MIRA INFORM REPORT
|
Report Date : |
15.04.2014 |
IDENTIFICATION DETAILS
|
Name : |
MUNGI ENGINEERS PRIVATE LIMITED |
|
|
|
|
Registered
Office : |
Plot No.80, Shyamkunj, Flat No. 501, N.S. Road No.9, Near Jamnabai
Nurfee School, Vile Parle (West), Mumbai – 400049, Maharashtra |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as
on) : |
31.03.2013 |
|
|
|
|
Date of
Incorporation : |
01.06.2004 |
|
|
|
|
Com. Reg. No.: |
11-146663 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs. 17.500 Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U28910MH2004PTC146663 |
|
|
|
|
PAN No.: [Permanent Account No.] |
AAECM0828M |
|
|
|
|
Legal Form : |
Private Limited Liability Company |
|
|
|
|
Line of Business
: |
Manufacturer of Sheet Metal Components (Automobile Parts). |
|
|
|
|
No. of Employees
: |
175 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (48) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 2700000 |
|
|
|
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
Usually correct |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is an established company having satisfactory track record. The rating reflects healthy financial risk profile marked by decent operational
performance and sound liquidity position of the company. Trade relations are fair. Business is active. Payment terms are
reported to be usually correct. The company can be considered for business dealings at usual trade
terms and conditions. |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – March 31, 2014
|
Country Name |
Previous Rating (31.12.2013) |
Current Rating (31.03.2014) |
|
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
US investment bank
Goldman Sachs has upgraded its outlook on Indian markets as it expects
positive impact of the election cycle.
India’s economy may
grow 4.7 % in the current financial year, lower than the official estimate of 4.9
%, Fitch Rating said. The global rating agency expects the economy to pick up
in the next two financial years.
Global ratings
agency Standard & Poor said increasing focus by India Inc on lowering debt
is likely to improve their credit profiles.
Singapore (1.1
million Indian tourists in 2012), Thailand (one million), the United Arab
Emirates ().98 million) and Malaysia ().82 million) emerged as the preferred
holidays hotspots for Indians. The total figure is expected to increase to 1.93
million by 2017, according to the latest Eurmonitor international report.
There is a $29.34 bn
outward foreign direct investment by domestic companies between April and
January of 2013/14 which has seen some signs of recovery according to a Care
Ratings report.
There are 264 number
of new companies being set up every day on average during 2014. Most of them
are registered in Mumbai. India had 1.38 million registered companies at the
end of January, 2014.
Twitter like
messaging service Weibo Corporation has filed to raise $ 500 million via a US
initial public offering. Alibaba, which owns a stake in Weibo is expected to
raise about $ 15 billion New York this year in the highest profile Internet IPO
since Facebook’s in 2012.
Bharti Airtel has
raised Rs.2,453.2 crore (350 million Swiss Francs) by selling six-year bonds at
a coupon rate of three per cent and maturing in 2020. This is the largest ever
bond offering by an Indian company in Swiss Francs. Bharat Petroleum
Corporation raised 175 million Swiss Francs by selling five year bonds at 2.98
% coupon rate in February.
Indian Oil
Corporation plans to invest Rs 7650 crore in setting up a petrochemical complex
at its almost complete Paradip refinery in Odhisha in three to four years. The
company board is set to consider the setting up of a 700000 tonne per annum
polypropylene plant at an estimated cost at Rs.3150 crore.
Global chief
information officers at gathering in Bangalore in April to meet Indian startups
at an event called Tech50 Watchout for Little Eye Labs-Facebook type deals in
the making.
EXTERNAL AGENCY RATING
|
Rating Agency Name |
ICRA |
|
Rating |
Term Loan: “BBB+” |
|
Rating Explanation |
Moderate degree of safety and moderate credit risk. |
|
Date |
October, 2013 |
|
Rating Agency Name |
ICRA |
|
Rating |
Short term fund based – Bill Discounting: “A2” |
|
Rating Explanation |
Strong degree of safety and low credit risk. |
|
Date |
October, 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 PARTED BY
|
Name : |
Mr. Ajay Gevdi |
|
Designation : |
Accounts Executive |
|
Contact No.: |
91-9922433245 |
|
Date : |
15.04.2014 |
LOCATIONS
|
Registered Office : |
Plot No.80, Shyamkunj, Flat No. 501, N.S. Road No.9, Near Jamnabai Nurfee
School, Vile Parle (West), Mumbai – 400049, Maharashtra, India |
|
Tel. No. : |
91-253-2387032 |
|
Mobile No. : |
91-9922433245 (Mr. Ajay Gevdi) |
|
Fax No. : |
91-253-2387026 |
|
E-Mail : |
|
|
Website : |
wwwmungigroup.com |
|
Location : |
Owned |
|
|
|
|
Corporate Office : |
E-67/68, MIDC Ambad, Nashik - 422010, Maharashtra, India |
|
Tel. No.: |
91-253-6640400/ 6640423/ 2387028 |
|
Fax No.: |
91-253-2387025 |
|
E-Mail : |
|
|
|
|
|
Factory 1: |
Gate No.2792, Kharabwadi, Chakan - Talegaon Road, Chakan,
Tal. Khed, Dist. Pune – 410501, Maharashtra, India |
|
Tel. No.: |
91-2135-611868 |
|
E-Mail : |
|
|
|
|
|
Factory 2: |
Plot No. A-1/5, MVML Supplier Park, Chakan MIDC, Phase -
IV, Tal- Khed, District Pune - 410501, Maharashtra, India |
|
|
|
|
Factory 3: |
Plot No. G7, Phase III, Chakan Industrial Area, Chakan, Tal.
Khed, District Pune – 410501, Maharashtra, India |
DIRECTORS
As on 30.09.2013
|
Name : |
Mr. Vivek Shrikant Mungi |
|
Designation : |
Director |
|
Address : |
Plot No. 27, Usha Kiran Co-operative Housing Society, Off. Trimbak Road,
Nashik – 422002, Maharashtra, India |
|
Date of Birth/Age : |
07.07.1963 |
|
Qualification : |
BE |
|
Date of Appointment : |
01.06.2004 |
|
PAN No.: |
AACPM9286C |
|
DIN No. : |
00193870 |
|
|
|
|
Name : |
Kavita Vivek Mungi |
|
Designation : |
Director |
|
Address : |
P. No. 27, Shrikanyt Sarve No.
746, Bunglow, Trimbak Road, Usha Kiran Co-Operative Housing Society, Nashik –
422002, Maharashtra, India |
|
Date of Birth/Age : |
02.01.1967 |
|
Date of Appointment : |
01.06.2004 |
|
DIN No. : |
00193861 |
KEY EXECUTIVES
|
Name : |
Mr. Ajay Gevdi |
|
Designation : |
Accounts Executive |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 30.09.2013
|
Names of Shareholders |
No. of Shares |
Percentage of
Holding |
|
Vivek Shrikant |
1575934 |
90.05 |
|
Kavita Vivek Mungi |
233 |
0.01 |
|
Santosh Ganesh Kulkarni |
173833 |
9.93 |
|
Total |
1750000 |
100.00 |
As on 30.09.2013
Equity Share Break up (Percentage of Total Equity)
|
Category |
Percentage of Holding |
|
Directors or relatives of Directors |
100.00 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer of Sheet Metal Components (Automobile Parts). |
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Products : |
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Terms : |
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||||
|
Selling : |
Cash and Credit |
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|
Purchasing : |
Cash and Credit |
GENERAL INFORMATION
|
Customers : |
OEM’s · Mahindra and Mahindra Limited · Ashok Leyland, Chennai · TATA Motors, Pune · Spicer India Limited ·
Knorr Bremse India Private Limited |
|||||||||||||||||||||
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|
|||||||||||||||||||||
|
No. of Employees : |
175 (Approximately) |
|||||||||||||||||||||
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|
|||||||||||||||||||||
|
Bankers : |
· Kotak Mahindra Bank Limited, 36-38a, Nariman Bhavan, 227, D, Nariman Point, Mumbai - 400021, Maharashtra, India · State Bank of India, Eastern Express Highway, Gala No 9 &10, Sun, Magnetic, Near LIC Off, Louis Wadi Service Road, Thane - 400604, Maharashtra, India · Bank of Baroda · The Janalaxmi Bank Limite · State Bank of Hyderabad · Kotak Mahindra Bank Limited · HDFC Bank Limited |
|||||||||||||||||||||
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|
|||||||||||||||||||||
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Facilities : |
NOTE: LONG TERM
BORROWINGS 1) The term loan is secured by mortgage of leasehold land situated at Nashik, Chakan (except Gat No 357/59, Waghjainnagar, Kharawadi Chakan) and S. No 191, mogdampalli road, Dist Medak, Zaheerabad and existing and proposed buildings on the said land. And first charge by way of hypothecation on the existing and future plant and machinery and other fixed assets of the company. The tram loan is further secured by personal guarantee of the directors. 2) The PMC term loan is secured by personal guarantee of the directors. 3) The car loan is secured by hypothecation of respective vehicles SHORT TERM BORROWINGS The above loans are secured by hypothecation of book debts/receivable,
inventory and all existing and further current assets of the company. The
same is further secured by way of second charge over all fixed assets. The
loan is further secured by personal guarantee of the directors. |
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
Prashant Kulkarni Chartered Accountant |
|
Address : |
1583, Kanade Maruti Lane, Nashik – 422001, Maharashtra, India |
|
Income-tax
PAN of auditor or auditor's firm : |
AARPK5266H |
|
|
|
|
Enterprise under common
control of the promoters: |
· Mungi Brothers ·
PVM Auto (Nashik) Private Limited CIN No.: U34100MH1995PTC092147 |
CAPITAL STRUCTURE
As on 31.03.2013
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
1,850,000 |
Equity Shares |
Rs.10/- each |
Rs. 18.500 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
1,750,000 |
Equity Shares |
Rs.10/- each |
Rs. 17.500 Millions |
|
|
|
|
|
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
|
31.03.2013 |
31.03.2012 |
|
I.
EQUITY
AND LIABILITIES |
|
|
|
|
(1)Shareholders'
Funds |
|
|
|
|
(a) Share Capital |
|
17.500 |
17.500 |
|
(b) Reserves & Surplus |
|
658.741 |
461.258 |
|
(c) Money
received against share warrants |
|
0.000 |
0.000 |
|
|
|
|
|
|
(2)
Share Application money pending allotment |
|
0.000 |
0.000 |
|
Total
Shareholders’ Funds (1) + (2) |
|
676.241 |
478.758 |
|
|
|
|
|
|
(3) Non-Current
Liabilities |
|
|
|
|
(a) long-term borrowings |
|
756.402 |
467.907 |
|
(b) Deferred tax liabilities (Net) |
|
88.189 |
73.663 |
|
(c) Other long term
liabilities |
|
84.457 |
18.948 |
|
(d) long-term
provisions |
|
0.000 |
0.000 |
|
Total Non-current
Liabilities (3) |
|
929.048 |
560.518 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short
term borrowings |
|
87.010 |
435.840 |
|
(b) Trade
payables |
|
701.666 |
663.164 |
|
(c) Other
current liabilities |
|
81.604 |
39.881 |
|
(d) Short-term
provisions |
|
100.812 |
38.025 |
|
Total Current
Liabilities (4) |
|
971.092 |
1176.910 |
|
|
|
|
|
|
TOTAL |
|
2576.381 |
2216.186 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed
Assets |
|
|
|
|
(i)
Tangible assets |
|
1338.670 |
1120.091 |
|
(ii)
Intangible Assets |
|
0.000 |
0.000 |
|
(iii)
Capital work-in-progress |
|
158.208 |
12.126 |
|
(iv)
Intangible assets under development |
|
0.000 |
0.000 |
|
(b) Non-current Investments |
|
0.105 |
0.031 |
|
(c) Deferred tax assets (net) |
|
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
|
42.743 |
70.660 |
|
(e) Other
Non-current assets |
|
0.000 |
0.000 |
|
Total Non-Current
Assets |
|
1539.726 |
1202.908 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a)
Current investments |
|
0.000 |
0.000 |
|
(b)
Inventories |
|
294.734 |
396.637 |
|
(c) Trade
receivables |
|
475.740 |
508.726 |
|
(d) Cash
and cash equivalents |
|
89.206 |
66.099 |
|
(e)
Short-term loans and advances |
|
6.193 |
13.213 |
|
(f) Other
current assets |
|
170.782 |
28.603 |
|
Total
Current Assets |
|
1036.655 |
1013.278 |
|
|
|
|
|
|
TOTAL |
|
2576.381 |
2216.186 |
|
SOURCES OF FUNDS |
|
|
31.03.2010 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
|
|
17.500 |
|
|
2] Share Application Money |
|
|
359.599 |
|
|
3] Reserves & Surplus |
|
|
0.000 |
|
|
4] (Accumulated Losses) |
|
|
0.000 |
|
|
NETWORTH |
|
|
377.099 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
|
|
553.018 |
|
|
2] Unsecured Loans |
|
|
25.617 |
|
|
TOTAL BORROWING |
|
|
578.635 |
|
|
DEFERRED TAX LIABILITIES |
|
|
52.134 |
|
|
Other Liabilities |
|
|
30.867 |
|
|
|
|
|
|
|
|
TOTAL |
|
|
1038.735 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
|
|
621.977 |
|
|
Capital work-in-progress |
|
|
45.592 |
|
|
|
|
|
|
|
|
INVESTMENT |
|
|
4.005 |
|
|
DEFERRED TAX ASSETS |
|
|
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
|
|
308.343 |
|
|
Sundry Debtors |
|
|
441.298 |
|
|
Cash & Bank Balances |
|
|
171.776 |
|
|
Other Current Assets |
|
|
39.184 |
|
|
Loans & Advances |
|
|
31.187 |
|
Total
Current Assets |
|
|
991.788 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
|
|
574.934 |
|
|
Other Current Liabilities |
|
|
4.632 |
|
|
Provisions |
|
|
45.061 |
|
Total
Current Liabilities |
|
|
624.627 |
|
|
Net Current Assets |
|
|
367.161 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
|
|
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
|
|
1038.735 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
5220.154 |
4555.800 |
3043.752 (Gross) |
|
|
|
Other Income |
NA |
NA |
NA |
|
|
|
TOTAL |
NA |
NA |
NA |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
TOTAL |
NA |
NA |
2934.973 |
|
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE TAX |
268.888 |
166.501 |
122.945 |
|
|
|
|
|
|
|
|
|
Less |
TAX |
71.405 |
4.842 |
37.060 |
|
|
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) AFTER TAX |
197.483 |
111.659 |
85.885 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
186.378 |
85.885 |
NA |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Transfer to General Reserve |
19.748 |
11.166 |
NA |
|
|
BALANCE CARRIED
TO THE B/S |
364.113 |
186.378 |
NA |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
12.685 |
34.917 |
NA |
|
|
|
|
|
|
|
|
|
Earnings /
(Loss) Per Share (Rs.) |
112.85 |
63.81 |
49.08 |
|
Expected Sales (2013-2014): Rs. 4700.000 Millions (Due to Market Down)
The above information has been parted by Mr. Ajay Gevdi (Accounts Executive).
KEY RATIOS
|
PARTICULARS |
|
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
5.15 |
3.65 |
NA |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
11.12 |
7.55 |
16.66 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.40 |
0.35 |
0.71 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
1.25 |
1.89 |
1.53 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.07 |
0.86 |
1.59 |
FINANCIAL ANALYSIS
[all figures are
in Rupees Millions]
DEBT EQUITY RATIO
|
Particular |
31.03.2012 |
31.03.2013 |
|
|
(Rs.
In Millions) |
(Rs.
In Millions) |
|
Share Capital |
17.500 |
17.500 |
|
Reserves & Surplus |
461.258 |
658.741 |
|
Net
worth |
478.758 |
676.241 |
|
|
|
|
|
long-term borrowings |
467.907 |
756.402 |
|
Short term borrowings |
435.840 |
87.010 |
|
Total
borrowings |
903.747 |
843.412 |
|
Debt/Equity
ratio |
1.888 |
1.247 |
YEAR-ON-YEAR GROWTH
|
Year
on Year Growth |
31.03.2012 |
31.03.2013 |
|
|
(Rs.
In Millions) |
(Rs.
In Millions) |
|
Sales |
4555.800 |
5220.154 |
|
|
|
14.583 |
NET PROFIT MARGIN
|
Net
Profit Margin |
31.03.2012 |
31.03.2013 |
|
|
(Rs.
In Millions) |
(Rs.
In Millions) |
|
Sales |
4555.800 |
5220.154 |
|
Profit |
111.659 |
197.483 |
|
|
2.45% |
3.78% |
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 |
No |
|
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 |
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 |
10437841 |
03/07/2013 |
150,000,000.00 |
KOTAK MAHINDRA BANK LIMITED |
36-38A, NARIMAN BHAVAN, 227, D, NARIMAN POINT, MUMBAI - 400021, MAHARASHTRA, INDIA |
B80044308 |
|
2 |
10282779 |
28/03/2013 * |
875,000,000.00 |
STATE BANK OF INDIA |
EASTERN EXPRESS HIGHWAY, GALA NO 9 &10, SUN, MAGN |
B73209520 |
|
3 |
10276671 |
28/12/2013 * |
300,000,000.00 |
KOTAK MAHINDRA BANK LIMITED |
36-38A, NARIMAN BHAVAN, 227, D, NARIMAN POINT, MUMBAI - 400021, MAHARASHTRA, INDIA |
B96470620 |
* Date of charge modification
UNSECURED LOANS
|
PARTICULAR |
31.03.2013 (Rs.
In Millions) |
31.03.2012 (Rs.
In Millions) |
|
LONG TERM
BORROWINGS |
|
|
|
Deposits from directors |
25.222 |
25.509 |
|
Total |
25.222 |
25.509 |
REVIEW OF
OPERATIONS:
During the year, the company has successfully achieved the Turnover of 5220.154 Millions. The Net profit for the year has been Rs.197.483 Millions as against 111.659 Millions during the previous financial year.
During the year, Company undertook heavy expansion projects to improve the capacity of existing plants and expand the production facilities at the newly established plants in Chakan and Zaheerabad last year. These investments have helped to improve overall operations which resulted in increase in turnover and profitability of the company.
FINANCE:
During the current year the Company has raised funds from the new Term Loan of Rs 325.000 Millions. This has augured well to consolidate the financial strength of the company in the time to come. The company has been taking adequate steps to raise need based working capital from banks as well as outside sources. The directors are continuously looking for avenues for future growth of the company in the Automotive Industry.
During the year, the company has also applied for the Mega Incentive Scheme by the State Government of Maharashtra. The same is Sanctioned by the Government of Maharashtra for Plants at Chakan.
CONTINGENT
LIABILITIES:
|
PARTICULARS |
31.03.2013 (Rs.
In Millions) |
31.03.2012 (Rs.
In Millions) |
|
Letter of credit/ Bank Guarantee opened in favour of the company |
27.336 |
7.123 |
|
Bill acceptance Scheme |
169.500 |
0.000 |
FIXED ASSETS
· Land
· Buildings
· Plant and Equipment
· Furniture and Fixtures
· Vehicles
· Motor Vehicles
· Office Equipment
· Computer Equipments
· Other Equipments
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources including
but not limited to: The Courts,
1] INFORMATION ON
DESIGNATED PARTY
No exist designating subject or any of its beneficial owners,
controlling shareholders or senior officers as terrorist or terrorist organization
or whom notice had been received that all financial transactions involving
their assets have been blocked or convicted, found guilty or against whom a
judgement or order had been entered in a proceedings for violating
money-laundering, anti-corruption or bribery or international economic or
anti-terrorism sanction laws or whose assets were seized, blocked, frozen or
ordered forfeited for violation of money laundering or international
anti-terrorism laws.
2] Court Declaration :
No 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.60.27 |
|
|
1 |
Rs.101.10 |
|
Euro |
1 |
Rs.83.74 |
INFORMATION DETAILS
|
Information Gathered
by : |
PRT |
|
|
|
|
Analysis Done by
: |
KAR |
|
|
|
|
Report Prepared
by : |
MRI |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
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 |
5 |
|
--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 |
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 |
|
48 |
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.