MIRA
INFORM REPORT
|
Report Date : |
27.02.2014 |
IDENTIFICATION DETAILS
|
Name : |
INDO SCHOTTLE AUTO PARTS PRIVATE LIMITED |
|
|
|
|
Registered
Office : |
Gat No. 387/389, Village Urawade, Taluka Mulshi, District
Pune – 412108, |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as
on) : |
31.03.2013 |
|
|
|
|
Date of
Incorporation : |
09.04.1985 |
|
|
|
|
Com. Reg. No.: |
11-035877 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs.46.654 millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U34300PN1985PTC035877 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
PNEI00105A |
|
|
|
|
PAN No.: [Permanent Account No.] |
AAACI4592E |
|
|
|
|
Legal Form : |
Private Limited Liability Company |
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|
|
|
Line of Business
: |
Manufacturer of Precision Automobile Engine Components. |
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|
|
|
No. of Employees
: |
250 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (54) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 4530000 |
|
|
|
|
Status : |
Good |
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|
|
|
Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Subject is a well-established company having fine track record. The rating reflects healthy financial risk profile supported by adequate
liquidity position and decent profitability achieved by the company. Trade relations are reported as fair. Business is active. Payments are
reported to be regular and as per commitments. 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.
INDIAN ECONOMIC OVERVIEW
The worst is over for India’s economy with gross domestic product likely
to expand 5 %to 5.5 % this year and more than 6 % in 2015, according to Moody’s
Analytics. Concerns over the rupee and current account deficit are under control,
said the agency. Ratings firm Crisil has forecast 6 % growth for 2014/15 up
from the estimated 4.8 % for 2013/14. Total economic growth,
infrastructure bottlenecks and lack of transparency and consistency in foreign
direct investment policies seem to have taken a toll on India’s attractiveness
as an investment destination, says an Ernst & Young survey. Projects
with FDI component fell 16.4 % across the globe in 2012 from the previous
year. The drop in India was steeper at 21 %. State run carrier Air India
is doling out free tickets to its 24000 employees, even as it expects to incur
a loss of Rs 39000 mn this financial year and has a debt of Rs 350000 mn.
550000 number of jobs generated across India in 2013, a fall of 0.4 % as
compared to with a year earlier. The National Capital Region has a
one-fourth share in total jobs created, according to a study by industry lobby
group Assochem, Banks, real estate, automobile and telecommunications sectors
are showing a rise of job creation. $ 805 mn investments by venture capital
firms in India during 2013, registering a drop of about 18 % over the previous
year. The Information Technology and IT-Enabled Services Industry
retained its status as the favourable venture capital investors in 2013.
Pakistan has temporarily banned gold imports for the second time in six months,
as it tries to stem smuggling into India. India’s import duty on gold is 10 %
and curbs on purchases have dried up legal imports into what used to be the
world’s biggest bullion buyers. The World Gold Council puts the amount smuggled
into India at upto 200 tonnes in 2013. The Reserve Bank of India has proposed
that unclaimed bank deposits estimated to be about Rs 35000 mn be used for
education and awareness among depositors. According to the plan, deposits
that have not been claimed for at least 10 years will be transferred to the
scheme.
EXTERNAL AGENCY RATING
|
Rating Agency Name |
ICRA |
|
Rating |
Long term loans: “A-” |
|
Rating Explanation |
Adequate degree of safety and low credit risk. |
|
Date |
October, 2013 |
|
Rating Agency Name |
ICRA |
|
Rating |
Short term non-bund based facilities: “A1” |
|
Rating Explanation |
Very strong degree of safety and lowest 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 (GENERAL DETAILS)
|
Name : |
Mr. Sameer |
|
Designation : |
Account Manager |
|
Contact No.: |
91-20-22923800 |
|
Date : |
26.02.2014 |
LOCATIONS
|
Registered Office : |
Gat No. 387/389, Village Urawade, Taluka Mulshi, District Pune – 412108, Maharashtra, India |
|
Tel. No.: |
91-20-22922005/ 22922161/ 2922636/ 32540055/ 22923964/5 |
|
Fax No.: |
91-20-24104109/
22929280/ 2922636/ 32540051/ 32540051 |
|
E-Mail : |
esgado@indoschottle.com vypathak@indoschottle.com pabhide@indoschottle.com |
|
Website : |
|
|
Location : |
Owned |
|
|
|
|
Factory 1: |
Gat No. 378/387/389, Village Urawade, Taluka Mulshi, District Pune – 412108, Maharashtra, India |
|
Tel. No.: |
91-20-32540050/ 51/ 52 |
|
Fax No.: |
91-20-22923800/ 66740519 |
|
E-Mail : |
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|
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Factory 2 : |
Domestic Plant: Gat No. 10731/6, Perangut, Village Urawade, Taluka Mulshi, Pune –
412108, Maharashtra, India |
|
Tel. No.: |
91-20-32540068/ 55 |
|
Fax No.: |
91-20-22933800 |
|
E-Mail : |
|
|
|
|
|
Factory 3 : |
Sez Plant: Plot No. 7 and 8, Quest Special Economic Zone, Hattargai and Belgaum –
560001, Karnataka, India |
|
|
|
|
Factory 4 : |
Belgaum Plant: Plot No. 84/C, S. No. 536, K.I.A.D.B Industrial Area Honga, |
|
Tel. No.: |
91-831-2414458 |
|
Fax No.: |
91-831-2414458 |
|
|
|
|
Correspondence Office : |
Office Club, 3rd Floor, Swaroop Complex, 41/14 Karve Road,
Pune – 411004, Maharashtra, India |
DIRECTORS
As on 31.07.2013
|
Name : |
Mr. Vijay Balkrishna Pusalkar |
|
Designation : |
Chairman and Managing Director |
|
Address : |
Plot No. 816, Lane No. 8, Sind Housing, Aundh, Pune - 411007, Maharashtra, India |
|
Date of Birth/Age : |
24.05.1944 |
|
Qualification : |
B.Com Diploma in International Trade |
|
Date of Appointment : |
09.04.1985 |
|
PAN No.: |
AAUPP9264H |
|
DIN No.: |
00755575 |
|
|
|
|
Name : |
Mr. Wolfgang Schottle |
|
Designation : |
Director |
|
Address : |
MVI, Motorenteile, GMBH, Allenstresse, 70, 71679, Asperg Germany |
|
Date of Birth/Age : |
13.12.1940 |
|
Date of Appointment : |
31.12.1986 |
|
DIN No.: |
02799830 |
|
|
|
|
Name : |
Sunita Babasaheb Kalyani |
|
Designation : |
Director |
|
Address : |
221/A, Amit, Kalaninagar, Pune - 411006, Maharashtra, India |
|
Date of Birth/Age : |
18.04.1951 |
|
Date of Appointment : |
09.09.2002 |
|
DIN No.: |
00089496 |
|
|
|
|
Name : |
Mr. Shishir Suresh Shirgaokar |
|
Designation : |
Director |
|
Address : |
12, Koshtaka House, 31 Pali Road, Bandra, Mumbai – 400050, Maharashtra, India |
|
Date of Birth/Age : |
16.01.1945 |
|
Date of Appointment : |
13.12.1990 |
|
DIN No.: |
00166189 |
|
|
|
|
Name : |
Mr. Ashok Shreekrishna Beharay |
|
Designation : |
Director |
|
Address : |
“Bahar”, 25, Vishwamitra Colony, Gulmohor Path, Off Law College Road, Pune – 411004, Maharashtra, India |
|
Date of Birth/Age : |
11.02.1947 |
|
Date of Appointment : |
29.04.2004 |
|
DIN No.: |
00637061 |
|
|
|
|
Name : |
Mr. Ajay Charuchandra Kirtane |
|
Designation : |
Director |
|
Address : |
Plot No.364, Lane No.17, Mahatma Co-operative Housing Society, Kothrud, Pune - 411030, Maharashtra, India |
|
Date of Birth/Age : |
11.07.1967 |
|
Date of Appointment : |
27.06.2009 |
|
DIN No.: |
02711040 |
|
|
|
|
Name : |
Dr. Helmut Gerhard Wilhelm Binder |
|
Designation : |
Nominee director |
|
Address : |
Im Ilmut 1, Rebstein 9445 |
|
Date of Birth/Age : |
20.03.1950 |
|
Date of Appointment : |
12.04.2004 |
|
DIN No.: |
05239348 |
|
|
|
|
Name : |
Mr. Jens Peter Breu |
|
Designation : |
Nominee director |
|
Address : |
Im Moos 4a, Luchingen 9450 |
|
Date of Birth/Age : |
08.06.1972 |
|
Date of Appointment : |
12.04.2004 |
|
DIN No.: |
05239354 |
|
|
|
|
Name : |
Mr. Anuj Ramesh Sah |
|
Designation : |
Alternate director |
|
Address : |
Khaitan and Company, 13th Floor, 1 Indibulls Centre, 841 Senapati Bapat Marg, Elphinston Road, Mumbai – 400013, Maharashtra, India |
|
Date of Birth/Age : |
22.06.1982 |
|
Date of Appointment : |
28.05.2013 |
|
DIN No.: |
05323410 |
KEY EXECUTIVES
|
Name : |
Mr. Sameer |
|
Designation : |
Account Manager |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 31.07.2013
|
Names of Shareholders |
|
No. of Shares |
|
Vijay Balkrishna Pusalkar |
|
2228243 |
|
Alvaro Dacosta |
|
12500 |
|
Ajit Vasant Kher |
|
64733 |
|
Savita Shishir Shirgaokar |
|
5000 |
|
Babasaheb Nilkanth Kalyani |
|
120000 |
|
Ishwar S Siddanwar |
|
20000 |
|
Samardeep Subandh |
|
6700 |
|
Sanjay Vaidya |
|
2000 |
|
Rajendra Shah |
|
3000 |
|
Ajay Kirtane |
|
4000 |
|
Dilip Bhagwat |
|
1000 |
|
Shirish Erande |
|
2000 |
|
Ramchandra Soman Jw Janaki Soman |
|
2000 |
|
Shishir Shirgaokar |
|
6000 |
|
Ashok Beharay |
|
2000 |
|
Shrikrishna Inamdar |
|
1000 |
|
Shobha Siddanvar |
|
2000 |
|
Sunita Kalyani |
|
4000 |
|
Vandana Rahane |
|
1000 |
|
Shilpa Kher |
|
62767 |
|
Shantanu Pusalkar |
|
4000 |
|
Raghunath Deshpande |
|
6000 |
|
SFS Intec Holding AG, Switzerland |
|
2099407 |
|
Radha Sardesai J/w Kishore Sardesai |
|
2000 |
|
Sanjay Kher (Thru Shilpa Kher) |
|
2000 |
|
Siddharth Kher (Thru Shilpa Kher) |
|
2000 |
|
Total |
|
4665350 |
As on 31.07.2013
Equity Share Break up (Percentage of Total Equity)
|
Category |
Percentage of Holding |
|
Bodies corporate |
45.00 |
|
Directors or relatives of Directors |
49.14 |
|
Other top fifty shareholders |
5.86 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer of Precision Automobile Engine Components. |
|
|
|
|
Products : |
· Engine Valve Collets Turbocharger Parts Fuel System Parts Cold Forging Rocker Arm Screw Fluid Power Assemblies |
|
|
|
|
Terms : |
|
|
Selling : |
L/C, Cash and Credit |
|
|
|
|
Purchasing : |
L/C, Cash and Credit |
GENERAL INFORMATION
|
Customers : |
End Users · Agro Match Ashok Leyland Atul Avtec Bajaj Beml Bosch Elgi Escorts FIAT Yamaha John Deere Force Hero Honda HMT Greaves Maruti Suzuki New Holland Piaggio TVS |
||||||||||||||||||||||||
|
|
|
||||||||||||||||||||||||
|
No. of Employees : |
250 (Approximately) |
||||||||||||||||||||||||
|
|
|
||||||||||||||||||||||||
|
Bankers : |
· The Thane Janata Sahakari Bank Limited, C-2, Kohinoor Estate, Co-operative Housing Society, Plot No. 12, Mula Road, Sangamwadi, Pune – 411003, Maharashtra, India Standard Chartered Bank, 90, M. G. Road, Fort, Mumbai –
400001, Maharashtra, India ICICI Bank Limited, Landmarkrace Cource Circle, Alkapuri, Vadodara - 390015, Gujarat, India · HDFC Bank Limited · Citi Bank N.A. Bank of India The Saraswat Co-operative Bank Limited |
||||||||||||||||||||||||
|
|
|
||||||||||||||||||||||||
|
Facilities : |
NOTE: SHORT TERM
BORROWINGS Company's fund based working capital facilities of Rs.
561.000 Millions (Previous year Rs. 411.000 Millions) are secured by
hypothecation of Stock, book debts and other current assets on paripasu basis
in favour of The Saraswat Co-op Bank Limited, Citi Bank N.A., Standard
Chartered Bank, State Bank of India and HDFC Bank Limited. |
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
P.G. Bhagwa Chartered Accountant |
|
Address : |
Suite 101-102, Orchard, Dr. Pai Marg, Baner, Pune – 411045, Maharashtra, India |
|
Income-tax
PAN of auditor or auditor's firm : |
AAAFB0762E |
|
|
|
|
Associate: |
· SFS Services AG SFS Intec AG |
|
|
|
|
Wholly Owned
Subsidiary: |
Pusalkar Fluid Power Private Limited CIN No.: U27106PN2003PTC018693 |
|
|
|
|
Enterprises in
which Key Management Personnel / Relatives are interested: |
Pusalkar Engineers |
CAPITAL STRUCTURE
As on 31.03.2013
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
7,500,000 |
Equity Shares |
Rs.10/- each |
Rs. 75.000 Millions |
|
10,000,000 |
Preference Shares |
Rs.10/- each |
Rs. 100.000 Millions |
|
|
|
|
|
|
|
Total |
|
Rs. 175.000
Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
4,665,350 |
Equity Shares |
Rs.10/- each |
Rs. 46.654 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 |
46.654 |
92.767 |
142.767 |
|
(b) Reserves & Surplus |
1,086.024 |
696.588 |
736.711 |
|
(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) |
1,132.678 |
789.355 |
879.478 |
|
|
|
|
|
|
(3) Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
354.095 |
551.336 |
285.568 |
|
(b) Deferred tax liabilities (Net) |
98.482 |
85.104 |
71.695 |
|
(c) Other long term liabilities |
0.000 |
0.000 |
0.000 |
|
(d) long-term provisions |
0.000 |
0.000 |
0.000 |
|
Total Non-current Liabilities (3) |
452.577 |
636.440 |
357.263 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
114.524 |
282.385 |
199.139 |
|
(b) Trade payables |
61.587 |
113.029 |
81.612 |
|
(c) Other current
liabilities |
306.320 |
416.988 |
345.756 |
|
(d) Short-term provisions |
45.694 |
39.491 |
53.649 |
|
Total Current Liabilities (4) |
528.125 |
851.893 |
680.156 |
|
|
|
|
|
|
TOTAL |
2,113.380 |
2,277.688 |
1,916.897 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
1,334.346 |
1,258.171 |
1,040.472 |
|
(ii) Intangible Assets |
18.097 |
4.580 |
4.818 |
|
(iii) Capital
work-in-progress |
21.621 |
112.032 |
105.906 |
|
(iv)
Intangible assets under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current Investments |
17.090 |
17.091 |
16.990 |
|
(c) Deferred tax assets (net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
41.545 |
75.706 |
49.974 |
|
(e) Other Non-current assets |
11.369 |
2.351 |
10.656 |
|
Total Non-Current Assets |
1,444.068 |
1,469.931 |
1,228.816 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
0.000 |
0.000 |
0.000 |
|
(b) Inventories |
237.654 |
260.421 |
308.503 |
|
(c) Trade receivables |
325.467 |
408.685 |
290.532 |
|
(d) Cash and cash
equivalents |
35.141 |
41.813 |
51.116 |
|
(e) Short-term loans and
advances |
67.553 |
89.890 |
33.189 |
|
(f) Other current assets |
3.497 |
6.948 |
4.741 |
|
Total Current Assets |
669.312 |
807.757 |
688.081 |
|
|
|
|
|
|
TOTAL |
2,113.380 |
2,277.688 |
1,916.897 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
1505.410 |
1685.140 |
1323.929 |
|
|
|
Other Income |
24.130 |
12.260 |
14.002 |
|
|
|
TOTAL |
1529.540 |
1697.400 |
1337.931 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
TOTAL |
1104.480 |
1283.680 |
994.591 |
|
|
|
|
|
|
|
|
|
PROFIT
/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION |
425.060 |
413.720 |
343.340 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION |
168.010 |
140.910 |
126.952 |
|
|
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE TAX |
257.050 |
272.810 |
216.388 |
|
|
|
|
|
|
|
|
|
Less |
TAX |
86.980 |
89.410 |
55.851 |
|
|
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) AFTER TAX |
170.070 |
183.400 |
160.537 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Export of goods on FOB basis |
813.620 |
998.328 |
714.382 |
|
|
TOTAL EARNINGS |
813.620 |
998.328 |
714.382 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Material |
NA |
122.805 |
126.188 |
|
|
|
Components and Spare Parts |
NA |
54.787 |
44.280 |
|
|
|
Capital Goods |
NA |
109.353 |
104.061 |
|
|
TOTAL IMPORTS |
NA |
286.945 |
274.529 |
|
|
|
|
|
|
|
|
|
|
Earnings /
(Loss) Per Share (Rs.) |
36.55 |
42.88 |
33.19 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
PAT / Total Income |
(%) |
11.12
|
10.80 |
12.13 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
17.08
|
16.19 |
0.16 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
12.39
|
12.70 |
12.06 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.23
|
0.35 |
0.25 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
0.41
|
1.06 |
0.55 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.27
|
0.95 |
1.01 |
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 |
142.767 |
92.767 |
46.654 |
|
Reserves & Surplus |
736.711 |
696.588 |
1086.024 |
|
Net
worth |
879.478 |
789.355 |
1,132.678 |
|
|
|
|
|
|
Long-term borrowings |
285.568 |
551.336 |
354.095 |
|
Short term borrowings |
199.139 |
282.385 |
114.524 |
|
Total
borrowings |
484.707 |
833.721 |
468.619 |
|
Debt/Equity
ratio |
0.551 |
1.056 |
0.414 |
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 |
1323.929 |
1685.140 |
1505.410 |
|
|
|
27.283 |
(10.666) |
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 |
1323.929 |
1685.140 |
1505.410 |
|
Profit |
160.537 |
183.400 |
170.070 |
|
|
12.13% |
10.88% |
11.30% |
LOCAL AGENCY FURTHER INFORMATION
CURRENT
MATURITIES OF LONG TERM DEBTS
|
Particulars |
31.03.2013 (Rs.
In Millions) |
31.03.2012 (Rs.
In Millions) |
31.03.2011 (Rs.
In Millions) |
|
|
|
|
|
|
Current maturities of long-term debt |
216.599 |
151.597 |
81.246 |
|
|
|
|
|
|
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 |
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 |
10420116 |
15/03/2013 |
150,000,000.00 |
HDFC BANK LIMITED |
HDFC BANK HOUSESENAPATI BAPAT MARG, LOWER PAREL (WEST), MUMBAI, MAHARASHTRA - 400013, INDIA |
B73306490 |
|
2 |
10296879 |
01/07/2011 |
200,000,000.00 |
STATE BANK OF INDIA |
INDUSTRIAL FINANCE BRANCH, TARA CHAMBERS, MUMBAI- |
B16779902 |
|
3 |
10281254 |
01/07/2011 * |
202,000,000.00 |
STATE BANK OF INDIA |
INDUSTRIAL FINANCE BRANCH, TARA CHAMBERS, MUMBAI- |
B16779878 |
|
4 |
10264112 |
17/08/2011 * |
90,740,000.00 |
STANDARD CHARTERED BANK |
CRESCENZO, 3A/F, PLOT NO. C-38 & 39, G BLOCK, BAN |
B19994144 |
|
5 |
10250293 |
21/08/2012 * |
60,000,000.00 |
|
ONYX TOWER,1ST FLOOR, NEAR WESTIN HOTEL, NORTH M |
B56246804 |
|
6 |
10230705 |
08/07/2010 |
700,000.00 |
THE SARASWAT CO-OPERATIVE BANK LIMITED |
RASEC BRANCH F C RAOD, PUNE - 411004, MAHARASHTRA, INDIA |
A90396508 |
|
7 |
10221798 |
06/01/2011 * |
56,250,000.00 |
STANDARD CHARTERED BANK |
90, M G ROAD,, FORT, MUMBAI - 400001, MAHARASHTRA, INDIA |
B02771582 |
|
8 |
10187779 |
19/11/2009 |
869,000.00 |
THE SARASWAT CO-OPERATIVE BANK LIMITED |
RASEC BRANCH F C RAOD, PUNE - 411004, MAHARASHTRA, |
A74200189 |
|
9 |
10140888 |
17/12/2008 |
5,200,000.00 |
THE SARASWAT CO-OPERATIVE BANK LTD |
KARVE ROAD BRANCH, PUNE - 411004, MAHARASHTRA, INDIA |
A56073265 |
|
10 |
10130996 |
15/10/2008 * |
31,000,000.00 |
THE SARASWAT CO-OPERATIVE BANK LIMITED |
KARVE ROAD BRANCH, PUNE - 411004, MAHARASHTRA, INDIA |
A51691939 |
|
11 |
10130998 |
30/08/2011 * |
50,000,000.00 |
THE SARASWAT CO-OPERATIVE BANK LIMITED |
C-2, KOHINOOR ESTATE CO-OPERATIVE HOUSING SOCIETY, |
B23119746 |
|
12 |
10126219 |
13/10/2008 * |
110,000,000.00 |
THE SARASWAT CO-OPERATIVE BANK LIMITED |
KARVE ROAD BRANCH, PUNE - 411004, MAHARASHTRA, INDIA |
A51110187 |
|
13 |
10102025 |
09/05/2008 |
61,440,000.00 |
STANDARD CHARTERED BANK |
90, M G ROAD, FORT, MUMBAI - 400001, MAHARASHTRA, INDIA |
A38028254 |
|
14 |
10102470 |
16/04/2010 * |
200,000,000.00 |
STANDARD CHARTERED BANK |
90, M G ROAD, FORT, MUMBAI - 400001, MAHARASHTRA, INDIA |
A86094034 |
|
15 |
10091167 |
26/02/2008 * |
20,400,000.00 |
THE SARASWAT CO-OPERATIVE BANK LTD |
KARVE ROAD BRANCH, PUNE - 411004, MAHARASHTRA, INDIA |
A34017053 |
|
16 |
10091166 |
20/02/2008 * |
55,920,000.00 |
THE SARASWAT CO-OPERATIVE BANK LIMITED |
KARVE ROAD BRANCH, PUNE - 411004, MAHARASHTRA, INDIA |
A34016907 |
|
17 |
10091171 |
29/09/2009 * |
110,000,000.00 |
THE SARASWAT CO-OPERATIVE BANK LIMITED |
C-2, KOHINOOR ESTATE CO-OPERATIVE HOUSING SOCIETY, |
A73077158 |
|
18 |
10091165 |
16/02/2008 |
38,680,000.00 |
THE SARASWAT CO-OPERATIVE BANK LIMITED |
KARVE ROAD BRANCH, PUNE - 411004, MAHARASHTRA, INDIA |
A33751280 |
|
19 |
10086674 |
30/01/2012 * |
150,000,000.00 |
STANDARD CHARTERED BANK |
90, M G ROAD, FORT, MUMBAI - 400001, MAHARASHTRA, INDIA |
B31560295 |
|
20 |
90088879 |
28/03/2011 * |
110,000,000.00 |
CITIBANK N. A. |
FIRST FLOOR, ONYX TOWER, NEAR WESTIN HOTEL, NORTH |
B09325101 |
*Date of charge modification
PERFORMANCE AND
FUTURE OUTLOOK
The company achieved a turnover of Rs. 1,529.550 millions (previous year Rs.1697.410 millions). The profit after tax was Rs. 170.070 millions (previous year Rs.183.390 millions). There is a drop of 9.89% in turnover and a drop of 7.27% in the profit after tax. The downturn in the automotive sector and more so in the export market has affected the Company. However, by keeping costs under control the Company has been able to maintain profitability at the previous year’s levels.
The Company has added new customers like Woodward, Renault-Nissan and Suzuki Powertrain and is in an advanced stage of procuring orders from GE, which helps in diversifying the customer base of the Company.
The current year does not bring much cheer yet. There is a downturn in the automotive sector and some customers have reduced their schedules during the first quarter and a similar scenario is expected to continue in to the second quarter as well.
The industrial scenario and the slowdown in the Indian automotive sector is expected to continue and this will not help the Company in increasing the sales. Under these tough conditions, the Company is in the process of implementing cost reduction measures to maintain profitability.
EXPANSION OF
FACILITIES
The plant at Honaga, Dist. Belgaum is now operational and they are supplying to some customers from this plant. Progressively, they will commence supplies from this plant to other customers once the customers complete the necessary formalities.
The plant in the QuEST SEZ at Hattargi, Dist. Belgaum is also complete. However, due to a lack of orders from the customers trial runs were conducted during the financial year. Commercial production did not commence in the year. Commercial production, on a small scale, has commenced from the current year.
CONTINGENT
LIABILITIES (AS ON 31.03.2013):
a. The Company has imported certain machinery under Export Promotion Capital Goods (EPCG) Scheme and accordingly, has an export obligation of Rs. 136.478 Millions (previous year Rs. 57.175 Millions) against which the company has met the export obligation of Rs. 41.105 Millions (previous year Rs. 24.564 Millions). The customs duty under the EPCG Scheme in respect of the unexpired export obligation is Rs. 11.922 Millions (Previous year Rs. 4.076 Millions)
b. Corporate Guarantee given by the company to the bankers of Pusalkar Fluid Power Private Limited Rs. 9.500 Millions (Previous Year Rs. 56.875 Millions) for availment of term loan and packing credit facilities.
c. Claims against company not acknowledged as debt is of Rs.128.732 Millions for excise and custom matters (Previous year Rs. 192.117 Millions)
II. Bank Guarantees given by banks on behalf of the company amounting to Rs. 6.853 Millions (Previous Year Rs 7.603 Millions)
III. Letters of credit issued by Banks, outstanding as at 31st March 2013 is Rs. NIL (Previous year Rs. 70.779 Millions)
IV. Estimated amount of contracts remaining to be executed on Capital Account and not provided for is Rs. 18.326 Millions (Previous year Rs. 41.153 Millions) (Net of advances)
FIXED ASSETS
v
Tangible
Assets
Land
Buildings
Plant
and Equipment
Furniture
and Fixtures
Vehicles
Office
Equipment
Computer
Equipments
Other
Equipments
v
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.61.94 |
|
|
1 |
Rs.103.31 |
|
Euro |
1 |
Rs.85.11 |
INFORMATION DETAILS
|
Information
Gathered by : |
HTL |
|
|
|
|
Report Prepared
by : |
MRI |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
6 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILIRY |
1~10 |
6 |
|
--LIQUIDITY |
1~10 |
6 |
|
--LEVERAGE |
1~10 |
6 |
|
--RESERVES |
1~10 |
6 |
|
--CREDIT LINES |
1~10 |
6 |
|
--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 |
|
54 |
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.