3075.527 |
|
|
|
|
|
|
TOTAL |
|
9321.727 |
8856.996 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1)
Non-current assets |
|
|
|
|
(a) Fixed
Assets |
|
|
|
|
(i)
Tangible assets |
|
4151.607 |
3961.396 |
|
(ii)
Intangible Assets |
|
1419.910 |
1859.974 |
|
(iii)
Capital work-in-progress |
|
12.182 |
123.044 |
|
(iv)
Intangible assets under development |
|
123.022 |
75.019 |
|
(b) Non-current Investments |
|
0.000 |
0.000 |
|
(c) Deferred tax assets (net) |
|
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
|
291.540 |
821.422 |
|
(e) Other
Non-current assets |
|
0.000 |
0.000 |
|
Total Non-Current
Assets |
|
5998.261 |
6840.855 |
|
|
|
|
|
|
(2)
Current assets |
|
|
|
|
(a)
Current investments |
|
399.817 |
138.199 |
|
(b)
Inventories |
|
1370.030 |
941.807 |
|
(c) Trade
receivables |
|
202.810 |
212.446 |
|
(d) Cash
and cash equivalents |
|
421.646 |
205.875 |
|
(e)
Short-term loans and advances |
|
831.115 |
514.916 |
|
(f) Other
current assets |
|
8.048 |
2.898 |
|
Total
Current Assets |
|
3233.466 |
2016.141 |
|
|
|
|
|
|
TOTAL |
|
9231.727 |
8856.996 |
|
SOURCES OF FUNDS |
|
|
31.03.2010 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
|
|
4059.456 |
|
|
2] Share Application Money |
|
|
0.000 |
|
|
3] Reserves & Surplus |
|
|
499.093 |
|
|
4] (Accumulated Losses) |
|
|
(587.965) |
|
|
NETWORTH |
|
|
3970.584 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
|
|
2366.734 |
|
|
2] Unsecured Loans |
|
|
0.000 |
|
|
TOTAL BORROWING |
|
|
2366.734 |
|
|
DEFERRED TAX LIABILITIES |
|
|
|
|
|
|
|
|
|
|
|
TOTAL |
|
|
6337.318 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
|
|
2385.991 |
|
|
Capital work-in-progress |
|
|
3609.891 |
|
|
|
|
|
|
|
|
INVESTMENT |
|
|
262.272 |
|
|
DEFERRED TAX ASSETS |
|
|
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
|
|
526.952 |
|
|
Sundry Debtors |
|
|
334.726 |
|
|
Cash & Bank Balances |
|
|
168.731 |
|
|
Other Current Assets |
|
|
1.941 |
|
|
Loans & Advances |
|
|
1099.755 |
|
Total
Current Assets |
|
|
2132.105 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
|
|
1766.772 |
|
|
Other Current Liabilities |
|
|
81.405 |
|
|
Provisions |
|
|
204.764 |
|
Total
Current Liabilities |
|
|
2052.941 |
|
|
Net Current Assets |
|
|
79.164 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
|
|
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
|
|
6337.318 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
12242.572 |
7233.071 |
5474.228 |
|
|
|
Other Income |
55.112 |
18.765 |
122.935 |
|
|
|
TOTAL (A) |
12297.684 |
7251.836 |
5597.163 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of materials consumed |
5089.067 |
|
|
|
|
|
Purchases of stock-in-trade |
6498.665 |
2262.861 |
|
|
|
|
Employee benefit expense |
605.920 |
505.181 |
|
|
|
|
Other expenses |
2282.354 |
1328.729 |
|
|
|
|
Changes in inventories of finished goods, work-in-progress and stock-in-trade |
(317.682) |
(403.899) |
|
|
|
|
TOTAL (B) |
14158.324 |
8114.000 |
5767.905 |
|
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE INTEREST, TAX, DEPRECIATION
AND AMORTISATION (A-B) (C) |
(1860.640) |
(862.164) |
(170.742) |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
438.556 |
329.703 |
9.201 |
|
|
|
|
|
|
|
|
|
|
PROFIT
/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
(2299.196) |
(1191.867) |
(179.943) |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
800.391 |
671.152 |
76.650 |
|
|
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE TAX (E-F)
(G) |
(3099.587) |
(1863.019) |
(256.593) |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) AFTER TAX (G-H) (I) |
(3099.587) |
(1863.019) |
(256.593) |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
(2450.984) |
(587.965) |
(331.372) |
|
|
|
|
|
|
|
|
|
|
BALANCE CARRIED
TO THE B/S |
(5550.571) |
(2450.984) |
(587.965) |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
29.174 |
17.816 |
19.085 |
|
|
|
|
|
|
|
|
|
|
Earnings /
(Loss) Per Share (Rs.) |
(4.57) |
(4.43) |
(0.71) |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
PAT / Total Income |
(%) |
(25.20)
|
(25.69) |
(4.58) |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
(25.32)
|
(25.76) |
(4.69) |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
(34.07)
|
(21.52) |
(5.68) |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
(1.05)
|
(0.62) |
(0.06) |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
0.83
|
0.99 |
0.60 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
0.89
|
0.66 |
1.04 |
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 |
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 |
----- |
|
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] |
Date of Birth of
Proprietor/Partner/Director, if available |
Yes |
|
32] |
PAN of
Proprietor/Partner/Director, if available |
Yes |
|
33] |
Voter ID No of
Proprietor/Partner/Director, if available |
No |
|
34] |
External Agency Rating,
if available |
No |
UNSECURED LOANS
|
Particulars |
31.03.2012 (Rs. in Millions) |
31.03.2011 (Rs. In Millions) |
|
|
|
|
|
Loans repayable on demand - from Banks |
0.000 |
272.207 |
|
|
|
|
|
Total |
0.000 |
272.207 |
OPERATIONS
During the year, the Company sold 10,484 Light Commercial Vehicles (LCV’s) and 3,493 Heavy Commercial Vehicles (HCV’s) as compared to 10,538 LCV’s and 845 HCV’s in the previous year.
During the year the Company started the commercial production of 35 Ton Tractor. The Company has also started sale of Cowl Products and LWB Products in 25 Ton and 31 Tonsegment.
The Company has also set up about 56 operational dealerships throughout the country for its medium and heavy commercial vehicle business.
The loss for the year before Depreciation, Amortisation and Taxation was Rs. 2299.196 millions and loss after tax for the year was 3099.587 millions.
CURRENT YEAR
During the Current year, the Company inter alia plans to introduce new variants in the HCV and LCV segments and also expand the dealer network to support the increased sales plan. These would augur well for the Company’s growing potential.
CONTINGENT
LIABILITIES: (RS. IN MILLIONS)
i) Claims against Company not acknowledged as debt comprise of:
Excise and VAT claims disputed by the company relating to issues of applicability and classification aggregating Rs. 112.467 millions (2011: Rs. 106.338 millions)
ii) Probable Excise Duty liability on third party production relating to issues of applicability and classification aggregating to Rs. 101.993 millions (2011: Rs. 101.993 millions)
iii) Order has been served for the proto type vehicle valuation by Commissioner Central Excise, Pune, amounting to Rs. 13.056 millions (2011: Rs. NIL)
INDEX OF CHARGES
|
S.No. |
Charge ID |
Date of Charge
Creation/ Modification |
Charge amount
secured |
Charge Holder |
Address |
Service Request
Number (SRN) |
|
1 |
10241664 |
06/09/2010 |
5,000,000,000.00 |
SBICAP TRUSTEE
COMPANY LIMITED |
202, MAKER TOWER,
'E', CUFFE PARADE, COLABA, MUMBAI, MAHARASHTRA - 400005, INDIA |
A95199378 |
|
2 |
10060752 |
04/06/2010 * |
350,000,000.00 |
HDFC BANK
LIMITED |
HDFC BANK
HOUSESENAPATI BAPAT MARG, LOWER PAREL W, MUMBAI, MAHARASHTRA - 400013, INDIA |
A87650073 |
* Date of charge modification
FIXED ASSETS
¯
Tangible
Assets
· Buildings
· Plant and Equipment
· Furniture and Fittings
· Vehicles
· Office Equipments
· Computers
¯
Intangible
Assets
· Congeries of Rights
· Software Expenditure
· Technical Knowhow
· Development Expenditure
· Non-Compete Fees
PRESS RELEASE
MAHINDRA AND MAHINDRA
LIMITED: MAHINDRA AND MAHINDRA SELLS INDIA'S FIRST 50-YEAR BOND
07.03.2013
By Khushita Vasant
MUMBAI - Mahindra and Mahindra Limited 500520.BY -0.07%has raised 5 billion rupees ($83 million) by selling India's first 50-year bond ever, a company executive said Wednesday.
Mumbai-based Mahindra, the largest maker of sport-utility vehicles and tractors in India, priced the unsecured bond to pay 9.55% annually at face value, said V.S. Parthasarathy, executive vice president for finance.
The longest-maturing corporate bonds from India so far have had a tenure of 25 years. Infrastructure Leasing and Financial Services Limited and state-owned Indian Railway Finance Corp. are the only local companies to have sold such bonds.
India's government issues sovereign debt that matures in 30 years.
Mahindra has previously issued bonds maturing in seven and 10 years.
Apart from extending the maturity profile and yield curve of the company's existing debt, "we've created a new benchmark for the market," Mr. Parthasarathy told The Wall Street Journal.
The money will be used for long-term capital expenditure, refinancing old debt and as working capital, he said.
The bond has been rated AA-plus with a stable outlook by Crisil Ratings.
Pawan Agrawal, a senior director at the local ratings firm, said the issuance of such long-term instruments highlights the increasing depth and maturity of India's debt market. "In the past, Indian corporates have looked toward international markets for such issuances," he said in a news release.
Sunil Agarwal, head of institutional client group at Deutsche Bank in India, said Mahindra's bond sale is likely to make more companies consider long-dated bonds.
Yes Bank Limited 532648.BY +2.30%was the manager for the bond sale.
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.68.36 |
|
|
1 |
Rs.106.02 |
|
Euro |
1 |
Rs.97.47 |
INFORMATION DETAILS
|
Information
Gathered by : |
SVA |
|
|
|
|
Report Prepared
by : |
NIT |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
6 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
5 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
6 |
|
--RESERVES |
1~10 |
5 |
|
--CREDIT LINES |
1~10 |
6 |
|
--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 |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
50 |
This score serves as a reference to assess
SC’s credit risk and to set the amount of credit to be extended. It is
calculated from a composite of weighted scores obtained from each of the major
sections of this report. The assessed factors and their relative weights (as
indicated through %) are as follows:
Financial
condition (40%) Ownership
background (20%) Payment
record (10%)
Credit history
(10%) Market trend (10%) Operational size
(10%)
RATING EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
>86 |
Aaa |
Possesses an extremely sound financial base with the strongest capability
for timely payment of interest and principal sums |
Unlimited |
|
71-85 |
Aa |
Possesses adequate working capital. No caution needed for credit
transaction. It has above average (strong) capability for payment of interest
and principal sums |
Large |
|
56-70 |
A |
Financial & operational base are regarded healthy. General
unfavourable factors will not cause fatal effect. Satisfactory capability for
payment of interest and principal sums |
Fairly Large |
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
11-25 |
Ca |
Adverse factors are apparent. Repayment of interest and principal sums
in default or expected to be in default upon maturity |
Limited with
full security |
|
<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.