1. Summary Information
|
Country |
|
||
|
Company Name |
SHARDA MOTOR
INDUSTRIES LIMITED |
Principal Name 1 |
Mr. Narinder Dev Relan |
|
Status |
Good |
Principal Name 2 |
Mr. Ajay Relan |
|
Registration # |
55-023202 |
||
|
Street Address |
D-188,
Okhla Industrial Area, Phase-1, |
||
|
Established Date |
29.01.1986 |
SIC Code |
-- |
|
Telephone# |
91-11-47334100 |
Business Style 1 |
Manufacturing |
|
Fax # |
91-11-26811676 |
Business Style 2 |
Assembly |
|
Homepage |
Product Name 1 |
Auto Components |
|
|
# of employees |
1282 (Approximately) |
Product Name 2 |
White Goods Components |
|
Paid up capital |
Rs.
59,463,260/- |
Product Name 3 |
-- |
|
Shareholders |
Promoter and
Promoter Group 74.98%, Public Shareholding 25.02% |
Banking |
Yes Bank Limited |
|
Public Limited Corp. |
YES |
Business Period |
27 Years |
|
IPO |
YES |
International Ins. |
- |
|
Public |
YES |
Rating |
A
(63) |
|
Related
Company |
|||
|
Relation
|
Country
|
Company
Name |
CEO |
|
Associates |
-- |
Relan Industrial Finance Limited |
-- |
|
Note |
- |
||
2. Summary
Financial Statement
|
Balance Sheet as of |
31.03.2013 |
(Unit: Indian Rs.) |
|
|
Assets |
Liabilities |
||
|
Current Assets |
1,507,842,000 |
Current Liabilities |
1,664,978,000 |
|
Inventories |
858,848,000 |
Long-term Liabilities |
1,509,313,000 |
|
Fixed Assets |
2,603,829,000 |
Other Liabilities |
219,846,000 |
|
Deferred Assets |
0,000 |
Total Liabilities |
3,394,137,000 |
|
Invest& other Assets |
120,906,000 |
Retained Earnings |
1,637,825,000 |
|
|
|
Net Worth |
1,697,288,000 |
|
Total Assets |
5,091,425,000 |
Total Liab. & Equity |
5,091,425,000 |
|
Total Assets (Previous Year) |
4,427,012,000 |
|
|
|
P/L Statement as of |
31.03.2013 |
(Unit: Indian Rs.) |
|
|
Sales |
|
Net Profit |
|
|
Sales(Previous yr) |
7,514,219,000 |
Net Profit(Prev.yr) |
276,109,000 |
MIRA INFORM REPORT
|
Report Date : |
23.10.2013 |
IDENTIFICATION DETAILS
|
Name : |
SHARDA MOTOR INDUSTRIES LIMITED |
|
|
|
|
Registered
Office : |
D-188, Okhla Industrial Area, Phase-1, |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as
on) : |
31.03.2013 |
|
|
|
|
Date of
Incorporation : |
29.01.1986 |
|
|
|
|
Com. Reg. No.: |
55-023202 |
|
|
|
|
Capital Investment
/ Paid-up Capital : |
Rs. 59.463 Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
L74899DL1986PLC023202 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
DELS03725B |
|
|
|
|
PAN No.: [Permanent Account No.] |
AAACS6855J |
|
|
|
|
Legal Form : |
A Public Limited Liability company. The company’s Shares are Listed on
the Stock Exchanges. |
|
|
|
|
Line of Business
: |
Manufacturing and Assembly of Auto Components and White Goods Components. |
|
|
|
|
No. of Employees
: |
1282 (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 |
|
Maximum Credit Limit : |
USD 6789000 |
|
|
|
|
Status : |
Good |
|
|
|
|
Payment Behaviour : |
Regular |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is a flagship company of the Relan Grouo. It is an established
company having fine track record. Profit margins of the company reported to be decent. Overall
fundamental of the company appears to be sound and healthy. Directors are reported to be experienced and respectable businessmen. Trade relations are fair. Business is active. Payment terms are
regular. The company can be considered for business dealings at usual trade
terms and conditions. |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – March 31st, 2013
|
Country Name |
Previous Rating (31.12.2012) |
Current Rating (31.03.2013) |
|
|
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
INDIAN ECONOMIC OVERVIEW
The finance ministry
has started preparations for Budget 2014/15. With general elections scheduled
to be held by May next year, there will only be an interim budget. The new
government will present the fiscal Budget.
The Supreme Court
has barred clinical trials for new drugs till a monitoring mechanism is put in
place to protect the lives of people on which the drugs are tested.
Mumbai has been named
the world’s second most honest city according to a survey on 15 cities
worldwide by Readers’ Digest magazine. Finnish capital Helsinki bagged the top
spot for the world’s most honest city while Lisbon, the capital of Portugal,
proved to be the least honest. The survey put hundreds of people to test
in four continents to find out just how honest they were by dropping wallets
and seeing how many would be returned.
3.7 % Growth of the
core sector in August, a seven month high. This takes the overall growth in
April-August this year to 2.3 % compared with 6.3 % in the corresponding period
next financial year.
$19 million
Estimated average spending by companies across the globe including India, on
social media this year, according to a global study by information technology
major Tata Consultancy Services. This will rise to $ 24 million in 2015.
Rising inflation,
fewer employment avenues and dwindling earnings are taking a toll on the
spending capacity in India. Over 72 % respondents from middle and lower middle
income families would be forced to slash their Diwali expenditure by 40 % and
on average spend nearly 25 % of their monthly salary on Diwali, according to a
survey by Assochem.
Analysts believe the
shutdown of the US government would have limited impact in sectors such as IT
or tourism that are dependent on Visa clearances.
EXTERNAL AGENCY RATING
|
Rating Agency Name |
CRISIL |
|
Rating |
Long term rating : A+ |
|
Rating Explanation |
Adequate degree of safety and low credit
risk. |
|
Date |
August 13, 2013 |
|
Rating Agency Name |
CRISIL |
|
Rating |
Short term rating : A1 |
|
Rating Explanation |
Very strong degree of safety and lowest
credit risk. |
|
Date |
August 13, 2013 |
RBI DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available RBI Defaulters’ list.
EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of
31-03-2012.
LOCATIONS
|
Registered/
Corporate Office : |
D-188, Okhla Industrial Area, Phase-1, New Delhi – 110020,
India |
|
Tel. No.: |
91-11-47334100 |
|
Fax No.: |
91-11-26811676 |
|
E-Mail : |
|
|
Website : |
|
|
|
|
|
Factory : |
1.
58
KM, Delhi Jaipur Highway, Behind Terry Soft, Village and P. O. Binola 2.
Plot
No. A-1/8, MVML Vendor Park MIDC, Phase IV, Nigo JE Chakan, Pune, Maharashtra 3.
Sipcot
Industrial Park, Irungattu Kottai,Sriperumbudur Taluka, Kancheepuram, District
Tamilnadu, India 4.
Mahindra
World City, Changalpattu Taluk,Kanchepuram District Industrial Park,
Tamilnadu, India 5.
Plot
No.276, Udyog Vihar, Phase-VI, Gurgaon, Haryana, India 6.
Plot
No. 366, Pace City - II, Udyog Vihar, Phase IV, Gurgaon, Haryana, India Plot
No.4, Sector-31, Greater Noida, District Gautam, Budh Nagar, Uttar Pradesh,
India 7.
Plot
No. 4, Sector-2, I.I.E. Ranipur, Haridwar, Uttaranchal, India 8.
Plot
No.112, M.I.D.C., Satpur, Nasik, Maharashtra, India 9.
Plot
No. 52/1, 52/2, 53/2A, 54A, 54B, 54C and 54D, Behind Ceat Company, Satpur,
Nasik, Maharashtra, India 10. C - 506, Block - C, Pioneer Industrial
park, (Village Bhudka), Pathredi, Gurgaon, Haryana, India 11. Plot No. C-8 Tata Motor, Vendor Park,
North Kotpura, Sanand, Ahmedabad, Gujarat, India 12.
Plot
No. 558, 559, Surajpur Bypass Industrial Area, Greater Noida, Uttar Pradesh,
India |
|
|
|
|
Working Units : |
Located at: ·
Sheet Metal Division, Greater
Noida, ·
Exhaust System Division, Chennai,
·
Export Division, Chennai,
·
R and D Centre, ·
Exhaust Division,
Nashik, ·
Suspension Division, Nashik,
·
Buying House Centre, Nashik,
·
Soft Top / Plastic Division,
Surajpur ·
Automotive Upholstery
Division, Gurgaon, ·
White Goods Division, Haridwar,
·
Pro -Acoustics Division, New Delhi,
|
|
|
|
|
International Office : |
103-102, Hyundai I Park, 2048, Namyang-Dong, |
|
Tel No.: |
082-(0)70-8700-4874 |
DIRECTORS
AS ON 31.03.2013
|
Name : |
Mr. Kishan Nagin Parikh |
|
Designation : |
Chairman |
|
Address : |
Panchsheel, No. II, Inner Circle Road, Contractors' Area,
Jamshedpur – 831001, Jharkhand, India |
|
Date of Birth/Age : |
15.04.1967 |
|
Date of Appointment : |
16.12.2005 |
|
PAN No.: |
ABWPP6531A |
|
DIN No.: |
00453209 |
|
|
|
|
Name : |
Mr. Narinder Dev Relan |
|
Designation : |
Co-Chairman |
|
Address : |
25, Sardar, Patel Marg, Chanakya Puri, New Delhi - 110021, India |
|
Date of Birth/Age : |
31.05.1929 |
|
Qualification : |
B.Com |
|
Expertise in
specified functional areas : |
Accounts, Finance, Business Management and Capital Market |
|
Date of Appointment : |
29 .08.1986 |
|
PAN No.: |
AAHPR1325A |
|
DIN No.: |
00240280 |
|
|
|
|
Name : |
Mr. Ajay
Relan |
|
Designation : |
Managing Director |
|
Address : |
25, Sardar, Patel Marg, Chanakya Puri, New Delhi - 110021, India |
|
Date of Birth/Age : |
03.12.1961 |
|
Qualification : |
Graduate |
|
Date of Appointment : |
29.011986 |
|
PAN No.: |
AAEPR4256P |
|
DIN No.: |
00257584 |
|
|
|
|
Name : |
Mrs. Sharda Relan |
|
Designation : |
Director |
|
Address : |
25, Sardar, Patel Marg, Chanakya Puri, New Delhi - 110021, India |
|
Date of Birth/Age : |
11.08.1935 |
|
Qualification : |
Graduate |
|
Expertise in
specified functional areas : |
Corporate Management |
|
Date of Appointment : |
29.01.1986 |
|
PAN No.: |
AAKPR2245N |
|
DIN No.: |
00252181 |
|
|
|
|
Name : |
Mr. Rohit Relan |
|
Designation : |
Director |
|
Address : |
25, Sardar, Patel Marg, Chanakya Puri, New Delhi - 110021, India |
|
Date of Birth/Age : |
02.07.1955 |
|
Date of Appointment : |
25 .05.1991 |
|
PAN No.: |
AAEPR4255Q |
|
DIN No.: |
00257572 |
|
|
|
|
Name : |
Mr. Ram Prakash Chowdhry |
|
Designation : |
Director |
|
Address : |
10, Anand Lok, New Delhi -
110049, India |
|
Date of Birth/Age : |
16.05.1925 |
|
Qualification : |
B.E. (Civil) |
|
Expertise in
specified functional areas : |
Business Management |
|
Date of Appointment : |
29.08.1986 |
|
PAN No.: |
AAAPC2315C |
|
DIN No.: |
00337775 |
|
|
|
|
Name : |
Mr. |
|
Designation : |
Additional Director |
|
Address : |
N-12, Panchsheel Park, New Delhi
- 110017, India |
|
Date of Birth/Age : |
21.11.1943 |
|
Date of Appointment : |
16.12.2005 |
|
PAN No.: |
AHJPK7370H |
|
DIN No.: |
00027798 |
|
|
|
|
Name : |
Mr. Udayan Banerjee |
|
Designation : |
Executive Director |
|
Address : |
E-222, Greater Kailash, Part II, New Delhi -110048, India |
|
Date of Birth/Age : |
15.01.1947 |
|
Qualification : |
M.Sc. IIT Kharagpur |
|
Expertise in
specified functional areas : |
Business Management |
|
Date of Appointment : |
01.06.2004 |
|
PAN No.: |
AAHPB3641F |
|
DIN No.: |
00339754 |
|
|
|
|
Name : |
Mr. Ashok Kumar Bhattacharya |
|
Designation : |
Director |
|
Address : |
46 Wake Green Road, Moseley, Birmingham, B139PF, United Kingdom |
|
Date of Birth/Age : |
11.01.1928 |
|
Date of Appointment : |
28.10.2009 |
|
PAN No.: |
APUPB7542R |
|
DIN No.: |
02804551 |
KEY EXECUTIVES
|
Name : |
Mr. Nitin Vishnoi |
|
Designation : |
Company Secretary |
|
Address : |
13/91, Raj Nagar, Ghaziabad - 201002, Utter Pradesh, India |
|
Date of Birth/Age : |
18.01.1970 |
|
Date of Appointment : |
01.07.2002 |
|
Pan No.: |
AAYPV5238R |
|
|
|
|
Name : |
Mr. Pradeep Rastogi |
|
Designation : |
President (Legal)
and CFO |
|
|
|
|
Name : |
D. A. Aggarwal |
|
Designation : |
Senior Vice
President (F&A) |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 30.09.2013
|
Category of
Shareholder |
Total
No. of Shares |
As a % |
|
(A) Shareholding of Promoter and Promoter Group |
|
|
|
|
|
|
|
|
4458556 |
74.98 |
|
|
4458556 |
74.98 |
|
|
|
|
|
Total shareholding of Promoter and Promoter Group (A) |
4458556 |
74.98 |
|
(B) Public Shareholding |
|
|
|
|
|
|
|
|
44400 |
0.75 |
|
|
44400 |
0.75 |
|
|
|
|
|
|
240406 |
4.04 |
|
|
|
|
|
|
382160 |
6.43 |
|
|
810546 |
13.63 |
|
|
10258 |
0.17 |
|
|
38 |
0.00 |
|
|
20 |
0.00 |
|
|
10200 |
0.17 |
|
|
1443370 |
24.27 |
|
Total Public shareholding (B) |
1487770 |
25.02 |
|
Total (A)+(B) |
5946326 |
100.00 |
|
(C) Shares held by Custodians and against which Depository Receipts
have been issued |
|
|
|
|
0 |
0.00 |
|
|
0 |
0.00 |
|
|
0 |
0.00 |
|
Total (A)+(B)+(C) |
5946326 |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturing and Assembly of Auto Components and White Goods Components. |
||||||||
|
|
|
||||||||
|
Products/ Services : |
|
PRODUCTION STATUS (AS ON 31.03.2011)
|
Particulars |
Unit |
Actual
Production |
|
Automotive Components |
|
|
|
– Metal Parts |
Pcs |
16320202 |
|
– Fabric |
Pcs |
4501056 |
|
White Goods |
Pcs |
3304575 |
NOTE: Licensed and Installed Capacity:
As certified by the Management and as per the norms
laid down by the Central Government, no licence is required for the class of
goods manufactured by the Company; hence information pertaining to the licensed
capacity is not given. The Company is of the view that the installed capacity
of its machinery in terms of measurable units cannot be determined as it
varies, based on the design / process of its heterogeneous range of products.
GENERAL INFORMATION
|
Customer : |
· Hyundai · Mahindra and Mahindra · Mahindra Navistar · Bharat Seats · Carrier · Tata Johnson Controls · Peal · Panasonic · Cummins |
||||||||||||||||||||||||||||||||||||||||
|
|
|
||||||||||||||||||||||||||||||||||||||||
|
No. of Employees : |
1282 (Approximately) |
||||||||||||||||||||||||||||||||||||||||
|
|
|
||||||||||||||||||||||||||||||||||||||||
|
Bankers : |
· Yes Bank Limited · ICICI Bank · State Bank of India · Punjab National Bank · Citi Bank · HDFC Bank ·
Canara Bank |
||||||||||||||||||||||||||||||||||||||||
|
|
|
||||||||||||||||||||||||||||||||||||||||
|
Facilities : |
|
||||||||||||||||||||||||||||||||||||||||
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Statutory Auditors : |
|
|
Name : |
S. R. Dinodia and Company Chartered Accountants |
|
Address : |
New Delhi, India |
|
|
|
|
Cost Auditors : |
|
|
Name : |
Gurdeep Singh and Associates Chartered Accountants |
|
Address : |
New Delhi, India |
|
|
|
|
Subsidiary Company : |
Sharda Sejong Auto Components (India) Limited # |
|
|
|
|
Associate Companies : |
· Relan Industrial Finance Limited · Bharat Seats Limited ·
Progressive Engineering and Automation Private
Limited |
|
|
|
|
Enterprises over which Key Managerial Personnel are able to Exercise
significant influence (Associate Concern) : |
· Sharda Enterprises ·
A.N.I Hospitality LLP |
Note:
# In the pursuance of the order dated July 25, 2012 of the
honorable High Court of Delhi subsidiary company has been amalgamated with the
holding company (“Sharda Motor Industries Limited")
CAPITAL STRUCTURE
AS ON 31.03.2013
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
50,000,000 |
Equity Shares |
Rs. 10/- each |
Rs. 500.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
5,946,326 |
Equity Shares |
Rs. 10/- each |
Rs. 59.463
Millions |
|
|
|
|
|
a) Reconciliation of shares outstanding at the beginning and at the end
of the reporting year
|
Equity Shares |
31.03.2013 |
|
|
|
No of shares |
Rs. in Millions |
|
At the commencement of the year |
5946326 |
59.463 |
|
Add:- Issued during the year |
-- |
-- |
|
Less:- Buy back during the year |
-- |
-- |
|
Outstanding at the end of the year |
5946326 |
59.463 |
b) Terms/rights
attached to Equity shares
The company has only
one class of Equity shares having a par value of Rs. 10 per share. Each
shareholder is entitled to one vote per share. The company declares and pays
dividends in Indian Rupees. The dividend proposed by the Board of Directors is
subject to the approval of the shareholders in the ensuing Annual General
Meeting, except in case of Interim Dividend.
During the year
ended 31st March, 2013, the amount of per share dividend recognized as
distributions to Equity Shareholders was Rs. 10/- (March 31, 2012: Rs. 10.00/-).
In the event of
liquidation of the Company, the holders of equity shares will be entitled to
receive any of the remaining assets of the company, after distribution of all
preferential amounts. The distribution will be in proportion to the number of
equity shares held by the shareholders.
c) Details of shares in the company held by each shareholder holding
more than 5 percent shares
|
Equity Shares |
31.03.2013 |
|
|
|
No of shares |
% of holding |
|
N.D Relan |
488020 |
8.21 |
|
Sharda Relan |
742520 |
12.49 |
|
Ajay Relan |
810378 |
13.63 |
|
Rohit Relan |
478818 |
8.05 |
|
Ritu Relan |
792520 |
13.33 |
|
Mala Relan |
571260 |
9.61 |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
|
|
31.03.2013 |
|
I.
EQUITY AND LIABILITIES |
|
|
|
|
(1)Shareholders'
Funds |
|
|
|
|
(a) Share Capital |
|
|
59.463 |
|
(b) Reserves & Surplus |
|
|
1637.825 |
|
(c) Money received against share warrants |
|
|
0.000 |
|
|
|
|
|
|
(2) Share
Application money pending allotment |
|
|
0.000 |
|
Total
Shareholders’ Funds (1) + (2) |
|
|
1697.288 |
|
|
|
|
|
|
(3) Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
|
|
109.634 |
|
(b) Deferred tax liabilities (Net) |
|
|
143.404 |
|
(c)
Other long term liabilities |
|
|
29.534 |
|
(d)
long-term provisions |
|
|
34.966 |
|
Total
Non-current Liabilities (3) |
|
|
317.538 |
|
|
|
|
|
|
(4)
Current Liabilities |
|
|
|
|
(a)
Short term borrowings |
|
|
1399.679 |
|
(b)
Trade payables |
|
|
1358.320 |
|
(c)
Other current liabilities |
|
|
277.124 |
|
(d)
Short-term provisions |
|
|
41.476 |
|
Total
Current Liabilities (4) |
|
|
3076.599 |
|
|
|
|
|
|
TOTAL |
|
|
5091.425 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1)
Non-current assets |
|
|
|
|
(a)
Fixed Assets |
|
|
|
|
(i)
Tangible assets |
|
|
2329.426 |
|
(ii)
Intangible Assets |
|
|
274.403 |
|
(iii)
Capital work-in-progress |
|
|
107.006 |
|
(iv) Intangible assets under development |
|
|
0.000 |
|
(b) Non-current
Investments |
|
|
13.900 |
|
(c) Deferred tax assets
(net) |
|
|
0.000 |
|
(d) Long-term Loan
and Advances |
|
|
198.085 |
|
(e)
Other Non-current assets |
|
|
114.931 |
|
Total
Non-Current Assets |
|
|
3037.751 |
|
|
|
|
|
|
(2)
Current assets |
|
|
|
|
(a)
Current investments |
|
|
0.000 |
|
(b)
Inventories |
|
|
858.848 |
|
(c)
Trade receivables |
|
|
1010.408 |
|
(d)
Cash and cash equivalents |
|
|
63.256 |
|
(e)
Short-term loans and advances |
|
|
121.032 |
|
(f)
Other current assets |
|
|
0.130 |
|
Total
Current Assets |
|
|
2053.674 |
|
|
|
|
|
|
TOTAL |
|
|
5091.425 |
|
SOURCES OF FUNDS |
|
31.03.2012 |
31.03.2011 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
|
59.463 |
59.463 |
|
|
2] Share Application Money |
|
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
|
1402.619 |
1195.620 |
|
|
4] (Accumulated Losses) |
|
0.000 |
0.000 |
|
|
NETWORTH |
|
1462.082 |
1255.083 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
|
811.050 |
715.186 |
|
|
2] Unsecured Loans |
|
364.300 |
366.519 |
|
|
TOTAL BORROWING |
|
1175.350 |
1081.705 |
|
|
DEFERRED TAX LIABILITIES |
|
95.080 |
115.034 |
|
|
|
|
|
|
|
|
TOTAL |
|
2732.512 |
2451.822 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
|
2293.045 |
1814.500 |
|
|
Capital work-in-progress |
|
105.145 |
337.774 |
|
|
|
|
|
|
|
|
INVESTMENT |
|
214.400 |
214.400 |
|
|
DEFERREX TAX ASSETS |
|
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
|
620.938
|
656.614
|
|
|
Sundry Debtors |
|
943.067
|
761.433
|
|
|
Cash & Bank Balances |
|
35.083
|
23.970
|
|
|
Other Current Assets |
|
0.638
|
21.849
|
|
|
Loans & Advances |
|
214.696
|
142.375
|
|
Total
Current Assets |
|
1814.422
|
1606.241
|
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
|
1082.498
|
1048.244
|
|
|
Other Current Liabilities |
|
532.218
|
419.377
|
|
|
Provisions |
|
79.784
|
53.472
|
|
Total
Current Liabilities |
|
1694.500
|
1521.093
|
|
|
Net Current Assets |
|
119.922
|
85.148
|
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
|
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
|
2732.512 |
2451.822 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
|
|
SALES |
|
|
|
|
|
|
|
Revenue from Operations |
8983.333 |
7514.219 |
7001.978 |
|
|
|
Other Income |
69.953 |
58.150 |
52.344 |
|
|
|
TOTAL (A) |
9053.286 |
7572.369 |
7054.322 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of materials consumed |
5963.322 |
4924.647 |
420.915 |
|
|
|
Purchases of stock-in-trade |
633.042 |
538.169 |
-- |
|
|
|
Changes in inventories of finished goods, work-in-progress and stock-in-trade |
(23.763) |
14.896 |
-- |
|
|
|
Employee benefit expense |
461.018 |
392.265 |
-- |
|
|
|
Other expenses |
1081.574 |
995.705 |
-- |
|
|
|
Exceptional Item |
35.743 |
0.000 |
0.000 |
|
|
|
Manufacturing and Other Expenses |
-- |
-- |
6028.300 |
|
|
|
TOTAL (B) |
8150.936 |
6865.682 |
6449.215 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
902.350 |
706.687 |
605.107 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
109.328 |
93.310 |
80.818 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
793.022 |
613.377 |
524.289 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
357.618 |
312.600 |
241.821 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
435.404 |
300.777 |
282.468 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
175.906 |
24.668 |
72.793 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
259.498 |
276.109 |
209.675 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS YEARS’
BALANCE BROUGHT FORWARD |
154.887 |
147.888 |
157.553 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Proposed Dividend |
29.732 |
29.732 |
29.732 |
|
|
|
Tax on Proposed Dividend |
4.823 |
4.823 |
4.938 |
|
|
|
Interim Dividend |
29.732 |
29.732 |
29.732 |
|
|
|
Tax on Interim Dividend |
4.823 |
4.823 |
4.938 |
|
|
|
Transferred to General Reserves |
150.000 |
200.000 |
150.000 |
|
|
BALANCE CARRIED
TO THE B/S |
195.275 |
154.887 |
147.888 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
F.O.B. value of exports |
169.069 |
34.493 |
26.240 |
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
1430.397 |
1093.828 |
1126.532 |
|
|
|
Capital Goods |
39.151 |
120.447 |
83.172 |
|
|
|
Machinery Spares and Consumables |
42.757 |
47.052 |
44.753 |
|
|
TOTAL IMPORTS |
1512.305 |
1261.327 |
1254.457 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
43.64 |
46.43 |
35.26 |
|
QUARTERLY RESULTS
|
PARTICULARS |
|
|
30.06.2013 |
|
Type |
|
|
1st
Quarter |
|
Sales Turnover |
|
|
2136.700 |
|
Total Expenditure |
|
|
1973.100 |
|
PBIDT (Excl OI) |
|
|
163.600 |
|
Other Income |
|
|
29.200 |
|
Operating Profit |
|
|
192.800 |
|
Interest |
|
|
31.400 |
|
Exceptional Items |
|
|
0.000 |
|
PBDT |
|
|
161.400 |
|
Depreciation |
|
|
101.400 |
|
Profit Before Tax |
|
|
60.000 |
|
Tax |
|
|
(25.900) |
|
Provisions and Contingencies |
|
|
0.000 |
|
Reported PAT |
|
|
85.900 |
|
Extraordinary Items |
|
|
0.000 |
|
Prior Period Expenses |
|
|
0.000 |
|
Other Adjustments |
|
|
0.000 |
|
Net Profit |
|
|
85.900 |
KEY RATIOS
|
PARTICULARS |
|
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
PAT / Total Income |
(%) |
2.87
|
3.65 |
2.97 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
4.85
|
4.00 |
4.03 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
8.76
|
7.32 |
8.26 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.26
|
0.21 |
0.23 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
0.89
|
0.80 |
0.86 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
0.67
|
1.07 |
0.89 |
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 |
No |
|
10] |
Designation of contact
person |
No |
|
11] |
Turnover of firm for last
three years |
Yes |
|
12] |
Profitability for last
three years |
Yes |
|
13] |
Reasons for variation
<> 20% |
-- |
|
14] |
Estimation for coming
financial year |
No |
|
15] |
Capital in the business |
Yes |
|
16] |
Details of sister
concerns |
Yes |
|
17] |
Major suppliers |
No |
|
18] |
Major customers |
Yes |
|
19] |
Payments terms |
No |
|
20] |
Export / Import details
(if applicable) |
No |
|
21] |
Market information |
-- |
|
22] |
Litigations that the firm
/ promoter involved in |
-- |
|
23] |
Banking Details |
Yes |
|
24] |
Banking facility details |
Yes |
|
25] |
Conduct of the banking
account |
-- |
|
26] |
Buyer visit details |
-- |
|
27] |
Financials, if provided |
Yes |
|
28] |
Incorporation details, if
applicable |
Yes |
|
29] |
Last accounts filed at
ROC |
Yes |
|
30] |
Major Shareholders, if
available |
Yes |
|
31] |
Date of Birth of
Proprietor/Partner/Director, if available |
Yes |
|
32] |
PAN of
Proprietor/Partner/Director, if available |
Yes |
|
33] |
Voter ID No of
Proprietor/Partner/Director, if available |
No |
|
34] |
External Agency Rating,
if available |
Yes |
INDEX OF CHARGES
|
S.NO. |
CHARGE ID |
DATE OF CHARGE CREATION/MODIFICATION |
CHARGE AMOUNT SECURED |
CHARGE HOLDER |
ADDRESS |
SERVICE REQUEST NUMBER (SRN) |
|
1 |
10429205 |
20/04/2013 |
200,000,000.00 |
YES BANK LIMITED |
9TH FLOOR, NEHRU
CENTRE, DISCOVERY OF INDIA, DR ANNIE BESANT ROAD, WORLI, MUMBAI - 400018,
MAHARASHTRA, INDIA |
B76358530 |
|
2 |
10403478 |
31/01/2013 |
280,500,000.00 |
CITIBANK N.A |
DLF SQUARE, M BLOCK,
JACARANDA MARG, DLF CITY PHASE II, GURGAON - 122002, HARYANA, INDIA |
B68310556 |
|
3 |
10394145 |
01/12/2012 |
150,000,000.00 |
YES BANK LIMITED |
9TH FLOOR, NEHRU
CENTRE, DISCOVERY OF INDIA, DR ANNIE BESANT ROAD, WORLI, MUMBAI - 400018, MAHARASHTRA,
INDIA |
B64904816 |
|
4 |
10317470 |
16/09/2013 * |
200,000,000.00 |
YES BANK LIMITED |
9TH FLOOR, NEHRU
CENTRE, DISCOVERY OF INDIA, DR ANNIE BESANT ROAD, WORLI, MUMBAI - 400018,
MAHARASHTRA, INDIA |
B85708071 |
|
5 |
10215974 |
21/04/2010 |
177,760,000.00 |
3I INFOTECH
TRUSTEESHIP SERVICES LIMITED |
36, RANI JHANSI
ROAD,, RAM KUMAR MARG (OPP JHANDE WALAN MANDIR), NEW DELHI - 110055, INDIA |
A83669697 |
|
6 |
10222310 |
15/11/2010 * |
129,700,000.00 |
ICICI BANK
LIMITED |
LANDMARKRACE COURCE
CIRCLE, ALKAPURI, BARODA - 390015, GUJARAT, INDIA |
A98922545 |
|
7 |
10218684 |
16/09/2013 * |
800,000,000.00 |
YES BANK LIMITED |
9TH FLOOR, NEHRU
CENTRE, DISCOVERY OF INDIA, DR ANNIE BESANT ROAD, WORLI, MUMBAI - 400018,
MAHARASHTRA, INDIA |
B85997989 |
|
8 |
10155141 |
11/04/2009 |
77,000,000.00 |
STATE BANK OF
INDIA |
A-5, SOUTH
EXTENSION PART-I, NEW DELHI - 110048, INDIA |
A61268439 |
|
9 |
10124588 |
23/09/2008 |
250,000,000.00 |
STANDARD
CHARTERED BANK |
CREDIT RISK CONTROL,
NARAIN MANZIL, 23, BARAKHAMBA ROAD, NEW DELHI - 110001, INDIA |
A47178835 |
|
10 |
10094134 |
24/03/2008 |
162,000,000.00 |
3I INFOTECH
TRUSTEESHIP SERVICES LIMITED |
3RD TO 6TH
FLOOR, INTERNATIONAL INFOTECH PARK, TOWER NO.5, VASHI RAILWAY STATION COMPLEX,
VASHI, NAVI MUMBAI - 400703, MAHARASHTRA, INDIA |
A34753830 |
|
11 |
10087231 |
17/12/2007 |
80,000,000.00 |
3I INFOTECH
TRUSTEESHIP SERVICES LIMITED |
3RD TO 6TH
FLOOR, INTERNATIONAL INFOTECH PARK, TOWER NO.5, VASHI RAILWAY STATION COMPLEX,
VASHI, NAVI MUMBAI - 400703, MAHARASHTRA, INDIA |
A32096646 |
|
12 |
10093391 |
17/12/2007 |
80,000,000.00 |
3I INFOTECH
TRUSTEESHIP SERVICES LIMITED |
3RD TO 6TH
FLOOR, INTERNATIONAL INFOTECH PARK, TOWER NO.5, VASHI RAILWAY STATION COMPLEX,
VASHI, NAVI MUMBAI - 400703, MAHARASHTRA, INDIA |
A34502930 |
* Date of charge modification
UNSECURED LOANS
|
UNSECURED LOANS |
31.03.2013 (Rs.
In Millions) |
31.03.2012 (Rs.
In Millions) |
|
SHORT TERM BORROWINGS |
|
|
|
Loans and advances from Related parties |
422.057 |
364.300 |
|
|
|
|
|
Total |
422.057 |
364.300 |
CORPORATE INFORMATION
Subject is primarily engaged in the manufacturing and assembly of Auto Components
and White Goods Components. The company serves as a ‘Tier I’ vendor for some of
the major Automobiles and Electronics Original Equipment Manufacturers (OEMs).
It has got a ‘State of Art’ manufacturing facilities across thirteen locations
in seven states of India. Their production range includes Exhaust Systems,
Catalytic Convectors, Suspension Systems, Sheet Metal Components and Plastic
parts for the Automotive and White Goods Industries
OPERATIONS
During the year, the revenue from operations and other income is Rs.
9053.286 Millions as against Rs. 7572.369 Millions showing an increase of
19.56.% over the previous year’s total revenue. The profit before finance
charges, depreciation and taxation is Rs. 938.093 Millions for the financial
year as against 706.687 Millions for the previous year showing the increase of
32.76 %. Net Profit after Tax is down by 6% due to the higher tax liabilities
during the year.
MANAGEMENT DISCUSSION AND ANALYSIS
INDUSTRY STRUCTURE, DEVELOPMENTS AND OUTLOOK
Automotive industry is the key driver of any growing economy. on account
of its deep forward and backward penetration into every segment of the economy,
the industry has a strong and positive multiplier effect and thus propels the
progress of a nation. The automotive industry comprises of the automobile and
the auto component sectors. It includes passenger cars; light, medium and heavy
commercial vehicles; multi-utility vehicles such as jeeps, scooters, motor
cycles, three wheelers, tractors, etc; and auto components like engine parts,
drive and transmission parts, suspension and braking parts, electrical, body
and chassis parts; etc.
The Indian automotive industry has made rapid strides since delicensing
and opening up of the sector in 1991. It has witnessed the entry of several new
manufacturers with the state of art technology, thus replacing the monopoly of
few manufacturers. The norms for foreign investment and import of technology
have also been liberalized over the years for manufacture of vehicles. At present,
100% foreign direct investment (FDI) is permissible under the automatic route
in this sector, including passenger car segment.
Overall Indian Automobile Industry has shown marginal growth in FY
2012-13 compared to the last FY 2011-12. According to Autobei Autobus
Consulting Group (ACG), Production and Domestic sales have registered a growth
of 1.20% and 2.61%, however exports have shown negative growth due to negative
global environment and fluctuations.
One of the hot spot in world automotive industry is the Indian car
market. The Indian car industry is going thru turbulent times. Car sales are
down by more than 6% in FY 2012-13 compare to last year of FY 2011-12. The main
reasons are high interest rates, fuel price, high inflation, low movement in
other sectors etc. Utility vehicle segment is having maximum growth in this
segment. The Indian economy is expected to grow at a higher rate during
2013-14. However due to higher borrowing cost adverse currencies fluctuation
and surge in commodity and fuel prices, the growth in automobile industry is
moderate during the current fiscal year
STATEMENT OF
UNAUDITED FINANCIAL RESULTS FOR THE QUARTER ENDED 30.06.2013
[Rs. in Millions]
|
Sr. No. |
PARTICULARS |
Quarter
Ended |
|
|
|
30.06.2013 (Unaudited) |
|
|
PART-I |
|
|
1. |
Income from Operations |
|
|
a) |
Sales and Inter Unit Transfer |
2893.967 |
|
|
Less: Inter Unit Transfer |
375.942 |
|
|
Sales/ Income from Operations |
2518.025 |
|
|
Less: Excise
duty |
402.796 |
|
|
Net Sales (Net of Excise duty) |
2115.229 |
|
b) |
Other Operating Income |
21.453 |
|
|
Total Income (1a+1b) |
2136.682 |
|
2. |
Expenditure |
|
|
a) |
Cost of materials consumed |
1379.148 |
|
b) |
Purchases of
stock-in-trade |
150.012 |
|
c) |
Changes in inventories of finished
goods, work-in-progress and stock-in-trade |
8.791 |
|
d) |
Employee benefits expense |
117.440 |
|
e) |
Depreciation and
amortisation expense |
101.376 |
|
f) |
Other Expenditure |
317.691 |
|
|
Total |
2074.458 |
|
3. |
Profit / (Loss) from operations
before other income, finance costs and exceptional items(1-2) |
62.224 |
|
4. |
Other income |
29.195 |
|
5. |
Profit / (Loss) from
ordinary activities before finance costs and exceptional items (3+4) |
91.419 |
|
6. |
Finance costs |
31.422 |
|
7. |
Profit / (Loss) from
ordinary activities after finance costs but before exceptional item and
before tax (5-6) |
59.997 |
|
8. |
Exceptional items |
-- |
|
9. |
Profit / (Loss) from
ordinary activities before tax(7+8) |
59.997 |
|
10. |
Tax expense : |
(25.911) |
|
11. |
Net Profit/(Loss) from
ordinary activities after tax(9-10) |
85.908 |
|
12. |
Extra ordinary items (Net
of tax expenses) |
-- |
|
13. |
Net Profit / (loss) for the period (11-12) |
85.908 |
|
14. |
Paid-up equity share capital
(Rs. 10/- each Face Value) |
59.463 |
|
15. |
Reserve excluding
Revaluation Reserves |
-- |
|
16. |
Earnings Per Share (EPS)
[before extraordinary items] (Rs. 10/- each) |
|
|
a) |
Basic |
14.45 |
|
b) |
Diluted |
14.45 |
|
16. |
Earnings Per Share (EPS)
[after extraordinary items] (Rs. 10/- each) |
|
|
a) |
Basic |
14.45 |
|
b) |
Diluted |
14.45 |
|
|
PART-II |
|
|
A. |
PARTICULARS OF
SHAREHOLDING |
|
|
1. |
Public Shareholding |
|
|
|
- Number of Shares |
1490710 |
|
|
- Percentage of
Shareholding |
25.07 |
|
2. |
Promoters and Promoter
Group Shareholding |
|
|
a) |
Pledged / Encumbered |
|
|
|
- Number of shares |
0.000 |
|
|
- Percentage of shares (as
a % of the total shareholding of promoter and promoter group) |
0.00% |
|
|
- Percentage of shares (as
a % of the total share capital of the Company) |
0.00% |
|
b) |
Non - encumbered |
|
|
|
- Number of shares |
4455616 |
|
|
- Percentage of shares (as
a % of the total shareholding of promoter and promoter group) |
100% |
|
|
- Percentage of shares (as
a % of the total share capital of the Company) |
74.93% |
|
|
Particulars |
Quarter
Ended 30.06.2013 |
|
B |
Investor
complaints (Nos.) |
|
|
|
Pending at the beginning of the quarter |
Nil |
|
|
Received during the quarter |
Nil |
|
|
Disposed of during the quarter |
Nil |
|
|
Remaining unresolved at the end of the quarter |
Nil |
1.
The above results have been reviewed by the Audit Committee
and taken on record by the Board of Directors in their respective meetings held
on 9 August, 2013.
2.
Figures pertaining to previous periods / years have
been regrouped/ reclassified/ recasted wherever found necessary in accordance with
the revised schedule VI of the Companies Act, 1956.
3.
Tax expenses include Income Tax and Deferred Tax.
SEGMENT – WISE REVENUE, RESULTS AND CAPITAL EMPLOYED
(Rs. In Millions)
|
Particulars |
Quarter
Ended |
|
|
30.06.2013 (Unaudited) |
|
1. Segment Revenue |
|
|
a. Automotive Components and Accessories |
2415.510 |
|
b. White Goods |
102.515 |
|
Total |
2518.025 |
|
Less: Inter – segment revenue |
-- |
|
Total income from operations (net) |
2518.025 |
|
|
|
|
2. Segment Results |
|
|
Profit/ (loss) before tax and interest |
|
|
a. Automotive Components and Accessories |
126.028 |
|
b. White Goods |
2.267 |
|
c. Unallocable (Expenditure)/ Income (Net) |
(36.876) |
|
Total |
91.419 |
|
Less : Interest |
31.422 |
|
Profit Before Tax and Exceptional Item |
59.997 |
|
Exceptional Item – (Income)/ Expenditure |
0.000 |
|
Profit Before Tax |
59.997 |
|
|
|
|
3. Capital Employed |
|
|
(Segment Assets – Segment Liabilities) |
|
|
a. Automotive Components and Accessories |
5052.882 |
|
b. White Goods |
69.300 |
|
Total |
5122.182 |
Note:
Segment
Revenue, Segment Results, Segment assets and Segment liabilities shall have the
same meaning as defined in the Accounting Standards on Segment Reporting
(AS-17).
Figures
pertaining to previous periods / years have been regrouped/ reclassified/ rectified wherever found necessary in accordance with the
revised schedule VI of the Companies Act 1956.
CONTINGENT
LIABILITIES:
|
Particulars |
31.03.2013 (Rs.
In Millions) |
31.03.2012 (Rs.
In Millions) |
|
(a) Claims against the company not acknowledged as debts |
|
|
|
- Disputed State Tax Matters* |
0.227 |
0.227 |
|
- Disputed Excise Matters ** |
44.224 |
44.224 |
|
- Disputed Service Tax Matters *** |
1.107 |
1.107 |
|
- Disputed Income Tax Matters **** |
0.000 |
9.205 |
|
(b) Other money for which the company is contingently liable ***** |
78.983 |
120.441 |
|
Note: * Entry Tax of
Rs. 0.227 Million (March 31, 2012: Rs. 0.227 Million) for Financial Year 2000-01,
2001-02 and 2002-03 against which the company has filed an appeal before
Appelate Authority UP Trade Tax. ** Excise duty
of Rs. 44.000 Millions (March 31, 2012: Rs. 44.000 Millions) under the
Central Excise Rules, which is pending before the Custom, Central Excise
& Service Tax Appelate Tribunal, Delhi. However, the company has filed
the Writ petition against this issue before Bombay High Court which has been
decided in favour of the company. Another matter
related to Cenvat Credit of Rs. 0.224 Million (March 31, 2012: 0.224 Million)
under Cenvat Credit Rules is pending before the Appelate Authority of LTU
Delhi. *** Service Tax
of Rs. 1.106 Millions (March 31, 2012: Rs. 1.106 Millions) under Service Tax
Rules which is pending before the Custom, Excise and Service Tax Appelate
Tribunal, Delhi **** Income Tax
demand of Rs. NIL (March 31, 2012: 5.432 Millions) for Asst. year 2009-10 and
Rs. NIL (March 31, 2012: 3.772 Millions) for Asst. year 2004-05 under the Income
Tax Act, is pending before the Commissioner of Income Tax LTU (Appeals),
Delhi. ***** Foreign Letters of Credit of Rs. 78.983 Millions (March 31,
2012: Rs. 120.440 Millions) |
||
FIXED ASSETS:
Tangible Assets
· Land
· Buildings
· Plant and Equipment
· Vehicles
·
Office Equipments
· Furniture and Fixtures
· Electric fitting
Intangible Assets
· Software Development
· Technical Knowhow and Guidance
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts,
1] INFORMATION ON
DESIGNATED PARTY
No exist designating subject or any of its beneficial owners, controlling
shareholders or senior officers as terrorist or terrorist organization or whom
notice had been received that all financial transactions involving their assets
have been blocked or convicted, found guilty or against whom a judgement or
order had been entered in a proceedings for violating money-laundering,
anti-corruption or bribery or international economic or anti-terrorism sanction
laws or whose assets were seized, blocked, frozen or ordered forfeited for
violation of money laundering or international anti-terrorism laws.
2] Court Declaration :
No records exist to suggest that subject is
or was the subject of any formal or informal allegations, prosecutions or other
official proceeding for making any prohibited payments or other improper payments
to government officials for engaging in prohibited transactions or with
designated parties.
3] Asset Declaration :
No records exist to suggest that the property or assets of the subject
are derived from criminal conduct or a prohibited transaction.
4] Record on Financial
Crime :
Charges or conviction
registered against subject: None
5] 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. 61.78 |
|
|
1 |
Rs. 99.66 |
|
Euro |
1 |
Rs. 84.49 |
INFORMATION DETAILS
|
Report Prepared
by : |
BVA |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
8 |
|
PAID-UP CAPITAL |
1~10 |
7 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILIRY |
1~10 |
8 |
|
--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 |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
NO |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
YES |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTERS |
|
|
|
--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.