MIRA INFORM REPORT
|
Report No. : |
330543 |
|
Report Date : |
04.07.2015 |
IDENTIFICATION DETAILS
|
Name : |
AUTOMOTIVE STAMPINGS AND ASSEMBLIES LIMITED |
|
|
|
|
Registered
Office : |
G-71/2, MIDC Industrial Area, Bhosari, Pune - 411 026, Maharashtra |
|
Tel. No.: |
91-20 -66314318 |
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|
|
|
Country : |
India |
|
|
|
|
Financials (as
on) : |
31.03.2015 |
|
|
|
|
Date of
Incorporation : |
13.03.1990 |
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|
|
|
Com. Reg. No.: |
11-016314 |
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|
|
|
Capital
Investment / Paid-up Capital : |
Rs. 158.644 Million |
|
|
|
|
CIN No.: [Company Identification
No.] |
L28932PN1990PLC016314 |
|
|
|
|
IEC No.: |
Not Available |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
PNEA04989F |
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|
|
|
PAN No.: [Permanent Account No.] |
Not Available |
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|
|
|
Legal Form : |
A Public Limited Liability Company. The Company’s Shares are Listed on
the Stock Exchanges. |
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|
|
Line of Business
: |
Manufacturer and Supplier of a range of sheet metal components and assemblies for the automobile industry and is a tier one auto components. |
|
|
|
|
No. of Employees
: |
636 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (50) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Status : |
Satisfactory |
|
|
|
|
Payment Behavior : |
Usually correct |
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|
|
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Litigation : |
Clear |
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Comments : |
Subject is a subsidiary of Tata Autocomp Systems Limited. It is a
well-established company having satisfactory track record. Company share are presently trading at market value of Rs. 39.95/-
which was initially issued at face value of Rs. 10/- It is classified as Indian Non-Government Company and is registered at
Registrar of Companies, Pune. Its Authorized share capital is Rs. 360.000
Million and its paid up capital is Rs. 158.644 Million. There company has incurred loss from its operation during the financial
year 2015. However, Overall financial position of the company seems to be decent.
The rating also takes into consideration the strong business and financial
support company receives from its parent. Directors are reported to be experienced and respectable businessmen. Trade relations are reported as fair. Business is active. Payments are
reported to be usually correct. 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.
EXTERNAL AGENCY RATING
|
Rating Agency Name |
CRISIL |
|
Rating |
Long Term Rating = A- |
|
Rating Explanation |
Have Adequate degree of safety and
low credit risk. |
|
Date |
18.03.2015 |
|
|
|
|
Rating Agency Name |
CRISIL |
|
Rating |
Short Term Rating = A2+ |
|
Rating Explanation |
Have strong degree of safety and carry low credit risk. |
|
Date |
18.03.2015 |
RBI DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available RBI Defaulters’ list.
EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of
31-03-2013.
INFORMATION DECLINED BY
|
Name : |
Mr. Dilip Baware |
|
Designation : |
Account Manager |
|
Contact No.: |
91-9552537903 |
|
Date : |
03.07.2015 |
LOCATIONS
|
Registered Office/ Factory : |
G-71/2, MIDC Industrial Area, Bhosari, Pune - 411 026, Maharashtra, India |
|
Tel. No.: |
91-20 -66314318 |
|
Mobile No.: |
91-9552537903 (Mr. Dilip Baware) |
|
Fax No.: |
91-20-66314343 |
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E-Mail : |
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|
Website : |
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|
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Factory 2/ Head Office: |
Gat No. 427, Medankarwadi, Chakan, Taluka: Khed, Pune 410 501, Maharashtra, India |
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Tel. No.: |
91-2135-261181/261150/261100/261179/261180 |
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Fax No.: |
91-2135-261151 |
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E-Mail : |
|
|
|
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Factory 3: |
Survey No. 173, Village- Khakharia, Taluka: Savali, Near GIDC, Halol 389 350, Gujarat, India |
|
Tel. No.: |
91-2676-222637/2667-288042 |
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Fax No.: |
91-2676-222637 |
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|
|
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Factory 4 : |
Plot No. 71, Sector 11, IIE Pantnagar Industrial Estate, Udham Singh Nagar 263153, Uttarakhand, India |
|
Tel. No.: |
91-9219415663 |
DIRECTORS
AS ON 31.03.2015
|
Name : |
Pradeep Mallick |
|
Designation : |
Director |
|
Address : |
A/2, Pallonji Mansion, 43, Cuffe Parade, Mumbai, 400005, Maharashtra, India |
|
Date of Birth and
Age : |
20.11.1942 |
|
Qualifications : |
Degree in Electrical Engineering from IIT, Madras and a Diploma in Business Management from UK. He is also a ‘Chartered Engineer’, Fellow of the Institution of Engineering and Technology (FIET), London. |
|
Date of Appointment : |
28.12.2007 |
|
DIN No.: |
00061256 |
|
|
|
|
Name : |
Ajay Hari Tandon |
|
Designation : |
Director |
|
Address : |
S NO. 130/132, Roseland - II, PIM. Saudagar Raw House- 93, Pune, 411027, Maharashtra, India |
|
Date of Appointment : |
27.07.2011 |
|
DIN No.: |
00128667 |
|
|
|
|
Name : |
Rati Farhad Forbes |
|
Designation : |
Director |
|
Address : |
30, Koregaon Park, Pune, 411001, Maharashtra, India |
|
Date of Appointment : |
18.10.2013 |
|
DIN No.: |
00137326 |
|
|
|
|
Name : |
Pradeep Kumar Bhargava |
|
Designation : |
Director |
|
Address : |
Flat No. 19, Cozy Retreat No. 3, Sindh Housing Society, Aundh, Pune, 411007, Maharashtra, India |
|
DIN No.: |
00525234 |
|
Date of Appointment : |
18.10.2013 |
|
|
|
|
Name : |
Arvind Hari Goel |
|
Designation : |
Director |
|
Address : |
S. No. 206/1, Flat No. 10, Baner Shahik, Park Behind Chaitraban Aundh, Pune, 411007, Maharashtra, India |
|
Date of Appointment : |
09.09.2013 |
|
DIN No.: |
02300813 |
|
|
|
|
Name : |
Deepak Rastogi |
|
Designation : |
Director |
|
Address : |
No. A 404, Mantri Classic Apartments, 1st Main, 8th Cross, S T Bed Layout, Koramangala, Bangalore, 560034, Karnataka, India |
|
Date of Appointment : |
18.10.2013 |
|
DIN No.: |
02317869 |
KEY EXECUTIVES
|
Name : |
Anil Khandekar |
|
Designation : |
Manager |
|
Address : |
Atharva Apartments, Opposite Madhukar Hospital Sinhgad Road, Pune, 411051, Maharashtra, India |
|
Date of Appointment : |
01.04.2014 |
|
PAN No : |
ABQPK4106Q |
|
|
|
|
Name : |
Shailendra Dindore |
|
Designation : |
Secretary |
|
Address : |
Swapnil, Suvarnabaug Colony, Near Dhanukar Colony, Kothrud, Pune, 411038, Maharashtra, India |
|
Date of Appointment : |
22.06.2001 |
|
PAN No : |
AAVPD7727Q |
|
|
|
|
Name : |
Ajay Prabhakar Joshi |
|
Designation : |
Chief Finance Officer |
|
Address : |
8, Anjana Residency, Adwait Nagar, Paud Road, Pune, 411038, Maharashtra, India |
|
Date of Appointment : |
29.04.2014 |
|
PAN No : |
ABYPJ5074E |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 31.03.2015
|
Category of Shareholder |
Total No. of Shares held in
Dematerialized Form |
Total Shareholding as a % of Total No. of
Shares |
|
(A) Shareholding of
Promoter and Promoter Group |
||
|
|
|
|
|
|
11898296 |
75.00 |
|
|
11898296 |
75.00 |
|
|
|
|
|
Total shareholding
of Promoter and Promoter Group (A) |
11898296 |
75.00 |
|
(B) Public Shareholding |
||
|
|
|
|
|
|
0 |
0.00 |
|
|
481653 |
3.04 |
|
|
481653 |
3.04 |
|
|
|
|
|
|
246016 |
1.55 |
|
|
|
|
|
|
1701098 |
11.02 |
|
|
1429553 |
9.01 |
|
|
59974 |
0.38 |
|
|
34459 |
0.22 |
|
|
25515 |
0.16 |
|
|
3436641 |
21.96 |
|
Total Public
shareholding (B) |
3918294 |
25.00 |
|
Total (A)+(B) |
15816590 |
100.00 |
|
(C) Shares held by Custodians
and against which Depository Receipts have been issued |
||
|
|
0 |
0.00 |
|
|
0 |
0.00 |
|
|
0 |
0.00 |
|
Total (A)+(B)+(C) |
15816590 |
100.00 |
SHAREHOLDING OF
SECURITIES (INCLUDING SHARES, WARRANTS, CONVERTIBLE SECURITIES) OF PERSONS
BELONGING TO THE CATEGORY PROMOTER AND PROMOTER GROUP
|
Category of Shareholder |
Total No. of Shares held in
Dematerialized Form |
Total Shareholding as a % of Total No. of
Shares |
|
Tata Auto Comp Systems Limited |
11898296 |
75.00 |
|
Total |
11898296 |
75.00 |
SHAREHOLDING OF SECURITIES
(INCLUDING SHARES, WARRANTS, CONVERTIBLE SECURITIES) OF PERSONS BELONGING TO
THE CATEGORY PUBLIC AND HOLDING MORE THAN 1% OF THE TOTAL NUMBER OF SHARES
|
Category of Shareholder |
Total No. of Shares held in
Dematerialized Form |
Total Shareholding as a % of Total No. of
Shares |
|
Lotus Global Investments Limited |
468777 |
2.95 |
|
Satish Khurana |
171000 |
1.08 |
|
Total |
639777 |
4.03 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer and Supplier of a range of sheet metal components and assemblies for the automobile industry and is a tier one auto components. |
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Products : |
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Brand Names : |
Not Available |
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Agencies Held : |
Not Available |
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Exports : |
Not Divulged |
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Imports : |
Not Divulged |
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Terms : |
Not Divulged |
GENERAL INFORMATION
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Suppliers : |
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Customers : |
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No. of Employees : |
636 (Approximately) |
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Bankers : |
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Facilities : |
Details of repayment of Term Loans : (In Million)
(a) Term Loan of Rs. 7.000 Million (Previous year Rs. 49.000 Million) from State Bank of India is secured by way of exclusive hypothecation charge on two specific Presses of Pantnagar Plant of the Company and first charge on fixed assets of Halol Plant of the Company. (b) Tata Autocomp Systems Limited, the holding company has also issued a Letter of Comfort to State Bank of India for the term loan and credit facilities taken by the Automotive Stampings and Assemblies Limited. (c) Term loan of Rs. 2,00.000 Million from Tata Capital Financial Services Limited is secured by first and exclusive hypothecation on plant and machinery (except for specific presses hypothecated against loan from State Bank of India) of Pantnagar plant of the Company. (d) Buyer’s Credit of Rs. 91.796 Million (Previous year Rs. 91.796 Million) of HDFC Bank is secured by way of first and exclusive charge on the machinery procured under the said facility. |
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|
|
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Financial Institute : |
Tata Capital Financial Services Limited |
|
|
|
|
Statutory Auditors : |
Price Waterhouse Chartered
Accountants |
|
|
|
|
Internal
Auditors : |
B.K. Khare and Company Chartered Accountants |
|
|
|
|
Secretarial
Auditors : |
S.V. Deulkar and Company Company Secretary |
|
|
|
|
Memberships : |
Not Available |
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|
|
|
Collaborators : |
Not Available |
|
|
|
|
Holding Company : |
Tata AutoComp Systems Limited [CIN No. U34100MH1995PLC093733], India |
|
|
|
|
Ultimate Holding
Company : |
Tata Sons Limited, India |
|
|
|
|
Fellow
Subsidiary : |
|
CAPITAL STRUCTURE
AS ON 31.03.2015
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
20000000 |
Equity Shares |
Rs.10/- each |
Rs. 200.000 Million |
|
16000000 |
Preference Shares |
Rs.10/- each |
Rs. 160.000 Million |
|
|
Total |
|
Rs. 360.000
Million |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
15864397 |
Equity Shares |
Rs.10/- each |
Rs.158.644 Million |
|
|
|
|
|
Rights,
preferences and restrictions attached to the shares
Equity Shares: The Company has one class of equity shares having a par value
of Rs.10 per share. Each shareholder is eligible for one vote per share held.
The dividend proposed by the Board of Directors is subject to the approval of
the shareholders in the ensuing Annual General Meeting, except in case of
interim dividend. In the event of liquidation, the equity shareholders are
eligible to receive the remaining assets of the Company after distribution of
all preferential amounts, in proportion to their shareholding.
Reconciliation of the
no. of shares outstanding at the beginning and at the end of the year:
|
Particulars |
March 31, 2015 Number of Shares |
March 31, 2015 Rs. In Million |
|
No. of shares outstanding at the beginning of the year |
|
|
|
- Equity shares |
15864397 |
158.644 |
|
- Preference shares |
- |
- |
|
|
|
|
|
Add: Additional
shares issued during the year |
|
|
|
- Equity shares |
- |
- |
|
- Preference shares |
- |
- |
|
|
|
|
|
Less: Shares Redeemed
during the year |
|
|
|
- Equity shares |
- |
- |
|
- Preference shares |
- |
- |
|
|
|
|
|
No. of shares outstanding at the end of the year |
|
|
|
- Equity shares |
15864397 |
158.644 |
|
- Preference shares |
- |
- |
Of the above, 11898296 (Previous year: 11898296) Equity
shares are held by Tata AutoComp Systems Limited, the Holding Company.
Number of shares held by each shareholder holding more
than 5% shares in the Company are as follows:
|
Name of
Shareholder |
Number
of Shares |
|
Equity Shares: Tata AutoComp Systems
Limited |
11898296 |
|
|
75% |
There were no Bonus shares issued during the last five
years.
ABRIDGED
BALANCE SHEET
FINANCIAL DATA
[all figures are
in Rupees Million]
|
SOURCES OF FUNDS |
31.03.2015 |
31.03.2014 |
31.03.2013 |
|
I.
EQUITY
AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
158.644 |
158.644 |
158.644 |
|
(b) Reserves & Surplus |
266.153 |
499.673 |
582.602 |
|
(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) |
424.797 |
658.317 |
741.246 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
360.200 |
386.216 |
139.251 |
|
(b) Deferred tax liabilities (Net) |
0.000 |
21.998 |
59.598 |
|
(c) Other long term
liabilities |
0.000 |
0.000 |
0.000 |
|
(d) long-term
provisions |
30.812 |
26.386 |
23.708 |
|
Total Non-current
Liabilities (3) |
391.012 |
434.600 |
222.557 |
|
|
|
|
|
|
(4)
Current Liabilities |
|
|
|
|
(a) Short
term borrowings |
52.094 |
162.710 |
347.814 |
|
(b) Trade
payables |
474.632 |
417.859 |
493.030 |
|
(c) Other
current liabilities |
343.246 |
167.087 |
147.649 |
|
(d) Short-term
provisions |
7.294 |
7.543 |
7.492 |
|
Total Current
Liabilities (4) |
877.266 |
755.199 |
995.985 |
|
|
|
|
|
|
TOTAL |
1693.075 |
1848.116 |
1959.788 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current
assets |
|
|
|
|
(a) Fixed
Assets |
|
|
|
|
(i)
Tangible assets |
1132.212 |
1207.760 |
1096.010 |
|
(ii)
Intangible Assets |
2.603 |
5.802 |
9.462 |
|
(iii)
Capital work-in-progress |
7.162 |
3.980 |
195.980 |
|
(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 |
70.566 |
69.863 |
58.655 |
|
(e) Other Non-current
assets |
0.505 |
0.268 |
0.236 |
|
Total Non-Current
Assets |
1213.048 |
1287.673 |
1360.343 |
|
|
|
|
|
|
(2)
Current assets |
|
|
|
|
(a)
Current investments |
0.000 |
0.000 |
0.000 |
|
(b)
Inventories |
239.143 |
238.683 |
285.448 |
|
(c) Trade
receivables |
181.333 |
235.022 |
212.682 |
|
(d) Cash
and cash equivalents |
6.281 |
0.653 |
0.754 |
|
(e)
Short-term loans and advances |
53.270 |
86.085 |
100.561 |
|
(f) Other
current assets |
0.000 |
0.000 |
0.000 |
|
Total Current
Assets |
480.027 |
560.443 |
599.445 |
|
|
|
|
|
|
TOTAL |
1693.075 |
1848.116 |
1959.788 |
PROFIT
& LOSS ACCOUNT
|
|
PARTICULARS |
31.03.2015 |
31.03.2014 |
31.03.2013 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
2905.012 |
3416.614 |
4650.933 |
|
|
|
Other Income |
0.468 |
1.207 |
0.843 |
|
|
|
TOTAL |
2905.480 |
3417.821 |
4651.776 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of Materials Consumed |
2264.515 |
2593.365 |
3741.469 |
|
|
|
Changes in inventories of finished goods, work-in-progress
and Stock-in-Trade |
(3.624) |
7.584 |
(24.165) |
|
|
|
Employees benefits expense |
407.356 |
404.321 |
432.801 |
|
|
|
Other expenses |
301.626 |
314.727 |
365.049 |
|
|
|
TOTAL |
2969.873 |
3319.997 |
4515.154 |
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION |
(64.393) |
97.824 |
136.622 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES |
82.435 |
66.356 |
47.421 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION |
(146.828) |
31.468 |
89.201 |
|
|
|
|
|
|
|
|
|
Less |
DEPRECIATION/
AMORTISATION |
96.890 |
151.997 |
152.363 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX |
(243.718) |
(120.529) |
(63.162) |
|
|
|
|
|
|
|
|
|
Less |
TAX |
(12.009) |
(37.600) |
(18.9) |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
|
(231.709) |
(82.929) |
(44.262) |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
1.533 |
84.462 |
128.724 |
|
|
|
|
|
|
|
|
|
|
BALANCE CARRIED
TO THE B/S |
(230.176) |
1.533 |
84.462 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
1.222 |
24.022 |
0.538 |
|
|
|
Components and Stores parts |
0.000 |
0.000 |
96.492 |
|
|
TOTAL IMPORTS |
1.222 |
24.022 |
97.030 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
(14.61) |
(5.23) |
(2.79) |
|
CURRENT MATURITIES
OF LONG TERM DEBT DETAILS
|
Particulars |
31.03.2015 |
31.03.2014 |
31.03.2013 |
|
Current Maturities of Long term debt |
229.512 |
16.694 |
40.869 |
|
Cash generated from operations |
94.597 |
63.981 |
87.460 |
KEY
RATIOS
|
PARTICULARS |
|
31.03.2015 |
31.03.2014 |
31.03.2013 |
|
PAT / Total Income |
(%) |
(7.98) |
(2.43) |
(0.95) |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
(2.22) |
2.86 |
2.94 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
(14.46) |
(6.54) |
(3.58) |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
(0.57) |
(0.18) |
(0.09) |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
1.51 |
0.86 |
0.71 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
0.55 |
0.74 |
0.60 |
STOCK
PRICES
|
Face Value |
Rs. 10/- |
|
Market Value |
Rs.39.95/- |
FINANCIAL ANALYSIS
[all figures are
in Rupees Million]
DEBT EQUITY RATIO
|
Particular |
31.03.2013 |
31.03.2014 |
31.03.2015 |
|
|
(Rs. In Million) |
(Rs. In Million) |
(Rs. In Million) |
|
Share Capital |
158.644 |
158.644 |
158.644 |
|
Reserves & Surplus |
582.602 |
499.673 |
266.153 |
|
Money received against
share warrants |
0.000 |
0.000 |
0.000 |
|
Share Application money pending allotment |
0.000 |
0.000 |
0.000 |
|
Net worth |
741.246 |
658.317 |
424.797 |
|
|
|
|
|
|
long-term borrowings |
139.251 |
386.216 |
360.200 |
|
Short term borrowings |
347.814 |
162.710 |
52.094 |
|
CURRENT MATURITIES OF
LONG-TERM DEBTS |
40.869 |
16.694 |
229.512 |
|
Total borrowings |
527.934 |
565.620 |
641.806 |
|
Debt/Equity ratio |
0.712 |
0.859 |
1.511 |
YEAR-ON-YEAR GROWTH
|
Year on Year Growth |
31.03.2013 |
31.03.2014 |
31.03.2015 |
|
|
(Rs. In Million) |
(Rs. In Million) |
(Rs. In Million) |
|
Sales |
4650.933 |
3416.614 |
2905.012 |
|
|
|
(26.539) |
(14.974) |
NET PROFIT MARGIN
|
Net Profit Margin |
31.03.2013 |
31.03.2014 |
31.03.2015 |
|
|
(Rs. In Million) |
(Rs. In Million) |
(Rs. In Million) |
|
Sales |
4650.933 |
3416.614 |
2905.012 |
|
Profit |
(44.262) |
(82.929) |
(231.709) |
|
|
(0.95)% |
(2.43)% |
(7.98)% |
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 |
No |
|
20 |
Banking Details |
Yes |
|
21 |
Banking facility details |
Yes |
|
22 |
Conduct of the banking account |
-- |
|
23 |
Financials, if provided |
Yes |
|
24 |
Capital in the business |
Yes |
|
25 |
Last accounts filed at ROC, if applicable |
Yes |
|
26 |
Turnover of firm for last three years |
Yes |
|
27 |
Reasons for variation <> 20% |
-- |
|
28 |
Estimation for coming financial year |
No |
|
29 |
Profitability for last three years |
Yes |
|
30 |
Major shareholders, if available |
Yes |
|
31 |
External Agency Rating, if available |
Yes |
|
32 |
Litigations that the firm/promoter
involved in |
-- |
|
33 |
Market information |
Yes |
|
34 |
Payments terms |
No |
|
35 |
Negative Reporting by Auditors in the
Annual Report |
No |
MANAGEMENT DISCUSSION
AND ANALYSIS
INDUSTRY STRUCTURE
AND DEVELOPMENTS
The Indian Automobile Industry is made up of Original Equipment Manufacturers (OEMs) i.e. Automobile manufacturers and auto component manufacturers.
The Industry is an emerging sector in India, with almost all global majors having set up their facilities here. The
Industry has been continually evolving and absorbing newer technologies in order to align itself with global developments and realise its full potential.
The Auto Components Industry in India comprises Tier One manufacturers who supply complete component modules to OEMs, Tier Two manufacturers who cater to Tier One manufacturers and Tier Three manufacturers who supply components to Tier Two manufacturers. The Industry is divided into five segments viz. engine parts, drive transmission & steering parts, suspension & brake parts, electric parts and body & chassis.
The fortunes of the Auto Components Industry are closely linked with those of the OEMs.
OPERATIONS
The Company's sales during the year were impacted by lower volumes in the segment in which it predominantly operates. Some of the models under passenger car segment and LCV segment, on which the Company has heavy dependence, recorded sharper drop in volume and this had a very adverse effect on sales. Even though, the passenger car segment recorded growth of 4.99%, the Company couldn’t achieve corresponding growth since the anchor customer of the Company recorded a negative growth.
Consequently, the Company could not utilize its capacity fully. In addition, the frequent fluctuations in demand during the financial year 2014-15 have made planning for other resources difficult.
To minimize the impact of falling volumes and increasing input costs, the Company launched a number of containment actions and cost reduction drives as counter measures such as EBITDA improvement initiatives to enhance internal efficiencies and improve operational excellence. Apart from the cost reduction programmers, the Company has been aggressively pursuing new business opportunities. These initiatives will have a positive impact on volumes, margins and overall performance on a sustained basis in the future.
FUTURE OUTLOOK
The industry is expected to benefit from lower fuel costs and softening of interest rates that would ideally help in replacements in the automotive sector. It is likely that the hatchback segment will see a visible growth as first-time buyers prefer new cars to two-wheelers or used cars.
The medium and long term outlook remains positive for the automotive sector and consequently, the auto component sector. This confidence is based on strong sector fundamentals which include low incidence of vehicle penetration in the country, projected high rate of GDP growth for the Indian economy, huge investments being made by the Government in infrastructure along with migration of middle class population to urban areas with aspirations for better living standards.
COMPANY OVERVIEW
GENERAL INFORMATION
The
Company is engaged in the business of manufacturing sheet metal stampings,
welded assemblies and modules for the automotive industry. The Company has four
plants in India and sells primarily in India. The Company is a public limited
company and listed on the Bombay Stock Exchange (BSE) and National Stock
Exchange (NSE).
UNSECURED LOAN
|
Unsecured Loan |
31.03.2015 (Rs.
in Million) |
31.03.2014 (Rs.
in Million) |
|
Long-term
Borrowings |
|
|
|
Interest Free Sales Tax Loan |
0.000 |
0.120 |
|
Long Term Loan from Holding Company |
142.800 |
160.800 |
|
Inter Corporate Deposit from Holding Company |
30.000 |
130.000 |
|
Short-term
borrowings |
|
|
|
Sales Invoice Financing Facility with bank |
29.683 |
34.034 |
|
Total |
202.483 |
324.954 |
|
Note:
|
||
INDEX
OF CHARGES
|
S.No. |
Charge ID |
Date of Charge Creation/Modification |
Charge amount secured |
Charge Holder |
Address |
Service Request Number (SRN) |
|
1 |
10551900 |
05/02/2015 |
200,000,000 |
TATA CAPITAL FINANCIAL SERVICES LIMITED |
One Forbes, Dr. V.
B. Gandhi Marg, Fort, Mumbai, |
C45003464 |
|
2 |
10404182 |
24/01/2013 |
91,796,342 |
HDFC BANK LIMITED |
HDFC BANK HOUSESENAPATI BAPAT MARG, LOWER PAREL W, MUMBAI, Maharashtra - 400013, INDIA |
B68559228 |
|
3 |
90086061 |
03/05/2010 * |
170,000,000 |
HDFC BANK LIMITED |
HDFC BANK HOUSESENAPATI BAPAT MARG, LOWER PAREL W, MUMBAI, Maharashtra - 400013, INDIA |
A85800357 |
|
4 |
90091520 |
30/10/2010 * |
100,000,000 |
State Bank of India |
Industrial Finance Branch, Tara Chambers, Mumbai - Pune Road, Pune, Maharashtra -411003,INDIA |
A98860810 |
CONTINGENT
LIABILITIES:
(Rs. in million)
|
PARTICULARS |
31.03.2015 |
31.03.2014 |
|
Bills discounted not matured |
356.237 |
471.617 |
|
Claims against the Company not acknowledged as debts |
26.175 |
30.164 |
|
Labour matter |
16.100 |
0.000 |
|
Total |
398.512 |
501.781 |
NOTE
In addition to the above there are certain pending cases in respect of labour matters, the impact of which is not quantifiable and is not expected to be material.
FIXED ASSETS
- Land - Freehold
- Land - Leasehold
- Factory Building
- Office Building
- Plant and Equipment
- Tools, Jigs and Fixtures
- Furniture and Fixtures
- Office Equipment
- Vehicles
- Computer Software
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.98.94 |
|
Euro |
1 |
Rs.70.33 |
INFORMATION DETAILS
|
Information Gathered
by : |
DPA |
|
|
|
|
Analysis Done by
: |
RSM |
|
|
|
|
Report Prepared
by : |
DDD |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILIRY |
1~10 |
3 |
|
--LIQUIDITY |
1~10 |
6 |
|
--LEVERAGE |
1~10 |
6 |
|
--RESERVES |
1~10 |
6 |
|
--CREDIT LINES |
1~10 |
6 |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
NO |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
YES |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
50 |
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
unfavorable 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.