MIRA INFORM REPORT
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Report No. : |
316958 |
|
Report Date : |
13.04.2015 |
IDENTIFICATION DETAILS
|
Name : |
AMTEK AUTO LIMITED |
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Registered
Office : |
Plot No.16, Industrial Area, Rozka Meo, P.O. Sohna, Gurgaon – 122003,
Haryana |
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Tel No.: |
91-124-2362140 |
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Country : |
India |
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Financials (as
on) : |
30.09.2014 |
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Date of
Incorporation : |
04.08.1988 |
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Com. Reg. No.: |
05-030333 |
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Capital
Investment / Paid-up Capital : |
Rs. 440.635 Million |
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CIN No.: [Company Identification
No.] |
L27230HR1988PLC030333 |
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IEC No.: |
Not Available |
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TAN No.: [Tax Deduction &
Collection Account No.] |
Not Available |
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PAN No.: [Permanent Account No.] |
Not Available |
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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 Auto Components. |
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No. of Employees
: |
Information declined by the management. |
RATING & COMMENTS
|
MIRA’s Rating : |
A (69) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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 |
|
Status : |
Good |
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Payment Behaviour : |
Regular |
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Litigation : |
Exist |
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Comments : |
Subject is an established company having good track. Fundamentals of the company are decent. Financial position of the
company is strong and healthy. Trade relation are reported to be fair. Business is active. Payment
terms are reported to be regular and as per commitment. The company can be considered normal for business dealing 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 – December 31, 2014
|
Country Name |
Previous Rating (30.09.2014) |
Current Rating (31.12.2014) |
|
India |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
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Restricted |
C2 |
|
Off-credit |
D |
EXTERNAL AGENCY RATING
|
Rating Agency Name |
CARE |
|
Rating |
Proposed non – convertible debenture = “AA” |
|
Rating Explanation |
High degree of safety and low credit risk. |
|
Date |
25.08.2014 |
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
Management Non-Cooperative (91-11-42344444)
LOCATIONS
|
Registered Office / Factory 1 : |
Plot No.16, Industrial Area, Rozka Meo, P.O. Sohna, Gurgaon – 122003,
Haryana, India |
|
Tel. No.: |
91-124-2362140 |
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Fax No.: |
91-124-2662454 |
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E-Mail : |
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Website : |
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Corporate Office : |
3, Local Shopping Centre, Pam posh Enclave, G.K.-I, New Delhi -
110048, India |
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Tel. No.: |
91-11-42344444 |
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Fax No.: |
91-11-42344000 |
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E-Mail : |
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Web site : |
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Factory 2: |
Begumpur Khataula, P.O. Khandsa, Distt. Gurgaon, Haryana, India |
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Tel. No.: |
91-124-2373412 |
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Fax No.: |
91-124-2373408 |
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E-Mail : |
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Factory 3: |
Vill. Mohammadpur, Jharsa, Distt. Gurgaon, Haryana , India |
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Tel. No.: |
91-124-2372152 |
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Fax No.: |
91-124-2373410 |
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Factory 4: |
Shed No. 1, 2, 3, 4 & 5, Village-Malpura, Dharuhera,
Distt. - Rewari, Haryana, India |
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Factory 5: |
Plot No. 1, Sector-II, New Industrial Area, Distt. Raisen, Mandideep -
462046, Madhya Pradesh, India |
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Factory 6: |
Plot No. 1, Industrial Area, Dharuhera, Rewari, Haryana, India |
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Factory 7: |
Plot No. 53,Sector III, Industrial Area, IMT Manesar, Gurgaon,
Haryana, India |
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Factory 8: |
Gat No. 1074-1085 Sanaswadi Shikrapur Chakan Road, Taluka Shirpur,
Pune, Maharashtra, India |
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Factory 9: |
Dadi Bhola, Opposite Peer Sthan, Nalagarh, Distt. Solan - 174101, Himachal Pradesh, India |
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Factory 10: |
Dadi Bhola, Opposite Peer Sthan, Nalagarh Unit 2, Distt. – Solan - 174101, Himachal Pradesh, India |
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Factory 11: |
B-6, MIDC Area, Ranjangaon, Pune - 412210, Maharashtra, India |
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Factory 12: |
Survey No.1, C-2, VR-5, Tata Nano Vendor Park, Sanand, Gujarat, India |
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Factory 13: |
Plot No.-73, Tata Nano Vendor Park, Distt.-Udham Singh Nagar, Uttarakhand, India |
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Factory 14: |
Narsingpur Road, Begampur Khautola, Gurgaon - 122001, Haryana, India |
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Factory 15: |
RNS-21, SPICOT Industrial Growth Center, Sriperumbudur Taluk, Oragadam, Kencheepuram, Tamilnadu, India |
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Factory 16: |
Gat No.-251, Telegaon, Chaken Road, Kharabwadi, Khed, Pune, Maharashtra, India |
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Factory 17: |
Plot No. 1, Industrial Area, Dharuhera, Distt. – Rewari – 123106, Haryana, India |
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Factory 18: |
Gat No. 1081/1 & 1079, Shikrapur Chakan Road, Talegaon Dhamdhere, Sanaswadi - 412208, Maharashtra, India |
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Factory 19: |
Plot No. 191, Sector-4, Bawal, Distt. - Rewari, Haryana-123501, India |
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Factory 20: |
Autoswift Division, GGN, Delhi, Gzb, Bhiwadi and Pune, Maharashtra, India |
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Factory 21: |
Industrial Plot No. 1, Urban Estate Dharuhera Haryana, India |
DIRECTORS
AS ON 31.12.2014
|
Name : |
Mr. Arvind Dham |
|
Designation : |
Chairman and Director |
|
Date of Birth/Age : |
15.02.1961 |
|
Qualification : |
B. Arch from Chandigarh College of Architecture, Punjab
University and MBA. |
|
Expertise : |
He is an eminent industrialist having more than 24 years of experience in the field of Project Planning, implementation, International Trade and Business Management. |
|
Other Directorship: |
· Amtek India Limited · ACIL Limited · Ahmednagar Forgings Limited · Symbios Personnel Advices and Services Limited · Amtek Laboratories Limited |
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|
Name : |
Mr. John Ernest Flintham |
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Designation : |
Sr. Managing Director |
|
Date of Birth/Age : |
Mechanical Engineer |
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Qualification : |
39 Years |
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Date of Appointment: |
31.07.2007 |
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|
Name : |
Mr. D.S. Malik |
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Designation : |
Managing Director |
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|
|
Name : |
Mr. Gautam Malhotra |
|
Designation : |
Director |
|
Date of Birth/Age : |
03.03.1979 |
|
Qualification : |
B.E. (Computer Science),MBA from University of
Manchester, U.K |
|
Expertise: |
Specialization in Finance, Marketing & Acquisitions
etc. |
|
Other Directorship: |
· Amtek India Limited · Ahmednagar Forgings Limited · Amtek Laboratories Limited · ACIL Limited · STESALIT Limited · JMT Auto Limited |
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|
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|
Name : |
Mr. Rajeev Thakur |
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Designation : |
Director |
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|
Name : |
Mr. Sajay Chhabra |
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Designation : |
Director |
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Date of Birth/Age : |
18.07.1960 |
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Qualification : |
B.Tech. (Mech.), MBA (Marketing) |
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Expertise : |
He has vast experience in the field of technical, marketing and project implementation. |
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Other Directorship: |
Amtek India Limited |
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Name : |
Mr. B Lugani |
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Designation : |
Director |
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Name : |
Mr. Raj Narain Bhardwaj |
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Designation : |
Director |
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Name : |
Mr. Sanjiv Bhasin |
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Designation : |
Director |
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Name : |
Mr. B Venugopal |
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Designation : |
Nominee Director |
KEY EXECUTIVES
|
Name : |
Mr. Rajeev Raj Kumar |
|
Designation : |
Company Secretary |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 31.12.2014
|
Category
of Shareholder |
Total No.
of Shares |
Total
Shareholding as a % of Total No. of Shares |
|
As a % of (A+B) |
||
|
(A) Shareholding of Promoter
and Promoter Group |
||
|
|
|
|
|
|
2797240 |
1.27 |
|
|
105115410 |
47.71 |
|
|
107912650 |
48.98 |
|
|
|
|
|
Total shareholding of Promoter
and Promoter Group (A) |
107912650 |
48.98 |
|
(B) Public Shareholding |
||
|
|
|
|
|
|
3053329 |
1.39 |
|
|
9039559 |
4.10 |
|
|
58900457 |
26.73 |
|
|
9663461 |
4.39 |
|
|
9663461 |
4.39 |
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|
80656806 |
36.61 |
|
|
|
|
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|
9672871 |
4.39 |
|
|
|
|
|
|
9411002 |
4.27 |
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|
10893565 |
4.94 |
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|
1771034 |
0.80 |
|
|
720183 |
0.33 |
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|
437614 |
0.20 |
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|
611883 |
0.28 |
|
|
554 |
0.00 |
|
|
800 |
0.00 |
|
|
31748472 |
14.41 |
|
Total Public shareholding (B) |
112405278 |
51.02 |
|
Total (A)+(B) |
220317928 |
100.00 |
|
(C) Shares held by Custodians
and against which Depository Receipts have been issued |
|
|
|
|
0 |
0.00 |
|
|
0 |
0.00 |
|
|
0 |
0.00 |
|
Total (A)+(B)+(C) |
220317928 |
100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer of Auto Components. |
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Products : |
Auto Components |
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Brand Names : |
Not Available |
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Agencies Held : |
Not Available |
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Exports : |
Not Divulged |
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Imports : |
Not Divulged |
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Terms : |
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Selling : |
Not Divulged |
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Purchasing : |
Not Divulged |
GENERAL INFORMATION
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Suppliers : |
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Customers : |
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No. of Employees : |
Information declined by the management. |
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Bankers : |
· Corporation Bank · Andhra Bank · Indian Overseas Bank · IDBI Bank Limited |
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Facilities : |
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Auditors : |
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Name : |
Manoj Mohan and Associates Chartered Accountants |
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Address : |
New Delhi, India |
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Memberships : |
Not Available |
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Collaborators : |
Not Available |
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Subsidiaries: |
· Ahmednagar Forging Limited · Amtek Deutshland GmbH · Amtek Investment UK Limited · Amtek Germany Holding GP GmBH · Amtek Germany Holding GmBH and Company KG · Amtek Holding BV · Amtek Global Technologies Pte. Limited · Amtek Transportation Systems Limited · Alliance Hydro Power Limited · Amtek India Limited · Amtek Defence Technologies Limited · JMT Auto Limited |
|
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Subsidiaries of Subsidiaries: |
· Amtek Tekfor Holding GmbH · Neumayer Tekfor GmbH · Tekfor Services GmbH · Neumayer Tekfor Rotenburg GmbH · Neumayer Tekfor Schmolln GmbH · Neumayer Tekfor Engineering GmbH · GfsV · Neumayer Tekfor Japan Company Limited · Tekfor Inc. · Tekfor Maxico SA de CV · Neumayer Tekfor Automotive Brasil Ltda. · Neumayer Tekfor SpA · Tekfor Maxico Services · Tekfor Services Inc. · SFE GmbH · Amtek Powertrain Components B.V. · Amtek Powertrain RUS LLC · Amertec Systems Private Limited |
|
|
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Joint Venture’s: |
· Amtek Tekfor Automotive Limited · MPT Amtek Automotive (India) Limited · SMI Amtek Crankshafts Private Limited |
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|
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Joint Ventures of Subsidiaries: |
Amtek Railcar Private Limited |
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|
|
|
Associate’s: |
· ACIL Limited (Formerly known as Amtek Crankshafts India Limited) · ARGL Limited (Formerly known as Amtek Ring Gears Limited) |
CAPITAL STRUCTURE
As on 30.09.2014
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
400000000 |
Equity Shares |
Rs. 2/- each |
Rs. 800.000 Million |
|
3500000 |
Preference Shares |
Rs. 100/- each |
Rs. 350.000 Million |
|
|
|
|
|
|
|
Total |
|
Rs. 1150.000
Million |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
220317928 |
Equity Shares |
Rs.2/- each |
Rs. 440.636 Million |
|
|
|
|
|
NOTE
The company has only one class of shares referred to as Equity
Shares having a par value of Rs. 2/- per share. Each shareholder of equity
Shares is entitled to one vote per share.
The reconciliation of
the number of shares outstanding and the amount of share capital as at
September 30, 2014 and September 30, 2013 is set out below:
|
Particulars |
As
at 30.09.2014 |
|
|
Number
of Shares |
Rs. in Million |
|
|
Number of shares at the beginning |
218623745 |
437.247 |
|
Add: Shares Issued |
1694183 |
3.389 |
|
Less: Shares Bought Back |
--- |
--- |
|
Number of Shares at the end |
220317928 |
440.636 |
Details of shares bought back, during the last five years
|
Nature |
30.06.2013 |
30.06.2012 |
30.06.2011 |
30.06.2010 |
30.06.2009 |
|
Equity Shares |
19,23,999 |
12,626,001 |
Nil |
Nil |
Nil |
Details of Persons Holding more than 5% Share Capital
|
Particulars |
As
at 30.09.2014 |
|
|
Number
of Shares |
% of Holding |
|
|
Forbes Builders Private Limited |
17859895 |
8.11% |
|
Turjo Arts Private Limited |
15868390 |
7.20% |
|
Amtek Laboratories Limited |
15603395 |
7.08% |
|
Warrol Limited |
-- |
-- |
|
Lic Of India Profit Plus Growth Fund |
-- |
-- |
|
Shivani Horticulture Private Limited |
15279576 |
6.94% |
|
Warburg Pincus International LLC A/c Stoneridge
Investment Limited |
-- |
-- |
|
LLC A/c Stoneridge Investment Limited |
-- |
-- |
FINANCIAL DATA
[all figures are
in Rupees Million]
ABRIDGED BALANCE
SHEET
|
SOURCES
OF FUNDS |
30.09.2014 |
30.09.2013 (15 Months) |
30.06.2012 |
|
I.
EQUITY
AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
440.636 |
437.247 |
441.095 |
|
(b) Reserves & Surplus |
50895.245 |
47541.197 |
43391.840 |
|
(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) |
51335.881 |
47978.444 |
43832.935 |
|
|
|
|
|
|
(3) Non-Current
Liabilities |
|
|
|
|
(a) long-term
borrowings |
52166.396 |
53361.235 |
27348.643 |
|
(b) Deferred tax liabilities (Net) |
5288.653 |
3801.907 |
3044.111 |
|
(c) Other long term
liabilities |
0.000 |
0.000 |
0.000 |
|
(d) long-term
provisions |
139.360 |
93.842 |
120.498 |
|
Total Non-current Liabilities
(3) |
57594.409 |
57256.984 |
30513.252 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short
term borrowings |
11529.005 |
6960.469 |
7650.048 |
|
(b) Trade
payables |
1616.976 |
1309.792 |
1893.140 |
|
(c) Other
current liabilities |
16312.709 |
8227.208 |
12052.415 |
|
(d) Short-term
provisions |
143.463 |
129.348 |
225.049 |
|
Total Current
Liabilities (4) |
29602.153 |
16626.817 |
21820.652 |
|
|
|
|
|
|
TOTAL |
138532.443 |
121862.245 |
96166.839 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed
Assets |
|
|
|
|
(i)
Tangible assets |
76705.106 |
61690.537 |
38350.316 |
|
(ii)
Intangible Assets |
0.000 |
0.000 |
0.000 |
|
(iii) Capital
work-in-progress |
5954.903 |
10033.868 |
5291.550 |
|
(iv) Intangible assets under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current
Investments |
16655.713 |
17594.750 |
11252.402 |
|
(c) Deferred tax
assets (net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
14833.457 |
10361.195 |
18143.123 |
|
(e) Other
Non-current assets |
0.000 |
0.000 |
0.000 |
|
Total Non-Current
Assets |
114149.179 |
99680.350 |
73037.391 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a)
Current investments |
221.439 |
512.698 |
38.189 |
|
(b)
Inventories |
10571.949 |
7036.296 |
5805.828 |
|
(c) Trade
receivables |
8756.422 |
6294.034 |
5836.666 |
|
(d) Cash
and cash equivalents |
2232.909 |
6424.459 |
3146.623 |
|
(e) Short-term
loans and advances |
2593.813 |
1896.472 |
8270.054 |
|
(f) Other
current assets |
6.732 |
17.936 |
32.088 |
|
Total
Current Assets |
24383.264 |
22181.895 |
23129.448 |
|
|
|
|
|
|
TOTAL |
138532.443 |
121862.245 |
96166.839 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
30.09.2014 |
30.09.2013 (15 Months) |
30.06.2012 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
39506.834 |
30193.796 |
22027.914 |
|
|
|
Other Income |
490.161 |
1065.990 |
2511.358 |
|
|
|
TOTAL (A) |
39996.995 |
31259.786 |
24539.272 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of materials consumed |
23682.284 |
18927.663 |
14020.250 |
|
|
|
Changes in inventories of finished goods, work-in-progress and Stock-in-Trade |
(330.772) |
(317.881) |
(260.477) |
|
|
|
Employee benefit expense |
1468.024 |
1166.070 |
929.453 |
|
|
|
Other expenses |
2875.726 |
2074.785 |
1778.001 |
|
|
|
Exceptional Items |
0.000 |
(1898.461) |
0.000 |
|
|
|
TOTAL (B) |
27695.262 |
19952.176 |
16467.227 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
12301.733 |
11307.610 |
8072.045 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
4291.105 |
2753.158 |
1855.144 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
8010.628 |
8554.452 |
6216.901 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/ AMORTISATION (F) |
3290.326 |
2837.386 |
2118.494 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
4720.302 |
5717.066 |
4098.407 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
1486.746 |
1209.855 |
1182.837 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
3233.556 |
4507.211 |
2915.570 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
2405.801 |
1879.575 |
81.154 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Transfer to General Reserve |
2665.200 |
1500.000 |
500.000 |
|
|
|
Transferred to debenture Redemption
Reserve Account |
180.000 |
2366.600 |
500.000 |
|
|
|
Proposed Dividend on Equity Share |
110.159 |
109.312 |
109.312 |
|
|
|
Dividend and Tax for Previous year |
0.508 |
(5.592) |
0.000 |
|
|
|
Corporate Dividend Tax |
16.869 |
10.665 |
7.837 |
|
|
BALANCE CARRIED
TO THE B/S |
2666.621 |
2405.801 |
1879.575 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN FOREIGN
CURRENCY |
|
|
|
|
|
|
|
Export of Goods Calculated on F.O.B basis |
2491.687 |
2833.177 |
1524.167 |
|
|
|
Interest and Dividend |
0.000 |
0.000 |
0.000 |
|
|
TOTAL EARNINGS |
2491.687 |
2833.177 |
1524.167 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
74.269 |
104.492 |
114.965 |
|
|
|
Stores & Spares |
6.935 |
60.773 |
50.844 |
|
|
|
Capital Goods |
860.960 |
962.120 |
905.538 |
|
|
TOTAL IMPORTS |
942.164 |
1127.385 |
1071.347 |
|
|
|
|
|
|
|
|
|
|
Earnings Per Share
(Rs.) |
14.78 |
20.62 |
13.38 |
|
QUARTERLY /
SUMMARISED RESULTS
|
Particulars (Rs
Million) |
Jun 2014 |
Sep 2014 |
Dec 2014 |
|
Audited / Un
Audited |
Un Audited |
Un Audited |
Un Audited |
|
Net Sales |
10643.800 |
10421.600 |
11189.400 |
|
Total Expenditure |
7302.000 |
7256.300 |
7673.400 |
|
PBIDT (Excl OI) |
3341.800 |
3165.300 |
3516.000 |
|
Other Income |
0.000 |
0.000 |
0.000 |
|
Operating Profit |
3341.800 |
3165.300 |
3516.000 |
|
Interest |
1147.300 |
1183.200 |
1279.600 |
|
Exceptional Items |
0.000 |
0.000 |
0.000 |
|
PBDT |
2194.500 |
1982.100 |
2236.400 |
|
Depreciation |
886.100 |
905.400 |
1159.200 |
|
Profit Before Tax |
1308.400 |
1076.700 |
1077.200 |
|
Tax |
447.600 |
333.000 |
369.100 |
|
Provisions and contingencies |
0.000 |
0.000 |
0.000 |
|
Profit After Tax |
860.800 |
743.700 |
708.100 |
|
Extraordinary Items |
0.000 |
0.000 |
0.000 |
|
Prior Period Expenses |
0.000 |
0.000 |
0.000 |
|
Other Adjustments |
0.000 |
0.000 |
0.000 |
|
Net Profit |
860.800 |
743.700 |
708.100 |
KEY RATIOS
|
PARTICULARS |
|
30.09.2014 |
30.09.2013 |
30.06.2012 |
|
|
(15
Months) |
|||
|
Net Profit Margin (PAT/Sales) |
(%) |
8.18 |
14.93 |
13.24 |
|
|
|
|
|
|
|
Operating Profit Margin (PBITD/Sales) |
(%) |
31.14 |
37.45 |
36.64 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
4.07 |
6.07 |
5.15 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.09 |
0.12 |
0.09 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
1.24 |
1.26 |
0.80 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
0.82 |
1.33 |
1.06 |
FINANCIAL ANALYSIS
[all figures are
in Rupees Million]
DEBT EQUITY RATIO
|
Particular |
30.06.2012 |
30.09.2013 |
30.09.2014 |
|
|
(Rs.
In Million) |
(Rs.
In Million) |
(Rs.
In Million) |
|
Share Capital |
441.095 |
437.247 |
440.636 |
|
Reserves & Surplus |
43391.840 |
47541.197 |
50895.245 |
|
Net
worth |
43832.935 |
47978.444 |
51335.881 |
|
|
|
|
|
|
long-term borrowings |
27348.643 |
53361.235 |
52166.396 |
|
Short term borrowings |
7650.048 |
6960.469 |
11529.005 |
|
Total
borrowings |
34998.691 |
60321.704 |
63695.401 |
|
Debt/Equity
ratio |
0.798 |
1.257 |
1.241 |
YEAR-ON-YEAR GROWTH
|
Year
on Year Growth |
30.06.2012 |
30.09.2013 |
30.09.2014 |
|
|
(Rs.
In Million) |
(Rs.
In Million) |
(Rs.
In Million) |
|
Sales |
22027.914 |
30193.796 |
39506.834 |
|
|
|
37.071 |
30.844 |
NET PROFIT MARGIN
|
Net
Profit Margin |
30.06.2012 |
30.09.2013 |
30.09.2014 |
|
|
(Rs.
In Million) |
(Rs.
In Million) |
(Rs.
In Million) |
|
Sales |
22027.914 |
30193.796 |
39506.834 |
|
Profit |
2915.570 |
4507.211 |
3233.556 |
|
|
13.24% |
14.93% |
8.18% |
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 |
No |
|
9] |
Name of person contacted |
No |
|
10] |
Designation of contact
person |
No |
|
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 |
Yes |
|
23] |
Banking Details |
Yes |
|
24] |
Banking facility details |
Yes |
|
25] |
Conduct of the banking
account |
---------------------- |
|
26] |
Buyer visit details |
---------------------- |
|
27] |
Financials, if provided |
Yes |
|
28] |
Incorporation details, if
applicable |
Yes |
|
29] |
Last accounts filed at
ROC |
Yes |
|
30] |
Major Shareholders, if
available |
Yes |
|
31] |
Date of Birth of Proprietor/Partner/Director,
if available |
Yes |
|
32] |
PAN of
Proprietor/Partner/Director, if available |
No |
|
33] |
Voter ID No of
Proprietor/Partner/Director, if available |
No |
|
34] |
External Agency Rating,
if available |
Yes |
LITIGATION
DETAILS:
|
High Court of
Punjab and Haryana Chandigarh |
||||
|
Case Details
For Case CM-924-CH-2010 |
||||
|
Diary Number |
399936 |
District |
NEW-DELHI |
|
|
Category |
-- |
Main Case Detail |
ITA-38-2010 |
|
|
Party Detail |
CIT, FARIDABAD V/S AMTEK AUTO
LIMITED GURGAON |
|||
|
Advocate Name |
RAJESH KATOCH |
List Type |
ORDINARY |
|
|
Status |
PENDING |
Next Date |
|
|
|
|
||||
|
Case Listing
Details |
||||
|
No Listing Data
Available |
||||
|
Judgment Details For Case: CM-924-CH-2010 Party Detail: CIT, FARIDABAD V/S AMTEK AUTO LIMITED
GURGAON |
||||
|
Order Date |
Order Type |
Bench |
Judgment Link |
|
|
No
Judgment/Order Found. |
||||
|
||||
UNSECURED LOANS
(Rs.
In Million)
|
PARTICULAR |
30.09.2014 (Rs.
In Million) |
30.09.2013 (Rs.
In Million) |
|
LONG TERM
BORROWINGS |
|
|
|
Bonds / Debentures |
|
|
|
(i) 10.25% Non-Convertible Debentures |
0.000 |
0.000 |
|
(ii) 5.625% Foreign Currency Convertible Bonds |
0.000 |
0.000 |
|
External Commercial Borrowings |
821.514 |
1674.053 |
|
Total |
821.514 |
1674.053 |
INDEX OF CHARGES
|
S. No. |
Charge ID |
Date of Charge Creation/Modification |
Charge amount secured |
Charge Holder |
Address |
Service Request Number (SRN) |
|
1 |
10532678 |
25/11/2014 * |
1,000,000,000.00 |
SYNDICATE BANK |
B-117, FIRST FLOOR, SECTOR-18, NOIDA, UTTAR PRADESH - 201301, INDIA |
C37367372 |
|
2 |
10510139 |
09/07/2014 |
1,500,000,000.00 |
ORIENTAL BANK OF COMMERCE |
LARGE CORPORATE BRANCH, HARSHA BHAWAN, E BLOCK, CONNAUGHT PLACE, NEW DELHI, DELHI - 110001, INDIA |
C12156220 |
|
3 |
10490054 |
17/05/2014 |
16,805,000,000.00 |
CORPORATION BANK |
HINDUSTAN TIMES HOUSE,, 10TH FLOOR, K.G. MARG, CONNAUGHT PLACE,, NEW DELHI, DELHI - 110001, INDIA |
C03774429 |
|
4 |
10486592 |
30/09/2014 * |
2,000,000,000.00 |
BANK OF BARODA |
GROUND FLOOR, BANK
OF BARODA BUILDING, 16, PARLIA |
C32106726 |
|
5 |
10481401 |
30/09/2014 * |
2,000,000,000.00 |
STATE BANK OF MYSORE |
CORPORATE ACCOUNTS BRANCH,F-6, UPPER GROUND FLOOR, EAST OF KAILASH, LALA LAJPAT RAI MARG,, NEW DELHI, DELHI - 110065, INDIA |
C35305291 |
|
6 |
10463708 |
30/09/2014 * |
2,500,000,000.00 |
BANK OF MAHARASHTRA |
B-29, CONNAUGHT
PLACE, NEW DELHI, DELHI - 110001, |
C32231557 |
|
7 |
10467460 |
25/11/2014 * |
2,500,000,000.00 |
AXIS TRUSTEE SERVICES LIMITED |
AXIS HOUSE, 2ND FLR, BOMBAY DYEING MILLS COMPOUND, PANDURANG BUDHKAR MARG, WORLI, MUMBAI, MAHARASHTRA - 400025, INDIA |
C40616864 |
|
8 |
10486435 |
25/11/2014 * |
3,000,000,000.00 |
LIFE INSURANCE CORPORATION OF INDIA |
YOGAKSHEMA 6TH
FLOOR, INVESTMENT DEPARTMENT WEST |
C40071136 |
|
9 |
10457793 |
25/11/2014 * |
3,500,000,000.00 |
IFCI LIMITED |
IFCI TOWER,
61,NEHRU PLACE, NEW DELHI, DELHI - 11 |
C37362019 |
|
10 |
10460584 |
26/09/2013 |
3,000,000,000.00 |
CANARA BANK |
PCB- CONNAUGHT PLACE, 2ND FLOOR,WORLD TRADE TOWER, BARAKHAMBA LANE, DELHI - 110001, INDIA |
B89693675 |
* Date of charge modification
CONTINGENT
LIABILITIES:
|
PARTICULARS |
30.09.2014 (Rs.
In Million) |
30.09.2013 (Rs.
In Million) |
|
Letter of credit issued on behalf of company (unexpired) |
210.171 |
126.578 |
|
Bank Guarantees Issued by bank on company’s behalf |
63.614 |
10.677 |
|
Disputed Sales tax/Vat/entry Tax/Excise Duty/Service Tax/ income tax (including interest and penalty) |
120.906 |
842.662 |
|
Corporate guarantee |
7915.185 |
13987.462 |
FINANCIAL
PERFORMANCE
During
the period the revenue of the Company is Rs. 31259.786 Million compared to Rs.
24539.272 Million during the previous year. The Profit after tax has increased
to Rs. 4507.211 Million as compared to the previous year of Rs. 2915.570 Million.
The
Company has a strong Reserve and Surplus position of Rs. 475,411.97 Million.
BUSINESS
OVERVIEW
Amtek
Auto is one of the largest integrated component manufacturers headquartered in
India with truly global manufacturing facilities. The Company has significant
expertise in the automotive components sector with proven capabilities in
forging, grey and ductile iron casting, gravity and high pressure aluminium die
casting and machining and sub-assembly. It has an extensive product portfolio
with a range of highly engineered components. The Company supplies components
for passenger cars, light and heavy commercial vehicles, 2/3 wheelers,
tractors, locomotive components and construction and earth moving vehicles.
In
addition to being one of the leading casting and machining companies in the
automotive sector in India, the Amtek Auto with its subsidiaries has become one
of the world’s largest global forging and integrated machining companies.
Founded in 1987 by Mr. Arvind Dham, Amtek Auto and its subsidiaries now have 60
world class facilities across India, UK, Germany, Brazil, Italy, Mexico, Russia
and US. It is widely recognized as a preferred OEM supplier for passenger cars,
light and heavy commercial vehicles, 2/3 wheelers and diesel engines. Global
blue chip customers include BMW, Caterpillar, CNH America, Cummins, Fiat, Ford,
Halliburton, Honda, JCB, Maruti, Tata JLR, Timken and Volkswagen.
Over the
last decade, Amtek Auto has established several joint ventures and technical
partnerships with leading global firms to offer customers a world class product
range. Collaborating companies include Magna Powertrain in Canada, Sumitomo
Metal in Japan and Aizen in Japan. The joint ventures are progressing in line
with the management expectations. As part of its strategy to leverage its core
skill base and manufacturing platform, Amtek Auto has also developed a product
range for non-automotive customers. These cover end markets such as locomotive
components, earth moving and construction equipment and tractors.
During
the period, Amtek Auto acquired Neumayer Tekfor in Germany and JMT Auto in
India. Amtek Auto sold a 56% equity stake in each of Amtek Ring Gears Ltd and
Amtek Crankshaft India Ltd, unlocking value from relatively lower profit margin
units.
The
acquisition of Neumayer Tekfor was transformational, providing Amtek Auto with
an enhanced product portfolio and geographic market reach from which to supply
its combined global customers. As a leading forging and integrated machining
company, Neumayer Tekfor’s extensive high technology product range includes
high precision camshafts, valve train components, connecting rods and
specialized safety fasteners.
FIXED ASSETS
· Land
· Building
· Plant and Equipment
· Electric Installation
· Furnitures and Fixtures
· Vehicles
·
Office Equipment
UNAUDITED
FINANCIAL RESULTS FOR THE QUARTER ENDED 31ST DECEMBER 2014
|
Particulars |
Year ended |
|
|
31.12.2014 |
||
|
Unaudited |
||
|
1 |
Income from Operations |
|
|
|
(a) Net sates/income from operations (Net of excise duty) |
10354.500 |
|
|
(b) Other Operating Income |
834.900 |
|
|
Total income from operations (net) |
11189.400 |
|
2 |
Expenses |
|
|
|
(a) Cost of materials consumed |
6565.500 |
|
|
(b) Purchases of stock-in trade |
0.000 |
|
|
(c) Changes in inventories of finished goods. work-in-progress and
stock in trade |
(118.100) |
|
|
(d) Employee benefits expense |
400.200 |
|
|
(e) Depreciation and Anmortisation Expenses |
1159.200 |
|
|
(f) Other Expenses |
825.800 |
|
|
Total expenses |
8832.600 |
|
3 |
Profit/ (Loss) from operations before other Income, finance costs and
exceptional Items (1-2) |
2356.800 |
|
4 |
Other Income |
0.000 |
|
5 |
Profit/ (Loss) from operations before other income, finance costs and
exceptional items (3+4) |
2356.800 |
|
6 |
Finance Costs |
1279.600 |
|
7 |
Profit/ (Loss) from ordinary activities after finance cost but before
exceptional items (5-6) |
1077.200 |
|
8 |
Exceptional items |
0.000 |
|
9 |
Profit/ (Loss) from ordinary activities before tax (7+8) |
0.000 |
|
10 |
Tax expenses |
369.100 |
|
11 |
Net Profit / (Loss) from ordinary activities after tax (9-10) |
708.100 |
|
12 |
Extraordinary item (net of tax expense) |
0.000 |
|
13 |
Net Profit / (Loss) for the period (11-12) |
708.100 |
|
14 |
Share of profit' (loss) of associates |
0.000 |
|
15 |
Minority Interest |
0.000 |
|
16 |
Net Profit/ (Loss) after taxes, minority interest and share of profit/(loss)
of associates (13+14+15) |
708.100 |
|
17 |
Paid up equity share capital (Face Value of Rs10/- each) |
440.600 |
|
18 |
Reserve excluding Revaluation Reserve as per Balance Sheet of
previous accounting year |
|
|
19.i |
Earnings per share (before extraordinary items) of Rs.10/- each (not
annualised): |
|
|
|
(a) Basic |
3.21 |
|
|
(b) Diluted |
3.21 |
|
19.ii |
Earnings per share (after extraordinary items) of Rs.10/- each (not
annualised) |
|
|
|
(a) Basic |
3.21 |
|
|
(b) Diluted |
3.21 |
|
|
|
|
|
A |
PARTICULARS OF SHAREHOLDING |
|
|
1 |
Public Shareholding |
|
|
|
- Number of shares |
112405278 |
|
|
- Percentage of shareholding |
51.02 |
|
2 |
Promoters and Promoter group shareholding |
|
|
|
a) Pledged / Encumbered |
|
|
|
- Number of shares |
NIL |
|
|
- Percentage of shares (as a % of the total shareholding of Promoter
& Promoter group) |
NIL |
|
|
- Percentage of shares (as a % of the total Share Capital of the
Company) |
NIL |
|
|
b) Non Encumbered |
|
|
|
- Number of shares |
107912650 |
|
|
- Percentage of shares (as a % of the total shareholding of Promoter
& Promoter group) |
100.00 |
|
|
- Percentage of shares (as a % of the total Share Capital of the
Company) |
48.98 |
|
|
|
|
|
B |
INVESTOR COMPLAINTS |
|
|
|
Pending at the beginning of the quarter |
0 |
|
|
Received during the quarter |
2 |
|
|
Disposed of during the quarter |
2 |
|
|
Remaining unresolved at the end of the quarter |
0 |
Note:
1. The above results were reviewed by the Audit Committee and were taken on record by the Board of Directors at its meeting held on February 12, 2015.
2. The Limited Review as required under Clause 41 of the Listing Agreement has
been completed by the Auditors of the Company and related, report is being
submitted to the concerned Stock Exchanges.
3. Segment reporting as defined in Accounting Standard (AS) - 17 is not
applicable, since the entire operations of the Company relate to only one
segment i.e. Automotive Components.
4. Previous year's figures have been regrouped and reclassified, to the extent
necessary, to conform to the current year's figures.
5. The inapplicable items in the format of the above results as per Annexure 1
to Clause 41 of the Listing Agreement have not been disclosed.
6. Pursual to Companies Act 2013 (The Act), becoming effective from April 01,
2014 , the Company has re-worked depreciation with reference to the estimated
useful lives of fixed assets prescribed under Schedule II to the Act or useful
life of fixed asset as per the Management estimate and history of usage ,the
Company has retained useful life of certain categories of Plant & Machinery
which is higher then the useful life as indicated in schedule II owing to aformentioned
change in estimate (except for certain categories of Plant & Machinnery
where the earlier useful life is retained ). As a result the change for
depreciation is higher by Rs. 40.661 Million for the quarter ended December 31,
2014. Further based on transitional provision in note 7(b) of schedule II, an
amount of Rs. 42.946 Million (net of deferred tax) has been adjusted against
the retained earnings.
PRESS RELEASE
Amtek Auto to raise
Rs 25000.000 Million overseas
The plan is to raise €275 million through a term loan facility of five years and a five-year €30 million revolving credit facility
New Delhi: Automobile parts maker Amtek Auto Ltd plans to raise Rs.25000.000 Million (€305 million) overseas, as it looks to pare debt by a quarter in the next 18 months, chairman Arvind Dham said.
The proceeds will be raised by Amtek Global Technologies Pte Ltd, a Singapore-based company through which Gurgaon-based Amtek acquired and holds some of its German assets.
The plan is to raise €275 million through a term loan facility of five years and a five-year €30 million revolving credit facility.
The term loan will be used to refinance €210 million of existing debt and pay €19 million in dividends to shareholders. Of the remaining amount, €36 million will be used for general corporate purposes and capital expenditure, and €10 million will go towards transaction fees and expenses.
Amtek Auto won board approval in May to raise money, but its qualified institutional placement (QIP), or sale of equity to professional investors, received tepid response, prompting it to defer the sale and look at other options.
Dham, in a phone interview from Singapore, said he is not looking at a QIP at the moment but added that a sale of equity to institutional investors may take place “in the future”.
Dham said Amtek aims to reduce debt by Rs.36000.000 Million in the next 18 months. The firm, with a market capitalization of Rs.55000.000 Million, has debt of Rs.140000.000 Million on its books.
“This (debt reduction) will be done through convertible bonds, net profit and a possible QIP in the future,” he said.
The company’s latest attempt to raise funds abroad comes at a time when the automobile sector is struggling in the face of a drop in demand for vehicles amid an economic downturn, high borrowing costs and fuel prices. Auto component suppliers have been badly hit by the downturn, one reason for the lukewarm response to Amtek’s QIP.
“Brokers have not been able to build a book for this (QIP) issue,” said a person familiar with the QIP effort. “...investors do not have a lot of confidence in the company.”
Amtek Auto wanted to raise $200 million (around Rs.12000.000 Million) to pare debt; up to $150 million was to be raised through the QIP and the rest from a sale of foreign-currency convertible bonds. The company appointed Nomura Securities, Deutsche Bank and SBICAP Securities Ltd as bankers, people familiar with the fund-raising plan said.
“We have done a shadow booking in the range of $100-$125 million. The balance is what they are struggling for. The original plan was to open the issue in the second week of July. But we have not been able to find a common ground to convince investors,” said the person cited above.
Amtek Auto has piled on debt primarily because of acquisitions that it made recently. In March, Amtek acquired Germany’s Kuepper Group of companies. Last year, it acquired the business interests of Germany’s Neumayer Tekfor Group. It didn’t disclose the value of the transactions. In India, it bought a majority stake in auto component maker JMT Auto.
An investment banker, speaking on condition of anonymity, called the latest attempt to raise money through the proposed term loan and revolving credit facilities a “bad move”.
“This is a short-cut that they have adopted,” he said. “It is an easy way to raise money, but their rate of interest may be on a higher side.”
Shares of auto parts and equipment makers have risen in recent months, along with the broader market, because of optimism about an economic revival in the run-up to and following the April-May general election that brought to power a Bharatiya Janata Party-led government seen to be pro-business and pro-markets.
Amtek Auto’s stock has risen 247.50% to Rs.258.30 on Thursday from Rs.74.33 at the beginning of 2014, outpacing a 22.32% advance in the benchmark S&P BSE Sensex to 25,894.97 points.
Amtek Auto sees
significant rise in direct exports for 2015
With the European car sales ending
six year slump and rising 5.7 percent in 2014 to 12.5 million vehicles helped
grow direct exports from India to Europe, says John Flintham, Senior MD &
CEO, Amtek Auto in
an interview to CNBC-TV18.
The direct exports for the company have gone up from Rs 5000.000 Million to Rs
10000.000 Million in the2014 and he expects them to jump considerably in 2015
too. He pegs the auto volume growth in Europe for 2015 to be in 2-4 percent
range.
According to him the growth in 2015 won't be as robust as 2014 but is hopeful
that their top customers like Maruti,
Volks Wagen, JLR, Fiat continuing to perform well in 2015 as they did in 2014.
Talking about their recent acquisitions Neumayer Tekfor and Kuepper, he says
the turnaround seen in Neumayer was very encouraging and the company doubled
its EBITDA. Going forward, he expects its earnings to see a father rise as they
build on the synergies.
With regards to Kuepper, the company is halfway through first phase of
restructuring, he adds.
He is also hopeful of the low interest rate regime in India, Europe, softer
commodity prices boosting their margins because the current oil prices would
decrease transportation costs and manufacturing costs worldwide, which may be
offset by labour increases. However, overall he sees material prices and
commodity prices trending down in 2015
Amtek Auto is one of the largest integrated automotive component manufacturers
in India with a strong global presence. The Company has world class facilities
in India, Europe and North America. Amtek Auto has significant expertise in
forging, grey and ductile iron casting, gravity and high-pressure aluminum die
casting and machining and sub-assembly. The Company also manufactures
components for non-auto sectors such as the railways, specialty
vehicles, aerospace, agricultural and heavy earth moving equipment.
May cut some stake in subsidiaries if required: Amtek Auto
Amtek Auto reported
a net profit fall of 9.2 percent at Rs 708.000 Million versus Rs 780.000
Million year-on-year for the quarter ended December 31, 2014. The EBITDA margin
was up 32 percent at Rs 3510.000 Million against Rs 2670.000 Million.
Speaking to CNBC-TV18 post Q1 earnings, John Flintham, Senior MD
and CEO of Amtek Auto said the bottomline was impacted by one-off acquisition
cost overseas. The margins are holding firm for the entire group, he added.
Flintham further said that the restructuring of all the overseas
business is complete. The company is exploring various options to pare down
debt. It is expected to cut some stake in subsidiaries if required. The
company may possibly cut stake in Amtek India, Ahmednagar Forgings if needed, added Flintham.
Amtek Auto is targeting annual revenue of Rs 220000.000-230000.000
Million in the months ahead.
Eye Rs 240000.000 Million revenue aided by acquisitions:
Amtek Auto
After having posted strong quarter earnings, John Flintham,
senior managing director and chief executive officer, Amtek Auto says
the company is poised for better numbers in the days ahead. This optimism is hinging on the
three acquisitions done by the company- two in Germany and one in South East
Asia.
“We expect revenue to come around Rs 240000.000 Million in the
next 2-3 years on the back of these acquisitions,” says Flintham.
Reports suggest the proposed acquisitions will further strengthen
Amtek's position as one of the largest integrated global forging, casting and
machining business house, the filing said. Earlier this month, Amtek Global
Technologies, a Singapore-based unit of Amtek Auto, had secured a long-term
loan of 235 million euro (over Rs 18000.000 Million) from global investment
firm Kohlberg Kravis Roberts (KKR), to replace its existing short- term loan.
The company’s debt levels, however, will rise from Rs 3000 crore
to Rs 16000 crore post these purchases.
But Flintham is confident of these acquisitions, that will be
closed by December 2014, and says all of it will aid shareholders earnings per
share (EPS).
Govt to re-examine Gare Palma IV/2 & 3 coal block bids
The government has decided to re-examine bids made for three coal blocks
after reports suggested problems with the bidding process. The Coal Ministry
has questioned the bid process for these coal blocks which were successfully
bid by companies like BALCO which won Gare Palma IV/1, Jindal Power won
Gare Palma IV/2 & 3 coal blocks and BS Ispat won three Marki Mangli coal
blocks.
The Ministry has written a letter to the nominated authority who
is conducting the coal blocks’ e-auction asking for re-examination of the
process of these coal blocks.
Sources say the nominated authority was to sign agreement
papers for the successful bidders of these coal blocks and it will not sign
these agreements until the re-examination process is done.
Interestingly, these coal blocks are the ones which have bid the lowest and
have won the coal blocks. Jindal Power won Gare Palma IV/2 & 3 at Rs 108
per tonne and Marki Mangli was won by BS Ispat at the lowest price of Rs 918
per tonne in the unregulated sector.
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 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. 62.37 |
|
|
1 |
Rs. 91.60 |
|
Euro |
1 |
Rs. 66.49 |
INFORMATION DETAILS
|
Information
Gathered by : |
MNJ |
|
|
|
|
Analysis Done by
: |
SUB |
|
|
|
|
Report Prepared
by : |
TRU |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
8 |
|
PAID-UP CAPITAL |
1~10 |
7 |
|
OPERATING SCALE |
1~10 |
8 |
|
FINANCIAL
CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
8 |
|
--PROFITABILITY |
1~10 |
7 |
|
--LIQUIDITY |
1~10 |
8 |
|
--LEVERAGE |
1~10 |
7 |
|
--RESERVES |
1~10 |
8 |
|
--CREDIT LINES |
1~10 |
8 |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
YES |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
NO |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
YES |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTER
|
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
69 |
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.