MIRA INFORM REPORT
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Report No. : |
352361 |
|
Report Date : |
08.12.2015 |
IDENTIFICATION DETAILS
|
Name : |
RING PLUS AQUA
LIMITED |
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|
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Formerly Known
As : |
AQUA BEARINGS
LIMITED |
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Registered Office
: |
D-3/4, STICE, Sinnar-Shirdi Road, Musalgaon, Sinnar, Nashik – 422112, Maharashtra |
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Tel. No.: |
91-2551-240236 |
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Country : |
India |
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Financials (as
on) : |
31.03.2014 |
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Date of
Incorporation : |
11.09.1986 |
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Com. Reg. No.: |
11-040885 |
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Capital
Investment / Paid-up Capital : |
Rs.76.066 Million |
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|
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CIN No.: [Company Identification
No.] |
U99999MH1986PLC040885 |
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IEC No.: |
0388081457 |
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TAN No.: [Tax Deduction & Collection
Account No.] |
MUMR14476A |
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PAN No.: [Permanent Account No.] |
AABCR3220M |
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Legal Form : |
A Closely Held Public Limited Liability Company |
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Line of Business
: |
Subject is engaged in manufacture of Starter Ring Gears, Flex plates and Shaft Water Pump Bearings, all being automotive components. (Registered Activity) |
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No. of Employees
: |
1000 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
A (62) |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
56-70 |
A |
Financial & operational base are regarded healthy. General
unfavourable factors will not cause fatal effect. Satisfactory capability for
payment of interest and principal sums |
Fairly Large |
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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 subsidiary of “Scissors Engineering Products Limited”.
The company is engaged in the manufacturing of flywheel starter ring gears, flex
plate assemblies, integral shaft water pump bearings and other precision
machined automotive components. For the financial year ended 2014, company possesses healthy
operational performance and it has achieved decent growth in its revenue
profile. However, net profit of the company has been declined over a year. Rating takes into consideration company’s established track record of
business operations marked by its healthy financial profile along with
comfortable leverage and debt coverage indicators. Rating also takes into consideration strong financial and managerial
support that company receives from its holding entity backed by its well
experience management team. However, rating strength is partially offset by volatile profitability
margins arising out of volatility in the raw material price and cyclicality
inherent in auto ancillary industry. Trade relations are reported as fair. Business is active. Payments are
reported to be regular and as per commitment. The company can be considered good for normal business dealings at
usual trade terms and conditions. As per registrar of companies the date of balance sheet (i.e.
financial filed) is shown as 31.03.2015 but the documents related to the
financials for the year 31.03.2015 are not available from any source. |
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 |
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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 |
CARE |
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Rating |
Long term bank
facilities = A+ |
|
Rating Explanation |
Adequate degree of
safety and low credit risk. |
|
Date |
February 13, 2015 |
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Rating Agency Name |
CARE |
|
Rating |
Short term bank
facilities = A1+ |
|
Rating Explanation |
Very strong degree
of safety and carry lowest credit risk. |
|
Date |
February 13, 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
31-03-2015.
INFORMATION PARTED BY
|
Name : |
Mr. Chandrakant Rajmane |
|
Designation : |
Accountant |
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Contact No.: |
91-9820653109 |
|
Date : |
02.12.2015 |
LOCATIONS
|
Registered Office / Factory 1 (Starter ring gear division) : |
D-3/4, STICE, Sinnar-Shirdi Road, Musalgaon, Sinnar, Nashik – 422112, Maharashtra, India |
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Tel. No.: |
91-2551-240236 |
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Mobile No.: |
91-9820653109 (Mr. Chandrakant Rajmane) |
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Fax No.: |
91-2551-240250 |
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E-Mail : |
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Website : |
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Head / Corporate
office : |
2nd Floor, J. K. Files (I) Limited Annex Building, Jekegram Pokhran Road No. 1, Thane – 400606, Maharashtra, India |
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Tel. No.: |
91-22-61527653 |
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Factory 2 (Shaft
Bearing Division): |
A-16/17, STICE, At post – Musalgaon, Taluka-Sinnar, District Nashik – 422112, Maharashtra, India |
DIRECTORS
As on 05.06.2015
|
Name : |
Mr. Gautam Hari Singhania |
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Designation : |
Director |
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Address : |
J. K. House, 59A, Bhulabhai Desai Road, Mumbai - 400026, Maharashtra, India |
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Date of Birth/Age : |
09.09.1965 |
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Date of Appointment : |
03.06.2011 |
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DIN No.: |
00020088 |
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Name : |
Mr. Sunder Hariharan |
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Designation : |
Director |
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Address : |
5C, Regency Park - B, Eden Woods Complex, Gladys Alvares Marg, Off Pokharan Rd - 2, Thane - 400610, Maharashtra, India |
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Date of Birth/Age : |
26.07.1959 |
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Date of Appointment : |
08.08.2005 |
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DIN No.: |
00020583 |
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Name : |
Mr. Bhuwan Kumar Chaturvedi |
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Designation : |
Director |
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Address : |
4503, Phase-IV, DLF City, Gurgaon - 122009, Haryana, India |
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Date of Birth/Age : |
06.03.1948 |
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Date of Appointment : |
20.03.2015 |
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DIN No.: |
00144487 |
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Other Directorship :
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Name : |
Mr. Jagmeet Singh Sabharwal |
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Designation : |
Director |
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Address : |
1302, Ocean View, Union Park, Pali Hill, Khar (West), Mumbai - 400052, Maharashtra, India |
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Date of Birth/Age : |
21.07.1972 |
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Date of Appointment : |
20.03.2015 |
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DIN No.: |
00270607 |
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Other Directorship :
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Name : |
Mr. Parvinder Singh Pasricha |
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Designation : |
Director |
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Address : |
Vivarea Tower - A, Flat No. 1103, Sane Guruji Marg, Near Jecob Circle, Mumbai - 400011, Maharashtra, India |
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Date of Birth/Age : |
11.11.1947 |
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Date of Appointment : |
20.03.2015 |
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DIN No.: |
02947755 |
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Other Directorship :
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KEY EXECUTIVES
|
Name : |
Mr. Atul Dharap |
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Designation : |
Company Srecretary |
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Address : |
1 A/ 401, Rajarshi Shahu C.H.S., 90 Feet Road, Navghar Pada, Mulund (East), Mumbai - 400081, Maharashtra, India |
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Date of Birth/Age : |
15.08.1967 |
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Date of Appointment : |
23.07.2014 |
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PAN No.: |
AAJPD4258L |
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|
|
Name : |
Mr. Sitesh Maheshwari |
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Designation : |
Chief Financial Officer |
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Address : |
A-102, Hari Sankul - 2, Ashoka Marg, Ashoka Tower, Dwarka Corner, Nashik - 422011, Maharashtra, India |
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Date of Appointment : |
23.07.2014 |
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PAN No.: |
ACTPM0061E |
MAJOR SHAREHOLDERS
As on 05.06.2015
SHAREHOLDERS DETAILS FILE ATTACH
As on 01.09.2014
Equity Share Break up (Percentage of Total Equity)
|
Category |
Percentage |
|
Government
Companies |
3.19 |
|
Foreign holdings( Foreign institutional
investor(s), Foreign companie(s) Foreign financial institution(s), Non-resident
Indian(s) or Overseas Corporate bodies or Others |
0.11 |
|
Directors or
relatives of Directors |
90.11 |
|
Other top fifty shareholders |
2.41 |
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Others |
4.18 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Subject is engaged in manufacture of Starter Ring Gears, Flex plates and Shaft Water Pump Bearings, all being automotive components. (Registered Activity) |
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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 : |
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Products : |
Finished Goods |
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Countries : |
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Imports : |
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Products : |
Raw Material |
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Countries : |
Germany |
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Terms : |
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Selling : |
L/C |
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Purchasing : |
L/C |
PRODUCTION STATUS = NOT AVAILABLE
GENERAL INFORMATION
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Suppliers : |
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Customers : |
Retailers and End Users
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No. of Employees : |
1000 (Approximately) |
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Bankers : |
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Facilities : |
(Rs.
In Million)
|
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Auditors : |
|
|
Name : |
Lodha and Company Chartered Accountants |
|
Address : |
6 , Karim Chambers, 40, A. Doshi Marg, Mumbai – 400001, Maharashtra, India |
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PAN No.: |
AABFL1894Q |
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Memberships : |
Not Available |
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Collaborators : |
Not Available |
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Holding Company : |
Scissors Engineering Products Limited |
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Ultimate holding
Company : |
Raymond Limited, India |
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Subsidiary Company
: |
R and A Logistics Inc., United State of America |
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Fellow Subsidiary
Companies : |
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Other Related
Parties : |
J. K. Helene Curtis Limited, India |
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Joint Venture : |
Rose Engineered Products India Private Limited, India |
CAPITAL STRUCTURE
As on 05.06.2015
Authorised Capital:
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
30000000 |
Equity Shares |
Rs.10/- each |
Rs.300.000 Million |
Issued, Subscribed & Paid-up Capital:
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
7756671 |
Equity Shares |
Rs.10/- each |
Rs.77.567
Million |
As on 31.03.2014
Authorised Capital:
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
30000000 |
Equity Shares |
Rs.10/- each |
Rs.300.000 Million |
Issued, Subscribed & Paid-up Capital:
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
7606634 |
Equity Shares |
Rs.10/- each |
Rs.76.066
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 |
76.066 |
76.066 |
76.066 |
|
(b) Reserves &
Surplus |
866.458 |
775.649 |
725.824 |
|
(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) |
942.524 |
851.715 |
801.890 |
|
|
|
|
|
|
(3) Non-Current
Liabilities |
|
|
|
|
(a) long-term borrowings |
527.774 |
283.156 |
279.715 |
|
(b) Deferred tax
liabilities (Net) |
67.876 |
34.407 |
38.276 |
|
(c) Other long term
liabilities |
0.000 |
0.000 |
0.000 |
|
(d) long-term provisions |
0.000 |
0.000 |
0.000 |
|
Total Non-current
Liabilities (3) |
595.650 |
317.563 |
317.991 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
203.829 |
130.511 |
104.113 |
|
(b) Trade payables |
644.558 |
298.607 |
240.262 |
|
(c) Other current
liabilities |
166.205 |
69.128 |
45.558 |
|
(d) Short-term provisions |
25.715 |
21.056 |
24.464 |
|
Total Current Liabilities
(4) |
1040.307 |
519.302 |
414.397 |
|
|
|
|
|
|
TOTAL |
2578.481 |
1688.580 |
1534.278 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
1232.762 |
434.138 |
388.989 |
|
(ii) Intangible Assets |
2.024 |
2.739 |
1.181 |
|
(iii) Capital
work-in-progress |
4.617 |
60.859 |
6.394 |
|
(iv) Intangible assets
under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current
Investments |
107.041 |
393.312 |
375.056 |
|
(c) Deferred tax assets
(net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
49.212 |
34.767 |
4.517 |
|
(e) Other Non-current
assets |
15.673 |
1.760 |
8.675 |
|
Total Non-Current Assets |
1411.329 |
927.575 |
784.812 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
76.761 |
79.015 |
113.664 |
|
(b) Inventories |
362.237 |
151.567 |
172.487 |
|
(c) Trade receivables |
618.228 |
397.264 |
361.731 |
|
(d) Cash and cash
equivalents |
11.212 |
16.684 |
27.428 |
|
(e) Short-term loans and
advances |
80.172 |
95.540 |
60.906 |
|
(f) Other current assets |
18.542 |
20.935 |
13.250 |
|
Total Current Assets |
1167.152 |
761.005 |
749.466 |
|
|
|
|
|
|
TOTAL |
2578.481 |
1688.580 |
1534.278 |
PROFIT & LOSS ACCOUNT
|
|
PARTICULARS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
|
SALES |
|
|
|
|
|
Income |
2286.517 |
1319.296 |
1486.148 |
|
|
Other Income |
66.302 |
47.607 |
43.776 |
|
|
TOTAL |
2352.819 |
1366.903 |
1529.924 |
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
Cost of Materials
Consumed |
1089.307 |
669.431 |
749.061 |
|
|
Changes in inventories of
finished goods, work-in-progress and Stock-in-Trade |
(83.809) |
10.544 |
(8.027) |
|
|
Employees benefits
expense |
297.851 |
164.402 |
148.964 |
|
|
Other expenses |
784.569 |
346.279 |
384.422 |
|
|
TOTAL |
2087.918 |
1190.656 |
1274.420 |
|
|
|
|
|
|
|
Less |
PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND
AMORTISATION |
264.901 |
176.247 |
255.504 |
|
|
|
|
|
|
|
Less |
FINANCIAL EXPENSES |
109.117 |
43.276 |
12.849 |
|
|
|
|
|
|
|
|
PROFIT / (LOSS) BEFORE
TAX, DEPRECIATION AND AMORTISATION |
155.784 |
132.971 |
242.655 |
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION |
133.209 |
61.564 |
48.586 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS) BEFORE TAX |
22.575 |
71.407 |
194.069 |
|
|
|
|
|
|
|
Less |
TAX |
(5.700) |
21.582 |
67.719 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS) AFTER TAX
|
28.275 |
49.825 |
126.350 |
|
|
|
|
|
|
|
|
Earnings / (Loss) Per
Share (Rs.) |
3.65 |
6.55 |
16.61 |
CURRENT MATURITIES OF LONG TERM DEBT DETAILS
|
Particulars |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
Current Maturities of Long term debt |
134.031 |
55.837 |
29.836 |
|
Cash generated from operations |
NA |
NA |
NA |
|
Net cash flows from (used in) operations |
226.762 |
172.155 |
124.697 |
KEY
RATIOS
|
PARTICULARS |
|
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
Net Profit Margin (PAT/Sales) |
(%) |
1.24 |
3.78 |
8.50 |
|
|
|
|
|
|
|
Operating Profit Margin (PBDIT / Sales) |
(%) |
11.59 |
13.36 |
17.19 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
0.92 |
5.78 |
16.83 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.02 |
0.08 |
0.24 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
0.92 |
0.55 |
0.52 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.12 |
1.47 |
1.81 |
FINANCIAL ANALYSIS
[all figures are
in Rupees Million]
DEBT EQUITY RATIO
|
Particular |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
(Rs. In Million) |
(Rs. In Million) |
(Rs. In Million) |
|
Share Capital |
76.066 |
76.066 |
76.066 |
|
Reserves & Surplus |
725.824 |
775.649 |
866.458 |
|
Net worth |
801.890 |
851.715 |
942.524 |
|
|
|
|
|
|
long-term borrowings |
279.715 |
283.156 |
527.774 |
|
Short term borrowings |
104.113 |
130.511 |
203.829 |
|
Current Maturities of
Long Term Debt |
29.836 |
55.837 |
134.031 |
|
Total borrowings |
413.664 |
469.504 |
865.634 |
|
Debt/Equity ratio |
0.516 |
0.551 |
0.918 |
YEAR-ON-YEAR GROWTH
|
Year on Year Growth |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
(Rs. In Million) |
(Rs. In Million) |
(Rs. In Million) |
|
Sales |
1486.148 |
1319.296 |
2286.517 |
|
|
|
(11.227) |
73.313 |
NET PROFIT MARGIN
|
Net Profit Margin |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
(Rs. In Million) |
(Rs. In Million) |
(Rs. In Million) |
|
Sales |
1486.148 |
1319.296 |
2286.517 |
|
Profit |
126.350 |
49.825 |
28.275 |
|
|
8.50% |
3.78% |
1.24% |
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 |
Yes |
|
8 |
Designation of contact person |
Yes |
|
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) |
Yes |
|
16 |
No. of employees |
Yes |
|
17 |
Details of sister concerns |
Yes |
|
18 |
Major suppliers |
No |
|
19 |
Major customers |
Yes |
|
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 |
Yes |
|
32 |
Litigations that the firm/promoter
involved in |
---------------------- |
|
33 |
Market information |
---------------------- |
|
34 |
Payments terms |
Yes |
|
35 |
Negative Reporting by Auditors in the
Annual Report |
No |
OVERVIEW
The Company is engaged in manufacture of Starter Ring Gears, Flexplates and Shaft Water Pump Bearings, all being automotive components. The company is a subsidiary of Scissors Engineering Products Ltd. which is a subsidiary of Raymond Limited
These financial statements have been prepared on an accrual basis and under historical cost convention and in compliance, in all material aspects, with the applicable accounting principles in India, the applicable accounting standards notified under the Companies Act, 1956.
All the assets and liabilities have been classified as current or non-current as per the Company’s normal operating cycle and other criteria set out in Schedule VI to the Companies Act, 1956. Based on the nature of products and the time between the acquisition of assets for processing and their realization in cash and cash equivalent, the Company has ascertained its operating cycle to be 12 months for the purpose of current- noncurrent classification of assets and liabilities.
FINANCIAL RESULTS
The total revenue of the Company (post Amalgamation) was at Rs. 2352.800 Million (Previous Year: Rs. 1366.900 Million). Profit before tax was at Rs. 22.600 Million (Previous Year: Rs. 71.400 Million). Due to the amalgamation of Trinity India Limited with the Company from the appointed date 1st April, 2013, the performance of the Company for the Financial Year 2014 is strictly not comparable with that of the previous year.
OPERATIONS
Starter Ring Gear
The growth in global market has remained stagnant during the year, however the Company has been able to make inroads and gain market share in US and European markets with its competitive pricing and services offered to customers. The overall Gear sales were higher by 26%, at Rs. 1075.600 Million compared to Rs. 852.000 Million in the previous year. The export sales increased by whooping 46% vis-a-vis previous year whereas the domestic sale remained flat as compared to previous year.
The Company continued its efforts for developing new markets, new customers, making major in-roads into South East Asia, Latin American and Canada/North American markets during the year. In domestic market also the Company continues to bag orders from prestigious Auto-Companies and MNC Auto Original Equipment Manufacturers (OEMs) operating in India. This has helped Company to withstand the demand pressure situation for the year. As a marketing strategy, efforts are now on for increasing share of business in Sports Utility Vehicle (SUV), Medium and Heavy Commercial Vehicle (MHCV) and non-auto business segments.
Shaft Bearing
The performance of Shaft Bearings Division remained stable during the year under review. The overall Bearings sales were up by 2 % at Rs.313.600 Million against Rs.308.700 Million in the previous year.
During the last financial year based on potential growth in OEM demand and as a part of capability building program, your Company had taken up expansion project to augment its capacity from 3 million Bearings to 5 million Bearings per annum. The expansion has completed.
During the year and with the enhanced capabilities, the company is poised to serve global OEM with improved qualitative and competitive products.
Flexplate Assembly
The sale of Flexplate Assembly was at Rs.49.600 Million against Rs.53.500 Million in the Previous Year.
However with the improvement in capabilities, the Company is successful in meeting the requirements of global customers. The Company is nominated by BMW for their next X1 program which will be launched in China in year 2015. The Company is also tapping international market for growth with other customers. In coming year, the Flexplate business is expected improve further.
Forged Machined
Components
Owing to the merger of erstwhile Trinity India Limited with the Company w.e.f. 1st April, 2013, the revenue from sale of Forged Machined Components were also included in the Income of the Company. The sale of Forged Machined Components for the year was Rs. 602.200 Million. The Company has lost one of its prominent accounts of Ford in export market due to unilateral decision by Ford to discontinue business with Company owing to issues with earlier management (prior to its acquisition). The Company is mitigating the loss by venturing into businesses from non-auto segments. The Company is also focusing on new-product developments to augment the revenues of the segment.
SCHEME OF
AMALGAMATION
The Scheme of Amalgamation of Trinity India Limited (TIL) with the Company was sanctioned by the Hon’ble High Court of Bombay vide its Order dated May 9, 2014. Accordingly TIL was merged with your Company from the appointed date April 1, 2013. This amalgamation will help to consider the auto component business into a single legal entity and leverage the synergies to optimally utilize the resources.
The Shareholders of erstwhile TIL were issued 20 Equity Shares (Fully paid-up) of the Company for every 173 Equity Shares (Fully paid-up) of TIL, held by them, as on the Book Closure date i.e. June 24, 2014 to June 27, 2014.
As a result, the subscribed and paid-up capital of your company will be increased from Rs.76.000 Million to Rs. 77.500 Million. The Authorised Share Capital of the Company increased from Rs.100.000 Million to Rs.300.000 Million. The financial statements of the Company for the year ended 31st March, 2014 includes the financial performance of TIL.
UNSECURED LOAN
(Rs.
In Million)
|
Particulars |
As
on 31.03.2014 |
As
on 31.03.2013 |
|
LONG TERM
BORROWING |
|
|
|
Deferred payment liabilities |
41.962 |
47.767 |
|
Loans and advances from related parties |
133.900 |
10.000 |
|
SHORT TERM
BORROWING |
|
|
|
Other loans and advances |
0.000 |
40.000 |
|
Total |
175.862 |
97.767 |
INDEX OF CHARGES
|
S. NO. |
CHARGE ID |
DATE OF CHARGE CREATION/MODIFICATION |
CHARGE AMOUNT SECURED |
CHARGE HOLDER |
ADDRESS |
SERVICE REQUEST NUMBER (SRN) |
|
1 |
10420384 |
26/03/2013 |
230,000,000.00 |
INDUSIND BANK LIMITED |
2401 GEN THIMMAYYA ROAD, CONTONMENT, PUNE - 411001, MAHARASHTRA, INDIA |
B73370488 |
|
2 |
10358380 |
09/05/2012 |
50,000,000.00 |
AXIS BANK LIMITED |
CORPORATE BANKING BRANCH, GROUND FLOOR, AXIS HOUSE, BOMBAY DYEING MILL COMPOUND, P.B. MARG, WORLI, MUMBAI - 400025, MAHARASHTRA, INDIA |
B40708703 |
|
3 |
10341474 |
15/02/2012 |
148,500,000.00 |
THE SARASWAT COOPERATIVE BANK LIMITED |
SME VILE PARLE BRANCH, BHOLANATH CO-OP HOUSING SOCIETY, SUBHASH ROAD, VILE PARLE EAST, MUMBAI - 400057, MAHARASHTRA, INDIA |
B34700518 |
|
4 |
10310016 |
06/09/2011 |
200,000,000.00 |
HDFC BANK LIMITED |
HDFC BANK HOUSE
SENAPATI BAPAT MARG, LOWER PAREL |
B22472112 |
|
5 |
80062805 |
09/12/2011 * |
197,000,000.00 |
HDFC BANK LIMITED |
HDFC BANK HOUSESENAPATI BAPAT MARG, LOWER PAREL WEST, MUMBAI - 400013, MAHARASHTRA, INDIA |
B29232030 |
|
6 |
80010593 |
07/02/2012 * |
109,000,000.00 |
THE SARASWAT COOPERATIVE BANK LIMITED |
SME VILE PARLE BRANCH, BHOLANATH CO-OP HOUSING SOCIETY, SUBHASH ROAD, VILE PARLE EAST, MUMBAI - 400057, MAHARASHTRA, INDIA |
B33683913 |
* Date of charge modification
FIXED ASSETS
- Land
- Buildings
- Plant and Equipment
- Furniture and Fixtures
- Vehicles
- Office Equipment
- Computer Equipments
- Other Equipments
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.66.62 |
|
|
1 |
Rs.100.65 |
|
Euro |
1 |
Rs.72.40 |
INFORMATION DETAILS
|
Information
Gathered by : |
GAY |
|
|
|
|
Analysis Done by
: |
KAR |
|
|
|
|
Report Prepared
by : |
PNM |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
7 |
|
PAID-UP CAPITAL |
1~10 |
7 |
|
OPERATING SCALE |
1~10 |
7 |
|
FINANCIAL
CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
7 |
|
--PROFITABILITY |
1~10 |
6 |
|
--LIQUIDITY |
1~10 |
7 |
|
--LEVERAGE |
1~10 |
7 |
|
--RESERVES |
1~10 |
7 |
|
--CREDIT LINES |
1~10 |
7 |
|
--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 |
YES |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTER
|
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
62 |
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.