MIRA
INFORM REPORT
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Report No. : |
307785 |
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Report Date : |
16.02.2015 |
IDENTIFICATION DETAILS
|
Name : |
MAHINDRA AUTOMATION DISTRIBUTOR PRIVATE LIMITED (w.e.f.28.09.2010) |
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Formerly Known
As : |
MAHINDRA RENAULT PRIVATE LIMITED |
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Registered
Office : |
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Country : |
India |
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Financials (as
on) : |
31.03.2014 |
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Date of
Incorporation : |
02.06.2005 |
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Com. Reg. No.: |
11-153702 |
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Capital
Investment / Paid-up Capital : |
Rs. 10.000 Millions |
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CIN No.: [Company Identification
No.] |
U34100MH2005PTC153702 |
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IEC No.: |
Not Available |
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TAN No.: [Tax Deduction & Collection
Account No.] |
MUMM27339E |
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PAN No.: [Permanent Account No.] |
AAECM2999P |
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Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Trading in Spare Parts |
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No. of Employees
: |
3 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
A (60) |
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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 “MAHINDRA AND MAHINDRA LIMITED”. It is a
well-established company having fine track record. The rating reflects company’s healthy operational risk profile marked
by adequate liquidity position and decent profitability margins of the
company. Trade relations are reported as fair. Business is active. Payment
terms 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. |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
RBI DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available RBI Defaulters’ list.
EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of
31-03-2014.
INFORMATION DENIED
Management non-cooperative (Tel No.: 91-22-28849588)
LOCATIONS
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Registered Office : |
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Tel. No.: |
91-22-28849588/ 28460612/ 24916683 |
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Fax No.: |
91-22-28858519/ 24900833 |
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E-Mail : |
saboo.anil@mahindrarenault.com
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Website : |
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Area : |
7000 sq. ft. |
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Location : |
Owned |
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Corporate Office : |
Ashok Nagar, Chakravorthy Asho, Kandivali (West), Mumbai – 400 101, |
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Tel. No.: |
91-22-28460612 |
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Fax No.: |
91-22-28858515 |
DIRECTORS
AS ON 24.06.2014
|
Name : |
Mr. Ajay Mansukhlal Choksey |
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Designation : |
Director |
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Address : |
C-21, Kanyakumari Co-Operative Housing Society, 2nd
Floor, A. K. Road, Plot C/5, 662 Andheri (East), Mumbai – 400 069, |
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Date of Birth/Age : |
12.08.1952 |
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Date of Appointment : |
06.08.2010 |
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DIN No.: |
00204454 |
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Name : |
Mr. Ketan Chandrakant Doshi |
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Designation : |
Director |
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Address : |
14-A, Kumkum Apartnments, Co-Operative Housing Society, |
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Date of Birth/Age : |
02.01.1969 |
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PAN No.: |
AAAPD9568L |
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Date of Appointment : |
06.08.2010 |
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DIN No.: |
03083483 |
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Name : |
Mr. Pravin Nagindas Shah |
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Designation : |
Director |
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Address : |
41/42, Sailesh, Plot No.94 A, Linking Road, TPS 2, Santacruz (West),
Mumbai – 400054, Maharashtra, India |
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Date of Birth/Age : |
14.05.1954 |
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Date of Appointment : |
25.01.2012 |
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DIN No.: |
00056173 |
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Name : |
Mr. Sundaram Venkatraman |
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Designation : |
Director |
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Address : |
501, Vikas Classic, Building No. 4, Behind Basant Theatre,
Dr. C. Gidwani Marg, Chembur, Mumbai – 400 074, |
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Date of Birth/Age : |
07.05.1952 |
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Date of Appointment : |
31.08.2010 |
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DIN No.: |
00077193 |
KEY EXECUTIVES
|
Name : |
Ms. Pallavi Prasanna Ogale |
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Designation : |
Company Secretary |
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Address : |
401, Kunj, Gogatewadi, Goregaon (East), Mumbai – 400 063, |
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Date of Birth/Age : |
11.12.1971 |
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Date of Appointment : |
01.11.2007 |
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PAN No.: |
AAAPO1714B |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 24.06.2014
|
Names of Shareholders |
No. of Shares |
%age |
|
Mahindra and Mahindra Limited, |
740000 |
74.00 |
|
Mahindra Holdings Limited, |
210000 |
21.00 |
|
Infina Finance Private Limited, India |
50000 |
5.00 |
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|
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Total |
1000000 |
100.00 |
AS ON 24.06.2014
Equity Share Break up (Percentage of Total Equity)
|
Category |
Percentage of Holding |
|
Bodies corporate |
100.00 |
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Total |
100.00 |
BUSINESS DETAILS
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Line of Business : |
Trading in Spare Parts |
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Products : |
Not Available |
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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 |
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Terms : |
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Selling : |
Not Available |
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Purchasing : |
Not Available |
GENERAL INFORMATION
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Suppliers : |
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Customers : |
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No. of Employees : |
3 (Approximately) |
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Bankers : |
· The Hongkong and Shanghai Banking Corporation Limited, 52/60, Mahatma Gandhi Road, Fort, Mumbai - 400001, Maharashtra, India · The Hongkong and Shanghai Banking Corporation Limited, Plot No. 139-140B, Shiv Building, Sahar Road Junction, Opposite W.E. Highway, Vile Parle (East), Mumbai - 400057, Maharashtra, India |
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Auditors : |
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Name : |
Deloitte Haskins and Sells Chartered Accountants |
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Address : |
31 Nutan Bharat Society, Alkapuri, Vadodara - 390 007,
India |
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PAN No.: |
AADFD2337G |
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Memberships : |
Not Available |
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Collaborators : |
Not Available |
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Related Parties : |
· Mahindra and Mahindra Limited (CIN No.: L65990MH1945PLC004558) · Bristlecone India Limited (CIN No.: U30007MH1991PLC064368) · NBS International Limited (CIN No.: U18101MH1995PLC095482) · Mahindra First Choice Services Limited (CIN No.: U35999MH2008PLC180385) · Mahindra Reva Electric Vehicles Private Limited (CIN No.: U34101KA1996PTC020195) · Mahindra Vehicle Manufacturers Limited (CIN No.: U34100MH2007PLC171151) · MAHINDRA AEROSPACE PRIVATE LIMITED (CIN No.: U63033MH2008PTC179520) · Mahindra Integrated Business Solutions Private Limited (CIN No.: U74999MH2011PTC212468) · Mahindra Heavy Engines Private Limited (CIN No.: U35914MH2007PTC169753) |
CAPITAL STRUCTURE
AS ON 24.06.2014
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
400000000 |
Equity Shares |
Rs. 10/- each |
Rs. 4000.000 Millions |
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Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
1000000 |
Equity Shares |
Rs. 10/-
each |
Rs. 10.000
Millions |
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|
|
|
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
I.
EQUITY
AND LIABILITIES |
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(1)Shareholders' Funds |
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|
|
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(a) Share Capital |
10.000 |
10.000 |
10.000 |
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(b) Reserves & Surplus |
78.946 |
212.041 |
153.802 |
|
(c) Money
received against share warrants |
0.000 |
0.000 |
0.000 |
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(2) Share Application money pending allotment |
0.000 |
0.000 |
0.000 |
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Total
Shareholders’ Funds (1) + (2) |
88.946 |
222.041 |
163.802 |
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(3)
Non-Current Liabilities |
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(a) long-term borrowings |
0.000 |
0.000 |
0.000 |
|
(b) Deferred tax liabilities (Net) |
0.400 |
0.400 |
0.400 |
|
(c) Other long term liabilities |
1.690 |
3.489 |
73.627 |
|
(d) long-term provisions |
0.000 |
0.000 |
0.000 |
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Total Non-current Liabilities (3) |
2.090 |
3.889 |
74.027 |
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(4) Current Liabilities |
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(a) Short term borrowings |
0.000 |
0.000 |
300.000 |
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(b) Trade payables |
94.989 |
89.042 |
154.579 |
|
(c) Other current
liabilities |
39.265 |
31.813 |
50.203 |
|
(d) Short-term provisions |
269.089 |
81.897 |
0.000 |
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Total Current Liabilities (4) |
403.343 |
202.752 |
504.782 |
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|
|
|
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TOTAL |
494.379 |
428.682 |
742.611 |
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II.
ASSETS |
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(1) Non-current assets |
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(a) Fixed Assets |
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(i) Tangible assets |
0.000 |
0.000 |
0.000 |
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(ii) Intangible Assets |
0.000 |
0.000 |
0.000 |
|
(iii) Capital
work-in-progress |
0.000 |
0.000 |
0.000 |
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(iv)
Intangible assets under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current Investments |
0.000 |
0.000 |
0.000 |
|
(c) Deferred tax assets (net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
0.185 |
0.185 |
0.037 |
|
(e) Other Non-current assets |
0.000 |
0.000 |
0.000 |
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Total Non-Current Assets |
0.185 |
0.185 |
0.037 |
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(2) Current assets |
|
|
|
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(a) Current investments |
13.000 |
137.411 |
0.000 |
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(b) Inventories |
118.246 |
112.056 |
113.711 |
|
(c) Trade receivables |
4.416 |
8.824 |
53.343 |
|
(d) Cash and cash
equivalents |
65.432 |
161.354 |
570.705 |
|
(e) Short-term loans and
advances |
293.006 |
7.464 |
3.446 |
|
(f) Other current assets |
0.094 |
1.388 |
1.369 |
|
Total Current Assets |
494.194 |
428.497 |
742.574 |
|
|
|
|
|
|
TOTAL |
494.379 |
428.682 |
742.611 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
|
|
SALES |
|
|
|
|
|
|
|
Revenue |
843.529 |
831.801 |
750.459 |
|
|
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Other Income |
NA |
NA |
NA |
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TOTAL (A) |
NA |
NA |
NA |
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|
Less |
EXPENSES |
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|
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TOTAL (B) |
NA |
NA |
NA |
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PROFIT/
(LOSS) BEFORE INTEREST, TAX,
DEPRECIATION AND AMORTISATION (A-B) (C) |
206.035 |
212.558 |
218.871 |
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|
|
|
|
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|
Less |
FINANCIAL
EXPENSES (D) |
0.041 |
2.422 |
9.364 |
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|
PROFIT
/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
205.994 |
210.136 |
209.507 |
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|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
0.000 |
0.000 |
0.000 |
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|
|
|
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|
|
PROFIT/
(LOSS) BEFORE TAX (E-F)
(G) |
205.994 |
210.136 |
209.507 |
|
|
|
|
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|
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|
Less |
TAX (H) |
70.000 |
70.000 |
69.342 |
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|
PROFIT/
(LOSS) AFTER TAX (G-H) (I) |
135.994 |
140.136 |
140.165 |
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|
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|
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Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Transfer to General Reserve |
13.599 |
140.136 |
0.000 |
|
|
|
Dividend |
230.000 |
70.000 |
0.000 |
|
|
|
Tax on Dividend |
39.089 |
11.897 |
0.000 |
|
|
BALANCE CARRIED
TO THE B/S |
37.696 |
184.390 |
140.165 |
|
|
|
|
|
|
|
|
|
|
Earnings /
(Loss) Per Share (Rs.) |
135.99 |
140.14 |
140.17 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
|
|
|
|
|
|
Net Profit Margin PAT / Sales |
(%) |
16.12
|
16.85 |
18.68 |
|
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|
|
|
|
Operating Profit Margin (PBDIT/Sales) |
(%) |
24.43
|
25.55 |
29.16 |
|
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|
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|
Return on Total Assets (PBT/Total Assets} |
(%) |
41.67 |
49.02 |
28.21 |
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|
Return on Investment (ROI) (PBT/Networth) |
|
2.32 |
0.95 |
1.28 |
|
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|
Debt Equity Ratio (Total Debt/Networth) |
|
0.00 |
0.00 |
1.83 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.23 |
2.11 |
1.47 |
FINANCIAL ANALYSIS
[all figures are in
Rupees Millions]
DEBT EQUITY RATIO
|
Particular |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
(Rs.
In Millions) |
(Rs.
In Millions) |
(Rs.
In Millions) |
|
Share Capital |
10.000 |
10.000 |
10.000 |
|
Reserves & Surplus |
153.802 |
212.041 |
78.946 |
|
Net
worth |
163.802 |
222.041 |
88.946 |
|
|
|
|
|
|
long-term borrowings |
0.000 |
0.000 |
0.000 |
|
Short term borrowings |
300.000 |
0.000 |
0.000 |
|
Total
borrowings |
300.000 |
0.000 |
0.000 |
|
Debt/Equity
ratio |
1.831 |
0.000 |
0.000 |
YEAR-ON-YEAR GROWTH
|
Year
on Year Growth |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
(Rs.
In Millions) |
(Rs.
In Millions) |
(Rs.
In Millions) |
|
Sales |
750.459 |
831.801 |
843.529 |
|
|
|
10.839 |
1.410 |
NET PROFIT MARGIN
|
Net Profit
Margin |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
(Rs.
In Millions) |
(Rs.
In Millions) |
(Rs.
In Millions) |
|
Sales |
750.459 |
831.801 |
843.529 |
|
Profit |
140.165 |
140.136 |
135.994 |
|
|
18.68% |
16.85% |
16.12% |
LOCAL AGENCY FURTHER INFORMATION
NOTE: CURRENT
MATURITY LONG TERM DEBT DETAILS ARE NOT AVAILABLE.
|
Sr. No. |
Check List by
Info Agents |
Available
in Report (Yes / No) |
|
1] |
Year of
Establishment |
Yes |
|
2] |
Locality of
the firm |
Yes |
|
3] |
Constitutions
of the firm |
Yes |
|
4] |
Premises
details |
No |
|
5] |
Type of
Business |
Yes |
|
6] |
Line of
Business |
Yes |
|
7] |
Promoter's
background |
Yes |
|
8] |
No. of
employees |
Yes |
|
9] |
Name of
person contacted |
No |
|
10] |
Designation of
contact person |
No |
|
11] |
Turnover of
firm for last three years |
Yes |
|
12] |
Profitability
for last three years |
Yes |
|
13] |
Reasons for
variation <> 20% |
---------- |
|
14] |
Estimation
for coming financial year |
Yes |
|
15] |
Capital in
the business |
Yes |
|
16] |
Details of
sister concerns |
Yes |
|
17] |
Major
suppliers |
No |
|
18] |
Major
customers |
No |
|
19] |
Payments
terms |
No |
|
20] |
Export /
Import details (if applicable) |
No |
|
21] |
Market
information |
---------- |
|
22] |
Litigations
that the firm / promoter involved in |
--------- |
|
23] |
Banking
Details |
Yes |
|
24] |
Banking
facility details |
No |
|
25] |
Conduct of
the banking account |
----------- |
|
26] |
Buyer visit
details |
---------- |
|
27] |
Financials, if
provided |
Yes |
|
28] |
Incorporation
details, if applicable |
Yes |
|
29] |
Last accounts
filed at ROC |
Yes |
|
30] |
Major
Shareholders, if available |
Yes |
|
31] |
Date of Birth
of Proprietor/Partner/Director, if available |
Yes |
|
32] |
PAN of
Proprietor/Partner/Director, if available |
No |
|
33] |
Voter ID No
of Proprietor/Partner/Director, if available |
No |
|
34] |
External
Agency Rating, if available |
No |
OUTLOOK
The Company will continue to focus on maintaining its high first fill rates whilst at the same time focusing on lower inventories. A significant part of the Company’s purchases is imported and hence, the Company’s profitability may be impacted due to high volatility in exchange rates. However, the Company will continue to attempt to reduce the impact through suitable foreign exchange management strategies. The Company will also continue to explore various other avenues to increase its presence in the automobile distribution system.
NATURE OF OPERATIONS
Mahindra Automobile Distributor Private Limited is in the business of trading in Spare Parts. It deals in spare parts required for four wheelers. The Company undertakes procurement, warehousing management, logistics and sale of imported and local spare parts. It has a network of dealers spread across India to ensure timely availability of spare parts to the customers. The Company also exports spare parts in small quantities. It mainly follows a cash and carry business model.
INDEX OF CHARGES
|
S.No. |
Charge ID |
Date of Charge Creation/Modification |
Charge amount secured |
Charge Holder |
Address |
Service Request Number (SRN) |
|
1 |
10402753 |
16/01/2013 |
73,000,000.00 |
The Hongkong and Shanghai
Banking Corporation Limi |
52/60, Mahatma Gandhi Road, Fort,, Mumbai, Maharashtra -400001, INDIA |
B67994442 |
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources including
but not limited to: The Courts,
1] INFORMATION ON
DESIGNATED PARTY
No exist designating subject or any of its beneficial owners,
controlling shareholders or senior officers as terrorist or terrorist organization
or whom notice had been received that all financial transactions involving
their assets have been blocked or convicted, found guilty or against whom a
judgement or order had been entered in a proceedings for violating
money-laundering, anti-corruption or bribery or international economic or
anti-terrorism sanction laws or whose assets were seized, blocked, frozen or
ordered forfeited for violation of money laundering or international
anti-terrorism laws.
2] Court Declaration :
No exist to suggest that subject is or was
the subject of any formal or informal allegations, prosecutions or other
official proceeding for making any prohibited payments or other improper
payments to government officials for engaging in prohibited transactions or
with designated parties.
3] Asset Declaration :
No records exist to suggest that the property or assets of the subject
are derived from criminal conduct or a prohibited transaction.
4] Record on Financial
Crime :
Charges or conviction registered
against subject: None
5] Records on Violation of
Anti-Corruption Laws :
Charges or
investigation registered against subject: None
6] Records on Int’l
Anti-Money Laundering Laws/Standards :
Charges or
investigation registered against subject: None
7] Criminal Records
No
available information exist that suggest that subject or any of its principals
have been formally charged or convicted by a competent governmental authority
for any financial crime or under any formal investigation by a competent
government authority for any violation of anti-corruption laws or international
anti-money laundering laws or standard.
8] Affiliation with
Government :
No record
exists to suggest that any director or indirect owners, controlling shareholders,
director, officer or employee of the company is a government official or a
family member or close business associate of a Government official.
9] Compensation Package :
Our market
survey revealed that the amount of compensation sought by the subject is fair
and reasonable and comparable to compensation paid to others for similar
services.
10] Press Report :
No press reports / filings exists on
the subject.
CORPORATE GOVERNANCE
MIRA INFORM as part of its Due Diligence do provide comments on Corporate
Governance to identify management and governance. These factors often have been
predictive and in some cases have created vulnerabilities to credit
deterioration.
Our Governance Assessment focuses principally on the interactions
between a company’s management, its Board of Directors, Shareholders and other
financial stakeholders.
CONTRAVENTION
Subject is not known to have contravened any existing local laws,
regulations or policies that prohibit, restrict or otherwise affect the terms
and conditions that could be included in the agreement with the subject.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs. 62.14 |
|
|
1 |
Rs. 95.78 |
|
Euro |
1 |
Rs. 71.05 |
INFORMATION DETAILS
|
Information Gathered
by : |
HNA |
|
|
|
|
Analysis Done by
: |
KAR |
|
|
|
|
Report Prepared
by : |
JYO |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
7 |
|
PAID-UP CAPITAL |
1~10 |
6 |
|
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 |
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 |
|
60 |
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.