MIRA INFORM REPORT
|
Report Date : |
06.06.2014 |
IDENTIFICATION DETAILS
|
Name : |
MAHINDRA TWO WHEELERS LIMITED (w.e.f. 01.12.2008) |
|
|
|
|
Formerly Known
As : |
MAHINDRA TWO WHEELERS PRIVATE LIMITED |
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Registered
Office : |
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Country : |
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Financials (as
on) : |
31.03.2013 |
|
|
|
|
Date of
Incorporation : |
05.08.2008 |
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|
|
|
Com. Reg. No.: |
11-185462 |
|
|
|
|
Capital Investment
/ Paid-up Capital : |
Rs.8785.000
millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U35911MH2008PLC185462 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
MUMM34881A |
|
|
|
|
PAN No.: [Permanent Account No.] |
AAFCM6870J |
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|
Legal Form : |
A Closely Held Public Limited Liability Company |
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Line of Business
: |
Subject is
engaged in designing and manufacturing of scooters and motorcycles. |
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|
|
|
No. of Employees
: |
Information declined by the Management. |
RATING & COMMENTS
|
MIRA’s Rating : |
B (36) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
Maximum Credit Limit : |
USD 3507000 |
|
|
|
|
Status : |
Moderate |
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Payment Behaviour : |
Slow but correct |
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Litigation : |
Clear |
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Comments : |
Subject is a part of Mahindra Group. It is an established company
having moderate track. There appear huge accumulated losses recorded by the company.
Profitability of the company is under pressure alongwith huge gap between
trade receivables and payables during FY 13. The ratings also take into consideration the infusion of funds as
capital from the part of the promoters. However, trade relations are fair. Business is active. Payment terms
are slow but correct. In view of experienced promoters and directors, the company can be
considered for business dealings with some caution. |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – 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 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
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Restricted |
C2 |
|
Off-credit |
D |
INDIAN ECONOMIC OVERVIEW
US investment bank
Goldman Sachs has upgraded its outlook on Indian markets as it expects
positive impact of the election cycle.
India’s economy may
grow 4.7 % in the current financial year, lower than the official estimate of 4.9
%, Fitch Rating said. The global rating agency expects the economy to pick up
in the next two financial years.
Global ratings
agency Standard & Poor said increasing focus by India Inc on lowering debt
is likely to improve their credit profiles.
Singapore (1.1
million Indian tourists in 2012), Thailand (one million), the United Arab
Emirates ().98 million) and Malaysia ().82 million) emerged as the preferred
holidays hotspots for Indians. The total figure is expected to increase to 1.93
million by 2017, according to the latest Eurmonitor international report.
There is a $29.34 bn
outward foreign direct investment by domestic companies between April and
January of 2013/14 which has seen some signs of recovery according to a Care
Ratings report.
There are 264 number
of new companies being set up every day on average during 2014. Most of them
are registered in Mumbai. India had 1.38 million registered companies at the
end of January, 2014.
Twitter like
messaging service Weibo Corporation has filed to raise $ 500 million via a US
initial public offering. Alibaba, which owns a stake in Weibo is expected to
raise about $ 15 billion New York this year in the highest profile Internet IPO
since Facebook’s in 2012.
Bharti Airtel has
raised Rs.2,453.2 crore (350 million Swiss Francs) by selling six-year bonds at
a coupon rate of three per cent and maturing in 2020. This is the largest ever
bond offering by an Indian company in Swiss Francs. Bharat Petroleum
Corporation raised 175 million Swiss Francs by selling five year bonds at 2.98
% coupon rate in February.
Indian Oil
Corporation plans to invest Rs 7650 crore in setting up a petrochemical complex
at its almost complete Paradip refinery in Odhisha in three to four years. The
company board is set to consider the setting up of a 700000 tonne per annum
polypropylene plant at an estimated cost at Rs.3150 crore.
Global chief
information officers at gathering in Bangalore in April to meet Indian startups
at an event called Tech50 Watchout for Little Eye Labs-Facebook type deals in
the making.
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
Management non-cooperative
(Tel. No.: 91-22-24931441)
LOCATIONS
|
Registered Office : |
Mahindra Towers, P.K. Kurne Chowk, Worli, Mumbai-400018, Maharashtra,
India |
|
Tel. No.: |
91-22-24931441/ 24961441/ 24916833/ 24917018/ 24905623 |
|
Mobile No.: |
91-9823300822 (Mr. Santosh Katre) 91-9819042288 (Mr. Yogesh Shah) |
|
Fax No.: |
91-22-24983696/ 24900833 |
|
E-Mail : |
varma.arun@mahindra2wheelers.com |
|
Website : |
|
|
Area : |
5000 sq. ft. |
|
Location : |
Owned |
|
|
|
|
Factory 1 : |
D-1, Block, Plot No.18/2, M.I.D.C, Chinchwad, Pune – 411 019,
Maharashtra, India |
|
Tel. No.: |
91-20-27602222/ 27602029/ 67336733/ 67336413 |
|
Fax No.: |
91-20-27470562/ 27477227 |
|
E-Mail : |
|
|
Area : |
10000 sq. ft. |
|
Location : |
Owned |
|
|
|
|
Factory 2 : |
Plot No.2, Industrial Area 1, Pitampur Dhar, Pithampur – 454 775,
Madhya Pradesh, India |
|
Tel. No.: |
91-7292-253009 / 100 |
|
Fax No.: |
91-7292-253087 |
|
Area : |
10000 sq. ft. |
|
Location : |
Owned |
DIRECTORS
AS ON 26.09.2013
|
Name : |
Mr. Anand Gopal Mahindra |
|
Designation : |
Director |
|
Address : |
Goolestan, 65, |
|
Date of Birth/Age : |
01.05.1955 |
|
Date of Appointment : |
12.08.2009 |
|
DIN No.: |
00004695 |
|
|
|
|
Name : |
Dr. Pawan Kumar Goenka |
|
Designation : |
Director |
|
Address : |
Flat No.602, 9 JVPD, 10th Road, Juhu Vile Parle Scheme, Vile
Parle (West), Mumbai – 400 056, Maharashtra, India |
|
Date of Birth/Age : |
23.09.1954 |
|
Date of Appointment : |
12.08.2009 |
|
DIN No.: |
00254502 |
|
|
|
|
Name : |
Mr. Zhooben Dossabhoy Bhiwandiwala
|
|
Designation : |
Director |
|
Address : |
S-13, Cusrow Baug, |
|
Date of Birth/Age : |
09.12.1959 |
|
Date of Appointment : |
12.08.2009 |
|
DIN No.: |
00110373 |
|
|
|
|
Name : |
Mr. Parag Chandulal Shah |
|
Designation : |
Director |
|
Address : |
7, Kailas, 50, Peddar Road, Mumbai – 400 026, Maharashtra, India |
|
Date of Birth/Age : |
25.11.1975 |
|
Date of Appointment : |
12.08.2009 |
|
DIN No.: |
00374944 |
|
|
|
|
Name : |
Mr. Anoop Krishna Mathur |
|
Designation : |
Director |
|
Address : |
Flat No.13, Om Ratan, 70/71, Pochkanwala Road, Worli, Mumbai – 400
025, Maharashtra, India |
|
Date of Birth/Age : |
22.10.1947 |
|
Date of Appointment : |
12.08.2009 |
|
DIN No.: |
00014372 |
|
|
|
|
Name : |
Ms. Veena Vedprakash Mishra |
|
Designation : |
Additional Director |
|
Address : |
1203, 12th Floor, Raheja Tipco Height 04, Western Express
Highway, Malad (East), Mumbai – 400 097, Maharashtra, India |
|
Date of Birth/Age : |
14.07.1956 |
|
Date of Appointment : |
26.04.2011 |
|
DIN No.: |
03502175 |
|
|
|
|
Name : |
Mr. Ranjan Pant |
|
Designation : |
Director |
|
Address : |
Portion-B, 10-A, Kasturba Gandhi Marg, New Delhi – 110 001, India |
|
Date of Birth/Age : |
29.06.1959 |
|
Date of Appointment : |
31.10.2012 |
|
DIN No.: |
00005410 |
KEY EXECUTIVES
|
Name : |
Mr.
P.S. Ashok* |
|
Designation : |
Senior
Vice President |
|
|
|
|
Name : |
Mr.
Viren Popli* |
|
Designation : |
Executive
Vice President |
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|
|
|
Name : |
Mr.
Nirmal Matharu |
|
Designation : |
Vice
President-Operation |
|
|
|
|
Name : |
Mr.
Dharmendra Mishra |
|
Designation : |
Vice
President-Sales and Customer Care |
*
Employed for part of the year
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 26.09.2013
|
Names of Shareholders |
No. of Shares |
|
Mahindra and Mahindra Limited, India |
917299969 |
|
Mahindra and Mahindra Limited, |
1 |
|
Mahindra and Mahindra Limited, India Jointly with S. Venkatraman |
1 |
|
Mahindra and Mahindra Limited, India Jointly with K. Chandrasekhar |
1 |
|
Mahindra and Mahindra Limited, |
1 |
|
Mahindra and Mahindra Limited, |
1 |
|
Mahindra and Mahindra Limited, |
1 |
|
Kinetic Motors Company Limited, India |
61200000 |
|
Total
|
978499975 |
AS ON 29.03.2014
|
Names of Allottees |
No. of Shares |
|
Mahindra and Mahindra Limited, India |
145963634 |
|
Aay Kay Global,
Mauritius |
16738083 |
|
Emerging India
Fund, India |
2298283 |
|
Total
|
165000000 |
AS ON 17.01.2014
|
Names of Allottee |
No. of Shares |
|
Mahindra and Mahindra Limited, India |
6254471 |
|
Total
|
6254471 |
AS ON 24.10.2013
|
Names of Allottee |
No. of Shares |
|
Mahindra and Mahindra Limited, India |
93745529 |
|
Total
|
93745529 |
AS ON 26.09.2013
|
Equity Share Breakup |
|
Percentage of Holding |
|
Category |
|
|
|
Bodies
corporate |
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Subject is
engaged in designing and manufacturing of scooters and motorcycles. |
||||
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||||
|
Products : |
|
PRODUCTION STATUS (AS ON 31.03.2011):
|
Particulars |
Unit |
Installed
Capacity |
Actual
Production |
|
Two Wheelers Scooters, Motor Cycles and Mopeds |
|
|
|
|
Manufactured |
Nos. |
400000 p.a. |
178599 |
|
Spare Parts and Others ** |
-- |
(Note 2) |
(Note 6) |
Notes:
1) Installed capacity is as certified by the management and relied on by the auditors as this is a technical matter.
2) Spare parts are manufactured out of the capacity for scooters, motorcycles and mopeds.
3) * It is not practicable to furnish quantitative information in view of considerable number of items diverse in size and nature.
4) ** Includes own manufactured components sold as spare parts.
5) Sales of manufactured vehicles exclude 3 free of cost (FOC) vehicles.
6) The Company has also manufactured and sold 158824 Nos. components as spares.
7)
Production of vehicles include Nil vehicles
returned to factory for rework, 71 vehicles capitalized during the year and 4
vehicles donated during the year
GENERAL INFORMATION
|
No. of Employees : |
Information declined by the Management. |
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Bankers : |
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Facilities : |
|
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
Deloitte Haskins and Sells Chartered Accountants |
|
Address : |
3rd Floor, 'Heritage',
Near Gujrath Vidya Pith, Off Ashram Road, Ahmedabad – 380 014, Gujarat, India
|
|
PAN No.: |
AABFD7919A |
|
|
|
|
Holding Company : |
Mahindra and Mahindra Limited, India CIN No.:
L65990MH1945PLC004558 |
|
|
|
|
Fellow Subsidiary Companies : |
|
CAPITAL STRUCTURE
AFTER 26.09.2013
Authorised Capital : Rs.15000.000 millions
Issued, Subscribed & Paid-up Capital : Rs.12587.346
millions
AS ON 26.09.2013
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
1250000000 |
Equity Shares |
Rs.10/- each |
Rs.12500.000 millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
978499975 |
Equity Shares |
Rs.10/- each |
Rs.9785.000
millions |
|
|
|
|
|
AS ON 31.03.2013
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
900000000 |
Equity Shares |
Rs.10/- each |
Rs.9000.000 millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
878499975 |
Equity Shares |
Rs.10/- each |
Rs.8785.000
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 |
8785.000 |
5335.000 |
1475.000 |
|
(b) Reserves & Surplus |
(7908.339) |
(5269.739) |
(2886.332) |
|
(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) |
876.661 |
65.261 |
(1411.332) |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) Long-term borrowings |
800.000 |
1335.000 |
1510.000 |
|
(b) Deferred tax liabilities (Net) |
0.000 |
0.000 |
0.000 |
|
(c)
Other long term liabilities |
0.000 |
0.000 |
0.000 |
|
(d)
Long-term provisions |
37.771 |
20.837 |
30.990 |
|
Total
Non-current Liabilities (3) |
837.771 |
1355.837 |
1540.990 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a)
Short term borrowings |
1152.500 |
495.000 |
2070.000 |
|
(b)
Trade payables |
1149.804 |
912.357 |
813.480 |
|
(c)
Other current liabilities |
780.648 |
859.273 |
283.670 |
|
(d)
Short-term provisions |
88.500 |
56.622 |
152.838 |
|
Total
Current Liabilities (4) |
3171.452 |
2323.252 |
3319.988 |
|
|
|
|
|
|
TOTAL |
4885.884 |
3744.350 |
3449.646 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i)
Tangible assets |
1924.931 |
1465.604 |
1190.062 |
|
(ii)
Intangible Assets |
183.574 |
127.384 |
167.585 |
|
(iii)
Capital work-in-progress |
85.587 |
116.850 |
117.796 |
|
(iv) Intangible assets under
development or work-in-progress |
383.367 |
192.516 |
113.957 |
|
(b) Non-current
Investments |
0.000 |
0.000 |
0.000 |
|
(c) Deferred tax assets
(net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan
and Advances |
336.998 |
264.333 |
243.166 |
|
(e)
Other Non-current assets |
0.503 |
0.495 |
0.860 |
|
Total
Non-Current Assets |
2914.960 |
2167.182 |
1833.426 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a)
Current investments |
0.000 |
0.000 |
0.000 |
|
(b)
Inventories |
1153.164 |
1001.396 |
1076.124 |
|
(c)
Trade receivables |
493.808 |
419.618 |
332.552 |
|
(d)
Cash and cash equivalents |
75.236 |
53.093 |
40.943 |
|
(e)
Short-term loans and advances |
248.716 |
103.061 |
166.601 |
|
(f)
Other current assets |
0.000 |
0.000 |
0.000 |
|
Total
Current Assets |
1970.924 |
1577.168 |
1616.220 |
|
|
|
|
|
|
TOTAL |
4885.884 |
3744.350 |
3449.646 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
|
|
SALES |
|
|
|
|
|
|
|
Revenue from operations |
3845.408 |
4413.699 |
5177.884 |
|
|
|
Other Income |
12.383 |
11.552 |
7.544 |
|
|
|
TOTAL (A) |
3857.791 |
4425.251 |
5185.428 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of materials consumed |
3279.640 |
3722.667 |
4572.690 |
|
|
|
Purchases of stock-in-trade |
63.433 |
75.488 |
139.632 |
|
|
|
Changes in
inventories of finished goods, work-in-progress and stock-in-trade |
(25.203) |
(95.474) |
(473.479) |
|
|
|
Employee benefit expense |
883.659 |
623.537 |
499.958 |
|
|
|
Other expenses |
1612.381 |
1776.240 |
1680.287 |
|
|
|
TOTAL (B) |
5813.910 |
6102.458 |
6419.088 |
|
|
|
|
|
|
|
|
Less |
PROFIT
/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
(1956.119) |
(1677.207) |
(1233.660) |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
407.796 |
410.945 |
280.914 |
|
|
|
|
|
|
|
|
|
|
PROFIT
/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
(2363.915) |
(2088.152) |
(1514.574) |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
274.685 |
295.254 |
177.612 |
|
|
|
|
|
|
|
|
|
|
PROFIT / (LOSS)
BEFORE TAX (E-F) (G) |
(2638.600) |
(2383.406) |
(1692.186) |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
|
|
PROFIT / (LOSS)
AFTER TAX (G-H) (I) |
(2638.600) |
(2383.406) |
(1692.186) |
|
|
|
|
|
|
|
|
|
|
PREVIOUS YEARS’
BALANCE BROUGHT FORWARD |
(5269.738) |
(2886.332) |
(1194.146) |
|
|
|
|
|
|
|
|
|
|
BALANCE CARRIED
TO THE B/S |
(7908.338) |
(5269.738) |
(2886.332) |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Export Sales |
185.002 |
79.661 |
54.766 |
|
|
|
Sales of goods abroad which were purchased abroad. |
1.381 |
24.654 |
100.103 |
|
|
|
Freight Charges |
0.000 |
0.000 |
0.254 |
|
|
TOTAL EARNINGS |
186.383 |
104.315 |
155.123 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Components & Spare Parts |
620.263 |
525.262 |
867.507 |
|
|
|
Capital Goods |
100.866 |
68.159 |
16.456 |
|
|
TOTAL IMPORTS |
721.129 |
593.421 |
883.963 |
|
|
|
|
|
|
|
|
|
|
Earnings /
(Loss) Per Share (Rs.) |
(4.19) |
(7.73) |
(11.47) |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
PAT / Total Income |
(%) |
(68.40) |
(53.86) |
(32.63) |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
(68.62) |
(54.00) |
(32.68) |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
(59.74) |
(69.39) |
(52.59) |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
(3.01) |
(36.52) |
1.20 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
2.23 |
28.04 |
(2.54) |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
0.62 |
0.68 |
0.49 |
FINANCIAL ANALYSIS
[all figures are
in Rupees Millions]
DEBT EQUITY RATIO
|
Particular |
31.03.2011 |
31.03.2012 |
31.03.2013 |
|
|
(INR in Mlns.) |
(INR in Mlns.) |
(INR in Mlns.) |
|
Share Capital |
1475.000 |
5335.000 |
8785.000 |
|
Reserves & Surplus |
(2886.332) |
(5269.739) |
(7908.339) |
|
Share Application money pending allotment |
0.000 |
0.000 |
0.000 |
|
Net worth |
(1411.332) |
65.261 |
876.661 |
|
|
|
|
|
|
Long-term borrowings |
1510.000 |
1335.000 |
800.000 |
|
Short term borrowings |
2070.000 |
495.000 |
1152.500 |
|
Total borrowings |
3580.000 |
1830.000 |
1952.500 |
|
Debt/Equity ratio |
-2.537 |
28.041 |
2.227 |
YEAR-ON-YEAR GROWTH
|
Year on Year Growth |
31.03.2011 |
31.03.2012 |
31.03.2013 |
|
|
(INR in Mlns) |
(INR in Mlns) |
(INR in Mlns) |
|
Revenue from operations |
5,177.884 |
4,413.699 |
3,845.408 |
|
|
|
(14.759) |
(12.876) |
NET PROFIT MARGIN
|
Net Profit Margin |
31.03.2011 |
31.03.2012 |
31.03.2013 |
|
|
(INR in Mlns) |
(INR in Mlns) |
(INR in Mlns) |
|
Revenue from operations |
5,177.884 |
4,413.699 |
3,845.408 |
|
Profit |
(1,692.186) |
(2,383.406) |
(2,638.600) |
|
|
(32.68%) |
(54.00%) |
(68.62%) |
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 |
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 |
No |
INDEX OF CHARGES:
|
S. No. |
Charge ID |
Date of Charge
Creation/Modification |
Charge amount secured |
Charge Holder |
Address |
Service Request Number
(SRN) |
|
1 |
10331415 |
14/05/2013 * |
1,300,000,000.00 |
HOUSING DEVELOPMENT
FINANCE CORPORATION LIMITED |
RAMON HOUSE 169, BACKBAY RECLAMATION,
H T PAREKH MARG, MUMBAI, MAHARASHTRA - 400020, INDIA |
B76813237 |
|
2 |
10274535 |
09/05/2011 * |
600,000,000.00 |
ING VYSYA BANK LIMITED |
210, A-WING, MITTAL
TOWER, NARIMAN POINT, MUMBAI, MAHARASHTRA - 400021, INDIA |
B12669628 |
|
3 |
10244938 |
23/09/2010 |
250,000,000.00 |
ING VYSYA BANK LIMITED |
PLOT C-12, "G"
BLOCK, 8TH FLOOR, BKC, BANDRA (EAST), MUMBAI, MAHARASHTRA - 400051, INDIA |
A96414073 |
|
4 |
10242114 |
09/09/2010 |
150,000,000.00 |
INDUSIND BANK LIMITED |
INDUSIND HOUSE, 425, DADASAHEB
BHADKAMKAR MARG, MUMBAI, MAHARASHTRA - 400004, INDIA |
A95504270 |
|
5 |
10229118 |
18/06/2010 |
100,000,000.00 |
INDUSIND BANK LIMITED |
INDUSIND HOUSE, 425,
DADASAHEB BHADKAMKAR MARG, MUMBAI, MAHARASHTRA - 400004, INDIA |
A89060982 |
|
6 |
10220482 |
12/04/2010 |
250,000,000.00 |
INDUSIND BANK LIMITED |
INDUSIND HOUSE, 425,
DADASAHEB BHADKAMKAR MARG, MUMBAI, MAHARASHTRA - 400004, INDIA |
A84840511 |
* Date of charge modification
|
Unsecured Loans |
31.03.2013 (Rs.
in Millions) |
31.03.2012 (Rs.
in Millions) |
|
LONG-TERM
BORROWINGS |
|
|
|
Loans and advances from related parties |
0.000 |
110.000 |
|
SHORT-TERM
BORROWINGS |
|
|
|
Inter-corporate borrowings |
430.000 |
0.000 |
|
Total
|
430.000 |
110.000 |
OPERATIONS
During the year, the
Company recorded a sales volume of 1,11,185 vehicles taking the total
population of vehicles close to 5 Lac two wheelers in the Indian market. The
two wheeler industry has been marked by tough and challenging market conditions
throughout the year. Due to this, the two wheeler industry in India, recorded
the lowest growth rate in year of the decade. Notwithstanding the economic
headwinds, the Company has made progress in the year aligned to the vision and
strategic intent.
During the year, the
Company’s R&D unit continued to make strides in new product development to
enrich the product portfolio. This has been demonstrated by the launch of the
‘Rodeo RZ’ and ‘Rodeo RZ Std’ in the scooters category and the ‘Pantero’ and ‘Centuro’
in the motorcycles category. All the new models have received positive reviews
from customers and industry experts alike.
The year has also been
marked by recognition for the Company’s R&D Unit as it was awarded the
India Design Mark for the ‘Duro DZ’ and ‘Rodeo RZ’ by the India Design Council
under the Ministry of Commerce and Industry, Government of India. The Company’s
manufacturing plant at Pithampur was awarded the state environment award in
appreciation for its sustainable business practices and steps taken for
preservation of the environment, by the Madhya Pradesh Government, Department
of Housing and Environment.
EROSION OF NETWORTH
The accumulated losses of
the Company as at 31st March, 2013 have resulted in erosion of more
than 50% of its peak Net Worth during the immediately preceding 4 financial
years. Hence, the Company has become Potentially Sick within the meaning of
Section 23 of the Sick Industrial Companies (Special Provisions) Act, 1985
(?SICA?). The Company shall comply with the provisions of the SICA in due
course. The Company is taking necessary measures to revive its business.
OUTLOOK FOR THE CURRENT
YEAR
As per the forecast
released by the Society of Indian Automotive Manufacturers (SIAM), the Indian
two wheeler industry is expected to witness a moderation in growth due to a mix
of macroeconomic factors such as high inflation levels, high cost of financing
and increasing fuel costs.
However, given the presence
of strong fundamental growth drivers, the Indian two wheeler industry remains
attractive in the long term.
The Company has planned for
current financial year with measured confidence. The key thrust areas will be
impactful marketing and communication, brand building through awareness and
consideration for all the brands, expanding the reach by innovations in network
expansion and focus on export volumes for a larger global footprint.
SHARE CAPITAL
During the year, the
Authorised Share Capital of the Company was increased from Rs.8000.000 millions
to Rs.9000.000 millions.
The Board of Directors at
its Meeting held on 30th April, 2013 has recommended a further
increase in authorised share capital from Rs.9000.000 millions to Rs.12500.000
millions.
During the year, the
Company has also allotted 345000000 equity shares of Rs.10 each, at par, on
rights basis to Mahindra and Mahindra Limited.
CONTINGENT
LIABILITY:
|
Particulars |
31.03.2013 (Rs.
in Millions) |
31.03.2012 (Rs.
in Millions) |
|
Stamp
Duty paid under protest |
11.001 |
11.001 |
|
Total
|
11.001 |
11.001 |
FIXED ASSETS:
Tangible Assets
·
Leasehold Land
·
Buildings
·
Plant and Machinery
·
Furniture and Fixtures
·
Vehicles
Intangible Assets
·
Technical Knowhow
·
Brand
·
Product Development Expenditure
·
Software
WEBSITE DETAILS:
PRESS RELEASES/ NEWS:
MAHINDRA 2-WHEELERS
DOMESTIC SALES RISE 131% IN MAY
June 1, 2014
Mahindra Two-Wheelers on Sunday reported a 131 per cent growth in domestic sales at 15,878 units for May.
The company had sold 6,858 units in the corresponding month last year, the company said in a release.
Mahindra two-wheelers, a part of USD 16.5 billion Mahindra group, exported 946 units during the month.
Speaking on the monthly performance, company’s Chief of Operations Viren Popli said, “We are happy to maintain the demand momentum of our two-wheeler division during May 2014 with a growth of 131 per cent in the domestic market, which is indicative of the growing acceptance of our product especially our flagship brand, the Centuro.”
“With a positive upsurge in the socio-economic sentiments and on the back of improved demand, we hope to remain on the growth trajectory going ahead,” he added.
Besides two-wheelers, the company also has presence in other automobile segments like tractors, utility vehicles and others.
KINETIC EXITS MAHINDRA 2 WHEELERS; SELLS STAKE FOR
RS.1820.000 MILLIONS
February 25, 2014
Kinetic Engineering Limited (KEL) on Monday exited the two-wheeler segment completely by selling its remaining stake in Mahindra Two Wheelers to private equity firm Samena Capital for about Rs.1821.000 millions.
The Pune-based company had originally acquired the stake in November 2008 when Group firm Kinetic Motor Company sold its two-wheeler business assets to M&M in a cash and stock deal. Subsequently, the home-grown auto major merged Kinetic Engineering with itself in 2012.
According to the company, the deal with Samena Capital involves certain committed payments, including NCD repayments and cost of financing. The net proceeds would be around Rs.1098.000 millions, which KEL will use for its business operations.
Commenting on the transaction, KEL Vice-Chairperson Sulajja Firodia Motwani said the stake divestment is done to focus more on the automotive systems business.
"We will utilise the proceeds to meet various obligations of the automotive systems business, including working capital and FCCBs/debt repayment requirements to strengthen our balance sheet," she said.
Ambit Capital was the sole financial adviser to KEL for this transaction.
Kinetic is currently focused on building its automotive systems business through various Group companies.
The Group has made good progress in building a strong base in engine and transmission systems in KEL, motor business in Kinetic Taigene as well as automotive electronics business in the Kinetic-Ducati alliance.
Ramesh Venkataraman, Senior Partner at Samena, said the early success of the 'Centuro' bikes has demonstrated what the Mahindras are capable of and "we look forward to an exciting and fruitful relationship in the years to come."
Set up in 2008, Samena is a principal investment group focused on Asia and has offices in London, Dubai, Hong Kong, Singapore and Mumbai.
AUTO EXPO 2014: MAHINDRA UNVEILS MOJO 300CC BIKE, CENTURO
FACELIFT
February 06, 2014
Mahindra Two Wheelers has unveiled two bikes at the Auto Expo. The much-awaited 300 cc Mojo premium bike has been showcased at the Auto Expo and will be launched later this year.
Quite different from the original concept, this 300cc motorcycle
will be the manufacturer's flagship bike in the country. The engine that the
Mojo gets is a liquid-cooled, 4 stroke, single cylinder engine that puts out
27bhp. The Mojo also gets a 6-speed transmission.
The Mojo also gets radial brakes, USD forks and Pirelli Sport Demon tyres. As expected, Mahindra has given the Mojo a digital speedometer with an analogue tacho with a shift light and low fuel warning indicators.
Mahindra plans to launch the Mojo in June 2014 and we will see it pitted against the likes of the Duke 390 and the Ninja 300.
MAHINDRA TWO WHEELERS SELLS 16824 UNITS DURING MAY 2014
01 June, 2014
Mumbai, 1 June 2014: Mahindra Two Wheelers Limited (MTWL), part of the USD 16.5 billion Mahindra Group, today announced its sales numbers which stood at 16824 units during May 2014. The company’s domestic sales stood at 15878 units during May 2014, as against 6858 units during May 2013, a growth of 131%. Exports for the month stood at 946 units.
Speaking on the monthly performance, Viren Popli, Chief of Operations, Mahindra Two Wheelers said, “We are happy to maintain the demand momentum of our 2-wheeler division during May 2014 with a growth of 131% in the domestic market, which is indicative of the growing acceptance of our product portfolio especially our flagship brand, the Centuro. With a positive upsurge in socio-economic sentiments and on the back of improved demand, we hope to remain on the growth trajectory going ahead”.
About Mahindra
The Mahindra Group focuses on enabling people to rise through solutions that power mobility, drive rural prosperity, enhance urban lifestyles and increase business efficiency.
A USD 16.5 billion multinational group based in Mumbai, India, Mahindra employs more than 180,000 people in over 100 countries. Mahindra operates in the key industries that drive economic growth, enjoying a leadership position in tractors, utility vehicles, information technology and vacation ownership. In addition, Mahindra enjoys a strong presence in the agribusiness, aerospace, components, consulting services, defence, energy, financial services, industrial equipment, logistics, real estate, retail, steel and two wheeler industries.
In 2012, Mahindra featured on the Forbes Global 2000 list, a listing of the biggest and most powerful listed companies in the world.
MAHINDRA TWO WHEELERS
VOLUME GROWS 207 PERCENT IN FEB 14 OVER CONTINUING STRONG DEMAND FOR CENTURO
Mumbai, March 1, 2014: Mahindra Two Wheelers Limited (MTWL),
part of the USD 16.7 billion Mahindra Group, reported volume growth of 207%
during February 2014 over the previous year, selling 18,553 units during the
month. Domestic volumes stood at 17,848 units, a growth of 217% over the
previous year. The Mahindra Centuro continues to grow its volumes thanks to its
advanced, innovative features and very attractive price tag.
Commenting on this performance, Mr. Viren Popli, Executive Vice President, Mahindra Two Wheelers said, “The excellent sales performance during February demonstrates the increasing popularity of the Mahindra Centuro motorcycle despite the challenging macro-economic environment. We have also won several prestigious awards that reflect growing consumer confidence in our technological innovations, a clear validation of the Centuro’s success.”
He also added, “The newly introduced Centuro N1 with unique patented features such as remote flip key and anti-theft system, coupled with aspirational styling at an exciting value has helped to boost demand.”
The company has grown its sales and service network to over 1000 touch points across the country and is adding 2 new outlets every day in order to make the motorcycle more accessible to buyers.
The Centuro is powered by Mahindra’s indigenously developed intelligent MCi-5 (Micro Chip ignited-5 curve) engine that responds smartly to the need for power and fuel economy, delivering a power output of 8.5 BHP @ 7500 rpm, 8.5 Nm of peak torque @ 5500 rpm and an astounding mileage of 85.4 kmpl (ARAI). A maintenance free battery and 5 year warranty ensure peace of mind for the owner.
The Centuro sports a host of internationally patented category innovations and features like Anti-Theft Alarm with Engine Immobilizer, an encrypted Remote Flip Key, Find Me Lamps and Guide Lamps, all of which have been developed in-house. The bike also offers an advanced Digital Dashboard with a Distance–to-Empty (DTE) indicator, Service Reminder and Economy Mode indicator.
Mahindra Centuro has won 7 awards including the Bloomberg TV India Autocar India Viewers’ Choice Bike of the Year Award, Bike India Readers Choice Bike of the Year, AutoBild India, Golden Steering Award, Bike of the Year “Bike of the Year" at Vicky.in People's Choice Car and Bike Awards, Bike Maker of the Year 2013 from DNA”, “Commuter Bike of the Year” from Zigwheels, and 'Commuter Bike Of The Year' from Top Gear Malayalam magazine.
About Mahindra
The Mahindra Group focuses on enabling people to rise through solutions that power mobility, drive rural prosperity, enhance urban lifestyles and increase business efficiency.
A USD 16.7 billion multinational group based in Mumbai, India, Mahindra employs more than 180,000 people in over 100 countries. Mahindra operates in the key industries that drive economic growth, enjoying a leadership position in tractors, utility vehicles, information technology and vacation ownership. In addition, Mahindra enjoys a strong presence in the agribusiness, aerospace, components, consulting services, defence, energy, financial services, industrial equipment, logistics, real estate, retail, steel and two wheeler industries.
In 2012, Mahindra featured on the Forbes Global 2000 list, a listing of the biggest and most powerful listed companies in the world.
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.59.30 |
|
|
1 |
Rs.99.34 |
|
Euro |
1 |
Rs.80.70 |
INFORMATION DETAILS
|
Information Gathered
by : |
PLK |
|
|
|
|
Analysis Done by
: |
SUB |
|
|
|
|
Report Prepared
by : |
SMN |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
4 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
4 |
|
--PROFITABILIRY |
1~10 |
3 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
3 |
|
--RESERVES |
1~10 |
3 |
|
--CREDIT LINES |
1~10 |
4 |
|
--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 |
|
36 |
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.