MIRA INFORM REPORT
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Report No. : |
301921 |
|
Report Date : |
06.01.2015 |
IDENTIFICATION DETAILS
|
Name : |
SUNDARAM AUTO COMPONENTS LIMITED |
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Formerly Known
As : |
SUNDARAM AUTO COMPONENTS PRIVATE LIMITED |
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Registered
Office : |
Jaya Lakshmi Estates, No. 29 (8), Haddows Road, Chennai – 600006,
Tamilnadu |
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Country : |
India |
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Financials (as
on) : |
31.03.2014 |
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Date of
Incorporation : |
10.06.1992 |
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Com. Reg. No.: |
18-051417 |
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Capital Investment
/ Paid-up Capital : |
Rs. 115.500
Millions |
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|
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CIN No.: [Company Identification
No.] |
U29249TN1992PLC051417 |
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TAN No.: [Tax Deduction &
Collection Account No.] |
Not Available |
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PAN No.: [Permanent Account No.] |
AAACS7027G |
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Legal Form : |
A Closely Held Public Limited Liability Company |
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Line of Business
: |
Manufacturing of Automobile Parts and Trading of Automobiles. |
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No. of Employees
: |
Not Available |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (52) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 2697000 |
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Status : |
Good |
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Payment Behaviour : |
Regular |
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Litigation : |
Exist |
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Comments : |
Subject is a subsidiary of “TVS Motor Company Limited”. It is a
well-established company having fine track record. The rating reflects company’s healthy operational risk profile marked
by sound financial base and fair liquidity position of the company. 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. |
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 – September 30, 2014
|
Country Name |
Previous Rating (30.06.2014) |
Current Rating (30.09.2014) |
|
India |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
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Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
EXTERNAL AGENCY RATING
|
Rating Agency Name |
CARE |
|
Rating |
Long term Bank facilities = A |
|
Rating Explanation |
Adequate degree of safety and low credit
risk. |
|
Date |
March 13, 2014 |
|
Rating Agency Name |
CARE |
|
Rating |
Short term Bank facilities = A1 |
|
Rating Explanation |
Very strong degree of safety and low credit
risk. |
|
Date |
March 13, 2014 |
RBI DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available RBI Defaulters’ list.
EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of
31-03-2014.
LOCATIONS
|
Registered Office : |
Jaya Lakshmi Estates, No. 29 (8), Haddows Road, Chennai – 600006,
Tamilnadu, India |
|
Tel. No.: |
91-44-28272233/ 27173524 |
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Fax No.: |
91-44-28257121 |
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E-Mail : |
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Website : |
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Plant 1 : |
Thally Road, Belagondapalli, hosur
– 635114, Tamilnadu, India |
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Plant 2 : |
Plot B-11, Sipcot Industrial growth
Centre, Oragadam, Sriperumbathur Taluk, Kanchipuram District - 602105,
Tamilnadu, India |
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Plant 3 : |
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DIRECTORS
AS ON 11.07.2014
|
Name : |
Mr. Harihara Iyer Lakshmanan |
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Designation : |
Director |
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Address : |
D-1, Palacio, New No. 408, Old No. 216, TTK Road, Alwarpet, Chennai – 600018,
Tamilnadu, India |
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Date of Birth/Age : |
14.08.1933 |
|
Qualification : |
S.S.L.C. |
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Date of Appointment : |
19.04.2010 |
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DIN No.: |
00057973 |
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|
|
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Name : |
Mr. Chundi Narasimha Prasad |
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Designation : |
Director |
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Address : |
1 D, Jacaranda, 21-23 Tas Enclave, AK Block, Extension (Behind SMF),
Shanthi Colony, Anna Nagar, Chennai – 600040, Tamilnadu, India |
|
Date of Birth/Age : |
01.07.1947 |
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Qualification : |
B.E, MSC (Cranfield)., M.B.A |
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Date of Appointment : |
17.08.2009 |
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DIN No.: |
01950656 |
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Name : |
Mr. Seeplaputhur Ganapathiramaswamy Murali |
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Designation : |
Director |
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Address : |
Plot No. 8, “Shruthi” 515 Housing Colony, H. A. L. III Stage,
Bangalore – 560075, Karnataka, India |
|
Date of Birth/Age : |
26.0.1950 |
|
Qualification : |
B.Com., A.C.A. |
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Date of Appointment : |
08.09.2010 |
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DIN No.: |
00348902 |
KEY EXECUTIVES
|
Name : |
Mr. Pradip Kumar Saha |
|
Designation : |
Manager |
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Address : |
Flat No. 5D, East Block, Klassic Benchmark, Kalena Agrahara, Near
Meenakshi Temple, Bannerghatta Road, Bangalore – 560076, Karnataka, India |
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Date of Birth/Age : |
18.09.1963 |
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Date of Appointment : |
01.06.2013 |
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PAN No.: |
ADMPS1449N |
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|
|
|
Name : |
Mr. Kalyanasundaram Dharmarajan |
|
Designation : |
Secretary |
|
Address : |
Plot No. 26, Little Woods Residency, Jawahar Nagar, Near Hanuman
Temple, Hosur – 635109, Tamilnadu, India |
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Date of Birth/Age : |
04.05.1960 |
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Date of Appointment : |
13.03.2008 |
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PAN No.: |
ACYPD7722N |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 11.07.2014
|
Names of Shareholders |
No. of Shares |
|
TVS Motor Company Limited, India |
11549994 |
|
C Mukundhan (Nominee of TVS Motor Company Limited, India) |
1 |
|
V N Venkatanathan (Nominee of TVS Motor Company Limited, India) |
1 |
|
K Gopala Desikan (Nominee of TVS Motor Company Limited, India) |
1 |
|
H Lakshmanan (Nominee of TVS Motor Company Limited, India) |
1 |
|
C Narsimhan (Nominee of TVS Motor Company Limited, India) |
1 |
|
Sujatha Balaji (Nominee of TVS Motor Company Limited, India) |
1 |
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|
|
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Total |
11550000 |
AS ON 11.07.2014
Equity Share Break up (Percentage of Total Equity)
|
Category |
Percentage of Holding |
|
Bodies corporate |
100.00 |
|
|
|
|
Total |
100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturing of Automobile Parts and Trading of Automobiles. |
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Products : |
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Brand Names : |
-- |
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Agencies Held : |
-- |
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Exports : |
Not Available |
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Imports : |
Not Available |
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Terms : |
Not Available |
PRODUCTION STATUS: NOT AVAILABLE
GENERAL INFORMATION
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Suppliers : |
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Customers : |
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No. of Employees : |
Not Available |
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Bankers : |
·
State Bank of India Industrial Finance
Branch, No.155, Anna Salai, Chennai - 600002, Tamilnadu, India ·
The Bank of Nova Scotia Coimbatore, Coimbatore -
641018, Tamilnadu, India |
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Facilities : |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
Sundaram and Srinivasan Chartered Accountants |
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Address : |
23, C P Ramaswamy Road, Alwarpet, Chennai – 600018, Tamilnadu, India |
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Income-tax
PAN of auditor or auditor's firm : |
AAAFF8812J |
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Holding Company : |
TVS Motor Company Limited, Chennai CIN No.: L35921TN1992PLC022845 |
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Ultimate Holding Companies
: |
· T V Sundram Iyengar and Sons Limited, Madurai CIN No.: U34101TN1929PLC002973 · Sundaram - Clayton Limited, Chennai CIN No.: L35999TN1962PLC004792 |
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Fellow Subsidiaries
: |
· TVS Housing Limited, Chennai · Green Infra BTV Limited (up to 16.08.2013) (formerly known as TVS Energy Limited) · Green Infra Wind Energy Theni Limited (up to 16.08.2013) (formerly known as TVS Wind Energy · Limited) · Green Infra Wind Power Theni Limited (up to 16.08.2013)?(formerly known as TVS Wind Power Limited) · TVS Motor (Singapore) Pte Limited, Singapore · TVS Motor Company (Europe) B.V, Netherlands · PT. TVS Motor Company Indonesia, Jakarta · Sundaram Business Development Consulting (Shanghai) Co. Limited, China · Sundaram-Clayton (USA) Limited, USA · Southern Roadways Limited, Madurai · Sundaram Industries Limited, Madurai CIN No.: U65991TN1943PLC002656 · Sundaram Lanka Tyres Limited, Sri Lanka · Pusam Rubber Products Limited, Madurai · The Associated Auto Parts Limited, Mumbai · TVS Interconnect Systems Limited, Madurai · NSM Holdings Limited, Madurai · TOR Projects and Services Limited, Madurai · NK Telecom Products Limited, Madurai · NK Tele Systems Limited, Madurai · TVS Automobile Solutions Limited, Madurai · Rajgarhia Automobile Solution Limited, Kolkata · Essex Automobile Solutions Limited, Gujarat · Navratna Insurance Broking Limited, Coimbatore · Focuz Automobile Services Limited, Kerala · GS Automotive Service Equipments (Chennai) Private Limited, Madurai · SANRAV Automobile Solutions (Chennai) Private Limited, Madurai · Lucas-TVS Limited, Chennai CIN No.: U35999TN1961PLC004678 · Lucas Indian Service Limited, Chennai · TVS Automotive Systems Limited, Chennai · Sundaram Textiles Limited, Madurai · Sundaram Investment Limited, Chennai · TVS Capital Funds Limited, Chennai · TVS Electronics Limited, Chennai CIN No.: L30007TN1995PLC032941 · Tumkur Property Holdings Limited, Chennai (upto 01.11.13) · Prime Property Holdings Limited, Chennai · TVS-E Access (India) Limited, Chennai · TVS Training and Services Limited, Chennai · Sundaram Engineering Products Services Limited, Chennai (from 31.03.2014) |
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Associate Company : |
· Green Infra Wind Energy Theni Limited, Chennai (from 17.08.2013) CIN No.: U40109TN2011PLC078719 · Sundaram Engineering Products Services Limited, Chennai (upto 30.03.2014) |
CAPITAL STRUCTURE
AS ON 11.07.2014
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
12,000,000 |
Equity Shares |
Rs. 10/- each |
Rs. 120.000 Millions |
|
|
|
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Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
11,550,000 |
Equity Shares |
Rs. 10/- each |
Rs. 115.500
Millions |
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|
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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 |
|
|
|
|
(1)Shareholders'
Funds |
|
|
|
|
(a) Share Capital |
115.500 |
115.500 |
115.500 |
|
(b) Reserves & Surplus |
828.430 |
757.238 |
657.599 |
|
(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) |
943.930 |
872.738 |
773.099 |
|
|
|
|
|
|
(3) Non-Current
Liabilities |
|
|
|
|
(a) Long-term borrowings |
170.000 |
317.600 |
250.000 |
|
(b) Deferred tax liabilities (Net) |
86.346 |
79.728 |
41.090 |
|
(c) Other long term
liabilities |
248.300 |
248.300 |
0.000 |
|
(d) Long-term
provisions |
16.929 |
14.947 |
8.340 |
|
Total Non-current
Liabilities (3) |
521.575 |
660.575 |
299.430 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short
term borrowings |
182.990 |
63.493 |
178.084 |
|
(b) Trade
payables |
1082.551 |
1199.732 |
787.335 |
|
(c) Other
current liabilities |
267.270 |
223.273 |
237.883 |
|
(d) Short-term
provisions |
42.622 |
43.591 |
21.273 |
|
Total Current
Liabilities (4) |
1575.433 |
1530.089 |
1224.575 |
|
|
|
|
|
|
TOTAL |
3040.938 |
3063.402 |
2297.104 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed
Assets |
|
|
|
|
(i)
Tangible assets |
1072.913 |
1072.051 |
1105.876 |
|
(ii)
Intangible Assets |
1.480 |
2.894 |
0.114 |
|
(iii) Capital
work-in-progress |
1.303 |
0.713 |
30.028 |
|
(iv)
Intangible assets under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current Investments |
278.377 |
279.983 |
31.683 |
|
(c) Deferred tax assets (net) |
0.000 |
0.000 |
0.000 |
|
(d)
Long-term Loan and Advances |
1.260 |
2.274 |
17.480 |
|
(e) Other
Non-current assets |
52.711 |
57.077 |
55.857 |
|
Total Non-Current
Assets |
1408.044 |
1414.992 |
1241.038 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a)
Current investments |
0.000 |
0.000 |
0.000 |
|
(b)
Inventories |
654.304 |
824.044 |
379.420 |
|
(c) Trade
receivables |
898.948 |
689.098 |
562.415 |
|
(d) Cash
and cash equivalents |
6.669 |
46.825 |
20.141 |
|
(e)
Short-term loans and advances |
17.075 |
25.358 |
34.771 |
|
(f) Other
current assets |
55.898 |
63.085 |
59.319 |
|
Total
Current Assets |
1632.894 |
1648.410 |
1056.066 |
|
|
|
|
|
|
TOTAL |
3040.938 |
3063.402 |
2297.104 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
|
|
SALES |
|
|
|
|
|
|
|
Revenue from Operations |
18752.969 |
13679.191 |
10665.612 |
|
|
|
Other Income |
17.689 |
4.205 |
3.191 |
|
|
|
TOTAL (A) |
18770.658 |
13683.396 |
10668.803 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of Materials Consumed |
1847.985 |
1797.828 |
1976.515 |
|
|
|
Purchases of Stock-in-Trade |
15422.545 |
10787.070 |
7550.558 |
|
|
|
Changes in inventories of finished goods, work-in-progress
and Stock-in-Trade |
124.472 |
-265.269 |
4.091 |
|
|
|
Employees benefits expense |
327.896 |
388.583 |
321.661 |
|
|
|
Other expenses |
714.134 |
702.523 |
570.173 |
|
|
|
Exceptional Items |
(4.910) |
0.000 |
0.000 |
|
|
|
Extraordinary Items |
0.000 |
(126.380) |
0.000 |
|
|
|
TOTAL (B) |
18432.122 |
13284.355 |
10422.998 |
|
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE INTEREST, TAX,
DEPRECIATION AND AMORTISATION (A-B) (C) |
338.536 |
399.041 |
245.805 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
59.826 |
70.689 |
61.969 |
|
|
|
|
|
|
|
|
|
|
PROFIT
/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
278.710 |
328.352 |
183.836 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
100.848 |
109.679 |
104.629 |
|
|
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE TAX (E-F)
(G) |
177.862 |
218.673 |
79.207 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
70.718 |
82.518 |
27.886 |
|
|
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) AFTER TAX (G-H) (I) |
107.144 |
136.155 |
51.321 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Export Earnings [FOB Basis] |
2.730 |
43.929 |
39.304 |
|
|
|
Other Income |
3.960 |
0.898 |
1.265 |
|
|
TOTAL EARNINGS |
6.690 |
44.827 |
40.569 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
315.052 |
217.314 |
293.826 |
|
|
|
Stores & Spares |
0.078 |
4.189 |
2.628 |
|
|
|
Capital Goods |
15.351 |
0.000 |
125.089 |
|
|
TOTAL IMPORTS |
330.481 |
221.503 |
421.543 |
|
|
|
|
|
|
|
|
|
|
Earnings /
(Loss) Per Share (Rs.) |
9.28 |
4.98 |
5.15 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
Net Profit Margin (PAT/Sales) |
(%) |
0.57 |
1.00 |
0.48 |
|
|
|
|
|
|
|
Operating Profit Margin (PBDIT/Sales) |
(%) |
1.81 |
2.92 |
2.30 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
6.44 |
7.86 |
3.54 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.19 |
0.25 |
0.10 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
0.37 |
0.44 |
0.55 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.04 |
1.08 |
0.86 |
FINANCIAL ANALYSIS
[all figures are in
Rupees Millions]
DEBT EQUITY RATIO
|
Particulars |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
(Rs.
In Millions) |
(Rs.
In Millions) |
(Rs.
In Millions) |
|
Share Capital |
115.500 |
115.500 |
115.500 |
|
Reserves & Surplus |
657.599 |
757.238 |
828.430 |
|
Net
worth |
773.099 |
872.738 |
943.930 |
|
|
|
|
|
|
Long-term borrowings |
250.000 |
317.600 |
170.000 |
|
Short term borrowings |
178.084 |
63.493 |
182.990 |
|
Total
borrowings |
428.084 |
381.093 |
352.990 |
|
Debt/Equity
ratio |
0.554 |
0.437 |
0.374 |
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 |
10665.612 |
13679.191 |
18752.969 |
|
|
|
28.255 |
37.091 |
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 |
10665.612 |
13679.191 |
18752.969 |
|
Profit |
51.321 |
136.155 |
107.144 |
|
|
0.48% |
1.00% |
0.57% |
LOCAL AGENCY FURTHER INFORMATION
|
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 |
No |
|
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 |
No |
|
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 |
Yes |
|
23] |
Banking Details |
Yes |
|
24] |
Banking facility details |
Yes |
|
25] |
Conduct of the banking
account |
----- |
|
26] |
Buyer visit details |
----- |
|
27] |
Financials, if provided |
Yes |
|
28] |
Incorporation details, if
applicable |
Yes |
|
29] |
Last accounts filed at
ROC |
Yes |
|
30] |
Major Shareholders, if
available |
Yes |
|
31] |
Date of Birth of
Proprietor/Partner/Director, if available |
Yes |
|
32] |
PAN of Proprietor/Partner/Director,
if available |
No |
|
33] |
Voter ID No of
Proprietor/Partner/Director, if available |
No |
|
34] |
External Agency Rating,
if available |
Yes |
LITIGATION
DETAILS
CHENNAI COURT
CASE STATUS INFORMATION SYSTEM
|
CASE STATUS: |
PENDING |
|
STATUS OF: |
CIVIL MISC. APPEAL
|
|
CASE NO.: |
1662 |
|
YEAR : |
2011 |
|
PETITIONER : |
THE COMMISSIONER
OF CENTRAL |
|
RESPONDENT : |
M/S.SUNDARAM AUTO
COMPONENTS |
|
PET'S ADVOCATE : |
M/S.P.BUVANESWARI
SCGSC |
|
RES'S ADVOCATE : |
M/S.S.JAIKUMAR |
|
CATEGORY : |
EXCISE/PROHIBITION/CUSTOMS |
|
|
LAST LISTED ON: NO
DATE MENTIONED |
|
CASE UPDATED ON : |
DEC 24 2014 |
INDEX OF CHARGES
|
S.NO. |
CHARGE ID |
DATE OF CHARGE CREATION/MODIFICATION |
CHARGE AMOUNT SECURED |
CHARGE HOLDER |
ADDRESS |
SERVICE REQUEST NUMBER (SRN) |
|
1 |
80009844 |
10/07/2014 * |
856,600,000.00 |
STATE BANK OF
INDIA |
INDUSTRIAL FINANCE
BRANCH, NO.155, ANNA SALAI, CHENNAI, TAMILNADU - 600002, INDIA |
C10677490 |
|
2 |
80024963 |
15/03/2012 * |
335,000,000.00 |
STATE BANK OF
INDIA |
INDUSTRIAL FINANCE
BRANCH, NO.155, ANNA SALAI, CHENNAI, TAMILNADU - 600002, INDIA |
B36731842 |
* Date of charge modification
UNSECURED LOANS
|
PARTICULARS |
31.03.2014 (Rs.
In Millions) |
31.03.2013 (Rs.
In Millions) |
|
SHORT TERM
BORROWINGS |
|
|
|
Loans repayable on demand from banks |
8.985 |
2.261 |
|
|
|
|
|
Total |
8.985 |
2.261 |
FINANCIAL HIGHLIGHTS
The Company earned a Profit Before Tax (PBT) (before exceptional items) of Rs.172.300 Millions as against Rs.92.300 Millions in the previous year, registering a growth of 87%. Total revenue for the year stood at Rs.18770.700 Millions as against Rs.13683.400 Millions in the previous year.
The Company has secured new orders worth Rs.1970.000 Millionsto be executed over a period of time from the current year. The Company has been nominated for manufacture and supply of a new product line Air intake manifolds for Ford’s new project.
INDUSTRY PERFORMANCE
On account of lower GDP growth in 2013-14, the two wheeler industry grew only by 7% and the passenger car and heavy commercial vehicle industry declined as under.
|
CATEGORY |
2013-14 NOS. IN LAKHS |
2012-13 NOS. IN LAKHS |
GROWTH (%) |
|
|
|
|
|
|
Two wheelers |
169 |
157 |
7 |
|
|
|
|
|
|
Cars and MUVs |
31 |
32 |
(3) |
|
|
|
|
|
|
Medium and Heavy Commercial Vehicles (MHCVs) |
2.2 |
2.8 |
(22) |
BUSINESS OUTLOOK
The uncertainty witnessed in 2013-14 is likely to continue during 2014-15. Global economy showed marginal signs of recovery during 2013-14. Continued inflationary pressures, lower private consumption and high interest rates are likely to impact growth.
Two wheeler and passenger vehicle segments are expected to grow between 3% and 6% over 2013-14. The Commercial Vehicle industry is not expected to achieve growth in the year 2014-15.
PRIZES / AWARDS WON
The Company was awarded "National top performer for Business Development" by Mobis India Limited in recognition of the outstanding support given to the customer during the year.
CONTINGENT
LIABILITIES:
|
PARTICULARS |
31.03.2014 (Rs.
In Millions) |
31.03.2013 (Rs.
In Millions) |
|
|
|
|
|
(a) On counter guarantee furnished to banks |
0.000 |
4.840 |
|
(b) On letters of credit |
113.755 |
65.767 |
|
(c) On bills of exchange drawn on customers discounted |
115.093 |
141.540 |
|
(d) On import of capital goods under Export Promotion Capital Goods scheme |
6.606 |
3.973 |
FIXED ASSETS
Tangible Assets
· Land
· Buildings
· Plant and Equipment
· Furniture and Fixtures
· Vehicles
· Office Equipment
· Computer Equipments
· Other Equipments
Intangible Assets
· Computer Software
· Licenses and Franchise
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. 63.39 |
|
|
1 |
Rs. 96.85 |
|
Euro |
1 |
Rs. 75.67 |
INFORMATION DETAILS
|
Analysis Done by
: |
KAR |
|
|
|
|
Report Prepared
by : |
BVA |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
6 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILIRY |
1~10 |
4 |
|
--LIQUIDITY |
1~10 |
6 |
|
--LEVERAGE |
1~10 |
6 |
|
--RESERVES |
1~10 |
6 |
|
--CREDIT LINES |
1~10 |
6 |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
YES |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
NO |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
52 |
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.