MIRA
INFORM REPORT
|
Report Date : |
13.03.2014 |
IDENTIFICATION DETAILS
|
Name : |
BRIDGESTONE INDIA PRIVATE LIMITED (w.e.f. 2003) |
|
|
|
|
Formerly Known
As : |
BRIDGESTONE ACC INDIA LIMITED |
|
|
|
|
Registered
Office : |
Plot No.A-43, Phase II, MIDC Chakan Village Sawardari, Taluka Khed,
Pune – 410501, Maharashtra |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as
on) : |
31.12.2012 |
|
|
|
|
Date of
Incorporation : |
27.02.1996 |
|
|
|
|
Com. Reg. No.: |
11-147267 (New No.) 10-010548 (Old No.) |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs.6928.000
Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U25111PN1996PTC147267 (New No.) U25111MP1996PTC010548 (Old No.) |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
BPLB00992F |
|
|
|
|
PAN No.: [Permanent Account No.] |
AABCB2304E |
|
|
|
|
Legal Form : |
Private Limited Liability Company |
|
|
|
|
Line of Business
: |
Manufacturing, Purchasing, Selling, Importing, Exporting and Dealing
of Tyres, Tubes Flaps and Other Rubber Goods. |
|
|
|
|
No. of Employees
: |
Information declined by the management. |
RATING & COMMENTS
|
MIRA’s Rating : |
Aa (72) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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 |
|
Maximum Credit Limit : |
USD 83000000 |
|
|
|
|
Status : |
Good |
|
|
|
|
Payment Behaviour : |
Regular |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is a subsidiary of BRIDGESTONE CORPORATION, JAPAN. It is a well-established
company having fine track record. The rating reflects healthy financial risk profile supported by
adequate liquidity position and fair profitability of the company. Trade relations are reported as fair. Business is active. Payments are
reported to be regular and as per commitments. The company can be considered good for normal business dealings at
usual trade terms and conditions. |
NOTES:
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
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 |
CARE |
|
Rating |
Long Term Bank Facilities=AAA |
|
Rating Explanation |
Highest degree of safety and carry lowest
credit risk. |
|
Date |
05.09.2013 |
RBI DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter in
the publicly available RBI Defaulters’ list.
EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of
31-03-2012.
INFORMATION DENIED BY
|
Name : |
Mr. Shaju Thomas |
|
Designation : |
Deputy General Manager Finance |
|
Contact No.: |
91-21-35671900 |
|
Date : |
12.03.2014 |
LOCATIONS
|
Registered/ Head/ Sales Office/ Factory 1: |
Plot No.A-43, Phase II, MIDC Chakan Village Sawardari, Taluka Khed,
Pune – 410501, Maharashtra, India |
|
Tel. No.: |
91-21-35671900 |
|
Fax No.: |
Not Available |
|
E-Mail : |
|
|
Website : |
|
|
|
|
|
Factory 2: |
Plot No 12, Kheda Growth Centre Post, Sagore, Pithampur, District –
Dhar – 454 774, Madhya Pradesh, India |
|
Tel. No.: |
91-7292-423333/ 423423 |
|
Fax No.: |
91-7292-255039 |
|
|
|
|
Sales and Marketing Head Office : |
Plot No. 5/4, 5th Floor, Shalimar Onyx
(Mirchandani Park), Off Andheri Kurla Road, Sakinaka, Andheri (East), Mumbai
– 400072, Maharashtra, India |
|
Tel No.: |
91-22-42496400 |
|
Fax No.: |
91-22-42496400/ 28563426 |
|
E-Mail : |
DIRECTORS
(AS ON 28.03.2013)
|
Name : |
Tomio Fukuzumi |
|
Designation : |
Managing Director |
|
Address : |
Room No.243, Hyatt Regency, Weikfield IT Park Nagar Road, Pune – 411014,
Maharashtra, India |
|
Date of Birth/Age : |
24.10.1965 |
|
Date of Appointment : |
29.03.2013 |
|
Email : |
|
|
DIN No.: |
06549425 |
|
|
|
|
Name : |
Mr. Ajay Vasudeo Sevekari |
|
Designation : |
Whole Time Director |
|
Address : |
103, Princess Landmark, Plot 21/12, Ratlam Kothy, |
|
Date of Birth/Age : |
08.05.1963 |
|
Qualification : |
BE (Chemical Engineering) and MBA |
|
Date of Appointment : |
01.04.2008 |
|
DIN No.: |
02006157 |
|
PAN No.: |
AREPS8025N |
|
|
|
|
Name : |
Tatsuo Nakamura |
|
Designation : |
Whole Time Director |
|
Address : |
Flat 1002, 10th Floor Water Front, Kalyani Nagar, Pune –
411014, |
|
Date of Birth/Age : |
12.08.1964 |
|
Qualification : |
Graduate, Waseda University, Japan |
|
Date of Appointment : |
01.09.2011 |
|
PAN No.: |
AMSPN2957M |
|
DIN No.: |
03606743 |
|
|
|
|
Name : |
Masahiro Niinuma |
|
Designation : |
Whole time Director |
|
Address : |
Apartment 4108, Citrus Hotel and Resorts Opposite PCMC Building
Pimpri, Pune – 411018, Maharashtra, India |
|
Date of Birth/Age : |
17.04.1964 |
|
Qualification : |
Graduate, Waseda University, Japan
|
|
Date of Appointment : |
01.04.2012 |
|
PAN No.: |
ALMPN1590P |
|
DIN No.: |
05254466 |
KEY EXECUTIVES
|
Name : |
Mrs. Abha Jaiswal |
|
Designation : |
Secretary |
|
Address : |
132 Mahavir
Nagar, |
|
Date of Birth/Age : |
30.08.1981 |
|
Date of Appointment : |
01.08.2005 |
|
PAN No.: |
AFWPJ4221K |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
(AS ON 28.03.2013)
|
Names of Shareholders |
|
No. of Shares |
|
|
|
|
|
Bridgestone
Corporation, |
|
400300000 |
|
Bridgestone
Asia Pacific Pte Limited, |
|
292500000 |
|
|
|
|
|
Total |
|
692800000 |
(AS ON 28.06.2013)
|
Names of Allottee |
|
No. of Shares
Allotted |
|
|
|
|
|
Bridgestone
Asia Pacific Pte Limited, Singapore |
|
52654130 |
|
|
|
|
|
Total |
|
52654130 |
(AS ON 12.06.2013)
Equity Shares Break – up
|
Category |
|
Percentage |
|
Foreign holdings [Foreign institutional investors, Foreign Companies, Foreign Financial Institutions, Non-resident Indian or Overseas corporate bodies or others] |
|
100.00 |
|
|
|
|
|
Total
|
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturing, Purchasing, Selling, Importing, Exporting and Dealing
of Tyres, Tubes Flaps and Other Rubber Goods. |
||||||||
|
|
|
||||||||
|
Products : |
|
GENERAL INFORMATION
|
No. of Employees : |
Not Available |
|||||||||||||||
|
|
|
|||||||||||||||
|
Bankers : |
· The Bank of Tokyo Mitsubishi Limited Jeevan Prakash, SIR P. M. Road, Ford, Mumbai – 400001, Maharashtra,
India ·
State Bank of India Commercial Branch, A. B. Road, Indore – 452001, Madhya
Pradesh, India |
|||||||||||||||
|
|
|
|||||||||||||||
|
Facilities : |
|
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
Deloitte
Haskins and Sells Chartered
Accountants |
|
Address : |
3rd Floor, Tower
3, India Bulls, Finance Centre, Senapati Bapat Marg, Elphinstone (West),
Mumbai – 400013, Maharashtra, India |
|
Tel. No.: |
91-22-22854330/
66679000 |
|
Fax No.: |
91-22-22024499/
22024337/ 66679025 |
|
PAN No.: |
AACFD4815A |
|
|
|
|
Holding Company: |
·
Bridgestone Corporation, Japan |
|
|
|
|
Fellow Subsidiaries : |
· Bridgestone Americas Holding Inc · Bridgestone Asia Pacific Pte Limited · Bridgestone Australia Limited · Bridgestone France S.A. · Bridgestone Logistics Company Limited · Bridgestone Metalpha (Thailand) Company Limited · Bridgestone Plant Engineering Company Limited · Bridgestone Seoul · Bridgestone Singapore Pte. Limited · Bridgestone Taiwan Company Limited · Bridgestone Technical Centre Europe S.P.A. · Bridgestone Tire Manufacturing Thailand Company Limited · Bridgestone Tire Sales Korea Limited · Bridgestone Tyre Sales Singapore PTE Limited · Bridgestone(Shenyang) Steelcord Company Limited · Bridgestone Synthetic Rubber Company Limited (Huizhou) · P.T. Bridgestone Tire Indonesia · Thai Bridgestone Company Limited |
CAPITAL STRUCTURE
(AS ON 28.03.2013)
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
1775300000 |
Equity Shares |
Rs.10/- each |
Rs.17753.000 millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
745454130 |
Equity Shares |
Rs.10/- each |
Rs.7454.541
Millions |
|
|
|
|
|
(AS ON 28.03.2013)
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
1775300000 |
Equity Shares |
Rs.10/- each |
Rs.17753.000 millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
692800000 |
Equity Shares |
Rs.10/- each |
Rs.6928.000
Millions |
|
|
|
|
|
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
|
31.12.2012 |
31.03.2011 |
|
I.
EQUITY
AND LIABILITIES |
|
|
|
|
(1)Shareholders'
Funds |
|
|
|
|
(a) Share Capital |
|
6928.000 |
4803.000 |
|
(b) Reserves & Surplus |
|
13715.602 |
6666.886 |
|
(c) Money
received against share warrants |
|
0.000 |
0.000 |
|
|
|
|
|
|
(2) Share Application money pending allotment |
|
0.000 |
0.000 |
|
Total
Shareholders’ Funds (1)+(2) |
|
20643.602 |
11469.886 |
|
|
|
|
|
|
(3) Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
|
4797.099 |
405.818 |
|
(b) Deferred tax liabilities (Net) |
|
287.900 |
311.900 |
|
(c) Other long term liabilities |
|
0.000 |
0.000 |
|
(d) long-term provisions |
|
120.145 |
44.233 |
|
Total Non-current Liabilities (3) |
|
5205.144 |
761.951 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
|
381.010 |
651.393 |
|
(b) Trade payables |
|
2236.007 |
2234.261 |
|
(c) Other current
liabilities |
|
2751.431 |
1814.386 |
|
(d) Short-term provisions |
|
210.485 |
71.682 |
|
Total Current Liabilities (4) |
|
5578.933 |
4771.722 |
|
|
|
|
|
|
TOTAL |
|
31427.679 |
17003.559 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
|
8045.033 |
8060.690 |
|
(ii) Intangible Assets |
|
0.000 |
0.000 |
|
(iii) Capital
work-in-progress |
|
13725.471 |
3220.043 |
|
(iv)
Intangible assets under development |
|
0.000 |
0.000 |
|
(b) Non-current Investments |
|
0.000 |
0.000 |
|
(c) Deferred tax assets (net) |
|
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
|
444.563 |
853.403 |
|
(e) Other Non-current assets |
|
213.895 |
17.578 |
|
Total Non-Current Assets |
|
22428.962 |
12151.714 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
|
0.000 |
0.000 |
|
(b) Inventories |
|
3579.537 |
2692.749 |
|
(c) Trade receivables |
|
2238.519 |
1842.887 |
|
(d) Cash and cash
equivalents |
|
1828.099 |
1.827 |
|
(e) Short-term loans and
advances |
|
1346.239 |
313.499 |
|
(f) Other current assets |
|
6.323 |
0.883 |
|
Total Current Assets |
|
8998.717 |
4851.845 |
|
|
|
|
|
|
TOTAL |
|
31427.679 |
17003.559 |
|
SOURCES OF FUNDS |
|
|
31.12.2010 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
|
|
4003.000 |
|
|
2] Share Application Money |
|
|
0.000 |
|
|
3] Reserves & Surplus |
|
|
3330.116 |
|
|
4] (Accumulated Losses) |
|
|
0.000 |
|
|
NETWORTH |
|
|
7333.116 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
|
|
187.282 |
|
|
2] Unsecured Loans |
|
|
1181.762 |
|
|
TOTAL BORROWING |
|
|
1369.044 |
|
|
DEFERRED TAX LIABILITIES |
|
|
288.300 |
|
|
|
|
|
|
|
|
TOTAL |
|
|
8990.460 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
|
|
6248.589 |
|
|
Capital work-in-progress |
|
|
1516.144 |
|
|
|
|
|
|
|
|
INVESTMENT |
|
|
0.000 |
|
|
DEFERREX TAX ASSETS |
|
|
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
|
|
1368.499 |
|
|
Sundry Debtors |
|
|
1181.813 |
|
|
Cash & Bank Balances |
|
|
659.195 |
|
|
Other Current Assets |
|
|
0.000 |
|
|
Loans & Advances |
|
|
203.451 |
|
Total
Current Assets |
|
|
3412.958 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
|
|
1422.495 |
|
|
Other Current Liabilities |
|
|
546.707 |
|
|
Provisions |
|
|
218.029 |
|
Total
Current Liabilities |
|
|
2187.231 |
|
|
Net Current Assets |
|
|
1225.727 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
|
|
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
|
|
8990.460 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.12.2012 |
31.12.2011 |
31.12.2010 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
19602.400 |
15885.200 |
11384.475 |
|
|
|
Other Income |
NA |
NA |
NA |
|
|
|
TOTAL |
NA |
NA |
NA |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
TOTAL |
NA |
NA |
NA |
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX |
1281.626 |
2030.400 |
1853.005 |
|
|
|
|
|
|
|
|
|
Less |
TAX |
407.910 |
693.600 |
647.055 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX |
873.716 |
1336.800 |
1205.950 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
NA |
2580.116 |
1374.166 |
|
|
|
|
|
|
|
|
|
|
BALANCE CARRIED
TO THE B/S |
NA |
3916.916 |
2580.116 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
FOB Value of Goods Exported |
5.750 |
4.805 |
3.147 |
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
4836.056 |
3909.400 |
2348.621 |
|
|
|
Components and Spare Parts |
0.000 |
58.608 |
49.981 |
|
|
|
Capital Goods |
4484.365 |
521.036 |
937.029 |
|
|
|
Traded Goods |
2766.205 |
0.000 |
0.000 |
|
|
|
Others |
117.766 |
0.000 |
0.000 |
|
|
TOTAL IMPORTS |
12204.392 |
4489.044 |
3335.631 |
|
|
|
|
|
|
|
|
|
|
Earnings per
share (Rs.) |
1.52 |
2.89 |
3.42 |
|
KEY RATIOS
|
PARTICULARS |
|
31.12.2012 |
31.12.2011 |
31.12.2010 |
|
Net Profit Margin (PBT/Sales) |
(%) |
6.54
|
12.78
|
16.28
|
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
7.24
|
15.60
|
19.18
|
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.09
|
0.18
|
0.25
|
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
0.25
|
0.14
|
0.19
|
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.61
|
1.37
|
1.56
|
FINANCIAL ANALYSIS
[all figures are
in Rupees Millions]
DEBT EQUITY RATIO
|
Particular |
31.03.2011 |
31.03.2012 |
|
|
Rs.
In Millions |
Rs.
In Millions |
|
Share Capital |
4803.000 |
6928.000 |
|
Reserves & Surplus |
6666.886 |
13715.602 |
|
Net
worth |
11469.886 |
20643.602 |
|
|
|
|
|
long-term borrowings |
405.818 |
4797.099 |
|
Short term borrowings |
651.393 |
381.010 |
|
Total
borrowings |
1057.211 |
5178.109 |
|
Debt/Equity
ratio |
0.092 |
0.251 |
YEAR-ON-YEAR GROWTH
|
Year
on Year Growth |
31.03.2010 |
31.03.2011 |
31.03.2012 |
|
|
Rs.
In Millions |
Rs.
In Millions |
Rs.
In Millions |
|
Sales |
11384.475 |
15885.200 |
19602.400 |
|
|
|
39.534 |
23.400 |
NET PROFIT MARGIN
|
Net
Profit Margin |
31.03.2010 |
31.03.2011 |
31.03.2012 |
|
|
Rs.
In Millions |
Rs.
In Millions |
Rs.
In Millions |
|
Sales
|
11384.475 |
15885.200 |
19602.400 |
|
Profit |
1205.950 |
1336.800 |
873.716 |
|
|
10.59% |
8.42% |
4.46% |
LOCAL AGENCY FURTHER INFORMATION
CURRENT MATURITY
OF LONG TERM DEBT:
(Rs. In Millions)
|
Particulars |
31.12.2012 |
31.12.2011 |
31.12.2010 |
|
|
|
|
|
|
Current maturity of long term debt |
331.874 |
556.876 |
Not Available |
|
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 |
No |
|
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 |
Yes |
|
33] |
Voter ID No of Proprietor/Partner/Director,
if available |
No |
|
34] |
External Agency Rating, if available |
Yes |
UNSECURED LOANS
|
Particulars |
31.12.2012 (Rs.
In Millions) |
31.12.2011 (Rs.
In Millions) |
|
Long-term
borrowings |
|
|
|
Foreign Currency Loans from Banks (Buyer's Credit
are repayable between 1-3 years from the dates of respective drawdowns.) |
3677.099 |
405.818 |
|
Term Loans from Others (The ECB is
repayable in one single installment after five years from the date of
drawdown.Rate of interest is 6.6% per annum) |
1120.000 |
0.000 |
|
|
4797.099 |
|
|
Short-term
borrowings |
|
|
|
Working Capital Demand Loan (Buyer's Credit
are repayable between 1-3 years from the dates of respective drawdowns. Rate
of interest is six months USD London Interbank Offered Rate plus agreed
margin.) |
381.010 |
588.815 |
|
|
|
|
|
Total |
5178.109 |
994.633 |
REVIEW OF OPERATIONS
During the year,
the company achieved the net sales of Rs.19602.400 Millions against previous
year’s net sales of Rs.15962.800 Millions showing increase of 23%. The company has
earned a profit before tax (PBT) of Rs.1281.626 Millions as against PBT of
Rs.2030.400 Millions during the previous year with decrease of 37% in the
profit. Chakan Plant set up indirect cost, sale of imported tyres in
replacement market, high exchange rate have impacted the financial performance
of the Company.
CHANGES IN CAPITAL STRUCTURE
During the year
2012 the paid up capital of the Company has increased from Rs.4803.000 Millions
to Rs.6928.000 Millions by allotment of 12,50,00,000 equity shares of Rs.10/-
each at a premium of Rs.28.40/- per equity share on dt.10.04.2012 and
8,75,00,000 equity shares of Rs.10/- each at a premium of Rs.30/- per equity
share on 21.12.2012 to Bridgestone Asia Pacific Pte Limited on private
placement basis. The present paid-up share capital of the Company is
Rs.6928.000 Millions divided into 69,28,00,000 equity shares of face value
Rs.10/- each.
CONTINGENT
LIABILITIES IN RESPECT OF:
(Rs. In Millions)
|
Particulars |
31.12.2012 |
31.12.2011 |
31.12.2010 |
|
|
|
|
|
|
a) Disputed demands of Excise (including service tax) and Sales Tax
authorities |
54.769 |
37.910 |
30.470 |
|
b) Income Tax disallowances (Tax Impact) |
99.109 |
84.026 |
-- |
|
c) Claims against the Company not acknowledged as debts |
28.301 |
25.324 |
22.415 |
|
d) Guarantees given by Bank on behalf of the Company |
-- |
23.678 |
1.263 |
NO CHARGES EXIST FOR COMPANY.
FIXED ASSETS:
·
Leasehold Land
·
Freehold Land
· Building
· Plant and Machinery
· Office equipment
· Furniture and fixtures
· Vehicles
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.61.09 |
|
|
1 |
Rs.101.59 |
|
Euro |
1 |
Rs.84.65 |
INFORMATION DETAILS
|
Information
Gathered by : |
HNA |
|
|
|
|
Report Prepared
by : |
NKT |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
8 |
|
PAID-UP CAPITAL |
1~10 |
8 |
|
OPERATING SCALE |
1~10 |
8 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
8 |
|
--PROFITABILIRY |
1~10 |
8 |
|
--LIQUIDITY |
1~10 |
8 |
|
--LEVERAGE |
1~10 |
8 |
|
--RESERVES |
1~10 |
8 |
|
--CREDIT LINES |
1~10 |
8 |
|
--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 |
|
72 |
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.