MIRA INFORM REPORT

 

 

Report No. :

320166

Report Date :

30.04.2015

 

IDENTIFICATION DETAILS

 

Name :

PMP AUTO COMPONENTS PRIVATE LIMITED (w.e.f. 13.11.2009)

 

 

Formerly Known As :

PMP COMPONENTS PRIVATE LIMITED

 

 

Registered Office :

Peninsula Spenta, Mathuradas Mills Compound, Senapati Bapat Marg, Lower Parel, Mumbai – 400 013, Maharashtra

Tel. No.:

91-22-66154651

 

 

Country :

India

 

 

Financials (as on) :

31.03.2014

 

 

Date of Incorporation :

01.05.1996

 

 

Com. Reg. No.:

11-099236

 

 

Capital Investment / Paid-up Capital :

Rs.209.332 million

 

 

CIN No.:

[Company Identification No.]

U34300MH1996PTC099236

 

 

IEC No.:

0396064761

 

 

TAN No.:

[Tax Deduction & Collection Account No.]

Not Available

 

 

PAN No.:

[Permanent Account No.]

AAACP7200N

 

 

Legal Form :

Private Limited Liability Company

 

 

Line of Business :

Subject is engaged in manufacture and supply of auto electrical components like switches, relays, regulators and horns for the replacement and export market.

 

 

No. of Employees :

100 (Approximately)  

 

 

RATING & COMMENTS

 

MIRA’s Rating :

Ba (45)

 

RATING

STATUS

PROPOSED CREDIT LINE

41-55

Ba

Overall operation is considered normal. Capable to meet normal commitments.

Satisfactory

 

Status :

Satisfactory

 

 

Payment Behaviour :

Usually Correct

 

 

Litigation :

Exist

 

 

Comments :

Subject is an established company having a satisfactory track.

 

The company has reported continuous decline in its sales turnover and profitability from last few years. However, the company has good networth during FY 2014. The rating also takes note of favorable gap between trade receivables and payables during year under review. 

 

Trade relations are reported to be fair. Business is active. Payments are reported to be usually correct.

 

The company can be considered 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.

 

EXTERNAL AGENCY RATING

 

Rating Agency Name

ICRA

Rating

Term Loans: BBB+

Rating Explanation

Moderate degree of safety and moderate credit risk

Date

06.03.2014

 

Rating Agency Name

ICRA

Rating

Short Term Rating: A2+

Rating Explanation

Strong degree of safety and low credit risk

Date

06.03.2014

 

 

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 PARTED BY

 

Name :

Mr. Avinash Khere

Designation :

Finance Manager

Contact No.:

91-22-66154651

Date :

29.04.2015

 

 

LOCATIONS

 

Registered Office :

Peninsula Spenta, Mathuradas Mills Compound, Senapati Bapat Marg, Lower Parel, Mumbai – 400 013, Maharashtra, India

Tel. No.:

91-22-66154651/ 24912189/ 24919581

Fax No.:

91-22-66154593

E-Mail :

info@pmpauto.com

corporatesecretarial@ashokpiramalgroup.com

Website :

http://www.pmpauto.com

Area :

1000 sq. ft.

Location :

Owned

 

 

Head Office :

3rd Floor, Bhagat House, Plot No.5A, Shyam Nagar, Off JVLR, Jogeshwari (East), Mumbai – 400 060, Maharashtra, India

Tel. No.:

91-22-28381670

Fax No.:

91-22-28394419

 

 

Factory 1 :

Unit No.27/28, Plot No.7, Udyog Nagar, Goregaon (West), Mumbai – 400 062, Maharashtra, India

 

 

Factory 2 :

K-7, Additional M.I.D.C. Industrial Area, Satara – 415 004, Maharashtra 

 

 

Factory 3 :

903-904, G.I.D.C. Industrial Estate, Ankleshwar – 393 002, Gujarat, India

Tel. No.:

91-2646-221519/ 252368/ 239707

Fax No.:

91-2646-251326

 

 

Factory 4 :

Plot No.49, Sec-11, SIDCUL, Pantnagar, Rudrapur – 263 153, U.S. Nagar, Uttaranchal, India

 

 

DIRECTORS

 

AS ON 30.09.2014

 

Name :

Ms. Urvi Ashok Piramal

Designation :

Director

Address :

61-A, Piramal House, Pochkhanawala Road, Worli, Mumbai – 400 025, Maharashtra, India

Date of Birth/Age :

19.07.1952

Date of Appointment :

30.12.1996

DIN No.:

00044954

PAN No.:

AAJPP8861F

 

 

Name :

Mr. Harshvardhan Ashok Piramal

Designation :

Managing Director

Address :

61-A, Piramal House, Pochkhanawala Road, Worli, Mumbai – 400 025, Maharashtra, India

Date of Birth/Age :

27.10.1973

Date of Appointment :

18.07.2006

DIN No.:

00044972

 

 

Name :

Mr. Nandan Ashok Piramal

Designation :

Whole-Time Director

Address :

Cliff, 2nd Floor, 11, Carmichael Road, Mumbai – 400 026, Maharashtra, India

Date of Birth/Age :

01.04.1981

Date of Appointment :

01.10.2009

DIN No.:

00045003

 

 

Name :

Mrs. Ambika Suneet Kothari

Designation :

Director

Address :

57, Sea View Worli Sea Face, Mumbai – 400 025, Maharashtra, India

Date of Birth/Age :

25.04.1977

Date of Appointment :

17.05.2011

DIN No.:

01162900

 

 

Name :

Mr. Chandrasekhar Ramamurthy Kottagajula

Designation :

Director

Address :

B/105, Ambe Green City, Ankleshwar, Bharuch, Ankleshwar – 393 001, Gujarat, India

Date of Birth/Age :

10.08.1969

Date of Appointment :

24.09.2014

DIN No.:

06979985

 

 

Name :

Mr. Virendra Singh Tomar

Designation :

Director

Address :

Plot No.25, Opposite Police Quarter, Wasan Nagar, Patahrdi Road, Nashik – 422 009, Maharashtra, India

Date of Appointment :

24.09.2014

DIN No.:

06981862

 

 

Name :

Ms. Roopali Rajeev Piramal

Designation :

Additional Director

Address :

61, Piramal House, Pochkhanwala Road, Worli, Mumbai – 400 025, Maharashtra, India

Date of Appointment :

05.03.2015

DIN No.:

00046245

 

 

Name :

Mr. Mahesh Shrikrishna Gupta

Designation :

Additional Director

Address :

402, Ashok House, Beach House CHS, Gandhigram Road, Juhu, Mumbai – 400 049, Maharashtra, India

Date of Appointment :

05.03.2015

DIN No.:

00046810

 

 

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

 

AS ON 30.09.2014

 

Names of Equity Shareholders

 

No. of Shares

Ashok Piramal Group Engineering Trust, India  Acting Through its Trustee Urvi A. Piramal

19440834

Urvi A. Piramal Jointly with Ashok Piramal Group Engineering Trust, India

1

Blossom Mercantile Private Limited, India

617000

Total

20057835

 

 

Names of Preference Shareholders

(1% Non-Cumulative Redeemable Preference Shares)

No. of Shares

Urvi A. Piramal

25439

Harshvardhan A. Piramal

4483

Rajeev A. Piramal

4653

Nandan A. Piramal

4612

Urvi A. Piramal jointly with Harshvardhan A. Piramal

17500

Harshvardhan A. Piramal jointly with Urvi A. Piramal

15000

Urvi A. Piramal jointly with Rajeev A. Piramal

17500

Rajeev A. Piramal jointly with Urvi A. Piramal

15000

Urvi A. Piramal jointly with Nandan A. Piramal

17490

Nandan A. Piramal jointly with Urvi A. Piramal

15010

Peninsula Land Limited, India

190

Aarti Management Consultancy Private Limited, India

166

Aditi Management Consultancy Private Limited, India

167

Anjoss Trading Private Limited, India

167

Total

137377

 

 

Names of Preference Shareholders

 (10% Cumulative Redeemable Preference Shares)

No. of Shares

Urvi A. Piramal

737999

Harshvardhan A. Piramal jointly with Urvi A. Piramal

1

Total

738000

 

AS ON 30.09.2014

 

Equity Share Breakup

 

Percentage of Holding

Category

 

 

Bodies corporate

 

100.00

 

 

 

                 


 

BUSINESS DETAILS

 

Line of Business :

Subject is engaged in manufacture and supply of auto electrical components like switches, relays, regulators and horns for the replacement and export market.

 

 

Products :

Products Description

Item Code No.

 

Cutting Tools

82079030

 

 

Brand Names :

Not Available

 

 

Agencies Held :

Not Available

 

 

Exports :

Not Available

 

 

Imports :

 

Products :

Raw Materials

Countries :

China

 

 

Terms :

 

Selling :

Cash and Credit (30/ 60/ 90 days)

 

 

Purchasing :

Cash and Credit (30/ 60/ 90 days)

 

 

PRODUCTION STATUS – NOT AVAILABLE

 

 

GENERAL INFORMATION

 

Suppliers :

Reference :

Not Divulged

Name of the Person :

Not Divulged

Contact No.:

Not Divulged

Since How Long Known :

Not Divulged

Experience :

Not Divulged

Maximum Limit Dealt :

Not Divulged

 

 

Customers :

End Users and OEM’s

 

Reference :

Tata

Name of the Person :

Not Divulged

Contact No.:

Not Divulged

Since How Long Known :

Not Divulged

Experience :

Not Divulged

Maximum Limit Dealt :

Not Divulged

 

·         Maruti Suzuki

·         Plaggio

·         GM

·         Mahindra

·         Eicher

·         Ashok Leyland

·         New Holland

·         Escorts

·         Same Deutz-Fahr

·         Tafe

·         Lonbardini

·         Hindustan Motors

·         Greaves

·         Cummins

·         FIAT

 

 

No. of Employees :

100 (Approximately)  

 

 

Bankers :

Banker Name

Axis Bank Limited

Branch Address

Corporate Banking Branch

Person Name (With Designation)

Not Divulged

Contact Number

Not Divulged

Name of Account Holder

Not Divulged

Account Number

Not Divulged

Account Since (Date/Year of Account Opening)

Not Divulged

Average Balance Maintained (If Possible)

Not Divulged

Credit Facilities Enjoyed (If any)

Cash Credit: Rs.110.000 million

Account Operation

Not Divulged

Remarks (If any)

Not Divulged

 

  • The Saraswat Co-Operative Bank Limited (Lead Banker in Multiple Banking), Lower Parel Branch, Orbit Eternia, N.M. Joshi Marg, Lower Parel, Mumbai – 400 013, Maharashtra, India
  • IDBI Bank Limited, CBG Branch, 2nd Floor, A Wing, Mittal Court, Nariman Point, Mumbai – 400 021, MAHARASHTRA, INDIA
  • IDBI Bank Limited, IDBI Tower, WTC Complex, Cuffe Parade, Mumbai – 400 005, Maharashtra, India
  • Axis Bank Limited, CFB Branch, Ground Floor, Bombay Dyeing Mill Compound, PB Marg, Worli, Mumbai – 400 025, Maharashtra, India

 

 

Facilities :

SECURED LOANS

31.03.2014

(Rs. In Million)

31.03.2013

(Rs. In Million)

LONG TERM BORROWINGS

 

 

Rupee Term Loans from Banks

158.500

160.400

SHORT TERM BORROWINGS

 

 

Loans Repayable on Demand from Banks

(Working Capital Loans are primarily secured with charge on entire current assets of the company, both present and future and secondarily with charge on entire fixed assets of the company.)

437.199

550.233

Total

595.699

710.633

 

Banking Relations :

--

 

 

Auditors :

 

Name :

Haribhakti and Company

Chartered Accountants

Address :

701, Leela Business Park, Andheri Kurla Road, Mumbai – 400 059, Maharashtra, India

PAN No.:

AAECA6883E

 

 

Memberships :

Not Available

 

 

Collaborators :

Not Available

 

 

Associates:
  • Ashok Piramal Management Corporation Limited, India (CIN No.:- U74140MH2005PLC158082)
  • Highway Concessions One Private Limited, India (CIN No.:- U45200MH2010PTC208056) 
  • Miranda Few Tools Private Limited, India (CIN No.:- U51909MH2005PTC150968)
  • Morarjee Textiles Limited, India (CIN No.:- L52322MH1995PLC090643)
  • Peninsula Land Limited, India (CIN No.:- L17120MH1871PLC000005)
  • Peninsula Holdings and Investments Private Limited, India (CIN No.:- U67190MH2008PTC179576)
  • Topvalue Real Estate Development Limited, India (CIN No.:- U70200MH2008PLC185165) 

 

 

Fellow Subsidiary Companies :
  • Miranda Bi-Metal Tools Private Limited, India (CIN No.:- U29253MH2011PTC225496)
  • PMP Pal International S.R.O, Czech Republic 

 

 

Subsidiary Companies :

·         PMP Bakony Ablaktorlo Rendszerek KFT, Hungary

·         PMP Components (Mauritius) Limited, Mauritius

 

 

 

CAPITAL STRUCTURE

 

AS ON 30.09.2014

 

Authorised Capital:

No. of Shares

Type

Value

Amount

20100000

Equity Shares

Rs.10/- each

Rs.201.000 million

1200000

Preference Shares

Rs.10/- each

Rs.12.000 million

 

Total

 

 

Rs.213.000 million

 

 

 

 

 

Issued, Subscribed & Paid-up Capital:

No. of Shares

Type

Value

Amount

20057835

Equity Shares

Rs.10/- each

Rs.200.578 million

875377

Preference Shares

Rs.10/- each

Rs.8.754 million

 

Total

 

Rs.209.332 million

 

 

 

 

 

 

 

 

FINANCIAL DATA

[all figures are in Rupees Million]

 

ABRIDGED BALANCE SHEET

 

SOURCES OF FUNDS

 

31.03.2014

31.03.2013

31.03.2012

I.              EQUITY AND LIABILITIES

 

 

 

(1) Shareholders' Funds

 

 

 

(a) Share Capital

209.332

58.665

53.665

(b) Reserves & Surplus

1129.326

1237.649

1205.538

(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)

1338.658

1296.314

1259.203

 

 

 

 

(3) Non-Current Liabilities

 

 

 

(a) Long-term borrowings

158.500

160.400

288.080

(b) Deferred tax liabilities (Net)

36.518

37.774

29.562

(c) Other long term liabilities

0.000

0.000

0.000

(d) Long-term provisions

7.450

10.227

8.804

Total Non-current Liabilities (3)

202.468

208.401

326.446

 

 

 

 

(4) Current Liabilities

 

 

 

(a) Short term borrowings

480.186

583.021

461.674

(b) Trade payables

171.267

165.605

176.774

(c) Other current liabilities

247.220

284.977

204.456

(d) Short-term provisions

7.472

10.427

9.005

Total Current Liabilities (4)

906.145

1044.030

851.909

 

 

 

 

TOTAL

2447.271

2548.745

2437.558

 

 

 

 

II.            ASSETS

 

 

 

(1) Non-current assets

 

 

 

(a) Fixed Assets

 

 

 

(i) Tangible assets

588.812

608.155

563.332

(ii) Intangible Assets

17.540

15.106

5.896

(iii) Capital work-in-progress

44.637

45.817

84.351

(iv) Intangible assets under development

0.000

0.000

0.000

(b) Non-current Investments

512.129

512.229

455.096

(c) Deferred tax assets (net)

0.000

0.000

0.000

(d)  Long-term Loan and Advances

316.905

244.955

374.943

(e) Other Non-current assets

0.000

0.000

0.000

Total Non-Current Assets

1480.023

1426.262

1483.618

 

 

 

 

(2) Current assets

 

 

 

(a) Current investments

0.000

0.000

0.000

(b) Inventories

366.240

366.971

422.198

(c) Trade receivables

349.779

340.648

309.884

(d) Cash and cash equivalents

22.198

109.230

25.733

(e) Short-term loans and advances

228.947

302.595

195.626

(f) Other current assets

0.084

3.039

0.499

Total Current Assets

967.248

1122.483

953.940

 

 

 

 

TOTAL

2447.271

2548.745

2437.558

 

 

PROFIT & LOSS ACCOUNT

 

 

PARTICULARS

31.03.2014

31.03.2013

31.03.2012

 

SALES

 

 

 

 

Income

1574.458

1731.016

2250.136

 

 

Other Income

 

 

 

 

 

TOTAL                                    

1574.458

1731.016

2250.136

 

 

 

 

 

Less

EXPENSES

 

 

 

 

 

TOTAL                                    

1423.315

1508.755

1960.598

 

 

 

 

 

 

PROFIT/ (LOSS)  BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION

151.143

222.261

289.538

 

 

 

 

 

Less

INTEREST

82.358

94.246

109.751

 

 

 

 

 

 

PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION

68.785

128.015

179.787

 

 

 

 

 

Less/ Add

DEPRECIATION/ AMORTISATION        

57.644

50.020

41.935

 

 

 

 

 

 

PROFIT/ (LOSS)  BEFORE TAX

11.141

77.995

137.852

 

 

 

 

 

 

PROVISION FOR TAX                                                              

4.050

17.000

43.538

 

 

 

 

 

 

DEFERRED TAX ADJUSTMENT

(1.256)

8.211

6.136

 

 

 

 

 

 

PROFIT/ (LOSS)  AFTER TAX

7.870

52.784

88.178

 

 

 

 

 

 

EARNINGS IN FOREIGN CURRENCY

357.938

590.935

439.068

 

 

 

 

 

 

Earnings / (Loss) Per Share (Rs.)

0.38

8.99

16.43

 

Expected Sales (2014-2015): Rs.1600.000 million

 

The above information has been parted by Mr. Avinash Khere (Finance Manager).

 

 

KEY RATIOS

 

PARTICULARS

 

 

31.03.2014

31.03.2013

31.03.2012

Net Profit Margin

(PAT/Total Income)

(%)

0.50

3.05

4.19

 

 

 

 

 

Operating Profit Margin

(PBDIT/Total Income)

(%)

9.60

12.84

12.87

 

 

 

 

 

Return on Total Assets

(PBT/Total Assets}

(%)

0.59

3.92

7.26

 

 

 

 

 

Return on Investment (ROI)

(PBT/Networth)

 

0.01

0.06

0.11

 

 

 

 

 

Debt Equity Ratio

(Total Debt/Networth)

 

0.48

0.57

0.60

 

 

 

 

 

Current Ratio

(Current Asset/Current Liability)

 

1.07

1.08

1.12

 

 

FINANCIAL ANALYSIS

[all figures are in Rupees Million]

 

DEBT EQUITY RATIO

 

Particular

31.03.2012

31.03.2013

31.03.2014

 

(INR in Million)

(INR in Million)

(INR in Million)

Share Capital

53.665

58.665

209.332

Reserves & Surplus

1205.538

1237.649

1129.326

Money received against share warrants

0.000

0.000

0.000

Share Application money pending allotment

0.000

0.000

0.000

Net worth

1259.203

1296.314

1338.658

 

 

 

 

Long Term borrowings

288.080

160.400

158.500

Short Term borrowings

461.674

583.021

480.186

Total borrowings

749.754

743.421

638.686

Debt/Equity ratio

0.595

0.573

0.477

 

 

YEAR-ON-YEAR GROWTH

 

Year on Year Growth

31.03.2012

31.03.2013

31.03.2014

 

(INR in Million)

(INR in Million)

(INR in Million)

Total Income

2250.136

1731.016

1574.458

 

 

(23.071)

(9.044)

 

 

NET PROFIT MARGIN

 

Net Profit Margin

31.03.2012

31.03.2013

31.03.2014

 

(INR in Million)

(INR in Million)

(INR in Million)

Total Income

2250.136

1731.016

1574.458

Profit

94.314

52.784

7.870

 

4.19%

3.05%

0.50%

 

 

 

LOCAL AGENCY FURTHER INFORMATION

 

DETAILS OF CURRENT MATURITIES OF LONG TERM DEBTS:

 

Particulars

31.03.2014

(Rs. In Million)

31.03.2013

(Rs. In Million)

31.03.2012

(Rs. In Million)

Current Maturities of Long Term Debts 

110.400

127.680

81.085

 

Sr. No.

Check List by Info Agents

Available in Report (Yes / No)

1]

Year of Establishment

Yes

2]

Locality of the firm

Yes

3]

Constitutions of the firm

Yes

4]

Premises details

Yes

5]

Type of Business

Yes

6]

Line of Business

Yes

7]

Promoter's background

Yes

8]

No. of employees

Yes

9]

Name of person contacted

Yes

10]

Designation of contact person

Yes

11]

Turnover of firm for last three years

Yes

12]

Profitability for last three years

Yes

13]

Reasons for variation <> 20%

-----

14]

Estimation for coming financial year

Yes

15]

Capital in the business

Yes

16]

Details of sister concerns

Yes

17]

Major suppliers

No

18]

Major customers

Yes

19]

Payments terms

Yes

20]

Export / Import details (if applicable)

Yes

21]

Market information

-----

22]

Litigations that the firm / promoter involved in

Yes

23]

Banking Details

Yes

24]

Banking facility details

Yes

25]

Conduct of the banking account

-----

26]

Buyer visit details

-----

27]

Financials, if provided

Yes

28]

Incorporation details, if applicable

Yes

29]

Last accounts filed at ROC

Yes

30]

Major Shareholders, if available

Yes

31]

Date of Birth of Proprietor/Partner/Director, if available

Yes

32]

PAN of Proprietor/Partner/Director, if available

Yes

33]

Voter ID No of Proprietor/Partner/Director, if available

No

34]

External Agency Rating, if available

Yes

 

LITIGATION DETAILS:

 

Case Details

 

Bench:-Bombay

 

 

Presentation Date:-

16/02/2015

 

Lodging No.:-

ITXAL/179/2015

Filing Date:-

16/02/2015

Reg. No.:-

ITXA/348/2015

Reg. Date:-

26/03/2015

 

 

 

Petitioner:-

THE PR. COMMISSIONER OF INCOME TAX-7

Respondent:-

PMP AUTO COMPONENTS PRIVATE LIMITED

 

Petn. Adv.:-

PADMA DIVAKAR (I3287)

 

District:-

MUMBAI

 

 

Bench:-

DIVISION

Status:-

Pre-Admission

Category:-

TAX APPEALS

 

Last Date:-

27/04/2015

Stage:-

 

Last Coram:-

ACCORDING TO SITTING LIST

 

ACCORDING TO SITTING LIST

 

 

 

Act :-

Income Tax Act, 1961

Under Section:-

260A

 

 

NOTES:

 

The registered office of the company has been shifted from Admn Building, Morarjee Mills, Dr. Ambedkar Road,  Parel, Mumbai – 400 012, Maharashtra, India to 106, Peninsula Centre, Dr. S.S. Rao Road, Parel, Mumbai -400 012, Maharashtra, India w.e.f. 01.06.2006.

The registered office of the company has been again shifted from 106, Peninsula Centre, Dr. S. S. Rao Road, Parel, Mumbai – 400 012, Maharashtra to present address w.e.f. 31.01.2007.

 

 

OVERVIEW OF THE COMPANY:

 

The company has 2 divisions viz., Auto Components Division and Cutting Tools Division

 

Auto Components Division:

 

The Company is engaged in manufacturing and marketing of auto electrical components for OEM, Replacement and Export Markets, PMP Auto has a product range that includes alternators, Starter Motor Kits, Wind Shield Washer Pumps and Oil Pressure Switches.

 

Cutting Tools Division (Miranda Tools):

 

Miranda Tools manufactures HSS toolbits, saws, drills, end mills and taps (JV). With one of the most extensive distribution network in India the company also distributes and sells low alloy saw blades, carbide tipped tools, masonry drills, measuring instruments, power tools, clamps, carbide tools and other industrial tools. Equipped with state of the art technology for producing precision cutting tools conforming to IS, BS, DIN, JIS and ISO standards, Miranda Tools was the first Indian company manufacturing high speed steel tools to have been awarded the ISO 9002:1994 certificate by BVQI for all its products. Miranda Tools has a strong global thrust with 45% of its sales being from exports to the UK, Europe, South Africa and the Asia Pacific region.

 

 

OPERATIONS:

 

During the financial year, the Company generated a total income of Rs.1574.458 million.

 

FUTURE OUTLOOK:

 

The Auto Industry has shown little growth in First half of F15. Growth in Passenger vehicle is 2%. There is degrowth of 9% in Commercial Vehicle Segment. Tractor industry degrown by 4%.

 

However we have good order in hand for wiper systems.

 

 

UNSECURED LOANS

 

PARTICULARS

31.03.2014

(Rs. In Million)

31.03.2013

(Rs. In Million)

SHORT TERM BORROWINGS

 

 

Other loans and advances

42.987

32.788

Total

42.987

32.788

 

 

INDEX OF CHARGES

 

S. No.

Charge ID

Date of Charge Creation/Modification

Charge amount secured

Charge Holder

Address

Service Request Number (SRN)

1

10540606

18/12/2014

200,000,000.00

THE SARASWAT CO-OPERATIVE BANK LIMITED

LOWER PAREL BRANCH, ORBIT ETERNIA, N M JOSHI MARG, LOWER PAREL, MUMBAI, MAHARASHTRA - 400013, INDIA

C39209838

2

10482589

21/02/2014

45,000,000.00

IDBI BANK LIMITED

CBG BRANCH, 2ND FLOOR, A WING, MITTAL COURT, NARIMAN POINT, MUMBAI, MAHARASHTRA - 400021, INDIA

B98489677

3

10457657

28/10/2013

48,000,000.00

CITIBANK N. A.

FIRST INTERNATIONAL FINANCIAL CENTRE, 9TH FLOOR, 
PLOT NO.C-54, C-55, G-BLOCK, BKC, BANDRA, MUMBAI, 
MAHARASHTRA - 400051, INDIA

B88568282

4

10389853

07/11/2012

150,000,000.00

EXPORT-IMPORT BANK OF INDIA

CENTRE ONE BUILDING, FLOOR 21, WORLD TRADE CENTRE, COMPLEX, CUFFE PARADE, MUMBAI, MAHARASHTRA - 400005, INDIA

B63277826

5

10274950

16/12/2014 *

1,243,000,000.00

THE SARASWAT CO-OPERATIVE BANK LIMITED (LEAD BANKER IN MULTIPLE BANKING)

LOWER PAREL BRANCH, ORBIT ETERNIA, N M JOSHI MARG, LOWER PAREL, MUMBAI, MAHARASHTRA - 400013, INDIA

C39208046

6

10242635

29/03/2012 *

250,000,000.00

THE SARASWAT CO-OPERATIVE BANK LIMITED

LOWER PAREL BRANCH, ORBIT ETERNIA, N M JOSHI MARG, LOWER PAREL, MUMBAI, MAHARASHTRA - 400013, INDIA

B37172996

7

10243507

21/09/2010

300,000,000.00

THE SARASWAT CO-OPERATIVE BANK LIMITED

LOWER PAREL BRANCH, ORBIT ETERNIA, N M JOSHI MARG, LOWER PAREL, MUMBAI, MAHARASHTRA - 400013, INDIA

A95931242

8

10242147

21/02/2014 *

400,000,000.00

IDBI BANK LIMITED

IDBI TOWER, WTC COMPLEX, CUFFE PARADE, MUMBAI, MAHARASHTRA - 400005, INDIA

B98489057

9

10119978

02/08/2008

150,000,000.00

AXIS BANK LIMITED

UNIVERSAL INSURANCE BUILDING, SIR P. M. ROAD, FORT, 
MUMBAI, MAHARASHTRA - 400001, INDIA

A44552529

10

10020399

18/11/2008 *

189,200,000.00

AXIS BANK LIMITED

TRISHUL 3RD FLOOR OPPOSITE SAMARTHESHWAR TEMPLE, LAW GARDEN ELLISBRIDGE, AHMEDABAD, GUJARAT - 380006, INDIA

A52602091

11

80044569

28/03/2014 *

200,000,000.00

AXIS BANK LIMITED

AXIS BANK LIMITED, CFB BRANCH, GROUND FLOOR, BOMBAY DYING MILL COMPOUND, PB MARG,WORLI, MUMBAI, MAHARASHTRA - 400025, INDIA

C03716438

12

90142058

09/12/1997

95,000,000.00

ORIENTAL BANK OF COMMERCE

JASH CHAMBERS; GROUND FLOOR; SIR P M ROAD, MUMBAI, 
MAHARASHTRA - 400001, INDIA

-

 

* Date of charge modification

 

 

FIXED ASSETS

 

Tangible Assets

·         Land

·         Building

·         Plant and Machinery

·         Computer

·         Furniture and Fixture

·         Office Equipment

·         Vehicles

Intangible Assets

·         Computer Software

 

 

CMT REPORT (Corruption, Money Laundering & Terrorism]

 

The Public Notice information has been collected from various sources including but not limited to: The Courts, India Prisons Service, Interpol, etc.

 

1]         INFORMATION ON DESIGNATED PARTY

No exist designating subject or any of its beneficial owners, controlling shareholders or senior officers as terrorist or terrorist organization or whom notice had been received that all financial transactions involving their assets have been blocked or convicted, found guilty or against whom a judgement or order had been entered in a proceedings for violating money-laundering, anti-corruption or bribery or international economic or anti-terrorism sanction laws or whose assets were seized, blocked, frozen or ordered forfeited for violation of money laundering or international anti-terrorism laws.

 

2]         Court Declaration :

No records exist to suggest that subject is or was the subject of any formal or informal allegations, prosecutions or other official proceeding for making any prohibited payments or other improper payments to government officials for engaging in prohibited transactions or with designated parties.

 

3]         Asset Declaration :

No records exist to suggest that the property or assets of the subject are derived from criminal conduct or a prohibited transaction.

 

4]         Record on Financial Crime :

            Charges or conviction registered against subject:                                                           None

 

5]         Records on Violation of Anti-Corruption Laws :

            Charges or investigation registered against subject:                                                        None

 

6]         Records on Int’l Anti-Money Laundering Laws/Standards :

            Charges or investigation registered against subject:                                                        None

 

7]         Criminal Records

No available information exist that suggest that subject or any of its principals have been formally charged or convicted by a competent governmental authority for any financial crime or under any formal investigation by a competent government authority for any violation of anti-corruption laws or international anti-money laundering laws or standard.

 

8]         Affiliation with Government :

No record exists to suggest that any director or indirect owners, controlling shareholders, director, officer or employee of the company is a government official or a family member or close business associate of a Government official.

 

9]         Compensation Package :

Our market survey revealed that the amount of compensation sought by the subject is fair and reasonable and comparable to compensation paid to others for similar services.

 

10]        Press Report :  No press reports / filings exists on the subject.

 

CORPORATE GOVERNANCE

 

MIRA INFORM as part of its Due Diligence do provide comments on Corporate Governance to identify management and governance. These factors often have been predictive and in some cases have created vulnerabilities to credit deterioration.

 

Our Governance Assessment focuses principally on the interactions between a company’s management, its Board of Directors, Shareholders and other financial stakeholders.

 

CONTRAVENTION

 

Subject is not known to have contravened any existing local laws, regulations or policies that prohibit, restrict or otherwise affect the terms and conditions that could be included in the agreement with the subject.

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.63.20

UK Pound

1

Rs.97.01

Euro

1

Rs.69.34                                                                  

 

 

INFORMATION DETAILS

 

Information Gathered by :

PPT

 

 

Analysis Done by :

SUM

 

 

Report Prepared by :

SMN

 

 

SCORE & RATING EXPLANATIONS

 

SCORE FACTORS

 

RANGE

POINTS

HISTORY

1~10

5

PAID-UP CAPITAL

1~10

6

OPERATING SCALE

1~10

5

FINANCIAL CONDITION

 

 

--BUSINESS SCALE

1~10

5

-- PROFITABILITY

1~10

4

--LIQUIDITY

1~10

5

--LEVERAGE

1~10

5

--RESERVES

1~10

5

--CREDIT LINES

1~10

5

--MARGINS

-5~5

-

DEMERIT POINTS

 

 

--BANK CHARGES

YES/NO

YES

--LITIGATION

YES/NO

YES

--OTHER ADVERSE INFORMATION

YES/NO

NO

MERIT POINTS

 

 

--SOLE DISTRIBUTORSHIP

YES/NO

NO

--EXPORT ACTIVITIES

YES/NO

NO

--AFFILIATION

YES/NO

YES

--LISTED

YES/NO

NO

--OTHER MERIT FACTORS

YES/NO

YES

DEFAULTER

 

 

--RBI

YES/NO

NO

--EPF

YES/NO

NO

TOTAL

 

45

 

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

 

--

 

 

 

 

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.