MIRA
INFORM REPORT
|
Report Date : |
06.02.2014 |
IDENTIFICATION DETAILS
|
Name : |
VE COMMERCIAL VEHICLES LIMITED (w.e.f.10.06.2008) |
|
|
|
|
Formerly Known
As : |
EICHER MOTORS INDIA LIMITED |
|
|
|
|
Registered
Office : |
3rd Floor, Select Citywalk, A-3 District Centre, Saket, |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as
on) : |
31.12.2012 |
|
|
|
|
Date of
Incorporation : |
07.03.2008 |
|
|
|
|
Com. Reg. No.: |
55-175032 |
|
|
|
|
Capital Investment
/ Paid-up Capital : |
Rs.100.000 Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U74900DL2008PLC175032 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
DELE04799E |
|
|
|
|
PAN No.: [Permanent Account No.] |
AABCE9378F |
|
|
|
|
Legal Form : |
A Closely Held Public Limited Liability Company |
|
|
|
|
Line of Business
: |
Distributor of Automobile Products and Related Components. |
|
|
|
|
No. of Employees
: |
Not Available |
RATING & COMMENTS
|
MIRA’s Rating : |
A (68) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
56-70 |
A |
Financial & operational base are regarded healthy. General
unfavourable factors will not cause fatal effect. Satisfactory capability for
payment of interest and principal sums |
Fairly Large |
|
Maximum Credit Limit : |
USD 80000000 |
|
|
|
|
Status : |
Good |
|
|
|
|
Payment Behaviour : |
Regular |
|
|
|
|
Litigation : |
Clear |
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|
|
|
Comments : |
Subject is a joint venture Eicher Motors Limited and AB Volvo, Sweden.
It is a well-established and reputed company having a fine track record. Financial position of the company appears to be strong. Overall
fundaments of the company seems to be sound and healthy. Directors are reported to be experienced and respectable businessmen. Trade relations are reported as fair. Business is active. Payments are
reported to be regular and as per commitments. In view of strong holdings, the company can be considered good for
normal business dealings at usual trade terms and conditions. |
NOTES:
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – December 1, 2013
|
Country Name |
Previous Rating (30.09.2013) |
Current Rating (01.12.2013) |
|
India |
A1 |
A1 |
|
Risk Category |
ECGC Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
INDIAN ECONOMIC OVERVIEW
The services sector, the largest contributor to India’s GDP, contracted for
the sixth consecutive month in December, as orders dipped. However, hiring has
risen. Direct tax collections rose 12.3 % during the April – December
period of the current financial year. The government has decided to
retain 100 per cent foreign direct investment in both greenfield (new) and
brown field (existing) pharmaceutical companies, despite concerns over genetic
drugs going out of production, if multi-national companies take over domestic
ones. In M&A deals, a non compete clause would not be allowed, except in
special circumstances. The Department of Industrial Policy and Promotion plans
to release the next edition of its consolidated foreign direct investment
policy document on March 31, incorporating changes made in the past year. DIPP
compiles all policies related to India’s FDI regime into a single document to
make it easy for investors to understand. 185 million estimated number of
mobile internet users in India by June 2014, according to a report by the
Internet & Mobile Association of India and IMRB International. India
had 110 million mobile internet users with 25 million in rural areas. $3.77 tn
estimated global IT spending in 2014, according to research firm Gartner Inc.
The growth forecast for this year is cut to 3.1 %from the earlier estimate of
3.5 %. The spending growth forecast for telecom services – a segment that
accounts for more than 40 % at total IT spending – from 1.9 per cent to 1.2 per
cent is the main reason for this overall IT cut. A Reserve Bank of India
committee has recommended setting up a special category of lenders who would
cater to small businesses and households, to expand the number of customers
with access to banking services. These banks would focus on providing payment
services and deposit products. Indian banks want the free use of
automated teller machines to be capped at five transactions in a month
including that of the bank in which the account is active. This follows state
government order to banks to install security guards at ATM booths after a
woman banker was assaulted in Bangalore. The government is likely to present a
vote on Account in mid-February. The annual Economic Survey will be tabled
later in Parliament along with the full Budget. A full Budget for 2014/15 is
likely to be present in July by the new government formed after the General
Election. The government will soon launch an internet spy system, called Netra,
to detect malafide messages. Security agency will deploy the system to capture
dubious voice traffic on applications such as Skype and Google Talk, as well as
tweeters.
EXTERNAL AGENCY RATING
|
Rating Agency Name |
ICRA |
|
Rating |
Fund Based Working Capital Facilities: AA |
|
Rating Explanation |
High degree of safety and very low credit
risk |
|
Date |
March, 2013 |
|
Rating Agency Name |
ICRA |
|
Rating |
Non Fund based facilities: A1+ |
|
Rating Explanation |
Very Strong degree of safety and lowest
credit risk. |
|
Date |
March, 2013 |
RBI DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter in
the publicly available RBI Defaulters’ list.
EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of
31-03-2012.
LOCATIONS
|
Registered Office : |
3rd Floor, Select Citywalk, A-3 District Centre, Saket, |
|
Tel. No.: |
91-11-29563724 |
|
Fax No.: |
Not Available |
|
E-Mail : |
|
|
Website : |
|
|
|
|
|
Corporate Office |
Building No. 9A,
16th Floor, |
|
Tel. No.: |
91-124-6701700 |
|
|
|
|
Plant Location 1 : |
Eicher Trucks and Buses 102 and 102A,
Industrial Area No.1, Pithampur – 454775, District Dhar, |
|
|
|
|
Plant Location 2 : |
Eicher Engineering Components (i) (ii) Indonippon
Foods Premises No.7, HSIDC Sector-18, Palam-Gurgaon Road, Gurgaon –122015,
Haryana, India (iii) 78-86,
Industrial Area No.III, |
DIRECTORS
(AS ON 31.01.2013)
|
Name : |
Mr. Siddhartha Vikram Lal |
|
Designation : |
Chairman cum Managing director |
|
Address : |
2, Panchsheel Marg, Chanakya Puri, |
|
Date of Birth/Age : |
14.10.1973 |
|
Date of Appointment : |
07.03.2008 |
|
PAN No.: |
AABPL5228J |
|
DIN No.: |
00037645 |
|
|
|
|
Name : |
Mr. Bertil John Thoren |
|
Designation : |
Director |
|
Address : |
Arkivgatan 5, |
|
Date of Birth/Age : |
17.07.1950 |
|
Date of Appointment : |
26.05.2008 |
|
DIN No.: |
02200430 |
|
|
|
|
Name : |
Mr. Philippe Divry |
|
Designation : |
Director |
|
Address : |
Vidblicksgatan 2, |
|
Date of Birth/Age : |
31.07.1965 |
|
Date of Appointment : |
03.02.2012 |
|
DIN No.: |
05195448 |
|
|
|
|
Name : |
Mr. Prateek Jalan |
|
Designation : |
Director |
|
Address : |
4, |
|
Date of Birth/Age : |
04.04.1970 |
|
Date of Appointment : |
26.05.2008 |
|
DIN No.: |
02170139 |
|
|
|
|
Name : |
Mr. Raul Rai |
|
Designation : |
Director |
|
Address : |
C-447, Defence Colony, |
|
Date of Birth/Age : |
07.02.1969 |
|
Date of Appointment : |
26.05.2008 |
|
DIN No.: |
02202542 |
|
|
|
|
Name : |
Mr. Joachim Henry Rasenberg |
|
Designation : |
Director |
|
Address : |
Kara Blanc 502, 3-5-41, Minami Azabu, Minato Ward, Tokya-1060047 |
|
Date of Birth/Age : |
29.10.1970 |
|
Date of Appointment : |
31.01.2013 |
|
DIN No.: |
06391543 |
KEY EXECUTIVES
|
Name : |
Mr. Praveen Kumar Jain |
|
Designation : |
Secretary |
|
Address : |
36, |
|
Date of Birth/Age : |
19.09.1968 |
|
Date of Appointment : |
29.04.2011 |
|
PAN No.: |
AAMPJ3073E |
|
|
|
|
Name : |
A K Birla |
|
Designation : |
Executive Vice President- Technology |
|
Qualification : |
B.E. |
|
|
|
|
Name : |
Mr. Amanpreet Singh Bhatia |
|
Designation : |
Senior Vice President - Human Resources |
|
Qualification : |
MBA |
|
|
|
|
Name : |
B. Anil Baliga |
|
Designation : |
Senior Vice President - Bus and Application Manufacturing |
|
Qualification : |
B. Tech |
|
|
|
|
Name : |
Mr. Dinesh K Taneja |
|
Designation : |
Vice President - Internal Audit |
|
Qualification : |
CA, CIA, CCSA, CFSA |
|
|
|
|
Name : |
Gilles Boutte |
|
Designation : |
Senior Vice President and Chief Financial Officer |
|
Qualification : |
Commercial/Finance Degree |
|
|
|
|
Name : |
G Sekar |
|
Designation : |
Senior Vice President - Sales and Marketing |
|
Qualification : |
BE and PGDM |
|
|
|
|
Name : |
G V Rao |
|
Designation : |
Senior Vice President - Strategic Planning |
|
Qualification : |
BE (Mech), MBA-Marketing |
|
|
|
|
Name : |
Mr. Rajesh Mittal |
|
Designation : |
Senior Vice President – Manufacturing Operations |
|
Qualification : |
B.E., ICWA |
|
|
|
|
Name : |
Mr. Rajinder Singh Sachdeva |
|
Designation : |
Senior Vice President - Product Development |
|
Qualification : |
M. Tech |
|
|
|
|
Name : |
S R Mukherjee |
|
Designation : |
Vice President-Eec Operations |
|
Qualification : |
BSC ( Engg.) |
|
|
|
|
Name : |
Mr. Shyam Maller |
|
Designation : |
Vice President – Product Planning |
|
Qualification : |
B.E and PDGM |
|
|
|
|
Name : |
Mr. Somnath Bhattacharjee |
|
Designation : |
Executive Vice President - Sales & Marketing |
|
Qualification : |
BE (Mechanical) |
|
|
|
|
Name : |
Mr. Sreerama Rao |
|
Designation : |
Senior Vice President -After Market |
|
Qualification : |
BE |
|
|
|
|
Name : |
Mr. Vinod Aggarwal |
|
Designation : |
Chief Executive Officer |
|
Qualification : |
FCA , AICWA |
|
|
|
|
Name : |
Mr. Ravi Sikka |
|
Designation : |
Vice President – Group Affairs and Taxation |
|
Qualification : |
BE (Mechanical) |
|
|
|
|
Name : |
Takashi Fukuo |
|
Designation : |
Head- Quality Management Office |
|
Qualification : |
BE (Mechanical) |
|
|
|
|
Name : |
Arne Stig Sevensson |
|
Designation : |
Senior Vice President and Chief Technology Officer |
|
Qualification : |
BE (Mechanical) |
|
|
|
|
Name : |
Ryoji Ono |
|
Designation : |
Vice President-Head Of Quality |
|
Qualification : |
BE (Mechanical) |
|
|
|
|
Name : |
Tomoichi Katsumata |
|
Designation : |
Vice President-Head Of Productivity |
|
Qualification : |
BE (Mechanical) |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
(AS ON 31.01.2013)
|
Names of Shareholders |
|
No. of Shares |
|
|
|
|
|
Eicher Motors Limited, |
|
5439993 |
|
Siddhartha Vikram Lal |
|
1 |
|
Vinod Aggarwal |
|
1 |
|
|
|
1 |
|
Rajesh Kumar |
|
1 |
|
Rohit Srivastava |
|
1 |
|
Dinesh Kumar Taneja |
|
1 |
|
|
|
3469700 |
|
Volvo Truck Corporation, |
|
1090300 |
|
Praveen Kumar Jain |
|
1 |
|
|
|
|
|
Total |
|
10000000 |
(AS ON 30.06.2013)
Equity Shares Break – up
|
Category |
|
Percentage |
|
|
|
|
|
Foreign holdings [Foreign institutional investors, Foreign Companies, Foreign Financial Institutions, Non-resident Indian or Overseas corporate bodies or others] |
|
45.60 |
|
Bodies corporate |
|
54.40 |
|
|
|
|
|
Total
|
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Distributor of Automobile Products and Related Components. |
||||||
|
|
|
||||||
|
Products : |
|
GENERAL INFORMATION
|
No. of Employees : |
Not Available |
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|
|
|
||||||||||||||||||
|
Bankers : |
·
HDFC Bank Limited Vatika Atrium A Block, Sector 53, Golf Course Road, Gurgaon – 122002,
Haryana, India · Kotak Mahindra Bank Limited 7th Floor, Ambadeep Building, K G Marg, New Delhi – 110001, India · State Bank of India A.B. Road, Near G.P.O. Indore – 452001, Madhya Pradesh, India |
||||||||||||||||||
|
|
|
||||||||||||||||||
|
Facilities : |
|
||||||||||||||||||
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
Deloitte Haskins and Sells Chartered Accountants |
|
Address : |
7th Floor,
Building, 10 Tower B, |
|
Tel. No.: |
91-124-6792000 |
|
Fax No.: |
91-124-6792012 |
|
PAN
No.:: |
AABFD2095B |
|
|
|
|
Holding Company : |
· Eicher Motors Limited ([L34102DL1982PLC129877) |
|
|
|
|
Subsidiary Company : |
·
Eicher Engineering Solutions, Inc., |
|
|
|
|
Investor in
respect of which the Company is a joint venture : |
· Aktiebolaget Volvo (PUBL), Volvo, Sweden |
|
|
|
|
Significant
influence of key management personnel : |
· Eicher Goodearth Private Limited (U35122DL2007PTC170978) · Eicher Polaris Private Limited * (* w.e.f. October 10, 2012) |
|
|
|
|
100% subsidiary
company of EES, Inc. : |
·
Hoff Automotive Design ( ·
Hoff Auto Design ( ·
Eicher Engineering Solutions, Inc., U.S.A. |
CAPITAL STRUCTURE
(AS ON 31.01.2013)
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
10000000 |
Equity Shares |
Rs.10/- each |
Rs.100.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
10000000 |
Equity Shares |
Rs.10/- each |
Rs.100.000 Millions |
|
|
|
|
|
FINANCIAL DATA
[All figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
|
31.12.2012 |
31.12.2011 |
|
I.
EQUITY
AND LIABILITIES |
|
|
|
|
(1)Shareholders'
Funds |
|
|
|
|
(a) Share Capital |
|
100.000 |
100.000 |
|
(b) Reserves & Surplus |
|
20023.200 |
17528.300 |
|
(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) |
|
20123.200 |
17628.300 |
|
|
|
|
|
|
(3) Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
|
0.000 |
0.000 |
|
(b) Deferred tax liabilities (Net) |
|
1169.300 |
615.300 |
|
(c) Other long term liabilities |
|
143.600 |
248.900 |
|
(d) long-term provisions |
|
468.600 |
346.600 |
|
Total Non-current Liabilities (3) |
|
1781.500 |
1210.800 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
|
0.000 |
85.100 |
|
(b) Trade payables |
|
7790.300 |
6876.000 |
|
(c) Other current
liabilities |
|
3442.800 |
3294.400 |
|
(d) Short-term provisions |
|
1270.000 |
1338.400 |
|
Total Current Liabilities (4) |
|
12503.100 |
11593.900 |
|
|
|
|
|
|
TOTAL |
|
34407.800 |
30433.000 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
|
8298.600 |
3784.100 |
|
(ii) Intangible Assets |
|
231.200 |
124.300 |
|
(iii) Capital
work-in-progress |
|
2197.300 |
2191.300 |
|
(iv)
Intangible assets under development |
|
2224.800 |
1289.500 |
|
(b) Non-current Investments |
|
0.500 |
0.500 |
|
(c) Deferred tax assets (net) |
|
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
|
2689.600 |
2141.800 |
|
(e) Other Non-current assets |
|
0.000 |
0.000 |
|
Total Non-Current Assets |
|
15642.000 |
9531.500 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
|
0.000 |
0.000 |
|
(b) Inventories |
|
4134.500 |
3826.900 |
|
(c) Trade receivables |
|
4343.200 |
3301.100 |
|
(d) Cash and cash equivalents |
|
7918.500 |
11869.800 |
|
(e) Short-term loans and
advances |
|
1951.600 |
1483.100 |
|
(f) Other current assets |
|
418.000 |
420.600 |
|
Total Current Assets |
|
18765.800 |
20901.500 |
|
|
|
|
|
|
TOTAL |
|
34407.800 |
30433.000 |
|
SOURCES OF FUNDS |
|
|
31.12.2010 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
|
|
100.000 |
|
|
2] Share Application Money |
|
|
0.000 |
|
|
3] Reserves & Surplus |
|
|
14258.900 |
|
|
4] (Accumulated Losses) |
|
|
0.000 |
|
|
NETWORTH |
|
|
14358.900 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
|
|
633.100 |
|
|
2] Unsecured Loans |
|
|
60.100 |
|
|
TOTAL BORROWING |
|
|
693.200 |
|
|
DEFERRED TAX LIABILITIES |
|
|
235.600 |
|
|
|
|
|
|
|
|
TOTAL |
|
|
15287.700 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
|
|
3113.000 |
|
|
Capital work-in-progress |
|
|
638.200 |
|
|
Expenditure pending allocation, net |
|
|
34.500 |
|
|
|
|
|
|
|
|
INVESTMENT |
|
|
0.500 |
|
|
DEFERRED TAX ASSETS |
|
|
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
|
|
2982.900 |
|
|
Sundry Debtors |
|
|
2512.500 |
|
|
Cash & Bank Balances |
|
|
12330.800 |
|
|
Other Current Assets |
|
|
352.100 |
|
|
Loans & Advances |
|
|
1580.900 |
|
Total
Current Assets |
|
|
19759.200 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
|
|
5136.100 |
|
|
Other Current Liabilities |
|
|
1642.700 |
|
|
Provisions |
|
|
1478.900 |
|
Total
Current Liabilities |
|
|
8257.700 |
|
|
Net Current Assets |
|
|
11501.500 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
|
|
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
|
|
15287.700 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.12.2012 |
31.12.2011 |
31.12.2010 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
52976.300 |
49642.100 |
39174.200 |
|
|
|
Other Income |
948.300 |
1101.800 |
988.400 |
|
|
|
TOTAL (A) |
53924.600 |
50743.900 |
40162.600 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of Materials Consumed |
33127.300 |
30542.600 |
|
|
|
|
Purchases of Stock in Trade |
6195.600 |
6703.400 |
|
|
|
|
Changes in Inventories of Finished Goods, Work in progress and stock
in trade |
(198.000) |
(541.400) |
36050.400 |
|
|
|
Employee Benefits Expenses |
3324.800 |
2525.800 |
|
|
|
|
Other Expenses |
6490.400 |
5363.900 |
|
|
|
|
TOTAL (B) |
48940.100 |
44594.300 |
36050.400 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
4984.500 |
6149.600 |
4112.200 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
27.200 |
52.200 |
63.000 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
4957.300 |
6097.400 |
4049.200 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
642.500 |
501.500 |
457.300 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
4314.800 |
5595.900 |
3591.900 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
948.200 |
1454.800 |
996.500 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
3366.600 |
4141.100 |
2595.400 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
5335.300 |
2480.100 |
727.400 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Transfer to General Reserve |
336.700 |
414.200 |
259.600 |
|
|
|
Interim Dividend |
750.000 |
750.000 |
500.000 |
|
|
|
Tax on Dividend |
121.700 |
121.700 |
83.100 |
|
|
BALANCE CARRIED
TO THE B/S |
7493.500 |
5335.400 |
2480.100 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Export of goods (FOB Value) |
2260.600 |
2778.100 |
1969.100 |
|
|
|
Export of engineering services |
NA |
12.800 |
9.300 |
|
|
|
Commission income |
NA |
1.800 |
2.000 |
|
|
TOTAL EARNINGS |
NA |
2792.700 |
1980.400 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Components and spare parts |
452.800 |
385.500 |
293.800 |
|
|
|
Capital goods |
1333.000 |
607.000 |
162.900 |
|
|
|
Others |
2.000 |
4.300 |
42.900 |
|
|
TOTAL IMPORTS |
1787.800 |
996.800 |
499.600 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
336.66 |
414.11 |
259.54 |
|
KEY RATIOS
|
PARTICULARS |
|
31.12.2012 |
31.12.2011 |
31.12.2010 |
|
PAT / Total Income |
(%) |
6.24
|
8.16
|
6.59 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
8.14
|
11.27
|
9.17 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
14.39
|
20.76
|
15.70 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.21
|
0.32
|
0.25 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
0.00
|
0.01
|
0.05 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.50
|
1.80
|
2.39 |
LOCAL AGENCY FURTHER INFORMATION
|
Sr. No. |
Check List by Info Agents |
Available in Report (Yes / No) |
|
1] |
Year of Establishment |
Yes |
|
2] |
Locality of the firm |
Yes |
|
3] |
Constitutions of the firm |
Yes |
|
4] |
Premises details |
No |
|
5] |
Type of Business |
Yes |
|
6] |
Line of Business |
Yes |
|
7] |
Promoter's background |
Yes |
|
8] |
No. of employees |
No |
|
9] |
Name of person contacted |
No |
|
10] |
Designation of contact person |
No |
|
11] |
Turnover of firm for last three years |
Yes |
|
12] |
Profitability for last three years |
Yes |
|
13] |
Reasons for variation <> 20% |
----- |
|
14] |
Estimation for coming financial year |
No |
|
15] |
Capital in the business |
Yes |
|
16] |
Details of sister concerns |
Yes |
|
17] |
Major suppliers |
No |
|
18] |
Major customers |
No |
|
19] |
Payments terms |
No |
|
20] |
Export / Import details (if applicable) |
No |
|
21] |
Market information |
----- |
|
22] |
Litigations that the firm / promoter
involved in |
----- |
|
23] |
Banking Details |
Yes |
|
24] |
Banking facility details |
Yes |
|
25] |
Conduct of the banking account |
----- |
|
26] |
Buyer visit details |
----- |
|
27] |
Financials, if provided |
Yes |
|
28] |
Incorporation details, if applicable |
Yes |
|
29] |
Last accounts filed at ROC |
Yes |
|
30] |
Major Shareholders, if available |
Yes |
|
31] |
Date of Birth of
Proprietor/Partner/Director, if available |
Yes |
|
32] |
PAN of Proprietor/Partner/Director, if
available |
No |
|
33] |
Voter ID No of Proprietor/Partner/Director,
if available |
No |
|
34] |
External Agency Rating, if available |
Yes |
NOTE:
The Registered office of the company has been
shifted from 12, Commercial Complex, Greater Kailash – II (Masjid Moth), New Delhi
– 110048, India, to the present address w.e.f. 22.08.2011.
BUSINESS ENVIRONMENT:
The tough market
conditions prevailed throughout the year with slowdown in the economy
especially new investments and the overall industrial production. As a result,
the CV industry suffered the most and the drop in the industry became more
acute month after month with a drop of almost 35% in December 2012 and overall
drop of 11.6% in the year.
Inspite of these tough
conditions, the company emerged a stronger Company as compared to what it was
in the beginning of the year. Another feather on the crown was that based on
overall performance, the company has been awarded CV Maker of the Year award
for the year 2012 in India.
FINANCIAL RESULTS
The company has
posted a growth during the financial year 2012 with total operating income at
Rs.52,976.300
Millions as against Rs.49642.100 Millions during the previous financial year
ended December 31, 2011, a growth of 6.72%. The operating profit before
depreciation and interest amounted to Rs.4104.300 Millions at 7.83% of net
sales as against operating profit before depreciation and interest of
Rs.5117.400 Millions during the previous year at 10.40% of net sales, a decline
of 19.80%. After accounting for interest income of Rs.880.200 Millions
(previous year Rs.1032.200 Millions), interest expense of Rs.27.200 Millions
(previous year Rs.52.200 Millions) and depreciation of Rs.642.500 Millions
(previous year Rs.501.500 Millions), profit before tax amounts to Rs.4314.800
Millions (previous year Rs.5595.900 Millions). After providing for tax of
Rs.948.200 Millions, profit after tax amounts to Rs.3366.600 Millions (previous
year Rs.4141.100 Millions).
CONTINGENT LIABILITIES NOT PROVIDED FOR IN RESPECT OF:
[Rs. in millions]
|
Particulars |
31.12.2012 |
31.12.2011 |
31.12.2010 |
|
a) In respect of demands contested by the Company: |
|
|
|
|
- Sales tax matters |
116.400 |
84.600 |
262.000 |
|
- Excise duty matters |
68.400 |
46.300 |
46.300 |
|
- Service tax matters |
685.400 |
290.300 |
292.200 |
|
- Income tax matters |
161.200 |
162.000 |
-- |
|
b) Claims against the Company not acknowledged as debts |
23.700 |
25.800 |
21.500 |
|
c) Bills discounted |
152.600 |
45.600 |
15.500 |
|
d) Guarantees given: |
|
|
|
|
(i)to bank for credit facility granted to 100% subsidiary company |
201.900 |
159.800 |
112.000 |
|
- Dues outstanding |
183.500 |
143.800 |
88.500 |
Note: All the above matters other than bills discounted
and guarantees are subject to legal proceedings in the ordinary course of
business. The legal proceedings when ultimately concluded will not, in the
opinion of management, have a material effect on the result of operations or
the financial position of the Company.
INDEX OF CHARGES:
|
S.No. |
Charge ID |
Date of Charge
Creation/ Modification |
Charge amount
secured |
Charge Holder |
Address |
Service Request
Number (SRN) |
|
1 |
10284524 |
09/04/2011 |
160,000,000.00 |
HDFC Bank
Limited |
Vatika Atrium A
Block, Sector 53 Golf Course Road, Gurgaon, Haryana - 122002, India |
B12210928 |
|
2 |
10235254 |
13/08/2010 |
100,000,000.00 |
State Bank of
Indore |
Pithampur
Branch, Khandelwal Chambers Sector No.I, Pithampur, Madhya Pradesh - 454775, India |
A92330760 |
|
3 |
10193575 |
10/05/2013 * |
200,000,000.00 |
The Hongkong and
Shanghai Banking Corporation Limited |
Birla House, 25
Barakhamba Road, New Delhi, Delhi |
B76733070 |
|
4 |
10167020 |
22/11/2013 * |
1,000,000,000.00 |
ICICI Bank
Limited |
Landmarkrace
Cource Circle, Alkapuri, Baroda, Gujarat - 390015, India |
B89996565 |
|
5 |
10138650 |
16/12/2013 * |
650,000,000.00 |
Kotak Mahindra
Bank Limited |
7th Floor,
Ambadeep Building,, K G Marg,, New Delhi, Delhi - 110001, India |
B94988375 |
|
6 |
10131448 |
20/11/2008 |
230,000,000.00 |
Standard
Chartered Bank |
Credit Risk
Control, Narain Manzil, 23 Barakhamba Road,, New DelhI, Delhi - 110001, India |
A51641512 |
* Date of charge modification
FIXED ASSETS:
· Land
· Buildings
· Plant and Machinery
· Furniture and Fixture
· Office Equipment
· Vehicles
· Computer Software
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts,
1] INFORMATION ON
DESIGNATED PARTY
No exist designating subject or any of its beneficial owners,
controlling shareholders or senior officers as terrorist or terrorist
organization or whom notice had been received that all financial transactions
involving their assets have been blocked or convicted, found guilty or against
whom a judgement or order had been entered in a proceedings for violating
money-laundering, anti-corruption or bribery or international economic or
anti-terrorism sanction laws or whose assets were seized, blocked, frozen or
ordered forfeited for violation of money laundering or international
anti-terrorism laws.
2] Court Declaration :
No exist to suggest that subject is or was
the subject of any formal or informal allegations, prosecutions or other
official proceeding for making any prohibited payments or other improper
payments to government officials for engaging in prohibited transactions or
with designated parties.
3] Asset Declaration :
No records exist to suggest that the property or assets of the subject
are derived from criminal conduct or a prohibited transaction.
4] Record on Financial
Crime :
Charges or conviction
registered against subject: None
5] Records on Violation of
Anti-Corruption Laws :
Charges or
investigation registered against subject: None
6] Records on Int’l
Anti-Money Laundering Laws/Standards :
Charges or
investigation registered against subject: None
7] Criminal Records
No
available information exist that suggest that subject or any of its principals
have been formally charged or convicted by a competent governmental authority
for any financial crime or under any formal investigation by a competent
government authority for any violation of anti-corruption laws or international
anti-money laundering laws or standard.
8] Affiliation with
Government :
No record
exists to suggest that any director or indirect owners, controlling
shareholders, director, officer or employee of the company is a government
official or a family member or close business associate of a Government
official.
9] Compensation Package :
Our market
survey revealed that the amount of compensation sought by the subject is fair
and reasonable and comparable to compensation paid to others for similar
services.
10] Press Report :
No press reports / filings exists on
the subject.
CORPORATE GOVERNANCE
MIRA INFORM as part of its Due Diligence do provide comments on Corporate
Governance to identify management and governance. These factors often have been
predictive and in some cases have created vulnerabilities to credit
deterioration.
Our Governance Assessment focuses principally on the interactions
between a company’s management, its Board of Directors, Shareholders and other
financial stakeholders.
CONTRAVENTION
Subject is not known to have contravened any existing local laws,
regulations or policies that prohibit, restrict or otherwise affect the terms
and conditions that could be included in the agreement with the subject.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.62.45 |
|
|
1 |
Rs.102.01 |
|
Euro |
1 |
Rs.84.35 |
INFORMATION DETAILS
|
Report Prepared
by : |
NIT |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
7 |
|
PAID-UP CAPITAL |
1~10 |
7 |
|
OPERATING SCALE |
1~10 |
7 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
8 |
|
--PROFITABILIRY |
1~10 |
8 |
|
--LIQUIDITY |
1~10 |
8 |
|
--LEVERAGE |
1~10 |
7 |
|
--RESERVES |
1~10 |
8 |
|
--CREDIT LINES |
1~10 |
8 |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
NO |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
NO |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
68 |
This score serves as a reference to assess SC’s credit risk
and to set the amount of credit to be extended. It is calculated from a composite
of weighted scores obtained from each of the major sections of this report. The
assessed factors and their relative weights (as indicated through %) are as
follows:
Financial
condition (40%) Ownership
background (20%) Payment
record (10%)
Credit history
(10%) Market trend
(10%) Operational
size (10%)
RATING EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
>86 |
Aaa |
Possesses an extremely sound financial base with the strongest capability
for timely payment of interest and principal sums |
Unlimited |
|
71-85 |
Aa |
Possesses adequate working capital. No caution needed for credit
transaction. It has above average (strong) capability for payment of interest
and principal sums |
Large |
|
56-70 |
A |
Financial & operational base are regarded healthy. General
unfavourable factors will not cause fatal effect. Satisfactory capability for
payment of interest and principal sums |
Fairly Large |
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
11-25 |
Ca |
Adverse factors are apparent. Repayment of interest and principal sums
in default or expected to be in default upon maturity |
Limited with
full security |
|
<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
|
-- |
NB |
New Business |
-- |
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.