MIRA INFORM REPORT
|
Report Date : |
25.10.2013 |
IDENTIFICATION DETAILS
|
Name : |
ENDURANCE TECHNOLOGIES PRIVATE
LIMITED
(CN) (w.e.f. 18.01.2012) |
|
|
|
|
Formerly Known
As : |
ENDURANCE TECHNOLOGIES LIMITED (CN) (w.e.f. 09.07.2010) ENDURANCE TECHNOLOGIES PRIVATE LIMITED (w.e.f. 11.08.2006) ENDURANCE
TRANSMISSION SYSTEMS ( ENDURANCE
TRANSMISSION SYSTEMS (INDIA) LIMITED (w.e.f.06.12.2000) ENDURANCE
SUSPENSION SYSTEMS ( |
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Registered
Office : |
K-228, MIDC Industrial Area, Waluj, |
|
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Country : |
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|
|
|
Financials (as
on) : |
31.03.2013 |
|
|
|
|
Date of
Incorporation : |
27.12.1999 |
|
|
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Com. Reg. No.: |
11-123296 |
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Capital Investment
/ Paid-up Capital : |
Rs.192.630
Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U34102MH1999PLC123296 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
NSKE00384G /
NSKE00391G / NSKE00465D |
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|
|
PAN No.: [Permanent Account No.] |
AAACE7066P |
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Legal Form : |
Private Limited Liability Company
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Line of Business : |
Manufacturer of Parts and Accessories for Motor Vehicles and their
Engines. |
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No. of Employees
: |
2000
(Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (51) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 29230000 |
|
|
|
|
Status : |
Satisfactory |
|
|
|
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Payment Behaviour : |
Usually Correct |
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Litigation : |
Clear |
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|
Comments : |
Subject is a well established company having satisfactory track
record. The rating takes into consideration the long standing relationship
with Bajaj Auto Limited as one of its customers. Trade relations are fair. Business is active. Payment terms are
usually correct and as net commitment 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) |
|
|
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
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 |
CARE |
|
Rating |
A3+ (Short Term Bank Facilities) |
|
Rating Explanation |
Moderate degree of safety. It carry higher credit risk. |
|
Date |
10.05.2013 |
|
Rating Agency Name |
CARE |
|
Rating |
BBB (Long Term Bank Facilities) |
|
Rating Explanation |
Moderate degree of safety. It carry moderate credit risk. |
|
Date |
10.05.2013 |
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
Office : |
K-228, MIDC Industrial Area, Waluj, |
|
Tel. No.: |
91-240-2556686/ 87/ 2569737 |
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Fax No.: |
91-240-2556685/ 2551700 |
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E-Mail : |
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Website : |
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Corporate Office
1 : |
E-92, M.I.D.C., Waluj, |
|
Tel No.: |
91-240-2554902 / 2564582 /
2564595 |
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Fax No.: |
91-240-2569703 |
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Transmission
Division Office : |
High Technology Transmission
Systems ( K-226/2, MIDC Industrial Area Waluj, Aurangabad-431136, |
|
Tel No. : |
91-240-2555026 / 27 / 2554864 / 65 |
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Fax No.: |
91-240-2554373 |
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Marketing Head
Office 1 : |
E - 94, MIDC Industrial Area, PO Box 982, Waluj, Aurangabad - 431136,
Maharashtra, India |
|
Tel. No.: |
91-240-2569600 / 2569601 |
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Fax No.: |
91-240-2569703 |
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E-Mail : |
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Marketing Head
Office 2 / Factory 1 : |
B-1/3, MIDC Area, Chakan, Village Nighoje, Taluka: Khed
(Rajgurunagar), Pune – 410501, Maharashtra, India. |
|
Tel. No.: |
91-2135-259587 / 88 / 89 |
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Fax No.: |
91-2135-259586 |
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Factory 2 : |
(Casting
Division) B-2, MIDC Area, Waluj, Post Box No. 960, |
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Tel. No.: |
91-240-2555026/ 27/ 2554864/ 65 |
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Fax No.: |
91-240-2554373 |
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Factory 3 : |
(Casting
Division) L-6/3, MIDC Area, Waluj, |
|
Tel. No.: |
91-240-2551246/ 48 |
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Fax No.: |
91-240-2556894/ 65 |
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Factory 4 : |
(Suspension
Division) E-92, MIDC Area, Waluj, Post Box No. 982, |
|
Tel. No.: |
91-240-2554902/ 2564582/ 2564595 |
|
Fax No.: |
91-240-2555423 |
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Factory 5 : |
(Suspension
Division) K-120, MIDC Area, Waluj, Post Box No. 982, |
|
Tel. No.: |
91-240-2555304/ 2556683/ 2556684 |
|
Fax No.: |
91-240-2556682 |
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Factory 6 : |
(Suspension
Division) K-228 and K-229, MIDC Area, Waluj, |
|
Tel. No.: |
91-240-2556686/87 |
|
Fax No.: |
91-240-2556685 |
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Factory 7 : |
(Braking
Division) K-226/2, MIDC Area, Waluj, |
|
Tel. No.: |
91-240-2551115 |
|
Fax No.: |
91-240-2551496 |
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Factory 8 : |
(Casting
Division) K-227, MIDC Area, Waluj, |
|
Tel. No.: |
91-240-2551116 |
|
|
|
|
Factory 9 : |
High Technology Transmission Systems
( (Transmission Division) K-226/1, MIDC Area, Waluj, |
|
Tel. No.: |
91-240-2552447/2563153 |
|
Fax No.: |
91-240-2563553 |
|
|
|
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Factory 10 : |
(Casting
Division) Gut No. 416, Village Takve Budruk, Taluka: Vadgoan Maval,
District. Pune – 412106, Maharashtra, India. |
|
Tel. No.: |
91-2114-211331/2/3 |
|
Fax No.: |
91-240-2556894 |
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|
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Factory 11 : |
(Machining
Division) B-20, MIDC Area, Chakan, Village: Nighoje, Taluka: Khed
(Rajgurunagar), Pune - 410 501, |
|
Tel. No.: |
91-20-4103011/12/14 |
|
Fax No.: |
91-20-4102230 |
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|
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Factory 12 : |
Endurance
Magneti Marelli Shock Absorbers (India) Private Limited (Suspension Division) B-23, MIDC Area, Chakan, Village Nighoje, Taluka: Khed
(Rajgurunagar), Pune – 410501, |
|
Tel. No.: |
91-20-30947662 |
|
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Factory 13 : |
(Alloy
Wheel Division) Plot B-22, MIDC Area, Village Nighoje, Taluka: Khed
(Rajgurunagar), Pune – 410501, |
|
|
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Factory 14 : |
MANESAR (Casting Division) Plot no. 400, Sector 8, IMT, Manesar, District. Gurgaon -
122050, |
|
Tel. No.: |
91-0124-2291770-73 |
|
Fax No.: |
91-0124-2291774 |
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Factory 15 : |
PANTNAGAR Plot No. - 3, Sector 10, Integrated Industrial Estate -
IIE, Udham Singh Nagar, |
|
|
|
|
Factory 16 : |
High
Technology Transmission Systems (India) Private Limited (Transmission
Division) Plot No. - 7, Sector 10, Integrated Industrial Estate-IIE,
Udham Singh Nagar, Pantnagar, |
|
Website : |
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Factory 17 : |
CHENNAI Plot No F-82, |
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|
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Factory 18 : |
(Casting
Division) Via Del Boschetto 2/43, 10100 Lombardore (TO), |
|
Tel. No.: |
39 011 9958756 |
|
Website: |
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|
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Factory 19 : |
Amann Druckguss GmbH (Casting
Division) |
|
Website: |
DIRECTORS
AS ON 29.08.2012
|
Name : |
Mr. Naresh Chandra |
|
Designation : |
Chairman |
|
Address : |
Bhagwati Bhavan, 31-B, M. L. Dahanukar Marg, Mumbai - 400026, |
|
Date of
Birth/Age : |
11.02.1935 |
|
Qualification : |
B. E. [Mech.] |
|
Date of
Appointment : |
27.12.1999 |
|
Voter ID No.: |
MT/04/024/258347 |
|
DIN No.: |
00027696 |
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 |
L45400MH1962PLC012385
|
HERCULES HOISTS
LIMITED |
Director |
20/09/1972 |
20/09/1972 |
- |
Active |
NO |
|
2 |
U28920MH1988PTC047335
|
VARROC
ENGINEERING PRIVATE LIMITED |
Director |
11/05/1988 |
11/05/1988 |
- |
Active |
NO |
|
3 |
U25209MH1995PTC090037
|
VARROC POLYMERS
PRIVATE LIMITED |
Director |
28/06/1995 |
28/06/1995 |
- |
Active |
NO |
|
4 |
U28113MH1995PTC092249
|
ENDURANCE
SYSTEMS (INDIA) PRIVATE LIMITED |
Director |
28/08/1995 |
28/08/1995 |
- |
Amalgamated |
NO |
|
5 |
U34300MH1997PTC105518
|
DUROVALVES INDIA
PRIVATE LIMITED |
Director |
03/09/1997 |
03/09/1997 |
- |
Active |
NO |
|
6 |
L24100GJ1983PLC006513
|
GHCL LIMITED |
Director |
28/11/1997 |
28/11/1997 |
03/11/2010 |
Active |
NO |
|
7 |
U34102MH1999PTC123296
|
ENDURANCE
TECHNOLOGIES PRIVATE LIMITED (CN) |
Director |
27/12/1999 |
27/12/1999 |
- |
Active |
NO |
|
8 |
U31506MH2000PTC129904
|
VARROC LIGHTING
PRIVATE LIMITED |
Director |
06/12/2000 |
06/12/2000 |
- |
Amalgamated |
NO |
|
9 |
U34300MH2002PTC134738
|
HIGH TECHNOLOGY
TRANSMISSION SYSTEMS (INDIA) PRIVATE LIMITED |
Director |
29/07/2002 |
29/07/2002 |
- |
Active |
NO |
|
10 |
U67120MH1982PTC026669
|
VARROC TRADING
PRIVATE LIMITED |
Director |
21/11/2002 |
21/11/2002 |
- |
Active |
NO |
|
11 |
U29100MH2005PTC151756
|
VARROC EXHAUST
SYSTEMS PRIVATE LIMITED |
Director |
03/03/2005 |
03/03/2005 |
- |
Active |
NO |
|
12 |
U29190MH2005PTC157474
|
VARROC
ELASTOMERS PRIVATE LIMITED |
Director |
22/11/2005 |
22/11/2005 |
- |
Active |
NO |
|
Name : |
Mr. Anurag Nareshchandra Jain |
|
Designation : |
Managing Director |
|
Address : |
Green Leaf, Manor Gat No-43-3-B,Kanchanwadi Opp.Walmi
PaithanRoad,Aurangabad,Maharashtra-431035, India |
|
Date of
Birth/Age : |
21.03.1962 |
|
Qualification : |
MBA ( |
|
Date of
Appointment : |
27.12.1999 |
|
Voter ID No.: |
MT/33/193/1254590 |
|
DIN No.: |
00291662 |
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 |
U34102MH1999PTC123296
|
ENDURANCE
TECHNOLOGIES PRIVATE LIMITED (CN) |
Managing
director |
01/04/2011 |
27/12/1999 |
- |
Active |
NO |
|
2 |
U34300MH2002PTC134738
|
HIGH TECHNOLOGY TRANSMISSION
SYSTEMS (INDIA) PRIVATE LIMITED |
Managing
director |
29/07/2002 |
27/07/2002 |
- |
Active |
NO |
|
3 |
U28113MH1995PTC092249
|
ENDURANCE
SYSTEMS (INDIA) PRIVATE LIMITED |
Managing
director |
13/11/2006 |
13/11/2006 |
- |
Amalgamated |
NO |
|
4 |
U74900PN2008PTC132425
|
MAGNETI MARELLI
SHOCK ABSORBERS (INDIA) PRIVATE LIMITED |
Director |
14/07/2008 |
14/07/2008 |
17/10/2012 |
Active |
NO |
|
5 |
U91120MH2005NPL158483
|
MARATHWADA AUTO
CLUSTER |
Director |
27/09/2012 |
18/10/2011 |
- |
Active |
NO |
|
Name : |
Mr. Roberto Testore |
|
Designation : |
Director |
|
Address : |
Viale Parioli 40, Rome, Italy, 00197 |
|
Date of
Birth/Age : |
17.10.1952 |
|
Date of
Appointment : |
17.10.2007 |
|
DIN No.: |
01935704 |
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 |
U34102MH1999PTC123296
|
ENDURANCE
TECHNOLOGIES PRIVATE LIMITED (CN) |
Director |
30/09/2008 |
17/10/2007 |
Active |
NO |
|
2 |
U74140KA2007PTC044392
|
PANTHEON
CORPORATE CONSULTANTS PRIVATE LIMITED |
Director |
06/12/2007 |
06/12/2007 |
Active |
NO |
|
Name : |
Mr. Soumendra Mohan Basu |
|
Designation : |
Director |
|
Address : |
22 D-2, Cape, Tower VII Hiland Park, 1925, Chak Garia, Kolkata –
700094, West Bengal, India |
|
Date of
Birth/Age : |
19.11.1949 |
|
Date of
Appointment : |
16.08.2010 |
|
DIN No.: |
01125409 |
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 |
U74140DL2005PTC183947
|
EXPERIS
SOLUTIONS PRIVATE LIMITED |
Director |
01/10/2005 |
01/10/2005 |
03/12/2007 |
Active |
NO |
|
2 |
U74910DL1997PTC085591
|
MANPOWERGROUP
SERVICES INDIA PRIVATE LIMITED |
Director |
01/10/2005 |
01/10/2005 |
03/11/2007 |
Active |
NO |
|
3 |
U74999HR2000PLC035269
|
GROW TALENT
COMPANY LIMITED |
Director |
01/12/2006 |
01/12/2006 |
16/10/2007 |
Active |
NO |
|
4 |
U80904HR2007FTC036612
|
RIGHT MANAGEMENT
INDIA PRIVATE LIMITED |
Director |
12/02/2007 |
12/02/2007 |
16/10/2007 |
Active |
NO |
|
5 |
L23101AS1961PLC001173
|
INDIA CARBON
LIMITED |
Director |
21/08/2009 |
13/01/2009 |
- |
Active |
NO |
|
6 |
U34102MH1999PTC123296
|
ENDURANCE TECHNOLOGIES
PRIVATE LIMITED (CN) |
Director |
16/08/2010 |
16/06/2010 |
- |
Active |
NO |
|
Name : |
Mr. Partho Sarothy Datta |
|
Designation : |
Director |
|
Address : |
19/2, |
|
Date of Birth/Age
: |
08.12.1948 |
|
Date of
Appointment : |
16.08.2010 |
|
Voter ID No.: |
CJJ2442200 |
|
DIN No.: |
00040345 |
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 |
U74999TN1997PLC039545
|
NET ACCESS INDIA
LIMITED |
Director |
15/07/2000 |
15/07/2000 |
26/12/2006 |
Active |
NO |
|
2 |
L65993TN1978PLC007576
|
CHOLAMANDALAM
INVESTMENT AND FINANCE COMPANY LIMITED |
Director |
30/07/2001 |
30/07/2001 |
26/12/2006 |
Active |
NO |
|
3 |
L24239AP1981PLC003325
|
GODAVARI
FERTILISERS AND CHEMICALS LIMITED |
Director |
17/09/2003 |
17/09/2003 |
26/12/2006 |
Amalgamated |
NO |
|
4 |
L29224TN1954PLC000318
|
CARBORUNDUM
UNIVERSAL LIMITED |
Director |
22/01/2004 |
22/01/2004 |
27/01/2007 |
Active |
NO |
|
5 |
U40101WB2007SGC113474
|
WEST BENGALSTATE
ELECTRICITY TRANSMISSION COMPANY LIMITED |
Director |
17/08/2007 |
17/08/2007 |
16/05/2011 |
Active |
NO |
|
6 |
U72200WB2005PTC102280
|
PANTHEON DATA
SERVICES PRIVATE LIMITED |
Director |
20/08/2007 |
20/08/2007 |
26/03/2011 |
Active |
NO |
|
7 |
U65990WB2009PLC134537
|
PEERLESS FUNDS
MANAGEMENT CO LIMITED |
Director |
09/04/2009 |
09/04/2009 |
- |
Active |
NO |
|
8 |
U34102MH1999PTC123296
|
ENDURANCE
TECHNOLOGIES PRIVATE LIMITED (CN) |
Director |
16/08/2010 |
16/06/2010 |
- |
Active |
NO |
|
9 |
L65920MH1994PLC080618
|
HDFC BANK
LIMITED |
Director |
06/07/2011 |
30/09/2010 |
- |
Active |
NO |
|
10 |
U72900MH2000PLC128943
|
IRIS BUSINESS
SERVICES LIMITED |
Director |
09/08/2011 |
01/12/2010 |
- |
Active |
NO |
|
Name : |
Asanka Haren Edirimuni Rodrigo |
|
Designation : |
Director |
|
Address : |
4202. 42 Floor, Planet Godrej, Tower 2 (Aqua), SM Compound, KK Marg,
Jacob Circlr, Saatrasta, Mahalaxmi, Mumbai-400011, Maharashtra, India |
|
Date of
Birth/Age : |
12.02.1971 |
|
Date of
Appointment : |
22.12.2011 |
|
DIN No.: |
03010463 |
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 |
L26942TN1951PLC000640
|
DALMIA BHARAT
SUGAR AND INDUSTRIES LIMITED |
Alternate
director |
18/03/2010 |
18/03/2010 |
01/06/2011 |
Active |
NO |
|
2 |
U65191TN1996PLC035963
|
DALMIA CEMENT
(BHARAT) LIMITED |
Director |
08/08/2011 |
20/05/2011 |
- |
Active |
NO |
|
3 |
L40109TN2006PLC058818
|
DALMIA BHARAT
LIMITED |
Director |
24/08/2013 |
26/05/2011 |
- |
Active |
NO |
|
4 |
U34102MH1999PTC123296
|
ENDURANCE
TECHNOLOGIES PRIVATE LIMITED (CN) |
Director |
29/08/2012 |
22/12/2011 |
- |
Active |
NO |
KEY EXECUTIVES
|
Name : |
Sunil Naresh Lalai |
|
Designation : |
Secretary |
|
Address : |
Flat No. 6, Palacia – C, Utopia Co-Operative Society Opposite Rahena
Gardens, Wanowari, Pune-411040, Maharashtra, India |
|
Date of
Birth/Age : |
25.05.1965 |
|
Date of
Appointment : |
10.09.2011 |
|
PAN No.: |
AAGPL2945P |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 29.08.2012
|
Names of Shareholders |
No. of
Redeemable Preferences Shares |
No. of Equity
Shares |
|
Actis Investment Holdings No. 122 Limited, Mauritius |
-- |
6029990 |
|
Anurang Jain |
-- |
26412400 |
|
Anurang Jain and Varsha Jain |
-- |
468925 |
|
Anurang Jain HUF |
-- |
125 |
|
Naresh Chandra |
-- |
4500100 |
|
Naresh Chandra and Suman Jain |
-- |
1042825 |
|
Suman Jain |
-- |
5502750 |
|
Varsha Jain |
-- |
25 |
|
Naresh Chandra |
320000 |
-- |
|
Suman Jain |
1360000 |
-- |
|
TOTAL
|
1680000 |
43957140 |
AS ON 29.08.2012
|
Equity Shares
Break Up |
Percentage of
Holding |
|
Foreign holdings( Foreign institutional investor(s), Foreign companie(s)
Foreign financial institution(s), Non-resident Indian(s) or Overseas
Corporate bodies or Others |
13.72 |
|
Directors or relatives of Directors |
86.28 |
|
TOTAL |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer of Parts and Accessories for Motor Vehicles and their
Engines. |
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|
|
|
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|
Products : |
|
PRODUCTION STATUS [AS ON 31.03.2011]
|
Particulars |
Unit |
Installed
Capacity |
Actual
Production |
|
Shock Absorbers
(Including Front Fork Assembly) |
Nos. |
11148000 |
11139262 |
|
Disc Brake Assembly**
(Including Rotary Disc) |
Nos. |
2400000 |
2824205 |
|
Alloy Wheels
(Including Assembly) |
Nos. |
3240000 |
1688966 |
|
Aluminium
Pressure Die Casting Parts (Excludes 1031.88 MT on Job work basis (Previous
year 1337.28 MT)) |
MT |
50797 |
47583 |
|
Dies |
Nos. |
-- |
214 |
|
Wind Power Generation |
Unit |
31.03.2011 |
|
Installed
Capacity |
MW |
7.10 |
|
Generation* |
Units |
7745925 |
* Net of Wheeling
and Transmission Loss wherever applicable and Includes captively consumed
50,79,075 units (Previous
Year 54,43,516 Units). ** The Disc Brake production in FY 2010-11 is more than
the capacity as machining of components activity has been supported from
outside.
NOTES:
a)
The Company's products are exempt from licensing requirement
under new Industrial Policy in terms of notification No. S.O.477 (E) dated 25th
July, 1991, hence licensed capacity not given.
b)
It is not possible to ascertain installed capacity
of dies as it depends upon the design and type of dies ordered by the customer.
c)
Installed capacity as certified by the Management
and relied upon by the Auditors without verification, it being a technical
matter.
d)
Actual production includes production by outside
parties
|
Particulars |
Unit |
31.03.2011 |
|
Aluminium
Pressure Die Casting parts |
MT |
3243.89 |
|
e) Dies
capitalized |
Nos. |
106 |
f)
Actual Production has been arrived at by adding to
the closing stocks, the sales during the year, and deducting there from the opening
stock and therefore includes the excess/shortages on physical count, write off
of obsolete items etc.
GENERAL INFORMATION
|
No. of Employees : |
2000
(Approximately) |
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|
|
|
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|
Bankers : |
|
|||||||||||||||||||||||||||||||||
|
|
|
|||||||||||||||||||||||||||||||||
|
Facilities : |
|
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
Deloitte Haskins and Sells Chartered Accountants |
|
Address : |
706, B Wing, 7th Floor, ICC Trade Tower, International Convention
Center, Senapati Bapat Road, Pune-411016, Maharashtra, India |
|
PAN No.: |
AACFD4815A |
|
|
|
|
Subsidiaries : |
|
|
|
|
|
Joint Venture : |
|
|
|
|
|
Other Related Parties |
|
CAPITAL STRUCTURE
AS ON 31.03.2013
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
176250000 |
Equity Shares |
Rs.4/- each |
Rs. 705.000 Millions |
|
2000000 |
Preference Shares |
Rs.10/- each |
Rs. 20.000 Millions |
|
|
TOTAL |
|
Rs. 725.000
Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
43957140 |
Equity Shares |
Rs.4/- each |
Rs. 175.830
Millions |
|
1680000 |
Preference Shares |
Rs.10/- each |
Rs. 16.800 Millions |
|
|
TOTAL |
|
Rs. 192.630 Millions |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES
OF FUNDS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
I.
EQUITY
AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
192.630 |
198.400 |
192.630 |
|
(b) Reserves & Surplus |
7115.430 |
6764.950 |
5122.730 |
|
(c) Money received
against share warrants |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
(2) Share
Application money pending allotment |
0.000 |
0.000 |
0.000 |
|
Total Shareholders’ Funds (1) + (2) |
7308.060 |
6963.350 |
5315.360 |
|
|
|
|
|
|
(3) Non-Current
Liabilities |
|
|
|
|
(a) long-term
borrowings |
2813.310 |
3234.530 |
3931.300 |
|
(b) Deferred tax liabilities (Net) |
0.000 |
70.810 |
90.920 |
|
(c) Other long term
liabilities |
22.510 |
22.540 |
19.280 |
|
(d) long-term
provisions |
146.010 |
89.750 |
59.630 |
|
Total Non-current
Liabilities (3) |
2981.830 |
3417.630 |
4101.130 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short
term borrowings |
3486.280 |
2678.610 |
3125.280 |
|
(b) Trade
payables |
3586.520 |
4106.410 |
3230.720 |
|
(c) Other
current liabilities |
1595.600 |
2074.650 |
2117.630 |
|
(d) Short-term
provisions |
93.300 |
90.290 |
137.410 |
|
Total Current
Liabilities (4) |
8761.700 |
8949.960 |
8611.040 |
|
|
|
|
|
|
TOTAL |
19051.590 |
19330.940 |
18027.530 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed
Assets |
|
|
|
|
(i)
Tangible assets |
8859.220 |
8757.950 |
8802.250 |
|
(ii)
Intangible Assets |
81.640 |
62.010 |
93.780 |
|
(iii)
Tangible assets capital work-in-progress |
231.150 |
319.810 |
184.490 |
|
(iv)
Capital work-in-progress |
0.270 |
8.150 |
0.000 |
|
(v) Intangible assets under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current
Investments |
3974.800 |
3909.680 |
2970.890 |
|
(c) Deferred tax
assets (net) |
14.850 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
265.690 |
402.160 |
500.780 |
|
(e) Other
Non-current assets |
39.040 |
79.620 |
118.930 |
|
Total Non-Current
Assets |
13466.660 |
13539.380 |
12671.120 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a)
Current investments |
0.000 |
0.000 |
0.000 |
|
(b)
Inventories |
1233.450 |
1160.160 |
1321.190 |
|
(c) Trade
receivables |
3412.850 |
3344.410 |
3090.280 |
|
(d) Cash
and cash equivalents |
472.470 |
844.530 |
169.000 |
|
(e)
Short-term loans and advances |
314.300 |
309.770 |
350.200 |
|
(f) Other
current assets |
151.860 |
132.690 |
425.740 |
|
Total
Current Assets |
5584.930 |
5791.560 |
5356.410 |
|
|
|
|
|
|
TOTAL |
19051.590 |
19330.940 |
18027.530 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
27171.590 |
27683.550 |
22787.420 |
|
|
|
Other Income |
221.270 |
178.920 |
660.780 |
|
|
|
TOTAL (A) |
27392.860 |
27862.470 |
23448.200 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Consumption materials changes inventories |
|
|
15684.360 |
|
|
|
Manufacturing Service Cost |
24042.710 |
23615.910 |
2978.900 |
|
|
|
Employees Cost |
|
|
931.520 |
|
|
|
Administrative, Selling, Other Expenses |
|
|
492.690 |
|
|
|
Extra Ordinary Items |
|
|
68.030 |
|
|
|
TOTAL (B) |
24042.710 |
23615.910 |
20155.500 |
|
|
|
|
|
|
|
|
Less |
PROFIT
/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
3350.150 |
4246.560 |
3292.700 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
841.120 |
865.390 |
735.020 |
|
|
|
|
|
|
|
|
|
|
PROFIT
/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
2509.030 |
3381.170 |
2557.680 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
1406.550 |
1404.320 |
1197.250 |
|
|
|
|
|
|
|
|
|
|
PROFIT / (LOSS)
BEFORE TAX (E-F) (G) |
1102.480 |
1976.850 |
1360.430 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
295.060 |
294.120 |
326.520 |
|
|
|
|
|
|
|
|
|
|
PROFIT / (LOSS)
AFTER TAX (G-H) (I) |
807.420 |
1682.730 |
1033.910 |
|
|
|
|
|
|
|
|
|
|
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
3825.110 |
2309.090 |
1310.470 |
|
|
|
|
|
|
|
|
|
|
APPROPRIATIONS |
|
|
|
|
|
|
|
Dividend on Equity Shares |
35.170 |
33.430 |
13.190 |
|
|
|
Dividend on Preference Shares |
0.000 |
0.000 |
17.120 |
|
|
|
Dividend Tax on Preference Shares |
1.510 |
1.430 |
4.980 |
|
|
|
Tax on Dividend |
6.220 |
5.650 |
0.000 |
|
|
|
Transfer to General Reserves |
60.560 |
126.200 |
0.000 |
|
|
BALANCE CARRIED
TO THE B/S |
4533.310 |
3825.110 |
2309.090 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Export Earnings |
NA |
|
435.810 |
|
|
|
Interest |
NA |
805.640 |
7.070 |
|
|
|
Other Earnings |
NA |
|
2.440 |
|
|
TOTAL EARNINGS |
NA |
805.640 |
445.320 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
NA |
NA |
1891.330 |
|
|
|
Stores & Spares |
NA |
NA |
56.140 |
|
|
|
Capital Goods |
NA |
NA |
458.520 |
|
|
TOTAL IMPORTS |
NA |
NA |
2405.990 |
|
|
|
|
|
|
|
|
|
|
Earnings / (Loss)
Per Share (Rs.) |
17.69 |
35.74 |
23.45 |
|
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%20-%20240266%2025-Oct-2013_files/image003.gif){kind=small}
KEY RATIOS
|
PARTICULARS |
|
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
PAT / Total Income |
(%) |
2.95
|
6.04 |
4.41 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
4.06
|
7.14 |
5.97 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
7.43
|
13.10 |
9.15 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.15
|
0.28 |
0.25 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
0.86
|
0.85 |
1.33 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
0.64
|
0.65 |
0.62 |
LOCAL AGENCY FURTHER INFORMATION
|
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 |
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 |
Yes |
|
Unsecured Loan |
Rs.
In Millions 31.03.2013 |
Rs.
In Millions 31.03.2012 |
|
Long Term
Borrowings |
|
|
|
Intercorporate borrowings |
234.140 |
457.240 |
|
Deferred payment liabilities |
589.370 |
682.690 |
|
Short Term
Borrowings |
|
|
|
Term loans from banks |
0.000 |
179.060 |
|
Working capital loans from banks |
1086.050 |
778.620 |
|
Intercorporate Borrowings |
200.000 |
200.000 |
|
|
|
|
|
TOTAL |
2109.560 |
2297.610 |
VIEW INDEX OF
CHARGES
|
S. No |
Charge ID |
Date of Charge Creation /Modification |
Charge amount secured |
Charge Holder |
Address |
Service Request Number (SRN |
|
1 |
10412060 |
18/03/2013 |
660,000,000.00 |
Standard Chartered Bank |
19, Rajaji Salai, Chennai, Tamil Nadu -
600001, India |
B70847579 |
|
2 |
10390166 |
08/11/2012 |
500,000,000.00 |
Unit Trust Of India Investment Advisory
Services Limited |
Uti Tower GN Blockbandra Kurla Complex,
Bandra East, Mumbai, Maharashtra - 400051, India |
B63365571 |
|
3 |
10363352 |
22/06/2012 |
500,000,000.00 |
Ge Capital Services India |
401, 402, 4th Floor, Aggarwal Millennium
Tower, E-1,2,3, Netaji Subhash Place, Wazirpur, New Delhi, Delhi - 110034,
India |
B42769083 |
|
4 |
10365604 |
21/05/2012 |
300,000,000.00 |
Corporation Bank |
Corporate Banking Branch, 14 Mumbai Pune Road,
Wakdewadi, Pune, Maharashtra - 411003, India |
B43553593 |
|
5 |
10340441 |
22/02/2012 |
400,000,000.00 |
Corporation Bank |
Industrial Finance Branch,, 14, Mumbai
-Pune Road, Wakdewadi,, Pune, Maharashtra - 411003, India |
B34259325 |
|
6 |
10314216 |
31/12/2012 * |
750,000,000.00 |
Standard Chartered Bank |
19, Rajaji Salai, Chennai, Tamil Nadu -
600001, India |
B66185174 |
|
7 |
10298695 |
08/03/2012 * |
300,000,000.00 |
Standard Chartered Bank |
Crescenzo, 3A/F, Plot No C-38 and 39,
Fort, Mumbai, |
B35503317 |
|
8 |
10261384 |
21/12/2010 |
204,500,000.00 |
Corporation Bank |
Industrial Finance Branch,, 14, Pune
-Mumbai Road, Pune, Maharashtra - 411003, India |
B03513439 |
|
9 |
10238754 |
09/08/2010 |
15,057,940.00 |
Indian Overseas Bank |
Pune Cantonment Branch, Wonderland, 7 M G
Road, Pune, Maharashtra - 411001, India |
A94023249 |
|
10 |
10238750 |
19/07/2010 |
43,835,775.00 |
Indian Overseas Bank |
Pune Cantonment Branch, wonderland, 7 M G
Road, Pune, Maharashtra - 411001, India |
A94022381 |
|
11 |
10225161 |
24/05/2010 |
350,000,000.00 |
IDBI Bank Limited |
IDBI Tower, World Trade Complex, Cuffe
Parade, |
A87574653 |
|
12 |
10216656 |
12/04/2010 |
200,000,000.00 |
IDBI Bank Limited |
Specialised Corporate Branch, Survey No.
20292, |
A83988212 |
|
13 |
10201499 |
19/02/2010 |
40,000,000.00 |
CORPORATION BANK |
Industrial Finance Branch, No.14,
Pune-Mumbai Road, Pune, Maharashtra - 411003, India |
A79089827 |
|
14 |
10193192 |
03/12/2009 |
50,000,000.00 |
Indian Overseas Bank |
Pune Cantonment Branch, Wonder world, 7 M
G Road, |
A75900597 |
|
15 |
10171888 |
28/07/2009 * |
420,765,000.00 |
Bank of India |
293, Harrow Road, 293, Harrow Road,
Wembley, - HA96BD, United Kingdom |
A68657857 |
|
16 |
10167171 |
17/01/2011 * |
168,545,000.00 |
Corporation Bank |
Industrial Finance Branch, 14, Wakdewadi,
Mumbai- Pune Road, Pune, Maharashtra - 411003, India |
B07404981 |
|
17 |
10164076 |
10/01/2013 * |
3,788,500,000.00 |
Corporation Bank |
Industrial Finance Branch, 14, Wakdewadi,
Mumbai |
B67299768 |
|
18 |
10102171 |
13/03/2009 * |
217,173,000.00 |
ICICI Bank Limited |
Landmarkrace Cource Circle, Alkapuri, Baroda,
Gujarat - 390015, India |
A59899955 |
|
19 |
10092580 |
07/08/2009 * |
160,000,000.00 |
Bank Of India |
Pune Corporate Banking Branch, 1162/6,
University |
A67884312 |
|
20 |
10063603 |
26/10/2010 * |
1,053,170,000.00 |
Unit Trust Of India Investment Advisory
Services Limited |
UTI Tower 'Gn Block', Bandra Kurla
Complex, Bandra East,, Mumbai, Maharashtra - 400051, India |
A97802946 |
|
21 |
10057180 |
11/05/2007 |
320,000,000.00 |
Corporation Bank |
Industrial Finance Branch,, 14, Pune
Mumbai Road, |
A17658543 |
|
22 |
10047624 |
12/03/2007 |
300,000,000.00 |
ICICI BANK LIMTIED |
Corporate Banking Group, 3rd Floor,
A-Wing, Shan |
A14122188 |
|
23 |
10022160 |
26/02/2013 * |
190,000,000.00 |
Citi Bank N.A. |
C61, Citi Group Centre, Bandra Kurla Complex,
Mumbai, Maharashtra - 400051, India |
B70503909 |
|
24 |
10013317 |
04/08/2006 |
200,000,000.00 |
Indian Overseas Bank |
Wonderland 7 M G Road, Pune Cantonment,
Pune, Maharashtra - 411001, India |
A03135498 |
|
25 |
10054318 |
26/02/2013 * |
567,173,000.00 |
Citi Bank N.A. |
C61, Citi Group Centre, Bandra Kurla
Complex, Mumbai, Maharashtra - 400051, India |
B70504477 |
|
26 |
90354452 |
28/12/2005 |
29,700,000.00 |
Corporation Bank |
Wakeswadi, Pune, Maharashtra, India |
- |
|
27 |
90353555 |
17/01/2011 * |
522,400,000.00 |
Corporation Bank |
Industrial Finance Branch, 14, Wakdewadi,
Mumbai-Pune Road, Pune, Maharashtra - 411003, India |
B07404668 |
|
28 |
80034440 |
27/03/2003 |
52,000,000.00 |
Bank Of India |
Pune Corporate Banking Br., 1162 /6 Gr.
Fl. University Rd. Shivaji Nagar, Pune, Maharashtra - 4110 |
- |
|
29 |
90144408 |
24/03/2003 |
10,000,000.00 |
Indians Overseas Bank |
Pune Contonment Branch, Wonderland; 7; M. G.
Road, Pune, Maharashtra - 411001, India |
- |
|
30 |
80034441 |
18/02/2003 |
552,491,000.00 |
Bank Of India |
1162 /6,University Road, Shivaji Nagar, Pune, Maharashtra - 411005, India |
- |
|
31 |
90144283 |
06/12/2003 * |
128,600,000.00 |
Indians Overseas Bank |
Cantonment Branch, Pune, Maharashtra,
India |
- |
|
32 |
90219828 |
08/01/2003 |
160,000,000.00 |
Bank Of India |
Pune Corpoarate Banking Branch, Pune,
Maharashtra, |
- |
|
33 |
90146389 |
03/01/2003 |
68,600,000.00 |
Indians Overseas Bank |
Pune Contonment Branch, Wonderland; 7; M.
G. Road, Pune, Maharashtra - 411001, India |
- |
|
34 |
90216325 |
05/12/2002 |
309,500,000.00 |
Bank of Maharashtra |
Kranti Chwok Branch, Aurangabad, Maharashtra,
India |
- |
|
35 |
90219811 |
14/03/2002 * |
33,850,000.00 |
Indian Renewable Enegy Development Agency
Limited |
Core - 4 - V; East Court, 1 - St Floor,
New Delhi, Delhi - 110003, India |
- |
|
36 |
90143262 |
29/03/2001 * |
10,000,000.00 |
Punjab National Bank |
Aurang Pura Branch, Aurangabad,
Maharashtra, India |
- |
|
37 |
90219783 |
20/12/2001 * |
33,850,000.00 |
Indian Renewable Energy Development Agency
Limited |
Core - 4 - A; East Court; 1 St Floor, India
Habitate Centre. Lodi Road, New Delhi, Delhi - 110003, India |
- |
|
38 |
90219782 |
13/12/2000 |
10,000,000.00 |
Deogri Nagri Sahakari Bank Limited. |
Kranti Chowk, Aurangabad, Maharashtra,
India |
- |
|
39 |
90140838 |
18/11/2000 |
110,109,000.00 |
Punjab National Bank |
Aurang Pura Branch, Aurangabad,
Maharashtra, India |
- |
|
40 |
90140836 |
15/09/2001 * |
110,109,000.00 |
Punjab National Bank |
Aurang Pura Branch, Aurangabad,
Maharashtra, India |
- |
|
41 |
90143013 |
02/09/2000 |
26,000,000.00 |
Corporation Bank |
Industrial Finance Branch, Pune Mumbai
Road; Wakd |
- |
|
42 |
90219772 |
02/09/2000 |
250,000.00 |
The Saraswat Co - Op. Bank Limited |
Waluj, Mumbai, Maharashtra, India |
- |
|
43 |
90219771 |
31/08/2000 |
460,000.00 |
Bank Of Maharashtra |
Kranti Chwok Branch, Aurangabad,
Maharashtra, India |
- |
|
44 |
90146105 |
02/08/2000 |
75,000,000.00 |
Punjab National Bank |
Aurang Pura, Aurangabad, Maharashtra -
431001, India |
- |
|
45 |
90219762 |
30/01/2002 * |
101,500,000.00 |
Bank Of Maharashtra |
Kranti Chowk Branch, Aurangabad,
Maharashtra, India |
- |
|
46 |
90219738 |
10/05/1999 |
900,000.00 |
The Saraswat Co - Op. Bank Limited. |
Waluj, Aurangabad, Maharashtra, India |
- |
|
47 |
90216263 |
09/11/1998 |
2,200,000.00 |
Deogri Nagari Sahakari Bank Limited. |
Worli, Aurangabad, Maharashtra, India |
- |
|
48 |
90216219 |
23/04/1998 * |
11,800,000.00 |
Central Bank Of India |
Documentry Cell, 1 - St Floor; Mumbai Main
Office, Mumbai, Maharashtra, India |
- |
|
49 |
90219640 |
24/10/1997 * |
1,200,000.00 |
Central Bank Of India |
Documentry Cell, 1st Floor; Mumbai Main Office, Mumbai,
Maharashtra, India |
- |
|
* Date of charge modification |
||||||
CORPORATE INFORMATION
Subject was
established in 1985 as Anurang Engineering Company Private Limited to
manufacture Aluminum Die Casting Products at Aurangabad Maharashtra (India).
The Endurance group today is a global force in aluminium die casting (including
alloy wheel), suspension, transmission and braking products with 19 plants
across India, Italy and Germany.
MANAGEMENT
DISCUSSION AND ANALYSIS
AUTOMOTIVE
INDUSTRY SCENARIO
The Indian
automotive industry is considered to be one of the fastest growing industries
of the last decade. The industry has ranked eleventh in the manufacture of passenger
cars, fourth in the manufacture of commercial vehicles and second in the
manufacture of two wheelers in the world. The industry was valued at about USD
65 billion in 2012, contributing to about 3.5 - 4% to the country's GDP.
Unlike the double
digit growth witnessed by the industry during the previous year, the year
registered de-growth. This decline is a result of a number of adverse factors
ranging from the global economic turmoil emanating from Europe, to domestic
factors such as increasing fuel prices, high input costs, persistent inflation
and high interest rates. The slowdown in economy and poor agricultural output
affected the urban purchasing power and the rural disposable income,
respectively.
During the year
the passenger car sales dipped by 6.7% being the worst performance during the
last decade. The medium and heavy commercial vehicles also faced a similar
situation recording a 23.2% decline in sales, while light commercial vehicles
fared well with 14% growth in sales, sports utility vehicle segment ruled the
market with a phenomenal increase of 52.2% in sales.
The market
remained flat with respect to the sales of two and three wheelers recording a
nominal growth of 2.9% and 4.9%, respectively, with an entirely different
product mix as compared to the previous year. Motorcycles which led the growth
last year were replaced by scooters with a growth of 14.2% and sales growing to
2.92 million from 2.55 million during the period. The market share of
motorcycles reduced to 72% from 73% in FY 2012-13, while the scooter market
increased to 23% from 21%.
AUTO COMPONENT
INDUSTRY
The auto component
industry has followed a pattern of crests and troughs in line with the
automotive industry. The market which witnessed an uptrend from 2009-10 until
2011-12 is now going through a declining phase with lower profit margins and
tepid growth.
The demand for
auto components is primarily linked to the growth of automotive industry,
largely influenced by demand from domestic OEMs and its corresponding demand
drivers.
Research analysis
estimates marginal improvement in the economic scenario with anticipated
lowering of inflation and that of normal monsoons, which is expected to result
in the two wheeler industry growth by around 8-9% in the FY 2013-14 with
motorcycle segment likely to grow in a range of 6-7% and scooter segment at
13-14%.
The Union Budget
of 2013 has also provided an impetus to the industry by giving an extension of
five years for weighted deduction of 200% on research and development (R and D)
expenditure.
COMPANY
PERFORMANCE
During the year
2012-13 the Company faced weak market conditions due to sluggish growth in the
automotive industry which mirrored in its overall operational and financial
performance. Its major customers, in two and three wheeler automobile segment,
were confronted with economic slowdown resulting in significant reduction in
sales and also tapering of capex cycle.
The revenues
registered a nominal decline of 1.7% at Rs. 27,392.86 million as compared to
Rs. 27,862.47 million during the corresponding previous year. The profit before
finance costs, depreciation, exceptional items and extraordinary expenses is
Rs. 3,573.90 million which a decline by 3.5% primarily on account of
inflationary impact of fixed cost and increase in energy cost.
Although the
Company secured orders for high volumes from existing as well as new customers,
actual production by OEMs was much below their scheduled plans. Lower
production by OEMs negatively affected the off take of components, which
coupled with increased input and energy costs put pressure on the Company's
operating margins, resulting in lower profitability. This pull back was
partially compensated by introduction of new products and certain austerity
measures taken by the Company to reduce operating costs.
Despite a slowdown
in the auto component industry, the aftermarket business gave a commendable
performance with the Company topping in terms of sale of its shock absorbers for
two wheelers in the replacement market in India. Aftermarket business recorded
revenue of Rs. 1,306 million, a growth of 13.2% over the previous year. Revenue
from domestic aftermarket sales was Rs. 913 million, whereas exports stood at
Rs. 393 million, together accounting for 4.8% of the total revenue of the
Company.
MANAGEMENT
ANALYSIS OF THE BUSINESS OPERATIONS
The Company has
state-of-the-art facilities for manufacture of die casting, braking and
suspension systems. These facilities cater to the dominant OEMs in the two and
three wheeler segment. The Company continues to align with customers' strategic
plans with its steadfast focus on their product requirement and technology
upgrade needs
Aluminium is
emerging as the preferred metal for automotive applications across the globe
with growth driven by demand for lighter cars, higher fuel efficiency
requirements and stricter fuel emission standards. Aluminium die casting is,
therefore, emerging as a profitable venture in the industry. This being highly
capital intensive, there are limited organised players in the market who are
well equipped to meet the demand of OEMs. The Company has an advantage of being
one of the leading die casting manufacturers in India.
Benchmarking
itself towards excellence by delivering high quality products at competitive
prices, the Company believes in partnering with technology leaders in its
product domain. Taking this forward, an alliance has been entered into with WP
Suspension, Austria, a global technology leader in suspensions, for developing
high performing suspension components for better driving comfort for two
wheelers. The Company plans to foray in four wheeler brake manufacturing in the
forthcoming year. Towards this, a technology assistance agreement has been entered
into with BWI North America Inc., USA to manufacture four wheeler brake
assemblies.
The Company
introduced technologically upgraded solutions for premium motor cycles which
were well accepted by its customers. These efforts culminated in tapping opportunities
created in the segment of motorcycles and ungeared scooters.
Excellence through
Total Productivity Management is being practiced at all plants. Operations at
shop floors undergo continuous process improvement through Kaizen. It has been
a constant endeavour to sharpen the Company's focus on lowering costs, offering
better quality products, improving operational efficiency, delivery
commitments, in order to serve the customer better.
Technology and
innovation are assumed as critical factors for sustained long-term growth and
therefore the R and D centres of the Company relentlessly aim to offer complete
solutions in form of design to service thereby enlarging its offerings to new
product platforms developed by OEMs.
Despite the
unorganized sector dominating the domestic spare parts' market, the aftermarket
business posted a satisfactory growth of 13.2%. The Company focused on
penetration in rural market and strengthened its position overseas by
initiating brand registration and widening its distribution network. The year
saw expansion of export market in the African continent.
The automotive
industry grappled with uncertainty during 2012-13, which the Company attempted
to counter with its strategy of profitable growth. The Company aims to drive this
strategy through improvement in vendor management, quality with timely
delivery, reduction of early on line rejection and customer returns.
The Company is
well positioned to overcome the vagaries of the uncertain market conditions and
shall continue its concerted efforts to be a preferred tier I supplier to
leading OEMs in India in its product portfolio.
OUTLOOK
Although the auto
industry is normally fast paced, the overall growth prospects are expected to
be tepid for the financial year 2013-14, with high volume segments such as two
and three wheelers already reporting decline or stagnation in the early months
of the current year. However, despite this trend, automotive OEMs are gearing
up aggressively to grow, both in domestic as well as overseas markets. With the
average replacement cycle of vehicles reducing, the demand of new vehicles is
expected to rise in the short term, resulting into better business prospects
for the automotive industry.
India has proved to
be a high potential market for automobile segment on account of low
penetration, high proportion of youth population with growing disposable
income, low cost of service and various government incentives including
weighted deduction on R and D spend.
The Company is
well equipped to tap the business opportunities created in the industry. The
Company is a complete solutions provider to its customers and makes efforts to
provide first time right quality products at most competitive price. With its
presence in the industry for over two decades, the Company has built up
adequate infrastructure and has collaboration with leading technology partners
to provide upgraded products. It has strategically located manufacturing
facilities within the vicinity of auto hubs, which significantly reduces
logistics costs.
The aftermarket
business is aggressively geared up to increase its market share in both
domestic as well overseas markets. In the forthcoming year, the Company plans
to focus on strategies to penetrate rural market, which is anticipated to be
almost 45% of the total two wheeler markets in India. The Company shall
continue its concerted efforts to gain foothold in countries in ASEAN region,
Africa and South America.
SUBSIDIARIES
DOMESTIC
High Technology Transmission
Systems (India) Private Limited - (HTTS), subsidiary of the Company is engaged
primarily into manufacture and sale of clutch assemblies, continuous variable
transmissions and friction plates.
The general
slowdown in the auto industry did not adversely impact the business performance
of HTTS. The total revenue of HTTS increased marginally by 9.8% to Rs. 2,884.95
million (previous year Rs. 2,626.55 million) which is attributed to new
business acquired during the year. The profit after tax, however, posted a
nominal decline of 1.83%, which was mainly due to partial withdrawal of tax
exemption available on profits generated at Pantnagar. Till the financial year
2011-12, HTTS enjoyed a tax holiday of 100% which was reduced to 30% on the
income from the financial year 2012-13.
OVERSEAS
Endurance Overseas
S.r.L., Italy (EoSrl): EoSrL, a wholly-owned subsidiary company of the Company
is a Special Purpose Vehicle incorporated in Italy, for the purpose of making
strategic overseas investments.
During the year,
the Company infused equity of Euro 2 million to meet the capital adequacy
requirement as well as to fund the cost of acquiring the residual stake of 49%
of Endurance Fondalmec SpA. EoSrl had acquired the stake in Endurance Fondalmec
SpA in 2009-10 for Euro 14 million against which a total amount of Euro 12
million has been paid in tranches.
During the
financial year ended 31st March, 2013, the total income of the EoSrl was
significantly higher at Euro 1.2 million over the previous year's income of Euro
0.2 million. With a view to reinforce financials of the subsidiary, measures
were taken to improve debt-equity ratio by conversion of the shareholders' loan
as on 30th June, 2012 and part of EoSrl's reserves into share capital.
Shareholders' loan of Euro 3.47 million (including interest) and reserves of
Euro 2.04 million were converted into share capital.
Subsequent to the
investment of Euro 2 million by the Company and the said measures taken to
reinforce the equity and financials, the total paid-up share capital of EoSrl
stood increased to Euro 15.3 million as on 31st March, 2013.
With an objective
of strengthening foothold in the European markets, the management of the
Company's operating overseas subsidiaries has been centralized at EoSrl. Apart
from making strategic investments, EoSrl shall also provide management support
services for certain critical functions to the overseas entities.
As a long-term
strategic move and in order to strengthen the presence of Endurance Group in
the existing segment of automotive components in Europe, EoSrl has acquired 15%
stake in F.O.A. SpA, Italy (FOA), a tier
supplier engaged in the activity of aluminium die casting, machining and
assembling. FOA has capabilities to provide assistance in the production of
large size and complex die casting components which are the target products for
the commercial evolution of the group companies in Europe.
Endurance
Fondalmec S.p.A,, (EF SpA) is a step down operating subsidiary of the Company in
Italy and is primarily engaged in the production of mechanical components for
the automotive sector such as engine, transmission groups, machining and
assembling of components of aluminum alloys, cast iron and steel.
During the year
ended 31st March, 2013, EF SpA posted a growth of 2.3% achieving total income
of Euro 83.4 million (USD 107.38 million) compared to Euro 81.6 million (USD
112.26 million) in the previous year, despite unfavorable conditions in the
automotive market in Europe. Profit after tax was Euro 3.03 million (USD 3.9
million) against the previous year's profit of Euro 2.86 million (USD 3.93
million). The subsidiary paid a dividend of Euro 1.485 million on the equity
share capital, translating to 49% dividend payout. The figures reported are as
per local GAAP.
Amann Druckguss
GmbH (Amann), a wholly owned subsidiary based in Germany, carries out
manufacturing operations of high pressure die casting and machining components.
It caters to large automotive OEMs in the German auto market.
The subsidiary
faced economic slowdown and withdrawal of some orders by a customer. Despite
the adversities this subsidiary reported a total income to Euro 41.8 million
(USD 53.8 million); albeit this was lower by 11.9% compared to Euro 47.34
million (USD 63.38 million) in the previous year. Inventory management
contributed to support the bottom-line. It posted a profit after tax of Euro
2.17 million (USD 2.79 million), compared to the previous year's profit of Euro
3.927 million (USD 5.40 million). The figures reported are as per local GAAP.
DISSOLUTION OF
JOINT VENTURE WITH MAGNETI MARELLI S.P.A., ITALY
The Company had
entered into a joint venture with Magneti Marelli S.p.A. (formerly known as
Magneti Marelli Holding S.p.A.) (MM) in June 2008 for manufacturing, assembling
and marketing shock absorbers, struts and gas springs for four and above
wheeled vehicles. Accordingly, Endurance Magneti Marelli Shock Absorbers
(India) Private Limited (EMM) was incorporated in July 2008. The products to be
manufactured by EMM were primarily to cater to passenger cars.
In order to focus
on the core business of components for two and three wheelers and small LCVs,
the Board of the Company decided to exit from this joint venture. It was
decided to sell the Company's entire 50% shareholding to MM at a consideration
of Rs. 160.75 million and towards this a Share Purchase Agreement (SPA) was
entered on 10th October, 2012 for dissolution of the joint venture.
Consequently, the Company transferred its shareholding on 17th October, 2012,
to MM and its nominee directors ceased to be the directors of EMM, thus
bringing an end to this alliance.
To continue
availing technical expertise from MM, the Company entered into a Licence and
Technical Assistance Agreement with Magneti Marelli COFAP Companhia Fabricadora
de Pecas, an affiliate of MM for manufacture of shock absorbers for the four
wheeled vehicles to be launched by of one the leading domestic two wheeler
manufacturers.
FIXED ASSETS
- Leasehold land
- Freehold Land
- Buildings
- Plant and machinery
- Wind energy generators
- Factory equipments
- Electrical installation
- Computer
- Dies
- Electrical Fittings
- Vehicles
- Furniture and fixture
- Office equipments
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts,
1] INFORMATION ON
DESIGNATED PARTY
No exist designating subject or any of its beneficial owners, controlling
shareholders or senior officers as terrorist or terrorist organization or whom
notice had been received that all financial transactions involving their assets
have been blocked or convicted, found guilty or against whom a judgement or
order had been entered in a proceedings for violating money-laundering,
anti-corruption or bribery or international economic or anti-terrorism sanction
laws or whose assets were seized, blocked, frozen or ordered forfeited for
violation of money laundering or international anti-terrorism laws.
2] Court Declaration :
No records exist to suggest that subject is
or was the subject of any formal or informal allegations, prosecutions or other
official proceeding for making any prohibited payments or other improper payments
to government officials for engaging in prohibited transactions or with
designated parties.
3] Asset Declaration :
No records exist to suggest that the property or assets of the subject
are derived from criminal conduct or a prohibited transaction.
4] Record on Financial
Crime :
Charges or conviction
registered against subject: None
5] Records on Violation of
Anti-Corruption Laws :
Charges or
investigation registered against subject: None
6] Records on Int’l Anti-Money
Laundering Laws/Standards :
Charges or
investigation registered against subject: None
7] Criminal Records
No
available information exist that suggest that subject or any of its principals
have been formally charged or convicted by a competent governmental authority
for any financial crime or under any formal investigation by a competent
government authority for any violation of anti-corruption laws or international
anti-money laundering laws or standard.
8] Affiliation with
Government :
No record
exists to suggest that any director or indirect owners, controlling
shareholders, director, officer or employee of the company is a government
official or a family member or close business associate of a Government
official.
9] Compensation Package :
Our market
survey revealed that the amount of compensation sought by the subject is fair
and reasonable and comparable to compensation paid to others for similar
services.
10] Press Report :
No press reports / filings exists on
the subject.
CORPORATE GOVERNANCE
MIRA INFORM as part of its Due Diligence do provide comments on
Corporate Governance to identify management and governance. These factors often
have been predictive and in some cases have created vulnerabilities to credit
deterioration.
Our Governance Assessment focuses principally on the interactions
between a company’s management, its Board of Directors, Shareholders and other
financial stakeholders.
CONTRAVENTION
Subject is not known to have contravened any existing local laws, regulations
or policies that prohibit, restrict or otherwise affect the terms and
conditions that could be included in the agreement with the subject.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs. 61.41 |
|
UK Pound |
1 |
Rs. 99.52 |
|
Euro |
1 |
Rs. 84.81 |
INFORMATION DETAILS
|
Report Prepared
by : |
DPT |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
6 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILIRY |
1~10 |
6 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
6 |
|
--RESERVES |
1~10 |
6 |
|
--CREDIT LINES |
1~10 |
5 |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
YES |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
51 |
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.