MIRA INFORM REPORT
1. Summary Information
|
|
|
Country |
|
|
Company Name |
MAHINDRA VEHICLE
MANUFACTURERS LIMITED |
Principal Name 1 |
Dr. Pawan Kumar Ram Kishore Goenka |
|
Status |
Good |
Principal Name 2 |
Mr. Louis Percival Pereira |
|
|
|
Registration # |
11-171151 |
|
Street Address |
|
||
|
Established Date |
25.05.2007 |
SIC Code |
-- |
|
Telephone# |
91-22-24931441/ 24935626 |
Business Style 1 |
Manufacturer |
|
Fax # |
91-22-24900833 |
Business Style 2 |
-- |
|
Homepage |
Product Name 1 |
Tractors |
|
|
# of employees |
Not Available |
Product Name 2 |
Utility Vehicles |
|
Paid up capital |
Rs.
9622,500,000/- |
Product Name 3 |
-- |
|
Shareholders |
Bodies corporate - 100% |
Banking |
HDFC Bank
Limited |
|
Public Limited Corp. |
No |
Business Period |
7 Years |
|
IPO |
No |
International Ins. |
- |
|
Public |
No |
Rating |
A (60) |
|
Related
Company |
|||
|
Relation
|
Country
|
Company
Name |
CEO |
|
Holding Company : |
|
Mahindra and Mahindra Limited |
-- |
|
Note |
- |
||
2. Summary
Financial Statement
|
Balance Sheet as of |
31.03.2013 |
(Unit: Indian Rs.) |
|
|
Assets |
Liabilities |
||
|
Current Assets |
15,029,000,000 |
Current Liabilities |
16,424,500,000 |
|
Inventories |
6,610,500,000 |
Long-term Liabilities |
9,251,800,000 |
|
Fixed Assets |
18,696,300,000 |
Other Liabilities |
2,605,600,000 |
|
Deferred Assets |
0,000 |
Total Liabilities |
28,281,900,000 |
|
Invest& other Assets |
786,100,000 |
Retained Earnings |
3,217,500,000 |
|
|
|
Net Worth |
12,840,000,000 |
|
Total Assets |
41,121,900,000 |
Total Liab. & Equity |
41,121,900,000 |
|
Total Assets (Previous Year) |
16,020,700,000 |
|
|
|
P/L Statement as of |
31.03.2013 |
(Unit: Indian Rs.) |
|
|
Sales |
78,894,600,000 |
Net Profit |
2,837,800,000 |
|
Sales(Previous yr) |
44,809,800,000 |
Net Profit(Prev.yr) |
1,217,700,000 |
|
Report Date : |
12.03.2014 |
IDENTIFICATION DETAILS
|
Name : |
MAHINDRA VEHICLE MANUFACTURERS LIMITED (w.e.f. 19.12.2008) |
|
|
|
|
Formerly Known
As : |
MAHINDRA AUTOMOTIVE LIMITED |
|
|
|
|
Registered
Office : |
|
|
|
|
|
Country : |
|
|
|
|
|
Financials (as
on) : |
31.03.2013 |
|
|
|
|
Date of
Incorporation : |
25.05.2007 |
|
|
|
|
Com. Reg. No.: |
11-171151 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs.9622.500
Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U34100MH2007PLC171151 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
MUMM32438A |
|
|
|
|
PAN No.: [Permanent Account No.] |
AAFCM1217M |
|
|
|
|
Legal Form : |
A Closely Held Public Limited Liability Company |
|
|
|
|
Line of Business
: |
Manufacturer of Tractors and Utility Vehicles. |
|
|
|
|
No. of Employees
: |
Not Available |
RATING & COMMENTS
|
MIRA’s Rating : |
A (57) |
|
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 51300 |
|
|
|
|
Status : |
Good |
|
|
|
|
Payment Behaviour : |
Regular |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is a subsidiary of “MAHINDRA AND MAHINDRA LIMITED”. It is a
well-established company having fine track record. The ratings reflects sound financial risk profile marked by improved operational
performance and financial support that company receives from its parent
company. Trade relation reported to be fair. Business is active. Payment terms
are reported to be regular and as per commitments. In view of strong holding support, 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 – December 1, 2013
|
Country Name |
Previous Rating (30.09.2013) |
Current Rating (01.12.2013) |
|
India |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
INDIAN ECONOMIC OVERVIEW
State-run banks hired nearly 300000
personnel including more than 94000 officers in the last four years, according
to the Indian Banks Association. A study by trade lobby Assocham in September
2013 indicated that banks would need 800000 people in the next six years. It
estimated that state-run lenders alone would hire 50000 people in 2013/14.
The Competition Commission of
India plans to issue final orders within a broad time-frame of one year in
matters where it decides to carry out detailed investigations. The number of
complaints received by the watchdog which keeps tabs on unfair trade practices
in the marketplace.
The government has detected
custom tax evasion totaling around Rs 37920 mn in 14 states until December.
Maharashtra topped the list of Rs 14190 mn followed by Andhra Pradesh at Rs
8140 mn, Gujarat Rs 5240 mn, Karnataka Rs 1670 mn and Tamilnadu Rs 1610 mn.
Connaught Place in New Delhi
slipped four notches to become the world’s eighth most expensive office
locations. London’s West End is the world’s most expensive office market.
There are 4.072 mn number of
high value spenders under the scanner of the income tax department. The income
tax department has information that they have made cash deposits announcing to Rs
1 mn or more in their savings bank accounts in the current financial year. It
plans to check potential evasion before the closing of the financial year on
March 31.
Estimated pharmaceutical sales
in the country for 2016 is $ 27 bn. It is 14.4 per cent higher than a year ago.
The life sciences and health care industry is up against challenges such as
quality management, says a recent Deloitte report.
The gross non-performing assets
of listed banks rose 35.2 % to Rs 2.43 lakh crore during the first three months
of the financial year. In absolute terms, the 40 listed banks added Rs 3386
crore to their gross NPAs in nine months with the State Bank of India leading
with the State Bank of India leading with an accretion of Rs 16610 crore.
The inflow of smuggled gold
doubled in 2013 following restrictions to curb the supply from official
channels to contain the current account deficit. China surpassed India in the
demand for gold for the first time in 2013 due to liberalization of gold
trading norms by its local governments.
EXTERNAL AGENCY RATING
|
Rating Agency Name |
ICRA |
|
Rating |
AA [Non-Convertible Debenture] |
|
Rating Explanation |
Having high degree of safety regarding
timely servicing of financial obligation it carry low credit risk. |
|
Date |
January 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.
LOCATIONS
|
Registered Office : |
|
|
Tel. No.: |
91-22-24931441/ 24935626 |
|
Fax No.: |
91-22-24900833 |
|
E-Mail : |
|
|
Website : |
|
|
|
|
|
Factory : |
Located at MIDC Chakan, Pune – 410 501, Maharashtra, India |
DIRECTORS
As on 18.06.2013
|
Name : |
Dr. Pawan Kumar Ram Kishore Goenka |
|
Designation : |
Director |
|
Address : |
Flat No.602, 9, JVPD, Near UTI Bank Limited, 10th Road,
Vile Parle (West), Mumbai – 400 056, Maharashtra, India |
|
Date of Birth/Age : |
23.09.1954 |
|
Date of Appointment : |
25.05.2007 |
|
00254502 |
|
|
|
|
|
Name : |
Mr. Louis Percival Pereira |
|
Designation : |
Director |
|
Address : |
504, Ashok Nagar, 1-B Wing, Vazira Naka, Borivali (West), Mumbai – 400
092, Maharashtra, India |
|
Date of Birth/Age : |
21.07.1948 |
|
Date of Appointment : |
28.04.2011 |
|
DIN No.: |
01329348 |
|
|
|
|
Name : |
Mr. Ajay Mansukhlal Choksey |
|
Designation : |
Director |
|
Address : |
Kanyakumari CHS, C-21, 2nd Floor, A.K. Road, Plot C/5, 662,
Andheri (East), Mumbai – 400 069, Maharashtra, India |
|
Date of Birth/Age : |
12.08.1952 |
|
Date of Appointment : |
06.08.2008 |
|
DIN No.: |
00204454 |
|
|
|
|
Name : |
Mr. Sundaram Venkatraman |
|
Designation : |
Director |
|
Address : |
501, Vikas Classic, Building No.4, Behind Basant Theater, Dr. C. Gidwani
Marg, Chembur, Mumbai – 400 074, Maharashtra, India |
|
Date of Birth/Age : |
07.05.1952 |
|
Date of Appointment : |
19.11.2008 |
|
DIN No.: |
00077193 |
|
|
|
|
Name : |
Mr. Pravin Nagindas Shah |
|
Designation : |
Additional Director |
|
Address : |
41/42, Sailesh, Plot No.94A, Linking Road, TPS 2, Santacruz (West),
Mumbai – 400 054, Maharashtra, India |
|
Date of Birth/Age : |
14.05.1954 |
|
Date of Appointment : |
25.01.2012 |
|
DIN No.: |
00056173 |
|
|
|
|
Name : |
Mr. Vijay Anant Dhongde |
|
Designation : |
Director |
|
Address : |
D-1, 207, Jumbo Darshan Co-operative Society Limited, Jeeva Mahale
Road, Andheri (East), Mumbai-400069, Maharashtra, India |
|
Date of Birth/Age : |
19.09.1953 |
|
Date of Appointment : |
23.08.2011 |
|
DIN No.: |
03601867 |
KEY EXECUTIVES
|
Name : |
Mr. Vijay Anant Dhongde |
|
Designation : |
Manager |
|
Address : |
D-1, 207, Jumbo Darshan Co-operative Society Limited, Jeeva Mahale Road,
Andheri (East), Mumbai-400069, Maharashtra, India |
|
Date of Birth/Age : |
19.09.1953 |
|
Date of Appointment : |
01.04.2011 |
|
Pan No.: |
ADBPD7401N |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 18.06.2013
|
Names of Shareholders |
No. of Shares |
|
Mahindra and Mahindra Limited, |
962249994 |
|
Mahindra and Mahindra Limited, |
1 |
|
Mahindra and Mahindra Limited, |
1 |
|
Mahindra and Mahindra Limited, |
1 |
|
Mahindra and Mahindra Limited, |
1 |
|
Mahindra and Mahindra Limited, India Jointly with P. N. Shah |
1 |
|
Mahindra and Mahindra Limited, |
1 |
|
|
|
|
Total |
962250000 |
As on 18.06.2013
Equity Share Break up (Percentage of Total Equity)
|
Category |
Percentage of Holding |
|
Bodies corporate |
100.00 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer of Tractors and Utility Vehicles. |
||||||||||
|
|
|
||||||||||
|
Products : |
|
GENERAL INFORMATION
|
No. of Employees : |
Not Available |
|||||||||||||||||||||||||||
|
|
|
|||||||||||||||||||||||||||
|
Bankers : |
·
HDFC Bank Limited, HDFC Bank House, Senapati
Bapat Marg, Lower Parel (West), Mumbai-400013, Maharashtra, India ·
Canara Bank (Security Trustee for the Lenders),
Prime Corporate Branch - II, Verma Chambers, 2nd Floor, Homji
Street, Fort, Mumbai – 400 001, Maharashtra, India ·
State Bank of |
|||||||||||||||||||||||||||
|
|
|
|||||||||||||||||||||||||||
|
Facilities : |
|
|
Banking
Relations : |
-- |
|
|
|
|
Financial
Institution : |
Axis Trustee Services
Limited, Axis House, 2nd Floor, Bombay Dyeing Mills Compound, Pandurang
Budhkar Marg, Worli, Mumbai - 400025, Maharashtra, India |
|
|
|
|
Auditors : |
|
|
Name : |
Deloitte Haskins and Sells Chartered Accountants |
|
Address : |
Mumbai, |
|
PAN
No. : |
AABFD7919A |
|
|
|
|
Holding Company : |
Mahindra and
Mahindra Limited |
|
|
|
|
Fellow Subsidiary : |
·
Mahindra Automobile Distributor Private Limited ·
Mahindra Reva Electric Vehicles Private Limited ·
Mahindra Intertrade Limited ·
Mahindra Ugine Steel Company Limited ·
Mahindra Forging Limited ·
Mahindra Hinodaya Limited ·
Mahindra Logistics Limited ·
Mahindra Navistar Engine Private Limited ·
Mahindra Navistar Automotive Limited ·
Mahindra Gears and Transmissions Private Limited ·
Mahindra BPO Services Private Limited ·
Mahindra Holidays and Resorts India Limited ·
Ssangyong Motor Company, Korea ·
Mahindra Conveyor Systems Private Limited |
CAPITAL STRUCTURE
As on 31.03.2013
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
1300000000 |
Equity Shares |
Rs.10/- each |
Rs.13000.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
962250000 |
Equity Shares |
Rs.10/- each |
Rs.9622.500 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 |
9622.500 |
9622.500 |
9622.500 |
|
(b) Reserves & Surplus |
3217.500 |
1198.700 |
(19.000) |
|
(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) |
12840.000 |
10821.200 |
9603.500 |
|
|
|
|
|
|
(3) Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
8588.100 |
9094.400 |
8387.000 |
|
(b) Deferred tax liabilities (Net) |
1408.400 |
618.300 |
0.000 |
|
(c) Other long term liabilities |
0.000 |
0.000 |
4.300 |
|
(d) long-term provisions |
365.200 |
128.900 |
103.300 |
|
Total Non-current Liabilities (3) |
10361.700 |
9841.600 |
8494.600 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
663.700 |
16.800 |
388.800 |
|
(b) Trade payables |
13700.200 |
13302.700 |
4116.700 |
|
(c) Other current
liabilities |
2724.300 |
2689.800 |
1174.70 |
|
(d) Short-term provisions |
832.000 |
11.400 |
7.600 |
|
Total Current Liabilities (4) |
17920.200 |
16020.700 |
5687.800 |
|
|
|
|
|
|
TOTAL |
41121.900 |
36683.500 |
23785.900 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
18593.900 |
17237.900 |
15457.000 |
|
(ii) Intangible Assets |
102.400 |
94.800 |
24.100 |
|
(iii) Capital
work-in-progress |
558.100 |
675.500 |
625.200 |
|
(iv)
Intangible assets under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current Investments |
28.000 |
28.000 |
28.000 |
|
(c) Deferred tax assets (net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
4742.800 |
2568.400 |
1237.400 |
|
(e) Other Non-current assets |
85.700 |
90.800 |
85.100 |
|
Total Non-Current Assets |
24110.900 |
20695.400 |
17456.800 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
200.000 |
1361.400 |
0.000 |
|
(b) Inventories |
6610.500 |
5617.500 |
2193.400 |
|
(c) Trade receivables |
5982.900 |
4587.000 |
1672.400 |
|
(d) Cash and cash
equivalents |
327.500 |
1024.900 |
2.800 |
|
(e) Short-term loans and
advances |
635.100 |
1002.700 |
2440.000 |
|
(f) Other current assets |
3255.000 |
2394.600 |
20.500 |
|
Total Current Assets |
17011.000 |
15988.100 |
6329.100 |
|
|
|
|
|
|
TOTAL |
41121.900 |
36683.500 |
23785.900 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
78894.600 |
44806.800 |
11808.900 |
|
|
|
Other Income |
141.800 |
83.800 |
41.800 |
|
|
|
TOTAL |
79036.400 |
44890.600 |
11850.700 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of materials consumed |
69724.200 |
40361.500 |
9852.000 |
|
|
|
Changes in
inventories of finished goods, work-in-progress and stock-in-trade |
(81.400) |
(1916.200) |
(859.900) |
|
|
|
Employee benefit expense |
1312.000 |
928.500 |
517.600 |
|
|
|
Other expenses |
1653.900 |
1498.000 |
612.000 |
|
|
|
TOTAL |
72608.700 |
40871.800 |
10121.700 |
|
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE INTEREST, TAX,
DEPRECIATION AND AMORTISATION |
6427.700 |
4018.800 |
1729.000 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES |
1052.500 |
1246.100 |
864.500 |
|
|
|
|
|
|
|
|
|
|
PROFIT
/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION |
5375.200 |
2772.700 |
864.500 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION |
1069.900 |
937.800 |
600.300 |
|
|
|
|
|
|
|
|
|
|
PROFIT/ (LOSS) BEFORE TAX |
4305.300 |
1834.900 |
264.200 |
|
|
|
|
|
|
|
|
|
Less |
TAX |
1467.500 |
617.200 |
0.000 |
|
|
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) AFTER TAX |
2837.800 |
1217.700 |
264.200 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
1162.700 |
(19.000) |
(283.200) |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Transfer to Debenture Reserve |
723.900 |
36.000 |
0.000 |
|
|
|
Proposed Dividend on Equity Shares |
700.000 |
0.000 |
0.000 |
|
|
|
Income-Tax on Proposed Dividend |
119.000 |
0.000 |
0.000 |
|
|
BALANCE CARRIED
TO THE B/S |
2457.600 |
1162.700 |
(19.000) |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
NA |
1287.100 |
249.300 |
|
|
|
Capital Goods |
NA |
204.900 |
60.900 |
|
|
TOTAL IMPORTS |
NA |
1492.000 |
310.200 |
|
|
|
|
|
|
|
|
|
|
Earnings /
(Loss) Per Share (Rs.) |
2.95 |
1.27 |
0.34 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
PAT / Total Income |
(%) |
3.59
|
2.71 |
2.24 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
5.46
|
4.09 |
2.24 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
10.62
|
5.10 |
1.14 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.33
|
0.17 |
0.03 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
0.72
|
0.84 |
0.91 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
0.95
|
1.00 |
1.11 |
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 |
9622.500 |
9622.500 |
9622.500 |
|
Reserves & Surplus |
-19.000 |
1198.700 |
3217.500 |
|
Net
worth |
9,603.500 |
10,821.200 |
12,840.000 |
|
|
|
|
|
|
long-term borrowings |
8387.000 |
9094.400 |
8588.100 |
|
Short term borrowings |
388.800 |
16.800 |
663.700 |
|
Total
borrowings |
8,775.800 |
9,111.200 |
9,251.800 |
|
Debt/Equity
ratio |
0.914 |
0.842 |
0.721 |
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) |
|
Sales |
11808.900 |
44806.800 |
78894.600 |
|
|
|
279.432 |
76.077 |
NET PROFIT MARGIN
|
Net
Profit Margin |
31.03.2011 |
31.03.2012 |
31.03.2013 |
|
|
(INR
in Mlns) |
(INR
in Mlns) |
(INR
in Mlns) |
|
Sales |
11808.900 |
44806.800 |
78894.600 |
|
Profit |
264.200 |
1217.700 |
2837.800 |
|
|
2.24% |
2.72% |
3.60% |
LOCAL AGENCY FURTHER INFORMATION
|
Sr. No. |
Check List by Info Agents |
Available in
Report (Yes / No) |
|
1] |
Year of Establishment |
Yes |
|
2] |
Locality of the firm |
Yes |
|
3] |
Constitutions of the firm |
Yes |
|
4] |
Premises details |
No |
|
5] |
Type of Business |
Yes |
|
6] |
Line of Business |
Yes |
|
7] |
Promoter's background |
Yes |
|
8] |
No. of employees |
No |
|
9] |
Name of person contacted |
No |
|
10] |
Designation of contact
person |
No |
|
11] |
Turnover of firm for last
three years |
Yes |
|
12] |
Profitability for last
three years |
Yes |
|
13] |
Reasons for variation
<> 20% |
----- |
|
14] |
Estimation for coming financial
year |
No |
|
15] |
Capital in the business |
Yes |
|
16] |
Details of sister
concerns |
Yes |
|
17] |
Major suppliers |
No |
|
18] |
Major customers |
No |
|
19] |
Payments terms |
No |
|
20] |
Export / Import details
(if applicable) |
No |
|
21] |
Market information |
----- |
|
22] |
Litigations that the firm
/ promoter involved in |
----- |
|
23] |
Banking Details |
Yes |
|
24] |
Banking facility details |
Yes |
|
25] |
Conduct of the banking
account |
----- |
|
26] |
Buyer visit details |
----- |
|
27] |
Financials, if provided |
Yes |
|
28] |
Incorporation details, if
applicable |
Yes |
|
29] |
Last accounts filed at
ROC |
Yes |
|
30] |
Major Shareholders, if
available |
Yes |
|
31] |
Date of Birth of
Proprietor/Partner/Director, if available |
Yes |
|
32] |
PAN of
Proprietor/Partner/Director, if available |
No |
|
33] |
Voter ID No of
Proprietor/Partner/Director, if available |
No |
|
34] |
External Agency Rating,
if available |
Yes |
INDEX OF CHARGES
|
S.No. |
Charge ID |
Date of Charge
Creation/Modification |
Charge amount
secured |
Charge Holder |
Address |
Service Request
Number (SRN) |
|
1 |
10434317 |
23/05/2013 |
8,000,000,000.00 |
Axis Trustee Services Limited |
Axis House, 2nd Flr, Bombay Dyeing Mills Compound, Pandurang Budhkar
Marg, Worli,, Mumbai, Maharashtra - 400025, INDIA |
B77660553 |
|
2 |
10236113 |
14/06/2012 * |
1,500,000,000.00 |
HDFC BANK LIMITED |
HDFC BANK HOUSE SENAPATI BAPAT MARG, LOWER PAREL W, MUMBAI,
Maharashtra - 400013, INDIA |
B43154582 |
|
3 |
10213377 |
31/10/2012 * |
2,000,000,000.00 |
CANARA BANK (Security Trustee for Standard Chartered Bank) |
PRIME CORPORATE BRANCH - II, VERMA CHAMBERS, 2ND FLOOR, HOMJI STREET,
FORT., MUMBAI, Maharashtra - |
B61651733 |
* Date of charge modification
OPERATIONS
During the year,
the Company launched a new product Rexton and several new variants of Maxximo
and M and HCV and a 3 cylinder engine for Quanto.
The production
volumes ramped up from 116502 vehicles in 2011-12 to 156143 during the year
2012-13 (34% increase over previous year).
The vehicles
manufactured by the Company were exported to a number of countries. The number
of vehicles exported (through Mahindra and Mahindra Limited) increased from
11,011 vehicles in 2011-12 to 19,252 vehicles in 2012 - 13 (75% increase over previous
year).
The Company
ensured that all expectations of customers were met in terms of volume and
quality. With relentless focus on quality systems, the Company underwent
surveillance audits for ISO 9001, EMS and OSHAS certification and MQS certification
during the year. The Company also maintained a constant focus on cost reduction
and successfully maintained costs below planned levels.
The Company won
several awards and recognitions during the year. Some prominent ones amongst
them included the Manufacturing Leadership Award by Industry 2.0, Manufacturing
Today Award for Excellence in Technology, Mahindra Group Innovation Award for
Commonizing the Genio assembly line, 8 Gold prizes from Quality Forum of India,
Mahindra Group Award (1stprize) for Bandhan (Focused CSR initiative), etc.
During the year,
the Company added new facilities which included Buildings for Tyre storage,
Rexton Body Shop, Parts storage and construction work for central
administration building commenced during the year and the work is progressing
as per schedule.
The Company also
inaugurated a Crèche for taking care of the children of women employees during
the year. To ensure fresh, healthy and hygienic food to the employees, the
Company operationalized a Central Kitchen
FIXED ASSETS
² Leasehold Land
² Buildings
² Plant and Machinery
² Furniture and Fixture
² Vehicles
² Software
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts,
1] INFORMATION ON
DESIGNATED PARTY
No exist designating subject or any of its beneficial owners,
controlling shareholders or senior officers as terrorist or terrorist
organization or whom notice had been received that all financial transactions
involving their assets have been blocked or convicted, found guilty or against
whom a judgement or order had been entered in a proceedings for violating
money-laundering, anti-corruption or bribery or international economic or
anti-terrorism sanction laws or whose assets were seized, blocked, frozen or
ordered forfeited for violation of money laundering or international
anti-terrorism laws.
2] Court Declaration :
No exist to suggest that subject is or was
the subject of any formal or informal allegations, prosecutions or other
official proceeding for making any prohibited payments or other improper
payments to government officials for engaging in prohibited transactions or
with designated parties.
3] Asset Declaration :
No records exist to suggest that the property or assets of the subject
are derived from criminal conduct or a prohibited transaction.
4] Record on Financial
Crime :
Charges or conviction
registered against subject: None
5] Records on Violation of
Anti-Corruption Laws :
Charges or
investigation registered against subject: None
6] Records on Int’l
Anti-Money Laundering Laws/Standards :
Charges or
investigation registered against subject: None
7] Criminal Records
No available
information exist that suggest that subject or any of its principals have been
formally charged or convicted by a competent governmental authority for any
financial crime or under any formal investigation by a competent government
authority for any violation of anti-corruption laws or international anti-money
laundering laws or standard.
8] Affiliation with
Government :
No record
exists to suggest that any director or indirect owners, controlling
shareholders, director, officer or employee of the company is a government
official or a family member or close business associate of a Government
official.
9] Compensation Package :
Our market
survey revealed that the amount of compensation sought by the subject is fair
and reasonable and comparable to compensation paid to others for similar
services.
10] Press Report :
No press reports / filings exists on
the subject.
CORPORATE GOVERNANCE
MIRA INFORM as part of its Due Diligence do provide comments on
Corporate Governance to identify management and governance. These factors often
have been predictive and in some cases have created vulnerabilities to credit
deterioration.
Our Governance Assessment focuses principally on the interactions
between a company’s management, its Board of Directors, Shareholders and other
financial stakeholders.
CONTRAVENTION
Subject is not known to have contravened any existing local laws,
regulations or policies that prohibit, restrict or otherwise affect the terms
and conditions that could be included in the agreement with the subject.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.60.70 |
|
|
1 |
Rs.100.97 |
|
Euro |
1 |
Rs.84.16 |
INFORMATION DETAILS
|
Report Prepared
by : |
ANK |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
8 |
|
PAID-UP CAPITAL |
1~10 |
7 |
|
OPERATING SCALE |
1~10 |
7 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
8 |
|
--PROFITABILIRY |
1~10 |
7 |
|
--LIQUIDITY |
1~10 |
6 |
|
--LEVERAGE |
1~10 |
6 |
|
--RESERVES |
1~10 |
5 |
|
--CREDIT LINES |
1~10 |
6 |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
NO |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
60 |
This score serves as a reference to assess SC’s credit risk
and to set the amount of credit to be extended. It is calculated from a
composite of weighted scores obtained from each of the major sections of this
report. The assessed factors and their relative weights (as indicated through
%) are as follows:
Financial
condition (40%) Ownership
background (20%) Payment
record (10%)
Credit history
(10%) Market trend
(10%) Operational
size (10%)
RATING EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
|
71-85 |
Aa |
Possesses adequate working capital. No caution needed for credit
transaction. It has above average (strong) capability for payment of interest
and principal sums |
Large |
|
56-70 |
A |
Financial & operational base are regarded healthy. General unfavourable
factors will not cause fatal effect. Satisfactory capability for payment of
interest and principal sums |
Fairly Large |
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
11-25 |
Ca |
Adverse factors are apparent. Repayment of interest and principal sums
in default or expected to be in default upon maturity |
Limited with full
security |
|
<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
|
-- |
NB |
New Business |
-- |
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or
its officials.