1. Summary Information
|
|
|
Country |
|
|
Company Name |
IFB Automotive
Private Limited |
Principal Name 1 |
Mr. Bijon Nag |
|
Status |
Satisfactory |
Principal Name 2 |
Mr. Bikramjit Nag |
|
|
|
Registration # |
21-46693 |
|
Street Address |
Plot
No Industrial Sector – 5, 1 East Kolkata Township, Tiljala, Kolkata – 700107, West
|
||
|
Established Date |
12.04.1989 |
SIC Code |
-- |
|
Telephone# |
91-33-24428286 |
Business Style 1 |
Manufacturing |
|
Fax # |
91-33-24421003 |
Business Style 2 |
-- |
|
Homepage |
Product Name 1 |
-- |
|
|
# of employees |
470 Office + Contact Labour 950
(Approximately) |
Product Name 2 |
Auto components |
|
Paid up capital |
Rs.50,800,000/- |
Product Name 3 |
-- |
|
Shareholders |
Bodies
Corporate – 100% |
Banking |
ICICI Bank Limited |
|
Public Limited Corp. |
No |
Business Period |
25 years |
|
IPO |
No |
International Ins. |
-- |
|
Public |
No |
Rating |
Ba (50) |
|
Related
Company |
|||
|
Relation
|
Country
|
Company
Name |
CEO |
|
Associates |
|
IFB
Industries Limited |
-- |
|
Note |
-- |
||
2. Summary
Financial Statement
|
Balance Sheet as of |
31.03.2013 |
(Unit: Indian Rs.) |
|
|
Assets |
Liabilities |
||
|
Current Assets |
1,000,900,000 |
Current Liabilities |
724,300,000 |
|
Inventories |
273,800,000 |
Long-term Liabilities |
156,100,000 |
|
Fixed Assets |
435,900,000 |
Other Liabilities |
34,100,000 |
|
Deferred Assets |
2,200,000 |
Total Liabilities |
914,500,000 |
|
Invest& other Assets |
1,758,800,000 |
Retained Earnings |
2,506,300,000 |
|
|
|
Net Worth |
2,557,100,000 |
|
Total Assets |
3,471,600,000 |
Total Liab. &
Equity |
3,471,600,000 |
|
Total Assets (Previous Year) |
3,441,700,000 |
|
|
|
P/L Statement as of |
31.03.2013 |
(Unit: Indian Rs.) |
|
|
Sales (Including Other Income) |
3,937,700,000 |
Net Profit |
92,000,000 |
|
Sales (Previous yr) (Including Other Income) |
4,292,500,000 |
Net Profit(Prev.yr) |
227,500,000 |
MIRA
INFORM REPORT
|
Report Date : |
08.04.2014 |
IDENTIFICATION DETAILS
|
Name : |
IFB AUTOMOTIVE PRIVATE LIMITED |
|
|
|
|
Registered
Office : |
Plot
No Industrial Sector – 5, 1 East Kolkata Township, Tiljala, Kolkata – 700107, |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as
on) : |
31.03.2013 |
|
|
|
|
Date of
Incorporation : |
12.04.1989 |
|
|
|
|
Com. Reg. No.: |
21-046693 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs. 50.800 Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U29130WB1989PTC046693 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
BLRR00487E |
|
|
|
|
PAN No.: [Permanent Account No.] |
AABCI2766H |
|
|
|
|
Legal Form : |
Private Limited Liability Company |
|
|
|
|
Line of Business
: |
Subject
is engaged in mainly involved in the business of manufacturing auto
components. |
|
|
|
|
No. of Employees
: |
470 Office + Contact Labour 950 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (50) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 10000000 |
|
|
|
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
Usually correct |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is a joint venture company between RHW (Germany) and promoters
of IFB. It is an established company having satisfactory track. The company possesses a favourable financial
profile marked by decent networth base. Management has reported a drastic dip in its net profitability during
2013. The ratings also take into consideration the slowing demand as well as
the advantage of low manufacturing costs due to economies of scale along with
low research and development costs in India. Trade relations are fair. Business is active. Payment terms are
reported as usually correct. In view of strong promoters, the subject 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 – 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.
RBI DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available RBI Defaulters’ list.
EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of
31-03-2012.
INFORMATION PARTED BY (GENERAL DETAILS)
|
Name : |
Mr. Praveen |
|
Designation : |
Accounts / Finance Department |
|
Contact No.: |
91-80-39884450 |
|
Date : |
07.04.2014 |
LOCATIONS
|
Registered Office : |
Plot
No Industrial Sector – 5, 1 East Kolkata Township, Tiljala, Kolkata – 700107, West
|
|
Tel. No.: |
91-33-24428286 |
|
Fax No.: |
91-33-24421003 |
|
E-Mail : |
|
|
Website : |
|
|
|
|
|
Corporate Office/ Factory : |
# 16, Visveswariah Industrial Estate, 1st
Main Road, Off Whitefield Road, |
|
Tel. No.: |
91-80-39884450 |
|
Fax No.: |
91-80-39842778 |
|
E-Mail : |
|
|
Website : |
|
|
Location : |
Owned |
|
|
|
|
Head office : |
14, |
|
Tel. No.: |
91-33-24014917 |
|
Fax No.: |
91-33-24015479 |
|
E-Mail : |
|
|
Website : |
|
|
|
|
|
Branch Office : |
·
901-903, ·
58th KM Stone, Tel. No. – 91-124-3209399/499 Fax No. – 91-124-3209006 |
DIRECTORS
As on 27.08.2013
|
Name : |
Mr. Bijon Nag |
|
Designation : |
Chairman cum Managing Director |
|
Address : |
4th Floor, The Residency, 39 Humayun
Kabir Sarani, Kolkata – 700053, West |
|
Date of Birth/Age : |
16.08.1942 |
|
Qualification : |
Mechanical Engineer |
|
Pan No : |
ABOPN2790H |
|
Date of Appointment : |
12.04.1989 |
|
Election ID No : |
WB-23-150-00937 |
|
DIN No : |
00756995 |
|
|
|
|
Name : |
Mr. Siddhartha Chatterjee |
|
Designation : |
Director |
|
Address : |
79/2/1/2 Raja Naba, |
|
Date of Birth/Age : |
07.01.1963 |
|
Date of Appointment : |
18.08.2003 |
|
DIN No : |
00818528 |
|
|
|
|
Name : |
Mr. Bikramjit Nag |
|
Designation : |
Director |
|
Address : |
4th Floor, The Residency, 39 Humayun
Kabir Sarani, Kolkata – 700 053, West |
|
Date of Birth/Age : |
27.09.1973 |
|
Pan No : |
ABVPN5965F |
|
Date of Appointment : |
06.12.2000 |
|
DIN No : |
00827155 |
|
|
|
|
Name : |
Mr. Dulal Kumar Battacharya |
|
Designation : |
Director |
|
Address : |
112-B, Block –B, SNS, |
|
Date of Birth/Age : |
05.12.1940 |
|
Pan No : |
AGKPB2641J |
|
Date of Appointment : |
06.12.2000 |
|
DIN No : |
00883454 |
|
|
|
|
Name : |
Mr. Gautam Dasgupta |
|
Designation : |
Director |
|
Address : |
47/2, |
|
Date of Birth/Age : |
19.02.1946 |
|
Date of Appointment : |
29.07.2010 |
|
DIN No : |
03158000 |
KEY EXECUTIVES
|
Name : |
Mr. Araz Anwar Ali
|
|
Designation : |
Secretary |
|
Address : |
1A, |
|
Date of Birth/Age : |
20.04.1981 |
|
Date of Appointment : |
22.10.2010 |
|
PAN No : |
AGHPA7203N |
|
|
|
|
Name : |
Mr. Praveen |
|
Designation : |
Accounts / Finance Department |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 27.08.2013
|
Names of Shareholders |
No. of Shares |
|
Bikramjit Nag |
1 |
|
Dulal Kumar Battacharya |
1 |
|
IFB Agro
Industries Limited, |
955998 |
|
Nurpur Gases Private Limited, |
1660000 |
|
Asansol Bottling and Packing Company Private
Limited, |
2464000 |
|
Total |
5080000 |
Equity Share Break up (Percentage of Total Equity)
As on 27.08.2013
|
Category |
Percentage |
|
Bodies corporate |
100.00 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Subject
is engaged in mainly involved in the business of manufacturing auto
components. |
||||||||
|
|
|
||||||||
|
Products : |
|
||||||||
|
|
|
||||||||
|
Exports : |
|
||||||||
|
Countries : |
Singapore Sweden |
||||||||
|
|
|
||||||||
|
Imports : |
|
||||||||
|
Countries : |
Thailand |
GENERAL INFORMATION
|
Suppliers : |
Mabuchi Motor Company Limited |
||||||||||||
|
|
|
||||||||||||
|
Customers : |
·
Maruti Udyog Limited ·
Mahindra and Mahindra ·
Ford ·
Hyundai ·
Tata Motors ·
General Motors ·
Honda ·
·
FIAT ·
BEHR ·
Tata Johnson Controls ·
Tata Toyo ·
Hanil Lear India Private Limited ·
Subros ·
Krishna Maruti Limited ·
BSL ·
TS Tech ·
Sanden Vikas |
||||||||||||
|
|
|
||||||||||||
|
No. of Employees : |
470 Office + Contact Labour 950
(Approximately) |
||||||||||||
|
|
|
||||||||||||
|
Bankers : |
·
State Bank of ·
Bank of ·
ICICI Bank Limited, ·
ICICI Bank Limited, |
||||||||||||
|
|
|
||||||||||||
|
Facilities : |
|
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
Haribhakti and Company Chartered
Accountants |
|
Address : |
Bangalore, Karnataka, India |
|
PAN N Income-tax PAN of auditor or auditor's firm : |
AAAFH2010F |
|
|
|
|
Subsidiary company: |
· Global Automotive and Appliances Pte Limited, Singapore · Thai Automotive and Appliances Limited, Thailand |
|
|
|
|
Associate: |
· IFB Industries Limited, India [L51109WB1974PLC029637] · Nurpur Gases Private Limited, India [U40200WB1992PTC055993] · Asansol Bottling and Packaging Company Private Limited, India [U15520WB1989PTC048021] · IFB Agro Industries Limited, India [L01409WB1982PLC034590] |
|
|
|
|
Enterprises which
are owned, or have
significant influence of or are
partners with Key management personnel and their
relatives: |
· Travel Systems Limited, India [U63040WB1991PLC051003] |
CAPITAL STRUCTURE
As on 27.08.2013
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
5500000 |
Equity Shares |
Rs. 10/-each |
Rs. 55.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
508000 |
Equity Shares |
Rs. 10/-each |
Rs. 5.080 Millions |
|
|
|
|
|
As on 31.03.2013
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
5500000 |
Equity Shares |
Rs. 10/-each |
Rs. 55.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
5080000 |
Equity Shares |
Rs. 10/-each |
Rs. 50.800 Millions |
|
|
|
|
|
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 |
|
|
50.800 |
|
(b) Reserves & Surplus |
|
|
2506.300 |
|
(c) Money received against
share warrants |
|
|
0.000 |
|
|
|
|
|
|
(2) Share Application money pending
allotment |
|
|
0.000 |
|
Total
Shareholders’ Funds (1) + (2) |
|
|
2557.100 |
|
|
|
|
|
|
(3) Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
|
|
0.000 |
|
(b) Deferred tax liabilities
(Net) |
|
|
0.000 |
|
(c) Other long term
liabilities |
|
|
20.500 |
|
(d) long-term provisions |
|
|
22.600 |
|
Total
Non-current Liabilities (3) |
|
|
43.100 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
|
|
156.100 |
|
(b) Trade payables |
|
|
533.500 |
|
(c) Other current liabilities |
|
|
170.300 |
|
(d) Short-term provisions |
|
|
11.500 |
|
Total
Current Liabilities (4) |
|
|
871.400 |
|
|
|
|
|
|
TOTAL |
|
|
3471.600 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i)
Tangible assets |
|
|
403.800 |
|
(ii) Intangible Assets |
|
|
32.100 |
|
(iii) Capital work-in-progress |
|
|
0.000 |
|
(iv) Intangible assets under
development |
|
|
0.000 |
|
(b) Non-current Investments |
|
|
1164.900 |
|
(c) Deferred tax assets (net) |
|
|
2.200 |
|
(d) Long-term Loan and Advances |
|
|
105.200 |
|
(e) Other Non-current assets |
|
|
0.000 |
|
Total
Non-Current Assets |
|
|
1708.200 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
|
|
593.900 |
|
(b) Inventories |
|
|
273.800 |
|
(c) Trade receivables |
|
|
598.200 |
|
(d) Cash and cash equivalents |
|
|
140.000 |
|
(e) Short-term loans and
advances |
|
|
155.100 |
|
(f) Other current assets |
|
|
2.400 |
|
Total
Current Assets |
|
|
1763.400 |
|
|
|
|
|
|
TOTAL |
|
|
3471.600 |
|
SOURCES OF FUNDS |
|
31.03.2012 |
31.03.2011 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
|
50.800 |
50.800 |
|
|
2] Share Application Money |
|
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
|
2414.300 |
2186.752 |
|
|
4] (Accumulated Losses) |
|
0.000 |
0.000 |
|
|
NETWORTH |
|
2465.100 |
2237.552 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
|
0.000 |
0.000 |
|
|
2] Unsecured Loans |
|
0.000 |
0.000 |
|
|
TOTAL BORROWING |
|
0.000 |
0.000 |
|
|
DEFERRED TAX LIABILITIES |
|
16.800 |
20.957 |
|
|
|
|
|
|
|
|
TOTAL |
|
2481.900 |
2258.509 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
|
452.900 |
461.041 |
|
|
Capital work-in-progress |
|
0.800 |
7.839 |
|
|
|
|
|
|
|
|
INVESTMENT |
|
1576.000 |
1611.658 |
|
|
DEFERRED TAX ASSETS |
|
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
|
320.200
|
213.194
|
|
|
Sundry Debtors |
|
448.100
|
517.716
|
|
|
Cash & Bank Balances |
|
298.300
|
124.654
|
|
|
Other Current Assets |
|
0.800
|
0.000
|
|
|
Loans & Advances |
|
344.600
|
312.387
|
|
Total
Current Assets |
|
1412.000
|
1167.951 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
|
738.900
|
898.564
|
|
|
Other Current Liabilities |
|
178.500
|
51.723
|
|
|
Provisions |
|
42.400
|
39.693
|
|
Total
Current Liabilities |
|
959.800
|
989.980 |
|
|
Net Current Assets |
|
452.200
|
177.971
|
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
|
0.000 |
0.00 |
|
|
|
|
|
|
|
|
TOTAL |
|
2481.900 |
2258.509 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
|
|
|
|
|
|
Other Income |
|
|
|
|
|
|
TOTAL (A) |
3937.700 |
4292.500 |
4090.500 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Increase/(Decrease) in Finished Goods |
|
|
|
|
|
|
Administrative Expenses |
|
|
|
|
|
|
TOTAL (B) |
3772.800 |
3952.600 |
3728.600 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
164.900 |
339.900 |
361.900 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
8.100 |
0.100 |
1.400 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
156.800 |
339.800 |
360.500 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
68.300 |
72.200 |
110.800 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
88.500 |
267.600 |
249.700 |
|
|
|
|
|
|
|
|
|
Less |
TAX (I) |
3.500 |
40.100 |
71.200 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-I) (J) |
92.000 |
227.500 |
178.500 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
2414.300 |
2186.800 |
2008.200 |
|
|
|
|
|
|
|
|
|
|
BALANCE CARRIED
TO THE B/S |
2506.300 |
2414.300 |
2186.700 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
FOB Value of Export |
37.900 |
28.400 |
26.040 |
|
|
TOTAL EARNINGS |
37.900 |
28.400 |
26.040 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
347.600 |
373.700 |
216.546 |
|
|
TOTAL IMPORTS |
347.600 |
373.700 |
216.546 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
18.11 |
44.78 |
35.14 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
PAT / Total Income |
(%) |
2.34
|
5.30
|
4.36 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
3.84
|
14.35
|
15.33 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.03
|
0.11
|
0.11 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
0.06
|
0.00
|
0.00 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
2.02
|
1.47
|
1.18 |
FINANCIAL ANALYSIS
[all figures are
in Rupees Millions]
YEAR-ON-YEAR GROWTH
|
Year
on Year Growth |
31.03.2011 |
31.03.2012 |
31.03.2013 |
|
|
(Rs. In Millions) |
(Rs. In Millions) |
(Rs. In Millions) |
|
Total Income |
4090.500 |
4292.500 |
3937.700 |
|
|
|
4.938 |
(8.266) |
NET PROFIT MARGIN
|
Net
Profit Margin |
31.03.2011 |
31.03.2012 |
31.03.2013 |
|
|
(Rs. In Millions) |
(Rs. In Millions) |
(Rs. In Millions) |
|
Total Income |
4090.500 |
4292.500 |
3937.700 |
|
Profit |
178.500 |
227.500 |
92.000 |
|
|
4.36% |
5.30% |
2.34% |
LOCAL AGENCY FURTHER INFORMATION
|
Sr. No. |
Check List by Info Agents |
Available in
Report (Yes / No) |
|
1] |
Year of Establishment |
Yes |
|
2] |
Locality of the firm |
Yes |
|
3] |
Constitutions of the firm |
Yes |
|
4] |
Premises details |
No |
|
5] |
Type of Business |
Yes |
|
6] |
Line of Business |
Yes |
|
7] |
Promoter's background |
Yes |
|
8] |
No. of employees |
Yes |
|
9] |
Name of person contacted |
Yes |
|
10] |
Designation of contact
person |
Yes |
|
11] |
Turnover of firm for last
three years |
Yes |
|
12] |
Profitability for last
three years |
Yes |
|
13] |
Reasons for variation
<> 20% |
-- |
|
14] |
Estimation for coming
financial year |
No |
|
15] |
Capital in the business |
Yes |
|
16] |
Details of sister
concerns |
Yes |
|
17] |
Major suppliers |
Yes |
|
18] |
Major customers |
Yes |
|
19] |
Payments terms |
Yes |
|
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 |
Yes |
|
34] |
External Agency Rating,
if available |
No |
REVIEW OF OPERATION
The operating performance of the company was impacted due to the continuous economic slowdown, high inflation and pricing pressures from the OEM customers. Due to the price reduction as given to the OEM, rejections and product mix, the profit before tax (PBT) has reduced to Rs 88.500 Millions in 2012-13 as against Rs 267.600 Millions in 2011-12. They are taking necessary actions to improve the in-house efficiency.
During 2012-13, the company has procured new projects from existing customers e.g. TJC, Hyundai, Maruti etc., on the strength of quality, cost competitive technology, satisfactory delivery performance and better relationships. The Company has also increased the customer base by adding new customers like Nissan, Ashok Leyland Nissan, Force Motors, OTIS etc.
OUTLOOK
The outlook for the current year is moderate.
The possible interest rate reduction in the wake of moderation in the inflation rate may increase the demand for passenger vehicles in 2013-14.
Currently, the auto components industry in India is around two-thirds the size of the Original Equipment Manufacturer (OEM) segment. This proportion is around one to two times in mature markets of Europe, America and Japan. This indicates (a) higher proportion of imports of auto components in India by OEMs and (b) lower replacement market sales. Given the healthy growth prospects of the Indian automobile industry over the medium term, they expect the size of the auto components industry to grow at a rate faster than the Original Equipment Manufacturer (OEM) segment, driven by Original Equipment Manufacturers (OEMs) thrust on localization and steadily growing replacement market demand. The company expects reasonable growth prospects in coming years due to increased share of business from its existing customers and expansion of business in new business domains. As a risk mitigation measure, they are looking at non-Auto segment. They target to improve the profitability through Value Analysis and Value Engineering.
INDEX OF CHARGES
|
S.NO. |
CHARGE ID |
DATE OF CHARGE
CREATION/MODIFICATION |
CHARGE AMOUNT
SECURED |
CHARGE HOLDER |
ADDRESS |
SERVICE REQUEST
NUMBER (SRN) |
|
1 |
10367918 |
20/08/2013 * |
200,000,000.00 |
AXIS BANK |
CORPORATE BANKING
BRANCH, EXPRESS BUILDING, SECOND FLOOR, NO.1, QUEEN'S ROAD, BANGALORE,
KARNATAKA |
B84948405 |
|
2 |
10254056 |
03/11/2010 |
250,000,000.00 |
ICICI BANK LIMITED |
LANDMARKRACE COURCE CIRCLE, ALKAPURI, BARODA, GUJARAT - 390015, INDIA |
B00635953 |
|
3 |
10168217 |
15/07/2009 |
5,196,000.00 |
FORD INDIA PRIVATE LIMITED |
S.P.KOIL POST,CHENGALPATU, KANCHEEPURAM - 603204., KANCHEEPURAM, TAMIL NADU - 603204, INDIA |
A66615295 |
|
4 |
10168277 |
15/07/2009 |
7,350,000.00 |
FORD INDIA PRIVATE LIMITED |
S.P.KOIL POST,CHENGALPATU, KANCHEEPURAM - 603204., KANCHEEPURAM, TAMIL NADU - 603204, INDIA |
A66615881 |
* Date of charge modification
FIXED ASSETS
Tangible assets
· Land
· Buildings
· Plant and equipment
· Furniture and fixtures
· Vehicles
· Office equipment
· Computer equipments
· Other equipments
Intangible assets
· Computer software
· Know-how
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.59.95 |
|
|
1 |
Rs.99.36 |
|
Euro |
1 |
Rs.82.15 |
INFORMATION DETAILS
|
Information
Gathered by : |
PDT |
|
|
|
|
Analysis Done by
: |
SUB |
|
|
|
|
Report Prepared
by : |
KVT |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
6 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--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 |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
50 |
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.