MIRA INFORM REPORT
|
Report Date : |
29.10.2014 |
IDENTIFICATION DETAILS
|
Name : |
AURANGABAD
ELECTRICALS LIMITED |
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|
|
|
Registered
Office : |
Plot No. B-7,
MIDC, Chakan, Village Mahalunge, Taluka Khed, Pune - 410501, Maharashtra |
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Country : |
India |
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Financials (as
on) : |
31.03.2013 |
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Date of
Incorporation : |
23.09.1985 |
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|
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Com. Reg. No.: |
11-037539 |
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Capital
Investment / Paid-up Capital : |
Rs. 114.000
Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U31909PN1985PLC037539 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
PNEA04895C |
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PAN No.: [Permanent Account No.] |
AACCA2867L |
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Legal Form : |
A Closely Held Public Limited Liability Company |
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Line of Business
: |
Manufacturer and Exporter of Auto Components which include Auto
Electricals, Aluminium Die Casting, Fasteners, etc. and also Power Generation
from Windmills. |
|
|
|
|
No. of Employees
: |
1200 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (47) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Status : |
Satisfactory |
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Payment Behaviour : |
Usually Correct |
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Litigation : |
Exist |
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Comments : |
Subject is an established company having satisfactory track record. There seems some dip in the turnover and profit of the company during 2013
however, networth of the company is satisfactory. General financial position
of the company is sound. Trade relations are reported as fair. Business is active. Payment
terms are reported to be usually correct. The company can be considered normal for business dealings at usual
trade terms and conditions. |
NOTES:
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
INDIAN ECONOMIC OVERVIEW
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 |
CRISIL |
|
Rating |
Cash Credit : BBB |
|
Rating Explanation |
Moderate degree of safety it carry moderate
credit risk |
|
Date |
September 3, 2013 |
|
Rating Agency Name |
CRISIL |
|
Rating |
Bill Discounting : A3+ |
|
Rating Explanation |
Moderate degree of safety it carry higher
credit risk. |
|
Date |
September 3, 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 PARTED BY
|
Name : |
Mr. Pramod Jain |
|
Designation : |
Finance Manager |
|
Contact No.: |
91-8308814638 |
|
Date : |
28.10.2014 |
LOCATIONS
|
Registered
Office / Factory 1 : |
Plot No. B-7, MIDC,
Chakan, Village Mahalunge, Taluka Khed, Pune - 410501, Maharashtra, India |
|
Tel. No.: |
91-2135-259157/
251482/ 329705/ 310527 91-240-554422 |
|
Mobile No.: |
91-8308814638 (Mr. Pramod Jain) |
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Fax No.: |
91-2135-280007/
251488-9 |
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E-Mail : |
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|
Website : |
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Area: |
10000 sq. ft. |
|
Location : |
Owned |
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Corporate
Office : |
4/12/13, The
Chambers, Office No.203, Behind Giga Space, Off Nagar, Road, Viman Nagar,
Pune – 411014, Maharashtra, India |
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|
|
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Factory 2 : |
Gut No. 65, Village-Chitegaon – 431105, Taluka-Paithan, District
Aurangabad, Maharashtra, India |
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Tel. No.: |
91-2431-329705/ 10 |
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Fax No.: |
91-2431-251488 |
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|
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Factory 3 : |
Gat No. 120/122,
Village Pangara, Paithan Road, Chitegaon, Aurangabad-431105, Maharashtra,
India |
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E-Mail : |
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Factory 4 : |
M-135/136, MIDC,
Waluj, |
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E-Mail : |
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Factory 5 : |
At. Pimpalgaon,
Taluka Parner, District Ahemadnagar, Maharashtra, India |
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Factory 6 : |
Plot No. L6/1,
MIDC, Waluj, |
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E-Mail : |
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Factory 7 : |
Gat 104, Village
Pharola, Taluka Paithan, Aurngabad – 431001, Maharashtra, India |
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Tel. No.: |
91-2431-325030 |
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Fax No.: |
91-2431-251142 |
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Factory 8 : |
Plot No. 6 Sector 10, II E Pantnagar
Udhamsingh Nagar, Uttarakhand, India |
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Factory 9: |
Gut. No.342/1/P of Village Pimpalgaon (Kawdya Dongar) Taluka
Parner District Ahmednagar, Maharashtra, India |
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Factory 10: |
Plot No B-7, MIDC Chakan, Village Mahalunge, Taluka Khed,
District Pune, Maharashtra, India |
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Business
Development Department : |
203, The Chamber (Panchashil), Behind Giga Space 4/12/13 Vimannagar
Pune – 411014, Maharashtra, India |
DIRECTORS
AS ON 27.09.2012
|
Name : |
Mr. Rishikumar Rajnarayan Bagla |
|
Designation : |
Managing director |
|
Address : |
Gut No. 40,
Golwadi, Paithan Road, Aurangabad - 431005, Maharashtra, India |
|
Date of Birth/Age : |
02.08.1959 |
|
Qualification : |
B. Com. (Honors) |
|
Experience : |
27 Years |
|
Date of Appointment : |
23.09.1985 |
|
PAN No.: |
AFRPB1406M |
|
DIN No.: |
00002020 |
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|
|
|
Name : |
Mr. Raghavachary Kilambi |
|
Designation : |
Whole-time director |
|
Address : |
5052, Flat No.53,
H Block, 28th Street, Ponni Colony, Chennai – 600040, Tamilnadu,
India |
|
Date of Birth/Age : |
09.07.1946 |
|
Qualification : |
B.E. (Mech), M. Tech. |
|
Date of Appointment : |
10.07.2007 |
|
PAN No.: |
AEIPR3157H |
|
DIN No.: |
01587450 |
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|
|
|
Name : |
Mrs. Mamta Bagla |
|
Designation : |
Director |
|
Address : |
Gut No. 40,
Golwadi, Paithan Road, Aurangabad - 431005, Maharashtra, India |
|
Date of Birth/Age : |
12.07.1963 |
|
Qualification : |
Matriculation |
|
Date of Appointment : |
01.04.1994 |
|
PAN No.: |
AEUPB9878H |
|
DIN No.: |
00002031 |
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|
|
|
Name : |
Mr. Muneesh Chawla |
|
Designation : |
Nominee director |
|
Address : |
A-702, Ambience
Island, NH – 8, Gurgaon – 122002, Haryana, India |
|
Date of Birth/Age : |
04.01.1967 |
|
Qualification : |
B.TECH, MBA |
|
Date of Appointment : |
19.04.2006 |
|
DIN No.: |
00069360 |
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|
|
|
Name : |
Mr. Navin Paul |
|
Designation : |
Director |
|
Address : |
666, 6th
Cross, III Block, Koramangala, |
|
Date of Birth/Age : |
24.10.1957 |
|
Qualification : |
B.E.(Mech), MBA |
|
Date of Appointment : |
30.09.2006 |
|
DIN No.: |
00424944 |
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|
|
|
Name : |
Mr. Anant Kandoi |
|
Designation : |
Director |
|
Address : |
House No. 244, N
– 3, Chikalthana, Aurangabad - 431003, Maharashtra, India |
|
Date of Birth/Age : |
16.02.1973 |
|
Qualification : |
B.Com, C.A. |
|
Date of Appointment : |
07.03.2007 |
|
DIN No.: |
01574768 |
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|
|
|
Name : |
Mrs. Naina Krishna Murthy |
|
Designation : |
Director |
|
Address : |
Ansal Heights’, B
Wing, 7th Floor, Flat 702, Worli, Mumbai – 400018, Maharashtra,
India |
|
Date of Birth/Age : |
15.09.1971 |
|
Qualification : |
B.A. (Honors), LLB |
|
Date of Appointment : |
09.09.2011 |
|
DIN No.: |
01216114 |
|
|
|
|
Name : |
Mr. Ulhas Narayanrao Gaoli |
|
Designation : |
Director |
|
Address : |
Plot No.12/13,
Nisarg Mitra Society, Golwadi, CIDCO – 4, Paithan Road, Aurangabad – 431005,
Maharashtra, India |
|
Date of Birth/Age : |
02.08.1951 |
|
Qualification : |
B.A, M.P.A, PHD |
|
Date of Appointment : |
14.09.2011 |
|
DIN No.: |
00286833 |
KEY EXECUTIVES
|
Name : |
Prem Chand Agrawal |
|
Designation : |
Secretary |
|
Address : |
G-29, Raj
Apartments, Town Centre, CIDCO, Aurangabad – 431003, Maharashtra, India |
|
Date of Birth/Age : |
15.07.1959 |
|
Date of Appointment : |
15.06.2004 |
|
PAN No.: |
AATPA5504G |
|
|
|
|
Name : |
Mr. Kundan K. Jha |
|
Designation : |
Group Chief Executive Officer |
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Date of Birth/Age : |
50 Years |
|
Qualification : |
B.E. (Mech.) |
|
Experience : |
30 Years |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 27.09.2012
|
Names of Equity Shareholders |
|
No. of Shares |
|
Rishi Kumar Bagla |
|
1882500 |
|
Mamta Bagla |
|
390000 |
|
Rishi Kumar Bagla HUF |
|
180000 |
|
Devanshi Akshat Jain |
|
240000 |
|
Neha Aiyush Bhuwalka |
|
247500 |
|
Waluj Investment and Trading Company Private Limited, India |
|
1459500 |
|
Aurangabad Motor
Manufacturers Private Limited, India |
|
2475000 |
|
Deccan Carbon
Products Limited, India |
|
2005500 |
|
Blue River Capital I LLC, Mauritius |
|
2520000 |
|
|
|
|
|
Total |
|
11400000 |
AS ON 27.09.2012
|
Equity Share Breakup |
Percentage of Holding |
|
Category |
|
|
Foreign holdings [Foreign institutional investors, Foreign Companies, Foreign Financial Institutions, Non-resident Indian or Overseas corporate bodies or others] |
22.11 |
|
Bodies
corporate |
52.10 |
|
Directors
or relatives of directors |
25.79 |
|
|
|
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer and Exporter of Auto Components which include Auto
Electricals, Aluminium Die Casting, Fasteners, etc. and also Power Generation
from Windmills. |
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Products/ Services : |
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Exports : |
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Products : |
Automobile and Brake |
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Countries : |
· Germany · Italy |
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Imports : |
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Products : |
Raw Material |
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Countries : |
· China · US · Japan |
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Terms : |
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Selling : |
L/C, Cash and Credit |
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Purchasing : |
L/C, Cash and Credit |
GENERAL INFORMATION
|
No. of Employees : |
1200 (Approximately) |
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Bankers : |
· The Saraswat Cooperative Bank Limited, Gajanan Maharaj Mandir Branch, Garkheda, Aurangabad - 431001, Maharashtra, India ·
Standard
Chartered Bank, 90, Mahatma Gandhi Road, Fort, Mumbai - 400001, Maharashtra,
India · ING Vysya Bank Limited, H. No. 25 to 30 I Floor Nirala Bazaar, P.B. No. 9, Aurangabad - 431001, Maharashtra, India · IDBI Bank Limited, WTC Complex, IDBI Tower, Cuffe Parade, Mumbai - 400005, Maharashtra, India ·
Indian Overseas Bank, Aurangabad Branch,
Aurangabad - 431003, Maharashtra, India ·
State
Bank of India, Industrial Finance Branch, Tara Chambers, Mumbai - Pune Road,
Wakdewadi, Pune - 411003, Maharashtra, India |
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Facilities : |
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Banking
Relations : |
-- |
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|
|
|
Auditors : |
|
|
Name : |
S.R Batliboi and Company LLP Chartered Accountants |
|
Address : |
14th Floor, The Ruby, 29, Senapati Bapat Marg, Dadar
[West], Mumbai, Maharashtra, India |
|
Income-tax
PAN of auditor or auditor's firm : |
AALFS0506L |
|
|
|
|
Associates
: |
· BG LI-IN Electricals Limited [U31200MH1999PLC130298] · Aurangabad Wheels and Rims Private Limited [U34300PN2003PTC017753] |
|
|
|
|
Joint
venture : |
OMR Bagla Automotive Systems India Limited [U31904PN2006PLC128851] |
|
|
|
|
Enterprises
which are owned,
or have significant influence
of or are partners with
Key management personnel
and their relatives : |
· BG Appliances Private Limited [U31404PN1998PTC012536] · Aurangabad Motor Manufacturers Limited [U34300MH1991PLC061007] · Deccan Carbon Products Limited [U21098PN1991PLC060509] · Waluj Investments and Trading Company Private Limited [U67110PN1993PTC074896] · Manshi Electronics Private Limited [U51395MH2004PTC146495] · BMR Hvac Limited [U34300PN2007PLC131072] · Haryana Auto Comp Private Limited [U34300HR2006PTC036013] · Aurangabad Sales and Services |
CAPITAL STRUCTURE
AS ON 31.03.2013
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
15,000,000 |
Equity Shares |
Rs. 10/- each |
Rs. 150.000 Millions |
|
100,000 |
Preference Shares |
Re. 1/- each |
Rs. 0.100 Million |
|
|
|
|
|
|
|
Total |
|
Rs. 150.100
Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
11,400,000 |
Equity Shares |
Rs. 10/- each |
Rs. 114.000
Millions |
|
|
|
|
|
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
I.
EQUITY
AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
114.000 |
114.086 |
114.086 |
|
(b) Reserves & Surplus |
893.073 |
823.980 |
588.226 |
|
(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) |
1007.073 |
938.066 |
702.312 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
47.629 |
88.265 |
226.309 |
|
(b) Deferred tax liabilities (Net) |
25.695 |
28.898 |
31.325 |
|
(c) Other long term
liabilities |
0.000 |
0.000 |
0.000 |
|
(d) long-term provisions |
9.825 |
6.870 |
10.156 |
|
Total Non-current
Liabilities (3) |
83.149 |
124.033 |
267.790 |
|
|
|
|
|
|
(4)
Current Liabilities |
|
|
|
|
(a) Short
term borrowings |
356.903 |
426.741 |
361.741 |
|
(b) Trade
payables |
919.462 |
869.758 |
821.690 |
|
(c) Other
current liabilities |
180.675 |
240.781 |
238.688 |
|
(d) Short-term
provisions |
204.448 |
75.118 |
32.528 |
|
Total Current
Liabilities (4) |
1661.488 |
1612.398 |
1454.647 |
|
|
|
|
|
|
TOTAL |
2751.710 |
2674.497 |
2424.749 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1)
Non-current assets |
|
|
|
|
(a) Fixed
Assets |
|
|
|
|
(i)
Tangible assets |
1249.003 |
1064.733 |
1056.087 |
|
(ii) Intangible
Assets |
3.224 |
2.619 |
5.079 |
|
(iii)
Capital work-in-progress |
3.440 |
1.306 |
6.382 |
|
(iv)
Intangible assets under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current Investments |
173.643 |
173.643 |
173.643 |
|
(c) Deferred tax assets (net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
56.427 |
53.252 |
57.958 |
|
(e) Other
Non-current assets |
16.052 |
31.312 |
18.010 |
|
Total Non-Current
Assets |
1501.789 |
1326.865 |
1317.159 |
|
|
|
|
|
|
(2)
Current assets |
|
|
|
|
(a)
Current investments |
0.000 |
0.000 |
0.000 |
|
(b)
Inventories |
386.458 |
401.307 |
313.309 |
|
(c) Trade
receivables |
775.879 |
861.215 |
689.745 |
|
(d) Cash and
cash equivalents |
8.800 |
10.943 |
22.371 |
|
(e)
Short-term loans and advances |
58.276 |
48.083 |
54.813 |
|
(f) Other
current assets |
20.508 |
26.084 |
27.352 |
|
Total
Current Assets |
1249.921 |
1347.632 |
1107.590 |
|
|
|
|
|
|
TOTAL |
2751.710 |
2674.497 |
2424.749 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
|
|
SALES |
|
|
|
|
|
|
|
Revenue from operations |
6466.583 |
6656.692 |
5071.901 |
|
|
|
Other Income |
22.201 |
47.467 |
17.253 |
|
|
|
TOTAL (A) |
6488.784 |
6704.159 |
5089.154 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of materials consumed |
4476.477 |
4692.604 |
3491.613 |
|
|
|
Changes in inventories
of finished goods, work-in-progress and stock-in-trade |
7.073 |
(42.690) |
(12.150) |
|
|
|
Employee benefit expense |
375.021 |
305.987 |
264.102 |
|
|
|
Other expenses |
1146.570 |
1134.719 |
852.449 |
|
|
|
TOTAL (B) |
6005.141 |
6090.620 |
4596.014 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
483.643 |
613.539 |
493.140 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
48.767 |
70.995 |
95.813 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
434.876 |
542.544 |
397.327 |
|
|
|
|
|
|
|
|
|
Less |
DEPRECIATION/
AMORTISATION (F) |
130.736 |
137.978 |
202.464 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
304.140 |
404.566 |
194.863 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
76.709 |
129.064 |
59.622 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
227.431 |
275.502 |
135.241 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS YEARS’
BALANCE BROUGHT FORWARD |
361.836 |
153.718 |
28.447 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Transfer to General Reserve |
22.743 |
27.550 |
0.000 |
|
|
|
Transfer to Capital Redemption Reserve |
0.000 |
0.086 |
0.000 |
|
|
|
Proposed dividend and tax thereon |
158.338 |
39.748 |
9.970 |
|
|
|
|
181.081 |
67.384 |
9.97 |
|
|
BALANCE CARRIED
TO THE B/S |
408.186 |
361.836 |
153.718 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Export Earnings |
157.784 |
135.349 |
82.218 |
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
43.410 |
178.267 |
66.320 |
|
|
|
Stores & Spares |
26.134 |
10.936 |
10.993 |
|
|
|
Capital Goods |
101.974 |
59.600 |
53.234 |
|
|
TOTAL IMPORTS |
171.518 |
248.803 |
130.547 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
19.95 |
24.17 |
11.86 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
PAT / Total Income |
(%) |
3.50
|
4.11 |
2.66 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
4.70
|
6.08 |
3.84 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
11.81
|
16.19 |
8.68 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.30
|
0.43 |
0.28 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
0.40
|
0.55 |
0.84 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
0.75
|
0.84 |
0.76 |
FINANCIAL ANALYSIS
[all figures are
in Rupees Millions]
DEBT EQUITY RATIO
|
Particular |
31.03.2011 |
31.03.2012 |
31.03.2013 |
|
|
Rs.
In Millions |
Rs.
In Millions |
Rs.
In Millions |
|
Share Capital |
114.086 |
114.086 |
114.000 |
|
Reserves & Surplus |
588.226 |
823.980 |
893.073 |
|
Net
worth |
702.312 |
938.066 |
1007.073 |
|
|
|
|
|
|
long-term borrowings |
226.309 |
88.265 |
47.629 |
|
Short term borrowings |
361.741 |
426.741 |
356.903 |
|
Total
borrowings |
588.050 |
515.006 |
404.532 |
|
Debt/Equity
ratio |
0.837 |
0.549 |
0.402 |
YEAR-ON-YEAR GROWTH
|
Year
on Year Growth |
31.03.2011 |
31.03.2012 |
31.03.2013 |
|
|
Rs.
In Millions |
Rs.
In Millions |
Rs.
In Millions |
|
Sales |
5071.901 |
6656.692 |
6466.583 |
|
|
|
31.246 |
-2.856 |
NET PROFIT MARGIN
|
Net
Profit Margin |
31.03.2011 |
31.03.2012 |
31.03.2013 |
|
|
Rs.
In Millions |
Rs.
In Millions |
Rs.
In Millions |
|
Sales
|
5071.901 |
6656.692 |
6466.583 |
|
Profit |
135.241 |
275.502 |
227.431 |
|
|
2.67% |
4.14% |
3.52% |
LOCAL AGENCY FURTHER INFORMATION
CURRENT MATURITIES
OF LONG TERM DEBT
|
Particulars |
31.03.2013 (Rs.
In Millions) |
31.03.2012 (Rs.
In Millions) |
31.03.2011 (Rs.
In Millions) |
|
|
|
|
|
|
Current maturities of long-term debt |
40.982 |
82.950 |
155.808 |
|
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 |
Yes |
|
5] |
Type of Business |
Yes |
|
6] |
Line of Business |
Yes |
|
7] |
Promoter's background |
Yes |
|
8] |
No. of employees |
Yes |
|
9] |
Name of person contacted |
Yes |
|
10] |
Designation of contact
person |
Yes |
|
11] |
Turnover of firm for last
three years |
Yes |
|
12] |
Profitability for last
three years |
Yes |
|
13] |
Reasons for variation
<> 20% |
-- |
|
14] |
Estimation for coming
financial year |
No |
|
15] |
Capital in the business |
Yes |
|
16] |
Details of sister
concerns |
Yes |
|
17] |
Major suppliers |
No |
|
18] |
Major customers |
No |
|
19] |
Payments terms |
Yes |
|
20] |
Export / Import details
(if applicable) |
Yes |
|
21] |
Market information |
-- |
|
22] |
Litigations that the firm
/ promoter involved in |
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 |
Yes |
|
33] |
Voter ID No of
Proprietor/Partner/Director, if available |
No |
|
34] |
External Agency Rating,
if available |
Yes |
LITIGATION
DETAILS:
|
HIGH
COURT OF BOMBAY
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||
INDEX OF CHARGES
|
S.no. |
Charge id |
Date of charge creation/modification |
Charge amount secured |
Charge holder |
Address |
Service request number (srn) |
|
1 |
10445451 |
28/08/2013 |
15,000,000.00 |
THE SARASWAT
COOPERATIVE BANK LIMITED |
GAJANAN MAHARAJ
MANDIR BRANCH, GARKHEDA, AURANGABAD - 431001, MAHARASHTRA, INDIA |
B83231274 |
|
2 |
10444541 |
22/08/2013 |
200,000,000.00 |
THE SARASWAT COOPERATIVE
BANK LIMITED |
GAJANAN MAHARAJ
MANDIR BRANCH, GARKHEDA, AURANGABAD - 431001, MAHARASHTRA, INDIA |
B82859349 |
|
3 |
10444546 |
21/08/2013 |
896,789,000.00 |
THE SARASWAT
COOPERATIVE BANK LIMITED |
GAJANAN MAHARAJ
MANDIR BRANCH, GARKHEDA, AURANGABAD - 431001, MAHARASHTRA, INDIA |
B82864869 |
|
4 |
10243378 |
15/03/2011 * |
11,789,000.00 |
THE SARASWAT
COOPERATIVE BANK LIMITED |
AURANGABAD
BRANCH, MADHU SHILP, PLOT NO. 6, C/2, TOWN CENTRE NEAR CIDCO BUS STAND,
CIDCO, AURANGABAD - 431001, MAHARASHTRA, INDIA |
B10323970 |
|
5 |
10203785 |
08/06/2010 * |
180,000,000.00 |
IDBI BANK
LIMITED |
IDBI BANK LTD,
WTC COMPLEX, IDBI TOWER, CUFFE PARADE, MUMBAI - 400005, MAHARASHTRA, INDIA |
A87404463 |
|
6 |
10107012 |
16/06/2008 |
50,000,000.00 |
THE SARASWAT
COOPERATIVE BANK LIMITED |
CIDCO,
AURANGABAD - 431003, MAHARASHTRA, INDIA |
A39885942 |
|
7 |
10111583 |
15/03/2011 * |
160,000,000.00 |
THE SARASWAT
COOPERATIVE BANK LIMITED |
AURANGABAD
BRANCH, MADHU SHILP, PLOT NO. 6, C/2, TOWN CENTRE NEAR CIDCO BUS STAND,
CIDCO, AURANGABAD - 431001, MAHARASHTRA, INDIA |
B10323772 |
|
8 |
10107013 |
06/06/2008 |
60,000,000.00 |
THE SARASWAT
COOPERATIVE BANK LIMITED |
CIDCO,
AURANGABAD - 431003, MAHARASHTRA, INDIA |
A39886163 |
|
9 |
10031103 |
30/12/2006 |
10,000,000.00 |
THE SARASWAT
COOPERATIVE BANK LIMITED |
OPPOSITE GAJANAN
MAHARAJ MANDIR, GARKHEDA AREA, AURANGABAD - 431105, MAHARASHTRA, INDIA |
A08875395 |
|
10 |
10031121 |
30/12/2006 |
10,000,000.00 |
THE SARASWAT
COOPERATIVE BANK LIMITED |
OPPOSITE GAJANAN
MAHARAJ MANDIR, GARKHEDA AREA, AURANGABAD - 431105, MAHARASHTRA, INDIA |
A08875536 |
|
11 |
10031104 |
30/12/2006 |
80,000,000.00 |
THE SARASWAT
COOPERATIVE BANK LIMITED |
OPPOSITE GAJANAN
MAHARAJ MANDIR, GARKHEDA AREA, AURANGABAD - 431105, MAHARASHTRA, INDIA |
A08875429 |
|
12 |
10020468 |
20/03/2012 * |
70,000,000.00 |
STATE BANK OF
INDIA |
INDUSTRIAL
FINANCE BRANCH, TARA CHAMBERS, MUMBAI - PUNE ROAD, WAKDEWADI, PUNE - 411003,
MAHARASHTRA, INDIA |
B36933133 |
* Date of charge modification
FINANCIAL HIGHLIGHTS:
Motorcycle growth in India has slackened considerably. After growing at over 24% in FY2010 and FY2011, it reduced to 13.7% in FY2012, and fell to a mere 0.1% growth in FY2013. Sales of motorcycles in India increased from 11.94 million units in 2011-12 to 11.95 million units in 2012-13 representing a growth of 0.1% only. Sales of motorcycles of Bajaj Auto Limited, the major customer, has declined from 3.83 million units in 2011-12 to 3.76 million units in 2012-13, representing a decline of 2% (Sales in Domestic market declined by 4% and in Export market increased by 2%). During the year, the Company’s EBITDA decreased by 16% to Rs. 542.600 Millions against Rs. 647.700 Millions in the previous year. Profit after Tax also reduced by 17% to Rs. 227.400 Millions in the year against Rs. 275.500 Millions in the previous year.
The Society of Indian Automobile Manufacturers (SIAM) has projected a 6-8% growth for two wheelers during the Financial Year 2013-14. The growth in the sales of the Company is largely coming from the growth in the motorcycle market and expansion of product offering by the Company.
In addition, the Company has also received new orders from
other customers including overseas customers. The Company is continuing its
efforts to add new customers, expand product offerings and achieve continuous
reduction in operating cost through TPM.
CONTINGENT
LIABILITIES:
|
Particulars |
31.03.2013 (Rs.
In Millions) |
31.03.2012 (Rs.
In Millions) |
|
Estimated amount of contracts remaining to be executed on capital
account and not provided for. |
111.163 |
152.916 |
|
Contingent Liabilities not provided for: |
|
|
|
The Company has
imported Capital Goods under the Export Promotion Capital Goods Scheme of the
Government of India, at concessional rates of duty on an undertaking to
fulfill quantified exports against which Minimum Export obligation to be
fulfilled by the Company under the said scheme, by March 31, 2013 has been
fulfilled. Non fulfilment of the balance of such future obligations in the
manner required, if any, entails options / rights to the Government to
confiscate capital goods imported under the said licenses and other penalties
under the above-referred scheme. |
17.726 |
175.510 |
|
Claims against the Company not acknowledged as debts: |
|
|
|
The Company has
filed appeals against the following demands (including penalty in some of the
cases) from various government departments and have not provided for in the
books. |
|
|
|
Income Tax |
27.225 |
33.491 |
|
Excise duty and Service tax |
48.132 |
14.638 |
|
Sales Tax |
66.215 |
35.300 |
|
ESIC |
-- |
0.712 |
|
Provident fund |
0.373 |
0.236 |
|
The Management
does not expect these claims to succeed. Accordingly, no provision for the
contingent liabilities has been recognized in the financial statements. |
||
FIXED ASSETS:
· Land
· Buildings
· Plant and equipment
· Furniture and fixtures
· Vehicles
· Office equipment
· Computer equipments
· Know-how
· 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. 61.63 |
|
|
1 |
Rs. 99.94 |
|
Euro |
1 |
Rs. 85.14 |
INFORMATION DETAILS
|
Information
Gathered by : |
PRT |
|
|
|
|
Analysis Done by
: |
DIV |
|
|
|
|
Report Prepared
by : |
NKT |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
5 |
|
--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 |
YES |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
YES |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTERS |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
|
|
|
|
TOTAL |
|
47 |
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.