MIRA INFORM REPORT
|
Report Date : |
07.11.2014 |
IDENTIFICATION DETAILS
|
Name : |
JBM AUTO LIMITED (w.e.f. 05.01.2006) |
|
|
|
|
Formerly Known
As : |
JBM AUTO COMPONENTS LIMITED PRECIOUS ESTATES LIMITED |
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|
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Registered
Office : |
601, Hemkunt Chambers 89, Nehru Place, New Delhi - 110 019 |
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Country : |
India |
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Financials (as
on) : |
31.03.2014 |
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Date of
Incorporation : |
05.11.1996 |
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Com. Reg. No.: |
55-083073 |
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Capital
Investment / Paid-up Capital : |
Rs. 201.988 Millions |
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|
|
|
CIN No.: [Company Identification
No.] |
L74899DL1996PLC083073 |
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|
|
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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 of Tools, Dies and Moulds for the Automobile Industry. |
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No. of Employees
: |
Information declined by the management |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (48) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 4800000 |
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|
Status : |
Satisfactory |
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Payment Behaviour : |
No Complaints |
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Litigation : |
Clear |
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Comments : |
Subject is an established company having satisfactory track record. General financial position of the company seems to be decent.
Profitability of the company is fair. Trade relations are fair. Business is active. Payment terms are
reported to be usually correct. The company can be considered for business dealings at usual trade
terms and condition. |
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) |
|
India |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
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 Loans = BBB- |
|
Rating Explanation |
Moderate degree of safety and moderate credit risk. |
|
Date |
August 2013 |
|
Rating Agency Name |
ICRA |
|
Rating |
Non – Fund Based Limited – A3 |
|
Rating Explanation |
Moderate degree of safety and high credit risk. |
|
Date |
August 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
31-03-2014.
INFORMATION DECLINED BY
|
Name : |
Ms. Smriti |
|
Designation : |
Office Executive |
|
Contact No.: |
91-124-4674500 |
|
Date : |
05.11.2014 |
LOCATIONS
|
Registered Office : |
601, Hemkunt Chambers 89, Nehru Place, New Delhi - 110 019 |
|
Tel. No.: |
91-11-26427104 -06 |
|
Fax No.: |
91-11-26427100 |
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E-Mail : |
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Website : |
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Corporate Office : |
Plot No.9, Institutional Area, Sector 44, Gurgaon-122003, Haryana, India |
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Tel. No.: |
91-124-4674500, 4674550 |
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Fax No.: |
91-124-4674599 |
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|
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Factory 1 : |
Plot No. 133, Sector-24, Faridabad-121005, Haryana, India |
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Tel. No.: |
91-129-4090200 |
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Fax No.: |
91-129-2234230. |
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Factory 2 : |
Plot No. 5, Sector-31, Kasna Industrial Area, Greater Noida-201306, Uttar Pradesh, India |
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Factory 3 : |
71-72, MIDC, Satpur Nashik – 422007, Maharashtra, India |
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Factory 4 : |
Plot No. B-2, Survey No.1, Tata Motors Vendor Park, Sanand - 382170, Ahmedabad, Gujarat, India |
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Factory 5 : |
Plot No. 118, Sector – 59, HSIDC, Industrial Estate, Ballabhgarh - 121004, Faridabad, Haryana, India |
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Factory 6 : |
A-4, Industrial Estate, Kosi Kotwan, Dist. Mathura, Uttar Pradesh, India |
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Factory 7 : |
Plot No. 157-E Sector-3, Pithampur Industrial Area, District- Dhar - 454775, Indore, Madhya Pradesh, India |
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Factory 8 : |
Plot No. SP-891, Pathredi Industrial Area, Bhiwadi, Distt. Alwar - 301707, Rajasthan, India |
DIRECTORS
As on 31.03.2014
|
Name : |
Mr. S.K. Arya |
|
Designation : |
Chairman |
|
|
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|
Name : |
Mr. Ashok Kumar Agarwal |
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Designation : |
Director |
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|
Name : |
Mr. M.K. Aggarwal |
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Designation : |
Director |
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|
Name : |
Mr. Nishant Arya |
|
Designation : |
Director |
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|
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|
Name : |
Mrs. Vimal Vasisnt |
|
Designation : |
Director |
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|
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|
Name : |
Mr. H.R. Saini |
|
Designation : |
Director |
KEY EXECUTIVES
|
Name : |
Mr. Vivek Gupta |
|
Designation : |
Chief Financial Officer and Company Secretary |
|
|
|
|
Name : |
Ms. Smriti |
|
Designation : |
Office Executive |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 30.09.2014
|
Category of Shareholder |
No. of Shares |
Percentage of Holding |
|
(A) Shareholding of Promoter
and Promoter Group |
|
|
|
|
|
|
|
|
288771 |
2.83 |
|
|
6032385 |
59.15 |
|
|
6321156 |
61.98 |
|
|
|
|
|
Total shareholding of Promoter
and Promoter Group (A) |
6321156 |
61.98 |
|
(B) Public Shareholding |
|
|
|
|
|
|
|
|
300 |
0.00 |
|
|
300 |
0.00 |
|
|
1080 |
0.01 |
|
|
120 |
0.00 |
|
|
1800 |
0.02 |
|
|
|
|
|
|
2278065 |
22.34 |
|
|
|
|
|
|
895960 |
8.78 |
|
|
661977 |
6.49 |
|
|
39883 |
0.39 |
|
|
39883 |
0.39 |
|
|
3875885 |
38.00 |
|
Total Public shareholding (B) |
3877685 |
38.02 |
|
Total (A)+(B) |
10198841 |
100.00 |
|
(C) Shares held by Custodians and
against which Depository Receipts have been issued |
0 |
0.00 |
|
|
0 |
0.00 |
|
|
0 |
0.00 |
|
|
0 |
0.00 |
|
Total (A)+(B)+(C) |
10198841 |
0.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer of Tools, Dies and Moulds for the Automobile Industry. |
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Products : |
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GENERAL INFORMATION
|
No. of Employees : |
Information declined by the management |
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Bankers : |
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Facilities : |
(Rs.
In Millions)
|
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Banking
Relations : |
--- |
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Statutory Auditors
: |
|
|
Name : |
Mehra Goel and Company Chartered Accountants |
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Subsidiaries |
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|
Enterprises over which
Key Management Personnel and their relative are able to exercise significant
influence |
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|
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|
Joint Ventures |
|
CAPITAL STRUCTURE
As on 31.03.2014
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
1,50,00,000 |
Equity Shares |
Rs.10/- each |
Rs.150.000 Millions |
|
1,00,00,000 |
Preference Shares |
Rs.10/- each |
Rs.100.000 Millions |
|
|
Total |
|
Rs.250.000 Millions
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
1,01,98,841 |
Equity Shares |
Rs.10/- each |
Rs.101.988 Millions |
|
10,000,000 |
8% Non-Cumulative Redeemable Preference Shares |
|
Rs.100.000 Millions |
|
|
Total |
|
Rs.201.988 Millions
|
The company has one class of equity shares having par value of Rs.10/- per share. Each shareholder is entitled 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.
In F.Y. 2009-10, the Company issued 50,00,000 (Fifty Lacs) Non-Cumulative Redeemable Preference Share of Rs.10/- (Rupees Ten only) each at a premium of Rs.50/- (Rupees Fifty only) per share. Preference Share carry non-cumulative dividend @ 8% p.a and do not have voting rights. Such preference shares are redeemable after six years from the date of allotment i.e. 26th December, 2009. During the current F.Y. 2013-14, the Company has issued 50,00,000 (Fifty Lacs) Non-Cumulative Redeemable Preference Share of Rs.10/- (Rupees Ten only) each at a premium of Rs.50/- (Rupees Fifty only) per share. Preference Share carry non-cumulative dividend @ 8% p.a and do not have voting rights. These preference shares are redeemable after six years from the date of allotment i.e. 14th February, 2014. In the event of liquidation of the Company, the holders of preference shares will have priority over equity shares in payment of dividend and repayment of capital.
Reconciliation of the
shares outstanding at the beginning and at the end of the reporting period.
|
|
March, 2014 |
|
Number of equity shares outstanding at the beginning of the year |
10198841 |
|
Add/Less: Number of equity shares issued /bought back during the year |
-- |
|
Number of equity
shares outstanding at the end of the year |
10198841 |
|
Number of Preference Shares outstanding at the beginning of the year |
5000000 |
|
Add: Number of Preference Shares issued during the year |
5000000 |
|
Number of
Preference Shares outstanding at the end of the year |
10000000 |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
I.
EQUITY
AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
201.988 |
151.988 |
151.988 |
|
(b) Reserves & Surplus |
1511.321 |
1049.150 |
940.166 |
|
(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) |
1713.309 |
1201.138 |
1092.154 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
491.111 |
670.113 |
893.231 |
|
(b) Deferred tax liabilities (Net) |
196.961 |
139.210 |
138.333 |
|
(c) Other long term
liabilities |
29.590 |
0.000 |
0.000 |
|
(d) long-term
provisions |
0.000 |
0.000 |
0.000 |
|
Total Non-current
Liabilities (3) |
717.662 |
809.323 |
1031.564 |
|
|
|
|
|
|
(4)
Current Liabilities |
|
|
|
|
(a) Short
term borrowings |
1137.414 |
1069.732 |
967.176 |
|
(b) Trade
payables |
1135.466 |
571.052 |
533.048 |
|
(c) Other
current liabilities |
1070.105 |
730.294 |
656.743 |
|
(d) Short-term
provisions |
55.293 |
55.037 |
29.752 |
|
Total Current
Liabilities (4) |
3398.278 |
2426.115 |
2186.719 |
|
|
|
|
|
|
TOTAL |
5829.249 |
4436.576 |
4310.437 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1)
Non-current assets |
|
|
|
|
(a) Fixed
Assets |
|
|
|
|
(i)
Tangible assets |
1907.277 |
1353.385 |
1318.844 |
|
(ii)
Intangible Assets |
64.182 |
7.024 |
13.413 |
|
(iii)
Capital work-in-progress |
542.865 |
320.053 |
103.632 |
|
(iv)
Intangible assets under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current Investments |
713.278 |
713.278 |
713.278 |
|
(c) Deferred tax assets (net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
57.460 |
67.980 |
20.059 |
|
(e) Other
Non-current assets |
43.106 |
96.564 |
159.616 |
|
Total Non-Current
Assets |
3328.168 |
2558.284 |
2328.842 |
|
|
|
|
|
|
(2)
Current assets |
|
|
|
|
(a)
Current investments |
0.000 |
0.000 |
0.000 |
|
(b)
Inventories |
739.458 |
563.350 |
632.912 |
|
(c) Trade
receivables |
1438.993 |
1107.232 |
1076.607 |
|
(d) Cash
and cash equivalents |
26.646 |
15.368 |
45.558 |
|
(e)
Short-term loans and advances |
0.000 |
0.000 |
0.000 |
|
(f) Other
current assets |
295.984 |
192.342 |
226.518 |
|
Total
Current Assets |
2501.081 |
1878.292 |
1981.595 |
|
|
|
|
|
|
TOTAL |
5829.249 |
4436.576 |
4310.437 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
5658.063 |
4521.734 |
3958.709 |
|
|
|
Other Income |
65.669 |
69.138 |
14.243 |
|
|
|
TOTAL (A) |
5723.732 |
4590.872 |
3972.952 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of Materials Consumed |
4152.966 |
3103.785 |
2733.709 |
|
|
|
Changes in inventories of
finished goods, work-in-progress and Stock-in-Trade |
(43.628) |
72.563 |
(7.288) |
|
|
|
Employees benefits expense |
436.857 |
392.752 |
353.968 |
|
|
|
Other expenses |
479.578 |
440.923 |
417.235 |
|
|
|
Exceptional items |
0.000 |
(2.897) |
0.000 |
|
|
|
TOTAL (B) |
5025.773 |
4007.126 |
3497.624 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
697.959 |
583.746 |
475.328 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
215.390 |
259.518 |
247.790 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
482.569 |
324.228 |
227.538 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
143.598 |
118.305 |
113.257 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
338.971 |
205.923 |
114.281 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
95.856 |
68.394 |
42.687 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
243.115 |
137.529 |
71.594 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
656.082 |
558.097 |
512.932 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Transfer to General Reserve |
24.400 |
11.000 |
4.000 |
|
|
|
Dividend |
35.090 |
24.398 |
19.298 |
|
|
|
Tax on Dividend |
(4.147) |
4.146 |
3.131 |
|
|
BALANCE CARRIED
TO THE B/S |
843.854 |
656.082 |
558.097 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
FOB value of Exports |
118.813 |
91.596 |
70.763 |
|
|
TOTAL EARNINGS |
118.813 |
91.596 |
70.763 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
332.817 |
498.740 |
19.060 |
|
|
|
Stores & Spares |
0.182 |
0.453 |
0.498 |
|
|
|
Capital Goods |
124.093 |
0.000 |
9.576 |
|
|
TOTAL IMPORTS |
457.092 |
499.193 |
29.134 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
23.46 |
13.03 |
6.56 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
Net Profit Margin (PAT / Sales) |
(%) |
4.30 |
3.04 |
1.81 |
|
|
|
|
|
|
|
Operating Profit Margin (PBIDT/Sales) |
(%) |
12.34 |
12.91 |
12.01 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
7.41 |
6.05 |
3.27 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.20 |
0.17 |
0.10 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
0.95 |
1.45 |
1.70 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
0.74 |
0.77 |
0.91 |
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 |
151.988 |
151.988 |
201.988 |
|
Reserves & Surplus |
940.166 |
1049.150 |
1511.321 |
|
Net worth |
1092.154 |
1201.138 |
1713.309 |
|
|
|
|
|
|
long-term borrowings |
893.231 |
670.113 |
491.111 |
|
Short term borrowings |
967.176 |
1069.732 |
1137.414 |
|
Total borrowings |
1860.407 |
1739.845 |
1628.525 |
|
Debt/Equity ratio |
1.703 |
1.448 |
0.951 |
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 |
3958.709 |
4521.734 |
5658.063 |
|
|
|
14.222 |
25.130 |
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 |
3958.709 |
4521.734 |
5658.063 |
|
Profit |
71.594 |
137.529 |
243.115 |
|
|
1.81% |
3.04% |
4.30% |
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 |
No |
|
8] |
No. of employees |
No |
|
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 |
No |
|
20] |
Export / Import details (if applicable) |
No |
|
21] |
Market information |
---------------------- |
|
22] |
Litigations that the firm / promoter involved in |
---------------------- |
|
23] |
Banking Details |
Yes |
|
24] |
Banking facility details |
Yes |
|
25] |
Conduct of the banking account |
---------------------- |
|
26] |
Buyer visit details |
---------------------- |
|
27] |
Financials, if provided |
Yes |
|
28] |
Incorporation details, if applicable |
Yes |
|
29] |
Last accounts filed at ROC |
Yes |
|
30] |
Major Shareholders, if available |
Yes |
|
31] |
Date of Birth of Proprietor/Partner/Director, if available |
No |
|
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 |
UNSECURED LOAN
Rs.
In Millions
|
Particular |
As
on 31.03.2014 |
As
on 31.03.2013 |
|
LONG TERM
BORROWINGS |
|
|
|
Inter Corporate Deposit |
|
|
|
From Related parties |
0.000 |
123.000 |
|
From others |
50.500 |
50.500 |
|
SHORT TERM
BORROWINGS |
|
|
|
Working Capital Loan From Bank*** |
169.531 |
154.760 |
|
Total |
220.031 |
328.260 |
OPERATIONAL AND
FINANCIAL REVIEW
As anticipated in the close of the financial year 2012-13, the automobile sector showed a decline by 6.10% during the financial year 2013-14, as a result of continued economic slowdown, weak consumer sentiments, rising fuel prices and high interest rates. However, during the year, the Company performed well despite the economic crisis and unfavorable economic conditions.
During the year, on standalone basis, the Company achieved a Total Revenue of Rs.5723.700 Millions as against Rs.4590.900 Millions recorded in the previous year registering a growth of 24.67%. The Profit after Tax (PAT) increased to Rs.243.100 Millions from Rs.137.500 Millions in the previous year, registering a growth of 76.80%.
During the year, on consolidated basis, the Company achieved a Total Revenue of Rs.13694.8 Millions as against Rs.11747.700 Millions recorded in the previous year registering a growth of 16.57%. The Profit after Tax (PAT) increased to Rs.502.000 Millions from Rs.326.000 Millions in the previous year, registering a growth of 53.99%.
Bus Project Outlook
The Company launched its first True Low Floor Bus – ‘CITYLIFE’ that has been especially designed in Europe for intra-city travel in India. ‘CITYLIFE’ was launched with much fanfare at the Auto Expo 2014 in Greater Noida. State-of-the-art technology deployed in ‘CITYLIFE’ consists of many unique features like monocoque structure, Independent Front Suspension (IFS), Inverted Portal Axles (IPA) and Disc Brakes with ABS on all wheels which gives a completely low floor bus with superior ride and handling with enhanced safety. These features ‘CITYLIFE’ is the first in the Domestic market and provide distinct advantages over competition. The 230 HP CNG Base model of ‘CITYLIFE’ has now been completely developed in India and is under product validation and homologation. The next few months will witness start of Volume Production for the base model and development of application specific variants like Tarmac and School Buses.
The Bus Project is also currently engaged in developing a Base model of 280 HP diesel for the ‘CITYLIFE’. It is expected that Prototype of this program will be ready by the end of Quarter 3 of this fiscal year. The Company is betting high on ‘CITYLIFE’ and expects to capture significant market share in Major Metros like New Delhi, Mumbai and Chennai etc. by end of current financial year.
One of the Company’s subsidiary namely M/s JBM Auto System Private Limited is undertaking expansion project at Sanand, Gujarat mainly to cater the needs of Ford India Private Limited (for domestic and export market) for supply of sheet metal components, assemblies etc.
All these expansions and new business shall substancially expand the capacities and give the Company a big leap forward to generate the revenue for the future growth of the Company.
MANAGEMENT DISCUSSION
AND ANALYSIS
ECONOMY OVERVIEW
i. 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, fiscal 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 coupled with high price levels and poor income growth continued to affect the Industry.
ii. INDIAN ECONOMY
Indian economy grew at the rate of 4.7% in the financial year 2013-14, which was higher than the previous financial year, mainly on account of improved performance in the agriculture and allied sectors.
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.
The Indian Economy is witnessing a favorable climate due to the phenomenal outcome of the Lok Sabha elections 2014. The market showed an unremarkable boom and is breaking new skies, because of the expectation from the new government to streamline policies which are hurdle to growth of the economy thus paving way for faster growth of the economy.
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 inflows which helped in improving the Foreign Exchange Reserves.
The currency value of an economy influences the growth rate of GDP in an economy. Several other factors that have a direct impact on the over or the undervaluation of a currency are:
- Capital flows and stock market of India
- Global Currency Trends
- RBI Intervention
- Oil Factory
- Political Factors
The Finance Minister, Mr. Arun Jaitley (NDA-BJP Government) has presented its first Budget on 10th July, 2014. The Industry was very hopeful and seeking positive announcements for the growth of the Indian economy from the first Budget presented by NDA Government. Positively, the finance minister has endeavored to push for an inclusive agenda that focuses on macro-economic stabilization, lower inflationand 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 augurs well for sustained economic recovery.
BUSINESS OUTLOOK
The prospects of the auto component industry are closely linked to the economic growth. The Company has been continuously working on improving its operating efficiency, quality, diversifying its product range and adding optimal capacity as per the requirements of the customers. The Company will safeguard its culture of continuous improvements, teamwork, discipline and stakeholder sensitivity.
It is expected that the new and stable Central Government will bring economic stabilization, growth in economy and boost investment climate and market sentiment. Hence, the revenue in the coming years is expected to be better than the previous years.
INDEX OF CHARGES
|
S.No. |
Charge ID |
Date of Charge
Creation/Modification |
Charge amount
secured |
Charge Holder |
Address |
Service Request
Number (SRN) |
|
1 |
10517994 |
08/08/2014 |
250,000,000.00 |
ING VYSYA BANK LIMITED |
NARIAN MANZIL, GROUND FLOOR, SHOP NO. G1 TO G5,, I |
C19161439 |
|
2 |
10514946 |
25/07/2014 |
300,000,000.00 |
YES BANK LIMITED |
9TH FLOOR, NEHRU CENTRE, DISCOVERY OF INDIA, DR.
ANNIE BESANT ROAD, WORLI, MUMBAI, MAHARASHTRA - |
C16378119 |
|
3 |
10494346 |
05/03/2014 |
100,000,000.00 |
HDFC BANK LIMITED |
HDFC BANK HOUSESENAPATI BAPAT MARG, LOWER PAREL W, MUMBAI, MAHARASHTRA - 400013, INDIA |
C04461745 |
|
4 |
10494353 |
05/03/2014 |
250,000,000.00 |
HDFC BANK LIMITED |
HDFC BANK HOUSESENAPATI BAPAT MARG, LOWER PAREL W, MUMBAI, MAHARASHTRA - 400013, INDIA |
C04462586 |
|
5 |
10384505 |
12/10/2012 |
120,000,000.00 |
ING VYSYA BANK LIMITED |
NARIAN MANZIL, GROUND FLOOR, SHOP NO. G1 TO G5,, I |
B61385944 |
|
6 |
10306367 |
05/08/2014 * |
225,000,000.00 |
ICICI BANK LIMITED |
LANDMARKRACE COURCE CIRCLE, ALKAPURI, BARODA, GUJARAT - 390015, INDIA |
C17338864 |
|
7 |
10299678 |
02/06/2012 * |
150,000,000.00 |
DBS BANK LIMITED |
ACTING ON BEHALF OF DBS BANK LTD, SINGAPORE, UGF, |
B42781195 |
|
8 |
10299667 |
02/06/2012 * |
200,000,000.00 |
DBS BANK LIMITED |
ACTING ON BEHALF OF DBS BANK LTD, SINGAPORE, UGF, |
B42779934 |
|
9 |
10246689 |
19/07/2011 * |
60,000,000.00 |
ING VYSYA BANK LIMITED |
NARIAN MANZIL, GROUND FLOOR, SHOP NO. G1 TO G5,, I FLOOR,SHOP NO.1001 TO 1007, BARAKHAMBA ROAD,, NEW DELHI, DELHI - 110001, INDIA |
B19081280 |
|
10 |
10245764 |
19/07/2011 * |
180,000,000.00 |
ING VYSYA BANK LIMITED |
NARIAN MANZIL, GROUND FLOOR, SHOP NO. G1 TO G5,, I FLOOR,SHOP NO.1001 TO 1007, BARAKHAMBA ROAD,, NEW DELHI, DELHI - 110001, INDIA |
B19082353 |
|
11 |
10240631 |
27/07/2011 * |
50,000,000.00 |
AXIS BANK LIMITED |
4/10, OPG HOUSE, ASAF ALI ROAD, NEW DELHI, DELHI - 110002, INDIA |
B17968991 |
|
12 |
10238807 |
24/01/2012 * |
250,000,000.00 |
AXIS BANK LIMITED |
4/10, OPG HOUSE, ASAF ALI ROAD, NEW DELHI, DELHI - 110002, INDIA |
B31188170 |
|
13 |
10210984 |
29/03/2011 * |
673,500,000.00 |
CENTRAL BANK OF INDIA |
S. M. ROAD, AHMEDABAD, GUJARAT - 380015, INDIA |
B11378346 |
|
14 |
10210988 |
26/03/2010 |
60,000,000.00 |
CENTRAL BANK OF INDIA |
S. M. ROAD, AHMEDABAD, GUJARAT - 380015, INDIA |
A82372640 |
|
15 |
10162954 |
24/01/2012 * |
100,000,000.00 |
INDUSIND BANK LIMITED |
DR.GOPAL DAS BHAWAN, 28,BARAKHAMBA ROAD, NEW DELHI, DELHI - 110001, INDIA |
B32611014 |
|
16 |
10142555 |
24/01/2012 * |
142,500,000.00 |
CITIBANK N.A. |
JEEVAN BHARTI BUILDING, 4TH FLOOR, 124, CONNAUGHT |
B32184194 |
|
17 |
10143173 |
24/01/2012 * |
265,000,000.00 |
CANARA BANK |
PRIME CORPORATE BRANCH - II, 2ND FLOOR, WORLD TRADE TOWER, BARAKHAMABA LANE, NEW DELHI, DELHI - 110001, INDIA |
B31283567 |
|
18 |
10115929 |
02/07/2008 |
155,000,000.00 |
3I INFOTECH TRUSTEESHIP SERVICES LIMITED |
3RD TO 6TH FLOOR, INTERNATIONAL INFOTECH PARK,, TOWER NO.5, VASHI RAILWAY STATION COMPLEX, VASHI, NAVI MUMBAI, MAHARASHTRA - 400703, INDIA |
A43161280 |
|
19 |
10086150 |
12/09/2013 * |
306,500,000.00 |
STANDARD CHARTERED BANK |
CREDIT RISK CONTROL, NARAIN MANZIL, 23 BARAKHAMBA ROAD, NEW DELHI, DELHI - 110001, INDIA |
B86508793 |
|
20 |
10090082 |
01/11/2007 |
150,000,000.00 |
3I INFOTECH TRUSTEESHIP SERVICES LIMITED |
3RD TO 6TH FLOOR, INTERNATIONAL INFOTECH PARK,, TOWER NO.5, VASHI RAILWAY STATION COMPLEX, VASHI, NAVI MUMBAI, MAHARASHTRA - 400703, INDIA |
A33173576 |
|
21 |
10075627 |
06/07/2007 |
50,000,000.00 |
ICICI BANK LIMITED |
LANDMARKRACE COURCE CIRCLE, ALKAPURI, BARODA, GUJARAT - 390015, INDIA |
A26448043 |
|
22 |
10056489 |
29/05/2007 |
80,000,000.00 |
STANDARD CHARTERED BANK |
CREDIT RISK CONTROL, H-2, CONNAUGHT CIRCUS, NEW DELHI, DELHI - 110001, INDIA |
A17088147 |
|
23 |
10030671 |
09/11/2012 * |
150,000,000.00 |
YES BANK LIMITED |
9TH FLOOR, NEHRU CENTRE, DISCOVERY OF INDIA, DR. ANNIE BESANT ROAD, WORLI,, MUMBAI, MAHARASHTRA - 400018, INDIA |
B63261564 |
|
24 |
90059167 |
30/06/2005 |
50,000,000.00 |
ICICI BANK LIMITED |
9-A PHELPS BUILDING, CONNAUGHT PLACE, NEW DELHI, DELHI - 110001, INDIA |
- |
|
25 |
90051094 |
01/12/2007 * |
142,500,000.00 |
CITIBANK NA |
JEEVAN VIHAR, 3 SANSAD MARG, NEW DELHI, DELHI - 110001, INDIA |
A34531996 |
|
26 |
90048888 |
25/01/2007 * |
180,800,000.00 |
CANARA BANK-LEAD BANK |
BANK OF BARODA, ICICI BANK,, CITI BANK, STANDARD CHARTERED BANK, NEW DELHI, DELHI - 110001, INDIA |
- |
|
27 |
90048870 |
19/05/2004 * |
15,000.00 |
CANARA BANK |
PARIAMENT STREET, NEW DELHI, DELHI, INDIA |
- |
* Date of charge modification
FIXED ASSETS
- Land
- Building
- Plant & Machinery
- Furniture & Fixtures
- Office Equipments
- Vehicles
- 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 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.61.39 |
|
|
1 |
Rs.98.00 |
|
Euro |
1 |
Rs.76.99 |
INFORMATION DETAILS
|
Information
Gathered by : |
NYA |
|
|
|
|
Analysis Done by
: |
KAR |
|
|
|
|
Report Prepared
by : |
NTH |
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 |
5 |
|
--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 |
YES |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
48 |
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.