MIRA INFORM REPORT
|
Report No. : |
354350 |
|
Report Date : |
11.12.2015 |
IDENTIFICATION DETAILS
|
Name : |
GKN DRIVELINE (INDIA) LIMITED |
|
|
|
|
Formerly Known
As : |
GKN INVEL TRANSMISSIONS LIMITED |
|
|
|
|
Registered
Office : |
Plot No. 270, Sector – 24, Faridabad – 121 005, Haryana |
|
Tel. No.: |
91-129-4091100 / 2230582 |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as
on) : |
31.03.2015 |
|
|
|
|
Date of
Incorporation : |
25.07.1985 |
|
|
|
|
Com. Reg. No.: |
05-034079 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs.127.731 Million |
|
|
|
|
CIN No.: [Company Identification
No.] |
U74999HR1985PLC034079 |
|
|
|
|
IEC No.: |
0588000787 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
Not Available |
|
|
|
|
PAN No.: [Permanent Account No.] |
AAACG4276B |
|
|
|
|
Legal Form : |
A Closely Held Public Limited Liability Company |
|
|
|
|
Line of Business
: |
Subject engaged in the manufacture and sale of driveshafts to original equipment manufacturers in the automobile industry. (Registered Activity) |
|
|
|
|
No. of Employees
: |
Not Available |
RATING & COMMENTS
|
MIRA’s Rating : |
A (56) |
|
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 |
|
Maximum Credit Limit : |
USD 7000000 |
|
|
|
|
Status : |
Good |
|
|
|
|
Payment Behaviour : |
Regular |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is a subsidiary of ‘GKN Deriveline International GmbH’,
Germany. The company is engaged in manufacturing automotive components. Its products
include constant velocity joint system, all-wheel drive system, trans axle
solution, replacement parts, edrive system and motorsport products. The company possesses moderate operational performance and it has
incurred huge losses from its operational activities. Rating takes into consideration company’s established track record of
business operations marked by its satisfactory financial base along with
sound net worth profile and healthy debt coverage indicators. Rating also takes into account of strong financial and managerial
support that company receives from its holding entity backed by its well
experience management team. Trade relations are reported as fair. Payment terms are reported to be
regular. In view of aforesaid, the company can be considered for business
dealings at usual trade terms and condition.
|
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 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
EXTERNAL AGENCY RATING
|
Rating Agency Name |
Not Available |
|
Rating |
Not Available |
|
Rating Explanation |
Not Available |
|
Date |
Not Available |
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.
LOCATIONS
|
Registered Office : |
Plot No. 270, Sector – 24, Faridabad – 121 005, Haryana, India |
|
Tel. No.: |
91-129-4091100 / 2230582 |
|
Fax No.: |
91-129-2230580 |
|
E-Mail : |
|
|
Website : |
|
|
|
|
|
Manufacturing : |
Located at :
|
DIRECTORS
As on 31.03.2015
|
Name : |
Mr. Krishnamurthy Naga Subramaniam |
|
Designation : |
Director |
|
Address : |
13-14, Anfilco Housing Colony, Dundahera, Gurgaon - 122016, Haryana, India |
|
Date of Appointment : |
20.01.2015 |
|
DIN No.: |
00041843 |
|
|
|
|
Name : |
Ms. Gopika Pant |
|
Designation : |
Director |
|
Address : |
49 A, Aradhana Enclave, R K Puram, New Delhi - 110066, India |
|
Date of Appointment : |
20.01.2015 |
|
DIN No.: |
00388675 |
|
|
|
|
Name : |
Mr. Bharat Dev Singh Kanwar |
|
Designation : |
Managing Director |
|
Address : |
A-701 , Eves Garden, Baner Road, Baher, Pune - 411045, Maharashtra, India |
|
Date of Birth/Age : |
08.11.1956 |
|
Date of Appointment : |
14.03.2013 |
|
DIN No.: |
00428180 |
|
|
|
|
Name : |
Christophe Jean Philippe Jollivel |
|
Designation : |
Director |
|
Address : |
23, Sultanpur Farms, Khasra No. 676, M.G. Road, Delhi -110030, India |
|
Date of Birth/Age : |
31.01.1969 |
|
Date of Appointment : |
13.12.2012 |
|
DIN No.: |
06431185 |
|
|
|
|
Name : |
Craig Parr |
|
Designation : |
Director |
|
Address : |
130 Tanjong Rhu Road, #13-14, Pebble Bay - 436918, Singapore |
|
Date of Appointment : |
24.09.2013 |
|
DIN No.: |
06681464 |
|
|
|
|
Name : |
Mr. Arnaud Christian Marcel Lesschaeve |
|
Designation : |
Director |
|
Address : |
46 Coronation Road West, #06-04, Astrid Meadows -269262, Singapore |
|
Date of Appointment : |
24.09.2013 |
|
DIN No.: |
06691111 |
|
|
|
|
Name : |
Sock Eng Yeo |
|
Designation : |
Director |
|
Address : |
47 Springside Walk, Singapore -786630, Singapore |
|
Date of Appointment : |
20.01.2015 |
|
DIN No.: |
07048850 |
KEY EXECUTIVES
|
Name : |
Mr. Madan Singh Sisodia |
|
Designation : |
Chief Finance Officer |
|
Address : |
H. No. 364, Sector 46, Faridabad - 121010, Haryana, India |
|
Date of Appointment : |
01.04.2014 |
|
PAN No.: |
AIDPS0489A |
|
|
|
|
Name : |
Mr. Ashish Kumar Pandey |
|
Designation : |
Secretary |
|
Address : |
A-68, Ashoka Enclave II, Sector 37, Faridabad - 121003, Haryana, India |
|
Date of Appointment : |
22.06.2010 |
|
PAN No.: |
AKXPP2127N |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 31.03.2015
SHAREHOLDER DETAILS FILE ATTACHED
Equity Share Break up (Percentage of Total Equity)
As on 28.06.2013
|
Category |
Percentage |
|
Foreign holdings( Foreign institutional
investor(s), Foreign companie(s) Foreign financial institution(s), Non-resident
Indian(s) or Overseas Corporate bodies or Others |
97.13 |
|
Bodies corporate |
0.05 |
|
Other top fifty shareholders |
0.49 |
|
Others |
2.30 |
|
Total |
100.00 |
%20LIMITED%20-%20354350%2011-Dec-2015_files/image002.gif)
BUSINESS DETAILS
|
Line of Business : |
Subject engaged in the manufacture and sale of driveshafts to original equipment manufacturers in the automobile industry. (Registered Activity) |
|
|
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|
Products : |
Not Available |
|
|
|
|
Brand Names : |
Not Available |
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|
|
Agencies Held : |
Not Available |
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|
|
|
Exports : |
Not Available |
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|
|
|
Imports : |
Not Available |
|
|
|
|
Terms : |
Not Divulged |
PRODUCTION STATUS NOT AVAILABLE
GENERAL INFORMATION
|
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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||||||||||||||||||||||
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Auditors : |
|
|
Name : |
Price Waterhouse Chartered Accountants |
|
Address : |
Sucheta Bhawan 11A, VISHNU Digambar Marg, New Delhi - 110002, India |
|
PAN N Income-tax PAN of auditor or auditor's firm : |
AAFFP3698A |
|
|
|
|
Memberships : |
Not Available |
|
|
|
|
Collaborators : |
Not Available |
|
|
|
|
Fellow Subsidiary
Company : |
GKN Driveline Malaysia SDNBHD, Malaysia,
U29130PN1960PTC018827
|
|
|
|
|
Subsidiary company
: |
Drivetech Accessories Limited, India U74899DL1995PLC070604 |
|
|
|
|
Others : |
|
CAPITAL STRUCTURE
As on 31.03.2015
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
15000000 |
Equity Shares |
Rs.10/- each |
Rs.150.000 Million |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
12773061 |
Equity Shares |
Rs.10/- each |
Rs.127.731
Million |
|
|
|
|
|
FINANCIAL DATA
[all figures are
in Rupees Million]
ABRIDGED
BALANCE SHEET
|
SOURCES
OF FUNDS |
31.03.2015 (15
Months) |
31.12.2013 (12
Months) |
31.12.2012 (12
Months) |
|
|
|
|
|
|
I.
EQUITY AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
127.731 |
127.731 |
127.731 |
|
(b) Reserves & Surplus |
2327.455 |
2349.799 |
2754.627 |
|
(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) |
2455.186 |
2477.530 |
2882.358 |
|
|
|
|
|
|
(3) Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
0.000 |
1232.500 |
1000.000 |
|
(b) Deferred tax liabilities
(Net) |
0.000 |
0.000 |
0.044 |
|
(c) Other long term
liabilities |
608.219 |
496.052 |
6.791 |
|
(d) long-term provisions |
42.533 |
38.433 |
93.155 |
|
Total
Non-current Liabilities (3) |
650.752 |
1766.985 |
1099.990 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
335.084 |
66.477 |
111.487 |
|
(b) Trade payables |
1487.455 |
1194.909 |
1303.837 |
|
(c) Other current liabilities |
1224.127 |
619.141 |
426.355 |
|
(d) Short-term provisions |
171.784 |
111.293 |
53.609 |
|
Total
Current Liabilities (4) |
3218.450 |
1991.820 |
1895.288 |
|
|
|
|
|
|
TOTAL |
6324.388 |
6236.335 |
5877.636 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
3301.259 |
3531.434 |
3712.064 |
|
(ii) Intangible Assets |
1.465 |
1.859 |
1.063 |
|
(iii) Capital work-in-progress |
18.082 |
360.641 |
213.718 |
|
(iv) Intangible assets under
development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current Investments |
0.502 |
0.502 |
0.502 |
|
(c) Deferred tax assets (net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
243.081 |
149.679 |
154.371 |
|
(e) Other Non-current assets |
0.000 |
0.700 |
0.700 |
|
Total
Non-Current Assets |
3564.389 |
4044.815 |
4082.418 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
0.000 |
0.000 |
0.000 |
|
(b) Inventories |
1289.825 |
1108.610 |
861.896 |
|
(c) Trade receivables |
1126.522 |
806.116 |
683.143 |
|
(d) Cash and cash equivalents |
78.791 |
48.994 |
25.740 |
|
(e) Short-term loans and
advances |
263.321 |
224.767 |
222.567 |
|
(f) Other current assets |
1.540 |
3.033 |
1.872 |
|
Total
Current Assets |
2759.999 |
2191.520 |
1795.218 |
|
|
|
|
|
|
TOTAL |
6324.388 |
6236.335 |
5877.636 |
PROFIT
& LOSS ACCOUNT
|
|
PARTICULARS |
31.03.2015 (15
Months) |
31.12.2013 (12
Months) |
31.12.2012 (12
Months) |
|
|
SALES |
|
|
|
|
|
Revenue from Operations |
10805.528 |
7142.027 |
6821.908 |
|
|
Other Income |
49.620 |
9.935 |
5.303 |
|
|
TOTAL
(A) |
10855.148 |
7151.962 |
6827.211 |
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
Cost of Materials Consumed |
6208.079 |
4180.112 |
4308.521 |
|
|
Changes in inventories of
finished goods, work-in-progress and Stock-in-Trade |
(92.630) |
(40.176) |
(46.838) |
|
|
Employees benefits expense |
1172.426 |
817.970 |
655.324 |
|
|
Other expenses |
2643.338 |
1862.655 |
1734.010 |
|
|
TOTAL
(B) |
9931.213 |
6820.561 |
6651.017 |
|
|
|
|
|
|
|
Less |
PROFIT/
(LOSS) BEFORE INTEREST, TAX,
DEPRECIATION AND AMORTISATION (C) |
923.935 |
331.401 |
176.194 |
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
224.439 |
188.094 |
106.864 |
|
|
|
|
|
|
|
|
PROFIT
/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
699.496 |
143.307 |
69.330 |
|
|
|
|
|
|
|
Less/
Add |
DEPRECIATION/
AMORTISATION (F) |
719.746 |
548.179 |
440.445 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS)
BEFORE TAX (E-F) (G) |
(20.250) |
(404.872) |
(371.115) |
|
|
|
|
|
|
|
Less |
TAX (H) |
2.094 |
(0.044) |
(121.397) |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS)
AFTER TAX (G-H) (I) |
(22.344) |
(404.828) |
(249.718) |
|
|
|
|
|
|
|
|
EARNINGS
IN FOREIGN CURRENCY |
|
|
|
|
|
F.O.B. Value of Exports |
529.533 |
137.540 |
51.105 |
|
|
TOTAL
EARNINGS |
529.533 |
137.540 |
51.105 |
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
Raw Materials |
2717.957 |
2215.857 |
1992.845 |
|
|
Capital Goods |
43.113 |
285.610 |
518.583 |
|
|
TOTAL
IMPORTS |
2761.070 |
2501.467 |
2511.428 |
|
|
|
|
|
|
|
|
Earnings
/ (Loss) Per Share (Rs.) |
0.00 |
(31.69) |
(19.55) |
CURRENT MATURITIES OF LONG TERM DEBT DETAILS
|
Particulars |
31.03.2015 (15
Months) |
31.12.2013 (12
Months) |
31.12.2012 (12
Months) |
|
Current Maturities of Long term debt |
1015.000 |
317.500 |
100.000 |
|
Cash generated from operations |
NA |
NA |
NA |
|
Net cash flows from (used in) operations |
815.288 |
405.359 |
120.597 |
|
Net cash flow from operating activity |
814.980 |
404.866 |
100.421 |
KEY
RATIOS
|
PARTICULARS |
|
31.03.2015 (15 Months) |
31.12.2013 (12
Months) |
31.12.2012 (12
Months) |
|
Net Profit Margin (PAT / Sales) |
(%) |
(0.21) |
(5.67) |
(3.66) |
|
|
|
|
|
|
|
Operating Profit Margin (PBIDT/Sales) |
(%) |
8.55 |
4.64 |
2.58 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
(0.32) |
(6.89) |
(6.55) |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
(0.01) |
(0.16) |
(0.13) |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
0.55 |
0.65 |
0.42 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
0.86 |
1.10 |
0.95 |
FINANCIAL ANALYSIS
[all figures are
in Rupees Million]
DEBT EQUITY RATIO
|
Particular |
31.12.2012 |
31.12.2013 |
31.03.2015 |
|
|
(Rs.
In Million) |
(Rs.
In Million) |
(Rs.
In Million) |
|
Share Capital |
127.731 |
127.731 |
127.731 |
|
Reserves & Surplus |
2754.627 |
2349.799 |
2327.455 |
|
Net
worth |
2882.358 |
2477.530 |
2455.186 |
|
|
|
|
|
|
long-term borrowings |
1000.000 |
1232.500 |
0.000 |
|
Short term borrowings |
111.487 |
66.477 |
335.084 |
|
Current Maturities Of
Long-Term Debts |
100.000 |
317.500 |
1015.000 |
|
Total
borrowings |
1211.487 |
1616.477 |
1350.084 |
|
Debt/Equity
ratio |
0.420 |
0.652 |
0.550 |
%20LIMITED%20-%20354350%2011-Dec-2015_files/image004.gif)
YEAR-ON-YEAR GROWTH
|
Year
on Year Growth |
31.12.2012 |
31.12.2013 |
31.03.2015 |
|
|
(Rs.
In Million) |
(Rs.
In Million) |
(Rs.
In Million) |
|
Sales |
6821.908 |
7142.027 |
10805.528 |
|
|
|
4.693 |
51.295 |
%20LIMITED%20-%20354350%2011-Dec-2015_files/image005.gif)
NET PROFIT MARGIN
|
Net
Profit Margin |
31.12.2012 |
31.12.2013 |
31.03.2015 |
|
|
(Rs.
In Million) |
(Rs.
In Million) |
(Rs.
In Million) |
|
Sales |
6821.908 |
7142.027 |
10805.528 |
|
Profit / (Loss) |
(249.718) |
(404.828) |
(22.344) |
|
|
(3.66%) |
(5.67%) |
(0.21%) |
%20LIMITED%20-%20354350%2011-Dec-2015_files/image006.gif)
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) |
No |
|
16 |
No. of employees |
No |
|
17 |
Details of sister concerns |
Yes |
|
18 |
Major suppliers |
No |
|
19 |
Major customers |
No |
|
20 |
Banking Details |
No |
|
21 |
Banking facility details |
No |
|
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 |
GENERAL INFORMATION
Subject was incorporated on July 25, 1985 and is engaged in the manufacture and sale of driveshafts to original equipment manufacturers in the automobile industry. The company has four manufacturing locations in India at Faridabad, Dharuhera, Oragadam and Pune.
FINANCIAL
PERFORMANCE:
Previous year was for 12 months whereas current period is for 15 months so the above figures are not comparable on absolute basis. The Company’s top-line and bottom line continued to grow during the period. TheCompany posted growth rate of 51% in terms of sales as compared to previous period sales of 12 months till December 31, 2013. The profit before interest, tax and depreciation (EBITDA) was Rs.923.935 Million as compared to Rs.331.403 Million in previous year mainly due to localization of products including Long Stem Tulip and Boot, higher exports, exchange gain, reduction in steel prices and improved operational efficiencies.
The Directors are satisfied that the accounts represent the trading performance of the Company and give a true and fair view of the state of affairs of the Company as at March 31, 2015 and of the loss of the Company for that date.
OPERATIONS:
Focus in 2014-15 was on driving safety culture, sustaining initiatives taken earlier-on in quality, supply chain and operational efficiency.
The Company at its Chennai CVJ Plant sustained the initiatives taken in 2013 in terms of productivity, quality and supply chain. Plant got recognition from Toyota for meeting 100% targets of delivery and quality for 2014-15. Plant Key performance indicators were improved. The plant installed 33 KV power line to get better power availability. Special initiative was taken during the year to upgrade machinery for single piece flow, process capability and process compliance. Chennai Precision Forging plant focused on developing higher value products for exports. Pune plant stabilized its manufacturing in 2014-15 for its various customers. In order to lower the operational cost, Pune commissioned the equipment and got approval to draw power from Express feeder from the Govt. Dharuhera Plant received Quality Improvement Award from
Maruti Suzuki India.
All plants deployed the concept of Model cells and team leaders in production department. Operational Excellence (Opex) introduced in all the plants through establishment of model cells. This is in line with Toyota production systems (TPS) and with GKN Driveline Excellence System.
The Company is looking forward to operation's effectiveness through improvement in safety culture, Production excellence systems and operational performance. Faridabad Plant won the First Prize in the Inter Industry Competition on Environment, Health & Safety Management conducted by Confederation of Indian Industry (CII).
CONSERVATION OF
ENERGY:
Steps taken and
impact on conservation of energy:
During the year
2014-15, Company initiated various steps for conserving electricity.
1. Replacement of water cooled Heat exchanger
2. Replacement of LED street lights of (45 watt ) in place of conventional light of 96 Watt,
3. LED 16 watt Tube Light rod replaced with 36 watt Tube and 28 watt T5 Tube Light
4. Installation of 5 Star energy efficient air conditioner
5. Purchase of Uninterrupted power from IEX (open Access)
6. Put auto timer system to all office air conditioners
The Company has taken steps towards setting up of Solar Energy Plant at its Faridabad and Dharuhera Plants and invested some amount in other energy saving equipment's
TECHNOLOGY
ABSORPTION:
The Company maintains interaction with GKN Group internationally. The benefits derived by the Company through technology absorption and Research and Development are detailed in Annexure Bwith this Report. Company continuously imports technology from GKN Group under the Technical Collaboration Agreement and the same is fully absorbed. Company is receiving support and guidance from GKN Group to drive functional excellence in marketing, human resource, application engineering, supply management and information technology, among others, which helps Company to remain competitive and further step-up its overall business performance. GKN is committed to ensuring that the support in terms of new products, innovations, technologies and services is commensurate with the needs of the Company and enables it to continue as market leader.
AUTOMOTIVE INDUSTRY
AND OUTLOOK:
As per the Society of Indian Automobile Manufacturers (SIAM), Indian Automotive Industry registered a growth of 8.68% over the last year (23,366,246 vehicles produced in April 2014-March 2015 as against 21,500,165 in April 2013-March 2014 which includes passenger vehicles, commercial vehicles, three wheelers and two wheelers.
The sales of Passenger Vehicles grew by 3.9%. Within the Passenger Vehicles segment, Passenger Cars and Utility Vehicles grew by 4.99% and 5.3% respectively, while Vans declined by (-) 10.19%. The exports grew by 14.89% over the last year.
After growing by 4.5% in FY2013-14, industry grew to 5.9% in FY2014-15. As per ADB outlook 2015-16, the growth in the gross domestic product is expected to accelerate to 7.8% in FY2015-16 on improved performance in both industry and services as policy addresses structural bottlenecks and external demand improves. Growth is expected to edge up further to 8.2% in FY2016-17, helped by a supportive monetary policy in 2015, as inflation continues to trend lower and by a pickup in capital expenditure.
The Company has won new businesses from Maruti Suzuki, Honda, Ford, Tata and General Motors with per annum volume of 607,000 vehicles.
UNSECURED LOAN
|
Unsecured Loan |
31.03.2015 (15
Months) |
31.12.2013 (12
Months) |
|
Long-term
Borrowings |
|
|
|
Rupee term loans from others |
0.000 |
1232.500 |
|
|
|
|
|
Short-term
borrowings |
|
|
|
Term loans from banks |
335.084 |
66.477 |
|
Total |
335.084 |
1298.977 |
CONTINGENT
LIABILITIES:
(Rs. in million)
|
PARTICULARS |
31.03.2015 (15
Months) |
31.12.2013 (12
Months) |
|
1) Claims against
the company not acknowledged as debts |
|
|
|
Demand from Haryana Urban Development Authority (HUDA) (Refer note a below) |
9.876 |
9.876 |
|
Demands from Income Tax Authorities (against which the Company has furnished bank guarantee of Rs. 603.596 Million (Previous year Rs. 174.177 Million) to Deputy Commissioner of Income Tax. |
785.312 |
523.424 |
|
Demand raised by Central Excise department for Excise duty |
17.376 |
17.033 |
|
Demand raised by Central Excise department for Service Tax |
86.798 |
76.283 |
|
Demand raised by Employee State Insurance Department |
0.244 |
0.244 |
|
Show Cause notice issued by Assistant Commissioner for the years 2009-10 to 2013-14 for non-submission of Industrial Input Certificate under TNVAT Act, 2006 in the state of Tamilnadu |
607.822 |
0.000 |
|
Law suits and claims |
6.135 |
6.185 |
|
|
|
|
|
2) Other Money for
which the company is contingently liable : |
|
|
|
(a) Bank Guarantee furnished to Sales Tax Department |
0.000 |
0.700 |
|
(b) Bank Guarantee furnished to Haryana Pollution Control Board. |
0.000 |
1.300 |
|
(c) Bank Guarantee furnished to Maharashtra Pollution Control Board. |
0.500 |
0.500 |
|
(d) Bank Guarantee furnished to Deputy Commissioner of Central Excise. |
30.000 |
0.000 |
|
|
|
|
|
Note : a) In April 1999, the Company had received a demand of Rs 9,875,995 (Previous Year Rs 9,875,995) from Haryana Urban Development Authority (HUDA) towards extension fees for non-completion of building within time at its Dharuhera Plant. The Company?s writ appeal on the above subject is currently pending before the Honble High Court of Punjab and Haryana. During the period hearings were held before the Chief Administrator, HUDA, in which the Chief Administrator, HUDA had dismissed the appeal on the ground of maintainability. Final arguments had been addressed in the case and written submissions/arguments on behalf of the Company had also been filed. The office of the Chief Administrator, HUDA had not judiciously given consideration to the documents and facts submitted by the Company. Management is of the view that since the Company complied with terms and conditions of the allotment of the plot therefore no extension fee is chargeable upon the Company. b) It is not practicable for the Company to estimate the final liability that may arise or the timings of cash outflows, if any, in respect of the above pending the resolution of the respective proceedings and management is confident that the final outcomes will not result in any material additional liabilities for the Company. |
||
INDEX
OF CHARGES: NO CHARGES EXIST FOR THE COMPANY
FIXED ASSETS
- Land
- Buildings
- Plant and equipment
- Furniture and fixtures
- Vehicles
- Office equipment
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.66.79 |
|
|
1 |
Rs.101.36 |
|
Euro |
1 |
Rs.73.46 |
INFORMATION DETAILS
|
Analysis Done by
: |
KAR |
|
|
|
|
Report Prepared
by : |
SUJ |
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 |
-- |
|
--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 |
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 |
|
56 |
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.