MIRA INFORM REPORT
|
Report Date : |
20.12.2014 |
IDENTIFICATION DETAILS
|
Name : |
NTN NEI MANUFACTURING INDIA PRIVATE LIMITED (w.e.f.16.01.2009) |
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Formerly Known
As : |
NTN MANUFACTURING INDIA PRIVATE LIMITED (w.e.f.23.12.2005) unique components private limited |
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Registered
Office : |
819, |
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Country : |
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Financials (as
on) : |
31.03.2014 |
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Date of
Incorporation : |
20.09.2005 |
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Com. Reg. No.: |
55-140968 |
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Capital
Investment / Paid-up Capital : |
Rs. 3238.000 Millions |
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CIN No.: [Company Identification
No.] |
u34300DL2005PTC140968 |
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IEC No.: |
Not Available |
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TAN No.: [Tax Deduction & Collection
Account No.] |
deln07430d |
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PAN No.: [Permanent Account No.] |
aaccn2241b |
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Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Manufacturer, Exporter and Importer of Constant Velocity Joints. |
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No. of Employees
: |
350 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
B (27) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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Maximum Credit Limit : |
USD 7400000 |
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Status : |
Moderate |
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Payment Behaviour : |
Slow but correct |
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Litigation : |
Clear |
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Comments : |
Subject is an established company having moderate track record. The rating is constrained on account of some accumulated losses
incurred by the company. However, trade relations are reported as fair. Business is active.
Payments terms are reported to be slow but correct. The company can be considered for business with some caution. |
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 – September 30, 2014
|
Country Name |
Previous Rating (30.06.2014) |
Current Rating (30.09.2014) |
|
|
A1 |
A1 |
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Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
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
31-03-2014.
INFORMATION PARTED BY (GENERAL DETAILS)
|
Name : |
Mr. P.C. Nayak |
|
Designation : |
Finance Manager |
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Contact No.: |
91-9896911504 |
|
Date : |
19.12.2014 |
LOCATIONS
|
Registered Office : |
819, |
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Tel. No.: |
91-11-41513235/ 41513237 |
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Mobile No.: |
91-9896911504 (Mr. P.C. Nayak) |
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Fax No.: |
91-11-41513236 |
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E-Mail : |
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Website : |
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Factory 1 : |
Plot No. 131, Sector 7, HSIDC
Growth Centre, Bawal, District Rewari - 123501, |
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Tel. No.: |
91-1284-264024/ 264188-92/ 264019–20/ 264191 |
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Fax No.: |
91-1284-264011/ 264049 |
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Factory 2 : |
Plot No. P48/1, Domestic Tariff Area, |
DIRECTORS
As on 29.09.2014
|
Name : |
Mr. Rohit Saboo |
|
Designation : |
Director |
|
Address : |
14A, Sangram Colony, C Scheme, Jaipur - 302001, |
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Date of Birth/Age : |
01.02.1967 |
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Date of Appointment : |
25.08.2008 |
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DIN No.: |
00086846 |
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Name : |
Noboru Miyauchi |
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Designation : |
Director |
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Address : |
M 2906, Ashiana Aangan, Bhiwadi, Alwar – 301019, |
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Date of Birth/Age : |
07.01.1959 |
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Date of Appointment : |
29.09.2011 |
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PAN No.: |
BGMPM0372G |
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DIN No.: |
03474746 |
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Name : |
Eiichi Ukai |
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Designation : |
Additional director |
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Address : |
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Date of Birth/Age : |
01.02.1957 |
|
Date of Appointment : |
29.08.2013 |
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DIN No.: |
06646508 |
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Name : |
Masaki Ogame |
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Designation : |
Additional director |
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Address : |
15-2, Higashi-Hiramatsu Iwata-Shi Shizuoka 4380211 |
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Date of Birth/Age : |
13.10.1959 |
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Date of Appointment : |
05.03.2013 |
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DIN No.: |
06504508 |
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Name : |
Mr. Yasusaburo Samizo |
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Designation : |
Director |
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Address : |
14-7, 1-Chrome Tomiokawanishi, Narashi – 630827, Japan |
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Date of Birth/Age : |
09.02.1963 |
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Date of Appointment : |
23.08.2014 |
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DIN No.: |
06956522 |
KEY EXECUTIVES
|
Name : |
Mr. P.C. Nayak |
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Designation : |
Finance Manager |
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|
Name : |
Mr. Pravash Chandra Nayak |
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Designation : |
Secretary |
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Address : |
QN-1743, |
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Date of Birth/Age : |
02.01.1969 |
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Date of Appointment : |
21.04.2008 |
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PAN No.: |
ADEPN0998D |
MAJOR SHAREHOLDERS
As on 29.09.2014
|
Names of Shareholders |
|
No. of Shares |
|
NTN Corporation |
|
3112950 |
|
NTN Bearing Singapore |
|
50 |
|
National Engineering Industries Limited, |
|
125000 |
|
Total |
|
3238000 |
As on 29.09.2014
Equity Share Break up (Percentage of Total Equity)
|
Category |
Percentage |
|
Foreign holdings( Foreign institutional
investor(s), Foreign companie(s) Foreign financial institution(s),
Non-resident Indian(s) or Overseas Corporate bodies or Others |
96.14 |
|
Bodies corporate |
3.86 |
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Total |
100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer, Exporter and Importer of Constant Velocity
Joints. |
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Products : |
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Brand Names : |
Not Available |
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Agencies Held : |
Not Available |
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Exports : |
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Products : |
Finished Goods |
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Countries : |
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Imports : |
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Products : |
Raw Material |
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Countries : |
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Terms : |
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Selling : |
Cash and Credit |
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Purchasing : |
Cash and Credit |
PRODUCTION STATUS = NOT AVAILABLE
GENERAL INFORMATION
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Suppliers : |
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Customers : |
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No. of Employees : |
350 (Approximately) |
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Bankers : |
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Facilities : |
(Rs.
In Millions)
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Auditors : |
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Name : |
S.R. Batliboi and Company LLP Chartered Accountants |
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Address : |
Golf View Corporate, Tower-B, Sector-42, Sector Road,
Gurgaon -122002, Haryana, India |
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PAN No.: |
ACHFS9180N |
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Holding Company : |
NTN Corporation Japan |
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Fellow Subsidiary
Company : |
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CAPITAL STRUCTURE
As on 29.09.2014
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
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3,238,000 |
Equity Shares |
Rs.1000/- each |
Rs. 3238.000 Millions |
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Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
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|
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|
3,238,000 |
Equity Shares |
Rs.1000/- each |
Rs. 3238.000 Millions |
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FINANCIAL DATA
[All figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
I.
EQUITY
AND LIABILITIES |
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|
(1)Shareholders' Funds |
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(a) Share Capital |
3238.000 |
1875.000 |
1875.000 |
|
(b) Reserves & Surplus |
(1387.692) |
(1066.003) |
(654.899) |
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(c) Money
received against share warrants |
0.000 |
0.000 |
0.000 |
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(2) Share Application money pending
allotment |
0.000 |
0.000 |
0.000 |
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Total Shareholders’
Funds (1) + (2) |
1850.308 |
808.997 |
1220.101 |
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(3)
Non-Current Liabilities |
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(a) long-term borrowings |
159.742 |
250.510 |
407.391 |
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(b) Deferred tax liabilities (Net) |
0.000 |
0.000 |
0.000 |
|
(c) Other long term
liabilities |
0.000 |
21.451 |
12.468 |
|
(d) long-term
provisions |
1.948 |
1.357 |
2.109 |
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Total Non-current
Liabilities (3) |
161.690 |
273.318 |
421.968 |
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(4)
Current Liabilities |
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(a) Short
term borrowings |
0.000 |
0.000 |
0.000 |
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(b) Trade
payables |
1087.475 |
1699.673 |
780.494 |
|
(c) Other
current liabilities |
1024.734 |
1010.614 |
749.021 |
|
(d) Short-term
provisions |
27.248 |
21.019 |
13.040 |
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Total Current
Liabilities (4) |
2139.457 |
2731.306 |
1542.555 |
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TOTAL |
4151.455 |
3813.621 |
3184.624 |
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II.
ASSETS |
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(1)
Non-current assets |
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(a) Fixed
Assets |
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(i)
Tangible assets |
2098.799 |
2167.069 |
958.208 |
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(ii)
Intangible Assets |
0.988 |
1.857 |
2.700 |
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(iii)
Capital work-in-progress |
10.327 |
87.368 |
1031.291 |
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(iv)
Intangible assets under development |
0.000 |
0.000 |
0.000 |
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(b) Non-current Investments |
0.000 |
0.000 |
0.000 |
|
(c) Deferred tax assets (net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
319.497 |
264.563 |
267.081 |
|
(e) Other
Non-current assets |
0.833 |
0.726 |
1.350 |
|
Total Non-Current
Assets |
2430.444 |
2521.583 |
2260.630 |
|
|
|
|
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(2)
Current assets |
|
|
|
|
(a)
Current investments |
0.000 |
0.000 |
0.000 |
|
(b)
Inventories |
618.816 |
426.748 |
375.719 |
|
(c) Trade
receivables |
564.551 |
425.590 |
301.916 |
|
(d) Cash
and cash equivalents |
167.337 |
111.730 |
90.986 |
|
(e)
Short-term loans and advances |
370.293 |
327.936 |
155.329 |
|
(f) Other
current assets |
0.014 |
0.034 |
0.044 |
|
Total
Current Assets |
1721.011 |
1292.038 |
923.994 |
|
|
|
|
|
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TOTAL |
4151.455 |
3813.621 |
3184.624 |
PROFIT & LOSS ACCOUNT
|
|
PARTICULARS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
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SALES |
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Income |
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Other Income |
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TOTAL |
3323.665 |
2929.886 |
1764.922 |
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EXPENSES |
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Office Expenses |
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Administrative Expenses |
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Advertising Expenses |
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TOTAL |
3404.029 |
3135.269 |
1982.278 |
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PROFIT
/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION |
(80.364) |
(205.383) |
Including
Financial and Depreciation Expenses |
|
|
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FINANCIAL
EXPENSES |
24.085 |
39.705 |
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PROFIT
/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION |
(104.449) |
(245.088) |
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DEPRECIATION/
AMORTISATION |
212.094 |
166.016 |
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PROFIT / (LOSS)
BEFORE TAX |
(321.669) |
(411.104) |
(207.977) |
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TAX |
0.000 |
0.000 |
0.000 |
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PROFIT / (LOSS)
AFTER TAX |
(321.669) |
(411.104) |
(207.977) |
|
|
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|
|
|
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PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
(1066.003) |
(654.899) |
(446.922) |
|
|
|
|
|
|
|
|
|
|
BALANCE CARRIED
TO THE B/S |
(1387.672) |
(1066.003) |
(654.899) |
|
|
|
|
|
|
|
|
|
|
Earnings /
(Loss) Per Share (Rs.) |
(99.34) |
(219.26) |
(110.92) |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
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Return on Total Assets (PBT/Total Assets} |
(%) |
(7.77) |
(11.03) |
(9.66) |
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|
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|
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Return on Investment (ROI) (PBT/Networth) |
|
(0.17) |
(0.51) |
(0.17) |
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Debt Equity Ratio (Total Debt /Networth) |
|
0.09 |
0.31 |
0.33 |
|
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|
Current Ratio (Current Asset/Current Liability) |
|
0.80 |
0.47 |
0.60 |
FINANCIAL ANALYSIS
[All figures are
in Rupees Millions]
DEBT EQUITY RATIO
|
Particular |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
(Rs. In Millions) |
(Rs. In Millions) |
(Rs. In Millions) |
|
Share Capital |
1875.000 |
1875.000 |
3238.000 |
|
Reserves & Surplus |
(654.899) |
(1066.003) |
(1387.692) |
|
Net worth |
1220.101 |
808.997 |
1850.308 |
|
|
|
|
|
|
long-term borrowings |
407.391 |
250.510 |
159.742 |
|
Short term borrowings |
0.000 |
0.000 |
0.000 |
|
Total borrowings |
407.391 |
250.510 |
159.742 |
|
Debt/Equity ratio |
0.334 |
0.310 |
0.086 |
YEAR-ON-YEAR GROWTH
|
Year on Year Growth |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
(Rs. In Millions) |
(Rs. In Millions) |
(Rs. In Millions) |
|
Sales |
1764.922 |
2929.886 |
3323.665 |
|
|
|
66.007 |
13.440 |
NET PROFIT MARGIN
|
Net Profit Margin |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
(Rs. In Millions) |
(Rs. In Millions) |
(Rs. In Millions) |
|
Sales |
1764.922 |
2929.886 |
3323.665 |
|
Profit / (Loss) |
(207.977) |
(411.104) |
(321.669) |
|
|
(11.78%) |
(14.03%) |
(9.68%) |
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 |
No |
|
18] |
Major customers |
No |
|
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 |
No |
|
33] |
Voter ID No of Proprietor/Partner/Director, if available |
No |
|
34] |
External Agency Rating, if available |
No |
CORPORATE INFORMATION
Subject was incorporated on 20th September 2005 for manufacturing of Constant Velocity Joints for automobiles. The registered office of the company is situated in New Delhi and the production facility is at Bawal Industrial Area in the state of Haryana and at Mahindra World City in the State of Tamilnadu.
OPERATIONS
The company has started production of constant velocity Joints for new models of Maruti cars and the company has achieved gross turnover of Rs. 3273.455 Million during the financial Year 2013 / 2014. It has also started to supply to other car manufactures like Honda. The Company has also started manufacturing activities of HUB Bearing for Honda. The Directors are hopeful of getting more orders during the current financial year and it is expected that there will be increased in turnover during the year as compared to earlier years.
UNSECURED LOAN
Rs.
In Millions
|
Particular |
As
on 31.03.2014 |
As
on 31.03.2013 |
|
Long-term
borrowings |
|
|
|
Term loans from others |
159.742 |
249.855 |
|
Total |
159.742 |
249.855 |
INDEX OF CHARGES: NO
CHARGES EXIST FOR THE COMPANY
FIXED ASSETS
· Land
· Buildings
· Plant and equipment
· Furniture and fixtures
· Vehicles
· Office equipment
·
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.63.06 |
|
|
1 |
Rs.98.73 |
|
Euro |
1 |
Rs.77.45 |
INFORMATION DETAILS
|
Information
Gathered by : |
GAY |
|
|
|
|
Analysis Done by
: |
DIV |
|
|
|
|
Report Prepared
by : |
PNM |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
3 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
3 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
3 |
|
--PROFITABILIRY |
1~10 |
2 |
|
--LIQUIDITY |
1~10 |
3 |
|
--LEVERAGE |
1~10 |
3 |
|
--RESERVES |
1~10 |
2 |
|
--CREDIT LINES |
1~10 |
3 |
|
--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 |
|
27 |
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.