MIRA INFORM REPORT
|
Report Date : |
20.03.2014 |
IDENTIFICATION DETAILS
|
Name : |
MACHINO PLASTICS LIMITED |
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Registered
Office : |
Plot No-3, Maruti Joint Venture Complex, Gurgaon – 122 015, Haryana |
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Country : |
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Financials (as
on) : |
31.03.2013 |
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Date of
Incorporation : |
21.01.2003 |
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Com. Reg. No.: |
05-035034 |
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Capital
Investment / Paid-up Capital : |
Rs.61.368 Millions |
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CIN No.: [Company Identification
No.] |
L25209HR2003PLC035034 |
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TAN No.: [Tax Deduction &
Collection Account No.] |
RTKM01828B |
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Legal Form : |
A Public Limited Liability Company. The Company’s Shares are Listed on
the Stock Exchanges. |
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Line of Business
: |
Manufacturer and Distributor of Plastic Components, Instrument Panels
and Radiators. |
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No. of Employees
: |
70 [Approximately] |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (42) |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Maximum Credit Limit : |
USD 2330000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Slow but correct |
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Litigation : |
Clear |
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Comments : |
Subject is an established company having satisfactory track record. Company has incurred loss from its operation in the year 2013.
However, liquidity position is good. Rating also takes into consideration strong ties with Maruti Suzuki
India Limited. Trade relations are reported to be fair. Business is active. Payments
are reported to be slow but correct. The company can be considered normal for business dealing 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 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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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 |
CRISIL |
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Rating |
Long Term Rating=BBB+ |
|
Rating Explanation |
Moderate degree of safety and moderate credit
risk. |
|
Date |
15.07.2013 |
|
Rating Agency Name |
CRISIL |
|
Rating |
Short Term Rating=A2 |
|
Rating Explanation |
Strong degree of safety and low credit risk. |
|
Date |
15.07.2013 |
RBI DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available RBI Defaulters’ list.
EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of
31-03-2012.
INFORMATION PARTED BY
|
Name : |
Mr. Ravindra Hoodha |
|
Designation : |
Accounts Manager |
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Contact No.: |
91-124-2341218 |
|
Date : |
13.03.2014 |
LOCATIONS
|
Registered Office / Factory 1 : |
Plot No.3, Maruti Joint Venture Complex, Gurgaon – 122 015, Haryana,
India |
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Tel. No.: |
91-124-2341218 / 2340806 / 2346094 / 2347601 |
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Fax No.: |
91-124-2340692 |
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E-Mail : |
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Website : |
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Factory 2 : |
Plant II, Plot No.128 and 129. IMT Manesar, Gurgaon – 122 050,
Haryana, India |
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Factory 3 : |
Plot No.527, Industrial Area, Sector-3, Pithampur District – Dhar,
Indore – 454 774, Madhya Pradesh, India (Under Construction) |
DIRECTORS
AS ON 31.03.2013
|
Name : |
Mr. M D Jindal |
|
Designation : |
Chairman |
|
Other Directorship : |
·
Machino Finance
Private Limited ·
Machino Motors
Private Limited ·
Rajiv Export
Industries Private Limited ·
Machino Transport
Private Limited ·
Machino Polymers
Limited ·
Machino Techno
Sales Limited ·
Machino Auto Comp
Limited |
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|
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Name : |
Dr. Sanjivv Jindall |
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Designation : |
Managing Director |
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Date of Birth/Age : |
55 Years |
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Qualification : |
B. Com, MBA, PhD. |
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Name : |
Mr. Masayuki Kamiya |
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Designation : |
Director (Representative of Suzuki Motors Corporation, |
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Name : |
Mr. A K Tomer |
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Designation : |
Director (Representative of Maruti Suzuki India Limited) |
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Name : |
Mr. R Krishnan |
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Designation : |
Director |
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Name : |
Mr. R L Gaggar |
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Designation : |
Director |
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Name : |
Mr. G C Dwivedi |
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Designation : |
Additional Director |
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Name : |
Mr. S Balasubramanian |
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Designation : |
Director |
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Other Directorship : |
·
Jaypee Infratec
Limited ·
GVK Power and
Infrastructure Limited ·
Emami Paper Mills
Limited ·
Gontermann-Peipers (India)
Limited ·
Crest Animation
Studios Limited |
KEY EXECUTIVES
|
Name : |
Mr. Surya Kant Agrawal |
|
Designation : |
General Manager Finance and Company Secretary |
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Name : |
Mr. Ravindra Hoodha |
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Designation : |
Accounts Manager |
SHAREHOLDING PATTERN
AS ON 31.12.2013
|
Category of Shareholders |
No. of Shares |
Percentage
of Holding |
|
(A) Shareholding of Promoter and Promoter Group |
|
|
|
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Individuals / Hindu Undivided Family |
944692 |
15.39 |
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|
2656614 |
43.29 |
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|
3601306 |
58.68 |
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|
|
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|
941700 |
15.35 |
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|
941700 |
15.35 |
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Total shareholding of Promoter and Promoter Group (A) |
4543006 |
74.03 |
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(B) Public Shareholding |
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|
1300 |
0.02 |
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|
1300 |
0.02 |
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|
100375 |
1.64 |
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|
|
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|
892106 |
14.54 |
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|
590412 |
9.62 |
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|
9601 |
0.16 |
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|
9601 |
0.16 |
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|
1592494 |
25.95 |
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Total Public shareholding (B) |
1593794 |
25.97 |
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Total (A)+(B) |
6136800 |
100.00 |
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(C) Shares held by Custodians and against which Depository
Receipts have been issued |
0 |
0.00 |
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|
0 |
0.00 |
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|
0 |
0.00 |
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|
0 |
0.00 |
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Total (A)+(B)+(C) |
6136800 |
0.00 |
(1) Indian
BUSINESS DETAILS
|
Line of Business : |
Manufacturer and Distributor of Plastic Components, Instrument Panels
and Radiators. |
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Products : |
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Exports : |
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Products : |
Finished Goods |
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Countries : |
·
Japan ·
China ·
Thailand |
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Imports : |
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Products : |
Raw Material |
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Countries : |
·
Thailand ·
Japan |
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Terms : |
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Selling : |
Credit (30 Days) |
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Purchasing : |
Credit (30 Days) |
PRODUCTION STATUS [AS ON 31.03.2011]
|
Particulars |
Unit |
Installed
Capacity |
Actual
Production |
|
Moulded Plastic Products Bumper, Instrument Panel and Grill Etc. |
MT |
15000 |
11286 |
GENERAL INFORMATION
|
Suppliers : |
·
Nagase India Private Limited |
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Customers : |
Wholesaler and Retailers ·
Maruti Suzuki India Limited |
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No. of Employees : |
80 [Approximately] |
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Bankers : |
·
The Bank of Tokyo-Mitsubishi UFJ Limited, New
Delhi ·
Allahabad Bank, Parliament Street, New Delhi ·
Axis Bank, DLF, Gurgaon Branch ·
Kotak Mahindra Bank Limited, Ambadeep Building,
KG Marg, New Delhi, India |
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Facilities : |
NOTES: LONG TERM
BORROWINGS: Secured term loans from banks a.
Term loans are secured by way of pari passu first
charge on company’s fixed assets excluding tools and dies, both present
future and second charge on current assets. b.
The term loan taken from Allahabad Bank is
Rs.53.684 Millions (Previous year Rs.23.000 Millions) which carries interest
of 12.70% per annum. c.
The term loan taken from Axis Bank Limited is
Rs.39.618 Millions (Previous year Rs.73386 Millions) which carries interest
of 13.50% per annum. d.
The car finance taken from Kotak Mahindra Prime
Limited is Rs.1.057 Millions (Previous year Rs.1.304 Millions) which carries
interest of 11.75% per annum. e.
Repayment schedule (Rs. In
Millions)
Foreign currency loan - buyer’s credit from bank a.
Buyer’s credit are secured by way of pari passu
first charge on company’s fixed assets excluding tools and dies, both present
future and second charge on current assets. b.
The buyer’s credit taken from Allahabad Bank is
Rs.91.439 Millions (Previous year Rs.127016 Millions) which carries interest
of LIBOR plus 100 - 150 bps per annum. c.
The buyer’s credit taken from Axis Bank Limited
is Rs.165.313 Millions (Previous year Rs.155.644 Millions) which carries
interest of LIBOR plus 100 - 150 bps per annum. d.
Repayment schedule (Rs. In
Millions)
SHORT TERM
BORROWINGS: Nature of securities ·
The cash credit facilities are secured by way of
pari passu first charge on entire current assets of the Company including stocks
of raw material, goods in transit and book debts along with a pari passu
charge on entire fixed assets of the Company. ·
Cash credit facilities outstanding from The Bank
of Tokyo-Mitsubishi UFJ, Limited is Rs.49.561 Millions (Previous year
Rs.47.536 Millions) carry interest ranging between 14.50% computed on the
daily basis on the actual amount utilized, and are repayable on demand. ·
Cash credit facilities outstanding from Allahabad
Bank is Rs.73.030 Millions (Previous year Rs.41.367 Millions) carry interest
ranging between 12.70% computed on the daily basis on the actual amount
utilized, and are repayable on demand. ·
Cash credit facilities outstanding from Axis Bank
Limited is Rs.65.582 Millions (Previous year Rs. Nil) carry interest ranging between
12.00% computed on the daily basis on the actual amount utilized, and are
repayable on demand. |
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Banking
Relations : |
-- |
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Auditors : |
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|
Name : |
Goel Garg and Company Chartered Accountants |
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Address : |
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Associates : |
· Maruti Suzuki India Limited ·
Suzuki Motor Corporation, Japan |
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|
Enterprises over
which key management personnel and their relatives are able to exercise
significant influence : |
· Machino Motors Private Limited · Grandmasstters Mold Limited · Machino Techno Sales Limited · Machino Transport Private Limited · Machino Finance Private Limited · Machino Autocomp Private Limited · Machino Polymers Limited |
CAPITAL STRUCTURE
AS ON 31.03.2013
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
15000000 |
Equity Shares |
Rs.10/- each |
Rs.150.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
6,136,800 |
Equity Shares |
Rs.10/- each |
Rs.61.368
Millions |
|
|
|
|
|
a.
Rights, preference and restrictions attached to
equity shares
The Company has
one class of equity share having a par value of Rs.10 per share. Each shareholder
is eligible for one vote per share held with a right to receive per share
dividend declared by the company. In the event of liquidation of the company,
the holders of equity share shall be entitled to receive all of the remaining
assets of the company, after distribution of all preferential amounts, if any.
Such amount will be in the proportion to the number of equity shares held by
stockholders.
b.
Details of equity shares held by shareholders
holding more than 5% shares:
|
Name of
Shareholder |
Number
of Shares |
% holding |
|
Sanjiivv Jindall
|
559202 |
9.112 |
|
Aditya Jindal |
376200 |
6.130 |
|
Machino
Transport Private Limited |
1416813 |
23.087 |
|
Maruti Suzuki
India Limited |
941700 |
15.345 |
|
Suzuki Motor Corporation |
941700 |
15.345 |
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 |
61.368 |
61.368 |
61.368 |
|
(b) Reserves & Surplus |
522.545 |
535.819 |
545.831 |
|
(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) |
583.913 |
597.187 |
607.199 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
245.749 |
334.601 |
198.861 |
|
(b) Deferred tax liabilities (Net) |
66.649 |
62.508 |
57.198 |
|
(c) Other long term liabilities |
0.000 |
0.000 |
0.000 |
|
(d) long-term provisions |
0.334 |
0.398 |
0.000 |
|
Total Non-current Liabilities (3) |
312.732 |
397.507 |
256.059 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
188.175 |
163.454 |
100.034 |
|
(b) Trade payables |
9.893 |
32.923 |
101.534 |
|
(c) Other current
liabilities |
183.896 |
112.276 |
282.499 |
|
(d) Short-term provisions |
0.012 |
0.024 |
17.830 |
|
Total Current Liabilities (4) |
381.976 |
308.677 |
501.897 |
|
|
|
|
|
|
TOTAL |
1278.621 |
1303.371 |
1365.155 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
936.337 |
1009.001 |
917.101 |
|
(ii) Intangible Assets |
1.308 |
1.730 |
2.152 |
|
(iii) Capital
work-in-progress |
59.739 |
15.423 |
65.434 |
|
(iv)
Intangible assets under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current Investments |
12.500 |
12.500 |
12.500 |
|
(c) Deferred tax assets (net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
2.828 |
2.828 |
9.865 |
|
(e) Other Non-current assets |
0.000 |
0.000 |
0.000 |
|
Total Non-Current Assets |
1012.712 |
1041.482 |
1007.052 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
0.000 |
0.000 |
0.000 |
|
(b) Inventories |
63.990 |
59.099 |
71.972 |
|
(c) Trade receivables |
124.955 |
120.590 |
112.994 |
|
(d) Cash and cash
equivalents |
29.448 |
17.080 |
112.098 |
|
(e) Short-term loans and
advances |
47.516 |
65.120 |
61.039 |
|
(f) Other current assets |
0.000 |
0.000 |
0.000 |
|
Total Current Assets |
265.909 |
261.889 |
358.103 |
|
|
|
|
|
|
TOTAL |
1278.621 |
1303.371 |
1365.155 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
1696.049 |
1523.505 |
1590.571 |
|
|
|
Other Income |
7.617 |
22.048 |
106.917 |
|
|
|
TOTAL (A) |
1703.666 |
1545.553 |
1697.488 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of Materials Consumed |
1106.944 |
1013.789 |
994.730 |
|
|
|
Purchase of Stock-in-trade |
0.000 |
0.000 |
93.952 |
|
|
|
Changes in Inventories of finished goods, work-in-progress and
stock-in-trade |
(9.374) |
1.727 |
(1.206) |
|
|
|
Operating Expenses |
159.187 |
144.722 |
130.176 |
|
|
|
Employee Benefits Expenses |
131.023 |
115.552 |
102.108 |
|
|
|
Other Expenses |
147.383 |
108.512 |
92.383 |
|
|
|
TOTAL (B) |
1535.163 |
1384.302 |
1412.143 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
168.503 |
161.251 |
285.345 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL EXPENSES (D) |
46.531 |
48.002 |
47.074 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
121.972 |
113.249 |
238.271 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
131.106 |
117.951 |
115.350 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
(9.134) |
(4.702) |
122.921 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
4.140 |
5.310 |
40.541 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
(13.274) |
(10.012) |
82.380 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Export Earnings |
0.521 |
10.050 |
Nil |
|
|
|
Advance received against moulds |
29.456 |
0.000 |
Nil |
|
|
TOTAL EARNINGS |
29.977 |
10.050 |
Nil |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
47.739 |
75.349 |
258.473 |
|
|
|
Components and Store Parts |
0.808 |
9.914 |
9.089 |
|
|
|
Capital Goods |
51.130 |
61.724 |
248.687 |
|
|
TOTAL IMPORTS |
99.677 |
146.987 |
516.249 |
|
|
|
|
|
|
|
|
|
|
Earnings/(Loss)
Per Share (Rs.) |
(2.16) |
(1.63) |
13.42 |
|
Expected Sales (2013-2014): Rs.1600.000 Millions (Because Maruti Volume
Down)
The above information has been parted by Mr. Ravindra Hoodha (Accounts
Manager)
QUARTERLY RESULTS
|
Particulars |
30.06.2013 (Unaudited) |
30.09.2013 (Unaudited) |
31.12.2013 (Unaudited) |
|
|
1st
Quarter |
2nd
Quarter |
3rd
Quarter |
|
Net sales |
399.100 |
386.900 |
391.900 |
|
Total Expenditure |
359.900 |
389.600 |
389.700 |
|
PBIDT (Excluding Other Income) |
39.200 |
(2.700) |
2.100 |
|
Other income |
0.000 |
0.000 |
0.100 |
|
Operating Profit |
39.200 |
(2.700) |
2.200 |
|
Interest |
8.400 |
11.800 |
12.700 |
|
Exceptional Items |
0.000 |
0.000 |
0.000 |
|
PBDT |
30.900 |
(14.400) |
(10.600) |
|
Depreciation |
30.800 |
31.600 |
31.000 |
|
Profit Before Tax |
0.100 |
(46.000) |
(41.600) |
|
Tax |
0.000 |
0.000 |
0.000 |
|
Profit after tax |
0.100 |
(46.000) |
(41.600) |
KEY RATIOS
|
PARTICULARS |
|
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
PAT / Total Income |
(%) |
(0.78) |
(0.65) |
4.85 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
(0.54) |
(0.31) |
7.73 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
(0.76) |
(0.37) |
9.55 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
(0.02) |
(0.01) |
0.20 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
0.74 |
0.83 |
0.49 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
0.70 |
0.85 |
0.71 |
FINANCIAL ANALYSIS
[all figures are
in Rupees Millions]
DEBT EQUITY RATIO
|
Particular |
31.03.2011 |
31.03.2012 |
31.03.2013 |
|
|
Rs.
In Millions |
Rs.
In Millions |
Rs.
In Millions |
|
Share Capital |
61.368 |
61.368 |
61.368 |
|
Reserves & Surplus |
545.831 |
535.819 |
522.545 |
|
Net
worth |
607.199 |
597.187 |
583.913 |
|
|
|
|
|
|
long-term borrowings |
198.861 |
334.601 |
245.749 |
|
Short term borrowings |
100.034 |
163.454 |
188.175 |
|
Total
borrowings |
298.895 |
498.055 |
433.924 |
|
Debt/Equity
ratio |
0.492 |
0.834 |
0.743 |
YEAR-ON-YEAR GROWTH
|
Year
on Year Growth |
31.03.2011 |
31.03.2012 |
31.03.2013 |
|
|
Rs.
In Millions |
Rs.
In Millions |
Rs.
In Millions |
|
Sales |
1590.571 |
1523.505 |
1696.049 |
|
|
|
(4.216) |
11.325 |
NET PROFIT MARGIN
|
Net Profit
Margin |
31.03.2011 |
31.03.2012 |
31.03.2013 |
|
|
Rs.
In Millions |
Rs.
In Millions |
Rs.
In Millions |
|
Sales
|
1590.571 |
1523.505 |
1696.049 |
|
Profit |
82.380 |
(10.012) |
(13.274) |
|
|
5.18% |
(0.66%) |
(0.78%) |
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 |
Yes |
|
9] |
Name of person contacted |
Yes |
|
10] |
Designation of contact
person |
Yes |
|
11] |
Turnover of firm for last
three years |
Yes |
|
12] |
Profitability for last
three years |
Yes |
|
13] |
Reasons for variation
<> 20% |
Yes |
|
14] |
Estimation for coming
financial year |
Yes |
|
15] |
Capital in the business |
Yes |
|
16] |
Details of sister
concerns |
Yes |
|
17] |
Major suppliers |
Yes |
|
18] |
Major customers |
Yes |
|
19] |
Payments terms |
Yes |
|
20] |
Export / Import details
(if applicable) |
Yes |
|
21] |
Market information |
---------- |
|
22] |
Litigations that the firm
/ promoter involved in |
---------- |
|
23] |
Banking Details |
Yes |
|
24] |
Banking facility details |
Yes |
|
25] |
Conduct of the banking
account |
---------- |
|
26] |
Buyer visit details |
---------- |
|
27] |
Financials, if provided |
Yes |
|
28] |
Incorporation details, if
applicable |
Yes |
|
29] |
Last accounts filed at
ROC |
Yes |
|
30] |
Major Shareholders, if
available |
Yes |
|
31] |
Date of Birth of
Proprietor/Partner/Director, if available |
Yes |
|
32] |
PAN of
Proprietor/Partner/Director, if available |
No |
|
33] |
Voter ID No of
Proprietor/Partner/Director, if available |
No |
|
34] |
External Agency Rating,
if available |
Yes |
OPERATION
REVIEW:
India’s
largest car maker Maruti Suzuki India Limited believes growth in the domestic passenger
vehicle industry may languish in the single digits for the next three years,
painting a grim picture for a market that was once among the brightest spots in
the global auto business.
Not
only has the firm cut its forecast for the passenger car market to four million
units by 2015-16, from its earlier projection of five million, but it has also
said it is aiming at maintaining its current market share of 40%, and not
chasing the 50% it once targeted.
The
automobile market remained stagnant during the year and there has been marginal
increase in sales of main customer Maruti Suzuki India Limited. Maruti Suzuki
India Ltd sold in domestic market a total of 1,051,046 vehicles in 2012-13. The
total sales numbers in 2012-13 has increased by 4.4% over preceding financial
year. Maruti Suzuki’s domestic sale in 2011-12 was 1,006,316 vehicles.
Subject has acquired Land in Pithampur (Indore),
Madhya Pradesh and has started construction of the building to manufacture plastic
moulding components. Subject is likely to commence its business from April,
2014.
The
turnover of the company has increased by 11.33% approx. i.e. from Rs.1523.505
Millions in 2011-12 to Rs.1696.049 Millions in current year. Subject has
incurred a pretax loss of Rs.9.134 Millions as compared to loss of Rs.4.702
Millions of last year.
MANAGEMENT
ANALYSIS AND DISCUSSION REPORT
INDUSTRY
STRUCTURE AND DEVELOPMENT:
Subject
is mainly engaged in the manufacture of large size injection moulded automotive
components i.e. bumpers, instruments panels, grills etc. as original equipments
and for spare parts market primarily for Maruti Suzuki India Limited (MSIL).
The company also manufactures various automotive small components for others.
Subject
can be classified as the automotive components manufacturer in view of the
application of product made. From manufacturing process involved it may be
classified as a plastic part manufacturer. Subject has 41 nos. injection
moulding machines, sizes ranging from 100 Ton to 3150 Ton clamping force.
Subject has been dealing in bulky plastic automotive components which can be
supplied by setting production facility next door to automobile industries. For
supplying such components to customer other than MSIL, it has set up an
additional facility.
The
automotive sector is witnessing stagnation in volumes for passenger cars.
Company has to expand and look for business other than existing customers.
OUTLOOK:
The
year 2012-13 was marked by global uncertainties and slowdown in the Indian
economy but the automobiles sales is expected to increase in 2013 over 2012.
The
growth expected in the domestic automobile industry will give a fillip to the
auto component sector albeit the fact that the automobile industry may face
stagnation for couple of years after a phenomenon growth in the past. With many
players entering the market the share of major customer of subject may come
down. The Indian automobile industry as a whole offers great potential
considering the low penetration along with rising income levels and a rapidly
growing middle class. These factors will witness a boost in demand for vehicles
passenger cars and two wheelers.
The
Manesar Plant of subject is now the focus area for all future growth of the
company.
Subject
has acquired Land in Pithampur (Indore) and has started construction of the
building to manufacture plastics moulding components. This has enabled the
presence of your Company in the Vendor parks of VE Commercial Vehicles Limited
UNSECURED LOAN:
|
Particulars |
31.03.2013 Rs.
In Millions |
31.03.2012 Rs.
In Millions |
|
Short Term
Borrowings |
|
|
|
From Banks |
0.000 |
74.550 |
|
|
|
|
|
Total |
0.000 |
74.550 |
NOTES:
Short Term
Borrowings:
Unsecured loans from
Kotak Mahindra Bank is Rs. Nil (Previous year Rs.74.550 Millions) carry
interest rate of 11.75% p.a. computed on yearly basis and are repayable on
demand.
INDEX OF CHARGE:
|
Sr. No. |
Charge ID |
Date of Charge
Creation/Modification |
Charge amount
secured |
Charge Holder |
Address |
Service Request
Number (SRN) |
|
1 |
10479273 |
27/01/2014 |
50,000,000.00 |
YES
BANK LIMITED |
NEHRU
CENTRE, 9TH FLOOR, DISCOVERY OF INDIA, DR. A. B. ROAD, WORLI, MUMBAI,
MAHARASHTRA - 400018, |
B97072565 |
|
2 |
10407582 |
08/02/2013 |
90,000,000.00 |
AXIS
BANK LIMITED |
MINI
CREDIT MANAGEMENT CENTRE, NINEX TIME CENTRE, |
B69405322 |
|
3 |
10314464 |
08/08/2012
* |
50,000,000.00 |
THE BANK
OF TOKYO - MITSUBISHI UFJ. LIMITED |
3,
PARLIAMENT STREET,, NEW DELHI, DELHI - 110001, INDIA |
B56739659 |
|
4 |
10276570 |
24/08/2012
* |
425,000,000.00 |
AXIS
BANK LIMITED |
SHOP
NO. 1- 6 & 8 -10, GROUND FLOOR, SUN CITY, NINEX TIME CENTRE, SECTOR-54, GOLF
COURSE ROAD, GURG |
B57763880 |
|
5 |
10240040 |
17/08/2012
* |
237,000,000.00 |
ALLAHABAD
BANK |
INTERNATIONAL
BRANCH, NEW DELHI, 17, PARLIAMENT STREET, NEW DELHI, DELHI - 110001, INDIA |
B57726259 |
* Date of charge modification
FIXED ASSETS:
·
Land (Lease Hold)
·
Buildings
·
Plant and Machinery
·
Moulds
·
Moulds on Finance lease
·
Furniture, Fixtures and Office Equipment
·
Motor Vehicles
STATEMENT OF STANDALONE UNAUDITED FINANCIAL RESULTS FOR THE QUARTER
AND NINE MONTHS ENDED 31ST DECEMBER 2013
(Rs. In Millions)
|
Particulars |
Quarter Ended ( Unaudited) |
Nine Months Ended ( Unaudited) |
|
|
|
31.12.2013 |
30.09.2013 |
31.12.2013 |
|
1.
Income from operations |
|
|
|
|
a) Net sales/ Income from operation (net of excise duty) |
391.845 |
417.533 |
1176.404 |
|
b) Other operating income |
-- |
0.405 |
1.357 |
|
Total
income from Operations(net) |
391.845 |
417.938 |
1177.761 |
|
2.Expenditure |
|
|
|
|
a) Cost of material consumed |
286.538 |
265.592 |
804.154 |
|
b) Changes in inventories of finished goods,
work-in-progress and stock-in-trade |
(2.594) |
0.471 |
1.295 |
|
c) Employees benefit expenses |
35.583 |
33.426 |
108.458 |
|
d) Depreciation and amortization expenses |
31.015 |
30.013 |
93.333 |
|
e) Operation and Maintenance Expenses |
34.856 |
37.997 |
117.088 |
|
f) Other expenditure |
35.342 |
36.598 |
108.182 |
|
Total expenses |
420.740 |
404.097 |
1232.510 |
|
3. Profit from operations before other income and
financial costs |
(28.895) |
13.841 |
(54.749) |
|
4. Other income |
0.056 |
0.022 |
0.104 |
|
5. Profit from ordinary activities before finance costs |
(28.839) |
13.863 |
(54.645) |
|
6. Finance costs |
12.740 |
13.220 |
32.833 |
|
7. Net profit/(loss) from ordinary activities
after finance costs but before exceptional items |
(41.579) |
0.643 |
(87.478) |
|
8. Exceptional item |
-- |
-- |
-- |
|
9. Profit from ordinary activities before tax
Expense: |
(41.579) |
0.643 |
(87.478) |
|
10.Tax expenses |
-- |
-- |
-- |
|
11.Net
Profit / (Loss) from ordinary activities after tax (9-10) |
(41.579) |
0.643 |
(87.478) |
|
12.Extraordinary Items (net of tax expense) |
-- |
-- |
-- |
|
13.Net Profit / (Loss) for the period (11 -12) |
(41.579) |
0.643 |
(87.478) |
|
14.Paid-up
equity share capital (Nominal value Rs.10/- per share) |
61.368 |
61.368 |
61.368 |
|
15. Reserve excluding Revaluation
Reserves as per balance sheet of previous accounting year |
-- |
-- |
-- |
|
16.i) Earnings per share (before extraordinary
items) of Rs.10/- each) (not annualised): |
|
|
|
|
(a) Basic and diluted |
(6.78) |
0.10 |
(14.26) |
|
ii) Earnings per share (after extraordinary items) |
|
|
|
|
(a) Basic and diluted |
(6.78) |
0.10 |
(14.26) |
|
Particulars |
31.12.2013 |
30.09.2013 |
|
A. Particulars of shareholding |
|
|
|
1. Public Shareholding |
|
|
|
- Number of shares |
1593794 |
1593794 |
|
- Percentage of shareholding |
25.97 |
25.97 |
|
2. Promoters and Promoters group Shareholding- |
|
|
|
a) Pledged /Encumbered |
|
|
|
Number of shares |
-- |
-- |
|
Percentage of shares (as a % of total shareholding of the
promoter and promoter group) |
-- |
-- |
|
Percentage of shares (as a % of total share capital of the
company) |
-- |
-- |
|
|
|
|
|
b) Non Encumbered |
|
|
|
Number of shares |
4543006 |
4543006 |
|
Percentage of shares (as a % of total shareholding of the
promoter and promoter group) |
100.00 |
100.00 |
|
|
|
|
|
Percentage of shares (as a % of total share capital of the
company) |
74.03 |
74.03 |
|
B.
Investor Complaints |
3 Month
ended 31.12.2013 |
|
Pending at the beginning of the quarter |
-- |
|
Receiving during the quarter |
-- |
|
Disposed of during the quarter |
-- |
|
Remaining unreserved at the end of the quarter |
-- |
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts, India Prisons Service,
Interpol, etc.
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.61.08 |
|
UK Pound |
1 |
Rs.101.41 |
|
Euro |
1 |
Rs.85.08 |
INFORMATION DETAILS
|
Information
Gathered by : |
PRT |
|
|
|
|
Report Prepared
by : |
NKT |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
5 |
|
--PROFITABILIRY |
1~10 |
4 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
4 |
|
--RESERVES |
1~10 |
5 |
|
--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 |
YES |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
YES |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
|
|
|
|
TOTAL |
|
42 |
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.