MIRA INFORM REPORT
|
Report Date : |
29.06.2013 |
IDENTIFICATION DETAILS
|
Name : |
MAHINDRA TWO WHEELERS LIMITED (w.e.f. 01.12.2008) |
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|
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Formerly Known
As : |
MAHINDRA TWO WHEELERS PRIVATE LIMITED |
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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 : |
05.08.2008 |
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Com. Reg. No.: |
11-185462 |
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Capital
Investment / Paid-up Capital : |
Rs.5335.000
Millions |
|
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|
|
CIN No.: [Company Identification
No.] |
U35911MH2008PLC185462 |
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|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
MUMM34881A |
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PAN No.: [Permanent Account No.] |
AAFCM6870J |
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Legal Form : |
A Closely Held Public Limited Liability Company |
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Line of Business
: |
Manufacturer, Exporter and Importer of Motorized Two Wheelers. |
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No. of Employees
: |
150 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
B (30) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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Maximum Credit Limit : |
USD 260000 |
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Status : |
Moderate |
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Payment Behaviour : |
Slow But Correct |
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Litigation : |
Clear |
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Comments : |
Subject is a part of Mahindra Group. It is an established company
having moderate track record. There appear huge accumulated losses recorded by the company.
Profitability of the company is under pressure. External borrowing seems to
be very huge during 2012. Which affect the liquidity position. However, trade relations are fair. Business is active. Payment terms
are slow but correct. In view of experienced promoters and directors, the company can be
considered for business dealings with some caution. |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
RBI DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available RBI Defaulters’ list.
EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of
31-03-2012.
INFORMATION DECLINED BY
|
Name : |
Mr. Yogesh Shah |
|
Designation : |
Manager in Finance and Accounts |
|
Contact No.: |
91-9819042286 |
|
Date : |
28.06.2013 |
LOCATIONS
|
Registered Office : |
Mahindra Towers, P.K. Kurne Chowk, Worli, Mumbai-400018, Maharashtra,
India |
|
Tel. No.: |
91-22-24931441 / 24961441 / 24916833 / 24917018 |
|
Mobile No.: |
91-9823300822 (Mr. Santosh Katre) 91-9819042288 (Mr. Yogesh Shah) |
|
Fax No.: |
91-22-24983696 / 24900833 |
|
E-Mail : |
varma.arun@mahindra2wheelers.com |
|
Website : |
|
|
Area : |
5000 Sq. ft. |
|
Location : |
Owned |
|
|
|
|
Factory 1 : |
D-1, Block, Plot No. 18/2, M.I.D.C, Chinchwad, Pune-411019,
Maharashtra, India |
|
Tel. No.: |
91-20-27602222 / 27602029 / 67336733 / 67336413 |
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Fax No.: |
91-20-27470562 / 27477227 |
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E-Mail : |
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Area : |
10000 Sq. ft. |
|
Location : |
Owned |
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Factory 2 : |
Plot No.2, Industrial Area 1, Pitampur Dhar, Pithampur-454775, Madhya
Pradesh, India |
|
Tel. No.: |
91-7292-253009 / 100 |
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Fax No.: |
91-7292-253087 |
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Area : |
10000 Sq. ft. |
|
Location : |
Owned |
DIRECTORS
AS ON 31.08.2012
|
Name : |
Mr. Anand Gopal Mahindra |
|
Designation : |
Director |
|
Address : |
Goolestan, 65, |
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Date of Birth/Age : |
01.05.1955 |
|
Date of Appointment : |
12.08.2009 |
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DIN No.: |
00004695 |
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|
|
|
Name : |
Dr. Pawan Kumar Goenka |
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Designation : |
Director |
|
Address : |
Flat No. 602, 9 JVPD, 10th Road, Juhu Vile Parle Scheme,
Vile Parle (West), Mumbai – 400 056, Maharashtra, India |
|
Date of Birth/Age : |
23.09.1954 |
|
Date of Appointment : |
12.08.2009 |
|
DIN No.: |
00254502 |
|
|
|
|
Name : |
Mr. Zhooben Dossabhoy Bhiwandiwala
|
|
Designation : |
Director |
|
Address : |
S-13, Cusrow Baug, |
|
Date of Birth/Age : |
09.12.1959 |
|
Date of Appointment : |
12.08.2009 |
|
DIN No.: |
00110373 |
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|
|
|
Name : |
Mr. Parag Chandulal Shah |
|
Designation : |
Director |
|
Address : |
7 Kailas, |
|
Date of Birth/Age : |
25.11.1975 |
|
Date of Appointment : |
29.09.2008 |
|
DIN No.: |
00374944 |
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|
|
|
Name : |
Mr. Anoop Krishna Mathur |
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Designation : |
Director |
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Address : |
Flat No. 13, Om Ratan, 70/71, |
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Date of Birth/Age : |
22.10.1947 |
|
Date of Appointment : |
12.08.2009 |
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DIN No.: |
00014372 |
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|
|
Name : |
Ms. Veena Vedprakash Mishra |
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Designation : |
Additional Director |
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Address : |
1203, 12th Floor, Raheja Tipco Height 04, |
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Date of Birth/Age : |
14.07.1956 |
|
Date of Appointment : |
26.04.2011 |
|
DIN No.: |
03502175 |
KEY EXECUTIVES
|
Name : |
Mr. Yogesh Shah |
|
Designation : |
Manager in Finance and Accounts |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 31.08.2012
|
Names of Shareholders |
No. of Shares |
|
Mahindra and Mahindra Limited, India, Mumbai |
472299969 |
|
Mahindra and Mahindra Limited, |
1 |
|
Mahindra and Mahindra Limited, |
1 |
|
Mahindra and Mahindra Limited, |
1 |
|
Mahindra and Mahindra Limited, |
1 |
|
Mahindra and Mahindra Limited, |
1 |
|
Mahindra and Mahindra Limited, |
1 |
|
Kinetic Motors Company Limited, India |
61200000 |
|
TOTAL
|
533499975 |
AS ON 29.03.2013
|
Names of Allottees |
No. of Shares |
|
Mahindra and Mahindra Limited, India, Mumbai |
80000000 |
|
TOTAL |
80000000 |
AS ON 31.08.2012
|
Equity Shares
Break Up |
Percentage of
Holding |
|
Bodies corporate |
100.00 |
|
TOTAL |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer, Exporter and Importer of Motorized Two Wheelers. |
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Products : |
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PRODUCTION STATUS (As on 31.03.2011)
|
Particulars |
Unit |
Installed
Capacity |
Actual
Production |
|
Two Wheelers Scooters, Motor Cycles and Mopeds |
|
|
|
|
Manufactured |
Nos. |
400000 p.a. |
178599 |
|
Spare Parts and Others ** |
-- |
(See note 2) |
(See note 6) |
Notes:
1) Installed capacity is as certified by the management and relied on by the auditors as this is a technical matter.
2) Spare parts are manufactured out of the capacity for scooters, motorcycles and mopeds.
3) * It is not practicable to furnish quantitative information in view of considerable number of items diverse in size and nature.
4) ** Includes own manufactured components sold as spare parts.
5) Sales of manufactured vehicles exclude 3 (31st march 2010 - 2) free of cost (FOC) vehicles.
6) The Company has also manufactured and sold 158824 Nos. components as spares. (31st March, 2010 – 97214 Nos.)
7) Production of vehicles include Nil vehicles returned to factory for rework (31st March 2010 – 292 vehicles), 71 vehicles capitaliased during the year (31st March 2010 – 20 vehicles) and 4 vehicles donated during the year (31st March 2010 – Nil vehicles)
GENERAL INFORMATION
|
No. of Employees : |
150 (Approximately) |
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Bankers : |
-
Plot C-12, “G” Block, 8th Floor, BKC, Bandra
(East), Mumbai – 400 051, Maharashtra, India -
210, A-Wing, Mittal Tower, Nariman Point, Mumbai
– 400 021, Maharashtra, India
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Facilities : |
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Banking
Relations : |
-- |
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|
Financial Institution : |
Housing Development Finance Corporation Limited, Ramon House, 169,
Backbay Reclamation, H T Parekh Marg, Mumbai-400020, Maharashtra, India |
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|
|
|
Auditors : |
|
|
Name : |
Deloittte Haskins and Sells Chartered Accountants |
|
Address : |
12, |
|
PAN No.: |
AACFD4815A |
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|
|
|
Holding Company : |
Mahindra And Mahindra
Limited CIN No.:-
L65990MH1945PLC004558 |
|
|
|
|
Fellow Subsidiaries : |
Engines
Engineering S.r.l Mahindra
Logistics Limited CIN No.:-
U63000MH2007PLC173466 Mahindra
Lifespace Developers Limited CIN No.:-
L45200MH1999PLC118949 Mahindra And Mahindra
Financial Services Limited CIN No.:-
L65921MH1991PLC059642 Mahindra
Engineering Services Limited CIN No.:-
U72400MH1995PLC091404 Mahindra BPO
Services Private Limited CIN No.:-
U74999MH2011PTC212468 Bristlecone
India Limited CIN No.:-
U30007MH1991PLC064368 |
CAPITAL STRUCTURE
AS ON 31.03.2012
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
800000000 |
Equity Shares |
Rs.10/- each |
Rs. 8000.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
533499975 |
Equity Shares |
Rs.10/- each |
Rs. 5335.000
Millions |
|
|
|
|
|
NOTES
Of the above
472,299,975 (Previous year 2011: 118,000,000) shares are held by Mahindra and Mahindra
Limited the holding company.
Of the above
shares, 29,500,000 shares have been issued to Kinetic Motor Company Limited
pursuant to an agreement for sale and purchase of assets without payment having
been received in cash.
AS ON 31.08.2012
Authorised Capital : Rs. 12500.000 Millions
Issued, Subscribed & Paid-up Capital : Rs.
8785.000 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 |
|
5335.000 |
1475.000 |
|
(b) Reserves & Surplus |
|
(5269.738) |
(2886.332) |
|
(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) |
|
65.262 |
(1411.332) |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
|
1335.000 |
1510.000 |
|
(b) Deferred tax liabilities (Net) |
|
0.000 |
0.000 |
|
(c) Other long term
liabilities |
|
0.000 |
0.000 |
|
(d) long-term
provisions |
|
20.837 |
30.990 |
|
Total Non-current
Liabilities (3) |
|
1355.837 |
1540.990 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term
borrowings |
|
495.000 |
2070.000 |
|
(b) Trade payables |
|
914.586 |
813.480 |
|
(c) Other current
liabilities |
|
857.043 |
283.670 |
|
(d) Short-term
provisions |
|
56.622 |
152.837 |
|
Total Current
Liabilities (4) |
|
2323.251 |
3319.987 |
|
|
|
|
|
|
TOTAL |
|
3744.350 |
3449.645 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
|
1465.604 |
1190.062 |
|
(ii) Intangible Assets |
|
127.384 |
167.584 |
|
(iii) Capital
work-in-progress |
|
116.850 |
117.796 |
|
(iv)
Intangible assets under development |
|
192.516 |
113.957 |
|
(b) Non-current Investments |
|
0.000 |
0.000 |
|
(c) Deferred tax assets (net) |
|
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
|
264.333 |
243.166 |
|
(e) Other
Non-current assets |
|
0.495 |
0.860 |
|
Total Non-Current
Assets |
|
2167.182 |
1833.425 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
|
0.000 |
0.000 |
|
(b) Inventories |
|
1001.396 |
1076.124 |
|
(c) Trade receivables |
|
419.618 |
332.552 |
|
(d) Cash and cash
equivalents |
|
53.093 |
40.943 |
|
(e) Short-term loans
and advances |
|
103.061 |
166.601 |
|
(f) Other current
assets |
|
0.000 |
0.000 |
|
Total Current Assets |
|
1577.168 |
1616.220 |
|
|
|
|
|
|
TOTAL |
|
3744.350 |
3449.645 |
|
SOURCES OF FUNDS |
|
|
31.03.2010 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
|
|
1475.000 |
|
|
2] Share Application Money |
|
|
0.000 |
|
|
3] Reserves & Surplus |
|
|
0.000 |
|
|
4] (Accumulated Losses) |
|
|
(1194.146) |
|
|
NETWORTH |
|
|
280.854 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
|
|
0.000 |
|
|
2] Unsecured Loans |
|
|
1210.000 |
|
|
TOTAL BORROWING |
|
|
1210.000 |
|
|
DEFERRED TAX LIABILITIES |
|
|
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
|
|
1490.854 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
|
|
1199.775 |
|
|
Capital work-in-progress |
|
|
228.539 |
|
|
|
|
|
|
|
|
INVESTMENT |
|
|
0.000 |
|
|
DEFERREX TAX ASSETS |
|
|
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
|
|
472.614 |
|
|
Sundry Debtors |
|
|
71.925 |
|
|
Cash & Bank Balances |
|
|
127.630 |
|
|
Other Current Assets |
|
|
0.000 |
|
|
Loans & Advances |
|
|
232.485 |
|
Total
Current Assets |
|
|
904.654 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
|
|
744.849 |
|
|
Other Current Liabilities |
|
|
62.076 |
|
|
Provisions |
|
|
35.189 |
|
Total
Current Liabilities |
|
|
842.114 |
|
|
Net Current Assets |
|
|
62.540 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
|
|
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
|
|
1490.854 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
4413.699 |
5177.884 |
2370.352 |
|
|
|
Other Income |
17.095 |
7.544 |
6.023 |
|
|
|
TOTAL (A) |
4430.794 |
5185.428 |
2376.375 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of materials consumed |
3722.667 |
4572.690 |
|
|
|
|
Purchases of stock-in-trade |
75.488 |
139.632 |
|
|
|
|
Employee benefit expense |
623.537 |
499.958 |
|
|
|
|
Other expenses |
1781.783 |
1680.286 |
|
|
|
|
Changes in inventories
of finished goods, work-in-progress and stock-in-trade |
(95.474) |
(473.479) |
|
|
|
|
TOTAL (B) |
6108.001 |
6419.087 |
3091.591 |
|
|
|
|
|
|
|
|
Less |
PROFIT
/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
(1677.207) |
(1233.659) |
(715.216) |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
410.945 |
280.914 |
87.186 |
|
|
|
|
|
|
|
|
|
|
PROFIT
/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
(2088.152) |
(1514.573) |
(802.402) |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
295.254 |
177.612 |
166.704 |
|
|
|
|
|
|
|
|
|
|
PROFIT / (LOSS)
BEFORE TAX (E-F) (G) |
(2383.406) |
(1692.185) |
(969.106) |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
|
|
PROFIT / (LOSS)
AFTER TAX (G-H) (I) |
(2383.406) |
(1692.185) |
(969.106) |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
(2886.331) |
(1194.146) |
(225.040) |
|
|
|
|
|
|
|
|
|
|
BALANCE CARRIED
TO THE B/S |
(5269.737) |
(2886.331) |
(1194.146) |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Export Earnings |
79.661 |
54.766 |
173.145 |
|
|
|
Sales of goods abroad which were purchased abroad. |
24.654 |
100.103 |
13.083 |
|
|
|
Freight Charges |
0.000 |
0.254 |
5.194 |
|
|
TOTAL EARNINGS |
104.315 |
155.123 |
191.422 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Components & Spares |
525.262 |
867.507 |
363.981 |
|
|
|
Capital Goods |
68.159 |
16.456 |
8.416 |
|
|
TOTAL IMPORTS |
593.421 |
883.963 |
372.397 |
|
|
|
|
|
|
|
|
|
|
Earnings /
(Loss) Per Share (Rs.) |
(7.73) |
(11.47) |
(6.57) |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
PAT / Total Income |
(%) |
(53.79)
|
(32.63) |
(40.79) |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
(54.00)
|
(32.68) |
(40.88) |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
(69.39)
|
(52.59) |
(46.05) |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
(36.52)
|
1.20 |
(3.45) |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
28.04
|
(2.54) |
4.31 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
0.68
|
0.49 |
1.07 |
LOCAL AGENCY FURTHER INFORMATION
|
Sr. No. |
Check List by Info Agents |
Available in
Report (Yes / No) |
|
1] |
Year of Establishment |
Yes |
|
2] |
Locality of the firm |
Yes |
|
3] |
Constitutions of the firm |
Yes |
|
4] |
Premises details |
No |
|
5] |
Type of Business |
Yes |
|
6] |
Line of Business |
Yes |
|
7] |
Promoter's background |
Yes |
|
8] |
No. of employees |
Yes |
|
9] |
Name of person contacted |
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 |
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 |
No |
|
33] |
Voter ID No of
Proprietor/Partner/Director, if available |
No |
|
34] |
External Agency Rating,
if available |
No |
|
Unsecured Loan |
Rs.
In Millions 31.03.2012 |
Rs.
In Millions 31.03.2011 |
|
Long Term
Borrowings |
|
|
|
Loans and advances from Related Parties |
110.000 |
410.000 |
|
Short Term
Borrowings |
|
|
|
Intercorporate Borrowings |
0.000 |
1320.000 |
|
|
|
|
|
TOTAL |
110.000 |
1730.000 |
SUNDRY CREDITORS
DETAILS
(Rs.
In Millions)
|
Particulars |
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
Sundry Creditors
|
914.586 |
813.480 |
|
|
Total outstanding dues of Micro Enterprises
and small Enterprises |
-- |
-- |
75.885
|
|
Total outstanding dues of creditors other
than Micro Enterprises and Small Enterprises |
-- |
-- |
668.964
|
|
TOTAL |
914.586 |
813.480 |
744.849 |
OPERATIONS
During the year, the Company recorded a sales volume of 1,36,401 number
of vehicles with a cumulative sales of over 3.75 lakhs vehicles. This is a
commendable achievement in a span of less than 3 years for a new entrant in a
highly competitive industry.
During the year, a
full-fledged R and D was set up which has been recognized by the Department of
Scientific and Industrial Research. The Company also strengthened the New
Product Development processes. The newly launched scooter Mahindra Duro DZ has
received encouraging positive reviews from the experts and also from customers.
During the year,
manufacturing facilities have been upgraded to enhance production capacity. A
new state-of-the-art paint shop has been commissioned. Apart from this, the
Company has also upgraded fire safety system and modernization of stores.
OUTLOOK FOR THE CURRENT YEAR
As per the advance
estimates released by the CSO (Central Statistical Organization), the Indian economy
is expected to grow by 6.9% in the Financial year, its slowest pace in last two
years. This coupled with rising input costs make the economic environment more
challenging and the growth is likely to remain muted in near term. However,
lower penetration and rising income levels makes the medium to long term
outlook healthy.
To keep the growth
momentum, the Company is pursuing an aggressive New Product Development program
to launch new scooter and motorcycle models. The Company is also focusing on building
customer connect, investing in brand and expanding network to gain the market
share.
FORM 8
|
Corporate
identity number of the company |
U35911MH2008PLC185462 |
|
Name of the
company |
MAHINDRA TWO
WHEELERS LIMITED |
|
Address of the registered
office or of the principal place of
business in |
Mahindra Towers, P.K. Kurne Chowk, Worli, Mumbai-400018, Maharashtra, India |
|
This form is for |
Modification of
charge |
|
Charge identification
number of the charge to be modified |
10331415 |
|
Type of charge |
|
|
Particular of
charge holder |
Housing Development Finance Corporation Limited, Ramon House, 169,
Backbay Reclamation, H T Parekh Marg, Mumbai-400020, Maharashtra, India |
|
Nature of
instrument creating charge |
Vide letter dated
14.05.2013 from SBI, the loan of Rs.200.000 Millions availed from SBI is repaid
in full. Also vide letter dated 30.05.2013 total sanction limit of term loan
by ING Vysya Bank of Rs. 70 cr. is reduced to Rs 60 cr. Accordingly the
aggregate loan amount of Rs.1600.000 Millions is reduced to Rs.1300.000
Millions i.e., HDFC Rs.700.000 Millions and ING Vysya Bank Rs.600.000
Millions. The charge on the property as described in point No. 15 of this
form shall continue to be valid with respect to the balance aggregate loan
amount of 1300.000 Millions. |
|
Date of
instrument Creating the charge |
14.05.2013 |
|
Amount secured by
the charge |
Rs. 1300.000
Millions |
|
Brief of the
principal terms an conditions and extent and operation of the charge |
Rate of interest HDFC Limited:
Linked to HDFC corporate prime lending rate, which is more particularly
described in Master facility agreement dated 13.04.2010 ING Vysya Bank
Limited: Linked to IVBR, reset after 180 days. Terms of repayment HDFC Limited: 16
quarterly installments beginning from 27th month from the date of first disbursement
i.e. 13th April 2010. ING vysya Bank
Limited: 16 quarterly installments. Margin HDFC Limited: Min
1.5 times. ING vysya Bank
Limited: Min 1 time. Extent and operation of the charge Pari Passu charge
between Housing Development Finance Corporation Limited, ING Vysya Bank
Limited in terms of the Pari Passu agreement dated 27-12-2011, shall operate
on the properties of the Company as mentioned in point no. 15 of this form to
secure the repayment of Rs. 700.000 Millions from Housing Development Finance
Corporation Limited and Rs. 6.000 Millions from ING Vysya Bank Limited. |
|
Short particulars
of the property charged (Including location of the property) |
Immovable
property ( Land ) bearing plot no. 2 admeasuring 4,65,360 Sq meter and
located at Audyogik Kendra Vikas Nigam's Industrial Area No 1, Pithampur
District, Dhar ( M.P.) together with a multi storied Building having 59959 sq
mt of constructed area and any other construction thereon, present and
future. pari passu charge on all fixed assets of the Company. |
|
Particulars of
the present modification |
Pari Passu Charge
was created in favour of HDFC Limited, SBI (erstwhile State Bank of Indore)
and ING Vysya Bank for INR 160 Cr on 27.12.2011. Loan sanctioned by
SBI INR 200.000 Millions is satisfied in full and non-utilisation of INR
100.000 Millions sanctioned by ING. Therefore the charge is being modified. Post modification
HDFC Limited and ING will continue to have Pari Passu Charge over the
security and the amount secured by the charge will be reduced by INR 300.000
Millions. Custody of title
document will continue with HDFC Limited. |
FIXED ASSETS
Tangible Assets
- Leasehold Land
- Buildings
- Plant and Machinery
- Furniture and Fixtures
- Vehicles
Intangible Assets
- Technical Knowhow
- Brand
- Product Development Expenditure
- Software
WEBSITE DETAILS
NEWS
MAHINDRA TWO WHEELERS TO REV UP EXECUTIVE BIKE
SEGMENT
Hyderabad, May 27:
Mahindra Two Wheelers Limited plans to focus on rural markets to tap the potential
for executive motorcycles.
With 100-110 cc bikes accounting for about 60 per cent of the motorcycle
market estimated to be about 8.5-9 lakh per month, the company, a relatively
late entrant, sees this as a big opportunity in rural areas.
The diversified Mahindra and Mahindra Group will leverage its big presence
in the rural market with its farm equipment division including tractors, to tap
into the rural market where executive bikes continue to be popular.
Dharmendra Mishra, Vice President, Mahindra Two Wheelers Limited, said,
“The company will provide a wider range of bikes for consumers to select from.
The company R and D centre is playing a vital role in tapping into various
segments.”
Launching the company’s new entry-level variant of Pantero, a 110 cc
motorcycle in Hyderabad, he said within couple of months they expect to go
pan-India.
The company will also launch Centuro in the second quarter of this
financial year.
Referring to the general slowdown in the market, he said demand is likely
to pick up during the festive season. The second half this year is expected to
fare better than the first half.
MAHINDRA TWO
WHEELERS SETS 20% VOLUME TARGET FROM EXPORTS
Sounding bullish on its motorcycle business,
Mahindra Two Wheelers, which is set to roll out its second 110-cc bike
‘Centuro’ early next month, has said it is eyeing to double exports over the
next one year and is also looking at new markets overseas.
“Currently, our exports contribute less than
10 per cent. But with our product portfolio expanding, we expect this to grow
to 20 per cent over the next one year,” Mahindra Two Wheelers Executive
Vice-President Viren Popli told PTI.
The company, which ventured into the bike
segment early this year with 110-cc Pantero, is a marginal player in the
1-million-a-month two-wheeler segment in the domestic market, where the
100-110cc segment accounts for nearly 60 per cent of the volume.
“Exports will always be a critical part of
our business and we see it growing significantly going forward,” he said.
The company currently exports its
two-wheelers to the neighbouring Nepal, Sri Lanka and Bangladesh, and also to
Cuba and Kenya.
“We are also aggressively looking at other
markets like Uganada, Nigeria, Tanzania in Africa and Brazil, Nicaragua, and
Colombia in South America, he said.
Whether the company is looking at setting up
a manufacturing facility in any of these regions, Popli said, “if its is
necessary and requires localization and value addition in the local market and
there is adequate volume.”
On the domestic business, Popli said there is
an opportunity for growth and Mahindra is all set to seize that. “The industry may
have been flat last year but despite that the size remains still large. As a
new entrant growth is good for us.”
The company reported a 36 per cent growth in
its two- wheeler sales in May at 10,970 units compared.
Mahindra has a 1-million capacity plant at
Pithampura near Indore but its utilization now stands at a fraction of that at
18-20 per cent, Popli said, adding, “as we expand the product range, we will
increase output.”
Currently, it has four products in its
portfolio including the 110-cc Pantero. The company is working on new models,
including a a 150-cc and 300-cc motorcycles.
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. 59.69 |
|
|
1 |
Rs. 91.14 |
|
Euro |
1 |
Rs. 77.97 |
INFORMATION DETAILS
|
Information Gathered
by : |
SVA |
|
|
|
|
Report Prepared
by : |
DPT |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
3 |
|
PAID-UP CAPITAL |
1~10 |
4 |
|
OPERATING SCALE |
1~10 |
3 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
4 |
|
--PROFITABILIRY |
1~10 |
3 |
|
--LIQUIDITY |
1~10 |
3 |
|
--LEVERAGE |
1~10 |
3 |
|
--RESERVES |
1~10 |
3 |
|
--CREDIT LINES |
1~10 |
4 |
|
--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 |
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 |
|
30 |
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.