MIRA INFORM REPORT
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Report Date : |
07.10.2014 |
IDENTIFICATION DETAILS
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Name : |
SHIVAM AUTOTECH
LIMITED |
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Registered
Office : |
303, 3rd Floor, Square
1, District Centre, Saket, |
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Country : |
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Financials (as
on) : |
31.03.2014 |
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Date of
Incorporation : |
29.07.2005 |
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Com. Reg. No.: |
55-139163 |
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Capital Investment
/ Paid-up Capital : |
Rs.100.000 Millions |
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CIN No.: [Company
Identification No.] |
L34300DL2005PLC139163 |
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TAN No.: [Tax Deduction
& Collection Account No.] |
RTKS10057F |
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PAN No.: [Permanent
Account No.] |
AAJCS7372M |
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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
: |
The company is engaged in manufacturing of Near-Net- Shaped, auto transmission
components mainly for Original Equipments Manufacturers (OEMs). |
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No. of Employees
: |
1500 (Approximately) |
RATING & COMMENTS
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MIRA’s Rating : |
Ba (53) |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Maximum Credit Limit : |
USD 6500000 |
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Status : |
Good |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Subject is an established company having a fine track. Financial position of the company seems to be sound. Trae relations are fair. Business is active. Payment terms are regular
and as per commitments. 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.
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
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Rating Agency Name |
CRISIL |
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Rating |
Long Term Rating = BBB |
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Rating Explanation |
Moderate degree of safety and carry moderate
credit risk |
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Date |
10.09.2014 |
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Rating Agency Name |
CRISIL |
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Rating |
Short Term Rating = A2 |
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Rating Explanation |
Have strong degree of safety and carry low
credit risk |
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Date |
10.09.2014 |
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 DENIED BY
|
Name : |
Mr. Vinod |
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Designation : |
Finance Head |
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Contact No.: |
91-11-49242100 |
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Date : |
06.10.2014 |
LOCATIONS
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Registered/ Head Office : |
303, 3rd Floor,
Square 1, District Centre, Saket, New Delhi – 110017, India |
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Tel. No.: |
91-11-49242100 / 29564205 / 29564202 |
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Fax No.: |
91-11-49242116 / 29564205 / 29564202 |
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E-Mail : |
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Website : |
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Gurgaon Plant : |
58th Km. Stone,
Delhi-Jaipur Highway, Village Binola, District Gurgaon -122413, Haryana,
India |
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Tel. No.: |
91-124-2379442 /
446 |
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Fax No.: |
91-124-2379442 /
447 |
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Haridwar Plant : |
Plot No. 3,
Industrial Park-II, Phase-1, Village Salempur Mehdood, District Haridwar –
249402, Uttarakhand, India |
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Tel. No.: |
91-1334-235511 / 12 |
DIRECTORS
AS ON 31.03.2014
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Name : |
Mr. Sunil Kant Munjal |
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Designation : |
Chairman |
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Date of Birth/ Age : |
14.12.1957 |
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Qualification : |
B. Com Training in Mechanical
Engineering |
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Date of Appointment : |
14.02.2006 |
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Other Directorship : |
·
Hero Management Service Limited ·
Hero Corporate Services Limited ·
Hero MotoCorp Limited ·
DCM Shriram Consolidated Limited ·
Hero InvestCorp Limited ·
Hero Realty Limited ·
Hero Realty and Infra Limited ·
Hero Mindmine Institute Limited ·
Rockman Industries Limited ·
Satyam Auto Components Limited ·
Easy Bills Limited ·
Hero Life Insurance Company Limited |
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Name : |
Mr. Neeraj Munjal |
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Designation : |
Managing Director |
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Date of Birth/ Age : |
46 Years |
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Qualification : |
B.Com, DIBM |
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Experience : |
25 Years |
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Name : |
Charu Munjal |
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Designation : |
Executive Director |
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Name : |
Mr. Surrinder Lal Kapur |
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Designation : |
Director |
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Date of Birth/ Age : |
07.03.1937 |
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Qualification : |
Advocate |
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Experience : |
Expert in Company Laws, Industrial Laws and Industrial Finance. |
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Name : |
Mr. Vinayshil Gautam |
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Designation : |
Director |
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Date of Birth/ Age : |
03.06.1946 |
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Qualification : |
Doctrate in Management |
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Experience : |
Practioner and Consultant of Management in India and Aborad and is
attached with IIT Delhi |
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Name : |
Mr. Anil Kumar Gupta |
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Designation : |
Whole Time Director |
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Name : |
Mr. Bhagwan Dass Narang |
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Designation : |
Director |
KEY EXECUTIVES
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Name : |
Mr. Davendra Ujlayan |
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Designation : |
AVP-Finance and Company Secretary |
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Name : |
Mr. Vinod |
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Designation : |
Finance Head |
SHAREHOLDING PATTERN
AS ON 30.06.2014
|
Category of Shareholder |
Total No. of Shares |
Total
Shareholding as a % of Total No. of Shares |
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(A) Shareholding
of Promoter and Promoter Group |
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|
7479595 |
74.80 |
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|
7479595 |
74.80 |
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Total
shareholding of Promoter and Promoter Group (A) |
7479595 |
74.80 |
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(B)
Public Shareholding |
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|
2100 |
0.02 |
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|
4891 |
0.05 |
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|
6991 |
0.07 |
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|
238453 |
2.38 |
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1383878 |
13.84 |
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831202 |
8.31 |
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59881 |
0.60 |
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Non Resident Indians |
59881 |
0.60 |
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2513414 |
25.13 |
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Total
Public shareholding (B) |
2520405 |
25.20 |
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Total
(A)+(B) |
10000000 |
100.00 |
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(C)
Shares held by Custodians and against which Depository Receipts have been
issued |
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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) |
10000000 |
100.00 |
(1) Indian
Bodies Corporate
Individual shareholders holding nominal
share capital up to Rs. 0.100 Million
BUSINESS DETAILS
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Line of Business : |
The company is engaged in manufacturing of Near-Net- Shaped, auto
transmission components mainly for Original Equipments Manufacturers (OEMs). |
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Products : |
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PRODUCTION STATUS (AS ON 31.03.2012)
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Class of Goods |
Unit |
Installed Capacity |
Actual
Production (Qty.) |
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Gear Components: |
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Gurgaon |
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55,160,453 |
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Forging Components |
in nos. |
18,000,000 |
123,600,000 |
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Gear Blank Machining |
in nos. |
19,500,000 |
33,000,000 |
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Gear Finishing |
in nos. |
8,400,000 |
33,000,000 |
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Note:
(i) The installed
capacity is on annualised basis and is as certified by the management and relied
upon by the auditors being a technical matter. The installed capacity is
calculated on triple shift basis.
(ii) Actual production
of Forging Components and Gear blanks Machining depends on exact specification
of the product. The quantities are indicative of production with
specifications, which are considered representative of estimated average
product mix.
GENERAL INFORMATION
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Customers : |
·
BOSCH ·
Hero Honda ·
HILTI ·
Denso India |
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No. of Employees : |
1500 (Approximately) |
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Bankers : |
·
IDBI Limited ·
Punjab National Bank ·
AXIS Bank Limited ·
ING Vysya Bank ·
Karnataka Bank |
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Facilities : |
NOTE : LONG TERM
BORROWINGS (i) Term Loan from IDBI Bank Limited having outstanding balance of Rs. 19.219 Millions (p. y. Rs. 56.406 Millions) is secured by exclusive charge on the fixed assets created under expansion project. (ii) Term loan from Axis Bank having outstanding balance of Rs. 72.473 Millions (p. y. Rs. 1,56.416 Millions) are secured by exclusive charge on specific movable machineries of Binola Plant. (iii) Term loan availed from Karnataka Bank having outstanding balance of Rs. 63.579 Millions (p. y. Rs. NIL) is secured against hypothecation of Machineries already purchased & to be purchased out of facility. (iv) Term loans availed for Haridwar Plant from Punjab National Bank having outstanding balance of Rs. 198.667 Millions (p. y. Rs. 399.917 Millions) is having pari pasu charge over the entire Fixed assets of Haridwar plant both present and future. (v) Term Loan availed from ING Vyasa Bank having outstanding balance of Rs. 25.888 Millions (p. y. Rs 34.517 Millions) is having first pari passu charge by way of hypothecation on entire fixed assets of the plants situated at Haridwar, both present and future. (vi) The interest rate for the above Term Loan varies from 11.50% to 13.50 % (p. y. 11% to 13.50%). Terms of Repayment Binola Plant
Haridwar Plant
Manesar Plant
SHORT TERM
BORROWINGS Details of
Securities (i) Cash credit from IDBI Bank having outstanding balance of Rs. 4.050 Millions (P Y Rs. 87.573 Millions) and Axis Bank having outstanding balance Rs.27.795 Millions (P Y Rs. 66.083 Millions) at Binola is secured by first Pari Pasu charge on current assets of the company. (ii) Cash credit from Karnataka Bank having outstanding balance of Rs. 52.655 Millions (previous year NIL) at Binola is secured as first charge on entire current assets of the company (Both Present and future and second charge on the machineries proposed to be purchased out of Term Loan of Rs. 100.000 Millions for Binola Plant. (iii) Cash credit from Punjab National Bank having outstanding balance of Rs. 239.221 Millions (P Y Rs. 242.268 Millions) and IDBI Bank Limited having an outstanding balance of Rs. 17.402 Millions (P Y Rs.15.484 Millions) is secured by first pari passu charge on the current assets of Haridwar Plant along with the other working capital bankers. (iv) Cash credit from Ing Vysya Bank Limited having outstanding balance or Rs 249.776 Millions (P Y Rs. 87.115 Millions) is secured by first pari passu charges on the current asset of binola plant along with the other working capital bankers. (v) The interest rate for the above cash credit varies from 11.5% to 12.75% (P Y 12% to 14%). |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
S.S. Kothari Mehta and Company Chartered Accountants |
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Address : |
146-149,
Tribhvan Complex, Ishwar Nagar, Mathura Road, New Delhi-110065, India |
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Holding company : |
Dayanand Munjal Investments Private Limited |
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Enterprises over which key management personnel and their relatives
are able to exercise significant influence : |
Munjal Showa Limited |
CAPITAL STRUCTURE
AS ON 31.03.2014
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
12600000 |
Equity Shares |
Rs.10/- each |
Rs.126.000 Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
10000000 |
Equity Shares |
Rs.10/- each |
Rs.100.000
Millions |
Reconciliation of
the number of shares
|
Equity Shares |
Number
of Shares |
|
Equity Shares outstanding as at the beginning
of the year |
10000000 |
|
Add: Equity Shares issued under Employees
Stock option Scheme |
-- |
|
Equity Shares outstanding as at the close of the year |
10000000 |
Terms/ rights attached to
equity shares
The company has only one class of equity shares having par value of Rs.10 per share. Each holder of equity shares is entitled to one vote per share. The Company declares dividends in Indian rupees. The dividend proposed by the board of Directors is subject to the approval of the Shareholders in the ensuing Annual General Meeting.
Amount of per share dividend recognized as distributions to equity shareholders is Rs. 4.50 (previous year Rs. 4).
In the event of liquidation of the company, the holders of equity shares will be entitled to receive remaining assets of the company after distribution of the preferential amount, if any. The distribution will be in proportion to the number of equity shares held by the shareholders.
Details of
shareholders holding more than 5% shares in the Company
|
Name of shareholder |
Number
of Shares |
% holding |
|
|
|
|
|
Dayanand Munjal Investment
Private Limited (Equity Shares of Rs. 10 each fully paid up) |
7,479,595 |
74.80% |
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|
|
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 |
100.000 |
100.000 |
100.000 |
|
(b) Reserves & Surplus |
1511.052 |
1,279.376 |
1,041.259 |
|
(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) |
1611.052 |
1,379.376 |
1,141.259 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
296.952 |
436.619 |
618.011 |
|
(b) Deferred tax liabilities (Net) |
115.789 |
110.614 |
126.362 |
|
(c) Other long term liabilities |
0.000 |
0.000 |
0.000 |
|
(d) long-term provisions |
16.636 |
10.079 |
9.600 |
|
Total Non-current Liabilities (3) |
429.377 |
557.312 |
753.973 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
590.899 |
498.523 |
636.953 |
|
(b) Trade payables |
438.780 |
406.606 |
360.624 |
|
(c) Other current
liabilities |
410.380 |
462.639 |
690.439 |
|
(d) Short-term provisions |
53.981 |
51.541 |
38.035 |
|
Total Current Liabilities (4) |
1494.040 |
1,419.309 |
1,726.051 |
|
|
|
|
|
|
TOTAL |
3534.469 |
3,355.997 |
3,621.283 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
2280.909 |
2,414.276 |
2,596.899 |
|
(ii) Intangible Assets |
10.164 |
2.333 |
2.069 |
|
(iii) Capital
work-in-progress |
7.305 |
0.000 |
0.000 |
|
(iv)
Intangible assets under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current Investments |
0.000 |
0.000 |
0.000 |
|
(c) Deferred tax assets (net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
160.219 |
86.802 |
15.057 |
|
(e) Other Non-current assets |
0.000 |
0.000 |
70.336 |
|
Total Non-Current Assets |
2458.597 |
2,503.411 |
2,684.361 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
0.000 |
0.000 |
0.000 |
|
(b) Inventories |
628.082 |
537.725 |
523.208 |
|
(c) Trade receivables |
294.682 |
241.214 |
283.846 |
|
(d) Cash and cash
equivalents |
5.063 |
6.380 |
13.769 |
|
(e) Short-term loans and
advances |
142.711 |
67.267 |
97.777 |
|
(f) Other current assets |
5.334 |
0.000 |
18.322 |
|
Total Current Assets |
1075.872 |
852.586 |
936.922 |
|
|
|
|
|
|
TOTAL |
3534.469 |
3,355.997 |
3,621.283 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
3887.974 |
3,628.816 |
3,525.424 |
|
|
|
Other Operating Income Scrap Sale |
97.949 |
88.097 |
75.918 |
|
|
|
Other Income |
1.965 |
0.799 |
0.706 |
|
|
|
TOTAL (A) |
3987.888 |
3,717.712 |
3,602.048 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of Raw material consumed |
1305.797 |
1,176.684 |
1,206.271 |
|
|
|
Job Work on Components |
359.356 |
308.881 |
335.368 |
|
|
|
Store Consumable |
466.329 |
472.806 |
545.130 |
|
|
|
(Increase) / Decrease in finished goods and work in progress |
-19.717 |
-9.212 |
(102.952) |
|
|
|
Employee benefit expenses |
331.340 |
288.566 |
242.423 |
|
|
|
Other expenses |
741.603 |
606.564 |
526.081 |
|
|
|
TOTAL (B) |
3184.708 |
2,844.289 |
2,752.321 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
803.180 |
873.423 |
849.727 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
204.589 |
248.230 |
270.501 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
598.591 |
625.193 |
579.226 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
309.092 |
307.700 |
294.188 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
289.499 |
317.493 |
285.038 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
5.175 |
35.346 |
98.775 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
284.324 |
282.147 |
186.263 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
794.760 |
589.411 |
470.339 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Transfer to General Reserve |
30.000 |
30.000 |
30.000 |
|
|
|
Dividend |
40.000 |
40.000 |
32.000 |
|
|
|
Tax on Dividend |
7.648 |
6.798 |
5.191 |
|
|
BALANCE CARRIED
TO THE B/S |
745.436 |
794.760 |
589.411 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
FOB value of Exports |
17.387 |
9.466 |
9.979 |
|
|
TOTAL EARNINGS |
17.387 |
9.466 |
9.979 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Stores & Spares |
62.858 |
70.358 |
100.304 |
|
|
|
Capital Goods |
24.851 |
29.101 |
182.686 |
|
|
TOTAL IMPORTS |
87.709 |
99.459 |
282.990 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
28.43 |
28.21 |
18.63 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
PAT / Total Income |
(%) |
7.13 |
7.59 |
5.17 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
7.45 |
8.75 |
8.09 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
8.21 |
9.46 |
7.87 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.18 |
0.23 |
0.25 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
0.55 |
0.68 |
1.10 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
0.72 |
0.60 |
0.54 |
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 |
100.000 |
100.000 |
100.000 |
|
Reserves & Surplus |
1041.259 |
1279.376 |
1511.052 |
|
Net
worth |
1141.259 |
1379.376 |
1611.052 |
|
|
|
|
|
|
long-term borrowings |
618.011 |
436.619 |
296.952 |
|
Short term borrowings |
636.953 |
498.523 |
590.899 |
|
Total
borrowings |
1254.964 |
935.142 |
887.851 |
|
Debt/Equity
ratio |
1.100 |
0.678 |
0.551 |
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) |
|
Income |
3525.424 |
3628.816 |
3887.974 |
|
|
|
2.933 |
7.142 |
NET PROFIT MARGIN
|
Net
Profit Margin |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
(Rs.
In Millions) |
(Rs.
In Millions) |
(Rs.
In Millions) |
|
Income |
3525.424 |
3628.816 |
3887.974 |
|
Profit/(Loss) After Tax |
186.263 |
282.147 |
284.324 |
|
|
5.28% |
7.78% |
7.31% |
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 |
Yes |
|
15] |
Capital in the business |
Yes |
|
16] |
Details of sister
concerns |
Yes |
|
17] |
Major suppliers |
No |
|
18] |
Major customers |
Yes |
|
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 |
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 |
UNSECURED LOAN:
|
PARTICULAR |
31.03.2014 (Rs.
in Millions) |
31.03.2013 (Rs.
in Millions) |
|
LONG TERM
BORROWINGS |
|
|
|
Term loans from Hero Fincorp Limited |
133.333 |
135.000 |
|
|
|
|
|
Total |
133.333 |
135.000 |
PERFORMANCE
During the year, the Company focused on enhancing operational efficiencies - improving yields, lowering rejections and enhancing capacity utilisation. The total sales of the Company increased by 6.96% from Rs.3920.879 Millions in 2012-13 to Rs. 4193.779 Millions in 2013-14. Operating profit (PBDIT) of the company has decreased by 8.04% from Rs. 873.423 Millions in 2012-13 to Rs. 803.180 Millions in 2013-14. The overall performance of the company can be termed as satisfactory.
NEW PROJECTS AND
EXPANSION
To cater the requirements of its existing customer BOSCH, the Company is required to have
a new manufacturing setup. The
Directors are happy to inform that
the Company has finalised the project and chosen Kolar-District (Near Bangalore, Karnataka) as new location for new plant.
In order to meet the ever-increasing demand for its existing business and for the potential of new business, the Company has identified IMT Rohtak (Near Delhi/NCR) as new location.
Lands have already been acquired at both the locations.
FINANCE
The Company was able to raise the short-term/long term funds needed for its working capital related requirements and term loans for new capital expenditure at reasonable rates. By efficient management of working capital, the Company has been able to reduce some interest cost. During the year under review, the financial position of the Company was satisfactory.
OUTLOOK
Taking into account the challenges that the industry has been facing since the past one year and the way it has responded to most of the threats that it faced, the future of auto industry remains promising. Going forward, the focus of the government to drive the economic growth through infrastructure development and rural development is likely to be the driving factor for the automobile industry.
Future strategies of the auto companies will have to focus on increased environmental safety concerns, rising fuel prices and cost-effectiveness in the rising market competition. Innovation has to focus on increasing efficiency and reducing emissions.
UNAUDITED
FINANCIAL RESULTS FOR THE THREE QUARTER
ENDED 30.06.2014
(Rs. In Millions)
|
Particulars |
|
Quarter Ended ( Unaudited) |
|
|
|
|
|
30.06.2014 |
|
1.
Income from operations |
|
|
|
|
a) Net sales/ Income from operation (net of excise duty) |
|
|
1119.101 |
|
b) Other operating income |
|
|
25.811 |
|
Total
income from Operations(net) |
|
|
1144.912 |
|
2.Expenditure |
|
|
|
|
a) Cost of material consumed |
|
|
381.726 |
|
B) Store consumable |
|
|
110.582 |
|
c) Changes in inventories of finished goods,
work-in-progress and stock-in-trade |
|
|
23.910 |
|
d) Employees benefit expenses |
|
|
92.977 |
|
e) Depreciation and amortization expenses |
|
|
71.933 |
|
f) Job work charges |
|
|
94.648 |
|
g) Other expenditure |
|
|
220.503 |
|
Total expenses |
|
|
996.279 |
|
3. Profit from operations before other income and
financial costs |
|
|
148.633 |
|
4. Other income |
|
|
0.207 |
|
5. Profit from ordinary activities before finance costs |
|
|
148.840 |
|
6. Finance costs |
|
|
49.243 |
|
7. Net profit/(loss) from ordinary activities
after finance costs but before exceptional items |
|
|
99.597 |
|
8. Exceptional item |
|
|
-- |
|
9. Profit from ordinary activities before tax
Expense: |
|
|
99.597 |
|
10.Tax expenses |
|
|
19.912 |
|
11.Net
Profit / (Loss) from ordinary activities after tax (9-10) |
|
|
79.685 |
|
12.Extraordinary Items (net of tax expense) |
|
|
-- |
|
13.Net Profit / (Loss) for the period (11 -12) |
|
|
79.685 |
|
14.Paid-up equity share capital (Nominal value Rs.10/- per share) |
|
|
100.000 |
|
15. Reserve excluding
Revaluation Reserves as per balance sheet of previous accounting year |
|
|
|
|
16.i) Earnings per share per share of Rs.10/-
each) |
|
|
|
|
(a) before
extraordinary items |
|
|
7.97 |
|
(a) after
extraordinary items |
|
|
7.97 |
|
Particulars |
|
Quarter Ended ( Unaudited) |
|
|
|
|
|
30.06.2014 |
|
A. Particulars of shareholding |
|
|
|
|
1. Public Shareholding |
|
|
|
|
- Number of shares |
|
|
2520405 |
|
- Percentage of shareholding |
|
|
25.20% |
|
2. Promoters and Promoters group Shareholding- |
|
|
|
|
a) Pledged /Encumbered |
|
|
|
|
Number of shares |
|
|
|
|
Percentage of shares (as a % of total shareholding of the
promoter and promoter group) |
|
|
- |
|
Percentage of shares (as a % of total share capital of the
company) |
|
|
- |
|
|
|
|
- |
|
b) Non Encumbered |
|
|
|
|
Number of shares |
|
|
7479595 |
|
Percentage of shares (as a % of total shareholding of the
promoter and promoter group) |
|
|
100% |
|
Percentage of shares (as a % of total share capital of the
company) |
|
|
74.80% |
|
|
|
|
|
|
B.
Investor Complaints |
|
||
|
Pending at the beginning of the quarter |
0 |
||
|
Receiving during the quarter |
2 |
||
|
Disposed of during the quarter |
2 |
||
|
Remaining unreserved at the end of the quarter |
0 |
||
NOTES:-
1.The above unaudited results were reviewed by the Audit Committee and have been taken on record by the Board of Directors in their meeting held on August 06, 2014.
2. As the Company's business activity falls within a single primary business segment
viz Two-wheelers, its parts and ancillary services' and is a single
geographical segment, the disclosure requirements of accounting Standard
(AS-17) " "Segment Reporting", specified in the Companies
(Accounting Standard) Rules, 2006 are not applicable.
3. Provision for tax includes current tax, deferred tax net off MAT credit
entitlement. The Company has provided for Income tax liability after taking
into account, the deductions available under Section 80IC of Income Tax
Act'1961 in respect of undertaking established.
4. During the quarter, the company has provided for depreciation in accordance
with Schedule-II, Companies Act, 2013 and as a consequence, depreciation
amounting of Rs 53.85 Lac (net of Deferred Tax) has been adjusted against
retained earnings in respect of those assets where useful life has already been
exhausted as per new depreciation provisions.
5. Previous quarter/year figures have been regrouped / reclassified wherever
necessary, to make them comparable.
6. The above results have been reviewed by statutory auditors as per clause 41
of the listing agreement.
INDEX OF CHARGE:
|
Sr. No. |
Charge ID |
Date of Charge
Creation/Modification |
Charge amount
secured |
Charge Holder |
Address |
Service Request
Number (SRN) |
|
1 |
10476138 |
12/12/2013 |
150,000,000.00 |
Karnataka Bank Limited |
Corporate Finance Branch, K-13, Choudhary Building, Onnaught Place, New Delhi, Delhi - 110001, India |
B95706008 |
|
2 |
10476016 |
12/12/2013 |
200,000,000.00 |
Karnataka Bank Limited |
Corporate Finance Branch, K-13, Choudhary Building, Onnaught Place, New Delhi, Delhi - 110001, India |
B95656625 |
|
3 |
10375703 |
13/03/2014 * |
430,000,000.00 |
ING Vysya Bank Limited |
Narian Manzil,Ground Floor,Shop No. G1 To G5, I Floor, Shop No. 1001 To 1007, Barakhamba Road, Delhi - 110001, India |
C08803157 |
|
4 |
10375710 |
18/08/2012 |
100,000,000.00 |
ING Vysya Bank Limited |
Narian Manzil,Ground Floor,Shop No. G1 To G5, I Floor, Shop No. 1001 To 1007, Barakhamba Road, Delhi - 110001, India |
B57781312 |
|
5 |
10310481 |
13/09/2011 |
90,000,000.00 |
Axis Bank Limited |
4/10, OPG House, Asaf Ali Road, New Delhi, Delhi - 110002, India |
B22669881 |
|
6 |
10266905 |
12/01/2011 |
26,300,000.00 |
Punjab National Bank |
Roshanabad Branch, New Collectrate, Roshanabad, Haridwar, Uttarakhand - 249401, India |
B05390323 |
|
7 |
10266906 |
12/01/2011 |
323,700,000.00 |
Punjab National Bank |
Roshanabad Branch, New Collectrate, Roshanabad, Haridwar, Uttarakhand - 249401, India |
B05391362 |
|
8 |
10256397 |
13/09/2011 * |
250,000,000.00 |
Axis Bank Limited |
4/10, OPG House, Asaf Ali Road, New Delhi, Delhi - 110002, India |
B21165709 |
|
9 |
10256398 |
13/12/2010 |
200,000,000.00 |
Axis Bank Limited |
4/10, OPG House, Asaf Ali Road, New Delhi, Delhi - 110002, India |
B01455237 |
|
10 |
10207857 |
24/02/2010 |
215,000,000.00 |
Punjab National Bank |
Roshanabad Branch, New Collectrate, Roshanabad, Haridwar, Uttarakhand - 249401, India |
A81294837 |
|
11 |
10201747 |
05/02/2010 |
102,500,000.00 |
IDBI Bank Limited |
IDBI TOWERWTC COMPLEX,
CUFFE PARADE, MUMBAI, Maha |
A78961851 |
|
12 |
10160414 |
01/06/2009 |
1,055,000,000.00 |
ICICI Bank Limited |
Landmarkrace Cource Circle, Alkapuri, Baroda, Gujarat - 390015, India |
A63430425 |
|
13 |
10141874 |
12/01/2011 * |
350,000,000.00 |
Punjab National Bank |
Roshanabad Branch, New Collectrate, Roshanabad, Haridwar, Uttarakhand - 249401, India |
B05389721 |
|
14 |
10141685 |
21/01/2009 |
240,000,000.00 |
Punjab National Bank |
Roshanabad Branch, New Collectrate, Roshanabad, Haridwar, Uttarakhand - 249401, India |
A56544117 |
|
15 |
10083663 |
10/08/2009 * |
405,000,000.00 |
ICICI Bank Limited |
Landmarkrace Cource Circle, Alkapuri, Baroda, Gujarat - 390015, India |
A67687277 |
|
16 |
10019665 |
07/03/2014 * |
470,000,000.00 |
Industrial Development Bank Of India Limited |
IDBI Towerwtc Complex, Cuffe Parade, Mumbai, Maharashtra - 400005, India |
C01155803 |
|
17 |
10019500 |
30/08/2006 |
150,000,000.00 |
Industrial Development Bank Of India Limited |
IDBI Towerwtc Complex, Cuffe Parade, Mumbai, Maharashtra - 400005, India |
A04441226 |
FIXED ASSETS:
·
Land
·
Building
·
Plant and Machinery
·
Computers
·
Office Equipments
·
Furniture and Fixtures
·
Vehicles
·
Leasehold Improvements
·
Software
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts, India Prisons Service,
Interpol, etc.
1] INFORMATION ON
DESIGNATED PARTY
No exist designating subject or any of its beneficial owners,
controlling shareholders or senior officers as terrorist or terrorist
organization or whom notice had been received that all financial transactions
involving their assets have been blocked or convicted, found guilty or against
whom a judgement or order had been entered in a proceedings for violating
money-laundering, anti-corruption or bribery or international economic or
anti-terrorism sanction laws or whose assets were seized, blocked, frozen or
ordered forfeited for violation of money laundering or international
anti-terrorism laws.
2] Court Declaration :
No records 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.61.75 |
|
UK Pound |
1 |
Rs.100.07 |
|
Euro |
1 |
Rs.77.95 |
INFORMATION DETAILS
|
Information
Gathered by : |
HNA |
|
|
|
|
Analysis Done by
: |
RAS |
|
|
|
|
Report Prepared
by : |
SNT |
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 |
6 |
|
--LIQUIDITY |
1~10 |
6 |
|
--LEVERAGE |
1~10 |
6 |
|
--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 |
YES |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
|
|
|
|
TOTAL |
|
53 |
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.