MIRA
INFORM REPORT
|
Report Date : |
04.07.2013 |
IDENTIFICATION DETAILS
|
Name : |
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Registered Office : |
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Country : |
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Financials (as on) : |
31.03.2012 |
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Date of Incorporation : |
02.08.1996 |
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Com. Reg. No.: |
08-024176 |
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Capital
Investment/ Paid-up Capital : |
Rs.104.669 Millions |
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CIN No.: [Company
Identification No.] |
U50101KA1996PTC024176 |
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TAN No.: [Tax Deduction &
Collection Account No.] |
BLRV03081B |
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PAN No.: [Permanent Account No.] |
AAACV6747N |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Manufacturer of Volvo Construction. |
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No. of Employees
: |
3,000 [Approximately] |
RATING & COMMENTS
|
MIRA’s Rating : |
A (63) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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 |
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Maximum Credit Limit : |
USD 35700000 |
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Status : |
Good |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Subject is a part of Volvo Group, Sweden. It is a well established and reputed company having a good track record.
There appears sharp dip in the profitability during the year 2011-12. However, general financial position of the company appears to be
strong. Liquidity position is good. Performance capacity is high. Trade
relations are reported to be fair. Business is active. Payments are reported
to be regular and as per commitments. The company can be considered for normal business dealings at usual
trade terms and conditions. |
NOTES:
Any query related to this report can be made
on e-mail: infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – June 30, 2012
|
Country Name |
Previous Rating (31.03.2012) |
Current Rating (30.06.2012) |
|
India |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
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 PARTED BY
|
Name : |
Ms. Shalini |
|
Designation : |
Office Executive |
|
Contact No.: |
91-80-66912000 |
|
Date : |
04.07.2013 |
LOCATIONS
|
Registered Office/ Factory 1 : |
Yalachahally Village, Tavarekere Post, Hosakote Taluka, Bangalore –
560122, Karnataka, India |
|
Tel. No.: |
91-80-66914000/ 080/ 66912000 |
|
Fax No.: |
91-80-27965280 |
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E-Mail : |
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|
Website : |
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Area : |
10 acres |
|
Location: |
Owned |
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|
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|
Corporate Office : |
201, Embassy Square, 148, Infantry Road, Bangalore –
560001, Karnataka, India |
|
Tel. No.: |
91-80-22266426-28 / 22228446 |
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Fax No.: |
91-80-22284448 / 22250721 |
|
Website : |
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|
Area : |
2000 sq. fts. |
|
Location: |
Rented |
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Factory 2 : |
Yalachahally, Tavarekere P.O., Old Madras Road, Hoskote,
Bangalore - 562 122, Karnataka, India |
|
Tel. No.: |
91-80-27965251/58/59 |
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Fax No.: |
91-80-27965233 |
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E-Mail : |
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|
Area : |
10 acres |
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Location: |
Owned |
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|
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Factory 3 : |
No. 7 and 8 Phase I, Peenya Industrial Area, Bangalore – 560058, Karnataka, India |
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|
|
|
Regional Sales Office : |
Located At: ·
· Kolkata ( Eastern Region) ·
·
· Mumbai (Western Region) |
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Branch Office : |
Located At: · Udaipur, Rajasthan, India · Hyderabad, Andhra Pradesh, India ·
Ahmedabad, Gujarat, India |
DIRECTORS
(AS ON 13.07.2012)
|
Name : |
Mr. Muralidharan Angadu Mohanakrishnan |
|
Designation : |
Managing Director |
|
Address : |
C 57, Prestige Ozone, Whitefield Main Road, Bangalore – 560 006,
Karnataka, India |
|
Date of Birth/Age : |
19.05.1960 |
|
Date of Appointment : |
01.10.2010 |
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DIN No.: |
03279284 |
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|
Name : |
Mr. Philippe Divry |
|
Designation : |
Managing Director |
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Address : |
Vidblicksgatan 2, Goteborg, 41257, Sweden |
|
Date of Birth/Age : |
31.07.1965 |
|
Date of Appointment : |
05.03.2012 |
|
DIN No.: |
05195448 |
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|
Name : |
Mr. Par Ola Ostberg |
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Designation : |
Director |
|
Address : |
Olof, Wijksgatan 3, Goteborg, SE41255, Sweden |
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Date of Birth/Age : |
23.06.1962 |
|
Date of Appointment : |
05.03.2012 |
|
DIN No.: |
02200480 |
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|
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|
Name : |
Mr. Gary Patrick Olney |
|
Designation : |
Director |
|
Address : |
St Hubertusdreef 50, Overuse, 3090, Belgium |
|
Date of Birth/Age : |
09.12.1968 |
|
Date of Appointment : |
05.03.2012 |
|
DIN No.: |
05195436 |
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|
|
|
Name : |
Mr. Hakan Sven Karlsson |
|
Designation : |
Director |
|
Address : |
Tuluaktsvagen3, Vastra Frolunda, 42167, Sweden |
|
Date of Birth/Age : |
18.07.1961 |
|
Date of Appointment : |
05.03.2012 |
|
DIN No.: |
05195444 |
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|
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|
Name : |
Mr. Anders Mats Olof Osberg |
|
Designation : |
Director |
|
Address : |
Sodra Breviksvagen 30, Vastra Frolunda, 42167, Sweden |
|
Date of Birth/Age : |
06.08.1961 |
|
Date of Appointment : |
05.03.2012 |
|
DIN No.: |
05202269 |
|
|
|
|
Name : |
Mr. Mikael Didolf Bratt |
|
Designation : |
Director |
|
Address : |
Lakerbergsgatan 67 Torslanda, Gothenburg, 42334, Sweden |
|
Date of Birth/Age : |
27.02.1967 |
|
Date of Appointment : |
05.03.2012 |
|
DIN No.: |
05216160 |
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|
Name : |
Mr. Stig Torbjorn Holmstrom |
|
Designation : |
Director |
|
Address : |
Krokslatts Storgata 33, Molndal, 43138, Sweden |
|
Date of Birth/Age : |
27.08.1955 |
|
Date of Appointment : |
05.03.2012 |
|
DIN No.: |
05220590 |
KEY EXECUTIVES
|
Name : |
Mr. Laxminarayan Hegde |
|
Designation : |
Company Secretary |
|
Address : |
No.15, Srisoudha, Kvs Layout, Kodigehalli, Bangalore – 560097, Karnataka, India |
|
Date of Birth/Age : |
15.04.1964 |
|
Date of Appointment : |
03.08.2005 |
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Pan No. |
AACPH2986G |
|
|
|
|
Name : |
Ms. Shalini |
|
Designation : |
Office Executive |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
(AS ON 13.07.2012)
|
Names of Shareholders |
|
No. of Shares |
|
|
|
|
|
Volvo Truck Corporation, |
|
10466883 |
|
Volvo Holding |
|
1 |
|
|
|
|
|
Total |
|
10466884 |
(AS ON 13.07.2012)
|
Equity Share Breakup |
|
Percentage of Holding |
|
Category |
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|
|
Foreign holdings [Foreign institutional investors, Foreign Companies, Foreign Financial Institutions, Non-resident Indian or Overseas corporate bodies or others] |
|
100.00 |
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|
|
|
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Total |
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer of Volvo Construction. |
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Products : |
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Exports : |
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Countries : |
Sweden |
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Imports : |
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Products : |
Spares Parts, Components |
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Countries : |
Sweden |
PRODUCTION STATUS [AS ON 31.03.2011]
Licensed Capacity:
Not
Available
Installed
Capacity:
|
Particulars |
Units |
Installed Capacity (on single shift basis) |
|
|
|
|
|
Tractor/ Bus chassis |
Nos. |
2000 |
|
Road Machines |
Nos. |
1400 |
Actual Production:
|
Particulars |
Units |
Actual Production |
|
Tractor |
Nos. |
1085 |
|
Bus Chassis |
Nos. |
631 |
|
Road Machines |
Nos. |
724 |
GENERAL INFORMATION
|
Suppliers : |
Information declined by management. |
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|
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|
Customers : |
Information declined by management. |
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|
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No. of Employees : |
3,000 [Approximately] |
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|
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Bankers : |
· The Vysya Bank Limited M.G. Road Branch, M.G. Road, Bangalore – 560 001, Karnataka, India · Standard Chartered Grindlays Bank M. G. Bangalore, Karnataka, India ·
ANZ Grindlays Bank PLC, Bangalore Branch, Raheja Towers, M. G. Road,
Bangalore – 560018, Karnataka, India |
|
|
|
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Facilities : |
-- |
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|
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Banking
Relations : |
-- |
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|
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Auditors : |
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|
Name : |
Price Waterhouse and Company Chartered Accountants |
|
Address : |
5th Floor, Tower D, The Millenia, 1 and 2
Murphy Road, UIsoor, Bangalore-560008, Karnataka, India |
|
PAN No: |
AADFP9359C |
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Holding
Company : |
·
Volvo Truck Corporation, S-40508, |
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|
|
|
Ultimate
Holding Company: [As on
31.03.2011] |
·
AB |
|
|
|
|
Fellow Subsidiaries : [As on
31.03.2011] |
·
Volvo de Brasil, Brazil VCEB ·
AB Volvo Penta ·
Volvo Constr Equipm (China) Company Limited ·
Shandong Lingong Construction ·
Volvo Information GB Limited,
Great Britain (VITGB) ·
Thai-Swedish Assembly Company, Limited ·
Volvo Construction Equipment,
Korea ·
Volvo Trucks North America Inc.,
USA ·
Volvo Construction Equipment,
Belgium (VCEB) ·
Volvo East Asia Pte Limited,
Singapore (VEAS) · Volvo Parts Corporation Sweden (VPC) ·
Volvo Bus Corporation, Sweden (VBC) · Volvo Holding Sverige AB ·
Volvo Information Technology, Sweden (VITS) ·
Volvo Logistics Corporation Japan ·
Volvo Logistics AB, Sweden (VLG) ·
Volvo Penta Corporation, Sweden ·
Volvo Powertrain Corporation, Sweden (VP) ·
Volvo Europa Truck NV, Belgium (VE) ·
Renault Vehicles Industriels, France (RT) ·
Volvo Logistics Scand. and Overseas ·
Volvo IT North America, USA(VITNA) ·
Volvo Parts North America Inc., USA (VPNA) ·
Volvo East Asia Sdn. Bhd., Malaysia (VEAM) ·
Volvo Merchandise Corporation ·
Volvo Group Korea Company, Limited (VGK) ·
Volvo Technology Corporation ·
Volvo CE AB - Hauler and Loader Division (VCEAB) ·
Volvo (China) Investment Company Limited ·
Volvo Truck and Bus (Thailand) Company Limited ·
Volvo Shipensberg, USA ·
Volvo Polska ·
Volvo ABG, Germany ·
Volvo Wuxi, China ·
Volvo Shanghai, China ·
Volvo Buses India Private Limited (VBIPL) ·
Volvo Road Machinery Inc. ·
VE Commercial Vehicles Limited (VECV) ·
Volvo Aero Corporation AB ·
Volvo Business Services AB ·
Volvo Bussar AB, Bors ·
Volvo CE Europe GmbH ·
Volvo CE Germany GmbH |
CAPITAL STRUCTURE
AS ON 13.07.2012
Authorised Capital : Rs.1000.000 Millions
Issued, Subscribed & Paid-up Capital : Rs.104.669
Millions
AS ON 31.03.2012
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
35000000 |
Equity Shares |
Rs.10/- each |
Rs.350.000 Millions |
|
15000000 |
Preferences Shares |
Rs.10/- each |
Rs.150.000 Millions |
|
|
Total |
|
Rs.500.000
Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
10466884 |
Equity Shares |
Rs.10/- each
|
Rs.104.669
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 |
|
104.669 |
104.669 |
|
(b) Reserves & Surplus |
|
8842.400 |
8343.700 |
|
(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) |
|
8947.069 |
8448.369 |
|
|
|
|
|
|
(3) Non-Current
Liabilities |
|
|
|
|
(a) long-term borrowings |
|
29.800 |
13.200 |
|
(b) Deferred tax liabilities (Net) |
|
0.000 |
0.000 |
|
(c) Other long
term liabilities |
|
156.831 |
66.931 |
|
(d) long-term
provisions |
|
70.500 |
36.500 |
|
Total Non-current
Liabilities (3) |
|
257.131 |
116.631 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a)
Short term borrowings |
|
12.700 |
8.800 |
|
(b)
Trade payables |
|
6473.400 |
4906.700 |
|
(c) Other
current liabilities |
|
1783.600 |
1528.100 |
|
(d) Short-term
provisions |
|
313.700 |
266.200 |
|
Total Current
Liabilities (4) |
|
8583.400 |
6709.800 |
|
|
|
|
|
|
TOTAL |
|
17787.600 |
15274.800 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a)
Fixed Assets |
|
|
|
|
(i)
Tangible assets |
|
2743.600 |
1677.200 |
|
(ii)
Intangible Assets |
|
339.400 |
516.100 |
|
(iii)
Capital work-in-progress |
|
29.800 |
77.500 |
|
(iv)
Intangible assets under development |
|
0.000 |
0.000 |
|
(b) Non-current Investments |
|
0.000 |
0.000 |
|
(c) Deferred tax assets (net) |
|
485.900 |
364.400 |
|
(d) Long-term Loan and Advances |
|
323.700 |
219.100 |
|
(e) Other
Non-current assets |
|
1128.700 |
899.700 |
|
Total Non-Current
Assets |
|
5051.100 |
3754.000 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a)
Current investments |
|
0.000 |
0.000 |
|
(b)
Inventories |
|
6353.200
|
5646.100 |
|
(c) Trade
receivables |
|
4882.100
|
3309.800 |
|
(d) Cash
and cash equivalents |
|
343.100
|
1937.200 |
|
(e)
Short-term loans and advances |
|
1156.900 |
624.600 |
|
(f)
Other current assets |
|
1.200 |
3.100 |
|
Total
Current Assets |
|
12736.500 |
11520.800 |
|
|
|
|
|
|
TOTAL |
|
17787.600 |
15274.800 |
|
SOURCES OF FUNDS |
|
|
31.03.2010 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
|
|
104.669 |
|
|
2] Share Application Money |
|
|
0.000 |
|
|
3] Reserves & Surplus |
|
|
6650.619 |
|
|
4] (Accumulated Losses) |
|
|
0.000 |
|
|
NETWORTH |
|
|
6755.288 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
|
|
0.000 |
|
|
2] Unsecured Loans |
|
|
10.060 |
|
|
TOTAL BORROWING |
|
|
10.060 |
|
|
DEFERRED TAX LIABILITIES |
|
|
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
|
|
6765.348 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
|
|
2397.698 |
|
|
Capital work-in-progress |
|
|
30.165 |
|
|
|
|
|
|
|
|
INVESTMENT |
|
|
0.000 |
|
|
DEFERREX TAX ASSETS |
|
|
114.247 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
|
|
3796.963 |
|
|
Sundry Debtors |
|
|
2458.980 |
|
|
Cash & Bank Balances |
|
|
1091.868 |
|
|
Other Current Assets |
|
|
176.080 |
|
|
Loans & Advances |
|
|
2332.451 |
|
Total
Current Assets |
|
|
9856.342 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
|
|
2251.662 |
|
|
Other Current Liabilities |
|
|
3113.252 |
|
|
Provisions |
|
|
268.190 |
|
Total
Current Liabilities |
|
|
5633.104 |
|
|
Net Current Assets |
|
|
4223.238 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
|
|
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
|
|
6765.348 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
22291.600 |
21451.800 |
18354.000 |
|
|
|
Other Income |
146.400 |
254.000 |
360.000 |
|
|
|
TOTAL (A) |
22438.000 |
21705.800 |
18714.000 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of materials |
6936.600 |
|
|
|
|
|
Purchases of stock in trade |
8935.600 |
8346.300 |
|
|
|
|
Employee benefit expenses |
2295.500 |
1195.500 |
16303.000 |
|
|
|
Other expenses |
3765.000 |
2654.900 |
|
|
|
|
Changes in inventories |
(737.500) |
(1568.800) |
|
|
|
|
TOTAL (B) |
21195.200 |
19194.300 |
16303.000 |
|
|
|
|
|
|
|
|
Less |
PROFIT
/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
1242.800 |
2511.500 |
2411.000 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
18.200 |
7.200 |
4.000 |
|
|
|
|
|
|
|
|
|
|
PROFIT
/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
1224.600 |
2504.300 |
2407.000 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
376.100 |
342.200 |
346.000 |
|
|
|
|
|
|
|
|
|
|
PROFIT / (LOSS)
BEFORE TAX (E-F) (G) |
848.500 |
2162.100 |
2061.000 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
349.800 |
469.000 |
874.000 |
|
|
|
|
|
|
|
|
|
|
PROFIT / (LOSS)
AFTER TAX (G-H) (I) |
498.700 |
1693.100 |
1187.000 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
NA |
4243.000 |
3256.000 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Transfer to General Reserve |
NA |
250.000 |
200.000 |
|
|
BALANCE CARRIED
TO THE B/S |
NA |
5686.100 |
4243.000 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
FOB Value of Exports |
NA |
44.826 |
58.670 |
|
|
|
Software Services |
NA |
758.698 |
307.880 |
|
|
|
Product Design Services |
NA |
1218.007 |
625.413 |
|
|
TOTAL EARNINGS |
NA |
2021.531 |
991.963 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Components / Kits |
NA |
5798.767 |
5219.559 |
|
|
|
Capital Goods |
NA |
77.937 |
47.287 |
|
|
|
Traded Items |
NA |
4320.313 |
3547.769 |
|
|
|
Spare Parts (Traded) |
NA |
2425.921 |
1307.486 |
|
|
TOTAL IMPORTS |
NA |
12622.938 |
10122.101 |
|
|
|
|
|
|
|
|
|
|
Earnings /
(Loss) Per Share (Rs.) |
47.63 |
161.75 |
113.36 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
PAT / Total Income |
(%) |
2.22
|
7.80 |
6.47 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
3.81
|
10.07 |
11.23 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
4.91
|
14.58 |
16.82 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.09
|
0.26 |
0.31 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
0.00
|
0.00 |
0.00 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.48
|
1.72 |
1.75 |
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 |
Yes |
|
5] |
Type of Business |
Yes |
|
6] |
Line of Business |
Yes |
|
7] |
Promoter's background |
Yes |
|
8] |
No. of employees |
Yes |
|
9] |
Name of person contacted |
Yes |
|
10] |
Designation of contact person |
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) |
Yes |
|
21] |
Market information |
----- |
|
22] |
Litigations that the firm / promoter involved in |
----- |
|
23] |
Banking Details |
Yes |
|
24] |
Banking facility details |
No |
|
25] |
Conduct of the banking account |
----- |
|
26] |
Buyer visit details |
----- |
|
27] |
Financials, if provided |
Yes |
|
28] |
Incorporation details, if applicable |
Yes |
|
29] |
Last accounts filed at ROC |
Yes |
|
30] |
Major Shareholders, if available |
Yes |
|
31] |
PAN of Proprietor/Partner/Director, if available |
No |
|
32] |
Date
of Birth of Proprietor/Partner/Director, if available |
Yes |
|
33] |
Voter ID No of Proprietor/Partner/Director, if available |
No |
|
34] |
External Agency Rating, if available |
No |
UNSECURED LOAN
|
Particulars |
31.03.2012 [Rs. in Millions] |
31.03.2011 [Rs. in Millions] |
|
|
|
|
|
Long Term Bonds |
29.800 |
13.200 |
|
Short Term Bonds |
12.700 |
8.800 |
|
|
|
|
|
Total |
42.500 |
22.000 |
MARKET AND
ECONOMIC SCENARIO
The Company is
affected by the Indian economy slowdown, inflation, currency fluctuation and higher
borrowing cost. Investors are cautious which has a negative impact on many
businesses. The overall increase in market demand is visible throughout Asia,
however, the western countries and middle-east, continue to be in difficult
situation. This places a big responsibility on countries in Asia like China and
India to deliver best results. The Company continues to develop the service
business from India as strategic initiatives. The demand for the truck has come
down due to environmental restrictions in the mining segment. Bus division is
having healthy order book under various program initiated by the State and the
Central Government.
OPERATIONS
The Company had
completed its fifteenth year of operations. The revenue has been increased by
only 3.73 % compared to previous year. However other income of the Company has
decreased by 73.50 % compared to previous year. The operations have resulted in
a profit before tax of Rs. 824.000 millions for the year as against a profit
before tax of Rs.2162.000 millions during the previous year. Decreased
operating result is due to mainly increase in purchase cost, employee benefit
and other expenses.
FIXED ASSETS
· Freehold Land
· Land Improvement
· Leasehold Improvements
· Computers
· Vehicles
· Buildings
· Plant and Machinery
· Free Hold Land
· Furniture and Fixtures
· Technical Know-How
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts,
1] INFORMATION ON
DESIGNATED PARTY
No 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.60.10 |
|
|
1 |
Rs.91.07 |
|
Euro |
1 |
Rs.77.95 |
INFORMATION DETAILS
|
Information
Gathered by : |
PLV |
|
|
|
|
Report Prepared
by : |
NIT |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
7 |
|
PAID-UP CAPITAL |
1~10 |
7 |
|
OPERATING SCALE |
1~10 |
7 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
7 |
|
--PROFITABILIRY |
1~10 |
7 |
|
--LIQUIDITY |
1~10 |
7 |
|
--LEVERAGE |
1~10 |
7 |
|
--RESERVES |
1~10 |
7 |
|
--CREDIT LINES |
1~10 |
7 |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
NO |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
YES |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
63 |
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.