MIRA
INFORM REPORT
|
Report Date : |
19.12.2013 |
IDENTIFICATION DETAILS
|
Name : |
ENDURANCE TECHNOLOGIES PRIVATE
LIMITED
(CN) (w.e.f. 18.01.2012) |
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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, Aurangabad – 431 136, Maharashtra |
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Country : |
India |
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Financials (as
on) : |
31.03.2013 |
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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.192.630
millions |
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CIN No.: [Company Identification
No.] |
U34102MH1999PTC123296 |
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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 : |
Subject is engaged in the manufacturing of auto-ancillaries, primarily
aluminum die-casting and shock absorbers.
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No. of Employees
: |
Information
declined by the Management |
RATING & COMMENTS
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MIRA’s Rating : |
Ba (48) |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Maximum Credit Limit : |
USD 29232000 |
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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 an established company having satisfactory track record. There appears sharp dip in profit of the company during the financial
year 2013. However, the rating takes into consideration the long standing
relationship with Bajaj Auto Limited as one of its customers. Further general
financial position of the company appears to be sound and healthy. Trade relations are fair. Business is active. Payment terms are
usually correct. The company can be considered for business dealings at usual trade
terms and condition. |
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
The current downturn
provides an opportunity to push ahead with reforms to accelerate growth, says
the latest India Development Update report released by the World Bank. The
report says that the adverse effects of rupee depreciation are likely to be
offset by the gains in the exports performance due to improved external
competitiveness. Since May this year, the local currency has depreciated
substantially and fell to a record level of Rs 68.85 to a dollar on August, 28.
A stagflation like
situation appears to have arisen as inflation jumped to an eight month high of
6.46 % for the month of September. It is up from 6.10 % in August. Growth
continues to be muted with factory output plunging to 0.6 % in August.
Onion prices have risen nearly 300 % from last September. Vegetables cost
nearly 90 % more than they did last year. Wake up to the economic contribution
of slum dwellers. They contribute more than 7.5 % to the country’s gross
domestic product, according to a recent study conducted in 50 top cities.
136000 estimated
number of jobs created during the second quarter of the current financial year.
50000 estimated number of additional jobs in the field of corporate social
responsibility in the coming years.
The International
Finance Corporation expects to come out with its rupee linked bonds issue
before the end of 2013 as a part of its plan to raise $ 1 billion. The Apple
iPhone 5c (Rs 41900 for 16 GB variant) and 5s (Rs 53500 for 16GB variant) has
been launched in India from 1st November.
The Land Acquisition
Act to provide just and fair compensation to farmers will come into force from
January 1 next year, said Rural Development Minister Jairam Ramesh. The Act
replaces a 119 year old registration. The Securities and Exchange Board of
India has approved the trading of currency futures on the Bombay Stock
Exchange. The exchange plans to launch the currency futures platform with
advanced trading technology by the end of November.
EXTERNAL AGENCY RATING
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Rating Agency Name |
CARE |
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Rating |
A3+ (Short Term Bank Facilities) |
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Rating Explanation |
Moderate degree of safety. It carry higher credit risk. |
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Date |
22.04.2013 |
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Rating Agency Name |
CARE |
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Rating |
BBB (Long Term Bank Facilities) |
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Rating Explanation |
Moderate degree of safety. It carry moderate credit risk. |
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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 : |
Ms. Nidhi |
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Designation : |
Accounts Department |
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Contact No.: |
91-240-2569600 |
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Date : |
18.12.2013 |
LOCATIONS
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Registered
Office : |
K-228, MIDC Industrial Area, Waluj, Aurangabad – 431 136, Maharashtra,
India |
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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,
Aurangabad - 431 136 , Maharashtra,
India |
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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 – 431 136,
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 – 431 136,
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 – 410 501, Maharashtra, India. |
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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, Aurangabad – 431 136, 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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Factory 3 : |
(Casting Division) L-6/3, MIDC Area, Waluj, Aurangabad – 431 136, Maharashtra, India. |
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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, Aurangabad – 431
136, Maharashtra, India |
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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, Aurangabad - 431 136, Maharashtra, India |
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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, Aurangabad - 431 136, Maharashtra, India |
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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, Aurangabad - 431 136, Maharashtra, India |
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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, Aurangabad - 431 136, Maharashtra, India |
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Tel. No.: |
91-240-2551116 |
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Factory 9 : |
High Technology Transmission Systems
(India) Private Limited (Transmission Division) K-226/1, MIDC Area, Waluj, Aurangabad - 431 136, Maharashtra, India |
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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, Maharashtra, India. |
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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 – 410 501, Maharashtra, India. |
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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 – 410 501, Maharashtra, India. |
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Factory 14 : |
MANESAR (Casting
Division) Plot no. 400, Sector 8, IMT, Manesar, District. Gurgaon – 122 050, Haryana, India |
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Tel. No.: |
91-124-2291770-73 |
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Fax No.: |
91-124-2291774 |
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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, Uttaranchal, India |
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Website : |
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Factory 17 : |
CHENNAI Plot No F-82, SIPCOT Industrial Park, Irungattukottai,
Pennalur Post, Shriperumbudur
Taluk, Kanchipuram District, Chennai –
602 105, Tamilnadu, India |
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Factory 18 : |
(Casting Division) Via Del Boschetto 2/43, 10100 Lombardore (TO), Italy |
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Tel. No.: |
39 011 9958756 |
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Website: |
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Factory 19 : |
GERMANY Amann Druckguss GmbH (Casting Division) Massenbachhausen, Germany |
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Website: |
DIRECTORS
AS ON 29.08.2012
|
Name : |
Mr. Naresh Chandra |
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Designation : |
Chairman |
|
Address : |
Bhagwati Bhavan, 31-B, M.L. Dahanukar Marg, Mumbai – 400 026,
Maharashtra, India |
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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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PAN No.: |
AACPC7536R |
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Name : |
Mr. Anurag Nareshchandra Jain |
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Designation : |
Managing Director |
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Address : |
Green Leaf, Manor Gat No-43-3-B,Kanchanwadi Opposite Walmi Paithan
Road, Aurangabad – 431 035, Maharashtra, India |
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Date of
Birth/Age : |
21.03.1962 |
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Qualification : |
MBA (Pittsburg) |
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Experience : |
29 Years |
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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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PAN No.: |
ABJPJ4005E |
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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 |
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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 – 700
094, West Bengal, India |
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Date of
Birth/Age : |
19.11.1949 |
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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 |
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Address : |
19/2, Dover Road, Ballygunge, Kolkata – 700 019, West Bengal, India |
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Date of
Birth/Age : |
08.12.1948 |
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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 – 400 011, Maharashtra, India |
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Date of
Birth/Age : |
12.02.1971 |
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Date of
Appointment : |
22.12.2011 |
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DIN No.: |
03010463 |
KEY EXECUTIVES
|
Name : |
Mr. Sunil Naresh Lalai |
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Designation : |
Secretary |
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Address : |
Flat No. 6, Palacia – C, Utopia Co-Operative Society Opposite Rahena
Gardens, Wanowari, Pune-411040, Maharashtra, India |
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Date of
Birth/Age : |
25.05.1965 |
|
Date of
Appointment : |
10.09.2011 |
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PAN No.: |
AAGPL2945P |
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|
Name : |
Mr. Ramesh Gehaney |
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Designation : |
Chief Operating Officer – Proprietary Business |
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Name : |
Mr. Satrajit Ray |
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Designation : |
Group Chief Financial Officer |
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Name : |
Mr. Vipin Dang |
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Designation : |
Chief Executive Officer – Casting Business Group (India) |
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Employees who were in employment for part of the
year : |
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|
Name : |
Mr. Makarand Deshpande |
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Designation : |
Chief People Officer |
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Name : |
Mr. Ravinder K. Gupta |
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Designation : |
Vice president - Casting Business Group |
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Name : |
Mr. Ravindra Kharul |
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Designation : |
Chief Technology Officer – Proprietary Business Group |
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Name : |
Mr. V. Subramanian |
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Designation : |
Vice President - Casting division |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 29.08.2012
|
Names of Shareholders |
No. of
Redeemable Preferences Shares |
No. of Equity Shares |
|
Actis Investment Holdings No. 122 Limited, Mauritius |
-- |
6029990 |
|
Anurang Jain |
-- |
26412400 |
|
Anurang Jain and Varsha Jain |
-- |
468925 |
|
Anurang Jain HUF |
-- |
125 |
|
Naresh Chandra |
-- |
4500100 |
|
Naresh Chandra and Suman Jain |
-- |
1042825 |
|
Suman Jain |
-- |
5502750 |
|
Varsha Jain |
-- |
25 |
|
Naresh Chandra |
320000 |
-- |
|
Suman Jain |
1360000 |
-- |
|
Total
|
1680000 |
43957140 |
AS ON 29.08.2012
|
Equity Shares
Break Up |
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 |
13.72 |
|
Directors or relatives of Directors |
86.28 |
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TOTAL |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Subject is engaged in the manufacturing of auto-ancillaries, primarily
aluminum die-casting and shock absorbers.
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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.
** 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 : |
Information declined
by the Management |
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Bankers : |
·
Corporation Bank, Industrial Finance Branch, 14,
Wakdewadi, Mumbai Pune Road, Pune – 411 003, Maharashtra, India ·
Standard Chartered Bank, 19, Rajaji Salai,
Chennai – 600 001, Tamilnadu, India |
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Facilities : |
Notes: Details of security provided in respect of
secured long term/short term borrowings 1) Term Loans from
banks/financial institutions including foreign currency term loans and buyers
credits for capital assets, secured by equitable mortgage/additional
charge/hypothecation of specified immovable/ movable properties, both present
and/or future, located at various locations either on pari passu basis or by
way of first charge subject to prior charges in favor of banks financing for
working capital. 2) During the
financial year 2012-13 the Company has prepaid WCTL of Rs.800.000 millions.
Working capital facilities of Rs.2988.500 millions (Previous year Rs.2988.500
millions) are secured by first pari passu charge on current assets, book
debts and receivables and by second pari passu charge on movable fixed
assets. The total working capital facilities are secured by second pari passu
charge (subsequent to charge in favour of term lenders) on all immovable
properties of the Company. Working capital fund based facilities of
Rs.143.000 millions are secured by personal guarantee from Mr. Anurang Jain,
Managing Director. 3) Loan from
Bajaj Allianz Insurance Co. Limited. is secured against hypothecation of a
Keyman Insurance Policy, however loan amount is adjustable against maturity
value of Keyman Insurance Policy maturing on 3rd January, 2020. 4) Cash Credits,
Overdrafts from banks are secured by hypothecation of both present and future
stock of inventory and book debts on pari passu basis by way of first charge. Maturity profile (Rs.
in millions)
* Loan amount is adjustable against maturity value of Keyman Insurance
Policy maturing on 03.01.2020. |
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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 |
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Subsidiaries
Direct/ Indirect : |
·
High Technology Transmission Systems (India)
Private Limited (Direct Subsidiary) ·
Amann Druckguss GmbH, Germany (Direct Subsidiary) ·
Endurance Overseas Srl, Italy (Direct Subsidiary) ·
Endurance Fondalmec S.p.A, Italy (Indirect
Subsidiary) |
|
|
|
|
Joint Venture : |
·
Endurance Magneti Marelli Shock Absorbers (India)
Private Limited (Disinvested w.e.f.17th October, 2012) |
|
|
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|
Enterprises Owned or controlled by Key Management
personnel and/or their Relatives : |
·
Varroc Engineering Private Limited ·
Varroc Trading Private Limited ·
Varroc Exhaust Systems Private Limited ·
Durovalves India Private Limited ·
Varroc Elastomers Private Limited ·
Varroc Polymers Private Limited |
CAPITAL STRUCTURE
AS ON 31.03.2013
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
176250000 |
Equity Shares |
Rs.4/- each |
Rs.705.000 millions |
|
2000000 |
Preference 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.175.830
millions |
|
1680000 |
Preference Shares |
Rs.10/- each |
Rs.16.800 millions |
|
|
Total |
|
Rs.192.630 millions |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES
OF FUNDS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
I.
EQUITY AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
192.630 |
198.400 |
192.630 |
|
(b) Reserves & Surplus |
7115.430 |
6764.950 |
5122.730 |
|
(c) Money received against
share warrants |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
(2) Share Application money pending
allotment |
0.000 |
0.000 |
0.000 |
|
Total Shareholders’ Funds (1) + (2) |
7308.060 |
6963.350 |
5315.360 |
|
|
|
|
|
|
(3) Non-Current
Liabilities |
|
|
|
|
(a) Long-term
borrowings |
2813.310 |
3234.530 |
3931.300 |
|
(b) Deferred tax liabilities (Net) |
0.000 |
70.810 |
90.920 |
|
(c) Other long
term liabilities |
22.510 |
22.540 |
19.280 |
|
(d) Long-term provisions |
146.010 |
89.750 |
59.630 |
|
Total Non-current
Liabilities (3) |
2981.830 |
3417.630 |
4101.130 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a)
Short term borrowings |
3486.280 |
2678.610 |
3125.280 |
|
(b)
Trade payables |
3586.520 |
4106.410 |
3230.720 |
|
(c)
Other current liabilities |
1595.600 |
2074.650 |
2117.630 |
|
(d) Short-term
provisions |
93.300 |
90.290 |
137.410 |
|
Total Current
Liabilities (4) |
8761.700 |
8949.960 |
8611.040 |
|
|
|
|
|
|
TOTAL |
19051.590 |
19330.940 |
18027.530 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i)
Tangible assets |
8859.220 |
8757.950 |
8802.250 |
|
(ii)
Intangible Assets |
81.640 |
62.010 |
93.780 |
|
(iii)
Tangible assets capital work-in-progress |
231.150 |
319.810 |
184.490 |
|
(iv) Intangible assets under development &
work-in-progress |
0.270 |
8.150 |
0.000 |
|
(b) Non-current Investments |
3974.800 |
3909.680 |
2970.890 |
|
(c) Deferred tax
assets (net) |
14.850 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
265.690 |
402.160 |
500.780 |
|
(e) Other
Non-current assets |
39.040 |
79.620 |
118.930 |
|
Total Non-Current
Assets |
13466.660 |
13539.380 |
12671.120 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a)
Current investments |
0.000 |
0.000 |
0.000 |
|
(b)
Inventories |
1233.450 |
1160.160 |
1321.190 |
|
(c)
Trade receivables |
3412.850 |
3344.410 |
3090.280 |
|
(d) Cash
and cash equivalents |
472.470 |
844.530 |
169.000 |
|
(e)
Short-term loans and advances |
314.300 |
309.770 |
350.200 |
|
(f)
Other current assets |
151.860 |
132.690 |
425.740 |
|
Total
Current Assets |
5584.930 |
5791.560 |
5356.410 |
|
|
|
|
|
|
TOTAL |
19051.590 |
19330.940 |
18027.530 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
|
31.03.2013 |
31.03.2012 |
|
|
|
SALES |
|
|
|
|
|
|
|
Revenue from operations |
|
27171.590 |
27683.550 |
|
|
|
Other Income |
|
221.270 |
178.920 |
|
|
|
TOTAL |
|
27392.860 |
27862.470 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Office Expenses |
|
23818.960 |
24157.210 |
|
|
|
Administrative Expenses |
|
|
|
|
|
|
Advertising Expenses |
|
|
|
|
|
|
TOTAL |
|
23818.960 |
24157.210 |
|
|
|
|
|
|
|
|
|
GROSS PROFIT/ (LOSS)
BEFORE FINANCE COSTS, DEPRECIATION, EXCEPTIONAL ITEMS AND EXTRAORDINARY
EXPENSES |
|
3573.900 |
3705.260 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES |
|
841.120 |
865.390 |
|
|
|
|
|
|
|
|
|
|
PROFIT/ (LOSS) BEFORE
DEPRECIATION, AMORTIZATION, EXCEPTIONAL ITEMS AND EXTRAORDINARY EXPENSES |
|
2732.780 |
2839.870 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION |
|
1406.550 |
1404.320 |
|
|
|
|
|
|
|
|
|
|
PROFIT/ (LOSS) BEFORE
TAX, EXCEPTIONAL ITEMS AND EXTRAORDINARY EXPENSES |
|
1326.230 |
1435.550 |
|
|
|
|
|
|
|
|
|
|
PROFIT / (LOSS)
BEFORE TAX |
|
1102.480 |
1976.850 |
|
|
|
|
|
|
|
|
|
Less |
TAX |
|
295.060 |
294.120 |
|
|
|
|
|
|
|
|
|
|
PROFIT / (LOSS)
AFTER TAX |
|
807.420 |
1682.730 |
|
|
|
|
|
|
|
|
|
|
PREVIOUS YEARS’
BALANCE BROUGHT FORWARD |
|
3825.110 |
2309.090 |
|
|
|
|
|
|
|
|
|
|
APPROPRIATIONS |
|
|
|
|
|
|
|
Dividend on Redeemable Preference Shares |
|
1.510 |
1.430 |
|
|
|
Dividend on Equity Shares |
|
35.170 |
33.430 |
|
|
|
Tax on dividend |
|
6.220 |
5.650 |
|
|
|
Transfer to General Reserve |
|
60.560 |
126.200 |
|
|
BALANCE CARRIED
TO THE B/S |
|
4533.310 |
3825.110 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN FOREIGN
CURRENCY |
|
862.530 |
805.640 |
|
|
|
|
|
|
|
|
|
|
Earnings /
(Loss) Per Share (Rs.) |
|
17.69 |
35.74 |
|
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|
|
PARTICULARS |
|
|
31.03.2011 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
|
|
22787.420 |
|
|
|
Other Income |
|
|
660.780 |
|
|
|
TOTAL (A) |
|
|
23448.200 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Consumption materials changes inventories |
|
|
15684.360 |
|
|
|
Manufacturing Service Cost |
|
|
2978.900 |
|
|
|
Employees Cost |
|
|
931.520 |
|
|
|
Administrative, Selling, Other Expenses |
|
|
492.690 |
|
|
|
Extraordinary Items |
|
|
68.030 |
|
|
|
TOTAL (B) |
|
|
20155.500 |
|
|
|
|
|
|
|
|
Less |
PROFIT
/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
|
|
3292.700 |
|
|
|
|
|
|
|
|
|
Less |
INTEREST
FINANCIAL EXPENSES (D) |
|
|
735.020 |
|
|
|
|
|
|
|
|
|
|
PROFIT
/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
|
|
2557.680 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
|
|
1197.250 |
|
|
|
|
|
|
|
|
|
|
PROFIT / (LOSS)
BEFORE TAX (E-F) (G) |
|
|
1360.430 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
|
|
326.520 |
|
|
|
|
|
|
|
|
|
|
PROFIT / (LOSS)
AFTER TAX (G-H) (I) |
|
|
1033.910 |
|
|
|
|
|
|
|
|
|
|
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
|
|
1310.470 |
|
|
|
|
|
|
|
|
|
|
APPROPRIATIONS |
|
|
|
|
|
|
|
Dividend on Equity Shares |
|
|
13.190 |
|
|
|
Dividend on Preference Shares |
|
|
17.120 |
|
|
|
Dividend Tax on Preference Shares |
|
|
4.980 |
|
|
BALANCE CARRIED
TO THE B/S |
|
|
2309.090 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN FOREIGN
CURRENCY |
|
|
|
|
|
|
|
Export Earnings |
|
|
435.810 |
|
|
|
Interest |
|
|
7.070 |
|
|
|
Other Earnings |
|
|
2.440 |
|
|
TOTAL EARNINGS |
|
|
445.320 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
|
|
1891.330 |
|
|
|
Stores & Spares |
|
|
56.140 |
|
|
|
Capital Goods |
|
|
458.520 |
|
|
TOTAL IMPORTS |
|
|
2405.990 |
|
|
|
|
|
|
|
|
|
|
Earnings /
(Loss) Per Share (Rs.) |
|
|
23.45 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
PAT / Total Income |
(%) |
2.95
|
6.04 |
4.41 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
4.06
|
7.14 |
5.97 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
7.43
|
13.10 |
9.15 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.15
|
0.28 |
0.25 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
0.86
|
0.85 |
1.33 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
0.64
|
0.65 |
0.62 |
LOCAL AGENCY FURTHER INFORMATION
Details of Current
maturities of long-term debt:
|
Particulars |
31.03.2013 (Rs.
in millions) |
31.03.2012 (Rs.
in millions) |
31.03.2011 (Rs.
in millions) |
|
Current maturities of long-term debt |
1107.530 |
1563.130 |
1563.990 |
|
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 |
Yes |
|
10] |
Designation of contact
person |
Yes |
|
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 |
Yes |
|
34] |
External Agency Rating,
if available |
Yes |
|
Unsecured Loan |
31.03.2013 (Rs.
in millions) |
31.03.2012 (Rs.
in millions) |
|
LONG TERM
BORROWINGS |
|
|
|
Inter-corporate borrowings |
234.140 |
457.240 |
|
Deferred payment liabilities |
589.370 |
682.690 |
|
SHORT TERM
BORROWINGS |
|
|
|
Term loans from banks |
0.000 |
179.060 |
|
Working capital loans from banks |
1086.050 |
778.620 |
|
Inter-corporate Borrowings |
200.000 |
200.000 |
|
Total |
2109.560 |
2297.610 |
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, TAMILNADU - 600001, INDIA |
B70847579 |
|
2 |
10390166 |
08/11/2012 |
500,000,000.00 |
UNIT TRUST OF
INDIA INVESTMENT ADVISORY SERVICES LIMITED |
UTI TOWER GN
BLOCKBANDRA KURLA COMPLEX, BANDRA EAST, MUMBAI, MAHARASHTRA - 400051, INDIA |
B63365571 |
|
3 |
10363352 |
22/06/2012 |
500,000,000.00 |
GE CAPITAL
SERVICES INDIA |
401, 402, 4TH
FLOOR, AGGARWAL MILLENNIUM TOWER, E-1,2,3, NETAJI SUBHASH PLACE, WAZIRPUR,
NEW DELHI, DELHI - 110034, INDIA |
B42769083 |
|
4 |
10365604 |
21/05/2012 |
300,000,000.00 |
CORPORATION BANK |
CORPORATE BANKING
BRANCH, 14 MUMBAI PUNE ROAD, WAKDEWADI, PUNE, MAHARASHTRA - 411003, INDIA |
B43553593 |
|
5 |
10340441 |
22/02/2012 |
400,000,000.00 |
CORPORATION BANK |
INDUSTRIAL
FINANCE BRANCH,, 14, MUMBAI -PUNE ROAD, WAKDEWADI,, PUNE, MAHARASHTRA - 411003,
INDIA |
B34259325 |
|
6 |
10314216 |
31/12/2012 * |
750,000,000.00 |
STANDARD
CHARTERED BANK |
19, RAJAJI
SALAI, CHENNAI, TAMIL NADU - 600001, 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, |
B35503317 |
|
8 |
10261384 |
21/12/2010 |
204,500,000.00 |
CORPORATION BANK |
INDUSTRIAL
FINANCE BRANCH,, 14, PUNE -MUMBAI ROAD, PUNE, MAHARASHTRA - 411003, INDIA |
B03513439 |
|
9 |
10238754 |
09/08/2010 |
15,057,940.00 |
INDIAN OVERSEAS
BANK |
PUNE CANTONMENT
BRANCH, WONDERLAND, 7 M G ROAD, PUNE, MAHARASHTRA - 411001, INDIA |
A94023249 |
|
10 |
10238750 |
19/07/2010 |
43,835,775.00 |
INDIAN OVERSEAS
BANK |
PUNE CANTONMENT BRANCH,
WONDERLAND, 7 M G ROAD, PUNE, MAHARASHTRA - 411001, INDIA |
A94022381 |
|
11 |
10225161 |
24/05/2010 |
350,000,000.00 |
IDBI BANK
LIMITED |
IDBI TOWER,
WORLD TRADE COMPLEX, CUFFE PARADE, |
A87574653 |
|
12 |
10216656 |
12/04/2010 |
200,000,000.00 |
IDBI BANK
LIMITED |
SPECIALISED
CORPORATE BRANCH, SURVEY NO. 20292, |
A83988212 |
|
13 |
10201499 |
19/02/2010 |
40,000,000.00 |
CORPORATION BANK |
INDUSTRIAL
FINANCE BRANCH, NO.14, PUNE-MUMBAI ROAD, PUNE, MAHARASHTRA - 411003, INDIA |
A79089827 |
|
14 |
10193192 |
03/12/2009 |
50,000,000.00 |
INDIAN OVERSEAS
BANK |
PUNE CANTONMENT
BRANCH, WONDER WORLD, 7 M G ROAD, |
A75900597 |
|
15 |
10171888 |
28/07/2009 * |
420,765,000.00 |
BANK OF INDIA |
293, HARROW
ROAD, 293, HARROW ROAD, WEMBLEY, - HA96BD, UNITED KINGDOM |
A68657857 |
|
16 |
10167171 |
17/01/2011 * |
168,545,000.00 |
CORPORATION BANK |
INDUSTRIAL
FINANCE BRANCH, 14, WAKDEWADI, MUMBAI- PUNE ROAD, PUNE, MAHARASHTRA - 411003,
INDIA |
B07404981 |
|
17 |
10164076 |
10/01/2013 * |
3,788,500,000.00 |
CORPORATION BANK |
INDUSTRIAL
FINANCE BRANCH, 14, WAKDEWADI, MUMBAI |
B67299768 |
|
18 |
10102171 |
13/03/2009 * |
217,173,000.00 |
ICICI BANK
LIMITED |
LANDMARKRACE
COURCE CIRCLE, ALKAPURI, BARODA, GUJARAT - 390015, INDIA |
A59899955 |
|
19 |
10092580 |
07/08/2009 * |
160,000,000.00 |
BANK OF INDIA |
PUNE CORPORATE
BANKING BRANCH, 1162/6, UNIVERSITY |
A67884312 |
|
20 |
10063603 |
26/10/2010 * |
1,053,170,000.00 |
UNIT TRUST OF INDIA
INVESTMENT ADVISORY SERVICES LIMITED |
UTI TOWER 'GN
BLOCK', BANDRA KURLA COMPLEX, BANDRA EAST,, MUMBAI, MAHARASHTRA - 400051,
INDIA |
A97802946 |
|
21 |
10057180 |
11/05/2007 |
320,000,000.00 |
CORPORATION BANK |
INDUSTRIAL FINANCE
BRANCH,, 14, PUNE MUMBAI ROAD, |
A17658543 |
|
22 |
10047624 |
12/03/2007 |
300,000,000.00 |
ICICI BANK
LIMTIED |
CORPORATE
BANKING GROUP, 3RD FLOOR, A-WING, SHAN |
A14122188 |
|
23 |
10022160 |
26/02/2013 * |
190,000,000.00 |
CITI BANK N.A. |
C61, CITI GROUP
CENTRE, BANDRA KURLA COMPLEX, MUMBAI, MAHARASHTRA - 400051, INDIA |
B70503909 |
|
24 |
10013317 |
04/08/2006 |
200,000,000.00 |
INDIAN OVERSEAS
BANK |
WONDERLAND 7 M G
ROAD, PUNE CANTONMENT, PUNE, MAHARASHTRA - 411001, INDIA |
A03135498 |
|
25 |
10054318 |
26/02/2013 * |
567,173,000.00 |
CITI BANK N.A. |
C61, CITI GROUP CENTRE,
BANDRA KURLA COMPLEX, MUMBAI, MAHARASHTRA - 400051, INDIA |
B70504477 |
|
26 |
90354452 |
28/12/2005 |
29,700,000.00 |
CORPORATION BANK |
WAKESWADI, PUNE,
MAHARASHTRA, INDIA |
- |
|
27 |
90353555 |
17/01/2011 * |
522,400,000.00 |
CORPORATION BANK |
INDUSTRIAL
FINANCE BRANCH, 14, WAKDEWADI, MUMBAI-PUNE ROAD, PUNE, MAHARASHTRA - 411003,
INDIA |
B07404668 |
|
28 |
80034440 |
27/03/2003 |
52,000,000.00 |
BANK OF INDIA |
PUNE CORPORATE BANKING
BR., 1162 /6 GR. FL. UNIVERSITY RD. SHIVAJI NAGAR, PUNE, MAHARASHTRA - 4110 |
- |
|
29 |
90144408 |
24/03/2003 |
10,000,000.00 |
INDIANS OVERSEAS
BANK |
PUNE CONTONMENT
BRANCH, WONDERLAND; 7; M. G. ROAD, PUNE, MAHARASHTRA - 411001, INDIA |
- |
|
30 |
80034441 |
18/02/2003 |
552,491,000.00 |
BANK OF INDIA |
1162
/6,UNIVERSITY ROAD, SHIVAJI
NAGAR, PUNE, MAHARASHTRA - 411005,
INDIA |
- |
|
31 |
90144283 |
06/12/2003 * |
128,600,000.00 |
INDIANS OVERSEAS
BANK |
CANTONMENT BRANCH,
PUNE, MAHARASHTRA, INDIA |
- |
|
32 |
90219828 |
08/01/2003 |
160,000,000.00 |
BANK OF INDIA |
PUNE CORPOARATE
BANKING BRANCH, PUNE, MAHARASHTRA, |
- |
|
33 |
90146389 |
03/01/2003 |
68,600,000.00 |
INDIANS OVERSEAS
BANK |
PUNE CONTONMENT BRANCH,
WONDERLAND; 7; M. G. ROAD, PUNE, MAHARASHTRA - 411001, INDIA |
- |
|
34 |
90216325 |
05/12/2002 |
309,500,000.00 |
BANK OF
MAHARASHTRA |
KRANTI CHWOK
BRANCH, AURANGABAD, MAHARASHTRA, INDIA |
- |
|
35 |
90219811 |
14/03/2002 * |
33,850,000.00 |
INDIAN RENEWABLE
ENEGY DEVELOPMENT AGENCY LIMITED |
CORE - 4 - V;
EAST COURT, 1 - ST FLOOR, NEW DELHI, DELHI - 110003, INDIA |
- |
|
36 |
90143262 |
29/03/2001 * |
10,000,000.00 |
PUNJAB NATIONAL
BANK |
AURANG PURA
BRANCH, AURANGABAD, MAHARASHTRA, INDIA |
- |
|
37 |
90219783 |
20/12/2001 * |
33,850,000.00 |
INDIAN RENEWABLE
ENERGY DEVELOPMENT AGENCY LIMITED |
CORE - 4 - A;
EAST COURT; 1 ST FLOOR, INDIA HABITATE CENTRE. LODI ROAD, NEW DELHI, DELHI -
110003, INDIA |
- |
|
38 |
90219782 |
13/12/2000 |
10,000,000.00 |
DEOGRI NAGRI
SAHAKARI BANK LIMITED. |
KRANTI CHOWK,
AURANGABAD, MAHARASHTRA, INDIA |
- |
|
39 |
90140838 |
18/11/2000 |
110,109,000.00 |
PUNJAB NATIONAL
BANK |
AURANG PURA
BRANCH, AURANGABAD, MAHARASHTRA, INDIA |
- |
|
40 |
90140836 |
15/09/2001 * |
110,109,000.00 |
PUNJAB NATIONAL
BANK |
AURANG PURA
BRANCH, AURANGABAD, MAHARASHTRA, INDIA |
- |
|
41 |
90143013 |
02/09/2000 |
26,000,000.00 |
CORPORATION BANK |
INDUSTRIAL
FINANCE BRANCH, PUNE MUMBAI ROAD; WAKD |
- |
|
42 |
90219772 |
02/09/2000 |
250,000.00 |
THE SARASWAT CO
- OP. BANK LIMITED |
WALUJ, MUMBAI,
MAHARASHTRA, INDIA |
- |
|
43 |
90219771 |
31/08/2000 |
460,000.00 |
BANK OF
MAHARASHTRA |
KRANTI CHWOK BRANCH,
AURANGABAD, MAHARASHTRA, INDIA |
- |
|
44 |
90146105 |
02/08/2000 |
75,000,000.00 |
PUNJAB NATIONAL
BANK |
AURANG PURA,
AURANGABAD, MAHARASHTRA - 431001, INDIA |
- |
|
45 |
90219762 |
30/01/2002 * |
101,500,000.00 |
BANK OF
MAHARASHTRA |
KRANTI CHOWK
BRANCH, AURANGABAD, MAHARASHTRA, INDIA |
- |
|
46 |
90219738 |
10/05/1999 |
900,000.00 |
THE SARASWAT CO
- OP. BANK LIMITED |
WALUJ,
AURANGABAD, MAHARASHTRA, INDIA |
- |
|
47 |
90216263 |
09/11/1998 |
2,200,000.00 |
DEOGRI NAGARI
SAHAKARI BANK LIMITED. |
WORLI,
AURANGABAD, MAHARASHTRA, INDIA |
- |
|
48 |
90216219 |
23/04/1998 * |
11,800,000.00 |
CENTRAL BANK OF
INDIA |
DOCUMENTRY CELL,
1 - ST FLOOR; MUMBAI MAIN OFFICE, MUMBAI, MAHARASHTRA, INDIA |
- |
|
49 |
90219640 |
24/10/1997 * |
1,200,000.00 |
CENTRAL BANK OF
INDIA |
DOCUMENTRY CELL,
1ST FLOOR; MUMBAI MAIN
OFFICE, MUMBAI, MAHARASHTRA, INDIA |
- |
|
* DATE OF CHARGE
MODIFICATION |
||||||
CORPORATE INFORMATION
Subject was established
in 1985 as Anurang Engineering Company Private Limited to manufacture Aluminum
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.
MANAGEMENT
DISCUSSION AND ANALYSIS
AUTOMOTIVE
INDUSTRY SCENARIO
The Indian
automotive industry is considered to be one of the fastest growing industries of
the last decade. The industry has ranked eleventh in the manufacture of
passenger cars, fourth in the manufacture of commercial vehicles and second in
the manufacture of two wheelers in the world. The industry was valued at about
USD 65 billion in 2012, contributing to about 3.5 - 4% to the country's GDP.
Unlike the double
digit growth witnessed by the industry during the previous year, the year
registered de-growth. This decline is a result of a number of adverse factors
ranging from the global economic turmoil emanating from Europe, to domestic
factors such as increasing fuel prices, high input costs, persistent inflation
and high interest rates. The slowdown in economy and poor agricultural output
affected the urban purchasing power and the rural disposable income,
respectively.
During the year
the passenger car sales dipped by 6.7% being the worst performance during the
last decade. The medium and heavy commercial vehicles also faced a similar
situation recording a 23.2% decline in sales, while light commercial vehicles
fared well with 14% growth in sales, sports utility vehicle segment ruled the
market with a phenomenal increase of 52.2% in sales.
The market
remained flat with respect to the sales of two and three wheelers recording a
nominal growth of 2.9% and 4.9%, respectively, with an entirely different
product mix as compared to the previous year. Motorcycles which led the growth
last year were replaced by scooters with a growth of 14.2% and sales growing to
2.92 million from 2.55 million during the period. The market share of
motorcycles reduced to 72% from 73% in FY 2012-13, while the scooter market
increased to 23% from 21%.
AUTO COMPONENT
INDUSTRY
The auto component
industry has followed a pattern of crests and troughs in line with the automotive
industry. The market which witnessed an uptrend from 2009-10 until 2011-12 is
now going through a declining phase with lower profit margins and tepid growth.
The demand for
auto components is primarily linked to the growth of automotive industry,
largely influenced by demand from domestic OEMs and its corresponding demand
drivers.
Research analysis
estimates marginal improvement in the economic scenario with anticipated
lowering of inflation and that of normal monsoons, which is expected to result
in the two wheeler industry growth by around 8-9% in the FY 2013-14 with
motorcycle segment likely to grow in a range of 6-7% and scooter segment at
13-14%.
The Union Budget
of 2013 has also provided an impetus to the industry by giving an extension of
five years for weighted deduction of 200% on research and development (R and D)
expenditure.
COMPANY
PERFORMANCE
During the year
2012-13 the Company faced weak market conditions due to sluggish growth in the automotive
industry which mirrored in its overall operational and financial performance.
Its major customers, in two and three wheeler automobile segment, were
confronted with economic slowdown resulting in significant reduction in sales
and also tapering of capex cycle.
The revenues
registered a nominal decline of 1.7% at Rs. 27,392.86 million as compared to
Rs. 27,862.47 million during the corresponding previous year. The profit before
finance costs, depreciation, exceptional items and extraordinary expenses is
Rs. 3,573.90 million which a decline by 3.5% primarily on account of
inflationary impact of fixed cost and increase in energy cost.
Although the
Company secured orders for high volumes from existing as well as new customers,
actual production by OEMs was much below their scheduled plans. Lower
production by OEMs negatively affected the off take of components, which
coupled with increased input and energy costs put pressure on the Company's
operating margins, resulting in lower profitability. This pull back was
partially compensated by introduction of new products and certain austerity
measures taken by the Company to reduce operating costs.
Despite a slowdown
in the auto component industry, the aftermarket business gave a commendable
performance with the Company topping in terms of sale of its shock absorbers
for two wheelers in the replacement market in India. Aftermarket business
recorded revenue of Rs. 1,306 million, a growth of 13.2% over the previous
year. Revenue from domestic aftermarket sales was Rs. 913 million, whereas
exports stood at Rs. 393 million, together accounting for 4.8% of the total
revenue of the Company.
MANAGEMENT
ANALYSIS OF THE BUSINESS OPERATIONS
The Company has
state-of-the-art facilities for manufacture of die casting, braking and
suspension systems. These facilities cater to the dominant OEMs in the two and
three wheeler segment. The Company continues to align with customers' strategic
plans with its steadfast focus on their product requirement and technology
upgrade needs
Aluminium is
emerging as the preferred metal for automotive applications across the globe
with growth driven by demand for lighter cars, higher fuel efficiency
requirements and stricter fuel emission standards. Aluminium die casting is,
therefore, emerging as a profitable venture in the industry. This being highly
capital intensive, there are limited organised players in the market who are
well equipped to meet the demand of OEMs. The Company has an advantage of being
one of the leading die casting manufacturers in India.
Benchmarking
itself towards excellence by delivering high quality products at competitive
prices, the Company believes in partnering with technology leaders in its
product domain. Taking this forward, an alliance has been entered into with WP
Suspension, Austria, a global technology leader in suspensions, for developing
high performing suspension components for better driving comfort for two
wheelers. The Company plans to foray in four wheeler brake manufacturing in the
forthcoming year. Towards this, a technology assistance agreement has been
entered into with BWI North America Inc., USA to manufacture four wheeler brake
assemblies.
The Company
introduced technologically upgraded solutions for premium motor cycles which
were well accepted by its customers. These efforts culminated in tapping
opportunities created in the segment of motorcycles and ungeared scooters.
Excellence through
Total Productivity Management is being practiced at all plants. Operations at
shop floors undergo continuous process improvement through Kaizen. It has been
a constant endeavour to sharpen the Company's focus on lowering costs, offering
better quality products, improving operational efficiency, delivery
commitments, in order to serve the customer better.
Technology and
innovation are assumed as critical factors for sustained long-term growth and
therefore the R and D centres of the Company relentlessly aim to offer complete
solutions in form of design to service thereby enlarging its offerings to new
product platforms developed by OEMs.
Despite the
unorganized sector dominating the domestic spare parts' market, the aftermarket
business posted a satisfactory growth of 13.2%. The Company focused on
penetration in rural market and strengthened its position overseas by
initiating brand registration and widening its distribution network. The year
saw expansion of export market in the African continent.
The automotive
industry grappled with uncertainty during 2012-13, which the Company attempted
to counter with its strategy of profitable growth. The Company aims to drive
this strategy through improvement in vendor management, quality with timely
delivery, reduction of early on line rejection and customer returns.
The Company is
well positioned to overcome the vagaries of the uncertain market conditions and
shall continue its concerted efforts to be a preferred tier I supplier to
leading OEMs in India in its product portfolio.
OUTLOOK
Although the auto industry
is normally fast paced, the overall growth prospects are expected to be tepid
for the financial year 2013-14, with high volume segments such as two and three
wheelers already reporting decline or stagnation in the early months of the
current year. However, despite this trend, automotive OEMs are gearing up
aggressively to grow, both in domestic as well as overseas markets. With the
average replacement cycle of vehicles reducing, the demand of new vehicles is
expected to rise in the short term, resulting into better business prospects
for the automotive industry.
India has proved
to be a high potential market for automobile segment on account of low
penetration, high proportion of youth population with growing disposable
income, low cost of service and various government incentives including
weighted deduction on R and D spend.
The Company is
well equipped to tap the business opportunities created in the industry. The
Company is a complete solutions provider to its customers and makes efforts to
provide first time right quality products at most competitive price. With its
presence in the industry for over two decades, the Company has built up
adequate infrastructure and has collaboration with leading technology partners
to provide upgraded products. It has strategically located manufacturing
facilities within the vicinity of auto hubs, which significantly reduces
logistics costs.
The aftermarket
business is aggressively geared up to increase its market share in both
domestic as well overseas markets. In the forthcoming year, the Company plans
to focus on strategies to penetrate rural market, which is anticipated to be
almost 45% of the total two wheeler markets in India. The Company shall
continue its concerted efforts to gain foothold in countries in ASEAN region,
Africa and South America.
SUBSIDIARIES
DOMESTIC
High Technology
Transmission Systems (India) Private Limited - (HTTS), subsidiary of the
Company is engaged primarily into manufacture and sale of clutch assemblies,
continuous variable transmissions and friction plates.
The general
slowdown in the auto industry did not adversely impact the business performance
of HTTS. The total revenue of HTTS increased marginally by 9.8% to Rs.2884.950
millions (previous year Rs.2626.550 millions) which is attributed to new
business acquired during the year. The profit after tax, however, posted a
nominal decline of 1.83%, which was mainly due to partial withdrawal of tax
exemption available on profits generated at Pantnagar. Till the financial year
2011-12, HTTS enjoyed a tax holiday of 100% which was reduced to 30% on the
income from the financial year 2012-13.
OVERSEAS
Endurance Overseas
S.r.L., Italy (EoSrl): EoSrL, a wholly-owned subsidiary company of the Company
is a Special Purpose Vehicle incorporated in Italy, for the purpose of making
strategic overseas investments.
During the year,
the Company infused equity of Euro 2 million to meet the capital adequacy
requirement as well as to fund the cost of acquiring the residual stake of 49%
of Endurance Fondalmec SpA. EoSrl had acquired the stake in Endurance Fondalmec
SpA in 2009-10 for Euro 14 million against which a total amount of Euro 12
million has been paid in tranches.
During the
financial year ended 31st March, 2013, the total income of the EoSrl was
significantly higher at Euro 1.2 million over the previous year's income of
Euro 0.2 million. With a view to reinforce financials of the subsidiary,
measures were taken to improve debt-equity ratio by conversion of the
shareholders' loan as on 30th June, 2012 and part of EoSrl's reserves into
share capital. Shareholders' loan of Euro 3.47 million (including interest) and
reserves of Euro 2.04 million were converted into share capital.
Subsequent to the investment
of Euro 2 million by the Company and the said measures taken to reinforce the
equity and financials, the total paid-up share capital of EoSrl stood increased
to Euro 15.3 million as on 31st March, 2013.
With an objective
of strengthening foothold in the European markets, the management of the
Company's operating overseas subsidiaries has been centralized at EoSrl. Apart
from making strategic investments, EoSrl shall also provide management support
services for certain critical functions to the overseas entities.
As a long-term
strategic move and in order to strengthen the presence of Endurance Group in
the existing segment of automotive components in Europe, EoSrl has acquired 15%
stake in F.O.A. SpA, Italy (FOA), a tier
supplier engaged in the activity of aluminium die casting, machining and
assembling. FOA has capabilities to provide assistance in the production of
large size and complex die casting components which are the target products for
the commercial evolution of the group companies in Europe.
Endurance
Fondalmec S.p.A,, (EF SpA) is a step down operating subsidiary of the Company
in Italy and is primarily engaged in the production of mechanical components
for the automotive sector such as engine, transmission groups, machining and
assembling of components of aluminum alloys, cast iron and steel.
During the year
ended 31st March, 2013, EF SpA posted a growth of 2.3% achieving total income
of Euro 83.4 million (USD 107.38 million) compared to Euro 81.6 million (USD
112.26 million) in the previous year, despite unfavorable conditions in the
automotive market in Europe. Profit after tax was Euro 3.03 million (USD 3.9
million) against the previous year's profit of Euro 2.86 million (USD 3.93
million). The subsidiary paid a dividend of Euro 1.485 million on the equity
share capital, translating to 49% dividend payout. The figures reported are as
per local GAAP.
Amann Druckguss
GmbH (Amann), a wholly owned subsidiary based in Germany, carries out
manufacturing operations of high pressure die casting and machining components.
It caters to large automotive OEMs in the German auto market.
The subsidiary
faced economic slowdown and withdrawal of some orders by a customer. Despite
the adversities this subsidiary reported a total income to Euro 41.8 million
(USD 53.8 million); albeit this was lower by 11.9% compared to Euro 47.34
million (USD 63.38 million) in the previous year. Inventory management
contributed to support the bottom-line. It posted a profit after tax of Euro
2.17 million (USD 2.79 million), compared to the previous year's profit of Euro
3.927 million (USD 5.40 million). The figures reported are as per local GAAP.
DISSOLUTION OF
JOINT VENTURE WITH MAGNETI MARELLI S.P.A., ITALY
The Company had
entered into a joint venture with Magneti Marelli S.p.A. (formerly known as
Magneti Marelli Holding S.p.A.) (MM) in June 2008 for manufacturing, assembling
and marketing shock absorbers, struts and gas springs for four and above
wheeled vehicles. Accordingly, Endurance Magneti Marelli Shock Absorbers
(India) Private Limited (EMM) was incorporated in July 2008. The products to be
manufactured by EMM were primarily to cater to passenger cars.
In order to focus
on the core business of components for two and three wheelers and small LCVs,
the Board of the Company decided to exit from this joint venture. It was
decided to sell the Company's entire 50% shareholding to MM at a consideration
of Rs.160.750 millions and towards this a Share Purchase Agreement (SPA) was
entered on 10th October, 2012 for dissolution of the joint venture.
Consequently, the Company transferred its shareholding on 17th October, 2012,
to MM and its nominee directors ceased to be the directors of EMM, thus
bringing an end to this alliance.
To continue
availing technical expertise from MM, the Company entered into a Licence and
Technical Assistance Agreement with Magneti Marelli COFAP Companhia Fabricadora
de Pecas, an affiliate of MM for manufacture of shock absorbers for the four
wheeled vehicles to be launched by of one the leading domestic two wheeler
manufacturers.
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 records exist to suggest that subject is
or was the subject of any formal or informal allegations, prosecutions or other
official proceeding for making any prohibited payments or other improper
payments to government officials for engaging in prohibited transactions or
with designated parties.
3] Asset Declaration :
No records exist to suggest that the property or assets of the subject
are derived from criminal conduct or a prohibited transaction.
4] Record on Financial
Crime :
Charges or conviction
registered against subject: None
5] Records on Violation of
Anti-Corruption Laws :
Charges or
investigation registered against subject: None
6] Records on Int’l
Anti-Money Laundering Laws/Standards :
Charges or
investigation registered against subject: None
7] Criminal Records
No
available information exist that suggest that subject or any of its principals have
been formally charged or convicted by a competent governmental authority for
any financial crime or under any formal investigation by a competent government
authority for any violation of anti-corruption laws or international anti-money
laundering laws or standard.
8] Affiliation with
Government :
No record
exists to suggest that any director or indirect owners, controlling
shareholders, director, officer or employee of the company is a government
official or a family member or close business associate of a Government
official.
9] Compensation Package :
Our market
survey revealed that the amount of compensation sought by the subject is fair
and reasonable and comparable to compensation paid to others for similar
services.
10] Press Report :
No press reports / filings exists on
the subject.
CORPORATE GOVERNANCE
MIRA INFORM as part of its Due Diligence do provide comments on
Corporate Governance to identify management and governance. These factors often
have been predictive and in some cases have created vulnerabilities to credit
deterioration.
Our Governance Assessment focuses principally on the interactions
between a company’s management, its Board of Directors, Shareholders and other
financial stakeholders.
CONTRAVENTION
Subject is not known to have contravened any existing local laws,
regulations or policies that prohibit, restrict or otherwise affect the terms
and conditions that could be included in the agreement with the subject.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.61.92 |
|
|
1 |
Rs.100.83 |
|
Euro |
1 |
Rs.85.27 |
INFORMATION DETAILS
|
Information
Gathered by : |
HTL |
|
|
|
|
Report Prepared
by : |
SMN |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILIRY |
1~10 |
4 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
6 |
|
--CREDIT LINES |
1~10 |
5 |
|
--MARGINS |
-5~5 |
- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
NO |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTERS |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
48 |
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.