IRA INFORM REPORT
|
Report No. : |
318341 |
|
Report Date : |
20.04.2015 |
IDENTIFICATION DETAILS
|
Name : |
BOSCH LIMITED |
|
|
|
|
Formerly Known
As : |
MOTOR INDUSTRIES COMPANY LIMITED |
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|
|
|
Registered
Office : |
|
|
Tel. No.: |
91-80-22992111 |
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|
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|
Country : |
India |
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|
|
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Financials (as
on) : |
31.12.2013 |
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|
|
|
Date of
Incorporation : |
12.11.1951 |
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|
|
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Com. Reg. No.: |
08-000761 |
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|
|
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Capital
Investment / Paid-up Capital : |
Rs.314.000 Million |
|
|
|
|
CIN No.: [Company Identification
No.] |
L85110KA1951PLC000761 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
BLRM01746D |
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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 Automobile Equipment and Machinery. |
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|
|
|
No. of Employees
: |
11352 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
Aaa (86) |
|
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 |
|
Maximum Credit Limit : |
USD 180000000 |
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|
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|
Status : |
Excellent |
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Payment Behaviour : |
Regular |
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Litigation : |
Exist |
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Comments : |
Subject is a well-established and reputed company having excellent
track. The company’s products are very well received in the market.
Fundamentals are strong and healthy. The rating takes into account healthy financial risk profile marked by
good networth, low gearing and comfortable liquidity position of the company. The company has decent profit margin marked by increasing revenue and
good operational performance during FY2013. Further, it takes note of good liquidity position backed by favourable
gap between trade receivable and payables of the company. Trade relations are trustworthy. Payment terms are reported to be
regular and as per commitment. Subject can be considered good 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 – 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 |
|
Restricted |
C2 |
|
Off-credit |
D |
EXTERNAL AGENCY RATING
|
Rating Agency Name |
ICRA |
|
Rating |
“SP 1A” |
|
Rating Explanation |
Highest performance capability and high
financial strength. |
|
Date |
May 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 Co-operative (91-80-22222393 / 67521111)
LOCATIONS
|
Registered Office : |
|
|
Tel. No.: |
91-80-22992111/ 22220088/ 22992195/ 22222393 |
|
Fax No.: |
91-80-22272728 |
|
E-Mail : |
a.vijayashankar@in.bosch.com |
|
Website : |
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Branch Office : |
31/32, Level-3, Opposite Parimal Garden, Ambawadi, Ellisbridge, JMC House,
Ahmedabad – 380006, Gujarat, India |
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|
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|
Factory: |
Located
at: ·
Bangalore ·
Nashik ·
Jaipur ·
Goa ·
Naganathapura |
DIRECTORS
As on: 31.12.2013
|
Name : |
Dr. A. Hieronimus |
|
Designation : |
Chairman |
|
Address : |
Praffenacker 6A, 97816 Lohr Am Main Germany |
|
Date of Birth/Age : |
06.04.1947 |
|
Date of Appointment : |
01.05.20089 |
|
|
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|
Name : |
Dr. Steffen Berns |
|
Designation : |
Managing Director (from 01.01.2013) |
|
Other Directorship: |
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|
|
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|
Name : |
Mr. Vegulaparanan Kasi Viswanathan |
|
Designation : |
Managing Director |
|
Address : |
15/A1, Palance Road, Bangalore – 560032, Karnataka, India |
|
Date of Birth/Age : |
20.11.1950 |
|
Date of Appointment : |
01.01.2013 |
|
DIN No.: |
01782934 |
|
|
|
|
Name : |
Mr. Prasad Chandran |
|
Designation : |
Director |
|
Address : |
16-B, Darbhanga Mansion, Carmichael Road, Mumbai – 400026,
Maharahstra, India |
|
Date of Birth/Age : |
20.04.1952 |
|
Date of Appointment : |
28.05.2009 |
|
DIN No.: |
00200379 |
|
|
|
|
Name : |
Mr. Soumitra Bhattacharya |
|
Designation : |
Director |
|
Address : |
No.622, 7th Main, Vijaya Bank Layout, Sundaram Shetty
Nagar, Bannerghatta Road, Bilekallhalli, Bangalore – 560076, Karnataka, India |
|
Date of Birth/Age : |
15.06.1953 |
|
Date of Appointment : |
05.06.2013 |
|
DIN No.: |
02783243 |
|
|
|
|
Name : |
Mr. Bernhard Alfons Steinrucke |
|
Designation : |
Director |
|
Address : |
Breach Candy House, Flat No. 3, 1st Floor, 68 Bhulabhai
Desai Road, Mumbai – 400026, Maharashtra, India |
|
Date of Birth/Age : |
29.06.1955 |
|
Date of Appointment : |
15.06.2005 |
|
DIN No.: |
01122939 |
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|
|
|
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|
Name : |
Mrs. Renu. S. Karnad |
|
Designation : |
Director |
|
Address : |
BB-14, Greater Kailash Enclave, New Delhi - 110067 , India |
|
Date of Birth/Age : |
03.09.1952 |
|
Date of Appointment : |
01.04.2007 |
|
DIN No.: |
00008064 |
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|
|
|
Name : |
Mr. Bhaskar Bhat |
|
Designation : |
Director (from 01.01.2013) |
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|
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|
Name : |
Dr. Bernd Bohr |
|
Designation : |
Director |
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|
Name : |
Mr. Peter Tyroller |
|
Designation : |
Director |
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|
Name : |
Mr. B. Muthuraman |
|
Designation : |
Director |
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|
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|
Name : |
Mr. Franz Hauber |
|
Designation : |
Alternate Director |
KEY EXECUTIVES
|
Name : |
Mr. A Vijay Shankar |
|
Designation : |
Company Secretary ( From 02.04.2009) |
|
Address : |
No. 1291, 33rd Cross, Kumaraswamy Layout, 1st
Stage, Bangalore – 560078, Karnataka, India |
|
Date of Birth/Age : |
15.06.1953 |
|
Date of Appointment : |
02.04.2009 |
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PAN No.: |
AACPV2599R |
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Committees : |
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Audit
Committee : |
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Shareholders’/Investors’
Grievance Committee : |
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Remuneration
Committee : |
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Investment
Committee : |
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Property
Committee : |
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Share Transfer
Committee : |
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Corporate Social
Responsibility Committee: |
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SHAREHOLDING PATTERN
As on: 31.03.2015
|
Category of
Shareholder |
Total No. of
Shares |
% of Total No. of
Shares |
|
(A) Shareholding of Promoter and Promoter Group |
||
|
(1) Indian |
|
|
|
|
|
|
|
|
22349420 |
71.18 |
|
|
22349420 |
71.18 |
|
Total shareholding of Promoter and Promoter Group (A) |
22349420 |
71.18 |
|
(B) Public Shareholding |
|
|
|
|
|
|
|
|
598260 |
1.91 |
|
|
19748 |
0.06 |
|
|
2683558 |
8.55 |
|
|
2911339 |
9.27 |
|
|
6212905 |
19.79 |
|
|
|
|
|
|
492794 |
1.57 |
|
|
|
|
|
|
1812799 |
5.77 |
|
|
391282 |
1.25 |
|
|
139700 |
0.44 |
|
|
92587 |
0.29 |
|
|
1000 |
0.00 |
|
|
100 |
0.00 |
|
|
44293 |
0.14 |
|
|
1720 |
0.01 |
|
|
2836575 |
9.03 |
|
Total Public shareholding (B) |
9049480 |
28.82 |
|
Total (A)+(B) |
31398900 |
100.00 |
|
(C) Shares held by Custodians and against which Depository
Receipts have been issued |
0 |
0.00 |
|
|
0 |
0.00 |
|
|
0 |
0.00 |
|
|
0 |
0.00 |
|
Total (A)+(B)+(C) |
31398900 |
0.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer of Automobile Equipment and Machinery. |
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Products : |
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Brand Names : |
Not Divulged |
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Agencies Held : |
Not Divulged |
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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 |
PRODUCTION STATUS (As on 31.12.2012)
|
Particulars |
Unit |
Installed
Capacity |
Actual
Production |
|
Fuel Injection Equipment |
Pcs. |
6114 |
4325 |
|
Injectors, Nozzles and Nozzle Holders |
Pcs. |
25750 |
23770 |
|
Auto Electricals |
Pcs. |
3436 |
2078 |
|
Portable Electric Power Tools |
Pcs. |
594 |
427 |
|
Spark Plugs |
Pcs. |
32900 |
32836 |
|
Special Purpose Engines |
Nos. |
146 |
118 |
|
Packaging Machines |
Nos. |
260 |
206 |
|
Spares & Components |
Pcs. |
31903 |
26109 |
NOTES:
- Installed capacity is as certified by
the management and relied upon by the
auditors without verification as this is a technical matter
- A part of installed capacity of spares
and components is used as OE fitment in Fuel Injection Equipments.
GENERAL INFORMATION
|
Suppliers : |
Not Divulged |
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Customers : |
Not Divulged |
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No. of Employees : |
11352 (Approximately) |
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Bankers : |
· State Bank of India · Canara Bank · Citibank, N.A. · Deutsche Bank AG |
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Facilities : |
(Rs.
In Million)
|
|
Auditors : |
|
|
Name : |
Price Waterhouse and Company Chartered Accountants |
|
Address : |
5th Floor, Tower
"D", The Millenia, 1 and 2 Murphy
Road, Ulsoor, Bangalore 560008, Karnataka, India |
|
|
|
|
Holding Company (As on 31.12.2013) : |
·
Robert Bosch GmbH, Germany |
|
|
|
|
Fellow Subsidiary Companies (As on 31.12.2013) : |
·
Beissbarth GmbH, Germany ·
Bosch (China) Investment Limited, China ·
Bosch Automotive Diagnostics Equipment (Shenzhen)
Limited, China ·
Bosch Automotive Diesel Systems Company Limited,
China ·
Bosch Automotive Electronics India Private
Limited, India ·
Bosch Automotive Products (Changsha) Company
Limited, China ·
Bosch Automotive Products (Nanjing) Company
Limited, China ·
Bosch Automotive Products (Suzhou) Company
Limited, China ·
Bosch Automotive Thailand Co. Limited, Thailand ·
Bosch Car Multimedia Portugal, S.A., Portugal ·
Bosch Chassis Systems India Limited, India ·
Bosch Corporation, Japan ·
Bosch Diesel s.r.o., Czech Republic ·
Bosch Electrical Drives Company Limited, Korea ·
Bosch Electrical Drives India Private Limited,
India ·
Bosch Engineering GmbH, Germany ·
Bosch Industriekessel GmbH, Germany ·
Bosch Lawn and Garden Limited, Great Britain ·
Bosch Management Support GmbH, Germany ·
Bosch Packaging Services AG, Switzerland ·
Bosch Packaging Systems AG, Switzerland ·
Bosch Packaging Technology (Hangzhou) Company
Limited, China ·
Bosch Packaging Technology (Singapore) Pte.
Limited Singapore ·
Bosch Packaging Technology B.V., Netherlands ·
Bosch Packaging Technology Limited,Great Britain ·
Bosch Packaging Technology SA, Switzerland ·
Bosch Packaging Technology, Inc., United States ·
Bosch Power Tools (China) Limited, China ·
Bosch Rexroth (India) Limited, India ·
Bosch Rexroth AG, Germany ·
Bosch Rexroth Co. Limited, Taiwan ·
Bosch Rexroth Corporation, Japan ·
Bosch Rexroth Corporation, United States ·
Bosch Rexroth Korea Limited, Korea ·
Bosch Rexroth Pte. Limited, Singapore ·
Bosch Rexroth Pty. Limited, Australia ·
Bosch Rexroth Sdn. Bhd., Malaysia ·
Bosch Sanayi ve Ticaret A.S., Turkey ·
Bosch Security Systems B.V., Netherlands ·
Bosch Security Systems Inc., United States ·
Bosch Security Systems Pty. Limited, Australia ·
Bosch Sicherheitssysteme Engineering GmbH,
Germany ·
Bosch Sicherheitssysteme GmbH, Germany ·
Bosch Solar Energy AG, Germany ·
Bosch Solar Thin Film GmbH, Germany ·
Bosch Solarthermie GmbH, Germany ·
Bosch Systems Engineering GmbH, Germany ·
Bosch Thermotechnik GmbH, Germany ·
Bosch Trading (Shanghai) Company Limited, China ·
Bosch Transmission Technology B.V., Netherlands ·
BSH Home Appliances Private Limited, India ·
Centro Studi Componenti per Veicoli S.p.A., Italy ·
Eisai Machinery Company Limited, Japan ·
ETAS Automotive India Private Limited, India ·
ETAS Entwicklungs- und Applikationswerkzeuge für
elektronische Systeme GmbH, Germany ·
Hüttlin GmbH, Germany ·
MIVIN Engineering Technologies Private Limited,
India ·
Moehwald GmbH, Germany ·
Moeller and Devicon A/S, Denmark ·
OOO Bosch Power Tools, Russian Federation ·
OOO Bosch Rexroth, Russian Federation ·
OOO Robert Bosch, Russian Federation ·
P.T. Bosch Rexroth, Indonesia ·
P.T. Robert Bosch, Indonesia ·
Pharmatec Gmbh, Germany ·
Precision Seals Manufacturing Limited, India ·
Robert Bosch (Australia) Pty. Limited, Australia ·
Robert Bosch (France) S.A.S., France ·
Robert Bosch (Malaysia) SDN. BHD., Malaysia ·
Robert Bosch (Pty.) Limited, South Africa ·
Robert Bosch (South East Asia) Pte. Limited,
Singapore ·
Robert Bosch A/S, Norway ·
Robert Bosch AG, Austria ·
Robert Bosch Argentina Industrial S.A., Argentina ·
Robert Bosch B.V., Netherlands ·
Robert Bosch Car Multimedia GmbH, Germany ·
Robert Bosch Company Limited, China ·
Robert Bosch Elektronik GmbH, Germany ·
Robert Bosch Elektronika Gyártó Kft., Hungary ·
Robert Bosch Elektrowerkzeuge GmbH, Germany ·
Robert Bosch Energy and Body Systems Kft.,
Hungary ·
Robert Bosch Engineering and Business Solutions
Limited, India ·
Robert Bosch España Fábrica Madrid S.A., Spain ·
Robert Bosch España Fábrica Treto S.A., Spain ·
Robert Bosch España, S.L.U., Spain ·
Robert Bosch España Gasoline Systems S.A., Spain ·
Robert Bosch Fahrzeugelektrik Eisenach GmbH,
Germany ·
Robert Bosch Fuel Systems Llc, United States ·
Robert Bosch Inc., Philippines ·
Robert Bosch Korea Diesel Limited, Korea ·
Robert Bosch Korea Limited, Korea ·
Robert Bosch LLC, United States ·
Robert Bosch Limited, Great Britain ·
Robert Bosch Limited, Thailand ·
Robert Bosch Ltda., Brazil ·
Robert Bosch México Sistemas Automotrices, S.A.
de C.V., Mexico ·
Robert Bosch Middle East FZE, United Arab
Emirates ·
Robert Bosch Packaging Technology B.V.,
Netherlands ·
Robert Bosch Power Tools Sdn. Bhd., Malaysia ·
Robert Bosch Produktie N.V.,Belgium ·
Robert Bosch S.A., Belgium ·
Robert Bosch Saratow AG,Russian Federation ·
Robert Bosch S.P.A., Italy ·
Robert Bosch Sdn. Bhd., Malaysia ·
Robert Bosch Tool Corporation, United States ·
Robert Bosch Vietnam Company Limited, Vietnam ·
Robert Bosch, S. de R.L. de C.V., Mexico ·
Robert Bosch, spol. s.r.o., Czech Republic ·
Robert Bosch Tecnologia de Embalagem Ltda.,
Brazil ·
SBM Schoeller-Bleckmann-Medizintechnik GmbH,
Austria ·
Scintilla AG, Switzerland ·
Shanghai Bosch Rexroth Hydraulics and Automation
Limited, China ·
sia Abrasives Industries AG, Switzerland ·
SICAM S.r.l., Italy ·
Tecnologie Diesel e Sistemi Frenanti S.p.A.,
Italy ·
Unipoint Electric MFG Company Limited, Taiwan ·
United Automotive Electronic Systems Company
Limited, China ·
Weifu High Technology Company Limited, China |
|
|
|
|
Subsidiary Company (As on 31.12.2013) : |
·
MICO Trading Private Limited, India |
|
|
|
|
Joint Venture (As on 31.12.2013) : |
·
MHB Filters India Private Limited, India |
|
|
|
|
Other entity under the control of the company (As on 31.12.2013) : |
·
Bosch India Foundation, India |
CAPITAL STRUCTURE
As on: 31.12.2013
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
38051460 |
Equity Shares |
Rs. 10/- each |
Rs. 381.000 Million |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
31398900 |
Equity Shares |
Rs. 10/- each |
Rs. 314.000 Million |
|
|
|
|
|
a.
Reconciliation of the number of shares
|
|
31.12.2013 |
|
Equity Shares |
Number
of Shares |
|
Balance at the beginning of the year |
31389900 |
|
Balance at the end of the year |
31389900 |
b.
Rights,
preferences and restrictions attached to shares:
The Equity shares of the Company, having face value of Rs. 10/- per share, rank pari passu in all
respects including voting rights and entitlement to dividend.
c.
Equity shares held
by the holding company:
|
|
31.12.2013 |
|
|
Name of
Shareholder |
Number
of Shares |
Rs. In Million |
|
Robert Bosch GmbH, Federal Republic of Germany, the holding company |
22349420 |
223.000 |
d.
Details of equity shares held by shareholders
holding more than 5% shares:
|
|
31.12.2013 |
|
|
Name of
Shareholder |
Number
of Shares |
% of Shareholdings |
|
Robert Bosch GmbH, Federal Republic of Germany, the holding company |
22349420 |
71.18% |
e.
Shares bought back
during the period of five years immediately preceding the reporting date:
|
|
31.12.2013 |
|
Particulars |
Number
of Shares |
|
Number of equity shares bought back by the Company |
652,971 |
FINANCIAL DATA
[all figures are
in Rupees Million]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.12.2013 |
31.12.2012 |
31.12.2011 |
|
I.
EQUITY
AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
314.000 |
314.000 |
314.000 |
|
(b) Reserves & Surplus |
62629.000 |
55419.000 |
46970.000 |
|
(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) |
62943.000 |
55733.000 |
47284.000 |
|
|
|
|
|
|
(3) Non-Current
Liabilities |
|
|
|
|
(a) long-term
borrowings |
1289.000 |
1813.000 |
2273.000 |
|
(b) Deferred tax liabilities (Net) |
0.000 |
0.000 |
0.000 |
|
(c) Other long term
liabilities |
391.000 |
334.000 |
373.000 |
|
(d) long-term
provisions |
2517.000 |
2184.000 |
1715.000 |
|
Total Non-current
Liabilities (3) |
4197.000 |
4331.000 |
4361.000 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short
term borrowings |
27.000 |
37.000 |
181.000 |
|
(b) Trade
payables |
10646.000 |
9287.000 |
10305.000 |
|
(c) Other
current liabilities |
6667.000 |
4569.000 |
5211.000 |
|
(d) Short-term
provisions |
4732.000 |
5065.000 |
3968.000 |
|
Total Current
Liabilities (4) |
22072.000 |
18958.000 |
19665.000 |
|
|
|
|
|
|
TOTAL |
89212.000 |
79022.000 |
71310.000 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed
Assets |
|
|
|
|
(i)
Tangible assets |
9364.000 |
8566.000 |
5917.000 |
|
(ii)
Intangible Assets |
17.000 |
67.000 |
0.000 |
|
(iii)
Capital work-in-progress |
4568.000 |
4083.000 |
3207.000 |
|
(iv) Intangible assets under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current
Investments |
9850.000 |
5588.000 |
4477.000 |
|
(c) Deferred tax
assets (net) |
2989.000 |
2552.000 |
2276.000 |
|
(d) Long-term Loan and Advances |
2626.000 |
2256.000 |
3328.000 |
|
(e) Other
Non-current assets |
0.000 |
0.000 |
0.000 |
|
Total Non-Current
Assets |
29414.000 |
23112.000 |
19205.000 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a)
Current investments |
12001.000 |
9698.000 |
11870.000 |
|
(b) Inventories |
12072.000 |
10957.000 |
11831.000 |
|
(c) Trade
receivables |
10735.000 |
10270.000 |
8959.000 |
|
(d) Cash
and cash equivalents |
14415.000 |
14872.000 |
9515.000 |
|
(e)
Short-term loans and advances |
9132.000 |
8787.000 |
8894.000 |
|
(f) Other
current assets |
1443.000 |
1326.000 |
1036.000 |
|
Total
Current Assets |
59798.000 |
55910.000 |
52105.000 |
|
|
|
|
|
|
TOTAL |
89212.000 |
79022.000 |
71310.000 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.12.2013 |
31.12.2012 |
31.12.2011 |
|
|
SALES |
|
|
|
|
|
Net sale of product |
85405.000 |
84172.000 |
79295.000 |
|
|
Sale of services |
1006.000 |
1052.000 |
677.000 |
|
|
Other operating revenue |
1790.000 |
1367.000 |
1686.000 |
|
|
Other Income |
3526.000 |
3692.000 |
3203.000 |
|
|
TOTAL (A) |
91727.000 |
90283.000 |
84861.000 |
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
Cost of Materials
Consumed |
29932.000 |
27947.000 |
26944.000 |
|
|
Purchases of
Stock-in-Trade |
19220.000 |
19077.000 |
19106.000 |
|
|
Changes in inventories of
finished goods, work-in-progress and Stock-in-Trade |
(1329.000) |
560.000 |
(2098.000) |
|
|
Employees benefits
expense |
11912.000 |
10371.000 |
8961.000 |
|
|
Other expenses |
15555.000 |
15141.000 |
13626.000 |
|
|
TOTAL (B) |
75290.000 |
73096.000 |
66539.000 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND
AMORTISATION (C) |
16437.000 |
17187.000 |
18322.000 |
|
|
|
|
|
|
|
Less |
FINANCIAL EXPENSES (D) |
29.000 |
55.000 |
4.000 |
|
|
|
|
|
|
|
|
PROFIT / (LOSS) BEFORE
TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
16408.000 |
17132.000 |
18318.000 |
|
|
|
|
|
|
|
Less |
DEPRECIATION/
AMORTISATION (F) |
3842.000 |
3670.000 |
2578.000 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS) BEFORE TAX (E-F) (G) |
12566.000 |
13462.000 |
15740.000 |
|
|
|
|
|
|
|
Less |
TAX (H) |
3719.000 |
3879.000 |
4513.000 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS) AFTER TAX
(G-H) (I) |
8847.000 |
9583.000 |
11227.000 |
|
|
|
|
|
|
|
Add |
PREVIOUS YEARS’ BALANCE
BROUGHT FORWARD |
14406.829 |
7971.829 |
6668.829 |
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
Dividend recommended |
1727.000 |
1884.000 |
1570.000 |
|
|
Special dividend |
0.000 |
0.000 |
2669.000 |
|
|
Tax on Dividend |
308.000 |
306.000 |
255.000 |
|
|
Tax on Special Dividend |
0.000 |
0.000 |
434.000 |
|
|
General Reserve |
885.000 |
958.000 |
5000.000 |
|
|
Reversal of Dividend
Distribution Tax |
0.000 |
0.000 |
(4.000) |
|
|
BALANCE CARRIED TO THE
B/S |
20333.829 |
14406.829 |
7971.829 |
|
|
|
|
|
|
|
|
EARNINGS IN FOREIGN
CURRENCY |
|
|
|
|
|
F.O.B. Value of Exports |
8753.000 |
8683.000 |
10344.000 |
|
|
Sale of service and others |
1017.000 |
749.000 |
457.000 |
|
|
TOTAL EARNINGS |
9770.000 |
9432.000 |
10801.000 |
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
Raw Materials |
11734.000 |
11495.000 |
12326.000 |
|
|
Components and Stores
parts |
930.000 |
942.000 |
1022.000 |
|
|
Capital Goods |
2946.000 |
2548.000 |
2433.000 |
|
|
Trade Goods |
9967.000 |
11301.000 |
12172.000 |
|
|
TOTAL IMPORTS |
25577.000 |
26286.000 |
27953.000 |
|
|
|
|
|
|
|
|
Earnings / (Loss) Per
Share (Rs.) |
282.00 |
305.00 |
358.00 |
QUARTERLY RESULTS
|
PARTICULARS |
31.03.2014 (Unaudited) |
30.06.2014 (Unaudited) |
30.09.2014 (Unaudited) |
31.12.2014 (Unaudited) |
|
|
1st
Quarter |
2nd
Quarter |
3rd
Quarter |
4th
Quarter |
|
Net Sales |
24503.800 |
23944.100 |
25557.600 |
24582.200 |
|
Total Expenditure |
20517.000 |
19620.700 |
21174.300 |
22302.500 |
|
PBIDT (Excluding Other
Income) |
3986.800 |
4323.400 |
4383.300 |
2279.700 |
|
Other Income |
1423.700 |
977.800 |
1206.700 |
902.800 |
|
Operating Profit |
5410.500 |
5301.200 |
5590.000 |
3182.500 |
|
Interest |
7.600 |
12.200 |
1.000 |
0.000 |
|
Exceptional Items |
0.000 |
0.000 |
0.000 |
(280.400) |
|
PBDT |
5402.900 |
5289.000 |
5589.000 |
2902.100 |
|
Depreciation |
881.000 |
901.700 |
1015.100 |
1257.200 |
|
Profit Before Tax |
4521.900 |
4387.300 |
4573.900 |
1644.900 |
|
Tax |
1259.000 |
1320.500 |
1510.300 |
536.100 |
|
Provisions and
contingencies |
0.000 |
0.000 |
0.000 |
0.000 |
|
Profit After Tax |
3262.900 |
3066.800 |
3063.600 |
1108.800 |
|
Extraordinary Items |
0.000 |
0.000 |
0.000 |
0.000 |
|
Prior Period Expenses |
0.000 |
0.000 |
0.000 |
0.000 |
|
Other Adjustments |
0.000 |
0.000 |
0.000 |
0.000 |
|
Net Profit |
3262.900 |
3066.800 |
3063.600 |
1108.800 |
KEY RATIOS
|
PARTICULARS |
|
31.12.2013 |
31.12.2012 |
31.12.2011 |
|
Net Profit Margin PAT / Sales |
(%) |
10.36 |
11.39 |
14.16 |
|
|
|
|
|
|
|
Operating Profit Margin (PBDIT/Sales) |
(%) |
19.25 |
20.42 |
23.11 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets) |
(%) |
17.50 |
20.15 |
25.66 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.20 |
0.24 |
0.33 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
0.02 |
0.03 |
0.05 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
2.71 |
2.95 |
2.65 |
FINANCIAL ANALYSIS
[all figures are
in Rupees Million]
DEBT EQUITY RATIO
|
Particular |
31.12.2011 |
31.12.2012 |
31.12.2013 |
|
|
(Rs. In Million) |
(Rs. In Million) |
(Rs. In Million) |
|
Share Capital |
314.000 |
314.000 |
314.000 |
|
Reserves & Surplus |
46970.000 |
55419.000 |
62629.000 |
|
Net worth |
47284.000 |
55733.000 |
62943.000 |
|
|
|
|
|
|
long-term borrowings |
2273.000 |
1813.000 |
1289.000 |
|
Short term borrowings |
181.000 |
37.000 |
27.000 |
|
Total borrowings |
2454.000 |
1850.000 |
1316.000 |
|
Debt/Equity ratio |
0.052 |
0.033 |
0.021 |
YEAR-ON-YEAR GROWTH
|
Year on Year Growth |
31.12.2011 |
31.12.2012 |
31.12.2013 |
|
|
(Rs. In Million) |
(Rs. In Million) |
(Rs. In Million) |
|
Sales |
79295.000 |
84172.000 |
85405.000 |
|
|
|
6.150 |
1.465 |
NET PROFIT MARGIN
|
Net Profit Margin |
31.12.2011 |
31.12.2012 |
31.12.2013 |
|
|
(Rs. In Million) |
(Rs. In Million) |
(Rs. In Million) |
|
Sales |
79295.000 |
84172.000 |
85405.000 |
|
Profit |
11227.000 |
9583.000 |
8847.000 |
|
|
14.16% |
11.39% |
10.36% |
LOCAL AGENCY FURTHER INFORMATION
|
Sr. No. |
Check List by Info
Agents |
Available in Report (Yes / No) |
|
1] |
Year of Establishment |
Yes |
|
2] |
Locality of the firm |
Yes |
|
3] |
Constitutions of the firm |
Yes |
|
4] |
Premises details |
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 |
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 |
|
Unsecured Loan |
As on 31.12.2013 |
As on 31.12.2012 |
||||||||
|
Long Term
Borrowings |
|
|
||||||||
|
Sales tax deferral loan |
1289.000 |
1813.000 |
||||||||
|
|
|
|
||||||||
|
Total |
1289.000 |
1813.000 |
||||||||
|
Note:
Terms of
repayment for unsecured borrowings:
|
||||||||||
LITIGATION
DETAILS
Lower Court Details [Appeal from below case.]
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||
FINANCIAL RESULTS (AS ON
31.12.2013)
Net sales for the year 2013 grew by 1.5%. The Profit before Tax (PBT) in 2013 as a percentage of net sales was at 14.7% as compared to 16.0% in 2012. The Profit after Tax (PAT) as a percentage of net sales was 10.4% in 2013 as against 11.4% in 2012.
Material costs as a percentage to sales decreased from 56.5% in 2012 to 55.9% in 2013.
Overall, the Profit before Interest, Depreciation and Taxes for the year shows a decrease of 6.6% over the previous year.
MANAGEMENT
DISCUSSION AND ANALYSIS (AS ON 31.12.2013)
ECONOMIC OVERVIEW
GLOBAL ECONOMY
INDUSTRY STRUCTURE
AND DEVELOPMENT
Global economic activity showed signs of stabilization in 2013. Global Gross Domestic Product (GDP) growth was 3% in 2013 compared to 3.1% in 2012 as per the International Monetary Fund (IMF). Advanced economies saw an uneven recovery with overall growth coming in at 1.3% in 2013.
In emerging market economies, domestic demand remained subdued while demand from advanced economies helped their exports. As per the IMF, emerging markets and developing economies grew at 4.7% in 2013 compared to 4.9% in 2012.
The improvement in growth and employment prospects in the United States of America lead to announcement by the US Federal Reserve that it would begin tapering its Quantitative Easing (QE) measures. The volatility associated with these measures resulted in capital outflows from emerging market economies in 2013.
INDIAN ECONOMY
In 2013, like most emerging market economies, India faced capital outflows and intense exchange rate pressures. Stabilization of the economy by restoring exchange rate stability became an overriding task. In response to steps like disincentivising gold imports, as also improvement in global trade, India’s Current Account Deficit is expected to decline from 4.9% of GDP in Q1 to below 2.5% of GDP by end of the financial year 2013-14. The external sector risk was also mitigated by taking measures to attract foreign inflows which helped in recouping the foreign exchange reserves.
The Reserve Bank of India (RBI) increased interest rates in order to target persisting high inflation. The shift in focus from Wholesale Price Index (WPI) inflation to Consumer Price Index (CPI) inflation also kept interest rate outlook on the higher side.
In India, growth prospects depend on a rebound in agricultural output and improved export performance. However, industrial growth remained stagnant while the service sector showed a mixed picture.
OPERATIONAL
HIGHLIGHTS (AS ON 31.12.2013)
The Company saw a sales growth of 1.5% over the previous year 2012. The overall economic slowdown in the domestic market impacted the Company especially in the automotive business. However, export growth was assisted by the weakening of the rupee apart from volumes remaining stable throughout the year. Domestic sales grew by 0.2% and export sales grew by 12.5%.
In the challenging environment, the Company was still able to achieve 14.7% profit before tax (PBT) on sales. However, this is 1.3% lower than 2012.
Diesel Systems business declined by 5% due to drop in third party domestic sales, primarily driven by the Commercial Vehicle(CV) and passenger car segment. VE pumps and new generation products did not perform as per expectations. The tractor market boosted the conventional product sales and aided overall performance. Diesel systems business will continue to ride heavily on new generation common rail systems (CRS) for future growth in all segments.
Gasoline business grew by 5%. This is mainly on account of growth in exports which compensated volume reduction by major customers in domestic market.
Starter Motors and Generators business witnessed a growth of 16.3% in 2013. Export business of the division grew by 45.5%. Growth was driven by the significant increase of the export of New Baseline Generators (NBL) which compensated drop in CV segment.
The Automotive Aftermarket business grew by 2.5% due to overall consumer trends. The focus was to improve the supply chain through expansion of distribution network and up gradation of warehouse management system.
Packaging Technology business grew by 19.2%. Growth was primarily due to domestic sales which increased by 29% from previous year due to launch of new products in the market. There was an increase in service income due to the expansion of Software Pool and Assembly Pool services in 2013.
Security Technology business, excluding onetime project business, grew by 3.4%. Good performance of the Public Address and Conference Systems (PACo), Critical Communication Systems and Fire Alarm business contributed to this growth.
Despite weak consumer trends, the Power Tools business grew at 10% in 2013. Growth was achieved through newer avenues of sales like online retailing, Do-It-Yourself (DIY) square and “Under One Roof” brand shop.
Newer businesses like Solar Energy and Thermo Technology started gaining market share and showed impressive growth.
Industrial Equipment division recorded a healthy growth of 62.4% driven by internal as well as external orders for the assembly lines.
OUTLOOK (AS ON 31.12.2013)
Leading indicators like business confidence indicate a moderate improvement in the economic conditions in India on account of agricultural demand and growth in exports. However, weak domestic demand, political uncertainty and high inflation appear to be among the several factors restraining growing optimism. The outlook for GDP growth in India is around 5 - 6% for the financial year 2014-15.
For 2014, they expect a gradual recovery to set in as the projects cleared by the Cabinet Committee for Investment (CCI) translate into investments along with improvement in global growth outlook and softening of inflation. The pick-up in demand, however, depends critically on the successful resolution of bottlenecks in infrastructure and energy-intensive industrial projects.
The automotive industry will continue with the trends set in the previous year. Moderate growth is expected towards the later half of 2014. Consumer trend will see a slight improvement in second half of 2014 although the construction index will continue to have a challenging phase.
NOTE: NO CHARGES EXIST FOR COMPANY
FIXED ASSETS:
·
Land
·
Building
·
Plant and Machinery
·
Computer
·
Vehicles
·
Furniture and Fixture
STANDALONE
UNAUDITED FINANCIAL RESULTS FOR THE QUARTER / HALF YEAR ENDED 30TH JUNE 2014
(Rs. In Million)
|
Particulars |
3 Months Ended |
Preceding 3 Months Ended |
Half Year Ended |
|
|
30.06.2014 |
31.03.2014 |
30.06.2014 |
|
|
UNAUDITED |
||
|
1.
Income from operations |
|
|
|
|
a) Net sales/ Income from operation (net of excise duty) |
23546.100 |
24314.100 |
57860.200 |
|
b) Other operating income |
398.000 |
189.700 |
587.700 |
|
Total
income from Operations(net) |
23944.100 |
24503.800 |
48447.900 |
|
2.Expenditure |
|
|
|
|
a) Cost of material consumed |
8145.200 |
7572.500 |
15717.700 |
|
b) Purchases of stock in trade |
5234.700 |
5062.300 |
10297.000 |
|
c) Changes in inventories of finished goods,
work-in-progress and stock-in-trade |
(697.600) |
846.900 |
149.300 |
|
d) Employees benefit expenses |
3332.400 |
3275.500 |
6607.900 |
|
e) Depreciation and amortization expenses |
901.700 |
881.000 |
1782.700 |
|
f) Other expenditure |
3606.000 |
3759.800 |
7215.500 |
|
Total expenses |
20522.400 |
21398.000 |
41770.100 |
|
3. Profit from operations before other income and
financial costs |
3421.700 |
3105.800 |
6677.800 |
|
4. Other income |
977.800 |
1423.700 |
2251.200 |
|
5. Profit from ordinary activities before finance costs |
4399.500 |
4529.500 |
8929.000 |
|
6. Finance costs |
12.200 |
7.600 |
19.800 |
|
7. Profit from ordinary activities before tax
Expense: |
4387.300 |
4521.900 |
8909.200 |
|
8.Tax expenses |
1320.500 |
1259.000 |
2579.500 |
|
9.Net Profit / (Loss) for the period |
3066.800 |
3262.900 |
6329.700 |
|
10.Paid-up
equity share capital (Nominal value Rs.10/- per share) |
314.000 |
314.000 |
314.000 |
|
11. Reserve excluding Revaluation Reserves as per
balance sheet of previous accounting year |
|
|
|
|
12.i) Earnings per share (before extraordinary
items) of Rs.10/- each) (not annualised): |
|
|
|
|
(a) Basic and diluted |
97.70 |
103.90 |
201.60 |
|
|
|
|
|
|
A. Particulars of shareholding |
|
|
|
|
1. Public Shareholding |
|
|
|
|
- Number of shares |
9049480 |
9049480 |
9049480 |
|
- Percentage of shareholding |
28.82 |
28.82 |
28.82 |
|
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 |
22349420 |
22349420 |
22349420 |
|
Percentage of shares (as a % of total shareholding of the
promoter and promoter group) |
100.00 |
100.00 |
100.00 |
|
Percentage of shares (as a % of total share capital of the
company) |
71.18 |
71.18 |
71.18 |
|
|
|
|
|
|
|
|||
|
B.
Investor Complaints |
|
|
|
|
Pending at the beginning of the quarter |
1 |
|
|
|
Receiving during the quarter |
1 |
|
|
|
Disposed of during the quarter |
2 |
|
|
|
Remaining unreserved at the end of the quarter |
-- |
|
|
SEGMENT WISE REVENUE, RESULTS AND
CAPITAL EMPLOYED UNDER CLAUSE 41 OF THE LISTING AGREEMENT
(Rs. In Million)
|
Particulars |
3
Months Ended |
Preceding
3 Months Ended |
Half
Year Ended |
|
|
30.06.2014 |
31.03.2014 |
30.06.2014 |
|
|
UNAUDITED |
||
|
1. Segment
Revenue |
|
|
|
|
a)
Automotive Products |
21191.800 |
21330.000 |
42521.800 |
|
b)
Others |
2785.900 |
3212.200 |
5998.100 |
|
Total segment
revenue |
23977.700 |
24542.200 |
48519.900 |
|
Less: Inter –
segment revenue |
33.600 |
38.400 |
72.000 |
|
Total income
from operations (net sales) |
23944.100 |
24503.800 |
48447.900 |
|
|
|
|
|
|
2. Segment
Results |
|
|
|
|
a)
Automotive Products |
3578.200 |
3411.400 |
6989.600 |
|
b)
Others |
181.100 |
347.100 |
528.200 |
|
Total segment results |
3759.300 |
3758.500 |
7517.800 |
|
Less: Finance
Costs |
12.200 |
7.600 |
19.800 |
|
Less: Other
un-allocable Corporate expenditure |
337.600 |
652.700 |
840.000 |
|
Add: Unallocable
Income |
977.800 |
1423.700 |
2251.200 |
|
Total Profit
Before Tax |
4387.300 |
4521.900 |
8909.200 |
|
|
|
|
|
|
3. Capital
Employed |
|
|
|
|
a)
Automotive Products |
14600.600 |
16036.200 |
14600.600 |
|
b)
Others |
2689.600 |
2854.700 |
2689.600 |
|
Total
Capital Employed |
17290.200 |
18890.900 |
17290.200 |
|
Add
: Unallocable Corporate Assets Less Corporate Liabilities |
52297.700 |
47315.100 |
52297.700 |
|
Total
Capital Employed In the Company |
69587.900 |
66206.000 |
69587.900 |
STANDALONE STATEMENT
OF ASSTES AND LIABILITIES AS ON 30.06.2014
Rs. In Million
|
SOURCES OF
FUNDS |
30.06.2014 (Unaudited) |
|
I.
EQUITY
AND LIABILITIES |
|
|
(1)Shareholders' Funds |
|
|
(a) Share Capital |
314.000 |
|
(b) Reserves & Surplus |
69273.900 |
|
(c) Pending Call Money |
0.000 |
|
Sub-total Shareholders’ |
69587.900 |
|
|
|
|
(2) Non-Current Liabilities |
|
|
(a) long-term borrowings |
916.700 |
|
(b) Deferred tax liabilities (Net) |
0.000 |
|
(c) Other long term liabilities |
370.000 |
|
(d) long-term provisions |
2733.500 |
|
Sub-total of
Non-Current liabilities |
4020.200 |
|
|
|
|
(3)
Current liabilities |
|
|
(a) Short
term borrowings |
8.700 |
|
(b) Trade
payables |
11167.800 |
|
(c) Other
current liabilities |
6388.500 |
|
(d) Short-term
provisions |
3952.600 |
|
Sub-total of Current liabilities |
21517.600 |
|
|
|
|
TOTAL |
95125.700 |
|
|
|
|
II.
ASSETS |
|
|
(1)
Non-current assets |
|
|
(a) Fixed
Assets |
12874.400 |
|
(b)
Non-Current investments |
14092.800 |
|
(c) Deferred
tax assets (net) |
3211.000 |
|
(d) Long
term loans and advances |
2688.700 |
|
(e) Other
non-current assets |
0.000 |
|
Sub-total of
Non-Current Assets |
32866.900 |
|
|
|
|
(2)
Current assets |
|
|
(a)
Current investments |
11500.000 |
|
(b)
Inventories |
11907.400 |
|
(c) Trade
receivables |
12874.100 |
|
(d) Cash
and cash equivalents |
14615.000 |
|
(e)
Short-term loans and advances |
10313.600 |
|
(f) Other
current assets |
1048.700 |
|
Sub-total of
Current Assets |
62258.800 |
|
|
|
|
TOTAL |
95125.700 |
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts,
1] INFORMATION ON
DESIGNATED PARTY
No exist designating subject or any of its
beneficial owners, controlling shareholders or senior officers as terrorist or
terrorist organization or whom notice had been received that all financial
transactions involving their assets have been blocked or convicted, found
guilty or against whom a judgement or order had been entered in a proceedings
for violating money-laundering, anti-corruption or bribery or international
economic or anti-terrorism sanction laws or whose assets were seized, blocked,
frozen or ordered forfeited for violation of money laundering or international
anti-terrorism laws.
2] Court Declaration :
No exist to suggest that subject is or was
the subject of any formal or informal allegations, prosecutions or other
official proceeding for making any prohibited payments or other improper
payments to government officials for engaging in prohibited transactions or
with designated parties.
3] Asset Declaration :
No records exist to suggest that the
property or assets of the subject are derived from criminal conduct or a
prohibited transaction.
4] Record on Financial
Crime :
Charges or conviction
registered against subject: None
5] Records on Violation of
Anti-Corruption Laws :
Charges or
investigation registered against subject: None
6] Records on Int’l
Anti-Money Laundering Laws/Standards :
Charges or
investigation registered against subject: None
7] Criminal Records
No
available information exist that suggest that subject or any of its principals have
been formally charged or convicted by a competent governmental authority for
any financial crime or under any formal investigation by a competent government
authority for any violation of anti-corruption laws or international anti-money
laundering laws or standard.
8] Affiliation with
Government :
No
record exists to suggest that any director or indirect owners, controlling
shareholders, director, officer or employee of the company is a government
official or a family member or close business associate of a Government
official.
9] Compensation Package :
Our
market survey revealed that the amount of compensation sought by the subject is
fair and reasonable and comparable to compensation paid to others for similar
services.
10] Press Report :
No press reports / filings exists on
the subject.
CORPORATE GOVERNANCE
MIRA INFORM as part of its Due Diligence do provide comments on
Corporate Governance to identify management and governance. These factors often
have been predictive and in some cases have created vulnerabilities to credit
deterioration.
Our Governance Assessment focuses principally on the interactions
between a company’s management, its Board of Directors, Shareholders and other
financial stakeholders.
CONTRAVENTION
Subject is not known to have contravened any existing local laws,
regulations or policies that prohibit, restrict or otherwise affect the terms
and conditions that could be included in the agreement with the subject.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.62.35 |
|
|
1 |
Rs.93.10 |
|
Euro |
1 |
Rs.67.13 |
INFORMATION DETAILS
|
Information
Gathered by : |
NYA |
|
|
|
|
Analysis Done by
: |
SUM |
|
|
|
|
Report Prepared
by : |
NKT |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
10 |
|
PAID-UP CAPITAL |
1~10 |
9 |
|
OPERATING SCALE |
1~10 |
9 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
10 |
|
--PROFITABILIRY |
1~10 |
9 |
|
--LIQUIDITY |
1~10 |
10 |
|
--LEVERAGE |
1~10 |
10 |
|
--RESERVES |
1~10 |
9 |
|
--CREDIT LINES |
1~10 |
10 |
|
--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 |
|
86 |
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.