MIRA INFORM REPORT
|
Report Date : |
05.04.2014 |
IDENTIFICATION DETAILS
|
Name : |
VE COMMERCIAL VEHICLES LIMITED (w.e.f.10.06.2008) |
|
|
|
|
Formerly Known
As : |
EICHER MOTORS INDIA LIMITED |
|
|
|
|
Registered
Office : |
3rd Floor, Select Citywalk, A-3 District Centre, Saket, |
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|
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|
Country : |
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|
|
|
|
Financials (as
on) : |
31.12.2013 |
|
|
|
|
Date of
Incorporation : |
07.03.2008 |
|
|
|
|
Com. Reg. No.: |
55-175032 |
|
|
|
|
Capital Investment
/ Paid-up Capital : |
Rs.100.000 Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U74900DL2008PLC175032 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
DELE04799E |
|
|
|
|
PAN No.: [Permanent Account No.] |
AABCE9378F |
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|
|
|
Legal Form : |
A Closely Held Public Limited Liability Company |
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|
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|
Line of Business
: |
Distributor of Automobile Products and Related Components. |
|
|
|
|
No. of Employees
: |
Not Available |
RATING & COMMENTS
|
MIRA’s Rating : |
A (68) |
|
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 885500000 |
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|
|
|
Status : |
Good |
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|
|
|
Payment Behaviour : |
Regular |
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|
Litigation : |
Clear |
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|
Comments : |
Subject is a well-established and reputed company having a fine track record.
Financial position of the company seems to be strong. Overall
fundaments of the company seems to be sound and healthy. Directors are reported to be experienced and respectable businessmen. Trade relations are reported as fair. Business is active. Payments are
reported to be regular and as per commitments. In view of strong holdings, the company can be considered good for
normal business dealings at usual trade terms and conditions. |
NOTES:
Any query related to this report can be made on
e-mail : infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – December 1, 2013
|
Country Name |
Previous Rating (30.09.2013) |
Current Rating (01.12.2013) |
|
India |
A1 |
A1 |
|
Risk Category |
ECGC Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
INDIAN ECONOMIC OVERVIEW
India’s current account deficit for the fiscal third quarter ended
September 2013 narrowed to $4.2 billion or 0.9 % of the gross domestic product
from $31.9 billion or 6.5 % of GDP a year earlier, thanks to a pick-up in
exports and moderation in gold imports. Manufacturing activity and new orders
in India showed their strongest growth in a year in February. The news comes as
a relief after data showed Asia’s third largest economy grew by a
slower-than-expected 4.7 % annually in the three months through December. The
HSBC Manufacturing Purchasing Managers’ Index which gauges the business
activity of India’s factories but not its’ utilities, rose to 52.5 in February,
its highest in a year from 51.4 in January. Overall new orders for factory
goods which rose to a one-year high of 54.9 contributed to the surge. China has
emerged as India’s biggest trading partner in the current financial year
replacing the United Arab Emirates and pushing it to the third spot.
India-China trade has reached $49.5 billion with a 8.7 % share in India’s total
trade. The US comes second at $46 billion with 8.1 % share during the first
nine months of the current financial year.
The Reserve Bank of India has granted an additional nine months to the
public to exchange currency notes printed before 2005 including Rs 500 and Rs
1,000 denominations, pushing the deadline to January 1, 2015. A day before
dates for the Lok Sabha polls were announced, the government decided to hike
interest rates on fixed deposit schemes offered by post offices up to 0.2 per
cent. The new rates will be effective April, 1. The Supreme Court will resume
hearing on March, 11 Nokia’s appeal against a ruling over transferring
ownership of its local mobile phones plant which is the subject of a tax
dispute to Microsoft Corp.
In the last days of the current Government, another scam has surfaced.
The defence ministry has ordered a probe into Hindustan Aeronautics Limited’s
contracts from Britain’s Rolls-Royce Holdings worth at least $ 1.2 billion. The
Central Bureau of Investigation will look into allegations that over $80
million was paid in kickbacks in a deal signed in 2011. India has asked Boeing
Co. to find a solution for problems with state-owned Air India’s 787
Dreamliners. The aircraft has experienced a series of malfunctions since its
debut in 2011.
EXTERNAL AGENCY RATING
|
Rating Agency Name |
ICRA |
|
Rating |
Fund Based Working Capital Facilities: AA |
|
Rating Explanation |
High degree of safety and very low credit
risk |
|
Date |
March, 2013 |
|
Rating Agency Name |
ICRA |
|
Rating |
Non Fund based facilities: A1+ |
|
Rating Explanation |
Very Strong degree of safety and lowest
credit risk. |
|
Date |
March, 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.
INFORMATION DENIED
Management Non Co-operative
Contact No.: 91-124-4415999 / 4415600
LOCATIONS
|
Registered Office : |
3rd Floor, Select Citywalk, A-3 District Centre, Saket, |
|
Tel. No.: |
91-11-29563724 |
|
Fax No.: |
Not Available |
|
E-Mail : |
|
|
Website : |
|
|
|
|
|
Corporate Office |
Building No. 9A,
16th Floor, |
|
Tel. No.: |
91-124-6701700 / 4415999 /
4415600 |
|
|
|
|
Plant Location 1 : |
Eicher Trucks and Buses 102 and 102A,
Industrial Area No.1, Pithampur – 454775, District Dhar, |
|
|
|
|
Plant Location 2 : |
Eicher Engineering Components (i) (ii) Indonippon
Foods Premises No.7, HSIDC Sector-18, Palam-Gurgaon Road, Gurgaon –122015,
Haryana, India (iii) 78-86,
Industrial Area No.III, |
DIRECTORS
(AS ON 30.01.2014)
|
Name : |
Mr. Siddhartha Vikram Lal |
|
Designation : |
Managing director |
|
Address : |
2, Panchsheel Marg, Chanakya Puri, |
|
Date of Birth/Age : |
14.10.1973 |
|
Date of Appointment : |
07.03.2008 |
|
PAN No.: |
AABPL5228J |
|
DIN No.: |
00037645 |
|
|
|
|
Name : |
Mr. Bertil John Thoren |
|
Designation : |
Director |
|
Address : |
Arkivgatan 5, |
|
Date of Birth/Age : |
17.07.1950 |
|
Date of Appointment : |
26.05.2008 |
|
DIN No.: |
02200430 |
|
|
|
|
Name : |
Mr. Philippe Divry |
|
Designation : |
Director |
|
Address : |
Vidblicksgatan 2, |
|
Date of Birth/Age : |
31.07.1965 |
|
Date of Appointment : |
03.02.2012 |
|
DIN No.: |
05195448 |
|
|
|
|
Name : |
Mr. Prateek Jalan |
|
Designation : |
Director |
|
Address : |
4, |
|
Date of Birth/Age : |
04.04.1970 |
|
Date of Appointment : |
26.05.2008 |
|
DIN No.: |
02170139 |
|
|
|
|
Name : |
Mr. Raul Rai |
|
Designation : |
Director |
|
Address : |
C-447, Defence Colony, |
|
Date of Birth/Age : |
07.02.1969 |
|
Date of Appointment : |
26.05.2008 |
|
DIN No.: |
02202542 |
|
|
|
|
Name : |
Mr. Joachim Henry Rasenberg |
|
Designation : |
Director |
|
Address : |
Kara Blanc 502, 3-5-41, Minami Azabu, Minato Ward, Tokya-1060047 |
|
Date of Birth/Age : |
29.10.1970 |
|
Date of Appointment : |
31.01.2013 |
|
DIN No.: |
06391543 |
KEY EXECUTIVES
|
Name : |
Mr. Praveen Kumar Jain |
|
Designation : |
Secretary |
|
Address : |
36, |
|
Date of Birth/Age : |
19.09.1968 |
|
Date of Appointment : |
29.04.2011 |
|
PAN No.: |
AAMPJ3073E |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
(AS ON 30.01.2014)
|
Names of Shareholders |
|
No. of Shares |
|
|
|
|
|
Eicher Motors Limited, |
|
5439993 |
|
Siddhartha Vikram Lal |
|
1 |
|
Vinod Aggarwal |
|
1 |
|
|
|
1 |
|
Rajesh Kumar |
|
1 |
|
Rohit Srivastava |
|
1 |
|
Dinesh Kumar Taneja |
|
1 |
|
|
|
3469700 |
|
Volvo Truck Corporation, |
|
1090300 |
|
Praveen Kumar Jain |
|
1 |
|
|
|
|
|
Total |
|
10000000 |
(AS ON 30.01.2014)
Equity Shares Break – up
|
Category |
|
Percentage |
|
|
|
|
|
Foreign holdings [Foreign institutional investors, Foreign Companies, Foreign Financial Institutions, Non-resident Indian or Overseas corporate bodies or others] |
|
45.60 |
|
Bodies corporate |
|
54.40 |
|
|
|
|
|
Total
|
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Distributor of Automobile Products and Related Components. |
||||||
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|
||||||
|
Products : |
|
GENERAL INFORMATION
|
No. of Employees : |
Not Available |
|
|
|
|
Bankers : |
·
HDFC Bank Limited Vatika Atrium A Block, Sector 53, Golf Course Road, Gurgaon – 122002,
Haryana, India · Kotak Mahindra Bank Limited 7th Floor, Ambadeep Building, K G Marg, New Delhi – 110001, India · State Bank of Indore Pithampur Branch, Khandelwal Chambers Sector No.I, Pithampur - 454775, Madhya Pradesh, India · ICICI Bank Limited Landmarkrace Cource Circle, Alkapuri, Baroda - 390015, Gujarat, India |
|
|
|
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Financial
Institutions : |
The Hongkong and Shanghai Banking Corporation Limited, Birla House, 25
Barakhamba Road, New Delhi - 110001, Delhi, India |
|
|
|
|
Auditors : |
|
|
Name : |
Deloitte Haskins and Sells Chartered Accountants |
|
Address : |
7th Floor,
Building, 10 Tower B, DLF Cyber City Complex, DLF City Phase II, Gurgaon- 122002,
Haryana, India |
|
Tel. No.: |
91-124-6792000 |
|
Fax No.: |
91-124-6792012 |
|
PAN
No.:: |
AABFD2095B |
|
|
|
|
Holding Company : |
· Eicher Motors Limited (L34102DL1982PLC129877) |
|
|
|
|
100% Subsidiary Company : |
·
Eicher Engineering Solutions, Inc., U.S.A. ·
V E C V Lanka (Private) Limited # (VECV Lanka) |
|
|
|
|
Investor in
respect of which the Company is a joint venture : |
·
Aktiebolaget Volvo (PUBL), Volvo, Sweden |
|
|
|
|
Fellow
Subsidiary Company : |
·
Eicher Engineering Solutions (Beijing) Co.,
Limited ·
Eicher Engineering Solutions (Shanghai) Co.,
Limited |
|
|
|
|
Enterprises
which are owned, or have
significant influence of or
are partners with Key
management personnel and
their relatives : |
·
Eicher Goodearth Private Limited
(U35122DL2007PTC170978) ·
Eicher Polaris Private Limited * (* w.e.f.
October 10, 2012) [U34300DL2012PTC243453] |
|
|
|
|
100% subsidiary
company of EES, Inc. : |
·
Eicher Engineering Solutions, Inc., U.S.A. (EES,
Inc.) ·
Eicher Engineering Solutions (Beijing) Co.,
Limited. * (EES, Inc.) [Formerly known as Hoff Automotive Design (Beijing)
Co. Limited] ·
Eicher Engineering Solutions (Shanghai) Co.,
Limited. ** (EES, Shanghai) [Formerly known as Hoff Auto Design (Shanghai)
Co. Limited] |
CAPITAL STRUCTURE
(AS ON 30.01.2014)
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
10000000 |
Equity Shares |
Rs.10/- each |
Rs.100.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
10000000 |
Equity Shares |
Rs.10/- each |
Rs.100.000 Millions |
|
|
|
|
|
FINANCIAL DATA
[All figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.12.2013 |
31.12.2012 |
31.12.2011 |
|
I.
EQUITY
AND LIABILITIES |
|
|
|
|
(1)Shareholders'
Funds |
|
|
|
|
(a) Share Capital |
100.000 |
100.000 |
100.000 |
|
(b) Reserves & Surplus |
22036.600 |
20023.200 |
17528.300 |
|
(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) |
22136.600 |
20123.200 |
17628.300 |
|
|
|
|
|
|
(3) Non-Current
Liabilities |
|
|
|
|
(a) long-term borrowings |
0.000 |
0.000 |
0.000 |
|
(b) Deferred tax liabilities (Net) |
1681.300 |
1169.300 |
615.300 |
|
(c) Other long term
liabilities |
98.200 |
143.600 |
248.900 |
|
(d) long-term
provisions |
492.500 |
468.600 |
346.600 |
|
Total Non-current
Liabilities (3) |
2272.000 |
1781.500 |
1210.800 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short
term borrowings |
500.000 |
0.000 |
85.100 |
|
(b) Trade
payables |
8756.100 |
7790.300 |
6876.000 |
|
(c) Other
current liabilities |
3342.800 |
3442.800 |
3294.400 |
|
(d) Short-term
provisions |
1324.900 |
1270.000 |
1338.400 |
|
Total Current
Liabilities (4) |
13923.800 |
12503.100 |
11593.900 |
|
|
|
|
|
|
TOTAL |
38332.400 |
34407.800 |
30433.000 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed
Assets |
|
|
|
|
(i)
Tangible assets |
13188.000 |
8298.600 |
3784.100 |
|
(ii)
Intangible Assets |
352.000 |
231.200 |
124.300 |
|
(iii)
Capital work-in-progress |
1018.800 |
2197.300 |
2191.300 |
|
(iv)
Intangible assets under development |
3204.600 |
2224.800 |
1289.500 |
|
(b) Non-current Investments |
54.800 |
0.500 |
0.500 |
|
(c) Deferred tax assets (net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
2373.400 |
2689.600 |
2141.800 |
|
(e) Other
Non-current assets |
0.000 |
0.000 |
0.000 |
|
Total Non-Current
Assets |
20191.600 |
15642.000 |
9531.500 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a)
Current investments |
0.000 |
0.000 |
0.000 |
|
(b)
Inventories |
3741.200 |
4134.500 |
3826.900 |
|
(c) Trade
receivables |
4984.300 |
4343.200 |
3301.100 |
|
(d) Cash
and cash equivalents |
6285.000 |
7918.500 |
11869.800 |
|
(e)
Short-term loans and advances |
2674.500 |
1951.600 |
1483.100 |
|
(f) Other
current assets |
455.800 |
418.000 |
420.600 |
|
Total
Current Assets |
18140.800 |
18765.800 |
20901.500 |
|
|
|
|
|
|
TOTAL |
38332.400 |
34407.800 |
30433.000 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.12.2013 |
31.12.2012 |
31.12.2011 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
50696.700 |
52976.300 |
49642.100 |
|
|
|
Other Income |
586.100 |
948.300 |
1101.800 |
|
|
|
TOTAL (A) |
51282.800 |
53924.600 |
50743.900 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of Materials Consumed |
28630.000 |
33127.300 |
30542.600 |
|
|
|
Purchases of Stock in Trade |
7115.400 |
6195.600 |
6703.400 |
|
|
|
Changes in Inventories of Finished Goods, Work in progress and stock
in trade |
233.600 |
(198.000) |
(541.400) |
|
|
|
Employee Benefits Expenses |
3741.400 |
3324.800 |
2525.800 |
|
|
|
Other Expenses |
7010.200 |
6490.400 |
5363.900 |
|
|
|
TOTAL (B) |
46730.600 |
48940.100 |
44594.300 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
4552.200 |
4984.500 |
6149.600 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
63.200 |
27.200 |
52.200 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
4489.000 |
4957.300 |
6097.400 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
990.900 |
642.500 |
501.500 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
3498.100 |
4314.800 |
5595.900 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
607.200 |
948.200 |
1454.800 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
2890.900 |
3366.600 |
4141.100 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
7493.500 |
5335.300 |
2480.100 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Transfer to General Reserve |
289.100 |
336.700 |
414.200 |
|
|
|
Interim Dividend |
750.000 |
750.000 |
750.000 |
|
|
|
Tax on Dividend |
127.500 |
121.700 |
121.700 |
|
|
BALANCE CARRIED
TO THE B/S |
9217.800 |
7493.500 |
5335.400 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Export of goods (FOB Value) |
0.000 |
0.000 |
2778.100 |
|
|
|
Commercial
vehicle |
2501.000 |
1647.600 |
0.000 |
|
|
|
Engines
and related components |
911.000 |
0.000 |
0.000 |
|
|
|
Gears,
components and spare parts |
820.200 |
613.000 |
0.000 |
|
|
|
Export of engineering services |
0.000 |
0.000 |
12.800 |
|
|
|
Commission income |
0.000 |
0.000 |
1.800 |
|
|
TOTAL EARNINGS |
4232.200 |
2260.600 |
2792.700 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Components and spare parts |
466.500 |
452.800 |
385.500 |
|
|
|
Capital goods |
491.400 |
1333.000 |
607.000 |
|
|
|
Others |
13.200 |
2.000 |
4.300 |
|
|
TOTAL IMPORTS |
971.100 |
1787.800 |
996.800 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
289.09 |
336.66 |
414.11 |
|
KEY RATIOS
|
PARTICULARS |
|
31.12.2013 |
31.12.2012 |
31.12.2011 |
|
PAT / Total Income |
(%) |
5.64
|
6.24
|
8.16
|
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
6.90
|
8.14
|
11.27
|
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
10.27
|
14.39
|
20.76
|
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.16
|
0.21
|
0.32
|
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
0.02
|
0.00
|
0.01
|
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.30
|
1.50
|
1.80
|
FINANCIAL ANALYSIS
[all figures are
in Rupees Millions]
DEBT EQUITY RATIO
|
Particular |
31.12.2011 |
31.12.2012 |
31.12.2013 |
|
|
(INR
in Mlns.) |
(INR
in Mlns.) |
(INR
in Mlns.) |
|
Share Capital |
100.000 |
100.000 |
100.000 |
|
Reserves & Surplus |
17528.300 |
20023.200 |
22036.600 |
|
Share Application money
pending allotment |
0.000 |
0.000 |
0.000 |
|
Net
worth |
17,628.300 |
20,123.200 |
22,136.600 |
|
|
|
|
|
|
long-term borrowings |
0.000 |
0.000 |
0.000 |
|
Short term borrowings |
85.100 |
0.000 |
500.000 |
|
Total
borrowings |
85.100 |
0.000 |
500.000 |
|
Debt/Equity
ratio |
0.005 |
0.000 |
0.023 |
YEAR-ON-YEAR GROWTH
|
Year
on Year Growth |
31.12.2011 |
31.12.2012 |
31.12.2013 |
|
|
(INR
in Mlns) |
(INR
in Mlns) |
(INR
in Mlns) |
|
Sales |
49642.100 |
52976.300 |
50696.700 |
|
|
|
6.716 |
(4.303) |
NET PROFIT MARGIN
|
Net
Profit Margin |
31.12.2011 |
31.12.2012 |
31.12.2013 |
|
|
(INR
in Mlns) |
(INR
in Mlns) |
(INR
in Mlns) |
|
Sales |
49642.100 |
52976.300 |
50696.700 |
|
Profit After Tax |
4141.100 |
3366.600 |
2890.900 |
|
|
8.34% |
6.35% |
5.70% |
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 |
No |
|
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) |
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 |
No |
|
33] |
Voter ID No of Proprietor/Partner/Director,
if available |
No |
|
34] |
External Agency Rating, if available |
Yes |
NOTE:
The Registered office of the company has been shifted
from 12, Commercial Complex, Greater Kailash – II (Masjid Moth), New Delhi –
110048, India, to the present address w.e.f. 22.08.2011.
UNSECURED LOANS
|
Particulars |
31.12.2013 |
31.12.2012 |
|
|
(Rs. In Millions) |
|
|
Short Term
Borrowings |
|
|
|
Rupee term loans from Bank |
500.000 |
0.000 |
|
|
|
|
|
Total |
500.000 |
0.000 |
BUSINESS ENVIRONMENT:
Economy and Markets
Indian economic
scene continued to be challenging in 2013. It was a year of low GDP growth, high
interest rates and moderate to high inflation. GDP growth fell to a 4 year low
of 4.4% in April -June 2013 period but has witnessed marginal recovery since
then and FY 2014 is expected to close with 4.9% GDP growth. It was also a year
of high volatility for the Indian Rupee as it touched a high of over Rs.69/USD
in August 2013leading to an increased trade deficit. The economy is expected to
remain subdued in the near term. We are hoping a recovery post elections with
anew and stable central government in place.
As fortunes of the
Commercial Vehicles (CV) industry are directly linked to the economy, 2013
witnessed decline in all segments of the industry. However, the Company has
performed much better than the industry.
FINANCIAL RESULTS
The Company has
completed a very challenging year. Despite the challenges, the Company has
posted excellent financial results in a difficult year. Total revenue from
operations (net) at Rs.50696.700 Millions declined by 4.3% as against
Rs.52976.300 Millions during the previous financial year ended December 31,
2012. The profit before depreciation and interest amounted to Rs.4019.400
Millions at 8.1% of net sales as against profit before depreciation and
interest of Rs.4104.300 Millions during the previous year at 7.8% of net sales,
a decline of 2.1%. After accounting for interest income of Rs.532.800 Millions
(previous year Rs.880.200 Millions), interest expense of Rs.63.200 Millions
(previous year Rs.27.200 Millions) and depreciation of Rs.990.900 Millions
(previous year Rs.642.500 Millions), profit before tax amounts to Rs.3498.100
Millions (previous year Rs.4314.800 Millions). After providing for tax of
Rs.607.200 Millions, profit after tax amounts to Rs.2890.900 Millions (previous
year Rs.3366.600 Millions).
CONTINGENT LIABILITIES NOT PROVIDED FOR IN RESPECT OF:
[Rs. in millions]
|
Particulars |
31.12.2013 |
31.12.2012 |
31.12.2011 |
|
a) In respect of demands contested by the Company: |
|
|
|
|
- Sales tax matters |
149.800 |
116.400 |
84.600 |
|
- Excise duty matters |
76.300 |
68.400 |
46.300 |
|
- Service tax matters |
686.300 |
685.400 |
290.300 |
|
- Income tax matters |
275.200 |
161.200 |
162.000 |
|
b) Claims against the Company not acknowledged as debts |
33.100 |
23.700 |
25.800 |
|
c) Bills discounted |
140.200 |
152.600 |
45.600 |
|
d) Guarantees given: |
|
|
|
|
(i)to bank for credit facility granted to 100% subsidiary company |
361.400 |
201.900 |
159.800 |
|
- Dues outstanding |
298.600 |
183.500 |
143.800 |
Note: All the above matters other than bills
discounted and guarantees are subject to legal proceedings in the ordinary
course of business. The legal proceedings when ultimately concluded will not,
in the opinion of management, have a material effect on the result of
operations or the financial position of the Company.
INDEX OF CHARGES:
|
S.No. |
Charge ID |
Date of Charge
Creation/Modification |
Charge amount
secured |
Charge Holder |
Address |
Service Request
Number (SRN) |
|
1 |
10284524 |
09/04/2011 |
160,000,000.00 |
HDFC Bank
Limited |
Vatika Atrium A
Block, Sector 53 Golf Course Road |
B12210928 |
|
2 |
10193575 |
10/05/2013 * |
200,000,000.00 |
The Hongkong and
Shanghai Banking Corporation Limi |
BIRLA HOUSE, 25
BARAKHAMBA ROAD, NEW DELHI, Delhi |
B76733070 |
|
3 |
10167020 |
22/11/2013 * |
1,000,000,000.00 |
ICICI BANK
LIMITED |
LANDMARKRACE
COURCE CIRCLE, ALKAPURI, BARODA, Guj |
B89996565 |
|
4 |
10138650 |
16/12/2013 * |
650,000,000.00 |
KOTAK MAHINDRA
BANK LIMITED |
7th Floor,
Ambadeep Building,, K G Marg,, New Del |
B94988375 |
|
5 |
10131448 |
20/11/2008 |
230,000,000.00 |
STANDARD
CHARTERED BANK |
CREDIT RISK CONTROL,,
NARAIN MANZIL, 23 BARAKHAMB |
A51641512 |
* Date of charge modification
FIXED ASSETS:
· Land
· Buildings
· Plant and Machinery
· Furniture and Fixture
· Office Equipment
· Vehicles
· Computer Software
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts,
1] INFORMATION ON
DESIGNATED PARTY
No exist designating subject or any of its beneficial owners,
controlling shareholders or senior officers as terrorist or terrorist
organization or whom notice had been received that all financial transactions
involving their assets have been blocked or convicted, found guilty or against
whom a judgement or order had been entered in a proceedings for violating
money-laundering, anti-corruption or bribery or international economic or
anti-terrorism sanction laws or whose assets were seized, blocked, frozen or
ordered forfeited for violation of money laundering or international
anti-terrorism laws.
2] Court Declaration :
No exist to suggest that subject is or was
the subject of any formal or informal allegations, prosecutions or other
official proceeding for making any prohibited payments or other improper
payments to government officials for engaging in prohibited transactions or
with designated parties.
3] Asset Declaration :
No records exist to suggest that the property or assets of the subject
are derived from criminal conduct or a prohibited transaction.
4] Record on Financial
Crime :
Charges or conviction
registered against subject: None
5] Records on Violation of
Anti-Corruption Laws :
Charges or
investigation registered against subject: None
6] Records on Int’l
Anti-Money Laundering Laws/Standards :
Charges or
investigation registered against subject: None
7] Criminal Records
No
available information exist that suggest that subject or any of its principals
have been formally charged or convicted by a competent governmental authority
for any financial crime or under any formal investigation by a competent
government authority for any violation of anti-corruption laws or international
anti-money laundering laws or standard.
8] Affiliation with
Government :
No record
exists to suggest that any director or indirect owners, controlling
shareholders, director, officer or employee of the company is a government
official or a family member or close business associate of a Government official.
9] Compensation Package :
Our market
survey revealed that the amount of compensation sought by the subject is fair
and reasonable and comparable to compensation paid to others for similar
services.
10] Press Report :
No press reports / filings exists on
the subject.
CORPORATE GOVERNANCE
MIRA INFORM as part of its Due Diligence do provide comments on
Corporate Governance to identify management and governance. These factors often
have been predictive and in some cases have created vulnerabilities to credit
deterioration.
Our Governance Assessment focuses principally on the interactions
between a company’s management, its Board of Directors, Shareholders and other
financial stakeholders.
CONTRAVENTION
Subject is not known to have contravened any existing local laws,
regulations or policies that prohibit, restrict or otherwise affect the terms
and conditions that could be included in the agreement with the subject.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.60.12 |
|
|
1 |
Rs.100.07 |
|
Euro |
1 |
Rs.82.74 |
INFORMATION DETAILS
|
Information
Gathered by : |
PRT |
|
|
|
|
Analysis Done by
: |
RAS |
|
|
|
|
Report Prepared
by : |
SNT |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
8 |
|
PAID-UP CAPITAL |
1~10 |
7 |
|
OPERATING SCALE |
1~10 |
8 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
8 |
|
--PROFITABILIRY |
1~10 |
7 |
|
--LIQUIDITY |
1~10 |
8 |
|
--LEVERAGE |
1~10 |
7 |
|
--RESERVES |
1~10 |
8 |
|
--CREDIT LINES |
1~10 |
7 |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
NO |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
NO |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
68 |
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.