MIRA INFORM REPORT
|
Report Date : |
05.11.2014 |
IDENTIFICATION DETAILS
|
Name : |
JAY BHARAT MARUTI LIMITED |
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Registered
Office : |
601, Hemkunt Chambers, 89, Nehru Place, New Delhi – 110 019 |
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Country : |
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Financials (as
on) : |
31.03.2014 |
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Date of
Incorporation : |
19.03.1987 |
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Com. Reg. No.: |
55-027342 |
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Capital
Investment / Paid-up Capital : |
Rs.108.250
Millions |
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CIN No.: [Company Identification
No.] |
L29130DL1987PLC027342 |
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Legal Form : |
Public Limited Liability Company. The Company’s Shares are Listed on the Stock Exchanges. |
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Line of Business
: |
Subject is primarily engaged in the business of manufacturing of components
for automobiles. |
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No. of Employees
: |
3600 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
A (62) |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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|
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 |
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Maximum Credit Limit : |
USD 4900000 |
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Status : |
Good |
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Payment Behaviour : |
Regular |
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Litigation : |
Exist |
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Comments : |
Subject is a well-established company having fine track record. The rating reflects company’s healthy operational risk profile marked
by adequate liquidity position and sound profitability levels of the company.
Trade relations are reported as fair. Business is active. Payments are
reported to be regular and as per commitment. The company can be considered good for normal business dealings at
usual trade terms and conditions. |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – June 1, 2014
|
Country Name |
Previous Rating (31.03.2014) |
Current Rating (01.06.2014) |
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India |
A1 |
A1 |
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Risk Category |
ECGC
Classification |
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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
N E W S
Verdict Implications
: Apex court order may alter coal import dynamics. Traders go slow on talks
over coal supply contracts, uncertainty over cancellation of blocks weigh on
stocks.
Recent arrest of the
Chennai head of the Registrar of Companies, the ministry of corporate affairs
arm that ensures that companies file all the information required by the
Companies Act is the latest manifestation of a messy fight between a father and
his adopted son for the control of Rs 40000 mn business empire. The Central
Bureau of Investigation arrested Manumeethi Cholan after he accepted Rs 10
lakhs as bribe from M A M Ramaswamy, a CBI official said.
Central Bureau of
Investigation books Electrotherm for cheating Central Bank of Rs 4360 mn.
Infosys maintains
revenue guidance. COO Rao says attrition still an area of concern and it would
take a few more quarters to bring down levels to 13-15 %.
DHL to invest
Euro 100 mn in India over next 2 years. The firm has chosen India to pilot its
e-commerce business model for the Asia-Pacific region.
Blackstone may buy
stake in BlueRidge SEZ in line with the fund’s real estate strategy in India.
Kingfisher Airlines
Ltd grounded in October 2012 under the weight of heavy debt and accumulated
losses, recently approached the Delhi high court for relief in two separate
cases. The airline challenged a notice by Punjab & National Bank alleging
that It had wilfully defaulted on Rs 7700 mn of loans and sought more time to
comply with the requirements under the listing agreements with the Stock
Exchanges.
OnMobile likely to
sack another 300 employees. The lay-offs follow a spate of senior-level exits
over the past two years, starting with of its founder. The overall lay-offs
could number around 600 and are driven by the need to cut costs, says a former
employee.
EXTERNAL AGENCY RATING
|
Rating Agency Name |
ICRA |
|
Rating |
Term Loan: A1+ |
|
Rating Explanation |
Having very strong degree of safety regarding timely payment of financial
obligation it carry lowest credit risk. |
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Date |
August 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
31-03-2014.
INFORMATION PARTED BY
|
Name : |
Mr. Dinesh Kumar |
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Designation : |
Company Secretary |
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Contact No.: |
91-124-4674500 |
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Date : |
04.11.2014 |
LOCATIONS
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Registered Office/ Corporate Office : |
601, Hemkunt Chambers, 89, Nehru Place, New Delhi – 110 019, India |
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Tel. No.: |
91-11-26427104-6 |
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Fax No.: |
91-11-26427100 |
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E-Mail : |
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Website : |
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Factory 1 : |
Plot No.5, Maruti Joint Venture Complex, Gurgaon – 122 015, Haryana, India |
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Factory 2 : |
Sector 36, Mohammadpur Jharsa, Near Khandsa Village, Gurgaon – 122 001, Haryana, India |
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Factory 3 : |
Plot No.15 and 22, Sector - 3A, Maruti Supplier Park, IMT Manesar, Gurgaon – 122 050, Haryana, India |
DIRECTORS
As on 31.03.2014
|
Name : |
Mr. S.K. Arya |
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Designation : |
Chairman and Managing Director |
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Name : |
Mr. U.C. Aggarwal |
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Designation : |
Director |
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Name : |
Mr. D.P. Agarwal |
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Designation : |
Director |
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Name : |
Mr. R. Dayal |
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Designation : |
MSIL Nominee Director |
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Name : |
Mr. Achintya Karati |
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Designation : |
Director |
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Name : |
Mr. Nishant Arya |
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Designation : |
Director |
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Name : |
Ms. Esha Arya |
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Designation : |
Director |
KEY EXECUTIVES
|
Name : |
Mr. Anand Swaroop |
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Designation : |
President and Chief Financial Officer |
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Name : |
Mr. Dinesh Kumar |
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Designation : |
Company Secretary and Compliance
Officer |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 30.09.2014
|
Category of Shareholders |
No. of Shares |
Percentage of
Holding |
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(A) Shareholding of Promoter and Promoter Group |
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3162950 |
14.61 |
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9516350 |
43.96 |
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12679300 |
58.56 |
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Total shareholding of Promoter and Promoter Group (A) |
12679300 |
58.56 |
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(B) Public Shareholding |
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|
7400 |
0.03 |
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|
1200 |
0.01 |
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400 |
0.00 |
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1000 |
0.00 |
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7316 |
0.03 |
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|
17316 |
0.08 |
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4447576 |
20.54 |
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2654284 |
12.26 |
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1658559 |
7.66 |
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192965 |
0.89 |
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192965 |
0.89 |
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|
8953384 |
41.36 |
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Total Public shareholding (B) |
8970700 |
41.44 |
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Total (A)+(B) |
21650000 |
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) |
21650000 |
0.00 |
BUSINESS DETAILS
|
Line of Business : |
Subject is primarily engaged in the business of manufacturing of
components for automobiles. |
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Products : |
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Terms : |
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Selling : |
Cash and Advances Payment |
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Purchasing : |
Cash and Advances Payment |
GENERAL INFORMATION
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Customers : |
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No. of Employees : |
3600 (Approximately) |
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Bankers : |
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Facilities : |
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Banking
Relations : |
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Auditors : |
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Name : |
Mehra Goel and Company Chartered Accountants |
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Associates: |
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Enterprises over
which Key Management Personnel and their relatives
are able to exercise significant influence: |
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CAPITAL STRUCTURE
As on 19.08.2014
Authorised Capital : Rs.300.000 Millions
Issued, Subscribed & Paid-up Capital : Rs.108.250
Millions
As on 31.03.2014
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
24000000 |
Equity Shares |
Rs.5/- each |
Rs.120.000 millions |
|
3000000 |
Preference Shares |
Rs.10/- each |
Rs.30.000 millions |
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Total |
|
Rs.150.000
millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
21650000 |
Equity Shares |
Rs.5/- each |
Rs.108.250
Millions |
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NOTE:
Reconciliation of the
number of Equity Shares outstanding
|
Name of Shareholders |
31.03.2014 |
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No. of Shares |
Rs. In Millions |
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Balance at the beginning and at the end of the year |
21650000 |
108.250 |
Rights, Preferences
and restrictions attached to shares
The company has one class of equity shares with a par value of Rs.5/- per share. Each shareholder is eligible for one vote per share held. The dividend proposed by the board of director is subject to the approval of shareholders in the ensuing Annual General Meeting, except in the case of interim dividend. In the event of liquidation, the equity shareholders are eligible to receive remaining assets of the company after distribution of all preferential amounts, in proportion to their shareholding.
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES
OF FUNDS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
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I.
EQUITY AND LIABILITIES |
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(1)Shareholders' Funds |
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(a) Share Capital |
108.250 |
108.250 |
108.250 |
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(b) Reserves & Surplus |
1614.712 |
1481.190 |
1303.871 |
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(c) Money received against
share warrants |
0.000 |
0.000 |
0.000 |
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(2) Share Application money
pending allotment |
0.000 |
0.000 |
0.000 |
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Total
Shareholders’ Funds (1) + (2) |
1722.962 |
1589.440 |
1412.121 |
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(3) Non-Current Liabilities |
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(a) long-term borrowings |
936.077 |
1251.447 |
1253.518 |
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(b) Deferred tax liabilities
(Net) |
327.298 |
279.805 |
258.352 |
|
(c) Other long term
liabilities |
5.815 |
15.985 |
15.837 |
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(d) long-term provisions |
0.000 |
0.000 |
0.000 |
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Total
Non-current Liabilities (3) |
1269.190 |
1547.237 |
1527.707 |
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(4) Current Liabilities |
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(a) Short term borrowings |
371.574 |
407.056 |
292.508 |
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(b) Trade payables |
1277.756 |
1399.619 |
1766.100 |
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(c) Other current liabilities |
972.921 |
733.381 |
516.142 |
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(d) Short-term provisions |
229.118 |
88.127 |
77.263 |
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Total
Current Liabilities (4) |
2851.369 |
2628.183 |
2652.013 |
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TOTAL |
5843.521 |
5764.860 |
5591.841 |
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II.
ASSETS |
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(1) Non-current assets |
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(a) Fixed Assets |
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|
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(i) Tangible assets |
3724.772 |
3523.098 |
3182.955 |
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(ii) Intangible Assets |
13.120 |
4.984 |
7.286 |
|
(iii) Capital work-in-progress |
229.184 |
218.211 |
245.094 |
|
(iv) Intangible assets under
development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current Investments |
23.255 |
23.855 |
23.855 |
|
(c) Deferred tax assets (net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
67.869 |
58.046 |
16.291 |
|
(e) Other Non-current assets |
204.351 |
207.413 |
144.300 |
|
Total
Non-Current Assets |
4262.551 |
4035.607 |
3619.781 |
|
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(2) Current assets |
|
|
|
|
(a) Current investments |
0.000 |
0.000 |
0.000 |
|
(b) Inventories |
988.987 |
843.169 |
754.797 |
|
(c) Trade receivables |
304.051 |
582.100 |
757.369 |
|
(d) Cash and cash equivalents |
8.338 |
24.909 |
18.729 |
|
(e) Short-term loans and
advances |
0.000 |
0.000 |
0.000 |
|
(f) Other current assets |
279.594 |
279.075 |
441.165 |
|
Total
Current Assets |
1580.970 |
1729.253 |
1972.060 |
|
|
|
|
|
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TOTAL |
5843.521 |
5764.860 |
5591.841 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
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SALES |
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Income |
12115.757 |
11802.266 |
10683.144 |
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Other Income |
26.417 |
34.222 |
22.303 |
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TOTAL
(A) |
12142.174 |
11836.488 |
10705.447 |
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Less |
EXPENSES |
|
|
|
|
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Cost of Materials Consumed |
9424.897 |
9507.848 |
8591.177 |
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|
Changes in inventories of
finished goods, work-in-progress and Stock-in-Trade |
93.604 |
(87.810) |
(13.516) |
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|
Employees benefits expense |
644.193 |
625.660 |
569.031 |
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Other expenses |
891.130 |
820.328 |
674.283 |
|
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Exceptional items |
144.092 |
0.000 |
0.000 |
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TOTAL
(B) |
11197.916 |
10866.026 |
9820.975 |
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Less |
PROFIT/
(LOSS) BEFORE INTEREST, TAX,
DEPRECIATION AND AMORTISATION (C) |
944.258 |
970.462 |
884.472 |
|
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|
|
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|
Less |
FINANCIAL
EXPENSES (D) |
215.815 |
195.000 |
215.056 |
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|
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|
PROFIT
/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
728.443 |
775.462 |
669.416 |
|
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|
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|
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Less/
Add |
DEPRECIATION/
AMORTISATION (F) |
455.407 |
455.435 |
380.178 |
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|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE TAX (E-F) (G) |
273.036 |
320.027 |
289.238 |
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|
|
|
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|
Less |
TAX
(I) |
107.855 |
104.714 |
92.947 |
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|
|
|
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|
PROFIT/
(LOSS) AFTER TAX (G-I)
(J) |
165.181 |
215.313 |
196.291 |
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|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
1279.315 |
1124.496 |
983.948 |
|
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|
|
|
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|
Less |
APPROPRIATIONS |
|
|
|
|
|
General Reserve |
16.600 |
22.500 |
18.000 |
|
|
Proposed Dividend |
27.062 |
32.475 |
32.475 |
|
|
Corporate Dividend Tax |
4.599 |
5.519 |
5.268 |
|
|
Balance
Carried to the B/S |
1396.235 |
1279.315 |
1124.496 |
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
Raw Materials |
40.787 |
205.622 |
420.174 |
|
|
Components and Stores parts |
2.075 |
3.211 |
1.065 |
|
|
Capital Goods |
185.734 |
331.026 |
279.770 |
|
|
TOTAL
IMPORTS |
228.596 |
539.859 |
701.009 |
|
|
|
|
|
|
|
|
Earnings
/ (Loss) Per Share (Rs.) |
7.63 |
9.95 |
9.07 |
KEY RATIOS
|
PARTICULARS |
|
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
Net Profit Margin PAT/ Sales |
(%) |
1.36 |
1.82 |
1.84 |
|
|
|
|
|
|
|
PBIDT / Sales |
(%) |
7.79 |
8.22 |
8.28 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
4.88 |
5.79 |
5.43 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.16 |
0.20 |
0.20 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
0.76 |
1.04 |
1.09 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
0.55 |
0.66 |
0.74 |
FINANCIAL ANALYSIS
[all figures are
in Rupees Millions]
DEBT EQUITY RATIO
|
Particular |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
(Rs.
In Millions) |
(Rs.
In Millions) |
(Rs.
In Millions) |
|
Share Capital |
108.250 |
108.250 |
108.250 |
|
Reserves & Surplus |
1303.871 |
1481.190 |
1614.712 |
|
Net
worth |
1412.121 |
1589.440 |
1722.962 |
|
|
|
|
|
|
long-term borrowings |
1253.518 |
1251.447 |
936.077 |
|
Short term borrowings |
292.508 |
407.056 |
371.574 |
|
Total
borrowings |
1546.026 |
1658.503 |
1307.651 |
|
Debt/Equity
ratio |
1.095 |
1.043 |
0.759 |
YEAR-ON-YEAR GROWTH
|
Year
on Year Growth |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
(Rs.
In Millions) |
(Rs.
In Millions) |
(Rs.
In Millions) |
|
Sales |
10683.144 |
11802.266 |
12115.757 |
|
|
|
10.476 |
2.656 |
NET PROFIT MARGIN
|
Net
Profit Margin |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
(Rs.
In Millions) |
(Rs.
In Millions) |
(Rs.
In Millions) |
|
Sales |
10683.144 |
11802.266 |
12115.757 |
|
Profit |
196.291 |
215.313 |
165.181 |
|
|
1.84% |
1.82% |
1.36% |
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% |
-- |
|
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) |
No |
|
21] |
Market information |
-- |
|
22] |
Litigations that the firm
/ promoter involved in |
Yes |
|
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 |
LITIGATION DETAILS
IN THE HIGH COURT OF DELHI AT NEW DELHI
ITA 521/2009
THE COMMISSIONER OF INCOME TAX... Appellant Through : Mr Sanjeev Sabharwal
versus
JAY BHARAT MARUTI LTD
....
Respondent
Through : Mr R. Santhanam
CORAM:
HON'BLE MR JUSTICE BADAR DURREZ AHMED
HON'BLE MR JUSTICE SIDDHARTH MRIDUL
Order
25.01.2010
Admit.
The following substantial question of law arises for our
consideration:- (1) Whether in terms of the agreement between the
parties, the amount of Rs 1.659 Millions paid to Mr Balsonica Corporation
of Japan for technical know-how, was in the nature of capital
expenditure The paper books be filed by the appellant within three months
as per rules.
List in due course.
BADAR DURREZ AHMED, J
SIDDHARTH MRIDUL, J
JANUARY 25, 2010
SR
23
FINANCIAL HIGHLIGHTS
AND OPERATIONS
Total revenue (net of excise) was Rs.12142.174 Millions during the year under review as against Rs.11836.488 Millions in the previous year showing an increase of 2.58%. profit after tax, after making a provision of Rs.144.096 Millions towards exceptional items, was Rs.165.181 Millions in the current year as against Rs.215.313 Millions in the previous year which is declined By 23.28%.
MANAGEMENT DISCUSSION
AND ANALYSIS REPORT
ECONOMY OVERVIEW
GLOBAL ECONOMY
The Global Economy began its modest recovery in the financial year 2013-14 with improved demand from the Organization for Economic Co-operation and Development (OECD) economies in the second half of 2013. While the trend is expected to accelerate in the current year, the positive outlook is subdued by the potential consequences of 'tapering' of some of the US Federal Reserve's Quantitative Easing (QE) policies which were undertaken in the aftermath of global financial crises. Emerging markets like India faced multiple challenges: capital outflows, intense exchange rate pressures and volatile current account movement. A combination of persistent inflation, is cal imbalances, external sector vulnerabilities and low investments resulted in sluggish domestic demand growth. Fiscal and monetary initiatives taken by the Indian government and the Reserve Bank of India (RBI) helped stabilize financial market conditions, but the domestic macro-economic environment still remains challenging. Depressed economic sentiments couple with high price levels and poor income growth continued to affect the Industry.
INDIAN ECONOMY
In 2013, like most emerging market economies, India faced capital outflows and exchange rate pressures. Stabilizing economy by restoring exchange rate stability became a prime task.
In response to steps like abridged Gold imports, as also momentum in global trade, India's Current Account deficit is expected to shrink from 4.9% of GDP in Q1 to below 2.5% of GDP by the end the Financial Year 2013-14. The external sector risk was reduced by taking measures to attract and withhold foreign inwards which helped in seizure of the Foreign Exchange Reserves.
The Indian Economy is witnessing a favorable climate due to the phenomenal outcome of the Lok Sabha elections. As the market is breaking new skies because of the expected streamlined policies of the new government, it will not be unjustifiable to imagine a bull phase in the overall economic scenario of the Country.
The India's Bankers Bank (RBI) increased the interest rate in order to target persisting high inflation. The shift in focus from Wholesale Price Index (WPI) inflation to Consumer Price Index (CPI) inflation also kept interest rate window on the higher side.
India represents one of the world's largest car markets. Easy availability of inance and rising income levels are encouraging the middle class population to choose from the vast range of passenger vehicles.
The performance of the Indian automobile industry has been on a downward growth over the past three years owing to significant slowdown in the overall economy impacting the investment cycle and consumer sentiments. Slowdown in Industrial activity and rising cost of fuel prices and interest rates has been playing a major role in the past.
The NDA- BJP Government has presented its First Budget on 10th July 2014. The Finance Minister has endeavored to push for an inclusive agenda that focuses on macro-economic stabilization, lower inflation level of external sector balance and fiscal prudence. The Finance Minister has also spelt out major reforms in tax administration that will give greater clarity and an assurance of a stable policy to foreign and domestic investors. The plan to reduce the fiscal deficit gradually to 3% is good for economic health. The focus on increasing manufacturing activity, agri growth and investment-led growth which augurs well for sustained economic recovery.
INDUSTRY STRUCTURE AND DEVELOPMENT
Changing economic and business conditions, evolving consumer preferences, rapid technological innovation and adoption and globalization are creating an increasingly competitive market environment that is driving corporations to transform the manner in which they operate. Companies in this environment are now focusing even more on their core business objectives such as revenue growth, profitability and asset efficiency.
The automotive industry in India is one of the largest automotive markets in the world. It had previously been one of the fastest growing markets globally, but is currently experiencing flat or negative growth rates. India's passenger car and commercial vehicle manufacturing industry is the sixth largest in the world. According to the Society of Indian Automobile Manufacturers (SIAM), annual vehicle sales are projected to increase to 4 million by 2015.
Domestic Volume Growth Trends in March, 2014 and Financial Year 2013 -14
• Passenger Vehicle volumes decline by 7.3% YoY in March, 2014and 6.10% in the financial year 2013-14.
• Commercial Vehicle volumes contract by 24.5%YoY in March, 2014and 20.20% YoY in the financial year 2013-14.
• Two-Wheeler volumes grow by 21.20%YoYin March,2014 and 7.30%in thefinancialyear2013-14.
• Three-wheeler volumes decline by 6.00% YoY in March, 2014and10.90% in the financial year 2013-14.
• Unseasonal rainfall slackens growth in Tractor Market.
• The overall automobile sector's growth declined in the previous year 2013-14.
OUTLOOK
The prospects of the auto component industry are closely linked to the economic growth. As the competition intensi!es, the Company has been continuously working on improving its operating e$ciency, quality, diversifying its product range and adding optimal capacity as required. The Company will safeguard its culture of continuous improvements, teamwork, discipline and stakeholder sensitivity. The Company expects that the entry of the new Government at centre will bring economic stabilization and growth and boost investment climate and market sentiment. Hence the revenue in the coming years are expected to be better than previous years.
UNSECURED LOAN
|
PARTICULARS |
31.03.2014 (Rs.
in Millions) |
31.03.2013 (Rs.
in Millions) |
|
Short-term
borrowings |
|
|
|
Foreign Currency Buyer's Credits |
38.484 |
24.969 |
|
Total |
38.484 |
24.969 |
INDEX
OF CHARGES
|
S.NO. |
CHARGE ID |
DATE OF CHARGE
CREATION/MODIFICATION |
CHARGE AMOUNT
SECURED |
CHARGE HOLDER |
ADDRESS |
SERVICE REQUEST
NUMBER (SRN) |
|
1 |
10527456 |
01/10/2014 |
100,000,000.00 |
HDFC BANK LIMITED |
2ND FLOOR, INDIAN EXPRESS
BUILDING, 9-10, BAHADUR |
C30945976 |
|
2 |
10483837 |
21/02/2014 |
300,000,000.00 |
THE HONGKONG AND SHANGHAI BANKING CORPORATION LIMITED |
25,, BARAKHAMBHA ROAD,
NEW DELHI, DELHI - 110001, |
C00049973 |
|
3 |
10437876 |
18/06/2013 |
450,000,000.00 |
KOTAK MAHINDRA BANK LIMITED |
7TH FLOOR, AMBADEEP
BUILDING,, K G MARG,, NEW DEL |
B80063225 |
|
4 |
10404026 |
26/02/2014 * |
500,000,000.00 |
THE HONGKONG AND SHANGHAI BANKING CORPORATION LIMITED |
25, BARAKHAMBHA
ROAD, NEW DELHI, DELHI - 110001, |
B98678220 |
|
5 |
10394351 |
11/02/2013 * |
250,000,000.00 |
ING VYSYA BANK LIMITED |
NARIAN MANZIL,GROUND
FLOOR,SHOP NO. G1 TO G5,, I |
B69970309 |
|
6 |
10337744 |
06/12/2012 * |
540,000,000.00 |
DBS BANK LIMITED |
SECURITY TRUSTEE OF
DBS BANK LTD, SINGAPORE, UGF, |
B64352982 |
|
7 |
10302610 |
02/01/2012 * |
224,800,000.00 |
DBS BANK LTD. |
UPPER GROUND FLOOR,
BIRLA TOWER,, 25 BARAKHAMBA R |
B30048912 |
|
8 |
10299314 |
06/08/2012 * |
250,000,000.00 |
DBS BANK LTD. |
UPPER GROUND FLOOR,
25, BARAKHAMBA ROAD, NEW DELH |
B58884883 |
|
9 |
10281692 |
19/10/2011 * |
270,000,000.00 |
STANDARD CHARTERED BANK (ACTING AS AN SECURITY AGE |
CREDIT RISK
CONTROL, NARAIN MANZIL, 23 BARAKHAMBA |
B23432271 |
|
10 |
10281391 |
06/05/2013 * |
400,000,000.00 |
ICICI BANK LIMITED |
LANDMARKRACE COURCE
CIRCLE, ALKAPURI, BARODA, GUJ |
B74726647 |
* Date of charge modification
CONTINGENT
LIABILITIES:
(Rs. in millions)
|
PARTICULARS |
31.03.2014 |
|
|
|
|
Central Excise (net of amount paid under protest) |
290.662 |
|
Service tax |
3.164 |
|
Income tax |
8.344 |
|
Bills Discounted |
489.499 |
FIXED ASSETS
Tangible Assets
- Land
- Building
- Plant & Equipment
- Furniture, Fixtures
- Office Equipment’s
- Computer & computer Systems
- Vehicles
- Vehicle on Finance Lease
Intangible Assets
- Technical Knowhow
- Computer Software
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts,
1] INFORMATION ON
DESIGNATED PARTY
No exist designating subject or any of its beneficial owners,
controlling shareholders or senior officers as terrorist or terrorist
organization or whom notice had been received that all financial transactions
involving their assets have been blocked or convicted, found guilty or against
whom a judgement or order had been entered in a proceedings for violating
money-laundering, anti-corruption or bribery or international economic or
anti-terrorism sanction laws or whose assets were seized, blocked, frozen or
ordered forfeited for violation of money laundering or international
anti-terrorism laws.
2] Court Declaration :
No exist to suggest that subject is or was
the subject of any formal or informal allegations, prosecutions or other
official proceeding for making any prohibited payments or other improper
payments to government officials for engaging in prohibited transactions or
with designated parties.
3] Asset Declaration :
No records exist to suggest that the property or assets of the subject
are derived from criminal conduct or a prohibited transaction.
4] Record on Financial
Crime :
Charges or conviction
registered against subject: None
5] Records on Violation of
Anti-Corruption Laws :
Charges or
investigation registered against subject: None
6] Records on Int’l
Anti-Money Laundering Laws/Standards :
Charges or
investigation registered against subject: None
7] Criminal Records
No
available information exist that suggest that subject or any of its principals
have been formally charged or convicted by a competent governmental authority
for any financial crime or under any formal investigation by a competent
government authority for any violation of anti-corruption laws or international
anti-money laundering laws or standard.
8] Affiliation with
Government :
No record
exists to suggest that any director or indirect owners, controlling
shareholders, director, officer or employee of the company is a government
official or a family member or close business associate of a Government
official.
9] Compensation Package :
Our market
survey revealed that the amount of compensation sought by the subject is fair
and reasonable and comparable to compensation paid to others for similar
services.
10] Press Report :
No press reports / filings exists on
the subject.
CORPORATE GOVERNANCE
MIRA INFORM as part of its Due Diligence do provide comments on
Corporate Governance to identify management and governance. These factors often
have been predictive and in some cases have created vulnerabilities to credit
deterioration.
Our Governance Assessment focuses principally on the interactions
between a company’s management, its Board of Directors, Shareholders and other financial
stakeholders.
CONTRAVENTION
Subject is not known to have contravened any existing local laws,
regulations or policies that prohibit, restrict or otherwise affect the terms
and conditions that could be included in the agreement with the subject.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.61.41 |
|
|
1 |
Rs.98.06 |
|
Euro |
1 |
Rs.76.77 |
INFORMATION DETAILS
|
Information
Gathered by : |
SVA |
|
|
|
|
Analysis Done by
: |
KAR |
|
|
|
|
Report Prepared
by : |
KVT |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
7 |
|
PAID-UP CAPITAL |
1~10 |
6 |
|
OPERATING SCALE |
1~10 |
7 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
7 |
|
--PROFITABILIRY |
1~10 |
7 |
|
--LIQUIDITY |
1~10 |
7 |
|
--LEVERAGE |
1~10 |
7 |
|
--RESERVES |
1~10 |
7 |
|
--CREDIT LINES |
1~10 |
7 |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
YES |
|
--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 |
YES |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
62 |
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.