MIRA INFORM REPORT
|
Report Date : |
09.04.2014 |
IDENTIFICATION DETAILS
|
Name : |
TECHNICO INDUSTRIES LIMITED |
|
|
|
|
Registered
Office : |
103, Partap Bhawan, Near Indian Express Building, Bahadur Shah Zafar
Marg, New Delhi – 110002 |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as
on) : |
31.03.2013 |
|
|
|
|
Date of
Incorporation : |
11.01.1985 |
|
|
|
|
Com. Reg. No.: |
55-019823 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs. 167.510 Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U74210DL1985PLC019823 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
DELT04224D/ DELT04473A |
|
|
|
|
PAN No.: [Permanent Account No.] |
AAACT4445P |
|
|
|
|
Legal Form : |
A Closely Held Public Limited Liability Company |
|
|
|
|
Line of Business
: |
Manufacturing of Automotive Parts and Other Sheet Metal Components for Various OEMs. |
|
|
|
|
No. of Employees
: |
1100 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
B (34) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
Maximum Credit Limit : |
USD 2500000 |
|
|
|
|
Status : |
Moderate |
|
|
|
|
Payment Behaviour : |
Slow but correct |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is an established company having moderate track record. The ratings takes into consideration moderate financial risk profile and
increased in external borrowings of the company over previous year. However, trade relations are reported to be fair. Business is active.
Payments are reported to be slow but correct. The company can be considered for business dealings with some cautions. |
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 |
Term Loans: “D” (Suspended) |
|
Date |
October, 2013 |
Reason for Suspension: The Suspension follows ICRA is inability to carry
out a rating surveillance in the absence of the requisite information from the
company.
RBI DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter in
the publicly available RBI Defaulters’ list.
EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of
31-03-2012.
INFORMATION PARTED BY
|
Name : |
Mr. Rahul Gupta |
|
Designation : |
Finance Manager |
|
Contact No.: |
91-124-4341100 |
|
Date : |
08.04.2014 |
LOCATIONS
|
Registered Office : |
103, Partap Bhawan, Near Indian Express Building, Bahadur, Shah Zafar Marg, New Delhi –
110002, India |
|
Tel No.: |
Not Available |
|
Fax No.: |
Not Available |
|
E-Mail : |
|
|
Website : |
|
|
|
|
|
Corporate Office : |
407-409, 4th Floor, |
|
Tel. No.: |
91-124-4341100 |
|
Fax No.: |
91-124-4341199 |
|
|
|
|
Factory 1: |
Plot No.19-21, 36-38, Sector – 6, Industrial Estate, Bawal, Rewari – 123501,
Rewari, India |
|
Tel No.: |
91-1284-307400 |
|
|
|
|
Factory 2: |
Plot No.26, 1st Phase, Kombalgodu Industrial Area,
Bangalore – 560074, Karnataka, India |
|
Tel. No.: |
91-80-32467709 |
|
|
|
|
Factory 3: |
102, Sumanthiran Bodu Village, Irrankattugottai, Kanchipuram, Chennai
– 602105, Tamilnadu, India |
DIRECTORS
As on 30.09.2013
|
Name : |
Mr. Arun Gupta |
|
Designation : |
Managing Director |
|
Address : |
B-7/2, DLF Phase – I, Gurgaon - 122002, Haryana, India |
|
Date of Birth/Age : |
19.11.1951 |
|
Qualification : |
M.B.A (Finance) |
|
Experience : |
35 Years |
|
Date of Appointment : |
11.01.1985 |
|
PAN No.: |
ABMPG0979P |
|
DIN No.: |
00140977 |
|
|
|
|
Name : |
Mr. Amit Gupta |
|
Designation : |
Whole Time Director |
|
Address : |
B-7/2, DLF Phase – I, Gurgaon - 122002, Haryana, India |
|
Date of Birth/Age : |
10.12.1977 |
|
Qualification : |
B.E. (Mechanical Engineering) |
|
Experience : |
9 Years |
|
Date of Appointment : |
01.02.2004 |
|
PAN No.: |
AAQPG7289M |
|
DIN No.: |
00155629 |
|
|
|
|
Name : |
Mr. Naresh Kumar Sethi |
|
Designation : |
Director |
|
Address : |
B-9/11, DLF City, Phase – I, Gurgaon - 122002, Haryana, India |
|
Date of Birth/Age : |
28.10.1947 |
|
Qualification : |
B.E (Mechnical) |
|
Date of Appointment : |
31.03.2008 |
|
DIN No.: |
00202498 |
|
|
|
|
Name : |
Mr. Deepak Mohla |
|
Designation : |
Director |
|
Address : |
E-12, Saket, New Delhi - 110 017, India |
|
Date of Birth/Age : |
07.10.1950 |
|
Qualification : |
M.B.A |
|
Date of Appointment : |
05.03.2008 |
|
DIN No.: |
00231989 |
|
|
|
|
Name : |
Mr. Deepak Sood |
|
Designation : |
Director |
|
Address : |
Carlton Grove, Near Khadi Board Building, Chaura Maidan, Shimla – 171004, Himachal Pradesh. India |
|
Date of Birth/Age : |
09.02.1952 |
|
Qualification : |
M.B.A & Ph.D |
|
Date of Appointment : |
01.07.2008 |
|
DIN No.: |
00399569 |
|
|
|
|
Name : |
Mr. Ashok Kumar Goyal |
|
Designation : |
Director |
|
Address : |
C – 19, Sector 33, Gautam Budh Nagar, Noida – 201301, Uttar Pradesh, India |
|
Date of Birth/Age : |
22.06.1957 |
|
Qualification : |
CA. CS. CWA. MBA. LLB |
|
Date of Appointment : |
29.09.2009 |
|
DIN No.: |
00593505 |
|
|
|
|
Name : |
Tetsuro Morita |
|
Designation : |
Director |
|
Address : |
72, Dounone, Kuryu Daira – Chi, Toyota Shi Aichi, Japan |
|
Date of Birth/Age : |
23.10.1958 |
|
Date of Appointment : |
09.09.2013 |
|
DIN No.: |
06684233 |
KEY EXECUTIVES
|
Name : |
Mr. Rahul Gupta |
|
Designation : |
Finance Manager |
|
|
|
|
Name : |
Mr. Akash Kumar Sah |
|
Designation : |
Secretary |
|
Address : |
C-160, Bindapur DDA Flats, New Delhi – 110059, India |
|
Date of Birth/Age : |
25.08.1983 |
|
Date of Appointment : |
01.03.2013 |
|
PAN No. : |
AZZPS2087B |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 30.09.2013
|
Names of Shareholders |
No. of Shares |
Percentage of
Holding |
|
Arun Gupta |
3297905 |
19.69 |
|
Arun Gupta HUF |
200750 |
1.20 |
|
Amit Gupta |
1719028 |
10.26 |
|
Rekha Gupta |
1439960 |
8.60 |
|
Navita Gupta |
1439957 |
8.60 |
|
ARG Udyog Private Limited, |
2697875 |
16.11 |
|
Aditi Garg |
275 |
0.00 |
|
Achin Garg |
275 |
0.00 |
|
Shiroki Corporation, |
4585000 |
27.37 |
|
ARG Auto Components Private Limited, |
790000 |
4.72 |
|
ARG Autosystems Limited, |
580000 |
3.46 |
|
Total |
16751025 |
100.00 |
As on 30.09.2013
Equity Share Break up (Percentage of Total Equity)
|
Category |
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 |
27.37 |
|
Bodies corporate |
24.28 |
|
Directors or relatives of Directors |
48.35 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturing of Automotive Parts and Other Sheet Metal Components for Various OEMs. |
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Products : |
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Imports : |
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|
Products : |
Automotive Components |
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Countries : |
· Japan · Korea |
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Terms : |
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|
Selling : |
Cash and Credit |
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Purchasing : |
Cash and Credit |
PRODUCTION STATUS (AS ON 31.03.2011)
|
Particulars |
Unit |
Installed
Capacity |
|
|
|
|
|
Automotive parts |
36,000 |
36,000 |
|
|
|
|
GENERAL INFORMATION
|
Suppliers : |
Tata Steel Limited |
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|
Customers : |
Maruti Suzuki |
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|
No. of Employees : |
1100 (Approximately) |
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Bankers : |
·
Indian Bank, New Delhi Main Branch, G-41,
Connaught Circus, New Delhi – 110001 India ·
ING Vysya Bank |
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|
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|
Facilities : |
Fund and Non-Fund Based Limits: Rs. 1000.000 Millions (From Indian
Bank and ING Vysya Bank)
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
Walker, Chandiok and Company Chartered Accountants |
|
Address : |
L-41, Connaught Circus, New Delhi – 110001, India |
|
Income-tax
PAN of auditor or auditor's firm : |
AAAFW4298E |
|
|
|
|
Associate: |
· ARG Udyog Private Limited CIN No.:U72300PB1985PTC006332 · ARG Auto Components Private Limited CIN No.:U34300HR2005PTC035682 · ARG Autosystems Limited CIN No.:U34300DL2006PLC145677 |
|
|
|
|
Enterprises which
are owned, or have significant influence of or are partners with Key management
personnel and their relatives: |
Shiroki Corporation |
CAPITAL STRUCTURE
As on 31.03.2013
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
25,000,000 |
Equity Shares |
Rs.10/- each |
Rs. 250.000 Millions |
|
15,000,000 |
Preference Shares |
Rs.10/- each |
Rs. 150.000 Millions |
|
|
|
|
|
|
|
Total |
|
Rs. 400.000
Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
16,751,025 |
Equity Shares |
Rs.10/- each |
Rs. 167.510 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 |
167.510 |
167.510 |
167.510 |
|
(b) Reserves & Surplus |
455.973 |
436.399 |
421.740 |
|
(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) |
623.483 |
603.909 |
589.250 |
|
|
|
|
|
|
(3) Non-Current
Liabilities |
|
|
|
|
(a) long-term borrowings |
911.117 |
886.158 |
642.293 |
|
(b) Deferred tax liabilities (Net) |
156.523 |
130.016 |
143.240 |
|
(c) Other long term
liabilities |
66.413 |
19.610 |
10.021 |
|
(d) long-term
provisions |
5.675 |
6.730 |
4.423 |
|
Total Non-current
Liabilities (3) |
1139.728 |
1042.514 |
799.977 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short
term borrowings |
374.712 |
360.283 |
306.540 |
|
(b) Trade
payables |
401.456 |
546.016 |
298.278 |
|
(c) Other
current liabilities |
266.765 |
289.350 |
273.925 |
|
(d) Short-term
provisions |
20.789 |
16.014 |
19.976 |
|
Total Current Liabilities
(4) |
1063.722 |
1211.663 |
898.719 |
|
|
|
|
|
|
TOTAL |
2826.933 |
2858.086 |
2287.946 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed
Assets |
|
|
|
|
(i)
Tangible assets |
1735.852 |
1697.571 |
1563.137 |
|
(ii)
Intangible Assets |
38.826 |
28.251 |
28.248 |
|
(iii)
Capital work-in-progress |
42.058 |
214.245 |
47.569 |
|
(iv)
Intangible assets under development |
1.125 |
0.000 |
0.000 |
|
(b) Non-current Investments |
0.000 |
0.000 |
0.000 |
|
(c) Deferred tax assets (net) |
0.000 |
0.000 |
25.458 |
|
(d) Long-term Loan and Advances |
23.267 |
20.943 |
39.403 |
|
(e) Other
Non-current assets |
9.134 |
7.117 |
3.168 |
|
Total Non-Current
Assets |
1850.262 |
1968.127 |
1706.983 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a)
Current investments |
0.020 |
0.020 |
0.020 |
|
(b)
Inventories |
507.722 |
431.995 |
276.181 |
|
(c) Trade
receivables |
363.071 |
345.000 |
238.861 |
|
(d) Cash
and cash equivalents |
22.405 |
22.184 |
6.356 |
|
(e) Short-term
loans and advances |
82.343 |
64.901 |
58.895 |
|
(f) Other
current assets |
1.110 |
25.859 |
0.650 |
|
Total
Current Assets |
976.671 |
889.959 |
580.963 |
|
|
|
|
|
|
TOTAL |
2826.933 |
2858.086 |
2287.946 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
2629.032 |
2186.685 |
1835.563 |
|
|
|
Other Income |
16.491 |
24.128 |
35.457 |
|
|
|
TOTAL (A) |
2645.523 |
2210.813 |
1871.020 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of Materials Consumed |
1845.228 |
1512.207 |
1202.347 |
|
|
|
Changes in inventories of finished goods, work-in-progress
and Stock-in-Trade |
(155.016) |
(84.291) |
0.000 |
|
|
|
Employees benefits expense |
234.811 |
188.999 |
137.772 |
|
|
|
Other expenses |
354.636 |
308.742 |
269.009 |
|
|
|
Prior Period Items |
0.000 |
3.548 |
14.451 |
|
|
|
TOTAL (B) |
2279.659 |
1929.205 |
1623.579 |
|
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE INTEREST, TAX, DEPRECIATION
AND AMORTISATION (A-B) (C) |
365.864 |
281.608 |
247.441 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
201.461 |
148.733 |
112.294 |
|
|
|
|
|
|
|
|
|
|
PROFIT
/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
164.403 |
132.875 |
135.147 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
107.613 |
98.135 |
79.872 |
|
|
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE TAX (E-F)
(G) |
56.790 |
34.740 |
55.275 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
26.506 |
12.234 |
29.769 |
|
|
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) AFTER TAX (G-H) (I) |
30.284 |
22.506 |
25.506 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
17.776 |
13.439 |
3.726 |
|
|
|
|
|
|
|
|
|
|
Earnings /
(Loss) Per Share (Rs.) |
1.81 |
1.34 |
1.60 |
|
Expected Sales (2013-2014) : Rs. 2750.000 Millions
The above information has been parted by Mr. Rahul Gupta (Finance Manager).
KEY RATIOS
|
PARTICULARS |
|
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
PAT / Total Income |
(%) |
1.14 |
1.02 |
1.36 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
2.16 |
1.59 |
3.01 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
2.04 |
1.31 |
2.50 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.09 |
0.06 |
0.09 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
2.06 |
2.06 |
1.61 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
0.92 |
0.73 |
0.65 |
FINANCIAL ANALYSIS
[all figures are
in Rupees Millions]
DEBT EQUITY RATIO
|
Particular |
31.03.2011 |
31.03.2012 |
31.03.2013 |
|
|
(Rs.
In Millions) |
(Rs.
In Millions) |
(Rs.
In Millions) |
|
Share Capital |
167.510 |
167.510 |
167.510 |
|
Reserves & Surplus |
421.740 |
436.399 |
455.973 |
|
Net
worth |
589.250 |
603.909 |
623.483 |
|
|
|
|
|
|
long-term borrowings |
642.293 |
886.158 |
911.117 |
|
Short term borrowings |
306.540 |
360.283 |
374.712 |
|
Total
borrowings |
948.833 |
1246.441 |
1285.829 |
|
Debt/Equity
ratio |
1.610 |
2.064 |
2.062 |
s
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) |
|
Sales |
1835.563 |
2186.685 |
2629.032 |
|
|
|
19.129 |
20.229 |
NET PROFIT MARGIN
|
Net
Profit Margin |
31.03.2011 |
31.03.2012 |
31.03.2013 |
|
|
(Rs.
In Millions) |
(Rs.
In Millions) |
(Rs.
In Millions) |
|
Sales |
1835.563 |
2186.685 |
2629.032 |
|
Profit |
25.506 |
22.506 |
30.284 |
|
|
1.39% |
1.03% |
1.15% |
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 |
Yes |
|
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) |
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 |
Yes |
|
33] |
Voter ID No of
Proprietor/Partner/Director, if available |
No |
|
34] |
External Agency Rating,
if available |
Yes |
INDEX OF CHARGES
|
S.NO. |
CHARGE ID |
DATE OF CHARGE CREATION/MODIFICATION
|
CHARGE AMOUNT
SECURED |
CHARGE HOLDER |
ADDRESS |
SERVICE REQUEST
NUMBER (SRN) |
|
1 |
10308519 |
21/10/2013 * |
223,800,000.00 |
INDIAN BANK |
NEW DELHI MAIN BRANCH, G-41, CONNAUGHT CIRCUS, NEW DELHI, NEW DELHI, DELHI - 110001, INDIA |
B91723569 |
|
2 |
10307743 |
26/08/2011 |
170,000,000.00 |
INDIAN BANK |
NEW DELHI MAIN BRANCH, G-41, CONNAUGHT CIRCUS, NEW DELHI, NEW DELHI, DELHI - 110001, INDIA |
B21205323 |
|
3 |
10215142 |
21/10/2013 * |
159,800,000.00 |
INDIAN BANK |
NEW DELHI MAIN BRANCH, G-41, CONNAUGHT CIRCUS, NEW DELHI, NEW DELHI, DELHI - 110001, INDIA |
B91813345 |
|
4 |
10123114 |
21/10/2013 * |
222,000,000.00 |
INDIAN BANK |
NEW DELHI MAIN BRANCH, G-41, CONNAUGHT CIRCUS, NEW DELHI, NEW DELHI, DELHI - 110001, INDIA |
B91793711 |
|
5 |
10123105 |
11/08/2008 |
31,200,000.00 |
INDIAN BANK |
1601, KALSI NAGAR, LUDHIANA, PUNJAB - 141003, INDIA |
A46547543 |
|
6 |
10094014 |
11/08/2008 * |
66,800,000.00 |
INDIAN BANK |
1601, KALSI NAGAR, LUDHIANA, PUNJAB - 141003, INDIA |
A46549986 |
|
7 |
10081187 |
21/10/2013 * |
500,000,000.00 |
INDIAN BANK |
NEW DELHI MAIN BRANCH, G-41, CONNAUGHT CIRCUS, NEW DELHI, NEW DELHI, DELHI - 110001, INDIA |
B91812743 |
|
8 |
10226187 |
21/10/2013 * |
131,500,000.00 |
INDIAN BANK |
NEW DELHI MAIN BRANCH, G-41, CONNAUGHT CIRCUS, NEW DELHI, NEW DELHI, DELHI - 110001, INDIA |
B91814319 |
|
9 |
10023599 |
21/10/2013 * |
30,000,000.00 |
INDIAN BANK |
NEW DELHI MAIN BRANCH, G-41, CONNAUGHT CIRCUS, NEW DELHI, NEW DELHI, DELHI - 110001, INDIA |
B91812339 |
|
10 |
10023524 |
22/09/2006 |
20,000,000.00 |
INDIAN BANK |
1601, KALSI NAGAR, LUDHIANA, PUNJAB - 141003, INDIA |
A05878020 |
* Date of charge modification
UNSECURED LOANS
|
PARTICULAR |
31.03.2013 (Rs.
In Millions) |
31.03.2012 (Rs.
In Millions) |
|
LONG TERM
BORROWINGS |
|
|
|
Loans and advances from directors |
197.574 |
121.314 |
|
Other loans and advances |
2.002 |
1.000 |
|
SHORT TERM
BORROWINGS |
|
|
|
Working capital loans from banks |
30.000 |
0.000 |
|
Total |
229.576 |
122.314 |
GENERAL INFORMATION
ABOUT THE COMPANY:
Sbuject is engaged into manufacturing of automotive parts and other sheet metal components for various OEMs. The Company has started its business in the year 1985.
FINANCIAL ANALYSIS
The year 2012-13 started with low sentiments and sluggish demand. The performance of the auto-component industry is directly linked with the automobile industry, which was under pressure during the year. The main reasons for this were increase in petroleum prices and increase in interest rates by bank leading to buying and running cost of vehicles more costly which has direct impact on the automobile industry.
The Company had been continuously endeavoring to maintain the growth momentum of FY 2011-12 in the fiscal 2012-13 also. Despite adverse market conditions, the Company managed to record a turnover of Rs. 2629.03 million as compared to previous fiscal of Rs. 2186.68 thereby the Company recorded an increase of 20% in its turnover against the growth of the automotive components industry as a whole at 2% in fiscal 2012-13.
During FY 2012-13 EBIDTA and PAT of the Company have recorded an increase of approx. 28% and 35% respectively in comparison with the previous year. Despite the above increase, the Company could not achieve the projected targets. The projected financial targets of the Company were impacted, besides factors stated above, by the labour unrest and strike at Maruti Suzuki India Limited which is the largest customer of the Company and contributes more than 60% of the total turnover of the Company.
The net worth of the Company in the last five years witnesseth healthy growth with the consistent efforts of the Directors, management team, staff, Shiroki Corporation, Japan, cooperation of customers and suppliers, Banks and various statutory authorities.
PERFORMANCE
Despite the industry slowdown, the Company has managed to record a turnover of Rs. 2,629.030 million during the year as compared to Rs. 2,186.680 million of previous year thereby resulting in an increase of approx. 20% over the previous fiscal. During the year the Company has posted an EBIDTA of Rs. 365.860 million as compared to Rs. 285.160 million of previous year and PAT of Rs 30.280 million as compared to Rs. 22.510 million of previous year.
During the year the Company had tried to maintain the growth momentum of FY 2011-12 in FY 2012-13 too. Despite continuous efforts, slowdown in the auto industry has impacted the growth plans of the Company set for FY 2012-13. One of the factors that has impacted the profitability of the Company was the labour unrest and strike during the year at Maruti Suzuki India Limited which is the largest customer of the Company and contributes more than 60% of the total turnover of the Company. As a result the Company could not meet the targets inspite of enhancement in manpower and infrastructure. However, the Company stood strong and managed to sustain its growth despite the challenging environment.
TheCompany has again been awarded ISO/TS 16949:2009 Third Edition from Bureau Veritas Certification certifying that the quality management system of the Company. Besides, the Company has achieved following awards and recognitions:-
i. From Maruti Suzuki India Limited for increasing Quality Improvement.
ii. From Maruti Suzuki India Limited for Certificate of Appreciation.
iii. From Maruti Suzuki India Limited for Warranty Improvement Award.
iv. From Trelleborg Automobiles for value efforts and contribution.
v. From Renault Nissan for recognition of the participation in supplier quality forum.
vi. From Renault Nissan for best participants in forum activities.
vii. From Toyota Kirloskar Motors for achieving targets in the category of delivery.
INDUSTRY SCENARIO AND
FUTURE PROSPECTS
With a view to appraise you the industry scenario the Directors of the Company would like to bring out this statement from Annual Report for FY 2012-13 of ACMA which reflects the sentiment of the automobile industry:
While the first six-months of the last fiscal were filled with hope, the latter half of the year has been engulfed with
gloom and despair. High interest rates coupled with inflation, weakening of the rupee, volatility in the cost of raw materials and prices of crude oil, uncertainty in fuel policy and shaky customer confidence have made the last year one of the worst ever in their history. While the industry today has internalized the fact that growth will be cyclical, it is the coming together of the tough phase of all the segments of the vehicles industry that has made the situation so acute- the commercial vehicles industry has been witnessing de-growth for more than a year and half now, the passenger cars sector has hit a road block and for the first time ever, recorded negative growth this year, even the ever ebullient two-wheelers market has flattened out. It is only the tractor market, which on the hopes of a normal monsoon, seems to have revived in the first quarter of the fiscal. Not-Normal has become the new-normal and low -growth rate is accepted growth - rate; however, all this has not dented the confidence and spirit of the Auto Component Industry, which continues to adapt to become even more cost competitive, flexible and take this unusual challenge head-on.
Indian automobile industry ventured into its 9 month of continued reduced sales volumes. However the dreading scenario has finally shown signals of improvement. Good monsoon helped to maintain robust sale increase in the rural market up to 20 %. Maruti Suzuki India Limited (MSIL), the country’s largest automakers has seen three fourth of the calendar year of falling sales. Lock out at the company’s Manesar plant in August 2012 following violence was the start of a series of falling sales which has finally come to an end.
MSIL reported 61.24% increase in total sales during August 2013 with 87,323 units sold as compared to 54,154 units sold in August 2012. There was also increased demand for MSIL vehicles in the compact segment which included M800, Alto, A Star and Wagon R wherein an increase of 45.1% was noted. Exports during the month of August increased three fold to 11,305 units as compared to 4,025 units exported in August 2012. August, 2013 performance has brought to end a negative growth experienced over the past 9 months which owed its downbeat growth to higher fuel prices, rising interest rates and job insecurities.
With MSIL announcing to delay the commissioning of its proposed plant in Gujarat due to the current slowdown of demand in the market, component makers are being more cautious when going ahead with their expansion plans. Maruti Suzuki India, was successfully able to beat market expectations' by posting a 49% jump in net profit to INR 6320 Million for the first quarter ended June, 2013 helped mainly by favorable exchange rate on its exports and back end synergies resulting from the merger of Suzuki Powertrain India.
Maruti Suzuki is focusing on rural markets and exports to drive sales in coming months. Rural sales are upbeat and registered a double digit growth in the quarter while negative sales in urban markets have kept the overall figures in negative in the first quarter of FY 2013-14.
Other auto majors such as Tata Motors, Mahindra and Toyota Kirloskar Motors however continued to post negative growth in August while Ford India and Honda Cars India saw more positive results credited to the introduction of new models like Ford ECO Sport and Honda Amaze which is sold across India in diesel variant as well.
Various government driven initiatives for heavy industries and public enterprises provided great impetus towards synergizing the abilities and the shared competencies of the industries with German automobile manufacturers and their Indian counterparts. Indo-German Joint Working Group on the automobile sector has provided huge opportunity for automobile manufacturers in both the countries to develop new technology together in order to provide sustainable growth in the industry in both the countries. The main areas which the Joint Working Group is focusing on are to provide an institutional framework to generate synergy in the auto sector for mutual development, so that the initiative leads to greater exchange of information and cooperation in the fields of R&D, sustainable alternative fuels and drives and automotive efficient engine technologies. Competition from other component manufacturers operating in the same niche is tackled by adopting various cost reduction methods, product base expansion and customer negotiation.
Current prevailing downward market trend is expected to subside as future holds strong promise of industry growth as according to IHS, USA, India will become the third largest automotive market in the world by 2016 ahead of Japan.
FIXED ASSETS
Tangible Assets
· Land
· Buildings
· Plant and Equipment
· Furniture and Fixtures
· Vehicles
· Office Equipment
· Computer Equipments
· Other Equipments
Intangible Assets
· 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.59.95 |
|
|
1 |
Rs.99.36 |
|
Euro |
1 |
Rs.82.15 |
INFORMATION DETAILS
|
Information Gathered
by : |
HNA |
|
|
|
|
Analysis Done by
: |
SUM |
|
|
|
|
Report Prepared
by : |
MRI |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
3 |
|
PAID-UP CAPITAL |
1~10 |
4 |
|
OPERATING SCALE |
1~10 |
4 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
4 |
|
--PROFITABILIRY |
1~10 |
4 |
|
--LIQUIDITY |
1~10 |
4 |
|
--LEVERAGE |
1~10 |
3 |
|
--RESERVES |
1~10 |
4 |
|
--CREDIT LINES |
1~10 |
4 |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
NO |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
34 |
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.