MIRA
INFORM REPORT
|
Report Date : |
10.06.2014 |
IDENTIFICATION DETAILS
|
Name : |
CUMMINS GENERATOR TECHNOLOGIES INDIA LIMITED (w.e.f. 23.04.2007) |
|
|
|
|
Formerly Known
As : |
NEWAGE
ELECTRICAL INDIA LIMITED CG NEWAGE ELECTRICAL LIMITED |
|
|
|
|
Registered
Office : |
Cummins India Office Campus, Tower A, 6th Floor, Survey
No.20/21, Balewadi, Pune – 411 045, Maharashtra |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as
on) : |
31.03.2013 |
|
|
|
|
Date of
Incorporation : |
01.05.1991 |
|
|
|
|
Com. Reg. No.: |
11-061456 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs.16.100
millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U31101PN1991PLC061456 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
PNEN03919G |
|
|
|
|
PAN No.: [Permanent Account No.] |
AABCC1533E |
|
|
|
|
Legal Form : |
A Closely Held Public Limited Liability Company |
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|
|
|
Line of Business
: |
Subject
is engaged in the manufacturing and selling of alternators used in a wide
range of generators. |
|
|
|
|
No. of Employees
: |
Information declined by the Management. |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (54) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 6598000 |
|
|
|
|
Status : |
Good |
|
|
|
|
Payment Behaviour : |
Regular |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is an
established company having a fine track record. Financial position
of the company seems to be decent. Trade relations
are reported as fair. Business is active. Payment terms are reported to be
regular and as per commitments. The company can
be considered normal for business dealings at usual trade terms and conditions.
|
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
INDIAN ECONOMIC OVERVIEW
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.: 91-20-67067000)
LOCATIONS
|
Registered Office : |
Cummins India Office Campus, Tower A, 6th Floor, Survey No.20/21,
Balewadi, Pune – 411 045, Maharashtra, India |
|
Tel. No.: |
91-20-67067000 (Board) |
|
Fax No.: |
91-20-66025331 |
|
E-Mail : |
|
|
Website : |
|
|
|
|
|
Factory 1 : |
C-33, M.I.D.C., Ahmednagar – 414 111, Maharashtra, India |
|
Tel. No.: |
91-241-5603464/ 5/ 6 |
|
Fax No.: |
91-241-2777494 |
|
|
|
|
Factory 2 : |
G-6, M.I.D.C., Ranjangoan, Shirur Taluk, District Pune – 412 308,
Maharashtra, India |
|
Tel. No.: |
91-2138-399000 |
|
Fax No.: |
91-2138-399098 |
DIRECTORS
AS ON 12.08.2013
|
Name : |
Ramaswamy Shankararaman |
|
Designation : |
Whole-time Director |
|
Address : |
B-202, Tiara Apartment, Ivory Estate, Baner Road, Pashan, Pune – 411
045, Maharashtra, India |
|
Date of Birth/Age : |
22.11.1957 |
|
|
B.E. from (M.S. university, Baroda) |
|
Date of Appointment : |
16.07.2012 |
|
DIN No.: |
05241518 |
|
|
|
|
Name : |
Mr. Anant Jaivant Talaulicar |
|
Designation : |
Director |
|
Address : |
Flat No.2101-A and B, Sterling Tower, Goregaonkar Road, Gamdevi,
Mumbai – 400 007, Maharashtra, India |
|
Date of Birth/Age : |
11.07.1961 |
|
Date of Appointment : |
19.04.2004 |
|
DIN No.: |
00031051 |
|
|
|
|
Name : |
Mr. Rajiv Saravprakash Batra |
|
Designation : |
Director |
|
Address : |
Flat No.5 and 6, The Iris, Sagamwadi, North Main Road, Koregaon Park, Pune
– 411 001, Maharashtra, India |
|
Date of Birth/Age : |
30.09.1955 |
|
|
Bachelor
in Economics, CFA |
|
Date of Appointment : |
07.09.2004 |
|
DIN No.: |
00082866 |
|
|
|
|
Name : |
Mr. Pradeep
Kumar Bhargava |
|
Designation : |
Director |
|
Address : |
19, Cozy Retreat Sindh Housing Society, Aundh, Pune – 411 007,
Maharashtra, India |
|
Date of Birth/Age : |
25.06.1949 |
|
|
B.E.
(Electronics), B.Sc. (Honors), PGDBA |
|
Date of Appointment : |
30.04.2012 |
|
DIN No.: |
00525234 |
|
|
|
|
Name : |
Mr. Vikrant Surinder Kumar Aggarwal |
|
Designation : |
Director |
|
Address : |
6925, Collinswood Dr. Nashville 37221 |
|
Date of Birth/Age : |
23.09.1972 |
|
Date of Appointment : |
10.08.2010 |
|
DIN No.: |
02173721 |
|
|
|
|
Name : |
Mr. David Leslie Selheim |
|
Designation : |
Director |
|
Address : |
915, Westlake Hills, Dr. Columbus, USA 47201 |
|
Date of Birth/Age : |
03.06.1955 |
|
Date of Appointment : |
01.09.2011 |
|
DIN No.: |
01680502 |
|
|
|
|
Name : |
Mr. Mahesh Manohar Narang |
|
Designation : |
Director |
|
Address : |
Building 4, Clover Water Garden, PL 69, Kalyani Nagar, Pune – 411 014,
Maharashtra, India |
|
Date of Birth/Age : |
21.07.1975 |
|
Date of Appointment : |
12.08.2013 |
|
DIN No.: |
05313892 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 12.08.2013
Note:
Shareholding details file attached.
AS ON 12.08.2013
|
Equity Share Breakup |
|
Percentage of Holding |
|
Category |
|
|
|
Foreign holdings [Foreign institutional investors, Foreign Companies, Foreign Financial Institutions, Non-resident Indian or Overseas corporate bodies or others] |
|
51.00 |
|
Bodies
corporate |
|
48.53 |
|
Other
top fifty shareholders |
|
0.47 |
|
Total |
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Subject
is engaged in the manufacturing and selling of alternators used in a wide
range of generators. |
||||
|
|
|
||||
|
Products : |
|
PRODUCTION STATUS [AS ON 31.03.2011]:
|
Particulars |
31.03.2011 |
|
Licensed
Capacity* |
6,651,140
Kw |
|
Installed
Capacity** |
5,788,941
Kw |
|
Actual
Production*** |
4,589,223
Kw |
* Exempted from the licensing
provisions of the Industries (Development and Regulation) Act, 1951 in terms of
notification No.S.O.477(E) dated July 25, 1991. Prescribed Memoranda, for the
purpose of record, have been filed with Secretariat for Industrial Approvals
(SIA), Department of Industrial Development, Ministry of Industry, Government
of India. The capacity indicated is as disclosed in the respective memoranda.
* * Determined on triple
shift basis as certified by management and relied upon by the auditors, being a
technical matter. The installed capacity is subject to product mix, utilisation
of plant and machinery, which is common for different models and availment of
sub-contracting facilities.
*** As certified by
management and relied upon by the auditors, being a technical matter.
GENERAL INFORMATION
|
No. of Employees : |
Information declined by the Management. |
|
|
|
|
Bankers : |
HDFC Bank Limited, HDFC
Bank House, Senapati Bapat Marg, Lower Parel (West), Mumbai – 400 013,
Maharashtra, India |
|
|
|
|
Facilities : |
-- |
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
Price
Waterhouse Chartered
Accountants |
|
Address : |
Mutha Towers, 5th
Floor, Suite No.8, Airport Road, Yerwada, Pune – 411 006, Maharashtra, India |
|
PAN No.: |
AAEFP3641G |
|
|
|
|
Ultimate Holding Company: |
Cummins
Inc, United States |
|
|
|
|
Holding Company: |
Cummins Generator
Technologies Limited, United Kingdom |
|
|
|
|
Fellow Subsidiary Companies: |
·
Cummins Generator Technologies Co. Limited, China ·
Cummins Power Generation, Fridley, United States ·
Cummins generator Technologies PTE Limited, Singapore ·
Cummins Generator Technologies, Spain ·
Cummins Generator Technologies, Germany ·
Cummins Technologies India Limited, India (CIN No.:
U29113PN1994FLC139153) ·
Cummins S De R.L. De C.V., Mexico |
|
|
|
|
Associates: |
·
Cummins India Limited, India C(N No.: L29112PN1962PLC012276) ·
Valvoline Cummins Limited, India (CIN No.: U74899DL1994PLC062425) |
|
|
|
|
Other Related Parties: |
·
KPIT Technologies Limited, India (CIN No.: L72200PN1990PLC059594) ·
Cummins Eng Co Limited, United Kingdom |
CAPITAL STRUCTURE
AS ON 12.08.2013
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
3000000 |
Equity Shares |
Rs.10/- each |
Rs.30.000 millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
1607001 |
Equity Shares |
Rs.10/- each
|
Rs.16.070
millions |
|
|
|
|
|
AS ON 31.03.2013
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
3000000 |
Equity Shares |
Rs.10/- each |
Rs.30.000 millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
1610000 |
Equity Shares |
Rs.10/- each
|
Rs.16.100
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 |
16.100 |
16.100 |
16.100 |
|
(b) Reserves & Surplus |
1633.400 |
1481.100 |
1353.600 |
|
(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) |
1649.500 |
1497.200 |
1369.700 |
|
|
|
|
|
|
(3) Non-Current
Liabilities |
|
|
|
|
(a) Long-term borrowings |
25.800 |
33.900 |
39.300 |
|
(b) Deferred tax liabilities (Net) |
41.500 |
33.500 |
28.300 |
|
(c) Other long
term liabilities |
16.900 |
23.400 |
23.700 |
|
(d) Long-term
provisions |
48.800 |
39.900 |
27.000 |
|
Total Non-current
Liabilities (3) |
133.000 |
130.700 |
118.300 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a)
Short term borrowings |
0.000 |
0.000 |
0.000 |
|
(b)
Trade payables |
747.900 |
791.000 |
635.000 |
|
(c)
Other current liabilities |
188.000 |
165.700 |
435.200 |
|
(d) Short-term
provisions |
166.700 |
85.500 |
115.900 |
|
Total Current
Liabilities (4) |
1102.600 |
1042.200 |
1186.100 |
|
|
|
|
|
|
TOTAL |
2885.100 |
2670.100 |
2674.100 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i)
Tangible assets |
591.100 |
575.500 |
541.100 |
|
(ii)
Intangible Assets |
0.000 |
0.000 |
0.000 |
|
(iii) Capital
work-in-progress |
28.700 |
30.000 |
26.600 |
|
(iv)
Intangible assets under development |
0.000 |
0.000 |
0.000 |
|
(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 |
442.500 |
343.600 |
252.700 |
|
(e) Other
Non-current assets |
0.000 |
0.000 |
0.000 |
|
Total Non-Current
Assets |
1062.300 |
949.100 |
820.400 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a)
Current investments |
0.000 |
50.000 |
30.000 |
|
(b)
Inventories |
394.400 |
306.900 |
341.400 |
|
(c)
Trade receivables |
1217.300 |
1072.100 |
1051.300 |
|
(d) Cash
and cash equivalents |
95.200 |
98.600 |
43.500 |
|
(e)
Short-term loans and advances |
115.900 |
193.400 |
387.500 |
|
(f)
Other current assets |
0.000 |
0.000 |
0.000 |
|
Total
Current Assets |
1822.800 |
1721.000 |
1853.700 |
|
|
|
|
|
|
TOTAL |
2885.100 |
2670.100 |
2674.100 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
|
|
SALES |
|
|
|
|
|
|
|
Revenue from operations |
5983.400 |
5027.700 |
5142.600 |
|
|
|
Other Income |
32.200 |
75.900 |
89.800 |
|
|
|
TOTAL (A) |
6015.600 |
5103.600 |
5232.400 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of materials
consumed |
4202.300 |
3576.700 |
3981.600 |
|
|
|
Purchases of
stock-in-trade |
256.100 |
18.300 |
4.400 |
|
|
|
Changes in inventories of finished goods,
work-in-progress and stock-in-trade |
(75.200) |
54.500 |
(142.800) |
|
|
|
Employee benefit expense |
349.500 |
308.800 |
224.900 |
|
|
|
Other expenses |
545.300 |
446.900 |
436.600 |
|
|
|
TOTAL (B) |
5278.000 |
4405.200 |
4504.700 |
|
|
|
|
|
|
|
|
Less |
PROFIT
/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
737.600 |
698.400 |
727.700 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
0.300 |
1.600 |
0.400 |
|
|
|
|
|
|
|
|
|
|
PROFIT
/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
737.300 |
696.800 |
727.300 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
50.400 |
45.200 |
51.000 |
|
|
|
|
|
|
|
|
|
|
PROFIT / (LOSS)
BEFORE TAX (E-F) (G) |
686.900 |
651.600 |
676.300 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
216.100 |
206.600 |
218.800 |
|
|
|
|
|
|
|
|
|
|
PROFIT / (LOSS)
AFTER TAX (G-H) (I) |
470.800 |
445.000 |
457.500 |
|
|
|
|
|
|
|
|
|
|
PREVIOUS YEARS’
BALANCE BROUGHT FORWARD |
976.510 |
893.520 |
801.160 |
|
|
|
|
|
|
|
|
|
|
APPROPRIATIONS |
|
|
|
|
|
|
|
Interim
dividends (inclusive of tax thereon) |
168.140 |
242.800 |
225.610 |
|
|
|
Proposed
final dividend (inclusive of tax thereon) |
150.450 |
74.710 |
93.700 |
|
|
|
General
Reserve |
47.100 |
44.500 |
45.750 |
|
|
BALANCE CARRIED
TO THE B/S |
1081.660 |
976.530 |
893.520 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
445.600 |
655.500 |
821.170
|
|
|
|
|
|
|
|
|
|
|
Earnings /
(Loss) Per Share (Rs.) |
294.00 |
278.00 |
286.00 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
PAT / Total Income |
(%) |
7.83 |
8.72 |
8.74 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
11.48 |
12.96 |
13.15 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
24.05 |
24.68 |
25.54 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.42 |
0.44 |
0.49 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
0.02 |
0.02 |
0.03 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.65 |
1.65 |
1.56 |
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 |
16.100 |
16.100 |
16.100 |
|
Reserves & Surplus |
1353.600 |
1481.100 |
1633.400 |
|
Share Application money pending allotment |
0.000 |
0.000 |
0.000 |
|
Net worth |
1369.700 |
1497.200 |
1649.500 |
|
|
|
|
|
|
Long-term borrowings |
39.300 |
33.900 |
25.800 |
|
Short term borrowings |
0.000 |
0.000 |
0.000 |
|
Total borrowings |
39.300 |
33.900 |
25.800 |
|
Debt/Equity ratio |
0.029 |
0.023 |
0.016 |
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 |
5142.600 |
5027.700 |
5983.400 |
|
|
|
(2.234) |
19.009 |
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 |
5142.600 |
5027.700 |
5983.400 |
|
Profit |
457.500 |
445.000 |
470.800 |
|
|
8.90% |
8.85% |
7.87% |
LOCAL AGENCY FURTHER INFORMATION
Details of Current maturities of long term debt:
|
Particulars |
31.03.2013 (Rs. in millions) |
31.03.2012 (Rs. in millions) |
31.03.2011 (Rs. in millions) |
|
Current maturities of
long term debt |
8.100 |
5.400 |
2.800 |
|
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 |
No |
|
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] |
PAN of Proprietor/Partner/Director, if available |
No |
|
32] |
Date
of Birth of Proprietor/Partner/Director, if available |
Yes |
|
33] |
Voter ID No of Proprietor/Partner/Director, if available |
No |
|
34] |
External Agency Rating, if available |
No |
|
Unsecured Loans |
31.03.2013 (Rs.
in Millions) |
31.03.2012 (Rs.
in Millions) |
|
LONG-TERM
BORROWINGS |
|
|
|
Deferred sales tax loan |
(A) 25.800 |
(B) 33.900 |
|
Total
|
25.800 |
33.900 |
Notes:
(A) Outstanding deferred
sales tax loan is interest free and payable in 17 installments from FY-2013-14
upto FY-2018-19
(B)
It indicates Sales Tax Deferral Loan from SICOM Limited-Long Term. Outstanding deferred
sales tax loan is interest free and payable in 19 instalments from F.Y. 2012-13
upto F.Y. 2018-2019.
INDEX OF CHARGES:
|
S. No. |
Charge ID |
Date of Charge
Creation/Modification |
Charge amount secured |
Charge Holder |
Address |
Service Request Number
(SRN) |
|
1 |
90086428 |
28/08/2008 * |
140,000,000.00 |
HDFC BANK LIMITED |
HDFC BANK HOUSE, SENAPATI
BAPAT MARG, LOWER PAREL (WEST), MUMBAI, MAHARASHTRA - 400013, INDIA |
A45656428 |
|
2 |
90083939 |
30/01/1993 |
13,350,000.00 |
BANK OF BARODA |
MIDC BRANCH, AHMEDNAGAR,
MAHARASHTRA - 414111, INDIA |
- |
|
3 |
90083870 |
31/01/1995 * |
22,000,000.00 |
THE INDUSTRIAL CREDIT AND
INVESTMENT CORPORATION OF INDIA LIMITED |
163, BACKBAY RECLAMATION,
BOMBAY, MAHARASHTRA - 400020, INDIA |
- |
* Date of charge modification
Note:
The registered office of the company has been shifted from Godrej Eternia-C,
‘B’ Wing, 5th Floor, Wakdewadi, Mumbai-Pune Road, Shivaji Nagar,
Pune – 411 005, Maharashtra to the present address w.e.f. 15.01.2014.
GENERAL INFORMATION:
Subject is a public limited
company, domiciled in India and incorporated under the provisions of the
Companies Act, 1956. Its shares are not listed on any stock exchange in India
or abroad. The Company is engaged in the manufacturing and selling of
alternators used in a wide range of generators. It caters to both domestic and
international markets.
PERFORMANCE:
The revenues for the year
2012-13 were Rs.5983.380 millions against last year of Rs.5027.700 millions which
is an increase of 19%. Overall exports declined by 31%, however domestic sales
were higher by 26%. The profit after tax for current year was at 8% of sales as
against 9% for the previous year. The Company introduced high end alternators
imported from UK / Germany and sold to customers in India.
OUTLOOK:
The year started with a
good demand riding on the power shortage in South part of India, resulting in
highest sales in first quarter of 2012-2013.
The demand peaked sometime
in June 2012 and thereafter declined. Overall yearly performance was as
expected.
The start of the new fiscal
year witnessed a slowdown in growth due to economic downturn, causing demand
uncertainty and a close watch on the cyclic nature of the demand is required.
FIXED ASSETS:
·
Land
·
Buildings
·
Plant and Equipment
·
Furniture and Fixtures
·
Vehicles
·
Ships Vessels
·
Office Equipment
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.59.06 |
|
|
1 |
Rs.99.35 |
|
Euro |
1 |
Rs.80.62 |
INFORMATION DETAILS
|
Information
Gathered by : |
PRT |
|
|
|
|
Analysis Done by
: |
RAS |
|
|
|
|
Report Prepared
by : |
SMN |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILIRY |
1~10 |
7 |
|
--LIQUIDITY |
1~10 |
6 |
|
--LEVERAGE |
1~10 |
6 |
|
--RESERVES |
1~10 |
6 |
|
--CREDIT LINES |
1~10 |
6 |
|
--MARGINS |
-5~5 |
- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
NO |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
NO |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
54 |
This score serves as a reference to assess SC’s credit risk
and to set the amount of credit to be extended. It is calculated from a
composite of weighted scores obtained from each of the major sections of this
report. The assessed factors and their relative weights (as indicated through
%) are as follows:
Financial
condition (40%) Ownership
background (20%) Payment
record (10%)
Credit history
(10%) Market trend
(10%) Operational
size (10%)
RATING EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
|
71-85 |
Aa |
Possesses adequate working capital. No caution needed for credit
transaction. It has above average (strong) capability for payment of interest
and principal sums |
Large |
|
56-70 |
A |
Financial & operational base are regarded healthy. General
unfavourable factors will not cause fatal effect. Satisfactory capability for
payment of interest and principal sums |
Fairly Large |
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively below
average. |
Small |
|
11-25 |
Ca |
Adverse factors are apparent. Repayment of interest and principal sums
in default or expected to be in default upon maturity |
Limited with
full security |
|
<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
|
-- |
NB |
New Business |
-- |
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or
its officials.