MIRA INFORM REPORT
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Report No. : |
336611 |
|
Report Date : |
14.08.2015 |
IDENTIFICATION DETAILS
|
Name : |
DYNAMATIC TECHNOLOGIES LIMITED (w.e.f. 1992) |
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Formerly Known
As : |
DYNAMATIC HYDRAULICS LIMITED |
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Registered
Office : |
Dynamatic Park, Peenya, Bangalore – 560058, Karnataka |
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Tel. No.: |
91-80-28394933 / 34 / 35 |
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Country : |
India |
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Financials (as
on) : |
31.03.2015 |
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Date of Incorporation
: |
07.03.1973 |
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Com. Reg. No.: |
08-002308 |
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Capital
Investment / Paid-up Capital : |
Rs. 63.400 Million |
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CIN No.: [Company Identification
No.] |
L72200KA1973PLC002308 |
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IEC No.: |
Not Available |
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TAN No.: [Tax Deduction &
Collection Account No.] |
BLRD01116D |
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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
: |
The subject is manufacturers of hydraulic gear pumps and automotive Turbochargers |
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No. of Employees
: |
Information declined by the management
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RATING & COMMENTS
|
MIRA’s Rating : |
Ba (54) |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Maximum Credit Limit : |
USD 8000000 |
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Status : |
Good |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Subject is a well-established company incorporated in 1973 and is
having good track record. For the financial year ended 2015, the company’s sales turnover has been
increased to Rs. 4565.300 Million as compared to the previous year record of
Rs. 4289.200 Million which further resulted to rise in profit of the company. Further, the rating also takes into account of the company’s financial
risk marked by adequate net worth and low debt balance sheet profile of the
company. Moreover, share price of the company are quoted high on stock
exchange. Trade relations are reported as fair. Business is active. Payment
terms are reported to be regular and as per the commitment. 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.
ECGC Country Risk Classification List – March 31, 2015
|
Country Name |
Previous Rating (31.12.2014) |
Current Rating (31.03.2015) |
|
India |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
EXTERNAL AGENCY RATING
|
Rating Agency Name |
ICRA |
|
Rating |
Long Term Bank
Facilities = BBB+ |
|
Rating Explanation |
Moderate degree of
safety and moderate credit risk. |
|
Date |
April 2015 |
|
Rating Agency Name |
ICRA |
|
Rating |
Short Term Bank
Facilities = A2 |
|
Rating Explanation |
Strong degree of
safety and low credit risk. |
|
Date |
April 2015 |
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
31-03-2013.
INFORMATION DENIED BY
|
Name : |
Mr. Gopal Mandas |
|
Designation : |
Deputy General Manager |
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Contact No.: |
9180-28394934 |
|
Date : |
12.08.2015 |
LOCATIONS
|
Registered Office/ Corporate Office : |
Dynamatic Park, Peenya, Bangalore – 560058, Karnataka, India |
|
Tel. No.: |
91-80-28394933 / 34 / 35 |
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Fax No.: |
91-80-28395823 |
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E-Mail : |
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Website : |
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Aerospace
Division : |
Dynamatic Aerospace®
Tel. No.: 91-80-28391517
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Hydraulics Division : |
Dynamatic
HydraulicstM, Unit-1 (Gear Pumps for Tractor and Industrial Sectors) No. 1A/1, 1st Main Road, 1st Stage, 2nd Phase, Peenya Industrial Area, Bangalore - 560 058, India Dynamatic
HydraulicstM, Unit-2 (Hitch Control valves for Tractor Sector) Plot No. K 12, 5th Cross, 1st Stage, Peenya Industrial Area, Bangalore - 560 058, India Dynamatic
HydraulicstM, UK Cheney Manor, Swindon, Wiltshire, SN2 2PZ, England, United Kingdom Dynamatic-oldland
AerospacetM, UK Jarvis Street, Barton Hill, Bristol BS5 9TR, England, United Kingdom EISENWERK ERLA GMBH Geschäftsführer 1, 08340,Schwarzenberg / Erzgebrige, Germany |
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JKM pumps Division: |
(Lube and Water Pumps for Engines) Plot No. 28/A, 3rd Main, Phase I, Peenya Industrial Area, Bangalore 560 058, India |
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|
Center For Bush
Excellence: |
(Bush Bearings for all Hydraulic Divisions) Plot No. K 11, between 5th and 6th Cross, 1st Stage, Peenya
Industrial Area Bangalore 560 058, India |
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JKM Automotive: |
JKM Park, SIPCOT Industrial Complex,
Irungattukottai, Sriperumbudur - 602 105, Tamil Nadu, India |
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JKM ferrotech
limited: |
K-4, Phase II, SIPCOT Industrial Complex, Gummidipoondi, Thiruvallur District, Tamil Nadu 601 201, India |
DIRECTORS
AS ON 31.03.2015
|
Name : |
Mr. Vijai Kapur |
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Designation : |
Chairman |
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Name : |
Air Chief Marshal S. Krishnaswamy (Retired) |
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Designation : |
Director |
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Name : |
Mr. Govind Mirchandani |
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Designation : |
Director |
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Name : |
Ms. Malavika Jayaram |
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Designation : |
Independent Director |
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Name : |
Mr. Nalini ranjan Mohanty |
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Designation : |
Independent Director |
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Name : |
Mr. Ramesh Venkataraman |
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Designation : |
Independent Director |
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Name : |
Mr. Raymond Keith Lawton |
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Designation : |
Non-Executive Director |
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Name : |
Mr. Dietmar Hahn |
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Designation : |
Non-Executive Director |
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Name : |
Mr. James Tucker |
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Designation : |
Non-Executive Director |
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Name : |
Mr. P S Ramesh |
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Designation : |
Executive Director and Chief Operating Officer |
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Name : |
Mr. Hanuman Kumar Sharma |
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Designation : |
Executive Director and Chief Financial Officer |
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Name : |
Mr. Subodh Rajendra Babu |
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Designation : |
Executive Director and Chief Operating Officer |
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Name : |
Mr. Udayant Malhoutra |
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Designation : |
Chief Executive Officer and Managing Director |
KEY EXECUTIVES
|
Name : |
Mr. Gopal Mandas |
|
Designation : |
Deputy General Manager |
SHAREHOLDING PATTERN
AS ON 30.06.2015
|
Category of
Shareholder |
Total No. of
Shares |
Total Shareholding
as a % of Total No. of Shares |
|
(A)
Shareholding of Promoter and Promoter Group |
||
|
|
|
|
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|
777617 |
12.26 |
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|
2464628 |
38.87 |
|
|
3242245 |
51.13 |
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|
|
|
|
Total
shareholding of Promoter and Promoter Group (A) |
3242245 |
51.13 |
|
(B)
Public Shareholding |
||
|
|
|
|
|
|
458175 |
7.23 |
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|
5700 |
0.09 |
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|
904019 |
14.26 |
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|
1367894 |
21.57 |
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|
|
|
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|
387967 |
6.12 |
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|
|
|
|
|
903160 |
14.24 |
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|
417682 |
6.59 |
|
|
22495 |
0.35 |
|
|
3796 |
0.06 |
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|
15293 |
0.24 |
|
|
3406 |
0.05 |
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|
1731304 |
27.30 |
|
Total
Public shareholding (B) |
3099198 |
48.87 |
|
Total
(A)+(B) |
6341443 |
100.00 |
|
(C)
Shares held by Custodians and against which Depository Receipts have been
issued |
0 |
0.00 |
|
|
0 |
0.00 |
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|
0 |
0.00 |
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|
0 |
0.00 |
|
Total
(A)+(B)+(C) |
6341443 |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
The subject is manufacturers of hydraulic gear pumps and automotive Turbochargers |
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Products : |
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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 : |
Not Divulged |
PRODUCTION STATUS: NOT AVAILABLE
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 : |
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Facilities : |
(Rs.
In Million)
Notes: LONG TERM
BORROWING: (Including current maturities of the long term borrowings shown under other current liabilities)
(Including current maturities of the long
term borrowings shown under other current liabilities)
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Auditors : |
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Name : |
B S R and Company LLP Chartered Accountants |
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Address : |
Bangalore, Karnataka, India |
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Memberships : |
Not Available |
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Collaborators : |
Not Available |
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Subsidiaries : |
·
Dynamatic Limited, UK (DLUK), United Kingdom ·
JKM Global Privete Limited, Singapore (JGPL) ·
JKM Research Farm Limited (JRFL), India ·
JKM Erla Automotive Limited (JEAL), India · JKM Erla Holdings GmbH, Germany · Eisenwerk Erla GmbH, Germany ·
JKM Ferrotech Limited, India |
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Associates: |
· Harasfera Design Private Limited, India |
CAPITAL STRUCTURE
AS ON 31.03.2015
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
20000000 |
Equity Shares |
Rs.10/- each |
Rs.200.000 Million |
|
500000 |
Preference Shares |
Rs.100/- each |
Rs. 50.000 Million |
|
|
Total |
|
Rs. 250.000 Million |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
6341443 |
Equity Shares |
Rs.10/- each |
Rs. 63.414
Million |
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|
|
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|
Reconciliation of
shares outstanding at the beginning and at the end of the year:
|
|
(AS On 31.03.2015) |
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Particulars |
Number of Shares |
Amount (in rupees ) |
|
|
|
|
|
Shares outstanding at the beginning of the year |
5540050 |
55.400 |
|
Share issued during the year against share warrants* |
501393 |
5.000 |
|
Share issued during the year by way of Qualified Institutional Placement** |
300000 |
3.000 |
|
Shares outstanding at the end of the year |
6341443 |
63.400 |
Rights, preferences and
restrictions attached to equity shares:
The Company has a single class of equity shares. Accordingly, all equity shares rank equally with regard to dividends and share in the Company’s residual assets. The equity shares are entitled to receive dividend as declared from time to time. The voting rights of an equity shareholder on a poll (not on show of hands) are in proportion to its share of the paid-up equity capital of the Company.
In the event of liquidation of the Company, the holders of equity shares will be entitled to receive any of the remaining asset of the Company after distribution of all preferential amounts, if any. The distribution will be in proportion to the number of equity shares held by the shareholders.
Particulars of
shareholders holding more than 5% of equity shares
|
|
(AS On 31.03.2015) |
|
|
Particulars |
Number of Shares |
Amount (in rupees ) |
|
Equity shares
of Rs.10 each fully paid-up held by |
|
|
|
Udayant Malhoutra |
772679 |
12.18% |
|
Udayant Malhoutra and Company Private Limited |
912538 |
14.39% |
|
JKM Offshore India Private Limited |
642011 |
10.12% |
|
Samena Special Situations Mauritius |
442071 |
6.97% |
|
Wavell Investments Private Limited |
467455 |
7.37% |
|
Citigroup Global Markets Mauritius Private Limited |
444781 |
7.01% |
FINANCIAL DATA
[all figures are
in Rupees Million]
ABRIDGED
BALANCE SHEET
|
SOURCES
OF FUNDS |
31.03.2015 |
31.03.2014 |
31.03.2013 |
|
|
|
|
|
|
I.
EQUITY AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
63.400 |
55.400 |
54.100 |
|
(b) Reserves & Surplus |
2685.200 |
1437.100 |
1508.000 |
|
(c) Money received against
share warrants |
0.000 |
100.000 |
125.000 |
|
|
|
|
|
|
(2) Share Application money
pending allotment |
0.000 |
0.000 |
0.000 |
|
Total
Shareholders’ Funds (1) + (2) |
2748.600 |
1592.500 |
1687.100 |
|
|
|
|
|
|
(3) Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
1154.000 |
1491.900 |
1453.900 |
|
(b) Deferred tax liabilities
(Net) |
222.300 |
280.100 |
280.100 |
|
(c) Other long term
liabilities |
11.500 |
65.100 |
104.000 |
|
(d) long-term provisions |
67.900 |
25.300 |
15.600 |
|
Total
Non-current Liabilities (3) |
1455.700 |
1862.400 |
1853.600 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
1354.700 |
965.600 |
1317.700 |
|
(b) Trade payables |
1009.800 |
919.200 |
875.800 |
|
(c) Other current liabilities |
834.900 |
953.800 |
924.600 |
|
(d) Short-term provisions |
131.100 |
18.300 |
7.500 |
|
Total
Current Liabilities (4) |
3330.500 |
2856.900 |
3125.600 |
|
|
|
|
|
|
TOTAL |
7534.800 |
6311.800 |
6666.300 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
2671.600 |
2946.700 |
2669.100 |
|
(ii) Intangible Assets |
192.000 |
217.900 |
246.500 |
|
(iii) Capital work-in-progress |
0.800 |
5.600 |
722.800 |
|
(iv) Intangible assets under
development |
0.000 |
0.000 |
18.800 |
|
(b) Non-current Investments |
1654.000 |
704.000 |
704.000 |
|
(c) Deferred tax assets (net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
144.700 |
129.400 |
295.100 |
|
(e) Other Non-current assets |
130.600 |
56.500 |
58.400 |
|
Total
Non-Current Assets |
4793.700 |
4060.100 |
4714.700 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
0.000 |
0.000 |
0.000 |
|
(b) Inventories |
825.600 |
611.400 |
606.300 |
|
(c) Trade receivables |
901.200 |
689.600 |
685.700 |
|
(d) Cash and cash equivalents |
88.300 |
128.800 |
42.700 |
|
(e) Short-term loans and
advances |
765.400 |
613.300 |
452.800 |
|
(f) Other current assets |
160.600 |
208.600 |
164.100 |
|
Total
Current Assets |
2741.100 |
2251.700 |
1951.600 |
|
|
|
|
|
|
TOTAL |
7534.800 |
6311.800 |
6666.300 |
PROFIT
& LOSS ACCOUNT
|
|
PARTICULARS |
31.03.2015 |
31.03.2014 |
31.03.2013 |
|
|
SALES |
|
|
|
|
|
Income |
4565.300 |
4289.200 |
4242.200 |
|
|
Other Income |
78.100 |
29.000 |
33.300 |
|
|
TOTAL
(A) |
4643.400 |
4318.200 |
4275.500 |
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
Cost of Materials Consumed |
2249.100 |
2086.100 |
2081.600 |
|
|
Changes in inventories of
finished goods, work-in-progress and Stock-in-Trade |
(77.400) |
8.000 |
(26.000) |
|
|
Employees benefits expense |
651.500 |
483.800 |
469.200 |
|
|
Exceptional items |
(371.900) |
(103.300) |
0.000 |
|
|
Other expenses |
1072.000 |
963.200 |
1033.900 |
|
|
TOTAL
(B) |
3523.300 |
3437.800 |
3558.700 |
|
|
|
|
|
|
|
Less |
PROFIT/
(LOSS) BEFORE INTEREST, TAX,
DEPRECIATION AND AMORTISATION (C) |
1120.100 |
880.400 |
716.800 |
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
537.300 |
595.700 |
439.600 |
|
|
|
|
|
|
|
|
PROFIT
/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
582.800 |
284.700 |
277.200 |
|
|
|
|
|
|
|
Less/
Add |
DEPRECIATION/
AMORTISATION (F) |
285.000 |
281.600 |
262.900 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS)
BEFORE TAX (E-F) (G) |
297.800 |
3.100 |
14.300 |
|
|
|
|
|
|
|
Less |
TAX (H) |
87.300 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS)
AFTER TAX (G-H) (I) |
210.500 |
3.100 |
14.300 |
|
|
|
|
|
|
|
|
EARNINGS
IN FOREIGN CURRENCY |
|
|
|
|
|
F.O.B. Value of Exports |
1565.500 |
1084.700 |
1021.000 |
|
|
Interest |
0.000 |
12.700 |
10.700 |
|
|
Management fee |
127.700 |
131.800 |
65.700 |
|
|
TOTAL
EARNINGS |
1693.200 |
1229.200 |
1097.400 |
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
Raw Materials |
266.400 |
201.300 |
406.000 |
|
|
Components and Stores parts |
38.400 |
19.900 |
19.600 |
|
|
Capital Goods |
61.100 |
3.000 |
12.200 |
|
|
TOTAL
IMPORTS |
365.900 |
224.200 |
437.800 |
|
|
|
|
|
|
|
|
Earnings
/ (Loss) Per Share (Rs.) |
34.74 |
0.57 |
0.55 |
CURRENT MATURITIES
OF LONG TERM DEBT DETAILS
|
Particulars |
31.03.2015 |
31.03.2014 |
31.03.2013 |
|
Current Maturities of Long term debt |
607.300 |
593.800 |
637.400 |
|
Cash generated from operations |
380.400 |
614.200 |
844.600 |
|
Net cash generated from operating activities |
369.600 |
601.000 |
837.300 |
KEY
RATIOS
|
PARTICULARS |
|
31.03.2015 |
31.03.2014 |
31.03.2013 |
|
Net Profit Margin (PAT / Sales) |
(%) |
4.61 |
0.07 |
0.34 |
|
|
|
|
|
|
|
Operating Profit Margin (PBIDT/Sales) |
(%) |
24.54 |
20.53 |
16.90 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
5.06 |
0.06 |
0.27 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.11 |
0.00 |
0.01 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
1.13 |
1.92 |
2.02 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
0.82 |
0.79 |
0.62 |
STOCK
PRICES
|
Face Value |
Rs.10.00/- |
|
Market Value |
Rs.2951.00/- |
FINANCIAL ANALYSIS
[all figures are
in Rupees Million]
DEBT EQUITY RATIO
|
Particular |
31.03.2013 |
31.03.2014 |
31.03.2015 |
|
|
(Rs.
In Million) |
(Rs.
In Million) |
(Rs.
In Million) |
|
Share Capital |
54.100 |
55.400 |
63.400 |
|
Reserves & Surplus |
1508.000 |
1437.100 |
2685.200 |
|
Money received against share
warrants |
0.000 |
100.000 |
125.000 |
|
Net
worth |
1562.100 |
1592.500 |
2873.600 |
|
|
|
|
|
|
long-term borrowings |
1453.900 |
1491.900 |
1154.000 |
|
Short term borrowings |
1317.700 |
965.600 |
1354.700 |
|
Current maturities of
long-term debts |
637.400 |
593.800 |
607.300 |
|
Total
borrowings |
3409.000 |
3051.300 |
3116.000 |
|
Debt/Equity
ratio |
2.182 |
1.916 |
1.084 |
YEAR-ON-YEAR GROWTH
|
Year
on Year Growth |
31.03.2013 |
31.03.2014 |
31.03.2015 |
|
|
(Rs.
In Million) |
(Rs.
In Million) |
(Rs.
In Million) |
|
Sales |
4242.200 |
4289.200 |
4565.300 |
|
|
|
1.108 |
6.437 |
NET PROFIT MARGIN
|
Net
Profit Margin |
31.03.2013 |
31.03.2014 |
31.03.2015 |
|
|
(Rs.
In Million) |
(Rs.
In Million) |
(Rs.
In Million) |
|
Sales |
4242.200 |
4289.200 |
4565.300 |
|
Profit |
14.300 |
3.100 |
210.500 |
|
|
0.34% |
0.07% |
4.61% |
LOCAL AGENCY FURTHER INFORMATION
|
Sr. No. |
Check list by
info agents |
Available in
Report (Yes/No) |
|
1 |
Year of establishment |
Yes |
|
2 |
Constitution of the entity -Incorporation
details |
Yes |
|
3 |
Locality of the entity |
Yes |
|
4 |
Premises details |
No |
|
5 |
Buyer visit details |
-- |
|
6 |
Contact numbers |
Yes |
|
7 |
Name of the person contacted |
No |
|
8 |
Designation of contact person |
No |
|
9 |
Promoter’s background |
Yes |
|
10 |
Date of Birth of Proprietor / Partners /
Directors |
Yes |
|
11 |
Pan Card No. of Proprietor / Partners |
No |
|
12 |
Voter Id Card No. of Proprietor / Partners |
No |
|
13 |
Type of business |
Yes |
|
14 |
Line of Business |
Yes |
|
15 |
Export/import details (if applicable) |
No |
|
16 |
No. of employees |
No |
|
17 |
Details of sister concerns |
Yes |
|
18 |
Major suppliers |
No |
|
19 |
Major customers |
No |
|
20 |
Banking Details |
Yes |
|
21 |
Banking facility details |
Yes |
|
22 |
Conduct of the banking account |
-- |
|
23 |
Financials, if provided |
Yes |
|
24 |
Capital in the business |
Yes |
|
25 |
Last accounts filed at ROC, if applicable |
Yes |
|
26 |
Turnover of firm for last three years |
Yes |
|
27 |
Reasons for variation <> 20% |
-- |
|
28 |
Estimation for coming financial year |
No |
|
29 |
Profitability for last three years |
Yes |
|
30 |
Major shareholders, if available |
Yes |
|
31 |
External Agency Rating, if available |
No |
|
32 |
Litigations that the firm/promoter
involved in |
-- |
|
33 |
Market information |
-- |
|
34 |
Payments terms |
No |
|
35 |
Negative Reporting by Auditors in the
Annual Report |
No |
BUSINESS OVERVIEW:
Incorporated in 1973, Dynamatic Technologies Limited (“Dynamatic” or the “Company”) is engaged in the designing and manufacture of highly engineered products for the automotive, hydraulic, defence and aeronautic
Industries. The Company is one of the world’s largest manufacturers of hydraulic gear pumps and automotive
Turbochargers. It is also a global Tier I supplier to major global aerospace OEMs (original equipment manufacturers) such as Airbus, Boeing and Bell Helicopters.
Incorporated in 1973, Dynamatic Technologies Limited (“Dynamatic” or the “Company”) is engaged in the designing and manufacture of highly engineered products for the automotive, hydraulic, defence and aeronautic
Industries. The Company is one of the world’s largest manufacturers of hydraulic gear pumps and automotive turbochargers. It is also a global Tier I supplier to major global aerospace OEMs (original equipment manufacturers) such as Airbus, Boeing and Bell Helicopters.
The Dynamatic Hydraulics™ manufactures hydraulic gear pumps with aluminium or cast iron body, motors, hand
Pumps, hitch control valves, rock shaft assemblies, lube and water pumps and related products and complete
Hydraulic solutions for the Indian and overseas markets. The Company is Asia’s largest producer of hydraulic gear pumps and one of the largest globally. It has about 65% market share of the organised tractor market in India and supplies to all OEMs in India. The Aerospace & Defence division is engaged in production of airframe structures and precision aerospace components. Its products include wing and rear fuselages, ailerons and wing flaps and key airframe structures. The division also provides solutions for unmanned aerial
Systems and vehicles, monitoring and surveillance systems.
STRATEGY AND OUTLOOK:
The Company is focusing on multiple areas to drive higher growth and profitability in the automotive business. Over the years, the Company developed capabilities to manufacture performance critical components for the automotive industry such as turbochargers and exhaust manifolds. Turbochargers increase the fuel efficiency of
The engine and decrease carbon emissions. Increasing focus on fuel efficiency and environmental safety globally
Presents significant opportunities for this business. Steel casting is another strategic focus area for the Company. Engine downsizing and changed burning process for higher fuel efficiency have increased the operating temperature of petrol engines. This has led to increased demand for steel castings due to their ability to withstand higher temperatures. Dynamatic is closely working with its customers to understand their specific requirement for steel castings to be able to provide them best in class products. The exports market presents a key growth avenue for the Company. Dynamatic has started exporting performance critical castings to major global OEMs, as a tier II supplier from its foundries in India. The Company is striving to increase sales of performance critical castings through this channel to drive higher profitability.
While there is an opportunity for growth, India continues to face challenges due to high investment required in production facilities; scarcity of electricity and skilled manpower and rising fuel costs and interest rates. The Company believes improvement in labor productivity and flexibility as well as capital efficiency is one of the key
Success factors in the automotive industry. Skilled
manpower, the ability to drive infrastructural improvements and optimum
utilisation levels, raw material availability, access to the latest
technologies and techniques and understanding of the Government policy
framework may be considered as other significant drivers of a strong market
position
UNSECURED LOAN
(Rs.
In Million)
|
Particulars |
As
on 31.03.2015 |
As
on 31.03.2014 |
|
LONG TERM
BORROWING |
|
|
|
Deferred Payment
Liability |
|
|
|
Sales Tax Deferral Loan |
0.000 |
4.600 |
|
Deposits From Others |
0.000 |
11.900 |
|
Borrowings From Shareholder |
107.500 |
0.000 |
|
SHORT TERM
BORROWING |
|
|
|
From Banks |
|
|
|
Foreign Currency Buyer's Credit ** |
29.200 |
26.800 |
|
Vendor Bill Discounting # |
0.000 |
211.900 |
|
Total |
136.700 |
255.200 |
INDEX
OF CHARGES
|
S.NO. |
CHARGE ID |
DATE OF CHARGE CREATION/MODIFICATION |
CHARGE AMOUNT SECURED |
CHARGE HOLDER |
ADDRESS |
SERVICE REQUEST NUMBER (SRN) |
|
1 |
10580868 |
25/06/2015 |
11,548,767.00 |
SIEMENS FINANCIAL SERVICES PRIVATE LIMITED |
130, PANDURANG BUDHKAR MARG,, WORLI, MUMBAI, MAHARASHTRA - 400018, INDIA |
C59341412 |
|
2 |
10574341 |
28/05/2015 |
45,832,281.00 |
SIEMENS FINANCIAL SERVICES PRIVATE LIMITED |
130, PANDURANG BUDHKAR MARG,,
WORLI, MUMBAI, MAHA |
C56135189 |
|
3 |
10576356 |
13/07/2015 * |
1,700,000,000.00 |
GDA TRUSTEESHIP LIMITED |
GDA HOUSE, FIRST FLOOR, PLOT NO.
85, S. NO. 94 AND |
C60851227 |
|
4 |
10565495 |
18/03/2015 |
500,000,000.00 |
SOCIETE GENERALE |
UPPER GROUND FLOOR, AMBADEEP
BUILDING,, 14, KASTU |
C51691053 |
|
5 |
10495765 |
03/04/2014 |
30,776,484.00 |
ELECTRONICA FINANCE LIMITED |
128/A, PLOT NO.3,KAILASHCHANDRA APPARTMENTS,, PAUD ROAD, KOTHRUD, PUNE, MAHARASHTRA - 411038, INDIA |
C04781985 |
|
6 |
10494014 |
25/03/2014 |
600,000,000.00 |
DBS BANK LTD |
806 ANNA SALAI, CHENNAI, TAMIL NADU - 600002, INDIA |
C04421806 |
|
7 |
10386740 |
08/11/2012 |
36,000,000.00 |
KOTAK MAHINDRA BANK LIMITED |
36-38A, NARIMAN BHAVAN, 227,D,, NARIMAN POINT,, MUMBAI, MAHARASHTRA - 400021, INDIA |
B62154034 |
|
8 |
10319632 |
18/11/2011 |
146,184,000.00 |
GE CAPITAL SERVICES INDIA |
AIFCS BUILDING,IST FLOOR,, 1,RAFI MARG,, NEW DELHI, DELHI - 110001, INDIA |
B26029322 |
|
9 |
10324606 |
01/11/2011 |
65,000,000.00 |
SIEMENS FINANCIAL SERVICES PRIVATE LIMITED |
130, PANDURANG BUDHKAR MARG,,
WORLI, MUMBAI, MAHA |
B28367126 |
|
10 |
10268774 |
21/08/2014 * |
153,180,000.00 |
DBS BANK LIMITED |
806 ANNA SALAI, CHENNAI, TAMIL NADU - 600002, INDIA |
C20955936 |
* Date of charge modification
CONTINGENT
LIABILITIES:
(Rs. in million)
|
PARTICULARS |
31.03.2015 |
31.03.2014 |
|
Claim against the
company not acknowledged as debts in respect of |
|
|
|
Excise duty related matters |
4.500 |
4.500 |
|
Income taxes |
4.100 |
4.100 |
FIXED ASSETS
TANGIBLE ASSETS
·
Land and Development
·
Buildings
·
Plant and Machinery
·
Measuring Instruments
·
Electrical Installations
·
Data Processing Equipment
·
Office Equipment
·
Tools, Dies and Moulds
·
Vehicles
·
Motor Boat
INTANGIBLE ASSETS
- Application Software
- Prototype Development
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 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. |
|
UK Pound |
1 |
Rs. |
|
Euro |
1 |
Rs. |
INFORMATION DETAILS
|
Information
Gathered by : |
KAM |
|
|
|
|
Analysis Done by
: |
HNA |
|
|
|
|
Report Prepared
by : |
GTA |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
6 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL
CONDITION |
|
-- |
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILITY |
1~10 |
6 |
|
--LIQUIDITY |
1~10 |
6 |
|
--LEVERAGE |
1~10 |
6 |
|
--RESERVES |
1~10 |
6 |
|
--CREDIT LINES |
1~10 |
6 |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
NO |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
54 |
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.