MIRA INFORM REPORT
|
Report Date : |
09.10.2013 |
IDENTIFICATION DETAILS
|
Name : |
SYNERGIES CASTINGS LIMITED |
|
|
|
|
Registered
Office : |
Flat No.4/A, Sampathji Apartments, 6-3-855/10/A, Saadat Manzil,
Ameerpet, |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as
on) : |
31.03.2012 |
|
|
|
|
Date of
Incorporation : |
24.01.2005 |
|
|
|
|
Com. Reg. No.: |
01-045171 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs. 286.997 Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U27310AP2005PLC045171 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
VPNS04027C |
|
|
|
|
PAN No.: [Permanent Account No.] |
AAICS7410H |
|
|
|
|
Legal Form : |
A Closely Held Public Limited Liability Company |
|
|
|
|
Line of Business
: |
Subject is engaged in manufacturing and sale of aluminium alloy
wheels, chrome plated wheels, other aluminium castings and products and
plastic components for the automobile, engineering and other industries. |
|
|
|
|
No. of Employees
: |
1200 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (47) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 5900000 |
|
|
|
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
Usually Correct |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is a subsidiary of Synergies Casting USA Inc. It is an established
company having satisfactory track record. There appears sharp dip in profit of the company in financial year
2012. However overall financial position of the company appears to be sound
and healthy. Trade relations are fair. Business is active. Payments are usually
correct. The company can be considered normal for business dealings at usual
trade terms and conditions. |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – March 31st, 2013
|
Country Name |
Previous Rating (31.12.2012) |
Current Rating (31.03.2013) |
|
India |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
INDIAN ECONOMIC OVERVIEW
We are living in a
world where volatility and uncertainty have become the New Normal. We saw a
change of government in countries like Tunisia, Egypt, Libya and Vietnam. Once
powerful countries in Europe are now fighting for bankruptcy. We have
taken growth in the developing part of the world for granted but economic
growth in China and India has begun to slow. Companies that were synonymous
with their product categories just a few years ago are now no longer in
existence. Kodak, the inventor of the digital camera had to wind up its
operations, HMV, the British entertainment retailing company and Borders, once
the second largest bookstore have shut down due to their inability to evolve
their business models with the changing time. Readers’ Digest, Thomson Register
are no more !
There is another
megatrend happening. The World order is changing as economic power shifts from
West to East. According to McKinsey study, it took Britain more than 100 years
to double its economic output per person during its industrial revolution and
the US later took more than 50 years to do the same. More than a century later,
China and India have doubled their GDP per capital in 12 and 18 years
respectively. By 2020, emerging Asia will become the world’s largest consuming
block, overtaking North America.
The years after the outbreak
of the global financial crisis, the world economy continues to remain fragile.
The Indian economy demonstrated remarkable resilience in the initial years of
the contagion but finally lost ground last year. GDP growth slowed down.
Currency has been weakening. There is a marked deceleration in agriculture,
industry and services. Dampening sentiment led to a cut-back in investment as
well as private consumption expenditure. Inflation remained at high
levels fuelled by the pressure from the food and fuel sectors. The large fiscal
and current account deficit s continued to cause grave concern. It is
imperative that India regains its growth trajectory of 8-9 % sooner than later.
This is crucially important given the need to create gainful livelihood opportunities
for the millions living in poverty as also the large contingent of young people
joining the job market every year.
RBI DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available RBI Defaulters’ list.
EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of
31-03-2012.
INFORMATION PARTED BY
|
Name : |
Mr. Hemachandran |
|
Designation : |
Finance Vice President |
|
Contact No.: |
91-891-2587181 |
|
Date : |
08.10.2013 |
LOCATIONS
|
Registered Office : |
Flat No.4/A, Sampathji Apartment, 6-3-855/10/A, Saadat Manzil,
Ameerpet, |
|
Tel. No.: |
91-891-2587181 |
|
Fax No.: |
91-891-2587481 |
|
E-Mail : |
|
|
Website : |
|
|
Area : |
1000 Sq. ft. |
|
Location : |
Rented |
|
|
|
|
Factory : |
# 3 |
|
Tel. No.: |
91-891-2587181 |
|
Fax No.: |
91-891-2587481 |
|
E-Mail : |
|
|
Website : |
|
|
|
|
|
|
888 W Big |
|
Tel. No.: |
248 273 7777 |
|
Mobile No.: |
1-3302245371 |
|
Fax No.: |
1-8067347517 |
|
E-Mail : |
|
|
|
|
|
USA Warehouse : |
|
|
Tel. No.: |
714 443 3873 |
|
Mobile No.: |
312 844 0017 |
|
Fax No.: |
714 443 3874 |
DIRECTORS
AS ON 28.09.2012
|
Name : |
Mr. Padmanayan Chirala |
|
Designation : |
Whole Time Director |
|
Address : |
Plot No. 13, Daspalla Hills, Visakhapatna, Visakhapatna,-530003, Andhra
Pradesh, India |
|
Date of Birth/Age : |
24.01.1965 |
|
Qualification : |
BE |
|
Date of Appointment : |
28.03.2007 |
|
DIN No.: |
00880240 |
Other Directorship:
|
S.
No. |
CIN/LLPIN |
Name
of the Company/ LLP |
Current
designation of the Director/ Designated Partner |
Date
of appointment at current designation |
Original
date of appointment |
Company/
LLP Status |
Defaulting
status |
|
1 |
U27310AP2005PLC045171
|
SYNERGIES
CASTINGS LIMITED |
Whole-time
director |
01/04/2010 |
28/03/2007 |
Active |
NO |
|
2 |
U45400WB2008PTC128400
|
URBAN PLANET
SHAMSHABAD PROJECT PRIVATE LIMITED |
Director |
11/08/2008 |
11/08/2008 |
Active |
NO |
|
3 |
U74900AP2012PLC082194
|
PRECISION
METALIKS LIMITED |
Director |
27/07/2012 |
27/07/2012 |
Active |
NO |
|
Name : |
Mr. Ramanan Raghevendran |
|
Designation : |
Director |
|
Address : |
116W, |
|
Date of Birth/Age : |
14.11.1968 |
|
Date of Appointment : |
26.03.2010 |
|
DIN No.: |
01669553 |
Other Directorship:
|
S.
No. |
CIN/LLPIN |
Name
of the Company/ LLP |
Current
designation of the Director/ Designated Partner |
Date
of appointment at current designation |
Original
date of appointment |
Date
of cessation |
Company/
LLP Status |
Defaulting
status |
|
1 |
U72900MH2000PTC126717
|
CONNECT CAPITAL
INDIA HOLDINGS PRIVATE LIMITED |
Director |
24/05/2000 |
24/05/2000 |
30/07/2008 |
Strike off |
NO |
|
2 |
L99999MH1995PLC094641
|
EDELWEISS FINANCIAL
SERVICES LIMITED |
Director |
10/10/2000 |
10/10/2000 |
19/04/2010 |
Active |
NO |
|
3 |
U72900MH2000PTC126630
|
NETSCRIBES
(INDIA) PRIVATE LIMITED |
Director |
30/09/2003 |
30/09/2003 |
11/06/2012 |
Active |
NO |
|
4 |
U21000MH1992PLC067108
|
GREEN EARTH
EDUCATION LIMITED |
Additional
director |
27/08/2007 |
27/08/2007 |
29/10/2008 |
Active |
NO |
|
5 |
U72200MH1997PTC248097
|
ATOS WORLDLINE
INDIA PRIVATE LIMITED |
Director |
29/09/2008 |
07/12/2007 |
26/08/2010 |
Active |
NO |
|
6 |
U27310AP2005PLC045171
|
SYNERGIES
CASTINGS LIMITED |
Director |
30/09/2010 |
14/12/2007 |
- |
Active |
NO |
|
7 |
U72100AP2001PLC036378
|
OCIMUM BIO
SOLUTIONS (INDIA) LIMITED |
Nominee director
|
07/02/2008 |
07/02/2008 |
16/10/2011 |
Active |
NO |
|
8 |
U92412DL2006PLC155209
|
ESCAL NEWS INDIA
LIMITED |
Additional
director |
13/01/2009 |
13/01/2009 |
01/06/2009 |
Active |
NO |
|
9 |
U64200DL1996PLC078558
|
ESSEL SHYAM
COMMUNICATION LIMITED |
Director |
29/09/2009 |
13/01/2009 |
- |
Active |
NO |
|
10 |
U64202DL2001PLC112437
|
ESSEL SHYAM
TECHNOLOGIES LIMITED |
Director |
29/09/2009 |
13/01/2009 |
- |
Active |
NO |
|
11 |
L72200AP2003PLC041860
|
GSS INFOTECH
LIMITED |
Director |
30/12/2011 |
14/02/2011 |
13/02/2012 |
Active |
NO |
|
12 |
U93000MH2012PTC228829
|
ARCUS INDIA
ADVISORS PRIVATE LIMITED |
Director |
28/03/2012 |
28/03/2012 |
- |
Active |
NO |
|
Name : |
Mr. Moorkoth Mathummal Hemachandran |
|
Designation : |
Director |
|
Address : |
45-54-4 Harika Residency Abid Nagar, Akkayyapalem, |
|
Date of Birth/Age : |
11.10.1953 |
|
Date of Appointment : |
01.07.2009 |
|
DIN No.: |
02977629 |
Other Directorship:
|
S.
No. |
CIN/LLPIN |
Name
of the Company/ LLP |
Current
designation of the Director/ Designated Partner |
Date
of appointment at current designation |
Original
date of appointment |
Company/
LLP Status |
Defaulting
status |
|
1 |
U27310AP2005PLC045171
|
SYNERGIES
CASTINGS LIMITED |
Director |
22/03/2010 |
01/07/2009 |
Active |
NO |
|
2 |
U74900AP2012PLC082194
|
PRECISION
METALIKS LIMITED |
Director |
27/07/2012 |
27/07/2012 |
Active |
NO |
|
Name : |
Mr. Buddharaju Raju Satyanarayana |
|
Designation : |
Whole Time Director |
|
Address : |
9-19-20, Gangotri C.B M Compound, Visakhaptnam, Visakhapatnam-530003,
Andhra Pradesh, India |
|
Date of Birth/Age : |
12.11.1963 |
|
Qualification : |
IIT |
|
Date of Appointment : |
28.03.2007 |
|
DIN No.: |
01696115 |
Other Directorship:
|
S.
No. |
CIN/LLPIN |
Name
of the Company/ LLP |
Current
designation of the Director/ Designated Partner |
Date
of appointment at current designation |
Original
date of appointment |
Company/
LLP Status |
Defaulting
status |
|
1 |
U27310AP2005PLC045171
|
SYNERGIES
CASTINGS LIMITED |
Whole-time
director |
01/04/2010 |
28/03/2007 |
Active |
NO |
|
2 |
U45400WB2008PTC128400
|
URBAN PLANET
SHAMSHABAD PROJECT PRIVATE LIMITED |
Director |
11/08/2008 |
11/08/2008 |
Active |
NO |
|
3 |
U74900AP2012PLC082194
|
PRECISION
METALIKS LIMITED |
Director |
27/07/2012 |
27/07/2012 |
Active |
NO |
|
Name : |
Mr. Abhishek Maheswari |
|
Designation : |
Director |
|
Address : |
B-25, Kalpataru Habitat, Dr. S. S. Rao Road, Parel, Mumbai – 400012, |
|
Date of Birth/Age : |
22.12.1974 |
|
Date of Appointment : |
26.03.2010 |
|
Date of Cessation : |
22.11.2012 |
|
DIN No.: |
01928397 |
KEY EXECUTIVES
|
Name : |
Mr. Hemachandran |
|
Designation : |
Finance Vice President |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 28.09.2012
Note: Shareholder
details file attached.
AS ON 28.09.2012
|
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 |
79.21 |
|
Bodies corporate |
7.39 |
|
Directors or relatives of Directors |
3.95 |
|
Other top fifty shareholders |
9.45 |
|
TOTAL |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Subject is engaged in manufacturing and sale of aluminium alloy
wheels, chrome plated wheels, other aluminium castings and products and plastic
components for the automobile, engineering and other industries. |
||||
|
|
|
||||
|
Products : |
|
||||
|
|
|
||||
|
Exports : |
|
||||
|
Products : |
Finished Goods |
||||
|
Countries : |
|
||||
|
|
|
||||
|
Imports : |
|
||||
|
Products : |
Raw Materials |
||||
|
Countries : |
|
||||
|
|
|
||||
|
Terms : |
|
||||
|
Selling : |
Cash, Credit |
||||
|
|
|
||||
|
Purchasing : |
Cash, Credit |
PRODUCTION STATUS (AS ON : 31.03.2011)
|
Particulars |
Unit |
Installed
Capacity * |
Actual
Production ** |
|
|
|
|
|
|
Aluminum Alloy Wheels |
Nos. |
520000 |
531035 |
|
|
|
|
|
*As certified by
the Management and on the basis of facilities installed as on date based on
various product mix.
** Including raw
castings purchases of 94,020 Nos.
GENERAL INFORMATION
|
No. of Employees : |
1200 (Approximately) |
|||||||||||||||
|
|
|
|||||||||||||||
|
Bankers : |
· Jpmorgan Chase Bank
|
|||||||||||||||
|
|
|
|||||||||||||||
|
Facilities : |
|
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Financial Institution : |
|
|
|
|
|
Auditors : |
|
|
Name : |
S.V. Ghatalia and Associates Chartered Accountants |
|
Address : |
Oval Office, 18, Ilabs Centre, |
|
Tel. No.: |
91-40-67362000 |
|
Fax No.: |
91-40-67362200 |
|
PAN No.: |
AACFS6921Q |
|
|
|
|
Holding Company : |
|
|
|
|
|
Subsidiaries : |
|
|
|
|
|
Other Related Parties : |
|
CAPITAL STRUCTURE
AS ON 31.03.2012
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
21500000 |
Equity Shares |
Rs.10/- each |
Rs. 215.000 Millions |
|
21000000 |
Preference Shares |
Rs.10/- each |
Rs. 210.000 Millions |
|
|
TOTAL |
|
Rs. 425.000
Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
19479000 |
Equity Shares |
Rs.10/- each |
Rs. 194.790
Millions |
|
3887400 |
Preference Shares |
Rs.10/- each |
Rs. 38.874 Millions |
|
5333300 |
Preference Shares |
Rs.10/- each |
Rs. 53.333 Millions |
|
|
TOTAL |
|
Rs. 286.997 Millions |
AS ON 28.09.2012
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
21500000 |
Equity Shares |
Rs.10/- each |
Rs. 215.000 Millions |
|
10500000 |
Preference Shares |
Rs.10/- each |
Rs. 105.000 Millions |
|
|
TOTAL |
|
Rs. 320.000
Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
19479000 |
Equity Shares |
Rs.10/- each |
Rs. 194.790
Millions |
|
3887400 |
Preference Shares |
Rs.10/- each |
Rs. 38.874 Millions |
|
5333300 |
Preference Shares |
Rs.10/- each |
Rs. 53.333 Millions |
|
|
TOTAL |
|
Rs. 286.997 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 |
|
286.997 |
253.824 |
|
(b) Reserves & Surplus |
|
1210.662 |
936.540 |
|
(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) |
|
1497.659 |
1190.364 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
|
90.903 |
68.008 |
|
(b) Deferred tax liabilities (Net) |
|
14.468 |
12.426 |
|
(c) Other long term
liabilities |
|
0.000 |
0.000 |
|
(d) long-term
provisions |
|
10.609 |
8.916 |
|
Total Non-current
Liabilities (3) |
|
115.980 |
89.350 |
|
|
|
|
|
|
(4)
Current Liabilities |
|
|
|
|
(a) Short
term borrowings |
|
177.411 |
116.723 |
|
(b) Trade
payables |
|
108.501 |
138.993 |
|
(c) Other
current liabilities |
|
74.870 |
60.475 |
|
(d) Short-term
provisions |
|
47.425 |
43.943 |
|
Total Current
Liabilities (4) |
|
408.207 |
360.134 |
|
|
|
|
|
|
TOTAL |
|
2021.846 |
1639.848 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1)
Non-current assets |
|
|
|
|
(a) Fixed
Assets |
|
|
|
|
(i)
Tangible assets |
|
300.680 |
293.313 |
|
(ii)
Intangible Assets |
|
0.000 |
0.000 |
|
(iii)
Capital work-in-progress |
|
0.000 |
6.569 |
|
(b) Non-current Investments |
|
0.000 |
0.000 |
|
(c) Deferred tax assets (net) |
|
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
|
591.713 |
351.370 |
|
(e) Other
Non-current assets |
|
0.000 |
0.000 |
|
Total Non-Current
Assets |
|
892.393 |
651.252 |
|
|
|
|
|
|
(2)
Current assets |
|
|
|
|
(a)
Current investments |
|
0.265 |
0.250 |
|
(b)
Inventories |
|
690.900 |
461.057 |
|
(c) Trade
receivables |
|
299.761 |
402.106 |
|
(d) Cash
and cash equivalents |
|
85.998 |
52.344 |
|
(e)
Short-term loans and advances |
|
52.473 |
72.839 |
|
(f) Other
current assets |
|
0.056 |
0.000 |
|
Total
Current Assets |
|
1129.453 |
988.596 |
|
|
|
|
|
|
TOTAL |
|
2021.846 |
1639.848 |
|
SOURCES OF FUNDS |
|
|
31.03.2010 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
|
|
224.118 |
|
|
2] Share Application Money |
|
|
0.000 |
|
|
3] Reserves & Surplus |
|
|
680.362 |
|
|
4] (Accumulated Losses) |
|
|
0.000 |
|
|
NETWORTH |
|
|
904.480 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
|
|
0.000 |
|
|
2] Unsecured Loans |
|
|
91.054 |
|
|
TOTAL BORROWING |
|
|
91.054 |
|
|
DEFERRED TAX LIABILITIES |
|
|
(3.212) |
|
|
|
|
|
|
|
|
TOTAL |
|
|
992.322 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
|
|
117.101 |
|
|
Capital work-in-progress |
|
|
63.266 |
|
|
|
|
|
|
|
|
INVESTMENT |
|
|
0.300 |
|
|
DEFERREX TAX ASSETS |
|
|
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
|
|
318.476
|
|
|
Sundry Debtors |
|
|
237.792
|
|
|
Cash & Bank Balances |
|
|
52.935
|
|
|
Other Current Assets |
|
|
0.000
|
|
|
Loans & Advances |
|
|
380.102
|
|
Total
Current Assets |
|
|
989.305 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
|
|
112.771
|
|
|
Other Current Liabilities |
|
|
23.469
|
|
|
Provisions |
|
|
41.410
|
|
Total
Current Liabilities |
|
|
177.650 |
|
|
Net Current Assets |
|
|
811.655
|
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
|
|
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
|
|
992.322 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
1583.759 |
1576.396 |
1003.153 |
|
|
|
Other Income |
31.974 |
9.125 |
19.936 |
|
|
|
TOTAL (A) |
1615.733 |
1585.521 |
1023.089 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of Material Consumed |
847.919 |
741.151 |
|
|
|
|
Employee benefits expenses |
177.585 |
144.764 |
|
|
|
|
Other Expenses |
650.283 |
621.008 |
|
|
|
|
Changes in inventories of Finished goods, work in progress and stock
in trade |
(247.531) |
(103.203) |
|
|
|
|
TOTAL (B) |
1428.256 |
1403.720 |
878.835 |
|
|
|
|
|
|
|
|
Less |
PROFIT
/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
187.477 |
181.801 |
144.254 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
24.736 |
16.964 |
27.998 |
|
|
|
|
|
|
|
|
|
|
PROFIT
/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
162.741 |
164.837 |
116.256 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
62.280 |
43.953 |
27.907 |
|
|
|
|
|
|
|
|
|
|
PROFIT / (LOSS)
BEFORE TAX (E-F) (G) |
100.461 |
120.884 |
88.349 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
33.829 |
36.048 |
1.979 |
|
|
|
|
|
|
|
|
|
|
PROFIT / (LOSS)
AFTER TAX (G-H) (I) |
66.632 |
84.836 |
86.370 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
NA |
NA |
43.088 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
NA |
NA |
13.034 |
|
|
|
|
|
|
|
|
|
|
BALANCE CARRIED
TO THE B/S |
NA |
NA |
116.424 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Export Earnings |
NA |
699.801 |
290.688 |
|
|
|
Claim received |
NA |
0.000 |
16.107 |
|
|
|
Tooling Charges |
NA |
0.000 |
2.716 |
|
|
TOTAL EARNINGS |
NA |
699.801 |
309.511 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
NA |
757.487 |
377.376 |
|
|
|
Stores & Spares |
NA |
104.232 |
75.883 |
|
|
|
Capital Goods |
NA |
151.009 |
21.482 |
|
|
TOTAL IMPORTS |
NA |
1012.728 |
474.741 |
|
|
|
|
|
|
|
|
|
|
Earnings /
(Loss) Per Share (Rs.) |
3.44 |
5.47 |
6.22 |
|
|
Particulars |
|
|
31.03.2013 |
|
Sales Turnover (Approximately) |
|
|
2000.000 |
|
|
|
|
|
The above information has been parted by Mr. Hemachandran.
KEY RATIOS
|
PARTICULARS |
|
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
PAT / Total Income |
(%) |
4.12
|
5.35 |
8.44 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
6.34
|
7.67 |
8.81 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
4.97
|
7.40 |
7.99 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.07
|
0.10 |
0.10 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
0.18
|
0.16 |
0.10 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
2.77
|
2.75 |
5.57 |
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 |
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 |
|
|
|
Deferred Payment Liabilities |
80.886 |
66.008 |
|
Loans and Advances From Related Parties |
10.017 |
2.000 |
|
SHORT TERM
BORROWINGS |
|
|
|
Loans and Advances from Related Parties |
15.663 |
16.745 |
|
|
|
|
|
TOTAL |
106.566 |
84.753 |
VIEW INDEX OF
CHARGES
|
S. No |
Charge ID |
Date of Charge Creation /Modification |
Charge amount secured |
Charge Holder |
Address |
Service Request Number (SRN |
|
1 |
10436102 |
09/07/2013 |
220,000,000.00 |
Mahindra And Mahindra Financial Services
Limited |
Gateway Building, Apollo Bunder, Mumbai, Maharashtra - 400001, India |
B79293676 |
|
2 |
10230650 |
26/06/2013 * |
220,000,000.00 |
IFCI Factors Limited |
9th Floor, IFCI Tower, 61, Nehru Place, New Delhi, Delhi - 110019,
india |
B78095940 |
|
|
|
|
|
|
|
|
|
* Date of charge modification |
||||||
CORPORATE INFORMATION
Subject is engaged
in manufacturing and sale of aluminium alloy wheels, chrome plated wheels,
other aluminium castings and products and plastic components for the automobile,
engineering and other industries. With its manufacturing facility being located
at Vishakhapatnam, the Company serves both Indian and global customers.
REVIEW OF OPERATIONS
The Company has
recorded Net Sales and Other Income of Rs. 1615.73 million during the year
against Rs.1585.52 million previous year; The Company has recorded a Net Profit
of Rs. 66.63 million during the year against a Net Profit of Rs. 84.83 million
in the previous year.
THE CURRENT YEAR: 2011 - 2012
There has been a steady growth in their sales during the year and they
hope it will continue
FIXED ASSETS
- Building
- Plant and
Machinery
- Castings
Moulds
- Office
Equipment
- Furniture and
Fixture
- Vehicles
- Computer
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. 61.68 |
|
UK Pound |
1 |
Rs. 99.20 |
|
Euro |
1 |
Rs. 83.68 |
INFORMATION DETAILS
|
Information
Gathered by : |
PDT |
|
|
|
|
Report Prepared
by : |
DPT |
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 |
5 |
|
--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 |
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 |
|
47 |
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.