MIRA INFORM REPORT
|
Report No. : |
330875 |
|
Report Date : |
08.07.2015 |
IDENTIFICATION DETAILS
|
Name : |
METALYST FORGINGS LIMITED
(w.e.f. 07.05.2015) |
|
|
|
|
Formerly Known
As : |
AHMEDNAGAR FORGINGS LIMITED |
|
|
|
|
Registered
Office : |
Gate No.614,
Village Kuruli, Taluka Khed, Pune – 410 501, Maharashtra |
|
Tel. No.: |
91-20-66031188 |
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|
|
|
Country : |
India |
|
|
|
|
Financials (as
on) : |
30.09.2014 |
|
|
|
|
Date of Incorporation
: |
21.03.1977 |
|
|
|
|
Com. Reg. No.: |
11-019569 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs.367.500 million |
|
|
|
|
CIN No.: [Company Identification
No.] |
L28910MH1977PLC019569 |
|
|
|
|
IEC No.: |
0388129182 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
PNEA05185F |
|
|
|
|
PAN No.: [Permanent Account No.] |
AACCA3454H |
|
|
|
|
Legal Form : |
Public Limited Liability Company. The Company’s Shares are Listed on
the Stock Exchanges. |
|
|
|
|
Line of Business
: |
Subject is engaged in the manufacturing high precision closed die
steel forgings and auto components and include wide varieties of steel
forgings such as camshafts, connecting roads, crankshafts, crown wheel, hub,
shafts, etc. |
|
|
|
|
No. of Employees
: |
Information declined by the Management. |
RATING & COMMENTS
|
MIRA’s Rating : |
A (62) |
|
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 |
|
Status : |
Good |
|
|
|
|
Payment Behaviour : |
Regular |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is a subsidiary of “Amtek Auto Limited”. It is a
well-established company having fine track record. Company possesses healthy financial risk profile marked by decent
sales turnover profile and adequate profitability margins of the company. Rating also takes into consideration experience and resourcefulness of
the promoters supported by healthy financial base and strong financial as
well as managerial support that company receives from holding company. Trade relations are reported as fair. Business is active. Payments are
reported to be regular and as per commitment. In view of aforesaid, 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 – 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 |
CARE |
|
Rating |
Long-Term Bank Facilities = A+ |
|
Rating Explanation |
Adequate degree of safety and low credit
risk |
|
Date |
27.05.2015 |
|
Rating Agency Name |
CARE |
|
Rating |
Short-Term Bank Facilities = A1 |
|
Rating Explanation |
Very strong degree of safety and carry
lowest credit risk |
|
Date |
27.05.2015 |
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
Management non-cooperative
(Tel. No.: 91-11-42344444)
LOCATIONS
|
Registered Office : |
Gate No.614,
Village Kuruli, Taluka Khed, Pune – 410 501, Maharashtra, India |
|
Tel. No.: |
91-20-66031188 91-2135-233099 / 254005 / 252805 / 252734 / 252735 |
|
Fax No.: |
91-20-66031177 91-2135-252105 |
|
E-Mail : |
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|
Website : |
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|
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Corporate Office/Head Office : |
Office No.604, 6th Floor, The Great Eastern Plaza, Opposite Gunjan
Theatre, Airport Road, Yerawada, Pune-411006, Maharashtra, India |
|
Email: |
|
|
|
|
|
Works : |
Located at:
|
DIRECTORS
AS ON 30.09.2014
|
Name : |
Mr. Sanjiv Bhasin |
|
Designation : |
Chairman and Director |
|
Date of Birth: |
31.08.1957 |
|
Address : |
House Number 3171, Sector 21 D, Chandigarh – 160 022, India |
|
Date of Appointment : |
13.08.2013 |
|
Qualification: |
M.Com. Chartered Accountant |
|
DIN No.: |
01119788 |
|
|
|
|
Name : |
Mr. Sowmyanarayanan Rajagopalan |
|
Designation : |
Whole-Time Director |
|
Address : |
A-42 E, DDA Flats, Munirka, New Delhi – 110 067, India |
|
Date of Appointment : |
25.10.2008 |
|
DIN No.: |
02403272 |
|
|
|
|
Name : |
Mr. Arvind Dham |
|
Designation : |
Director |
|
Address : |
B-7, Geetanjali Enclave, New Delhi – 110 017, India |
|
Date of Appointment : |
31.03.2003 |
|
Date of Birth: |
15.03.1961 |
|
Qualification: |
B.Arch. from Chandigarh College of Architecture, Punjab University |
|
DIN No.: |
00047217 |
|
|
|
|
Name : |
Mr. Gautam Malhotra |
|
Designation : |
Director |
|
Address : |
B-7, Geetanjali Enclave, New Delhi – 110 017, India |
|
Date of Appointment : |
12.06.2006 |
|
DIN No.: |
00157488 |
|
|
|
|
Name : |
Mr. Deshpal Singh Malik |
|
Designation : |
Director |
|
Address : |
355, Sector-29, Varun Vihar, Noida, Gautam Budh Nagar – 201 303, Uttar
Pradesh, India |
|
Date of Appointment : |
31.03.2003 |
|
DIN No.: |
00052362 |
|
|
|
|
Name : |
Mr. Sitaraman Easwara Krishnan |
|
Designation : |
Director |
|
Date of Birth: |
06.06.1940 |
|
Address : |
C2, 90, Parameshwar Vihar, 28, Arcot Road, Shligramam, Chennai - 600 093, Tamilnadu, India |
|
Date of Appointment : |
31.01.2003 |
|
Qualification: |
B.E. (Mechanical Engineering) |
|
DIN No.: |
01674237 |
|
|
|
|
Name : |
Mr. Bahushrut Lugani |
|
Designation : |
Director |
|
Date of Birth: |
22.07.1955 |
|
Address : |
A-3, 106, Ekta Garden, 9, Patpargang, Delhi – 110 092, India |
|
Qualification: |
Chartered Accountant |
|
Date of Appointment : |
31.07.2003 |
|
DIN No.: |
00052387 |
|
|
|
|
Name : |
Mr. Vivek Kumar Agarwal |
|
Designation : |
Director |
|
Date of Birth: |
15.06.1970 |
|
Address : |
Ashiana The Heritage, D-108, Plot No.14, Sector-4, Vaishali, Ghaziabad
– 201 011, Uttar Pradesh, India |
|
Qualification: |
Master of Finance and Control |
|
Date of Appointment : |
Director |
|
DIN No.: |
01479902 |
KEY EXECUTIVES
|
Name : |
Mrs. Swati Ahuja |
|
Designation : |
Secretary |
|
Address : |
H. No.278 B, Balbir Nagar, Shahdara, New Delhi – 110 032, India |
|
Date of Appointment : |
16.05.2012 |
|
PAN No.: |
AJVPA6176D |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 31.03.2015
|
Category of Shareholders |
No. of Shares |
Percentage of Holding |
|
(A)
Shareholding of Promoter and Promoter Group |
|
|
|
|
|
|
|
|
19904492 |
54.16 |
|
|
19904492 |
54.16 |
|
|
|
|
|
Total
shareholding of Promoter and Promoter Group (A) |
19904492 |
54.16 |
|
(B)
Public Shareholding |
|
|
|
|
|
|
|
|
3919621 |
10.67 |
|
|
199576 |
0.54 |
|
|
1154017 |
3.14 |
|
|
600 |
0.00 |
|
|
600 |
0.00 |
|
|
5273814 |
14.35 |
|
|
|
|
|
|
5874178 |
15.98 |
|
|
|
|
|
|
4152045 |
11.30 |
|
|
850621 |
2.31 |
|
|
694850 |
1.89 |
|
|
178181 |
0.48 |
|
|
169347 |
0.46 |
|
|
346922 |
0.94 |
|
|
400 |
0.00 |
|
|
11571694 |
31.49 |
|
Total
Public shareholding (B) |
16845508 |
45.84 |
|
Total
(A)+(B) |
36750000 |
100.00 |
|
(C)
Shares held by Custodians and against which Depository Receipts have been
issued |
0 |
0.00 |
|
|
0 |
0.00 |
|
|
0 |
0.00 |
|
|
0 |
0.00 |
|
Total
(A)+(B)+(C) |
36750000 |
0.00 |
BUSINESS DETAILS
|
Line of Business : |
Subject is engaged in the Manufacturing high precision closed die
steel forgings and auto components and include wide varieties of steel
forgings such as camshafts, connecting roads, crankshafts, crown wheel, hub,
shafts, etc. |
|
|
|
|
Products : |
|
|
|
|
|
Brand Names : |
Not Available |
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|
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|
Agencies Held : |
Not Available |
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|
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Exports : |
Not Divulged |
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|
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Imports : |
Not Divulged |
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Terms : |
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Selling : |
Not Divulged |
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|
|
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Purchasing : |
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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Facilities : |
Notes: LONG-TERM
BORROWINGS Particulars of
Security: Term Debts from Financial Institutions/Banks are secured by way of first mortgage of company’s all Immovable Properties ranking pari passu interest and hypothecation of whole of the Company’s Movable Properties including Plant and Machinery, Machinery spares, tools and accessories (save and except book debts) present and future, subject to prior charges created/ to be created in favor of the company’s bankers on inventories, book debts. SHORT-TERM
BORROWINGS Particulars of
Security Working Capital facilities are secured by hypothecation of
raw material, semi-finished goods/stock-in-process, consumable stores and
book debts of the company. |
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
Manoj Mohan and Associates Chartered Accountants |
|
Address : |
New Delhi, India |
|
|
|
|
Memberships : |
Not Available |
|
|
|
|
Collaborators : |
Not Available |
|
|
|
|
Holding Company : |
Amtek Auto Limited |
|
|
|
|
Subsidiaries of the Holding Company : |
·
Amtek
Deutshland GmbH ·
Amtek Investment
UK Limited ·
Amtek Germany
Holding GP GmbH ·
Amtek Germany
Holding GmbH and Company KG ·
Amtek Holding
BV ·
Amtek Global
Technologies Pte. Limited ·
Amtek
Transportation Systems Limited ·
Alliance
Hydro Power Limited ·
Amtek India
Limited ·
Amtek Defence
Technologies Limited ·
JMT Auto
Limited |
|
|
|
|
Subsidiaries of Subsidiaries of the Holding Company : |
·
Amtek Tekfor
Holding GmbH ·
Neumayer
Tekfor GmbH ·
Tekfor
Services GmbH ·
Neumayer
Tekfor Rotenburg GmbH ·
Neumayer
Tekfor Schmolln GmbH ·
Neumayer Tekfor
Engineering GmbH ·
GfsV ·
Neumayer
Tekfor Japan Co. Limited ·
Tekfor Inc. ·
Tekfor Maxico
SA de CV ·
Neumayer
Tekfor Automotive Brasil Ltda. ·
Neumayer
Tekfor SpA ·
Tekfor Maxico
Services ·
Tekfor
Services Inc. ·
Amtek
Powertrain Components B.V. ·
Amtek Powertrain
RUS LLC ·
Amertec
Systems Private Limited ·
Amtek Kuepper
GmbH ·
August Kupper
GmbH ·
H.J Kupper
System- Und Modultechnik GmbH ·
H.J Kupper
Metallbearbeitung GmbH ·
SKD- GieBerei
GMBH ·
Kupper
Hungaria Kft |
|
|
|
|
Associates of the Holding Company : |
·
ARGL Limited
(Formerly known as Amtek Ring Gears Limited) ·
ACIL Limited
(Formerly known as Amtek Crankshafts India Limited) ·
Amtek Tekfor
Automotive Limited |
|
|
|
|
Joint Venture of Holding Co. : |
·
MPT Amtek
Automotive (India) Limited ·
SMI Amtek
Crankshafts Private Limited |
|
|
|
|
Associates of Subsidiaries of the Holding Company |
·
Amtek Railcar
Private Limited
|
|
|
|
|
Joint Venture of Subsidiary of the Holding Company : |
·
SFE GmbH |
CAPITAL STRUCTURE
AS ON 30.09.2014
Authorized Capital:
|
No. of Shares |
Type |
Value |
Amount |
|
40000000 |
Equity Shares |
Rs.10/- each |
Rs.400.000 million |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital:
|
No. of Shares |
Type |
Value |
Amount |
|
36750000 |
Equity Shares |
Rs.10/- each |
Rs.367.500 million |
|
|
|
|
|
The company has only one
class of shares referred to as Equity Shares having a par value of Rs.10/- per
share.
Each
shareholder of equity Shares is entitled to one vote per share.
The reconciliation of the number
of shares outstanding and the amount of share capital as at September 30, 2014
is set out below:
|
Particulars |
Number of Shares |
Amount (Rs. In million) |
|
Number
of shares at the beginning |
36750000 |
367.500 |
|
Add:
Shares Issued |
-- |
-- |
|
Less:
Shares bought back during the year |
-- |
-- |
|
Number of Shares at the end |
36750000 |
367.500
|
Details
of Persons Holding more than 5% Share Capital:
|
Particulars |
Number of Shares |
% of holding |
|
Amtek
Auto Limited (Holding Company) |
23804492 |
64.77% |
|
HDFC
Trustee Co. Limited-HDFC Prudence Fund |
2882892 |
7.84% |
|
Cresta
Fund Limited |
-- |
-- |
There
is no restriction on distribution of dividends and repayment of Capital.
FINANCIAL DATA
[all figures are
in Rupees Million]
ABRIDGED
BALANCE SHEET
|
SOURCES OF FUNDS |
30.09.2014 (12 Months) |
30.09.2013 (15 Months) |
30.06.2012 |
|
|
|
|
|
|
I.
EQUITY AND LIABILITIES |
|
|
|
|
(1) Shareholders'
Funds |
|
|
|
|
(a) Share Capital |
367.500 |
367.500 |
367.500 |
|
(b) Reserves & Surplus |
10592.208 |
8705.739 |
7015.586 |
|
(c) Money received against share warrants |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
(2) Share
Application money pending allotment |
0.000 |
600.000 |
0.000 |
|
Total Shareholders’ Funds (1) + (2) |
10959.708 |
9673.239 |
7383.086 |
|
|
|
|
|
|
(3) Non-Current
Liabilities |
|
|
|
|
(a) Long-term borrowings |
15731.115 |
16771.113 |
4485.422 |
|
(b) Deferred tax liabilities (Net) |
2008.621 |
1450.312 |
1044.099 |
|
(c) Other long term liabilities |
98.845 |
1257.405 |
120.295 |
|
(d) Long-term provisions |
51.895 |
43.967 |
30.219 |
|
Total Non-current Liabilities (3) |
17890.476 |
19522.797 |
5680.035 |
|
|
|
|
|
|
(4) Current
Liabilities |
|
|
|
|
(a) Short term borrowings |
5190.393 |
2502.039 |
1960.113 |
|
(b) Trade payables |
1227.811 |
933.732 |
959.667 |
|
(c) Other current liabilities |
6787.678 |
2711.297 |
1701.475 |
|
(d) Short-term provisions |
62.961 |
198.136 |
99.576 |
|
Total Current Liabilities (4) |
13268.843 |
6345.204 |
4720.831 |
|
|
|
|
|
|
TOTAL |
42119.027 |
35541.240 |
17783.952 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current
assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
27728.909 |
19922.870 |
9679.180 |
|
(ii) Intangible Assets |
0.000 |
0.000 |
0.000 |
|
(iii) Capital work-in-progress |
1470.977 |
7067.196 |
454.289 |
|
(iv) Intangible assets under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current Investments |
9.196 |
9.196 |
9.096 |
|
(c) Deferred tax assets (net) |
0.000 |
0.000 |
0.000 |
|
(d)
Long-term Loan and Advances |
26.499 |
35.847 |
911.784 |
|
(e) Other Non-current assets |
0.000 |
0.000 |
0.000 |
|
Total Non-Current Assets |
29235.581 |
27035.109 |
11054.349 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
0.189 |
0.189 |
0.189 |
|
(b) Inventories |
5956.079 |
3016.305 |
2637.129 |
|
(c) Trade receivables |
5124.454 |
2637.992 |
2826.822 |
|
(d) Cash and cash equivalents |
1340.119 |
2383.265 |
743.724 |
|
(e) Short-term loans and advances |
456.021 |
462.318 |
519.210 |
|
(f) Other current assets |
6.584 |
6.062 |
2.529 |
|
Total Current Assets |
12883.446 |
8506.131 |
6729.603 |
|
|
|
|
|
|
TOTAL |
42119.027 |
35541.240 |
17783.952 |
PROFIT
& LOSS ACCOUNT
|
|
PARTICULARS |
30.09.2014 (12 Months) |
30.09.2013 (15 Months) |
30.06.2012 |
|
|
|
SALES |
|
|
|
|
|
|
|
Revenue
from Operations |
23970.444 |
17184.870 |
12140.457 |
|
|
|
Other Income |
198.591 |
430.111 |
43.857 |
|
|
|
TOTAL (A) |
24169.035 |
17614.981 |
12184.314 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of Materials Consumed |
16874.713 |
11189.838 |
7985.070 |
|
|
|
Changes in inventories of finished goods, work-in-progress
and stock-in-trade |
(1193.926) |
(74.438) |
(107.051) |
|
|
|
Employees benefits expense |
982.861 |
957.359 |
600.185 |
|
|
|
Other expenses |
1356.627 |
982.854 |
731.084 |
|
|
|
TOTAL (B) |
18020.275 |
13055.613 |
9209.288 |
|
|
|
|
|
|
|
|
Less |
PROFIT/
(LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
6148.760 |
4559.368 |
2975.026 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
1959.057 |
1010.282 |
648.460 |
|
|
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
4189.703 |
3549.086 |
2326.566 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
1365.834 |
979.487 |
612.951 |
|
|
|
|
|
|
|
|
|
|
PROFIT/ (LOSS)
BEFORE TAX (E-F) (G) |
2823.869 |
2569.599 |
1713.615 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
893.018 |
836.734 |
504.886 |
|
|
|
|
|
|
|
|
|
|
PROFIT/ (LOSS)
AFTER TAX (G-H) (I) |
1930.851 |
1732.865 |
1208.729 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS YEARS’
BALANCE BROUGHT FORWARD |
835.728 |
395.575 |
979.559 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Transfer to General Reserve |
1080.286 |
1250.000 |
1750.000 |
|
|
|
Proposed Dividend on Equity Capital |
36.750 |
36.750 |
36.750 |
|
|
|
Corporate Dividend Tax on Proposed Dividend |
7.348 |
5.962 |
5.961 |
|
|
|
Corporate Dividend Tax (not appropriated in Previous
Period) |
0.284 |
0.000 |
0.000 |
|
|
BALANCE CARRIED
TO THE B/S |
1641.911 |
835.728 |
395.575 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Export of Goods Calculated on F.O.B basis |
94.542 |
90.240 |
85.439 |
|
|
TOTAL EARNINGS |
94.542 |
90.240 |
85.439 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Components and Stores parts |
0.867 |
1.428 |
1.531 |
|
|
TOTAL IMPORTS |
0.867 |
1.428 |
1.531 |
|
|
|
|
|
|
|
|
|
|
Earnings/ (Loss)
Per Share (Rs.) |
52.54 |
47.15 |
32.89 |
|
CURRENT MATURITIES
OF LONG TERM DEBT DETAILS
|
Particulars |
30.09.2014 (12 Months) |
30.09.2013 (15 Months) |
30.06.2012 |
|
Current maturities of long-term debt |
4708.348 |
2047.112 |
234.200 |
|
Cash generated from operations |
4041.732 |
6721.831 |
2835.784 |
|
Net cash flows from (used in) operations |
NA |
NA |
NA |
QUARTERLY RESULTS
|
PARTICULARS |
|
31.12.2014 |
31.03.2015 |
|
Unaudited |
|
1st
Quarter |
2nd
Quarter |
|
Net
Sales |
|
6697.600 |
5781.400 |
|
Total
Expenditure |
|
5020.100 |
4537.900 |
|
PBIDT
(Excl OI) |
|
1677.500 |
1243.500 |
|
Other
Income |
|
NA |
NA |
|
Operating
Profit |
|
1677.500 |
1243.500 |
|
Interest |
|
639.100 |
872.400 |
|
Exceptional
Items |
|
NA |
NA |
|
PBDT |
|
1038.400 |
371.100 |
|
Depreciation |
|
470.200 |
475.000 |
|
Profit
Before Tax |
|
568.200 |
(103.900) |
|
Tax |
|
193.000 |
(35.600) |
|
Profit After Tax |
|
375.200 |
(68.300) |
KEY
RATIOS
|
PARTICULARS |
|
30.09.2014 (12 Months) |
30.09.2013 (15 Months) |
30.06.2012 |
|
Net Profit Margin (PAT / Sales) |
(%) |
8.06 |
10.08 |
9.96 |
|
|
|
|
|
|
|
Operating Profit Margin (PBIDT/Sales) |
(%) |
25.65 |
26.53 |
24.51 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
6.95 |
9.03 |
9.89 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.26 |
0.27 |
0.23 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
2.34 |
2.20 |
0.90 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
0.97 |
1.34 |
1.43 |
STOCK
PRICES
|
Face Value |
Rs.10.00 |
|
Market Value |
Rs.141.70 |
FINANCIAL ANALYSIS
[all figures are in
Rupees Million]
DEBT EQUITY RATIO
|
Particular |
30.06.2012 |
30.09.2013 |
30.09.2014 |
|
|
(Rs. In Million) |
(Rs. In Million) |
(Rs. In Million) |
|
Share Capital |
367.500 |
367.500 |
367.500 |
|
Reserves & Surplus |
7015.586 |
8705.739 |
10592.208 |
|
Money received against
share warrants |
0.000 |
0.000 |
0.000 |
|
Share Application money
pending allotment |
0.000 |
600.000 |
0.000 |
|
Net worth |
7383.086 |
9673.239 |
10959.708 |
|
|
|
|
|
|
Long-term borrowings |
4485.422 |
16771.113 |
15731.115 |
|
Short term borrowings |
1960.113 |
2502.039 |
5190.393 |
|
Current maturities of
long-term debts |
234.200 |
2047.112 |
4708.348 |
|
Total borrowings |
6679.735 |
21320.264 |
25629.856 |
|
Debt/Equity ratio |
0.905 |
2.204 |
2.339 |
YEAR-ON-YEAR GROWTH
|
Year on Year Growth |
30.06.2012 |
30.09.2013 |
30.09.2014 |
|
|
(Rs. In Million) |
(Rs. In Million) |
(Rs. In Million) |
|
Revenue from Operations |
12140.457 |
17184.870 |
23970.444 |
|
|
|
41.550 |
39.486 |
NET PROFIT MARGIN
|
Net Profit Margin |
30.06.2012 |
30.09.2013 |
30.09.2014 |
|
|
(Rs. In Million) |
(Rs. In Million) |
(Rs. In Million) |
|
Revenue from Operations |
12140.457 |
17184.870 |
23970.444 |
|
Profit |
1208.729 |
1732.865 |
1930.851 |
|
|
9.96% |
10.08% |
8.06% |
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 |
No |
|
8 |
Designation of contact person |
No |
|
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 |
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 |
Yes |
|
29 |
Profitability for last three years |
Yes |
|
30 |
Major shareholders, if available |
Yes |
|
31 |
External Agency Rating, if available |
Yes |
|
32 |
Litigations that the firm/promoter
involved in |
-- |
|
33 |
Market information |
-- |
|
34 |
Payments terms |
No |
|
35 |
Negative Reporting by Auditors in the
Annual Report |
No |
FINANCIAL PERFORMANCE
Operating in a volatile and uncertain environment, the Company demonstrated the resilience of it business model, The Company’s best in class automotive component business enabled it to deliver robust profits during the financial year. The revenue of the Company is Rs.24169.035 million compared to Rs.17614.981 million during the previous year. The Profit after tax Rs.1930.851 million as compared to the previous year of Rs.1732.865 million. The Company has a strong Reserve and Surplus position of Rs.10592.208 million.
MANAGEMENT DISCUSSION
AND ANALYSIS REPORT:
GLOBAL ECONOMIC
OVERVIEW:
The year ending September 2014 was a more encouraging period for the global automotive industry than the year before. Both Europe and the US emerged stronger as an improving consumer sentiment and rising business confidence led to higher demand for vehicles, both in the passenger and commercial segments. However, in the advanced economies, the legacies of the pre-crisis boom and the subsequent economic slowdown, coupled with lingering challenges related to unemployment and high private and public debt still cast a shadow on the recovery. In addition, rising geopolitical tensions in Europe and the Middle East also marred an overall improving business outlook. In China, risks from an adverse impact of an ageing population and weak economic growth continued to weigh on overall business prospects.
The IMF forecasts global economic growth of 2.6% in CY2014, 10 bps above the growth in CY2013. Forecasted GDP growth in emerging markets and developing countries is placed at 4.4% in CY2014, 30 bps less than the growth in CY2013. Most of the key emerging / developing economies, except India and Mexico are expected to report lower growth in FY2015 and CY2014, respectively, vis-à-vis in 2013. US GDP is expected to grow 2.2% in CY2014, no change from the growth in CY2013. Europe, which contracted (0.4) % in CY2013, is expected to report positive growth in CY2014, projected at 0.8%. This is owing to a slight economic recovery in Germany, Spain and Italy. China’s growth is forecasted to drop 30 bps to 7.4% in CY2014 while India’s growth is expected to rise to 5.6% in CYFY2015. (Source: IMF)
INDIAN ECONOMIC
OVERVIEW:
Fiscal year 2013-14 had been a challenging year with subdued economic growth, as a result of higher inflation, higher interest rates, lower industrial growth and lower investments in the country, along with the poor global economic conditions. However, post a stable government at the Centre, business confidence has risen with a pick-up in foreign investment and production growth. Industrial output growth as measured by the Index of Industrial Production (IIP) for Apr-Sep 2014 stood at 2.8% y-o-y vs. 0.5% y-o-y for the same period of the last fiscal year. India’s GDP growth forecast has consequently been raised by IMF to 5.6% for FY2015, as compared to a growth of 5.0% in FY2014.
AUTOMOBILE INDUSTRY:
Global Automobile
Industry:
Despite demand pressures in some of the economies in the world and an overhang of the debt crisis in a few others, the global automotive industry seems to have started treading on the recovery path. United States finally returned to its pre-crisis sales level, with a substantial reduction in the workforce and renewed profitability. The market is expected to grow at over 4% in 2014 and over 3% in 2015. Sales in Asia, with two of the biggest automotive markets, are expected to rise by 8% in 2014. China continues to demand more cars, despite concerns that the economy is cooling off. Sales are expected to be higher by 10% in 2014. Sales in India are expected to remain flat, due largely to the recent slowdown that affected the passenger car industry. In Japan, despite a supportive monetary policy, sales are expected to shrink by (5)% in 2014 and (2)% in 2015.
Sales in Europe are expected to recover by over 5% in 2014 and 2015, but still remains away from its pre-crisis level. The Italian passenger car market remains depressed and sales are expected to come in at 1.3 million units, i.e. at half their pre-crisis level and production capacity continues to be underutilized with very limited hope of a rapid turnaround.
In Germany, automotive manufacturers are seeking to absorb
the increase in operating costs and investments via efficiency gains and
internal synergies. The market is expected to grow at over 3% in 2014 and 2015.
In the United Kingdom, pent-up demand and a renewed consumer sentiment is
expected to result in a growth in new registrations of over 10% in 2014. Registrations
in Brazil are expected to register a de-growth of (10) %.
Indian Automobile
Industry:
India has always been widely recognized as one of the most strategically important emerging automotive markets in the world. In addition to being an attractive end customer market, it also provides OEMs with a high quality, cost efficient manufacturing platform to service their customers globally, making it a compelling destination for major automotive manufacturers.
However, the automotive industry in the recent past has faced head winds. In the financial year 2013-14, consumer sentiment continued to be impacted by high fuel prices and overall economic uncertainty which also reflected in the business confidence and industrial output. As a result, the passenger car and commercial vehicle production fell by (4.9) % and (16.1) %, respectively during the year. The 2/3 wheelers production, however, was less affected and expanded by 6.8%.
The outlook for the Indian automotive sector is expected to improve. In the passenger car market, pent up demand after 2-3 years of lower consumption is expected to stimulate sales. Reducing food and fuel inflation and a recovery in the business sentiment, helped by a series of reforms by the new government is likely to benefit the commercial vehicles sector, which has already started to turn positive. In the 2/3 wheelers segment, a continuing income growth due to improved business climate will help sustain the momentum.
Automobile Component
Industry:
The Indian automotive industry is the sixth largest in the world having deep forward and backward linkages with several key segments of the economy. The industry has a strong positive multiplier effect which acts as a key driver of the economic growth.
In the last decade India has emerged as a global hub for automotive component sourcing. The country benefits from being geographically well placed to the key automotive markets of South East Asia, the Middle East and Europe. It offers a cost competitive manufacturing base which potentially lowers operating costs by an average 10-25% compared to operations in Europe and Latin America. The country has a large skilled and semi-skilled workforce with a strong underlying educational system. Furthermore, India is the fifth largest producer of steel globally, a core raw material for the automotive components industry.
Global automotive manufacturers are making long term investments in India. OEMs are increasingly setting up engine manufacturing units in India, positioning the country as a sourcing hub for engine components. Some OEMs have also announced plans to increase procurement from their Indian subsidiaries.
Japanese auto component makers, with a significant presence in India, are increasingly carrying out expansion activities and setting up manufacturing bases close to Japanese OEMs’ plants in Gujarat and Tamil Nadu. In the recent past, a delegation of Taiwanese auto component makers evinced interest in partnering with their Indian counterparts in setting up manufacturing bases to supply to markets in South East Asia, Middle East and Africa. These initiatives further strengthen the fundamentals and growth outlook of the domestic automotive component manufacturers.
The Indian automotive component industry is expected to grow at a CAGR of 18.5% to reach over US$ 115 billion of sales by 2020-21 from US$ 35.2 billion in 2013-14. At the end of this period, the Indian market is expected to account for approximately three-fourths of total sales; exports are estimated at US$ 30 billion.
AHMEDNAGAR FORGINGS:
STRATEGY AND OUTLOOK:
Ahmednagar Forgings is one of the largest forging axle beam and crankshaft manufacturing Company in India. The Company has state of the art world class manufacturing facilities with vertical presses, hammers, up setters and ring rolling machines. It has an extensive product portfolio with a wide range of highly engineered components including camshafts, connecting rods, crankshaft, crown wheel pinions and front axle beams.
Ahmednagar Forgings derives a good portion of its revenues from the commercial vehicles industry, which after 2 years of posting negative growth, has started to show distinct trends of an upturn. The Indian commercial vehicles industry recorded positive growth of 3.1% in Q3 CY2014 compared to negative growth of (15.1)% in the previous quarter and a negative growth of (22.1)% in Q3 CY2013. Global OEMs operating in the domestic commercial vehicle segment seek to partner with high quality integrated component suppliers that can match their stringent quality and engineering requirements. Ahmednagar Forgings, with its technical advances and extensive capabilities, is well positioned to capitalize on the increasing demand for its products as the industry further gains from the recent deregulation of diesel prices and a thrust on infrastructural projects by the new government.
Going forward, a key focus area for management will be strengthening its presence in the non-auto business especially the tractors, construction equipment, railways and oil and gas segments. The Company also sees a significant opportunity in the pumps and valves and mining sectors. Ahmednagar Forgings’ non-auto strategy not only helps the Company mitigate risks arising from the cyclical swings in the auto sector, but also presents additional business opportunities.
Ahmednagar Forgings aims to continue to achieve above average growth through new product introductions, the addition of customers, further contracts from existing customers and continued consolidation in the industry. Management is focused on achieving operating excellence by reinforcing lean manufacturing and quality improvement programs across all production facilities which will result in further productivity improvements.
The Company has a successful track record of partnering with
its high profile customer base, which is essential for managing its business
going forward. As sustainable growth returns in the automotive industry, the
Company’s scale of operations and unique capabilities and technical expertise
will enable Ahmednagar Forgings to be differentiated in an increasingly
competitive market.
INDEX
OF CHARGES:
|
S. No. |
Charge ID |
Date of Charge
Creation/Modification |
Charge amount secured |
Charge Holder |
Address |
Service Request Number
(SRN) |
|
1 |
10577551 |
30/06/2015 |
100,000,000.00 |
STATE BANK OF TRAVANCORE |
COMMERCIAL BRANCH,
TRVANCORE PALACE, K.G. MARG, |
C57742173 |
|
2 |
10553097 |
03/03/2015 |
800,000,000.00 |
SYNDICATE BANK |
CORPORATE FINANCE BRANCH
FIRST FLOOR, SAROJINI HO |
C45626843 |
|
3 |
10541918 |
01/05/2015 * |
10,270,000,000.00 |
ANDHRA BANK |
M-35 CONNAUGHT CIRCUS, NEW
DELHI, NEW DELHI, DELHI - 110001, INDIA |
C54011119 |
|
4 |
10530901 |
14/11/2014 |
750,000,000.00 |
STATE BANK OF MYSORE |
F-6 UPPER GROUND FLOOR ,
EAST OF KAILASH, LALA LA |
C33385667 |
|
5 |
10527256 |
09/10/2014 |
1,000,000,000.00 |
THE SOUTH INDIAN BANK
LIMITED |
NEW DELHI-KAROL BAGH
BRANCH 16A/17 AJMAL KHAN ROAD, OPPOSITE GATE NO.1 METRO STATION KAROL BAGH,
DELHI, DELHI - 110005, INDIA |
C30738355 |
|
6 |
10520898 |
29/08/2014 |
600,000,000.00 |
ALLAHABAD BANK |
INDUSTRIAL FINANCE BRANCH
2ND FLOOR, 17 PARLIAMENT STREET, NEW DELHI, DELHI - 110001, INDIA |
C21446976 |
|
7 |
10466617 |
30/09/2014 * |
3,000,000,000.00 |
STATE BANK OF INDIA |
INDUSTRIAL FINANCE BRANCH
14TH FLOOR JAWAHAR, VYAPAR, BHAWAN, 1 TOLSTOY MARG, NEW DELHI, DELHI -
110001, INDIA |
C31500689 |
|
8 |
10455327 |
30/09/2014 * |
1,500,000,000.00 |
CORPORATION BANK |
HINDUSTAN TIMES BUILDING,
10TH FLOOR, 18/20, K.G. MARG, NEW DELHI, DELHI - 110001, INDIA |
C39686787 |
|
9 |
10455051 |
26/08/2013 |
1,000,000,000.00 |
INDIAN BANK |
NEW DELHI, MAIN BRANCH,
G-41, CONNAUGHT CIRCUS, NEW DELHI, DELHI - 110001, INDIA |
B87551925 |
|
10 |
10414367 |
03/01/2015 * |
1,000,000,000.00 |
STATE BANK OF BIKANER AND
JAIPUR |
COMMERCIAL BRANCH, NEW
DELHI, NEW DELHI, DELHI -110001, INDIA |
C42934976 |
|
11 |
10414180 |
30/09/2014 * |
1,000,000,000.00 |
STATE BANK OF HYDERABAD |
CORE-6 SCOPE COMPLEX,
LODHI ROAD, NEW DELHI, DELHI - 110003, INDIA |
C31022163 |
|
12 |
10413297 |
03/12/2014 * |
1,080,000,000.00 |
STANDARD CHARTERED BANK |
(ACTING AS AN SECURITY
AGENT) CDU,, NARAIN MANZIL, 23 BARAKHAMBA ROAD, NEW DELHI, DELHI - 110001,
INDIA |
C36604221 |
|
13 |
10402052 |
30/09/2014 * |
1,500,000,000.00 |
UNITED BANK OF INDIA |
CORPORATE FINANCE BRANCH
106-109 ANSAL TOWER, 38 NEHRU PLACE NEW DELHI, NEW DELHI, DELHI -
110019, INDIA |
C34318709 |
|
14 |
10395156 |
07/05/2015 * |
2,000,000,000.00 |
STATE BANK OF PATIALA |
COMMERCIAL BRANCH, 2ND FLOOR,
CHANDRALOK BUILDING, 36, JANPATH, NEW DELHI, DELHI - 110001, INDIA |
C54001508 |
|
15 |
10394360 |
08/07/2014 * |
2,750,000,000.00 |
IDBI BANK LIMITED |
RED CROSS SOCIETY
BUILDING ,1 RED CROSS ROAD, NEW DELHI, NEW DELHI, DELHI - 110001, INDIA |
C15226897 |
|
16 |
10422884 |
08/07/2014 * |
2,400,000,000.00 |
BANK OF MAHARASHTRA |
A-13 RING ROAD, SOUTH
EXTENSION PART-1, NEW DELHI, DELHI - 110049, INDIA |
C18248450 |
|
17 |
10368003 |
08/07/2014 * |
2,500,000,000.00 |
IDBI TRUSTEESHIP SERVICES
LIMITED |
ASIAN BUILDING, GROUND
FLOOR, 17 R KAMANI MARG, BALLARD ESTATE , MUMBAI MAHARASTRA, MUMBAI,
MAHARASHTRA - 400001, INDIA |
C15114671 |
|
18 |
10368075 |
31/07/2012 |
200,000,000.00 |
ICICI BANK LIMITED |
ICICI BRANCH TOWER, BANDRA
KURLA COMPLEX, BANDRA (EAST), MUMBAI, MAHARASHTRA - 400051, INDIA |
B44703692 |
|
19 |
10284080 |
28/03/2013 * |
4,000,000,000.00 |
IDBI TRUSTEESHIP SERVICES
LIMITED |
ASIAN BLDG., GROUND FLOOR,
17, R. KAMANI MARG,, BALLARD ESTATE, MUMBAI, MAHARASHTRA - 400001, INDIA |
B72983331 |
|
20 |
10275640 |
31/03/2015 * |
2,160,000,000.00 |
IDBI BANK LIMITED |
INDIAN RED CROSS SOCIETY
BUILDING, 1 RED CROSS ROAD, NEW DELHI, DELHI - 110001, INDIA |
C48449623 |
|
21 |
90092554 |
24/09/2014 * |
1,790,000,000.00 |
KARUR VYASA BANK LIMITED |
882 PRITHVINATH MARG,
EAST PARK ROAD KAROL BAGH, DELHI, DELHI - 110005, INDIA |
C33827007 |
|
22 |
90088676 |
12/07/2014 * |
4,380,000,000.00 |
ANDHRA BANK |
M-35 CONNAUGHT CIRCUS,
BRANCH NEW DEHI, NEW DELHI, DELHI - 110001, INDIA |
C11901295 |
|
23 |
90084774 |
17/04/1998 * |
50,000,000.00 |
THE INDUSTRIAL CREDIT AND
INVESTMENT CORPORATION OF INDIA |
163; BACKBAY RECLAMATION,
MUMBAI, MAHARASHTRA - 400020, INDIA |
- |
|
24 |
90089753 |
12/10/1992 * |
10,000,000.00 |
BANK OF BARODA |
MIDC BRANCH, AHMEDNAGAR,
MAHARASHTRA - 414111, INDIA |
- |
* Date of charge modification
CONTINGENT
LIABILITIES:
|
PARTICULARS |
30.09.2014 (Rs. in million) |
30.09.2013 (Rs. in million) |
|
Disputed Statutory Dues in respect of Excise Duty/Income Tax/ Service Tax/Sales Tax/VAT/ Entry Tax etc.(Including Interest and Penalty) |
14.863 |
36.728 |
|
Bank Guarantees issued by bank on company’s behalf |
42.245 |
39.305 |
|
Unexpired Letter of credit issued by bank on company’s behalf |
3.596 |
40.061 |
|
Total |
60.704 |
116.094 |
UNAUDITED
FINANCIAL RESULTS FOR THE QUARTER ENDED ON 31.03.2015
[RS.
IN MILLION]
|
Type |
Un-Audited |
Un-Audited |
|
Period
Ending |
31.03.2015 |
31.12.2014 |
|
No.
of Months |
3 |
3 |
|
Description
|
|
|
|
Net Sales / Interest Earned / Operating
Income |
5781.400 |
6697.600 |
|
Expenditure |
(4537.900) |
(5020.100) |
|
Interest |
(872.400) |
(639.100) |
|
Profit Before Depreciation and Tax |
371.100 |
1038.400 |
|
Depreciation |
(475.000) |
(470.200) |
|
Profit before Tax |
(103.900) |
568.200 |
|
Tax |
35.600 |
(193.000) |
|
Net Profit |
(68.300) |
375.200 |
|
Equity Capital |
367.500 |
367.500 |
|
Basic And Diluted EPS after Extraordinary
item |
(1.86) |
- |
|
Basic EPS after Extraordinary items |
- |
10.21 |
|
Diluted EPS after Extraordinary items |
- |
10.21 |
|
Nos. of Shares - Public |
16845508.00 |
12945508.00 |
|
Percent of Shares-Public |
45.83 |
35.23 |
|
Operating Profit Margin |
21.51 |
25.05 |
|
Net Profit Margin |
(1.18) |
5.60 |
|
Cash EPS |
11.07 |
23.00 |
|
|
PARTICULARS |
For
the Quarter Ended |
|
B |
Investor
complaints (Nos.) |
|
|
|
Pending at the beginning of the quarter |
Nil |
|
|
Received during the quarter |
4 |
|
|
Disposed of during the quarter |
4 |
|
|
Remaining unresolved at the end of the quarter |
Nil |
Notes:
1. The above results were reviewed by the Audit Committee have been approved by the Board of Directors at its meeting held on 14th May, 2015.
2. The Limited Review as required under Clause
41 of the Listing Agreement has been completed by the Auditors of the Company
and related report is being submitted to the concerned Stock Exchanges.
3. Previous year’s figures have been regrouped and reclassified, to the extent necessary, to conform to the current year’s figures.
4. During the Quarter, the name of the Company
has changed from Ahmednagar Forgings Limited to Metalyst Forgings Ltd vide
special resolution passed in the Extra Ordinary General Meeting dated 8th
April 2015.
5. The inapplicable items in the format of the
above results as per Annexure 1 to Clause 41 of the Listing Agreement have not
been disclosed.
6. Segment reporting as defined in Accounting
Standard (AS) - 17 is not applicable, since the entire operations of the
Company relate to only one segment i.e. Automotive Components.
STATEMENT OF
ASSETS AND LIABILITIES
[RS.
IN MILLION]
|
SOURCES OF FUNDS |
|
|
31.03.2015 |
|
|
|
|
|
|
I.
EQUITY AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
|
|
367.500 |
|
(b) Reserves &
Surplus |
|
|
10896.500 |
|
(c) Money received
against share warrants |
|
|
0.000 |
|
|
|
|
|
|
(2) Share Application
money pending allotment |
|
|
0.000 |
|
Total Shareholders’ Funds
(1) + (2) |
|
|
11264.000 |
|
|
|
|
|
|
(3) Non-Current
Liabilities |
|
|
|
|
(a) long-term borrowings |
|
|
13596.500 |
|
(b) Deferred tax
liabilities (Net) |
|
|
2164.700 |
|
(c) Other long term
liabilities |
|
|
3533.600 |
|
(d) long-term provisions |
|
|
52.400 |
|
Total Non-current
Liabilities (3) |
|
|
19347.200 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
|
|
9647.500 |
|
(b) Trade payables |
|
|
1027.500 |
|
(c) Other current
liabilities |
|
|
6488.000 |
|
(d) Short-term provisions |
|
|
82.900 |
|
Total Current Liabilities
(4) |
|
|
17245.900 |
|
|
|
|
|
|
TOTAL |
|
|
47857.100 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
|
|
27715.100 |
|
(ii) Intangible Assets |
|
|
0.000 |
|
(iii) Capital
work-in-progress |
|
|
1032.300 |
|
(iv) Intangible assets
under development |
|
|
0.000 |
|
(b) Non-current
Investments |
|
|
3470.700 |
|
(c) Deferred tax assets
(net) |
|
|
0.000 |
|
(d) Long-term Loan and Advances |
|
|
25.000 |
|
(e) Other Non-current
assets |
|
|
0.000 |
|
Total Non-Current Assets |
|
|
32243.100 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
|
|
0.200 |
|
(b) Inventories |
|
|
9272.500 |
|
(c) Trade receivables |
|
|
5249.100 |
|
(d) Cash and cash
equivalents |
|
|
310.700 |
|
(e) Short-term loans and
advances |
|
|
776.800 |
|
(f) Other current assets |
|
|
4.700 |
|
Total Current Assets |
|
|
15614.000 |
|
|
|
|
|
|
TOTAL |
|
|
47857.100 |
FIXED ASSETS:
·
Land and Site Development
·
Building
·
Plant and Equipment
·
Furniture and Fixtures
·
Vehicles
·
Office Equipment
·
Data Processing Units
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts, India Prisons Service,
Interpol, etc.
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.63.37 |
|
UK Pound |
1 |
Rs.98.86 |
|
Euro |
1 |
Rs.69.97 |
INFORMATION DETAILS
|
Information
Gathered by : |
DIP |
|
|
|
|
Analysis Done by
: |
KAR |
|
|
|
|
Report Prepared
by : |
SMN |
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 |
7 |
|
--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 |
YES |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
62 |
This score serves as a reference to assess SC’s
credit risk and to set the amount of credit to be extended. It is calculated
from a composite of weighted scores obtained from each of the major sections of
this report. The assessed factors and their relative weights (as indicated
through %) are as follows:
Financial
condition (40%) Ownership
background (20%) Payment
record (10%)
Credit history
(10%) Market trend (10%) Operational size
(10%)
RATING EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
|
71-85 |
Aa |
Possesses adequate working capital. No caution needed for credit
transaction. It has above average (strong) capability for payment of interest
and principal sums |
Large |
|
56-70 |
A |
Financial & operational base are regarded healthy. General
unfavourable factors will not cause fatal effect. Satisfactory capability for
payment of interest and principal sums |
Fairly Large |
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively below
average. |
Small |
|
11-25 |
Ca |
Adverse factors are apparent. Repayment of interest and principal sums
in default or expected to be in default upon maturity |
Limited with
full security |
|
<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
|
-- |
NB |
New Business |
-- |
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or
its officials.