.
MIRA
INFORM REPORT
|
Report Date : |
27.01.2014 |
IDENTIFICATION DETAILS
|
Name : |
AMTEK AUTO LIMITED |
|
|
|
|
Registered
Office : |
Plot No.16, Industrial Area, Rozka Meo, P.O. Sohna, Gurgaon – 122003,
Haryana |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as
on) : |
30.06.2012 |
|
|
|
|
Date of
Incorporation : |
04.08.1988 |
|
|
|
|
Com. Reg. No.: |
05-030333 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs. 441.095 Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
L27230HR1988PLC030333 |
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|
|
|
Legal Form : |
A Public Limited Liability company. The company’s Shares are Listed on
the Stock Exchanges. |
|
|
|
|
Line of Business
: |
Manufacturer of Auto Components. |
|
|
|
|
No. of Employees
: |
Not Available |
RATING & COMMENTS
|
MIRA’s Rating : |
A (60) |
|
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 170000000 |
|
|
|
|
Status : |
Good |
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|
|
|
Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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|
Comments : |
Subject is an established company having fine track record. Financial position of the company appears to be good. Fundamentals are
strong and healthy. Trade relation are reported to be fair. Business is active. Payment
terms are reported to be regular and as per commitment. The company can be considered normal for business dealing at usual
trade terms and conditions. Note: Company has changed its financial year from 12 months (1-7-2011
to 30-6-2012) to 15 months ranging from (1-7-2012 to 30-9-2013). Financials of 2013 are taken from external source. |
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, 2013
|
Country Name |
Previous Rating (30.06.2013) |
Current Rating (30.09.2013) |
|
India |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
INDIAN ECONOMIC OVERVIEW
India’s current account
deficit narrowed in the quarter ended September as government measures to curb
imports, especially gold, kicked in. The current account deficit, the
excess of a country’s imports of goods and services over exports, narrowed to $
5.2 billion from $ 21 billion in the year ago period, according to provisional
Reserve Bank of India data. Finance Minister P. Chidambaram said the CAD for
the year will be less than $ 60 billion or 3 per cent of GDP and the latest
data suggests the government may achieve the target.
India was ranked 94th
among the world’s most corrupt nations list. Denmark and New Zealand topped as
the cleanest while Somalia emerged as the most corrupt.
India’s services
sector activity witnessed a moderate improvement in November over the previous
month, even while indicating the fifth successive monthly contraction,
according the HSBC survey.
$53 million
estimated losses suffered by India due to phishing attacks during the third
quarter, according to a study by RSA. India ranks fourth in the list of nations
hit by phishing attacks. The US remained at the top of the charts. Phishing is
the process of acquiring information such as user names, passwords and credit
card details by sending e-mails disguised as official mails.
Rs.4080 million worth
of mobile-phone-based transactions by July 2013 compared to Rs.260 million in
September, 2012, according to Deloitte report. The number of transactions has
shot up from 94000 to 701000.
India aims to earn
Rs.400000 million from the bandwidth auction set for January. The merger and
acquisition guidelines, cleared by a group of ministers, will be out before the
auction begins so that players can make informed decisions on the auctions.
EXTERNAL AGENCY RATING
|
Rating Agency Name |
CARE |
|
Rating |
Long term bank facilities: “AA” |
|
Rating Explanation |
High credit quality and low credit risk. |
|
Date |
12.07.2013 |
|
Rating Agency Name |
CARE |
|
Rating |
Short term bank facilities: “A1+” |
|
Rating Explanation |
Very strong degree of safety and lowest
credit risk. |
|
Date |
12.07.2013 |
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 DECLINED BY
Management non-cooperative (Tel. No.: 91-124-2362140 / 11-42344444)
LOCATIONS
|
Registered Office / Factory : |
Plot No.16, Industrial Area, Rozka Meo, P.O. Sohna, Gurgaon – 122003,
Haryana, India |
|
Tel. No.: |
91-124-2362140 |
|
Fax No.: |
91-124-2662454 |
|
E-Mail : |
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|
Website : |
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|
Corporate Office : |
3, Local Shopping Centre, Pam posh Enclave, G.K.-I, New Delhi-110 048,
India |
|
Tel. No.: |
91-11-42344444 |
|
Fax No.: |
91-11-42344000 |
|
E-Mail : |
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|
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|
Factory: |
Begumpur Khataula, P.O. Khandsa, Distt. Gurgaon, Haryana, India |
|
Tel. No.: |
91-124-2373412 |
|
Fax No.: |
91-124-2373408 |
|
E-Mail : |
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|
Factory: |
Vill. Mohammadpur, Jharsa, Distt. Gurgaon, Haryana , India |
|
Tel. No.: |
91-124-2372152 |
|
Fax No.: |
91-124-2373410 |
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Factory: |
Shed No. 1, 2, 3, 4 & 5, Village-Malpura, Dharuhera,
Distt. - Rewari, Haryana, India |
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|
Factory: |
Plot No. 1, Sector-II, New Industrial Area,Distt. Raisen
Mandideep-462046, Madhya Pradesh, India |
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Factory: |
Plot No. 1, Industrial Area, Dharuhera, Rewari, Haryana, India |
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Factory: |
Plot No. 53,Sector III, Industrial Area, IMT Manesar, Gurgaon,
Haryana, India |
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Factory: |
Gat No. 1074-1085 Sanaswadi Shikrapur Chakan Road, Taluka Shirpur,
Pune, Maharashtra, India |
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Factory: |
Dadi Bhola, Opposite Peer Sthan, Nalagarh, Distt. - Solan, Himachal Pradesh-174101, India |
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Factory: |
Dadi Bhola, Opposite Peer Sthan, Nalagarh Unit 2, Distt. - Solan, Himachal Pradesh-174101, India |
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Factory: |
B-6, MIDC Area, Ranjangaon, Pune, Maharashtra-412210, India |
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Factory: |
Survey No.1, C-2, VR-5, Tata Nano Vendor Park, Sanand, Gujrat, India |
|
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|
Factory: |
Plot No.-73, Tata Nano Vendor Park, Distt.-Udham Singh Nagar |
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Factory: |
Narsingpur Road, Begampur Khautola, Gurgaon, Haryana-122001, India |
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Factory: |
RNS-21, SPICOT Industrial Growth Center, Sriperumbudur Taluk, Oragadam, Kencheepuram, Tamilnad, India |
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Factory: |
Gat No.-251, Telegaon, Chaken Road, Kharabwadi, Khed, Pune, Maharashtra, India |
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|
Factory: |
Plot No. 1, Industrial Area, Dharuhera, Distt. - Rewari, Haryana – 123106, India |
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|
Factory: |
Gat No. 1081/1 & 1079, Shikrapur Chakan Road, Talegaon Dhamdhere, Sanaswadi, Maharashtra-412208, India |
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|
Factory: |
Plot No. 191, Sector-4, Bawal, Distt. - Rewari, Haryana-123501, India |
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|
Factory: |
Autoswift Division, GGN, Delhi, Gzb, Bhiwadi and Pune, India |
DIRECTORS
As on: 30.06.2012
|
Name : |
Mr. Arvind Dham |
|
Designation : |
Chairman and Director |
|
|
|
|
Name : |
Mr. John Ernest Flintham |
|
Designation : |
Sr. Managing Director |
|
|
|
|
Name : |
Mr. D.S Malik |
|
Designation : |
Managing Director |
|
|
|
|
Name : |
Mr. Rajeev Thakur |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. Sajay Chhabra |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. B Lugani |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. B Venugopal |
|
Designation : |
Nominee Director |
|
|
|
|
Name : |
Mr. Raj Narain Bhardwaj |
|
Designation : |
Director |
KEY EXECUTIVES
|
Name : |
Mr. Rajeev Raj Kumar |
|
Designation : |
Company Secretary |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on: 31.12.2013
|
Category of
Shareholder |
No. of Shares |
% of No. of Shares |
|
(A) Shareholding of
Promoter and Promoter Group |
|
|
|
|
|
|
|
|
2797240 |
1.28 |
|
|
105115410 |
48.08 |
|
|
107912650 |
49.36 |
|
|
|
|
|
Total shareholding
of Promoter and Promoter Group (A) |
107912650 |
49.36 |
|
(B) Public
Shareholding |
|
|
|
|
|
|
|
|
992859 |
0.45 |
|
|
14394593 |
6.58 |
|
|
57596179 |
26.34 |
|
|
16967202 |
7.76 |
|
|
16967202 |
7.76 |
|
|
89950833 |
41.14 |
|
|
|
|
|
|
11181126 |
5.11 |
|
|
|
|
|
|
6834835 |
3.13 |
|
|
1504332 |
0.69 |
|
|
1239969 |
0.57 |
|
|
598091 |
0.27 |
|
|
343596 |
0.16 |
|
|
298282 |
0.14 |
|
|
20760262 |
9.50 |
|
Total Public
shareholding (B) |
110711095 |
50.64 |
|
Total (A)+(B) |
218623745 |
100.00 |
|
(C) Shares held by
Custodians and against which Depository Receipts have been issued |
0 |
0.00 |
|
|
0 |
0.00 |
|
|
0 |
0.00 |
|
|
0 |
0.00 |
|
Total (A)+(B)+(C) |
218623745 |
0.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer of Auto Components. |
GENERAL INFORMATION
|
No. of Employees : |
Not Available |
|||||||||||||||||||||||||||||||||||||||
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|
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|
Bankers : |
·
Corporation Bank ·
Andhra Bank ·
Indian Overseas Bank |
|||||||||||||||||||||||||||||||||||||||
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|
|||||||||||||||||||||||||||||||||||||||
|
Facilities : |
(Rs.
In Millions)
|
|||||||||||||||||||||||||||||||||||||||
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
Manoj Mohan and Associates Chartered Accountants |
|
|
|
|
Joint Ventures: |
·
Amtek Tekfor Automotive Limited ·
MPT Amtek Automotive (India) Limited ·
SMI Amtek Crankshafts Private Limited |
|
|
|
|
Subsidiaries : |
·
Ahmednagar Forgings Limited ·
Amtek Crank Shafts India Limited ·
Amtek Ring Gear Limited ·
Smith Jones Inc. USA ·
Amtek Investment (U.K) Limited ·
Amtek Investment US Inc. ·
Amtek Deutschland GmbH ·
Amtek Transportation Systems Limited ·
Alliance Hydro Power Limited ·
Amtek India Limited · Amtek Defence Technologies Private Limited |
CAPITAL STRUCTURE
As on: 30.06.2012
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
250000000 |
Equity Shares |
Rs.2/- each |
Rs.500.000 Millions |
|
3500000 |
Preference Share |
Rs.100/- each |
Rs.350.000 Millions |
|
|
Total |
|
Rs. 850.000
Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
220547744 |
Equity Shares |
Rs.2/- each |
Rs. 441.095
Millions |
|
|
|
|
|
RECONCILIATION OF
SHARES
|
|
No.
of Share |
Rs.
In Millions |
|
Shares outstanding at the beginning of the year |
233173745 |
466.347 |
|
Shares Issued during the year |
-- |
-- |
|
Shares bought back during the year |
12626001 |
25.252 |
|
Shares outstanding at the end of the year |
220547744 |
441.095 |
NAME OF SHAREHOLDERS
HOLDING MORE THAN 5%
|
|
No.
of Share |
% |
|
Forbes Builders Private Limited |
12157000 |
5.51 |
|
Turjo Arts Private Limited |
15868390 |
7.19 |
|
Amtek Laboratories |
11466000 |
5.20 |
|
Warrol Limited |
17306880 |
7.85 |
|
Warburg Pincus International LLC A/c |
12083358 |
5.48 |
Detail regarding
convertible securities equity and preference share
FCCB’s of US$ 6.87 million are outstanding out of US$ 165 million for conversion into 22,51,265 equity shares.
There is no restriction
on distribution of Dividends and repayment of Capital.
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES
OF FUNDS |
|
30.06.2012 |
30.06.2011 |
|
I.
EQUITY AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
|
441.095 |
466.347 |
|
(b) Reserves & Surplus |
|
43391.840 |
42191.142 |
|
(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) |
|
43832.935 |
42657.489 |
|
|
|
|
|
|
(3) Non-Current
Liabilities |
|
|
|
|
(a) long-term
borrowings |
|
27348.643 |
28961.272 |
|
(b) Deferred tax liabilities (Net) |
|
3044.111 |
2765.763 |
|
(c) Other long
term liabilities |
|
0.000 |
0.000 |
|
(d) long-term
provisions |
|
120.498 |
68.884 |
|
Total Non-current
Liabilities (3) |
|
30513.252 |
31795.919 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a)
Short term borrowings |
|
7650.048 |
3717.621 |
|
(b)
Trade payables |
|
1893.140 |
725.595 |
|
(c)
Other current liabilities |
|
12052.415 |
626.781 |
|
(d) Short-term
provisions |
|
225.049 |
256.706 |
|
Total Current
Liabilities (4) |
|
21820.652 |
5326.703 |
|
|
|
|
|
|
TOTAL |
|
96166.839 |
79780.111 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a)
Fixed Assets |
|
|
|
|
(i) Tangible
assets |
|
38350.316 |
33466.587 |
|
(ii)
Intangible Assets |
|
0.000 |
0.000 |
|
(iii)
Capital work-in-progress |
|
5291.550 |
1138.475 |
|
(iv) Intangible assets under development |
|
0.000 |
0.000 |
|
(b) Non-current
Investments |
|
11252.402 |
10727.925 |
|
(c) Deferred tax
assets (net) |
|
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
|
18143.123 |
10082.767 |
|
(e) Other
Non-current assets |
|
0.000 |
0.000 |
|
Total Non-Current
Assets |
|
73037.391 |
55415.754 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a)
Current investments |
|
38.189 |
335.509 |
|
(b)
Inventories |
|
5805.828 |
4961.624 |
|
(c)
Trade receivables |
|
5836.666 |
4347.907 |
|
(d) Cash
and cash equivalents |
|
3146.623 |
8385.530 |
|
(e)
Short-term loans and advances |
|
8270.054 |
6256.983 |
|
(f)
Other current assets |
|
32.088 |
76.804 |
|
Total
Current Assets |
|
23129.448 |
24364.357 |
|
|
|
|
|
|
TOTAL |
|
96166.839 |
79780.111 |
|
SOURCES OF FUNDS |
|
|
30.06.2010 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
|
|
403.400 |
|
|
2] Share Application Money |
|
|
2154.000 |
|
|
3] Reserves & Surplus |
|
|
36044.672 |
|
|
4] (Accumulated Losses) |
|
|
0.000 |
|
|
NETWORTH |
|
|
38602.072 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
|
|
8880.784 |
|
|
2] Unsecured Loans |
|
|
18278.083 |
|
|
TOTAL BORROWING |
|
|
27158.867 |
|
|
DEFERRED TAX LIABILITIES |
|
|
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
|
|
65760.939 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
|
|
34628.174 |
|
|
Capital work-in-progress |
|
|
0.000 |
|
|
|
|
|
|
|
|
INVESTMENT |
|
|
7456.470 |
|
|
DEFERREX TAX ASSETS |
|
|
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
|
|
3952.550 |
|
|
Sundry Debtors |
|
|
3374.109 |
|
|
Cash & Bank Balances |
|
|
6784.072 |
|
|
Other Current Assets |
|
|
38.245 |
|
|
Loans & Advances |
|
|
13639.042 |
|
Total
Current Assets |
|
|
27788.018 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
|
|
646.989 |
|
|
Other Current Liabilities |
|
|
3229.534 |
|
|
Provisions |
|
|
235.200 |
|
Total
Current Liabilities |
|
|
4111.723 |
|
|
Net Current Assets |
|
|
23676.295 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
|
|
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
|
|
65760.939 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
30.06.2012 |
30.06.2011 |
30.06.2010 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
|
|
|
|
|
|
Other Income |
|
|
|
|
|
|
TOTAL (A) |
24539.272 |
19602.046 |
14243.439 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of materials consumed |
14020.250 |
|
|
|
|
|
Changes in inventories of finished goods, work-in-progress and Stock-in-Trade |
(260.477) |
(256.365) |
|
|
|
|
Employee benefit expense |
929.453 |
858.223 |
|
|
|
|
Other expenses |
1778.001 |
1135.931 |
|
|
|
|
Exceptional Items |
0.000 |
1863.065 |
|
|
|
|
TOTAL (B) |
16467.227 |
14972.395 |
9325.130 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
8072.045 |
4629.651 |
4918.309 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
1855.144 |
1439.262 |
1245.315 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
6216.901 |
3190.389 |
3672.994 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
2118.494 |
1860.086 |
1665.943 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
4098.407 |
1330.303 |
2007.051 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
1182.837 |
512.083 |
576.449 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
2915.570 |
818.220 |
1430.602 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
81.154 |
28.355 |
13.691 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Transfer to General Reserve |
500.000 |
200.000 |
150.000 |
|
|
|
Transferred to debenture Redemption
Reserve Account |
500.000 |
300.000 |
140.000 |
|
|
|
Transferred to Foreign Current Convertible
Bond Redemption Reserve |
0.000 |
0.000 |
881.800 |
|
|
|
Proposed Dividend on Equity Share |
109.312 |
233.174 |
201.700 |
|
|
|
Dividend and Tax for Previous year |
00.000 |
8.715 |
8.938 |
|
|
|
Corporate Dividend Tax |
7.837 |
23.532 |
33.500 |
|
|
BALANCE CARRIED
TO THE B/S |
1879.575 |
81.154 |
28.355 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN FOREIGN CURRENCY |
|
|
|
|
|
|
|
Export of Goods Calculated on F.O.B basis |
1524.167 |
1478.500 |
1067.700 |
|
|
|
Interest and Dividend |
0.000 |
9.100 |
47.800 |
|
|
TOTAL EARNINGS |
1524.167 |
1487.600 |
1115.500 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
114.965 |
30.042 |
452.269 |
|
|
|
Stores & Spares |
50.844 |
26.275 |
0.000 |
|
|
|
Capital Goods |
905.538 |
520.331 |
0.000 |
|
|
TOTAL IMPORTS |
1071.347 |
576.648 |
452.269 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
13.38 |
3.87 |
9.28 |
|
KEY RATIOS
|
PARTICULARS |
|
30.06.2012 |
30.06.2011 |
30.06.2010 |
|
PAT / Total Income |
(%) |
11.88 |
4.18 |
10.04 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
5.15 |
1.96 |
3.21 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.09 |
0.03 |
0.05 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
0.80 |
0.77 |
0.70 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.06 |
4.58 |
6.76 |
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 |
UNSECURED LOAN
(Rs.
In Millions)
|
Particulars |
As on 30.06.2012 |
As on 30.06.2011 |
|
Long term
borrowings |
|
|
|
10.25% Non-Convertible Debentures |
8000.000 |
8000.000 |
|
External Commercial Borrowing |
11261.800 |
12954.387 |
|
5.625% Foreign Currency Covertible Bonds |
386.843 |
306.885 |
|
|
|
|
|
Total |
19648.643 |
21261.272 |
BUSINESS SNAPSHOT
Subject is one of the largest integrated component manufacturers in India with a strong global presence. It has world class technical and operational expertise in the manufacturing of both auto and non-auto components. Given the global manufacturing base, broad product range and focus on quality, the Company is a preferred supplier to many domestic and global blue chip OEM’s.
In the Auto segment, it has proven capabilities in forging, aluminium casting, machining and sub-assemblies. This has enabled the development of a highly engineered component product portfolio including the manufacturing of complex components for engines, transmissions, suspensions and chassis for passenger cars, Two or Three wheelers, light and heavy commercial vehicles. The Non-Auto segment currently manufactures components for tractors, earth moving, construction and locomotive segments.
The Joint Ventures are progressing in line with the management expectations. The Joint Venture with American Railcar Industries has produced the first prototype of railway wagons which has now been accepted by the Indian Railways. The Joint Venture with Sumitomo is in the final stage of expanding its forging capacity and significant new orders have already been secured. The Company remains focused on improving operational productivity and implementing quality excellence programs such as lean Six Sigma across the manufacturing facilities.
As the domestic auto OEMs continue to increase exports, this will result in a growing share of indirect exports for subject. In context of the volatile industry dynamics, good new order intakes at the subject have been encouraging across all geographies. Management remains positive on the long term domestic industry growth story based on continued significant investments from global OEMs and the low auto penetration levels. The Company is strategically leveraging its core strengths to capitalize on these growth opportunities. Shareholder register is now comprised of both long term domestic and international investors.
BUSINESS PERFORMANCE
During the financial year, the revenue of the Company was Rs. 24539.272 Millions compared to Rs. 19602.046 Millions during the previous year. The Profit after tax has increased to Rs. 2915.570 Millions as compared to the previous year of Rs. 818.220 Millions. The Company has a strong Reserve and Surplus position of Rs. 43391.840 Millions.
MANAGEMENT DISCUSSION
AND ANALYSIS REPORT
INDUSTRY OVERVIEW
Global Economy
Downward pressure on global economic growth has intensified particularly during the second half of the year. Despite increasingly accommodating policies from the European Central Bank, controlling regional fiscal deficits remains challenging. High levels of unemployment coupled with austerity programs also foster social unrest. The UK re-emerged from a double dip recession with the help from additional consumer spending during the Olympics. However, there is no doubt that European uncertainty has had a rippling effecting across the global economy. The United States has delivered positive growth but without a commensurate recovery in the jobs market. The Federal Reserve has continued its quantitative easing strategy with QE3 and kept interest rates at record lows. However, the high unemployment rate, together with concerns over the fiscal deficit and an election year cause concern over the sustainability of the recovery. Growth rates in China have declined dramatically, which is also in a year of a once in a decade political transition.
Overall global real GDP growth is forecasted by the IMF to decline to about 3.3% in 2012, from 3.8% in 2011, and to return to 3.6% in 2013. In the developed economies, growth is projected around1.3% in 2012 and 1.5% in 2013. Eurozone GDP is forecasted to contract in 2012 by approximately 0.2%, after expanding by about 1.6% in 2011. Expansion in the emerging and developing economies is projected to remain at about 5.5 to 6.0% through 2013.
Indian Economy
The economic environment in India has deteriorated significantly over the last 12 months. In response, the Government of India has introduced a series of wide ranging reforms to facilitate foreign investment, control the fiscal deficit and improve growth prospects. These have ranged from reducing subsidies on fuel to the opening up of previously protected sectors such as multi brand retailing and insurance to foreign direct investment.
However, whilst these policies are implemented, controlling inflation remains a high priority. For the year ended March 2013, WPI based inflation is expected to be 7.5%. This assumes continued near term staple food price inflation and the impact of the pass-through of market based oil prices into retail fuel prices. The increases in the indirect and services tax rates in the last budget are likely to add to the inflationary pressures.
Inflation is also the key driver for broader fiscal policy. The Reserve Bank of India has been unable to reduce interest rates meaningfully to stimulate consumption led growth. Ongoing volatility in the foreign exchange market and the depreciation of rupee has added additional complexity for policy makers.
As per RBI, India’s GDP growth is [estimated to be 6.5% for the year ended March 2012], lower than the 8.4% growth in Year Ending (YE) March 2011 and 10% in YE March 2010. In YE March 2012, Index of Industrial Production (IIP) registered a growth of 2.8% compared to 8.2% in YE March 2011. Except Electricity which grew by 8.2%, the remaining two sectors – Mining and Manufacturing remained under pressure at (2.0)% and 2.9% y-o-y, respectively in YE March 2012. Despite a delayed monsoon season, the agriculture sector is expected to grow by 3.0%.
Automobile Industry
The long term Auto industry dynamics in India are attractive from both end market and manufacturing platform perspectives. Consumer demand has been underpinned by favorable demographic changes, in particular by ongoing urbanization and an increasing middle class. Disposable incomes have also increased and correspondingly raised vehicle ownership levels. Over the last 5 years, relatively high GDP growth and industrial activity increased the demand for commercial vehicles. Current low levels of agricultural mechanization have resulted in strong tractor demand. India is expected to be the third largest automotive market by volumes in 2015 after US and China.
India has also been acknowledged by many global OEMs as one of the most strategically important emerging auto markets in the world. It is not only an attractive destination for OEMs as an end customer market but also an increasingly critically important manufacturing base. For example, global majors Ford, GM and Renault-Nissan have all announced that they will set up their manufacturing facilities in India. These manufacturing facilities will be used to service both the domestic and export markets
Auto Industry:
Outlook
In addition to an overall declining GDP growth environment, near term demand pressures have had a significant impact on the Indian passenger vehicle sector. This has been a consequence of a number of different factors including: increased excise duties and fuel prices, relatively high interest rates and generally weaker consumer sentiment. Production volumes are now effectively flat year-on-year at 1.1% for 1Q FY13. This is a significant decline compared to previous two quarters which grew by +9.0% and +10.2% year-on-year.
Industrial activity has also experienced sequential contraction and volatility. Commercial vehicle production has had its second sequential quarter of negative growth in Q1FY13 of (5.2)% and (3.8)% in the previous quarter. This is in context of a 22.9% growth in the last year. Although LCV production volumes have shown marginal growth, MCVs volumes have declined by over 15%.2/3 Wheeler volumes have deteriorated rapidly during the last quarter from +7.9% to -3.0% in Q1 FY13. Despite these current challenges, there are some favorable dynamics: new product launches to stimulate demand, OEMs have re-balanced inventory levels, replacement market demand is improving and import costs reduced with a depreciating rupee.
Looking ahead more broadly, SIAM expects domestic passenger car sales to grow at 1% to 3% for the year ending March 2013 and commercial vehicles by3%to 5% for the same period. Longer term the Indian auto component industry is expected to reach over US$ 110 billion by 2021, growing at a CAGR of 11%. For the year ended March 2013, the overall industry is expected to grow 5-7%. Tractor production volumes are expected to reach 710,000 by 2015-16, growing at a CAGR of 2.6%. Production of construction equipment’s expected to reach 100,000 units by 2015-16, growing at a CAGR of 16.7%.International markets diverge significantly with the US expected to remain flat, whilst Europe is exposed to further stress due to ongoing difficulties in the financial markets. As we look forward we expect continued volatility in the global economic environment.
Amtek Auto Strategy
and Outlook
In the context of a volatile global economy, auto sector demand continues to be dampened as end customers adopt a conservative approach to discretionary spending. Given this ongoing uncertainty, Amtek Auto is cautious on the near term market but remains optimally positioned to capitalize on its technology and product design capabilities. The Company’s overall strategy remains focused on leveraging its manufacturing base to address both the domestic market and international markets. India is an attractive central hub for OEM global exports and a world class manufacturing base. Continuous investments within India from major OEMs will significantly enhance mid to long term prospects of the domestic auto industry. Over the years, we continue to successfully execute our strategy of expanding the Non-Auto business across the group.
Management is focused on achieving operating excellence by reinforcing lean manufacturing and quality improvement programs across all production facilities. This will result in further enhancing utilization levels and productivity improvements.
As a step further the Company during the year, has entered into a long term arrangement for materials with OCL Iron and Steel Limited. Additionally, the Company, being into a capital intensive industry, is also exploring the possibility of setting up an in house EPC division, in technical collaboration with globally established players for constant up gradation of technology and facilities.
The Group has a long track record of successfully partnering with its high profile global customer base, which is essential for managing its business going forward.
STATEMENT OF STANDALONE AUDITED RESULTS FOR THE 15 MONTHS ENDED
30.09.2013
|
|
|
|
Rs
in Millions |
Rs
in Millions |
Rs
in Millions |
|
|
|
Particulars |
Quarter ended |
Quarter ended |
15 Month Ended |
||
|
|
30.09.2013 |
30.06.2013 |
30.09.2013 |
|||
|
|
(Audited) |
(Audited) |
(Audited) |
|||
|
1 |
(a) Net Sales/Income from Operations |
7490.000 |
5643.200 |
28934.300 |
||
|
|
(b)Other Operating Income |
349.500 |
565.500 |
2325.500 |
||
|
|
Total income |
7839.500 |
6208.700 |
31259.800 |
||
|
2 |
Expenditure |
|
|
|
||
|
|
(a) |
Cost of Material |
4961.600 |
3700.700 |
18927.700 |
|
|
|
(b) |
Purchase of Stock –in–Trade |
|
|
|
|
|
|
(C) |
Changes in inventories of finished goods. work-in-progress and stock in trade |
(241.500) |
(36.200) |
(317.900) |
|
|
|
|
Employee benefits expense |
324.100 |
212.000 |
1166.100 |
|
|
|
(d) |
Depreciation and Anmortisation Expenses |
631.000 |
570.800 |
2837.400 |
|
|
|
(e) |
Other Expenditure |
613.700 |
368.900 |
2074.800 |
|
|
|
|
Total expenses |
6288.900 |
4816.200 |
24688.100 |
|
|
5 |
Profit before
interest and exceptional items(3+4) |
1550.600 |
1392.500 |
6571.700 |
||
|
6 |
Interest |
668.600 |
616.700 |
2753.200 |
||
|
7 |
Profit after interest but before exceptional items(5-6) |
882.000 |
775.800 |
3818.500 |
||
|
8 |
Exceptional Items |
(197.500) |
0.000 |
1898.500 |
||
|
9 |
Profit(+)/Loss(-) from Ordinary Activities before tax (7-8) |
684.500 |
775.800 |
5717.000 |
||
|
10 |
Tax Expenses |
161.400 |
239.700 |
1209.800 |
||
|
11 |
Net Profit(+)/Loss(-) from Ordinary Activities after tax( 9-10) |
523.100 |
536.100 |
4507.200 |
||
|
12 |
Extra Ordinary Items |
-- |
-- |
-- |
||
|
13 |
Net Profit(+)/Loss(-) for the period (11-12) |
523.100 |
536.100 |
4507.200 |
||
|
14 |
Paid-up Equity Share Capital Rs.2/ per share |
437.200 |
437.200 |
437.200 |
||
|
15 |
Reserves excluding revaluation reserves |
-- |
-- |
47541.200 |
||
|
16 |
Earning Per
Share |
|
|
|
||
|
(a) |
Basic before Extraordinary items for the period |
3.10 |
2.45 |
12.53 |
||
|
(b) |
Basic After Extraordinary items for the period |
2.39 |
2.45 |
20.61 |
||
|
(c) |
diluted EPS before Extraordinary items |
3.07 |
2.45 |
12.51 |
||
|
(d) |
diluted EPS After Extraordinary items |
2.37 |
2.45 |
20.50 |
||
|
A |
PARTICULARS OF
SHAREHOLDING |
|
|
|
||
|
1 |
Public Shareholding |
|
|
|
||
|
|
- Number of shares |
113703758 |
113703758 |
113703758 |
||
|
|
- Percentage of shareholding |
52.01 |
52.01 |
52.01 |
||
|
2 |
Promoters and Promoter group shareholding |
|
|
|
||
|
|
a) Pledged /
Encumbered |
|
|
|
||
|
|
- Number of shares |
NIL |
NIL |
NIL |
||
|
|
- Percentage of shares (as a % of the total shareholding of Promoter & Promoter group) |
NIL |
NIL |
NIL |
||
|
|
- Percentage of shares (as a % of the total Share Capital of the Company) |
NIL |
NIL |
NIL |
||
|
|
b) Non Encumbered |
|
|
|
||
|
|
- Number of shares |
104919987 |
104919987 |
104919987 |
||
|
|
- Percentage of shares (as a % of the total shareholding of Promoter & Promoter group) |
100 |
100 |
100 |
||
|
|
- Percentage of shares (as a % of the total Share Capital of the Company) |
47.99 |
47.99 |
47.99 |
||
|
|
|
|
|
|
||
|
B |
INVESTOR COMPLAINTS |
|
|
|
||
|
|
Pending at the beginning of the quarter |
0 |
|
|
||
|
|
Received during the quarter |
3 |
|
|
||
|
|
Disposed off during the quarter |
3 |
|
|
||
|
|
Remaining unresolved at the end of the quarter |
0 |
|
|
||
STANDALONE STATEMENT
OF ASSETS AND LIABILITIES
Rs. In Millions
|
Particulars |
As at 30.09.2013 |
|
|
|
Particulars |
|
|
A |
EQUITY AND LIABILITIES |
|
|
1 |
Shareholder’s Funds |
|
|
|
a) Share Capital |
437.200 |
|
|
b) Reserves & Surplus |
47541.200 |
|
|
Sub Total-
Shareholders funds |
47978.400 |
|
2 |
Share application money pending allotment |
-- |
|
3 |
Minority Interest |
-- |
|
4 |
Non-current liabilities |
|
|
|
(a) Long term borrowings |
53361.200 |
|
|
(b) Other long term liabilities |
3801.900 |
|
|
fc) Long term provisions |
93.800 |
|
|
Sub Total- Non
Current Liabilities |
57256.900 |
|
5 |
Current liabilities |
|
|
|
(a) Short term borrowings |
6960.500 |
|
|
(b) Trade Payables |
1309.800 |
|
|
(c) Other current liabilities |
8227.200 |
|
|
(d) Short term provisions |
129.400 |
|
|
Sub Total- Current Liabilities |
16626.900 |
|
|
TOTAL-EQUITY AND
LIABILITIES |
121862.200 |
|
B |
ASSETS |
|
|
1 |
Non-current assets |
|
|
|
(a) Fixed assets |
71724.400 |
|
|
(b) Non-current Investments |
17594.700 |
|
|
(c) Long term loans and advances |
10361.200 |
|
|
Sub-Total- Non
current assets |
99680.300 |
|
2 |
Current assets |
|
|
|
a) Current Investments |
512.700 |
|
|
b) Inventories |
7036.300 |
|
|
c) Trade Receivables |
6294.000 |
|
|
d) Cash and cash equivalents |
6424.500 |
|
|
(e) Short term loans and advances |
1896.500 |
|
|
(f) Other current assets |
17.900 |
|
|
Sub-Total- current
assets |
22181.900 |
|
|
TOTAL ASSETS |
121862.200 |
Note:
1. The above results were reviewed by the audit committee and were taken on
by the boards of director at its meeting held on 29th November,
2013.
2. Segment reporting as defined in accounting standard (AS) – 17 is not applicable,
since the entire operations of the company relate to only one segment i.e
automotive components.
3. The Board of Director have recommend a dividend of Rs.0.50 per Equity
Share of Rs.2/- each for the 15 months ending on 30th September
2013. Subject to approval of shareholders of the company in the ensuring Annual
General Meeting.
4. During the quarter the company acquired 9,002,437 fully paid Equity share
which represented 62.54% of the paid up equity share capital of JMT Auto
Limited. Consequent to the above acquisition, Amtek Auto became the holding
Company and new promoter of the company.
5. Previous year’s figures have been regrouped and reclassified, to the
extent necessary to conform to the current year’s figures
6. The inapplicable item in the format of the above result as per annexure 1
to clause 41 of the agreement have not been disclose
INDEX OF CHARGES
|
S.No. |
Charge ID |
Date of Charge
Creation/Modification |
Charge amount
secured |
Charge Holder |
Address |
Service Request Number
(SRN) |
|
1 |
10463708 |
25/11/2013 |
2,500,000,000.00 |
BANK OF MAHARASHTRA |
B-29, CONNAUGHT PLACE, NEW DELHI, DELHI - 110001, INDIA |
B90914011 |
|
2 |
10467460 |
23/11/2013 |
2,500,000,000.00 |
AXIS TRUSTEE SERVICES LIMITED |
AXIS HOUSE, 2ND FLR, BOMBAY DYEING MILLS COMPOUND, PANDURANG BUDHKAR MARG, WORLI, MUMBAI, MAHARASHTRA - 400025, INDIA |
B92485473 |
|
3 |
10457793 |
30/10/2013 |
3,500,000,000.00 |
IFCI LIMITED |
IFCI TOWER, 61,NEHRU PLACE, NEW DELHI, DELHI - 110019, INDIA |
B88622766 |
|
4 |
10460584 |
26/09/2013 |
3,000,000,000.00 |
CANARA BANK |
PCB- CONNAUGHT PLACE, 2ND FLOOR, WORLD TRADE TOWER, BARAKHAMBA LANE, DELHI - 110001, INDIA |
B89693675 |
|
5 |
10435997 |
24/06/2013 |
7,500,000,000.00 |
AXIS TRUSTEE SERVICES LIMITED |
AXIS HOUSE, 2ND FLR, BOMBAY DYEING MILLS COMPOUND, PANDURANG BUDHKAR MARG, WORLI, MUMBAI, MAHARASHTRA - 400025, INDIA |
B79252029 |
|
6 |
10427670 |
22/05/2013 |
2,750,000,000.00 |
STANDARD CHARTERED BANK |
CREDIT DOCUMENTATION UNIT, NARAIN MANZIL, 23 BARA |
B75802249 |
|
7 |
10427063 |
07/05/2013 |
3,500,000,000.00 |
STATE BANK OF INDIA |
INDUSTRIAL FINANCE BRANCH, JAWAHAR VYAPAR BHAWAN, |
B75601708 |
|
8 |
10423445 |
30/07/2013 * |
1,000,000,000.00 |
UNITED BANK OF INDIA |
CORPORATE FINANCE BRANCH, 106-109, ANSAL TOWER, 38 NEHRU PLACE, NEW DELHI, DELHI - 110019, INDIA |
B81734774 |
|
9 |
10424281 |
30/07/2013 * |
3,300,000,000.00 |
IDBI BANK LIMITED |
INDIAN RED CROSS SOCIETY BUILDING, 1, RED CROSS ROAD, NEW DELHI, DELHI - 110001, INDIA |
B82297862 |
|
10 |
10424221 |
30/07/2013 * |
4,500,000,000.00 |
IDBI BANK LIMITED |
IRCS BUILDING, 1, RED CROSS ROAD,, NEW DELHI, NEW DELHI, DELHI - 110001, INDIA |
B82461369 |
|
11 |
10424285 |
30/07/2013 * |
6,875,000,000.00 |
IDBI BANK LIMITED |
INDIAN RED CROSS SOCIETY BUILDING, 1, RED CROSS ROAD, NEW DELHI, DELHI - 110001, INDIA |
B82421470 |
|
12 |
10468538 |
19/12/2013 * |
950,000,000.00 |
CENTRAL BANK OF INDIA |
5,JEEVAN TARA BUILDING, PARLIAMENT STREET, NEW DELHI, DELHI - 110001, INDIA |
B93412906 |
|
13 |
10414320 |
30/07/2013 * |
2,000,000,000.00 |
STATE BANK OF BIKANER AND JAIPUR |
101-102,NEW DELHI HOUSE, 27, BARAKHAMBHA ROAD, NEW DELHI, DELHI - 110001, INDIA |
B81733834 |
|
14 |
10425215 |
28/03/2013 |
2,000,000,000.00 |
STATE BANK OF PATIALA |
COMMERCIAL BRANCH,, CHANDRALOK BUILDING, 36, JANPATH, NEW DELHI, DELHI - 110001, INDIA |
B74968520 |
|
15 |
10439367 |
11/03/2013 |
1,500,000,000.00 |
ALLAHABAD BANK |
INDUSTRIAL FINANCE BRANCH, 1ST FLOOR, 17, PARLIAMENT STREET, NEW DELHI, DELHI - 110001, INDIA |
B75017673 |
|
16 |
10420481 |
22/02/2013 |
1,000,000,000.00 |
UCO BANK |
FLAGSHIP CORPORATE CENTER, 5, PARLIAMENT STREET, NEW DELHI, DELHI - 110001, INDIA |
B71278840 |
|
17 |
10381391 |
06/09/2012 |
500,000,000.00 |
IDBI BANK LIMITED |
RED CROSS SOCIETY BUILDING, 1, RED CROSS ROAD, |
B60031515 |
|
18 |
10251120 |
22/07/2013 * |
8,000,000,000.00 |
AXIS TRUSTEE SERVICES LIMITED |
AXIS HOUSE, 2ND FLR, BOMBAY DYEING MILLS COMPOUND, PANDURANG BUDHKAR MARG, WORLI, MUMBAI, MAHARASHTRA - 400025, INDIA |
B84921667 |
|
19 |
10194218 |
12/05/2011 * |
2,000,000,000.00 |
AXIS TRUSTEE SERVICES LIMITED |
2ND FLOOR, BOMBAY DYEING MILLS COMPOUND, PANDURANG BUDHKAR MARG, WORLI, MUMBAI, MAHARASHTRA - 400025, INDIA |
B12381257 |
|
20 |
10167238 |
12/05/2011 * |
800,000,000.00 |
AXIS TRUSTEE SERVICES LIMITED |
2ND FLOOR, BOMBAY DYEING MILLS COMPOUND, PANDURANG BUDHKAR MARG, WORLI, MUMBAI, MAHARASHTRA - 400025, INDIA |
B12381802 |
|
21 |
10140604 |
01/07/2011 * |
2,400,000,000.00 |
AXIS BANK LIMITED |
2ND FLOOR, BOMBAY DYEING MILLS COMPOUND, PANDURANG BUDHKAR MARG, WORLI, MUMBAI, MAHARASHTRA - 400025, INDIA |
B15935182 |
|
22 |
10140577 |
12/05/2011 * |
2,500,000,000.00 |
AXIS BANK LIMITED |
2ND FLOOR, BOMBAY DYEING MILLS COMPOUND, PANDURANG BUDHKAR MARG, WORLI, MUMBAI, MAHARASHTRA - 400025, INDIA |
B12382735 |
|
23 |
80012929 |
27/11/2012 * |
2,450,000,000.00 |
INDIAN OVERSEAS BANK |
RAJIV CIRCLE, D28-29, CONNAUGHT PLACE, NEW DELHI, DELHI - 110001, INDIA |
B64273287 |
|
24 |
80012858 |
27/11/2012 * |
4,215,000,000.00 |
ANDHRA BANK |
M- 35,, CONNAUGHT CIRCUS, NEW DELHI, DELHI - 110001, INDIA |
B63819619 |
|
25 |
80012930 |
27/11/2012 * |
4,615,000,000.00 |
CORPORATION BANK |
INDUSTRIAL FINANCE BRANCH, HINDUSTAN TIMES HOUSE, |
B63828784 |
* Date of charge modification
Fixed Assets
·
Land and Site Development (Including Leasehold)
·
Building
·
Plant and Machinery
·
Electrical Installation
·
Furniture and Fixture
·
Office Equipment
·
Data Processing Unit
·
Vehicle
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 records 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. 62.71 |
|
|
1 |
Rs.103.51 |
|
Euro |
1 |
Rs.85.82 |
INFORMATION DETAILS
|
Information Gathered
by : |
PLK |
|
|
|
|
Report Prepared
by : |
DPH / NTH |
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 |
7 |
|
--PROFITABILIRY |
1~10 |
6 |
|
--LIQUIDITY |
1~10 |
7 |
|
--LEVERAGE |
1~10 |
6 |
|
--RESERVES |
1~10 |
7 |
|
--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 |
YES |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
YES |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
60 |
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.