MIRA
INFORM REPORT
|
Report Date : |
11.07.2014 |
IDENTIFICATION DETAILS
|
Name : |
PPG ASIAN PAINTS PRIVATE LIMITED (w.e.f. 18.09.2012) |
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|
|
|
Formerly Known
As : |
ASIAN PPG INDUSTRIES PRIVATE LIMITED (w.e.f. 10.08.2012) ASIAN PPG INDUSTRIES LIMITED ASIAN PPG INDUSTRIES PRIVATE LIMITED |
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Registered
Office : |
6-A, Shanti Nagar Estate, Santacruz (East), Mumbai – 400055, |
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Country : |
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Financials (as
on) : |
31.03.2014 |
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Date of
Incorporation : |
19.02.1997 |
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Com. Reg. No.: |
11-105961 |
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Capital
Investment / Paid-up Capital : |
Rs.570.360 Millions |
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|
|
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CIN No.: [Company Identification
No.] |
U24200MH1997PTC105961 |
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|
TAN No.: [Tax Deduction & Collection
Account No.] |
MUMA11672D |
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PAN No.: [Permanent Account No.] |
AAACA8832H |
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Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Manufacturer and Exporter of Automobile Parts and Components Paints. |
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No. of Employees
: |
600 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
A (64) |
|
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 16800000 |
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Status : |
Good |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Subject is a second-largest manufacturer of automotive paints for
original equipment manufacturers (OEMs) in India. It is a well-established
company having fine track record. The rating reflects established position in the automotive paints
segment in India and market leadership in the automotive refinish segment.
Further rating also reflects healthy financial risk profile and decent
profitability levels of 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.
ECGC Country Risk Classification List – March 31, 2014
|
Country Name |
Previous Rating (31.12.2013) |
Current Rating (31.03.2014) |
|
India |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
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Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
INDIAN ECONOMIC OVERVIEW
N E W S
The economy grew 4.7
%in 2013/14, marking a second straight year of sub-5 % growth – the worst
slowdown in more than a quarter of a century. The data was below an official
estimate of 4.9 % annual growth and compared with 4.5 % in the last fiscal
year. However, the current account deficit narrowed sharply to $ 32.4 billion
at 1.7 % of gross domestic product, in 2013/14 from a record high of $ 98.8
billion or 4.7 %, the year before.A sharp fall in gold imports due to restrictions
on overseas purchases and muted import of capital goods helped shrink the
current account deficit.
Online retailer
Flipkart has acquired fashion portal Myntra as it prepares to battle with the
rapidly expanding India arm of the global e-commerce giant Amazon. The company
raised $ 210 million from Russian Investment firm DST Global which has also
invested in companies like Facebook, Twitter and Alibaba Group.
General Motors will
start exporting vehicles from its Talegaon plant near Pune in the second half
of 2014. GM was one of the few global carmakers that was using its India plant
only for the domestic market.
Google has overtaken
Apple as the world’s top brand in terms of value, according to global market research
agency Millward Brown. Google’s brand value shot up 40 % in a year to $ 158.84
billion. The top 10 of the 100 slots were dominated by US companies.
Infosys lost another
heavy weight when B G Srinivas, a board member put in his papers. He is the third
CEO-hopeful to quit after Chairman N R Narayana Murthy’s return to the company
– Ashok Vemuri and V Balakrishnan being the other two.While Vemuri went on to
lead IGate, Balakrishnan joined politics.
Naresh Goyal –
promoted Jet Airways posted biggest quarterly loss – Rs 2153.37 crore – in the
three months ended March 31, mainly because it has been offering discounts to
passengers to fill planes.
William S Pinckney –
Chairman and CEO of Amway India was arrested by the Andhra Pradesh Police in
connection with a complaint against the direct selling firm. This is the second
time that he has been taken into custody. A year, ago the Kerala Police had
arrested Pinckney and two company directors on charges of financial
irregularities.
China has told its
state-owned enterprises to sever links with American consulting firms after the
United States charged five Chinese military officers wih hacking US companies.
China’s action which targets consultancies like McKinsey & Co. and the
Boston Consulting Group, sterns from fears that the first are providing trade
secrets to the US governments.
India has emerged as
a country with some of the highest unregistered businesses in the world.
Indonesia has the maximum number of shadow businesses, says a study of 68
countries by Imperial College Business School in London.
Pfizer has abandoned
its attempt to buy AstraZeneca for nearly $ 118 billion after the latter
refused an offer of 55 pounds a share.
EXTERNAL AGENCY RATING
|
Rating Agency Name |
CRISIL |
|
Rating |
Long Term Rating = AA- |
|
Rating Explanation |
High degree of safety and very low credit
risk |
|
Date |
07.08.2013 |
|
Rating Agency Name |
CRISIL |
|
Rating |
Short Term Rating = A1+ |
|
Rating Explanation |
Very strong degree of safety and lowest credit
risk |
|
Date |
07.08.2013 |
RBI DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available RBI Defaulters’ list.
EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of
31-03-2012.
INFORMATION PARTED BY
|
Name : |
Mr. Mosrold |
|
Designation : |
Accounts Executive |
|
Contact No.: |
91-22-30568700 |
|
Date : |
11.07.2014 |
LOCATIONS
|
Registered Office : |
6-A, Shanti Nagar Estate, Santacruz (East), Mumbai – 400 055,
Maharashtra, India |
|
Tel. No.: |
91-22-30568700 / 8800 |
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Fax No.: |
91-22-30568764/ 26528044 |
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E-Mail : |
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Website : |
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|
Area : |
3500 Sq. ft. |
|
Location : |
Owned |
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|
Head Office : |
158, Vidyanagri Marg, CST Road, Dani Wooltex Compound, Kalina,
Santacruz (East), Mumbai – 400 098, Maharashtra, India |
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|
|
|
Factory 1 : |
APPG – Ankleshwar, 2602, GIDC Industrial Estate, Ankleshwar - 393 002, Gujarat, India |
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Factory 2 : |
APPG – LBS Marg, Post Box No.7318, Bhandup, Mumbai - 400 078, Maharashtra, India |
DIRECTORS
As on 21.06.2013
|
Name : |
Mr. Manish Mahendra Chokshi |
|
Designation : |
Director |
|
Address : |
402, Shivtirth No.2, B. Desai Road, Mumbai – 400 026, Maharashtra,
India |
|
Date of Birth/Age : |
09.12.1967 |
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Qualification : |
B.S. (Chem Engineering) and MBA |
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Date of Appointment : |
08.08.2007 |
|
DIN No.: |
00026496 |
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|
|
|
Name : |
Ms. Cynthia Ann Niekamp |
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Designation : |
Director |
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Address : |
915 S Glenhurst Dr, Birmingham-48009, USA. |
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Date of Birth/Age : |
13.05.1959 |
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Qualification : |
MBA |
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Date of Appointment : |
22.03.2009 |
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DIN No.: |
02789698 |
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|
|
|
Name : |
Mr. Mike Horton |
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Designation : |
Alternate Director to Ms. Cynthia Niekamp |
|
Address : |
House 72, Windsor Place, 2222 Jain He Road, Shanghai - 203336, China |
|
Date of Birth/Age : |
20.03.1959 |
|
Date of Appointment : |
15.08.2012 |
|
DIN No.: |
05343902 |
KEY EXECUTIVES
|
Name : |
Mr. Jagadish Gururaja Acharya |
|
Designation : |
Manager |
|
Address : |
31, Sr.
Sannidhi, Shantiniketan CHS, YariI Road, Andheri (West), Mumbai – 400 061,
Maharashtra, India |
|
Date of Birth/Age : |
07.11.1956 |
|
Date of Appointment : |
12.08.2011 |
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PAN No.: |
AJGPA7582C |
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|
|
|
Name : |
Mr. Mosrold |
|
Designation : |
Accounts Executive |
MAJOR SHAREHOLDERS
As on 21.06.2013
|
Names of Shareholders |
|
No. of Shares |
|
Asian Paints Limited, India |
|
28518112 |
|
PPG Industries Securities LLC, USA |
|
28518109 |
|
PPG Industries Securities LLC, jointly with PPG Coatings (Hong Kong)
Company Limited, USA |
|
1 |
|
PPG Industries Securities LLC, jointly with PPG Coatings (Malaysia)
SDN BHD, USA |
|
1 |
|
PPG Industries Securities LLC, jointly with PPG Industries (Singapore)
Pte Limited, USA |
|
1 |
|
Total |
|
57036224 |
Equity Share Break up (Percentage of Total Equity)
As on 21.06.2013
|
Category |
Percentage |
|
Foreign holdings( Foreign institutional
investor(s), Foreign companie(s) Foreign financial institution(s), Non-resident
Indian(s) or Overseas Corporate bodies or Others |
50.00 |
|
Bodies corporate |
50.00 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer and Exporter of Automobile Parts and Components Paints. |
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Products : |
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Exports : |
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Products : |
Automobile Parts and Components Paints |
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Countries : |
·
USA ·
Europe ·
Germany |
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Imports : |
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Products : |
Raw Material |
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Countries : |
·
China ·
Australia ·
Korea ·
Malaysia |
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Terms : |
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Selling : |
Cash and Advance Payment |
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Purchasing : |
Cash and Advance Payment |
GENERAL INFORMATION
|
Customers : |
Retailer and End Users |
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No. of Employees : |
600 (Approximately) |
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Bankers : |
· HDFC Bank Limited, HDFC Bank House Senapati Bapat Marg, Lower Parel W, Mumbai - 400013, Maharashtra, India State Bank of India, Killick House, Fort, Mumbai – 400 001, Maharashtra, India · State Bank of India, Madame Cama Road, Nariman Point , Mumbai - 400 001, Maharashtra, India · State Bank of India, Corporate Accounts Group, Central Office, Express Towers, 20th Floor, Nariman Point, Mumbai – 400 021, Maharashtra, India · State Bank of India, Corporate Accounts Group Branch, Voltas House, 23, J.N. Heredia Marg, Mumbai – 400 001, Maharashtra, India Tel No.: 91-22-22614784 · Citi Bank N.A., Sri Lanka |
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Facilities : |
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Banking
Relations : |
-- |
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Auditors : |
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|
Name : |
Price Waterhouse and Company Chartered Accountants |
|
Address : |
252 Veer Savarkar Marg, Near Mayor's Bungalow, Shivaji
Park, Dadar West, Mumbai – 400028, Maharashtra, India |
|
PAN No.: |
AADFP9359C |
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Joint Venturer : |
· Asian Paints Limited ·
PPG Industries Securities, LLC, (formerly
known as PPG Industries Securities Inc.) o
Holding company of PPG Industries Securities,
LLC, (formerly known as PPG Industries Securities Inc.) a joint venture §
PPG Industries, Inc. o
Subsidiary company of PPG Industries
Securities, LLC, (formerly known as PPG Industries Securities Inc.), a joint
venture § PPG India Private Limited §
PPG Industries India Private Limited |
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|
|
|
Subsidiary Company
: |
· Faaber Paints Private Limited ·
PPG Asian Paints Lanka Private Limited |
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Company under
common control : |
· Asian Paints PPG Private Limited |
CAPITAL STRUCTURE
As on 21.06.2013
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
130000000 |
Equity Shares |
Rs.10/- each |
Rs.1300.000 Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
57036224 |
Equity Shares |
Rs.10/- each |
Rs.570.360 Millions |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
I.
EQUITY
AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
570.360 |
541.270 |
292.500 |
|
(b) Reserves & Surplus |
3,631.300 |
3,050.190 |
2,041.160 |
|
(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) |
4,201.660 |
3,591.460 |
2,333.660 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
0.000 |
0.000 |
0.000 |
|
(b) Deferred tax liabilities (Net) |
62.900 |
65.410 |
80.180 |
|
(c) Other long term liabilities |
0.000 |
0.000 |
0.000 |
|
(d) long-term provisions |
62.090 |
63.760 |
44.830 |
|
Total Non-current Liabilities (3) |
124.990 |
129.170 |
125.010 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
0.000 |
751.490 |
827.010 |
|
(b) Trade payables |
1,477.130 |
1,315.540 |
1,229.280 |
|
(c) Other current
liabilities |
137.140 |
166.220 |
128.690 |
|
(d) Short-term provisions |
26.310 |
32.680 |
10.390 |
|
Total Current Liabilities (4) |
1,640.580 |
2,265.930 |
2,195.370 |
|
|
|
|
|
|
TOTAL |
5,967.230 |
5,986.560 |
4,654.040 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
1,182.920 |
1,233.580 |
970.790 |
|
(ii) Intangible Assets |
43.190 |
59.650 |
63.240 |
|
(iii) Capital
work-in-progress |
99.040 |
0.060 |
29.030 |
|
(iv)
Intangible assets under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current Investments |
86.490 |
86.490 |
86.490 |
|
(c) Deferred tax assets (net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
682.480 |
379.160 |
435.570 |
|
(e) Other Non-current assets |
5.780 |
7.850 |
0.000 |
|
Total Non-Current Assets |
2,099.900 |
1,766.790 |
1,585.120 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
0.000 |
0.000 |
0.000 |
|
(b) Inventories |
1,756.480 |
2,031.890 |
1,532.250 |
|
(c) Trade receivables |
1,684.630 |
1,509.550 |
1,212.930 |
|
(d) Cash and cash
equivalents |
88.820 |
66.220 |
60.040 |
|
(e) Short-term loans and advances |
334.550 |
609.740 |
263.700 |
|
(f) Other current assets |
2.850 |
2.370 |
0.000 |
|
Total Current Assets |
3,867.330 |
4,219.770 |
3,068.920 |
|
|
|
|
|
|
TOTAL |
5,967.230 |
5,986.560 |
4,654.040 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
||
|
|
SALES |
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|
|
||
|
|
|
Income |
8448.230 |
7703.290 |
6591.780 |
|
|
|
|
Other Income |
NA |
NA |
NA |
|
|
|
|
TOTAL |
NA |
NA |
NA |
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|
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||
|
|
EXPENSES |
|
|
|
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TOTAL |
NA |
NA |
NA |
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||
|
|
PROFIT/(LOSS)
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION |
515.790 |
319.800 |
479.130 |
||
|
|
|
|
|
|
||
|
Less |
FINANCIAL
EXPENSES |
26.330 |
67.640 |
63.500 |
||
|
|
|
|
|
|
||
|
|
PROFIT/(LOSS)
BEFORE TAX, DEPRECIATION AND AMORTISATION |
489.460 |
252.160 |
415.630 |
||
|
|
|
|
|
|
||
|
Less |
DEPRECIATION/
AMORTISATION |
121.470 |
119.030 |
81.120 |
||
|
|
|
|
|
|
||
|
|
PROFIT/(LOSS) BEFORE
TAX |
367.990 |
133.130 |
334.510 |
||
|
|
|
|
|
|
||
|
Less |
TAX |
77.790 |
(13.230) |
69.300 |
||
|
|
|
|
|
|
||
|
|
PROFIT/(LOSS)
AFTER TAX |
290.200 |
146.360 |
265.210 |
||
|
|
|
|
|
|
||
|
Add |
Short
/ Excess Provision for tax provision in respect of earlier years |
0.000 |
(13.770) |
3.580 |
||
|
|
|
|
|
|
||
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
2067.290 |
1907.160 |
1645.530 |
||
|
|
|
|
|
|
||
|
|
BALANCE CARRIED
TO THE B/S |
2357.490 |
2067.290 |
1907.160 |
||
|
|
|
|
|
|
||
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
||
|
|
|
Export Earnings |
55.160 |
5.100 |
1.900 |
|
|
|
|
Recharge Income |
1.700 |
20.520 |
0.000 |
|
|
|
TOTAL EARNINGS |
56.860 |
25.620 |
1.900 |
||
|
|
|
|
|
|
||
|
|
IMPORTS |
|
|
|
||
|
|
|
Raw Materials |
1771.210 |
1981.670 |
|
|
|
|
|
Stores & Spares |
942.510 |
975.110 |
|
|
|
|
|
Capital Goods |
2.870 |
3.500 |
|
|
|
|
|
Interest charges |
7.490 |
2.610 |
|
|
|
|
TOTAL IMPORTS |
2724.080 |
1987.780 |
NA |
||
|
|
|
|
|
|
||
|
|
Earnings Per
Share (Rs.) |
5.09 |
3.49 |
NA |
||
KEY RATIOS
|
PARTICULARS |
|
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
Net Profit Margin (PBT/Sales) |
(%) |
4.36 |
1.73 |
5.07 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
6.36 |
2.26 |
7.37 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.09 |
0.04 |
0.14 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
0.00 |
0.21 |
0.35 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
2.36 |
1.86 |
1.40 |
FINANCIAL ANALYSIS
[all figures are
in Rupees Millions]
DEBT EQUITY RATIO
|
Particular |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
Rs.
In Millions |
Rs.
In Millions |
Rs.
In Millions |
|
Share Capital |
292.500 |
541.270 |
570.360 |
|
Reserves & Surplus |
2041.160 |
3050.190 |
3631.300 |
|
Net
worth |
2333.660 |
3591.460 |
4201.660 |
|
|
|
|
|
|
long-term borrowings |
0.000 |
0.000 |
0.000 |
|
Short term borrowings |
827.010 |
751.490 |
0.000 |
|
Total
borrowings |
827.010 |
751.490 |
0.000 |
|
Debt/Equity
ratio |
0.354 |
0.209 |
0.000 |
YEAR-ON-YEAR GROWTH
|
Year
on Year Growth |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
Rs.
In Millions |
Rs.
In Millions |
Rs.
In Millions |
|
Sales |
6,591.780 |
7,703.290 |
8,448.230 |
|
|
|
16.862 |
9.670 |
NET PROFIT MARGIN
|
Net
Profit Margin |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
Rs.
In Millions |
Rs.
In Millions |
Rs.
In Millions |
|
Sales
|
6,591.780 |
7,703.290 |
8,448.230 |
|
Profit |
265.210 |
146.360 |
290.200 |
|
|
4.02% |
1.90% |
3.44% |
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 |
Yes |
|
5] |
Type of Business |
Yes |
|
6] |
Line of Business |
Yes |
|
7] |
Promoter's background |
Yes |
|
8] |
No. of employees |
Yes |
|
9] |
Name of person contacted |
Yes |
|
10] |
Designation of contact
person |
Yes |
|
11] |
Turnover of firm for last
three years |
Yes |
|
12] |
Profitability for last
three years |
Yes |
|
13] |
Reasons for variation
<> 20% |
----------- |
|
14] |
Estimation for coming
financial year |
Yes |
|
15] |
Capital in the business |
Yes |
|
16] |
Details of sister
concerns |
Yes |
|
17] |
Major suppliers |
No |
|
18] |
Major customers |
No |
|
19] |
Payments terms |
Yes |
|
20] |
Export / Import details
(if applicable) |
Yes |
|
21] |
Market information |
---------- |
|
22] |
Litigations that the firm
/ promoter involved in |
---------- |
|
23] |
Banking Details |
Yes |
|
24] |
Banking facility details |
Yes |
|
25] |
Conduct of the banking
account |
---------- |
|
26] |
Buyer visit details |
---------- |
|
27] |
Financials, if provided |
Yes |
|
28] |
Incorporation details, if
applicable |
Yes |
|
29] |
Last accounts filed at
ROC |
Yes |
|
30] |
Major Shareholders, if
available |
Yes |
|
31] |
Date of Birth of
Proprietor/Partner/Director, if available |
Yes |
|
32] |
PAN of Proprietor/Partner/Director,
if available |
No |
|
33] |
Voter ID No of
Proprietor/Partner/Director, if available |
No |
|
34] |
External Agency Rating,
if available |
Yes |
UNSECURED LOANS:
|
Particulars |
31.03.2014 Rs. In Millions |
31.03.2013 Rs. In Millions |
|
Short Term Borrowings |
|
|
|
Loans repayable on demand from banks |
0.000 |
120.000 |
|
Other loans and advances, others |
0.000 |
164.620 |
|
Total |
0.000 |
284.620 |
GENERAL INFORMATION
The Company is Joint Venture between PPG Industries
Securities, LLC, (formerly known as PPG Industries Securities Inc.) and Asian
Paints Limited and engaged in Original Equipment Manufacturer coatings. The
Company has manufacturing plants in India.
OPERATIONS DURING THE
YEAR
With the economy exhibiting inflationary tendencies, the Reserve Bank of India (RBI) started raising policy rates in March 2010. High rates, weak rupee, as well as policy constraints adversely impacted investment, and consequently growth of Gross Domestic Product (GDP) fell from 8.9 per cent in 2010-11 to 4.5 per cent in 2012-13. The economy is projected to grow at 4.9 per cent in 2013-14 reversing a declining trend.
The slowdown, especially in 2013-14, has been across the board, with most sectors of the economy affected. The manufacturing sector dropped by 0.4 per cent as compared to 1.9 per cent positive in 2012-13.
The moderation in industrial growth, particularly in the manufacturing sector, is largely attributed to sluggish growth of investment, squeezed margins of the corporate sector, deceleration in the rate of growth of credit flows.
This effect was seen in the OEM segment with Passenger Vehicles segment registering a decline of 4.90 percent during April-Mar 2014 over same period last year. The overall Commercial Vehicles segment also declined by 16.07 percent in April-March 2014 as compared to the same period last year. Two Wheelers registered a growth of only 7.21 percent during April-March 2014.
The year also saw high inflation which put cost pressures on the Industry and your Company. In the Auto Refinish business your Company was able to pass on the cost increases to a certain extent. In the OEM business, price increases were secured in the latter part of the year which did not completely offset the cost increases on raw materials. This has had an adverse impact on the bottom line growth for your Company.
Total revenue from operations increased to Rs.8448.230 Millions from Rs.7703.290 Millions in the previous year with a growth of 9.7%. The profit after tax rose to Rs.290.200 Millions from Rs.160.130 Millions. The consolidated revenue from operations was Rs.8760.280 Millions and the profit after tax was Rs.311.560 Millions.
INDEX OF CHARGE:
|
Sr. No. |
Charge ID |
Date of Charge Creation/Modification |
Charge amount secured |
Charge Holder |
Address |
Service Request Number (SRN) |
|
1 |
90147326 |
19/03/2008 * |
700,000,000.00 |
State Bank Of India |
Corporate Accounts Group Branch, Voltas House, 23, J N Heredia Marg, Mumbai, Maharashtra - 400001, India |
A55043913 |
*Date of modification Charges
FIXED ASSETS:
·
Land
·
Building
·
Plant and Machinery
·
Computer
·
Vehicles
·
Furniture and Fixture
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.59.88 |
|
|
1 |
Rs.102.59 |
|
Euro |
1 |
Rs.81.69 |
INFORMATION DETAILS
|
Information
Gathered by : |
PLK |
|
|
|
|
Analysis Done by
: |
KAR |
|
|
|
|
Report Prepared
by : |
VNT |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
7 |
|
PAID-UP CAPITAL |
1~10 |
6 |
|
OPERATING SCALE |
1~10 |
8 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
8 |
|
--PROFITABILIRY |
1~10 |
7 |
|
--LIQUIDITY |
1~10 |
7 |
|
--LEVERAGE |
1~10 |
7 |
|
--RESERVES |
1~10 |
7 |
|
--CREDIT LINES |
1~10 |
7 |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
YES |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
|
|
|
|
TOTAL |
|
64 |
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.