MIRA INFORM REPORT
|
Report Date : |
31.05.2014 |
IDENTIFICATION DETAILS
|
Name : |
S M AUTO ENGINEERING PRIVATE LIMITED |
|
|
|
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Registered
Office : |
12, Bhosale Nagar, Ganesh Khind Road, Pune - 411007, Maharashtra |
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|
Country : |
India |
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|
Financials (as
on) : |
31.03.2013 |
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Date of
Incorporation : |
30.11.1976 |
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|
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Com. Reg. No.: |
11-019348 |
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Capital Investment
/ Paid-up Capital : |
Rs. 100.000 Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U34300MH1976PTC019348 |
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|
|
PAN No.: [Permanent Account No.] |
AACCS9239E |
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|
|
|
Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Manufacturing and Selling of Two Wheeler Exhaust, Heat
Exchangers, Car Engine Housing and Floor Assembly, Sheet Metal and Machined
Assemblies. |
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|
|
|
No. of Employees
: |
2000 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (50) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 2087000 |
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|
|
|
Status : |
Satisfactory |
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Payment Behaviour : |
Usually Correct |
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Litigation : |
Clear |
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Comments : |
Subject is an established company having a satisfactory track record. Financial position of the company seems to be good. Trade relations are reported as fair. Business is active. Payment
terms are reported to be usually correct and as per commitment. The company can be considered normal for business dealings at usual
trade terms and conditions. |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
INDIAN ECONOMIC OVERVIEW
US investment bank
Goldman Sachs has upgraded its outlook on Indian markets as it expects
positive impact of the election cycle.
India’s economy may
grow 4.7 % in the current financial year, lower than the official estimate of
4.9 %, Fitch Rating said. The global rating agency expects the economy to pick
up in the next two financial years.
Global ratings
agency Standard & Poor said increasing focus by India Inc on lowering debt
is likely to improve their credit profiles.
Singapore (1.1
million Indian tourists in 2012), Thailand (one million), the United Arab Emirates
().98 million) and Malaysia ().82 million) emerged as the preferred holidays
hotspots for Indians. The total figure is expected to increase to 1.93 million
by 2017, according to the latest Eurmonitor international report.
There is a $29.34 bn
outward foreign direct investment by domestic companies between April and
January of 2013/14 which has seen some signs of recovery according to a Care
Ratings report.
There are 264 number
of new companies being set up every day on average during 2014. Most of them
are registered in Mumbai. India had 1.38 million registered companies at the
end of January, 2014.
Twitter like
messaging service Weibo Corporation has filed to raise $ 500 million via a US
initial public offering. Alibaba, which owns a stake in Weibo is expected to
raise about $ 15 billion New York this year in the highest profile Internet IPO
since Facebook’s in 2012.
Bharti Airtel has
raised Rs.2,453.2 crore (350 million Swiss Francs) by selling six-year bonds at
a coupon rate of three per cent and maturing in 2020. This is the largest ever
bond offering by an Indian company in Swiss Francs. Bharat Petroleum
Corporation raised 175 million Swiss Francs by selling five year bonds at 2.98
% coupon rate in February.
Indian Oil
Corporation plans to invest Rs 7650 crore in setting up a petrochemical complex
at its almost complete Paradip refinery in Odhisha in three to four years. The
company board is set to consider the setting up of a 700000 tonne per annum
polypropylene plant at an estimated cost at Rs.3150 crore.
Global chief
information officers at gathering in Bangalore in April to meet Indian startups
at an event called Tech50 Watchout for Little Eye Labs-Facebook type deals in
the making.
EXTERNAL AGENCY RATING
|
Rating Agency Name |
CRISIL |
|
Rating |
Long term rating : BBB- |
|
Rating Explanation |
Have moderate degree of safety and carry
moderate credit risk. |
|
Date |
February 4, 2014 |
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. Chavan |
|
Designation : |
Accounts Executive |
|
Contact No.: |
91-20-25537649 |
|
Date : |
30.05.2014 |
LOCATIONS
|
Registered Office : |
12, Bhosale Nagar, Ganesh Khind Road, Pune - 411007, Maharashtra,
India |
|
Tel. No.: |
91-20-25537649 |
|
Fax No.: |
91-20-25531960 |
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E-Mail : |
|
|
Website : |
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|
Location : |
Owned |
|
Locality : |
Commercial |
|
|
|
|
Corporate Office : |
Plot No. B-19, H-Block, MIDC, Pimpri, Pune – 411018, Maharashtra,
India |
|
Tel. No.: |
91-20-27473471/ 27470178/
65101357 |
|
Fax No.: |
91-20-27476539 |
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E-Mail : |
|
|
|
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|
Factory : |
Located at: · Chakan, Pune, Maharashtra, India |
DIRECTORS
AS ON 28.09.2013
|
Name : |
Mr. Sanjay Mohanlal Chopda |
|
Designation : |
Managing director |
|
Address : |
12, Bhosale Nagar, Pune - 411007, Maharashtra, India |
|
Date of Birth/Age : |
12.10.1962 |
|
Date of Appointment : |
01.08.1987 |
|
PAN No.: |
ABMPC6728L |
|
DIN No.: |
00247401 |
|
|
|
|
Name : |
Mr. Sharad Mangesh Rege |
|
Designation : |
Whole-time director |
|
Address : |
Gulmohar Glory, 5 Gulmohar Park Aundh, Pune - 411007, Maharashtra,
India |
|
Date of Birth/Age : |
22.09.1941 |
|
Date of Appointment : |
05.08.2005 |
|
PAN No.: |
AAXPR1741G |
|
DIN No.: |
00093485 |
|
|
|
|
Name : |
Mr. Keshabarao Karadi Patro |
|
Designation : |
Whole-time director |
|
Address : |
Wing-A, F-402, Leon Orbit Rahatni, Pune – 411017, Maharashtra, India |
|
Date of Birth/Age : |
25.06.1958 |
|
Date of Appointment : |
01.07.2013 |
|
DIN No.: |
06622381 |
KEY EXECUTIVES
|
Name : |
Mr. Chavan |
|
Designation : |
Accounts Executive |
|
|
|
|
Name : |
Ms. Manjiri Vinayak Madhavi |
|
Designation : |
Secretary |
|
Address : |
D 102, Purple Castle, Bibawewadi Chaitraban, Pune - 411037,
Maharashtra, India |
|
Date of Birth/Age : |
27.06.1970 |
|
Date of Appointment : |
04.01.2006 |
|
PAN No.: |
AIOPM5803B |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 28.09.2013
|
Names of Shareholders |
|
No. of Shares |
|
Chopda G. Hastimal |
|
690 |
|
Chopda M. Sanjay |
|
317001 |
|
Mehta V. Anantrai |
|
300 |
|
Chopda M. Prema |
|
261862 |
|
Chopda S. Maya |
|
20349 |
|
Chopda M. Sanjay joint with Chopda S. Maya |
|
178421 |
|
Chopda S. Maya joint with Chopda M. Sanjay |
|
118026 |
|
Chopda M. Prema joint with Chopda S. Akshay |
|
20011 |
|
Chopda S. Akshay |
|
44800 |
|
Chopda S. Aniket |
|
38200 |
|
Bhandari P. Anita |
|
6 |
|
Gundecha S. Saroja |
|
30 |
|
Bhandari P. Vimala |
|
4 |
|
Thaker Chitrang Gunjan joint with Mehta Vrajlal Anantrai |
|
300 |
|
|
|
|
|
Total |
|
1000000 |
AS ON 28.09.2013
|
Equity Share Breakup |
Percentage of Holding |
|
Category |
|
|
Directors
or relatives of directors |
99.87 |
|
Others |
0.13 |
|
|
|
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturing and Selling of Two Wheeler Exhaust, Heat Exchangers,
Car Engine Housing and Floor Assembly, Sheet Metal and Machined Assemblies. |
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Products/ Services : |
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Imports : |
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Products : |
Raw Material |
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Countries : |
· Germany |
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Terms : |
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Selling : |
L/C and Credit |
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Purchasing : |
L/C and Credit |
PRODUCTION STATUS (AS ON 31.03.2011)
|
Particulars |
Licensed
Capacity |
Actual
Production |
|
|
|
|
|
Auto Components (Auto components, Radiator, Exhaust system) |
24372200 |
18996465 |
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|
|
|
GENERAL INFORMATION
|
Customers : |
End Users Ø Bajaj Ø Mahindra Ø KTM Bike
Industries Ø Tata Ø Renault Ø Mercedes-Benz Ø GM Ø Piaggio Ø Premier Ø Denso Ø Lister Petter Ø Force Ø Lombardini |
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No. of Employees : |
2000 (Approximately) |
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Bankers : |
Ø State Bank of
India Industrial
Finance Branch, Tara Chambers 2nd Floor, Near Mariaai Police Chowky, Old Pune
Mumbai Highway, Wakdewadi, Pune - 411003, Maharashtra, India Ø State Bank of India Industrial
Finance Branch, Pimpri, Pune - 400034, Maharashtra, India |
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Facilities : |
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Banking
Relations : |
-- |
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Auditors : |
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|
Name : |
P.N. Phadke and Company Chartered Accountants |
|
Address : |
103, Megh Apartment, S No. 39/33, Erandwana, Off Karve
Road Pune - 411004, Maharashtra, India |
|
Income-tax
PAN of auditor or auditor's firm : |
AAHFP8476A |
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Joint Venture : |
SM Eberspaecher
Exhaust Private Limited [U29120PN1997PTC105104] |
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|
|
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Enterprises which are owned, or have significant influence of or are partners with Key management personnel and their relatives : |
Sparco
Engineering Private Limited [U34300PN1982PTC028848] |
CAPITAL STRUCTURE
AFTER 28.09.2013
Authorised Capital : Rs. 110.000 Millions
Issued, Subscribed & Paid-up Capital : Rs. 107.000
Millions
AS ON 28.09.2013
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
1,100,000 |
Equity Shares |
Rs. 100/- each |
Rs. 110.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
1,000,000 |
Equity Shares |
Rs. 100/- each |
Rs. 100.000
Millions |
|
|
|
|
|
AS ON 31.03.2013
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
1,000,000 |
Equity Shares |
Rs. 100/- each |
Rs. 100.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
1,000,000 |
Equity Shares |
Rs. 100/- each |
Rs. 100.000
Millions |
|
|
|
|
|
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
I.
EQUITY AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
100.000 |
82.500 |
82.500 |
|
(b) Reserves & Surplus |
421.850 |
357.925 |
276.645 |
|
(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) |
521.850 |
440.425 |
359.145 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
253.518 |
147.265 |
177.790 |
|
(b) Deferred tax liabilities (Net) |
37.523 |
32.023 |
30.273 |
|
(c) Other long
term liabilities |
17.827 |
19.019 |
35.091 |
|
(d) long-term
provisions |
0.000 |
0.000 |
0.000 |
|
Total Non-current
Liabilities (3) |
308.868 |
198.307 |
243.154 |
|
|
|
|
|
|
(4)
Current Liabilities |
|
|
|
|
(a)
Short term borrowings |
230.831 |
246.754 |
233.354 |
|
(b)
Trade payables |
307.024 |
338.030 |
305.704 |
|
(c)
Other current liabilities |
216.308 |
182.903 |
114.836 |
|
(d) Short-term
provisions |
10.188 |
9.143 |
4.349 |
|
Total Current
Liabilities (4) |
764.351 |
776.830 |
658.243 |
|
|
|
|
|
|
TOTAL |
1595.069 |
1415.562 |
1260.542 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1)
Non-current assets |
|
|
|
|
(a)
Fixed Assets |
|
|
|
|
(i)
Tangible assets |
535.584 |
491.879 |
436.462 |
|
(ii)
Intangible Assets |
0.000 |
0.000 |
0.000 |
|
(iii) Capital
work-in-progress |
91.930 |
25.615 |
22.720 |
|
(iv)
Intangible assets under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current Investments |
275.566 |
224.556 |
159.813 |
|
(c) Deferred tax assets (net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
31.901 |
26.608 |
44.363 |
|
(e) Other
Non-current assets |
5.844 |
0.577 |
34.353 |
|
Total Non-Current
Assets |
940.825 |
769.235 |
697.711 |
|
|
|
|
|
|
(2)
Current assets |
|
|
|
|
(a)
Current investments |
0.000 |
0.000 |
0.000 |
|
(b)
Inventories |
158.587 |
165.802 |
143.314 |
|
(c)
Trade receivables |
305.746 |
305.622 |
254.744 |
|
(d) Cash
and cash equivalents |
1.937 |
1.560 |
0.656 |
|
(e)
Short-term loans and advances |
185.168 |
136.220 |
83.614 |
|
(f) Other
current assets |
2.806 |
37.123 |
80.503 |
|
Total
Current Assets |
654.244 |
646.327 |
562.831 |
|
|
|
|
|
|
TOTAL |
1595.069 |
1415.562 |
1260.542 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
|
|
SALES |
|
|
|
|
|
|
|
TOTAL |
3179.197 |
3158.257 |
2336.009 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
TOTAL |
2991.461 |
2972.890 |
2212.872 |
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION |
187.736 |
185.367 |
123.137 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION |
66.783 |
61.937 |
52.549 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX |
120.953 |
123.430 |
70.588 |
|
|
|
|
|
|
|
|
|
Less |
TAX |
42.500 |
42.150 |
21.904 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
|
78.453 |
81.280 |
48.684 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS YEARS’
BALANCE BROUGHT FORWARD |
330.425 |
251.645 |
205.457 |
|
|
|
|
|
|
|
|
|
Add |
Excess Income Tax Provision written off |
0.000 |
0.000 |
0.004 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Transfer to General Reserve |
7.000 |
2.500 |
2.500 |
|
|
|
Interim/ Proposed Dividend |
12.500 |
0.000 |
0.000 |
|
|
|
Tax on Dividend |
2.028 |
0.000 |
0.000 |
|
|
BALANCE CARRIED
TO THE B/S |
387.350 |
330.425 |
251.645 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Export Earnings |
74.831 |
77.008 |
32.403 |
|
|
|
|
|
|
|
|
|
IMPORT ON CIF BASIS |
269.655 |
444.309 |
NA |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
84.23 |
98.52 |
59.01 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
PAT / Total Income |
(%) |
2.47 |
2.57 |
2.08 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
9.85 |
10.59 |
6.55 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.23 |
0.28 |
0.20 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
0.93 |
0.89 |
1.14 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
0.86 |
0.83 |
0.86 |
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 |
82.500 |
82.500 |
100.000 |
|
Reserves & Surplus |
276.645 |
357.925 |
421.850 |
|
Net
worth |
359.145 |
440.425 |
521.850 |
|
|
|
|
|
|
long-term borrowings |
177.790 |
147.265 |
253.518 |
|
Short term borrowings |
233.354 |
246.754 |
230.831 |
|
Total
borrowings |
411.144 |
394.019 |
484.349 |
|
Debt/Equity
ratio |
1.145 |
0.895 |
0.928 |
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) |
|
Total Income |
2336.009 |
3158.257 |
3179.197 |
|
|
|
35.199 |
0.663 |
NET PROFIT MARGIN
|
Net
Profit Margin |
31.03.2011 |
31.03.2012 |
31.03.2013 |
|
|
(Rs.
In Millions) |
(Rs.
In Millions) |
(Rs.
In Millions) |
|
Total Income |
2336.009 |
3158.257 |
3179.197 |
|
Profit |
48.684 |
81.280 |
78.453 |
|
|
2.08% |
2.57% |
2.47% |
LOCAL AGENCY FURTHER INFORMATION
CURRENT MATURITIES
OF LONG TERM DEBT
|
Particulars |
31.03.2013 (Rs.
In Millions) |
31.03.2012 (Rs.
In Millions) |
31.03.2011 (Rs.
In Millions) |
|
|
|
|
|
|
Current maturities of long-term debt |
48.281 |
50.770 |
68.857 |
|
|
|
|
|
|
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% |
-- |
|
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 |
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 |
Yes |
|
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 |
90082520 |
25/01/2005 * |
50,100,000.00 |
STATE BANK OF INDIA |
INDUSTRIAL FINANCE BRANCH, PIMPRI, PUNE, MAHARASHTRA, INDIA |
- |
|
2 |
90090179 |
22/03/2013 * |
510,000,000.00 |
STATE BANK OF INDIA INDUSTRIAL FINANCE BRANCH |
TARA CHAMBERS 2ND FLOOR,NEAR MARIAAI POLICE CHOWKY, OLD PUNE MUMBAI HIGHWAY, WAKDEDI, PUNE - 411003, MAHARASHTRA, INDIA |
B72983513 |
|
3 |
90093470 |
17/03/1995 |
660,660.00 |
LLOYOS FINANCE LIMITED |
PUNE BRANCH;
BHARATI VIDYAPETH BHAWAN; 6TH FLOOR, |
- |
* Date of charge modification
UNSECURED LOANS
|
UNSECURED LOANS |
31.03.2013 (Rs.
In Millions) |
31.03.2012 (Rs.
In Millions) |
|
LONG-TERM BORROWINGS |
|
|
|
Deposits |
5.508 |
5.508 |
|
Loans and advances from directors |
12.962 |
8.412 |
|
Loans and advances from others |
51.137 |
54.080 |
|
|
|
|
|
Total |
69.607 |
68.000 |
CORPORATE INFORMATION
Subject was incorporated on 30th November 1976. The Company
is primarily engaged in the business of manufacturing and sales of Two Wheeler
Exhaust, Heat Exchangers, Car Engine Housing & Floor Assembly, Sheet Metal
and Machined Assemblies. The Company also deals in accessories used in
automobiles and vehicles and engines, spare parts and tools used in, or
required for automobiles, diesel engines, oil engines and all kinds of engines
including internal combustion engines.
PERFORMANCE
During the year
the turnover of the Company was Rs. 3108.400 Millions against turnover of Rs.
3102.900 Millions during the previous financial year.
Further in the
Company many expansion activities, are taking place at the various plants
located at Waluj.
The Company had
bagged the orders/ LOI from its customers Eicher Motors Limited for their Royal
Enfield project, Bajaj Auto Limited, Piaggio Vehicles Private Limited, Mahindra
Two Wheeler Limited for their various new launches.
CONTINGENT
LIABILITIES (AS ON 31.03.2013):
1) The Company has preferred the appeal, against the order of Commissioner of Central Excise, Pune-I Commissionerate, Pune in respect of excise dues of Rs. 5.800 Millions arising out of claim of reversal of Cenvat Credit.
2) On 28th August 2012 the premises of the Company were subjected to search proceedings, as per the provision of Section 132 of the Income Tax Act 1961. Notices under section 153A of that Act have been received and assessment proceedings are pending. Necessary accounting entries will be passed in the books of accounts of the Company, if required, on completion of these assessment proceeding.
3) The Company had filed an appeal, against the order of Deputy Commissioner of Sales Tax, Large Tax Payer Unit E-618, Pune in respect of Demand Notice amounting to Rs.1.270 Millions vide order dated 28-Mar-2013 for the FY 2008-09.
4) The Company had filed an appeal, against the order of Deputy Commissioner of Sales Tax, Large Tax Payer Unit E-613, Pune in respect of Demand Notice amounting to Rs.0.676 Million vide order dated 26-Mar-2013 for the FY 2005-06.
5) The company has given Corporate Guarantees for the loans taken by SM Eberspaecher Exhaust Private Limited from State Bank of India, Industrial Finance Branch, Wakdewadi, Tara Chambers, Wakdewadi, Pune - 411003 of Rs. 96.750 Millions (50% of Rs. 193.500 Millions)
FIXED ASSETS:
Ø Land
Ø Buildings
Ø Factory building
Ø Plant and equipment
Ø Factory equipments
Ø Furniture and fixtures
Ø Vehicles
Ø Motor vehicles
Ø Office equipment
Ø Computer equipments
Ø Other equipments
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts,
1] INFORMATION ON
DESIGNATED PARTY
No exist designating subject or any of its beneficial owners,
controlling shareholders or senior officers as terrorist or terrorist
organization or whom notice had been received that all financial transactions
involving their assets have been blocked or convicted, found guilty or against
whom a judgement or order had been entered in a proceedings for violating
money-laundering, anti-corruption or bribery or international economic or
anti-terrorism sanction laws or whose assets were seized, blocked, frozen or
ordered forfeited for violation of money laundering or international
anti-terrorism laws.
2] Court Declaration :
No exist to suggest that subject is or was
the subject of any formal or informal allegations, prosecutions or other
official proceeding for making any prohibited payments or other improper
payments to government officials for engaging in prohibited transactions or
with designated parties.
3] Asset Declaration :
No records exist to suggest that the property or assets of the subject
are derived from criminal conduct or a prohibited transaction.
4] Record on Financial
Crime :
Charges or conviction
registered against subject: None
5] Records on Violation of
Anti-Corruption Laws :
Charges or
investigation registered against subject: None
6] Records on Int’l
Anti-Money Laundering Laws/Standards :
Charges or
investigation registered against subject: None
7] Criminal Records
No
available information exist that suggest that subject or any of its principals
have been formally charged or convicted by a competent governmental authority
for any financial crime or under any formal investigation by a competent
government authority for any violation of anti-corruption laws or international
anti-money laundering laws or standard.
8] Affiliation with
Government :
No record
exists to suggest that any director or indirect owners, controlling
shareholders, director, officer or employee of the company is a government
official or a family member or close business associate of a Government
official.
9] Compensation Package :
Our market
survey revealed that the amount of compensation sought by the subject is fair
and reasonable and comparable to compensation paid to others for similar
services.
10] Press Report :
No press reports / filings exists on
the subject.
CORPORATE GOVERNANCE
MIRA INFORM as part of its Due Diligence do provide comments on
Corporate Governance to identify management and governance. These factors often
have been predictive and in some cases have created vulnerabilities to credit deterioration.
Our Governance Assessment focuses principally on the interactions
between a company’s management, its Board of Directors, Shareholders and other
financial stakeholders.
CONTRAVENTION
Subject is not known to have contravened any existing local laws,
regulations or policies that prohibit, restrict or otherwise affect the terms
and conditions that could be included in the agreement with the subject.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs. 59.03 |
|
|
1 |
Rs. 98.91 |
|
Euro |
1 |
Rs. 80.34 |
INFORMATION DETAILS
|
Information
Gathered by : |
PLK |
|
|
|
|
Analysis Done by
: |
RAS |
|
|
|
|
Report Prepared
by : |
BVA |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
6 |
|
--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 |
|
DEFAULTERS |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
50 |
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.