MIRA INFORM REPORT
|
Report No. : |
325061 |
|
Report Date : |
01.06.2015 |
IDENTIFICATION DETAILS
|
Name : |
MAHINDRA
CIE AUTOMOTIVE LIMITED (w.e.f. 27.11.2013) |
|
|
|
|
Formerly Known
As : |
MAHINDRA FORGINGS LIMITED (w.e.f. 2006) MAHINDRA AUTOMOTIVE STEELS LIMITED |
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Registered
Office : |
Mahindra Towers, P.K. Kurne Chowk, Worli, Mumbai – 400
018, Maharashtra |
|
Tel. No.: |
91-22-24901441 |
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|
Country : |
India |
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Financials (as
on) : |
31.03.2014 |
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Date of
Incorporation : |
13.08.1999 |
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Com. Reg. No.: |
11-121285 |
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Capital
Investment / Paid-up Capital : |
Rs.923.405 Million |
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|
|
|
CIN No.: [Company Identification
No.] |
L27100MH1999PLC121285 |
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IEC No.: |
Not Available |
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|
TAN No.: [Tax Deduction &
Collection Account No.] |
MUMM26971A |
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PAN No.: [Permanent Account No.] |
AABCM6632J |
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Legal Form : |
Public Limited Liability Company. The Company’s Shares are
Listed on the Stock Exchanges. |
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Line of Business
: |
Subject
manufactures and sells forged and machined products for automotive,
agriculture, railway, mining, construction and other industries. |
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|
No. of Employees
: |
Information declined by the management |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (48) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal commitments. |
Satisfactory |
|
Status : |
Satisfactory |
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Payment Behaviour : |
Usually Correct |
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Litigation : |
Clear |
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Comments : |
Subject is a
subsidiary of “PARTICIPACIONES INTERNACIONALES AUTOMETAL, DOS S.L”. It is an established
company having satisfactory track record. Sales turnover of
the company has declined which has resulted into dip in profit the company
during 2014. However, the
rating takes into consideration company’s market leaders in the automobile
industry supported by sound financial base and adequate liquidity profile of
the company. Further company
also receives strong financial and managerial support from its parent
company. Trade relations
are reported as fair. Payment terms are reported to be usually correct. In view of strong
parent company support, the company can be considered for business dealings
at usual trade terms and condition. |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – March 31, 2015
|
Country Name |
Previous Rating (31.12.2014) |
Current Rating (31.03.2015) |
|
India |
A1 |
A1 |
|
Risk Category |
ECGC Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
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Restricted |
C2 |
|
Off-credit |
D |
EXTERNAL AGENCY RATING
|
Rating Agency Name |
CARE |
|
Rating |
Long Term Bank
Facilities: BBB |
|
Rating Explanation |
Moderate degree of
safety and moderate credit risk. |
|
Date |
03.04.2015 |
|
Rating Agency Name |
CARE |
|
Rating |
Short Term Bank
Facilities: A3 |
|
Rating Explanation |
Moderate degree of
safety and high credit risk. |
|
Date |
03.04.2015 |
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
31-03-2014.
INFORMATION DECLINED
Management Non Cooperative (91-2135-663300)
LOCATIONS
|
Registered Office : |
Mahindra Towers, P.K. Kurne Chowk, Worli, Mumbai – 400 018,
Maharashtra, India |
|
Tel. No.: |
91-22-24901441 |
|
Fax No.: |
91-22-24915890 |
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E-Mail : |
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|
Website : |
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Factory : |
Gat No.856-860, Chakan Ambethan Road, Taluka: Khed, District Pune –
410 501, Maharashtra, India |
|
Tel. No.: |
91-2135-252677/252886 Ext. 307 |
|
Fax No.: |
91-2135-252277 |
DIRECTORS
AS ON 31.03.2014
|
Name : |
Mr. Hemant Luthra |
|
Designation : |
Chairman |
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|
|
|
Name : |
Mr. K. Ramaswami |
|
Designation : |
Managing Director |
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|
Name : |
Mr. Antonio María Pradera Jáuregui |
|
Designation : |
Director |
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|
Name : |
Mr. Jesus Maria Herrera Barandiaran |
|
Designation : |
Director |
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|
Name : |
Mr. Zhooben Bhiwandiwala |
|
Designation : |
Director |
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|
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|
Name : |
Mr. Daljit Mirchandani |
|
Designation : |
Director |
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|
Name : |
Mr. Jose Sabino Velasco Ibanez |
|
Designation : |
Director |
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|
Name : |
Mr. Jose Ramon Berecibar Mutiozabal |
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Designation : |
Director |
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|
Name : |
Mr. Manoj Maheshwari |
|
Designation : |
Director |
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|
|
|
Name : |
Mr. Dhananjay Mungale |
|
Designation : |
Director |
KEY EXECUTIVES
|
Name : |
K. Jayaprakash |
|
Designation : |
Chief Financial Officer |
|
|
|
|
Name : |
Mr. Krishnan Shankar |
|
Designation : |
Company Secretary and Head
Legal |
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Audit
Committee : |
Mr. Daljit Mirchandani - Chairman Mr. Jose Sabino Velasco Ibanez Mr. Jose Ramon Berecibar Mutiozabal Mr. Manoj Maheshwari Mr. Dhananjay Mungale |
|
|
|
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Nomination and Remuneration Committee : |
Mr. Jesus Maria Herrera Barandiaran - Chairman Mr. Jose Ramon Berecibar Mutiozabal Mr. Hemant Luthra Mr. Daljit Mirchandani |
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|
|
|
Stakeholders’ Relationship Committee : |
Mr. Dhananjay Mungale - Chairman Mr. Jose Ramon Berecibar Mutiozabal Mr. Daljit Mirchandani |
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|
|
|
Corporate Social Responsibility Committee : |
Mr. Daljit Mirchandani – Chairman Mr. Hemant Luthra Mr. Dhananjay Mungale Mr. Jose Ramon Berecibar Mutiozabal |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 31.12.2014
|
Category of Shareholders |
No. of Shares |
Percentage of
holding |
|
(A) Shareholding of Promoter and Promoter Group |
|
|
|
|
|
|
|
|
296109 |
0.32 |
|
|
296109 |
0.32 |
|
|
|
|
|
|
73031693 |
78.14 |
|
|
73031693 |
78.14 |
|
Total shareholding of Promoter and Promoter Group (A) |
73327802 |
78.46 |
|
(B) Public Shareholding |
|
|
|
|
|
|
|
|
5079752 |
5.44 |
|
|
6751 |
0.01 |
|
|
2944261 |
3.15 |
|
|
8030764 |
8.59 |
|
|
|
|
|
|
4840803 |
5.18 |
|
|
|
|
|
|
4161345 |
4.45 |
|
|
2217607 |
2.37 |
|
|
879365 |
0.94 |
|
|
381454 |
0.41 |
|
|
80291 |
0.09 |
|
|
410120 |
0.44 |
|
|
7500 |
0.01 |
|
|
12099120 |
12.95 |
|
Total Public shareholding (B) |
20129884 |
21.54 |
|
Total (A)+(B) |
93457686 |
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) |
93457686 |
0.00 |
BUSINESS DETAILS
|
Line of Business : |
Subject
manufactures and sells forged and machined products for automotive,
agriculture, railway, mining, construction and other industries. |
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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 |
PRODUCTION STATUS –
NOT AVAILABLE
GENERAL INFORMATION
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Suppliers : |
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Customers : |
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No. of Employees : |
Information declined by management |
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Bankers : |
Axis Bank Limited |
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Facilities : |
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Auditors : |
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|
Name : |
B.K. Khare and Company Chartered Accountants |
|
Address : |
706/ 708, Sharda Chambers, Mumbai – 400 020, Maharashtra, India |
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Memberships : |
Not Available |
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Collaborators : |
Not Available |
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Holding Company (till 3rd October, 2013) : |
Mahindra and
Mahindra Limited |
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|
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|
Holding Company
(since October 4, 2013) |
PARTICIPACIONES INTERNACIONALES AUTOMETAL, DOS S.L |
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|
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Subsidiary Companies (With whom the company has
entered into transactions during the current/previous year) : |
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Fellow Subsidiaries (With whom the company has entered
into transactions during the current (till 3rd October, 2013)/ previous year)
: |
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Fellow Subsidiaries (With whom the company has
entered into transactions during the current year after 4th October, 2013) : |
Mahindra Hinoday
Industries Limited |
CAPITAL STRUCTURE
AS ON 29.09.2014
Authorised Capital : Rs.4869.426 Million
Issued, Subscribed & Paid-up Capital : Rs.3229.762
Million
AS ON 31.03.2014
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
122000000 |
Equity shares |
Rs.10/- each |
Rs.1220.000 Million |
|
14820206 |
4% Non-Cumulative Redeemable Non-Convertible Preference Shares |
Rs.31/- each |
Rs.459.426 Million |
|
|
Total
|
|
Rs.1679.426
Million |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
92340466 |
Equity Shares |
Rs.10/- each |
Rs.923.405 Million |
|
|
|
|
|
Reconciliation of
the number of shares
|
Equity Shares |
31.03.2014 |
|
|
Number
of Shares |
Amount (Rs In Million) |
|
|
Balance as at
the beginning of the year |
92173306 |
921.733 |
|
Add: issued
under the employees stock option scheme |
167160 |
1.672 |
|
Balance at the end of the year |
92340466 |
923.405 |
Rights, preferences and restriction attached to
shares
Equity shares:
• The Company has one class of equity shares having
a par value of Rs.10 per equity share held.
• Each shareholder is eligible for one vote per
share
• If any dividend is proposed by the board of
directors, then the same is subject to approval of the shareholders in the
ensuing annual general meeting except in the case of interim dividend.
• In the unlikely event of the liquidation of the
Company the equity shareholders are eligible to receive the residual value of
assets of the Company if any after all secured and unsecured creditors of the
company are paid off, in the proportion of their shareholding in the Company.
Shares held by
holding company and their subsidiaries and associates
|
Name of
Shareholder |
31.03.2014 |
|
|
Number
of Shares |
% holding |
|
|
Mahindra and Mahindra Limited (Holding company till October 3, 2013) |
296109 |
0.32% |
|
PARTICIPACIONES INTERNACIONALES AUTOMETAL, DOS S.L (Holding Company since 4th October, 2013) |
73031693 |
79.09% |
Details of shares held by shareholders holding more than 5% of the
aggregate shares in the company
|
Name of
Shareholder |
31.03.2014 |
|
|
Number
of Shares |
% holding |
|
|
Mahindra and Mahindra Limited (Holding company till October 3, 2013) |
296109 |
0.32% |
|
PARTICIPACIONES INTERNACIONALES AUTOMETAL, DOS S.L (Holding Company since 4th October, 2013) |
73031693 |
79.09% |
FINANCIAL DATA
[all figures are in
Rupees Million]
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 |
923.405 |
921.733 |
921.691 |
|
(b) Reserves & Surplus |
8391.725 |
8096.784 |
7672.696 |
|
(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) |
9315.130 |
9018.517 |
8594.387 |
|
|
|
|
|
|
(3) Non-Current
Liabilities |
|
|
|
|
(a) Long-term borrowings |
146.094 |
170.152 |
186.218 |
|
(b) Deferred tax liabilities (Net) |
54.589 |
0.000 |
0.000 |
|
(c) Other long term
liabilities |
0.000 |
0.000 |
0.000 |
|
(d) Long-term
provisions |
8.998 |
7.461 |
6.002 |
|
Total Non-current
Liabilities (3) |
209.681 |
177.613 |
192.220 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short
term borrowings |
592.079 |
140.317 |
176.901 |
|
(b) Trade
payables |
816.897 |
901.233 |
760.847 |
|
(c) Other
current liabilities |
146.585 |
101.913 |
421.255 |
|
(d) Short-term
provisions |
16.512 |
7.099 |
1.637 |
|
Total Current
Liabilities (4) |
1572.073 |
1150.562 |
1360.640 |
|
|
|
|
|
|
TOTAL |
11096.884 |
10346.692 |
10147.247 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i)
Tangible assets |
1731.454 |
1923.116 |
2014.775 |
|
(ii)
Intangible Assets |
3.905 |
7.012 |
9.464 |
|
(iii) Capital
work-in-progress |
117.965 |
110.447 |
159.792 |
|
(iv)
Intangible assets under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current Investments |
7552.786 |
6844.442 |
6834.083 |
|
(c) Deferred tax assets (net) |
0.000 |
33.291 |
0.000 |
|
(d) Long-term Loan and Advances |
93.430 |
62.223 |
80.477 |
|
(e) Other
Non-current assets |
0.000 |
0.000 |
0.000 |
|
Total Non-Current
Assets |
9499.540 |
8980.531 |
9098.591 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a)
Current investments |
556.511 |
390.834 |
0.000 |
|
(b)
Inventories |
443.527 |
467.271 |
483.620 |
|
(c) Trade
receivables |
493.185 |
420.398 |
438.065 |
|
(d) Cash
and cash equivalents |
60.522 |
23.731 |
66.233 |
|
(e)
Short-term loans and advances |
42.657 |
61.125 |
55.350 |
|
(f) Other
current assets |
0.942 |
2.802 |
5.388 |
|
Total
Current Assets |
1597.344 |
1366.161 |
1048.656 |
|
|
|
|
|
|
TOTAL |
11096.884 |
10346.692 |
10147.247 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
|
|
SALES |
|
|
|
|
|
|
|
Net revenue from operations |
3865.353 |
4403.581 |
4325.193 |
|
|
|
Other Income |
64.520 |
41.953 |
21.621 |
|
|
|
TOTAL |
3929.873 |
4445.534 |
4346.814 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of materials consumed |
2002.771 |
2426.225 |
2336.801 |
|
|
|
(Increase) / Decrease in inventories |
29.100 |
(94.700) |
103.298 |
|
|
|
Employee benefit expenses |
345.124 |
306.330 |
293.069 |
|
|
|
Other expenses |
965.047 |
1101.084 |
1177.690 |
|
|
|
Exceptional Items |
0.000 |
0.000 |
15.589 |
|
|
|
TOTAL |
3342.042 |
3738.939 |
3926.447 |
|
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE INTEREST, TAX,
DEPRECIATION AND AMORTISATION |
587.831 |
706.595 |
420.367 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES |
37.267 |
56.783 |
113.368 |
|
|
|
|
|
|
|
|
|
|
PROFIT / (LOSS)
BEFORE TAX, DEPRECIATION AND AMORTISATION |
550.564 |
649.812 |
306.999 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION |
282.948 |
274.442 |
239.189 |
|
|
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE TAX |
267.616 |
375.370 |
67.810 |
|
|
|
|
|
|
|
|
|
Less |
TAX |
87.881 |
(33.291) |
0.000 |
|
|
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) AFTER TAX |
179.735 |
408.661 |
67.810 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
F.O.B. Value of Exports |
245.376 |
181.624 |
136.730 |
|
|
TOTAL EARNINGS |
245.376 |
181.624 |
136.730 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Stores & Spares |
25.330 |
24.489 |
43.999 |
|
|
|
Capital Goods |
0.489 |
1.896 |
51.784 |
|
|
TOTAL IMPORTS |
25.819 |
26.385 |
95.783 |
|
|
|
|
|
|
|
|
|
|
Earnings /
(Loss) Per Share (Rs.) |
1.95 |
4.43 |
0.75 |
|
CURRENT MATURITIES
OF LONG TERM DEBT DETAILS
|
Particulars |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
Current Maturities of Long term debt |
24.058 |
16.066 |
323.752 |
|
Cash generated from operations |
495.944 |
877.342 |
2480.104 |
QUARTERLY RESULTS
|
PARTICULARS |
30.06.2014 |
30.09.2014 |
31.12.2014 |
|
Unaudited |
1st
Quarter |
2nd
Quarter |
3rd
Quarter |
|
Net Sales |
986.200 |
944.200 |
3782.800 |
|
Total Expenditure |
826.700 |
813.000 |
3503.400 |
|
PBIDT (Excl OI) |
159.600 |
131.300 |
279.400 |
|
Other Income |
13.900 |
12.400 |
96.300 |
|
Operating Profit |
173.500 |
143.600 |
375.700 |
|
Interest |
16.900 |
15.800 |
35.300 |
|
Exceptional Items |
0.000 |
0.000 |
0.000 |
|
PBDT |
156.500 |
127.800 |
340.400 |
|
Depreciation |
61.300 |
66.700 |
162.600 |
|
Profit Before Tax |
95.200 |
61.200 |
177.800 |
|
Tax |
29.800 |
15.300 |
46.200 |
|
Provisions and contingencies |
0.000 |
0.000 |
0.000 |
|
Profit After Tax |
65.400 |
45.900 |
131.600 |
|
Extraordinary Items |
0.000 |
0.000 |
0.000 |
|
Prior Period Expenses |
0.000 |
0.000 |
0.000 |
|
Other Adjustments |
0.000 |
0.000 |
0.000 |
|
Net Profit |
65.400 |
45.900 |
131.600 |
KEY RATIOS
|
PARTICULARS |
|
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
Net Profit Margin (PAT/Sales) |
(%) |
4.65 |
9.28 |
1.57 |
|
|
|
|
|
|
|
Operating Profit Margin (PBDIT/ Sales) |
(%) |
15.21 |
16.05 |
9.72 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
7.81 |
11.18 |
2.15 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.03 |
0.04 |
0.01 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
0.08 |
0.04 |
0.08 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.02 |
1.19 |
0.77 |
FINANCIAL ANALYSIS
[all figures are
in Rupees Million]
DEBT EQUITY RATIO
|
Particular |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
(Rs.
In Million) |
(Rs.
In Million) |
(Rs.
In Million) |
|
Share Capital |
921.691 |
921.733 |
923.405 |
|
Reserves & Surplus |
7672.696 |
8096.784 |
8391.725 |
|
Net worth |
8594.387 |
9018.517 |
9315.130 |
|
|
|
|
|
|
Long Term borrowings |
186.218 |
170.152 |
146.094 |
|
Short Term borrowings |
176.901 |
140.317 |
592.079 |
|
Total borrowings |
363.119 |
310.469 |
738.173 |
|
Debt/Equity ratio |
0.042 |
0.034 |
0.079 |
YEAR-ON-YEAR GROWTH
|
Year on Year Growth |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
(Rs.
In Million) |
(Rs.
In Million) |
(Rs.
In Million) |
|
Net revenue from operations |
4,325.193 |
4,403.581 |
3,865.353 |
|
|
|
1.812 |
(12.223) |
NET PROFIT MARGIN
|
Net Profit Margin |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
(Rs.
In Million) |
(Rs.
In Million) |
(Rs.
In Million) |
|
Net revenue from operations |
4,325.193 |
4,403.581 |
3,865.353 |
|
Profit |
67.810 |
408.661 |
179.735 |
|
|
1.57% |
9.28% |
4.65% |
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 |
No |
|
10] |
Date of Birth of Proprietor / Partners /
Directors |
No |
|
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 |
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 |
-- |
|
34] |
Payments terms |
No |
|
35] |
Negative Reporting by Auditors in the
Annual Report |
No |
FINANCIALS
During the year
the Company registered a total operating income of Rs.3865.400 Million as
against Rs.4403.600 Million in the previous year and Profit before Interest,
Depreciation, Exceptional items and tax of Rs.523.300 Million as against
Rs.664.600 Million in the previous year. The net profit for the year stood at
Rs.179.700 Million as against a net profit of Rs.408.700 Million over the
previous year.
Operations
·
During the year, with the help of CIE the company is working towards
improving the operations in Europe. The plan for improvement is specified as
below:
·
Price negotiation to reduce “y-o-y reductions” with select customers.
·
Availing of electricity subsidy from the government to reduce power
cost.
·
Improve operational efficiency by reducing cycle times, increasing die
life and improving process flow and layout.
·
Outsourcing of some services which are low-value-added. All this will
eventually result in reducing fixed costs, including personnel cost.
The company’s
operations in India continued to be affected by a decline in sales. Thus the
approach has been to increase/maintain profitability by focussing on improving
plant operations and gaining an enhanced customer focus. The strategy to
achieving these goals is as explained below:
·
Enhance the number of products offered to customers by building upon
their excellence in crankshafts and steering knuckles.
·
Develop new products with new and existing customers using VA/VE.
·
Build upon the internal capabilities to provide value added products.
·
Focus on the tractor segments to enhance volumes.
The Company
will strive to maintain this performance in the coming year.
SCHEME OF
MERGER
The Board of
Directors of the Company had, at its meeting held on June 15, 2013, approved
the proposed merger of Mahindra Hinoday Industries Limited, Mahindra Ugine
Steel Company Limited, Mahindra Gears International Limited, Mahindra
Investments (India) Private Limited, Participaciones Internacionales Autometal
Tres, S.L. with the Company and also approved the related scheme of merger
under Sections 391-394 of the Companies Act, 1956 (“Integrated Scheme”). In the
same meeting, the Board of Directors of the Company also approved the proposed
merger of Mahindra Composites Limited (“MCL”) with the Company and approved the
related scheme of merger under Sections 391-394 of the Companies Act, 1956
(“Composites Scheme”) (The Integrated Scheme and the Composites Scheme are
together referred to as the “Schemes”).
Securities and
Exchange Board of India (“SEBI”) vide its observation letters dated 7th March,
2014 has conveyed its comments on the draft Integrated Scheme and the draft
Composites Scheme to the BSE Limited (“BSE”).
Pursuant to the
above SEBI letters, the BSE and the National Stock Exchange of India limited
(“NSE”) vide their observation letters both dated 7th March 2014 have conveyed
their respective no-objections to file the Integrated Scheme and the Composites
Scheme with the Hon’ble High Court, subject to certain conditions specified
therein.
MANAGEMENT
DISCUSSION AND ANALYSIS
Company
Overview
The Company is
a global forging company having wholly owned subsidiaries in Germany and United
Kingdom. Mahindra Forging Europe AG and Stokes Group will be collectively
referred to as Mahindra Forgings Europe, Europe (‘MFE’) for the purpose of this
report.
The German
operations provide a full range of forged parts for trucks and
are one of the top axle beam manufacturers in the world. In Europe, a
significant portion of the product portfolio consists of value added products
like complex and machined forgings. MFE is significantly dependent on four
large commercial vehicle manufacturers in Europe which together account for
~40% of revenues. It has mitigated this dependence by having a much diversified
spectrum of components.
The Indian
operations focus on design, development and machining of crankshafts and
steering knuckles for cars and Utility Vehicles. The product portfolios of
their Indian and European operations don’t overlap and are complementary in
nature.
Industry Outlook
and Structure: Caution Ahead
After a
sustained run; the slowdown is showing signs of receding in the Eurozone.
Uncertainty however continues with scepticism growing about the future of the
European economies and real concern about the slowing down of the Indian and
Chinese economies. Indeed, China’s GDP is now trending downwards for the first
time in a decade. This uncertainty is creating a negative perception about
global economic prospects; but as things stand currently, the business mood
seems darker than what the economic reality warrants. All indicators suggest
that the long term future of the global auto industry continues to be
attractive, with growth expected to be largely driven by the emerging markets.
Nevertheless, there is need for companies to exercise caution and to be ready
to deal with a slowing down of demand in the short run.
Europe
The European
recovery is cautious but is a positive sign. The German economy; long
considered the engine of the European economy, is forecast to grow at 1% - 2%
in 2014 (source: European Commission). France and Netherlands; which
along with Germany are considered the ‘north’ countries of Europe are also
expected to grow at approximately similar rates. Italy, Spain, Portugal and
Greece; the so called ‘south’ countries of countries are expected to experience
mild recovery with growth between 0-0.9%. There is increasing pressure on the
governments in Europe to curtail the austerity measures adopted in response to
the fiscal crisis of 2008 and focus on growth. The resilience of the German
economy is a consequence of its export competitiveness and a drive by the
government to boost domestic demand, which in turn will increase inflation. The
intensifying crisis around the future of Greece and Portugal in the Eurozone,
may still affect the European recovery. This crisis has the potential to
negatively impact consumer sentiment and lower demand in the process.
The European
forgings industry is primarily driven by the automotive industry and the segment
most relevant to MFE is heavy trucks (>6T). Registrations of heavy trucks in
Germany in the first half of FY13-14 (April – Sept’13) showed a minor decline
by approximately 4% over the corresponding half of the previous financial year.
The growth returned with a gusto in the second half (Oct’13 – Mar’14) with
heavy truck registrations experiencing a spurt of 23.4% against the
corresponding period of FY12-13. Domestic sales though might end up being flat
due to Eurozone pressures and even though exports out of Germany should
mitigate the lack of domestic growth, they believe the demand for heavy trucks
might show a slight pickup in F15.
In the medium
term, they expect the truck market to experience growth, though it is expected
to remain susceptible to fluctuations. Technologically, light-weighting of
components continues to remain an important requirement and suppliers are
expected to develop capabilities around it.
India
Economic growth
in India eased in the just-concluded financial year which is the lowest growth
rate in decade.
The Indian
economy had been exhibiting inflationary tendencies in the previous years and
as a response the Reserve Bank of India (RBI) started raising policy rates in
March 2010. High rates as well as policy constraints adversely impacted
investment, and in the subsequent two years viz. 2011-12 and 2012-13, the
growth rate slowed to 6.2 per cent and 5.0 per cent respectively.
The slowdown,
especially in 2012-13, has been across the board, with no sector of the economy
unaffected. With the global economy also showing signs of a sustained recovery
in 2014, and the post elections improved sentiments should help improve
economic conditions. A stable government post-elections is likely to help the
country grow at an average of 6.5 per cent for the next five years.
MCAL target
segments in India are passenger car and utility vehicle (UV). In the year
2013-14, the cumulative UV production has declined marginally by ~ 2% compared
to the previous year. Similarly, the production of passenger cars has declined
by 5% compared to the previous year. Thus; in their addressable market,
cumulative vehicle production has declined marginally by ~ 4%. The cumulative
Tractor industry production has however shown a healthy 20% growth compared to the
corresponding period in the previous year.
Leading auto
industry analyst Crisil, expects the auto industry to return on to the growth
trajectory in 2014-15. But this return to growth is expected to be gradual. In
line with this they expect a slight growth in the next quarter. The domestic
tractor market is expected to retain it’s growth momentum, even though Crisil
expects the growth to slow down.
UNSECURED LOANS
|
PARTICULAR |
31.03.2014 (Rs.
In Million) |
31.03.2013 (Rs.
In Million) |
|
LONG TERM BORROWINGS |
|
|
|
Sales Tax Deferral Loan |
146.094 |
170.152 |
|
Total |
146.094 |
170.152 |
INDEX OF CHARGES
|
S. No. |
Charge ID |
Date of
Charge Creation/Modification |
Charge amount
secured |
Charge Holder |
Address |
Service
Request Number (SRN) |
|
1 |
10464740 |
20/11/2013 |
20,000,000.00 |
HDFC BANK
LIMITED |
HDFC BANK
HOUSE, SENAPATI BAPAT MARG, LOWER PAREL (WEST), MUMBAI, MAHARASHTRA - 400013,
INDIA |
B91361451 |
|
2 |
10366790 |
10/01/2013 * |
500,000,000.00 |
ICICI BANK
LIMITED |
ICICI TOWER,
NBCC PALACE, BISM PITAMAH MARG, PRAGATI VIHAR,, NEW DELHI, DELHI - 110003,
INDIA |
B66516774 |
|
3 |
10254503 |
27/11/2010 |
65,000,000.00 |
HDFC BANK
LIMITED |
HDFC BANK HOUSE,
SENAPATI BAPAT MARG, LOWER PAREL (WEST), MUMBAI, MAHARASHTRA - 400013, INDIA |
B01148154 |
|
4 |
10253654 |
30/04/2011 * |
700,000,000.00 |
IDBI BANK
LIMITED |
IDBI TOWERWTC
COMPLEX, CUFFE PARADE, MUMBAI, MAHARASHTRA - 400005, INDIA |
B13059456 |
|
5 |
10220915 |
12/05/2010 |
12,500,000.00 |
THE KARUR
VYSYA BANK LIMITED |
BUILDING NO.
5, BAKRE APARTMENTS, NEAR SHIVAJI CHOWK, KOTHRUD, PUNE, MAHARASHTRA - 411038,
INDIA |
A86659471 |
|
6 |
10033623 |
03/09/2013 * |
550,000,000.00 |
STATE BANK OF
INDIA |
INDUSTRIAL
FINANCE BRANCH - PUNE, TARA CHAMBERS, |
B85218113 |
|
7 |
10019138 |
18/04/2013 * |
937,800,000.00 |
STATE BANK OF
INDIA |
COMMERCIAL
BRANCH (ADVANCES), N.G.N. VAIDYA MARG, |
B75163998 |
|
8 |
90231216 |
16/08/2012 * |
969,300,000.00 |
BANK OF
BARODA |
CORPORATE
FINANCIAL SERVICES BRANCH, 3, WALCHAND |
B45651379 |
|
9 |
90088819 |
03/09/2010 * |
50,000,000.00 |
CITIBANK N.
A. |
2413 KUMAR
CAPITAL, EAST STREET, PUNE, MAHARASHTRA - 411001, INDIA |
A95293221 |
|
10 |
90085580 |
11/07/2002 * |
75,000,000.00 |
INDUSTRIAL
DEVELOPMENT BANK OF INDIA |
IDBI TOWER,
WTC COMPLEX; COLABA, MUMBAI, MAHARASHTRA - 400005, INDIA |
- |
|
11 |
90387081 |
07/08/2004 * |
209,400,000.00 |
BANK OF
BARODA |
CORPORATE BANKING
BRANCH, MANTRI COURT, PUNE, MAHARASHTRA, INDIA |
- |
|
12 |
90084191 |
17/09/2012 * |
780,000,000.00 |
BANK OF
BARODA (CORPORATE FINANCIAL SERVICES BRANCH) (LEAD BANK) |
CORPORATE FINANCIAL
SERVICES BRANCH, MANTRI COURT, 39, RAMABAI AMBEDKAR ROAD,, PUNE, MAHARASHTRA
- |
B58691874 |
* Date of charge modification
CONTINGENT
LIABILITIES:
|
PARTICULAR |
31.03.2014 (Rs.
In Million) |
31.03.2013 (Rs.
In Million) |
|
Claims against the company not acknowledged as debts |
|
|
|
i) Income Tax claims against which company has preferred an appeal |
|
|
|
a) Non Deduction of TDS and interest thereon |
-- |
|
|
b) Disallowance of certain expenses |
123.759 |
2.298 |
|
ii) Excise Cases against the Company , appealed by the Company with
CESTAT |
|
41.814 |
|
a) Relating to Cenvat availed on rejected goods |
8.928 |
8.928 |
|
b) Interest on Supplementary Invoices |
0.959 |
0.959 |
|
iii) Show Cause
cum Demand Notice pending with the Commissioner of Central Excise Relating to
reversal of Cenvat on shortages in inventories |
8.115 |
-- |
|
iv) Bill Discounting facilities availed under Bill Marketing Scheme
from customers |
49.526 |
71.759 |
|
v) During the
previous year the Company has given guarantee to ICICI Bank plc, UK for EURO
5 Million for a loan taken by step down subsidiary Mahindra Forging Europe AG
Germany |
412.950 |
347.450 |
|
vi) The Company
had imported capital goods under the Export Promotion Capital Goods (EPCG)
scheme, of the Government of India, at concessional rates of duty on an
understanding to fulfill quantified exports against future obligation |
161.517 |
151.930 |
|
vii) Estimated
value of contracts remaining to be executed on capital account (net of
advances) and not provided for |
23.406 |
50.898 |
STANDALONE UNAUDITED
FINANCIAL RESULTS FOR THE QUARTER ENDED 31st DECEMBER 2014
Rs. In Million
|
Sr. No. |
Particular |
Quarter Ended |
9 Months ended |
|
|
|
|
31.12.2014 |
30.09.2014 |
31.12.2014 |
|
|
|
Unaudited
|
Unaudited
|
Unaudited
|
|
|
|
|
|
|
|
1. |
Net Sales/Income
from Operations |
3457.070 |
3857.117 |
11199.473 |
|
|
Other Operating
Income |
325.694 |
356.068 |
1085.830 |
|
|
Total Income From Operations (Net) |
3782.764 |
4213.185 |
12285.303 |
|
|
|
|
|
|
|
2. |
Expenditure |
|
|
|
|
|
Cost
of materials consumed |
2080.668 |
2312.814 |
6852.071 |
|
|
Changes
in inventories of finished goods, work in progress and stock in trade |
(46.252) |
20.947 |
(82.469) |
|
|
Employee
benefits expenses |
470.870 |
479.377 |
1413.095 |
|
|
Depreciation
and amortization expenses |
162.623 |
181.795 |
522.677 |
|
|
Other
expenses |
998.118 |
1032.315 |
3025.453 |
|
|
Total Expenses |
3666.027 |
4027.248 |
11730.827 |
|
|
|
|
|
|
|
3. |
Profit/(Loss)
From Operations before Other Income, Interest and Exceptional Items (1-2) |
116.737 |
185.937 |
554.476 |
|
|
|
|
|
|
|
4. |
Other
Income |
96.334 |
37.150 |
172.436 |
|
|
|
|
|
|
|
5. |
Profit/(Loss)
Before Interest and Exceptional Items (3+4) |
213.071 |
223.087 |
726.912 |
|
|
|
|
|
|
|
6. |
Finance
cost |
35.297 |
35.039 |
111.406 |
|
|
|
|
|
|
|
7. |
Profit
After Interest but before Exceptional Items (5-6) |
177.774 |
188.048 |
615.506 |
|
|
|
|
|
|
|
8. |
Exceptional
Items |
-- |
-- |
-- |
|
|
|
|
|
|
|
9. |
Profit
from Ordinary Activities before Tax (7-8) |
177.774 |
188.048 |
615.506 |
|
|
|
|
|
|
|
10. |
Tax
Expense |
|
|
|
|
|
Current
tax |
7.111 |
7.522 |
26.772 |
|
|
Deferred
Tax (Credit)/charge |
39.110 |
41.371 |
132.388 |
|
|
|
|
|
|
|
11. |
Net
Profit from Ordinary Activities after Tax (9-10) |
131.553 |
139.155 |
456.346 |
|
|
|
|
|
|
|
12. |
Extraordinary
Item (net of expense) |
-- |
-- |
-- |
|
|
|
|
|
|
|
13. |
Net
Profit for the period (11-12) |
131.553 |
139.155 |
456.346 |
|
|
|
|
|
|
|
14. |
Paid-up
Equity Share Capital (Face Value of Rs.10/- Each) |
934.577 |
932.543 |
934.577 |
|
|
|
|
|
|
|
15. |
Reserves
Excluding Revaluation Reserve |
-- |
-- |
-- |
|
|
|
|
|
|
|
16. |
Basic and Diluted Earning Per
Share (EPS) (Rs.)-Not Annualised |
|
|
|
|
|
a)
Basic and diluted EPS before extraordinary items |
0.41 |
0.43 |
1.42 |
|
|
b)
Basic and diluted EPS after extraordinary items |
0.41 |
0.43 |
1.42 |
|
|
|
Quarter
Ended |
9 Months ended |
|
|
|
|
31.12.2014 |
30.09.2014 |
31.12.2014 |
|
17. |
Public Shareholding |
|
|
|
|
|
-Number
of Shares |
20129884 |
19926474 |
20129884 |
|
|
-
Percentage of Shareholding |
21.54% |
21.37% |
21.54% |
|
|
|
|
|
|
|
18. |
Promoters and Promoter Group
Shareholding |
|
|
|
|
|
a) Pledged/Encumbered |
|
|
|
|
|
-
Number of Shares |
Nil |
Nil |
Nil |
|
|
-
Percentage of Shares (as a % of the Total Shareholding of promoter and
promoter group) |
Nil |
Nil |
Nil |
|
|
-
Percentage of Shares (as a % of the Total Share Capital of the Company) |
Nil |
Nil |
Nil |
|
|
|
|
|
|
|
|
b) Non Encumbered |
|
|
|
|
|
-
Number of Shares |
73327802 |
73327802 |
73327802 |
|
|
- Percentage
of Shares (as a % of the Total Shareholding of Promoter and Promoter Group) |
100% |
100% |
100% |
|
|
-
Percentage of Shares (as a % of the Total Share Capital of the Company) |
78.46% |
78.63% |
78.46% |
|
Particulars |
Quarter Ended 31.12.2014 |
|
Pending at the beginning of the quarter |
Nil |
|
Received during the quarter |
Nil |
|
Disposed of during the quarter |
Nil |
|
Remaining unresolved at the end of the
quarter |
Nil |
Note :
1. The above results are standalone results
of Mahindra CIE Automotive Ltd (Formerly known as Mahindra Forgings Ltd) (MCIE
or the Company).
2. The Company is engaged primarily in the
segment of supply of parts to the needs of automobile industry and hence the
reportable segment under Accounting standards 17 is automotive components.
3. The Company has invested in Mahindra Forgings
Europe AG(MFE AG), Germany through its wholly owned subsidiaries in Mauritius
namely Mahindra Forgings International Ltd (MFIL) and Mahindra Forgings Global Ltd
(MFGL). The management has Initiated actions to Improve operating efficiencies
and combined with the expertise of CIE’s European Technical Team expects
improvement in performance. The results have been encouraging and profitability
of MFE AG has improved substantially compared to the previous year.
Since the management is of the view that, the
diminution if any, in the value of its investment in MFE, is temporary, the
investment need not be impaired. During their limited review the Auditors while
taking note of the actions initiated by the management, have mentioned this as
a “matter of emphasis".
4. The Company has revised depreciation rates on
fixed assets effective April 01, 2014 in accordance with requirements of
schedule II of Companies Act 2013 ("the Act"),
The remaining useful life has been revised by
adopting standard useful life as per New Companies Act, 2013 except for certain
items of plant & machinery, where the estimated useful life of assets has
been taken based on technical assessment of the lives of such assets. The
carrying amount of the plant and machinery as on April 1, 2014 is depreciated
over the revised remaining useful life. Where the useful life of an asset is
completed as at April 1, 2014, the written down value has been charged directly
to reserves:
As a result of these changes :
(a) The company has reviewed the useful life of
the plant and machinery and the depreciation charge for the 9 months ended Dec
31, 2014 has been higher by Rs. 8.984 Million
(b) Retalned earnings have been debited by Rs.
53.005 Million net (net of the related deferred tax) in respect of assets whose
remaining life on April 1, 2014 is reduced to NIL.
5. a) The integrated Scheme of Amalgamation and
the Composite Scheme of Amalgamation under Sections 391-395 of the Companies
Act 1956 for the merger of Mahindra Uglne Steel Company Limited (MUSCO),
Mahindra Hinoday Industries Limited (MHIL), Mahindra Gears International
Ltd(MGIL), Mahindra Investment India Private Limited (MIIPL), Participaciones
Intemacionales Autometal Tres S.L.(PIA3) and Mahindra Composites Limited (MCL)
(collectively "the amalgamating companies") were approved by the
Honorable High Court of Judicature at Bombay on October 31, 2014. The Schemes
came into effect on December 10, 2014, the day on which the order was delivered
to the Registrar of Companies, and pursuant thereto the entire business of the
amalgamating companies has been transferred to and vested in the Company with
effect from the appointed date which is October 01, 2013. Pursuant to the
completion of the requisite formalities, the Company has on January 2, 2015
issued shares to the shareholders of the amalgamating Companies.
The Board of Directors at its meeting held on
Dec 12, 2014 approved the issue of equity shares to the shareholders of the
Amalgamating companies as on Dec, 24, 2014, the record date for the purpose and
constituted an Allotment Committee for working out the modalities of allotment.
Allotment committee at the meeting held on Jan
2, 2015 approved the Issue of 22,93,31,464 equity shares to the shareholders of
the Amalgamating companies thereby Increasing the shares issued of the company
to 32,27,89,150;
Further the committee approved the allotment of
22,93,30,519 equity shares thereby Increasing the total number of shares issued
and paid up to 32,27,88,205;
MCL, the transferor company had kept allotment
of 1050 equity shares in abeyance, Consequently the Allotment committee kept in
abeyance the allotment of 945 equity shares in line with the SWAP ratio.
Consequent to the issue of the equity shares the
promoter and promoter group now hold 74.92% of the paid up capital of the
Company.
Consequent to the merger becoming effective the
entire undertaking of the amalgamating companies have vested with the Company with
effect from October 1, 2013.
In accordance with Accounting Standard (AS) 14 -
Accounting for Amalgamations issued by the Institute of Chartered Accountants
of India the merger has been accounted for under the pooling of interests
method and all the assets, liabilities and reserves of the amalgamating
companies have been recorded in the books of the Company at their carrying
amounts on the appointed date.
For giving effect to the merger the financial
statements of the MUSCO, MHIL, MGIL, MIIPL, PIA3 and MCL reviewed / audited by
the auditors of those companies at the appointed date and for the period from
the appointed date to March 31, 2014 have been considered. In accordance with
AS 14, the difference between the amount recorded as share capital Issued and
the share capital of the amalgamating companies has been adjusted in the
reserves by the Company.
The net profits of the amalgamating companies
for the period from October 1, 2013 to March 31, 2014 has been recorded as an
adjustment to opening retained earnings by the Company.
5. b) In accordance with Accounting Standard
(AS) 14 - Accounting for Amalgamations issued by the Institute of Chartered
Accountants of India the merger has been accounted for under the pooling of
interests method and all the assets, liabilities and reserves of the
amalgamating companies have been recorded in the books of the Company at their
carrying amounts on the appointed date.
For giving effect to the merger the financial
statements of the MUSCO, MHIL, MGIL,MIIPL, PIA3 and MCL reviewed / audited by
the auditors of those companies at the appointed date and for the period from
the appointed date to March 31, 2014 have been considered. In accordance with
AS 14, the difference between the amount recorded as share capital Issued and
the share capital of the amalgamating companies has been adjusted in the
reserves by the Company.
The net profits of the amalgamating companies
for the period from October 1, 2013 to March 31, 2014 has been recorded as an
adjustment to opening retained earnings by the Company.
5 c) Other adjustments arising out of
amalgamation
In terms of the Scheme/s the appointed date
being Oct 1, 2013, net profit from the amalgamating companies during the period
Oct 1, 2013 to Mar 31, 2014 aggregating to Rs. 1911.884 Million to the extent
not accounted earlier has been added to the Surplus in the Statement of Profit
and Loss in the books of the Company.
Pursuant to the Scheme/s of amalgamation, the
title deeds to the immovable properties pertaining to the amalgamating
companies are pending for transfer in the name of the Company. Further the
Company has initiated the name change formalities to transfer the title in
respect of other properties and contracts.
6. Consequent to the merger, Mahindra Gear and
Transmissions Private Limited (MGTPL), India, Mahindra Gears Global Limited
(MGGL), Mauritius and CIE Galfor SA (Galfor), Spain became subsidiaries of the
company and Metalcastello SpA, Italy (MC) (subsidiary of MGGL), CIE Legazpl
S.A., Spain (subsidiary of Galfor) and UAB CIE LT Forge, Lithuania (subsidiary
of Galfor) and Crest Geartech Private Limited, India (subsidiary of MC) became
step subsidiaries of the company.
7. Consequent to the merger results for the
quarter ended December 31, 2014 and September 30, 2014 and for the 9 months
ended December 31, 2014 include the results of the amalgamating companies and
hence are not comparable to those of the prior periods / year which do not
Include the results of the amalgamating companies.
8. Earnings per Share (Basic & Diluted) for
Quarter ended Dec 14, Sep 14 and Period Ended Dec 14 have been worked out after
considering the additional shares issued by the company to the shareholders of
the amalgamating companies on January 2, 2015.
9. Previous year's figures have been regrouped /
reclassified wherever necessary to correspond with the current year's
classification / disclosure.
10. The results have been reviewed by the Audit
Committee and approved by the Board of Directors of the Company at its meeting
held on February 11, 2015.
FIXED ASSETS:
Tangible Assets
·
Land
·
Buildings
·
Plant and Machinery
·
Furniture and Fittings
·
Office Equipment
·
Car and Vehicles
·
Computers
Intangible Assets
·
Software
WEBSITE DETAILS:
PRESS RELEASES/ NEWS:
MAHINDRA COMPOSITES: UPDATES
ON SCHEME OF AMALGAMATION
August 19, 2014
Mahindra Composites has dispatched the notices of hearing of the petition to
its Secured Creditors and the Unsecured Creditors and also published the said
notices in the newspapers dated August 13, 2014.
Mahindra Composites Limited has informed BSE that a petition was filed before the Hon’ble High Court of Judicature at Bombay for sanctioning the Scheme of Amalgamation of Mahindra Composites Limited (the Company) with Mahindra CIE Automotive Limited (formerly known as Mahindra Forgings Limited) in terms of Sections 391 and 394 of the Companies Act, 1956. The petition was admitted by the Hon'ble High Court on August 01, 2014 and the aforesaid petition is fixed for hearing on September 19, 2014.In this regard, pursuant to order dated August 01, 2014 of Hon’ble High Court, the Company has dispatched the notices of hearing of the petition to its Secured Creditors and the Unsecured Creditors and also published the said notices in the newspapers dated August 13, 2014.
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.
RPORATE 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.63.76 |
|
|
1 |
Rs.97.79 |
|
Euro |
1 |
Rs.69.91 |
INFORMATION DETAILS
|
Information
Gathered by : |
SVA |
|
|
|
|
Analysis Done by
: |
SAN |
|
|
|
|
Report Prepared
by : |
JYTK |
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 |
5 |
|
-- PROFITABILITY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
6 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
5 |
|
--CREDIT LINES |
1~10 |
5 |
|
--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 |
|
48 |
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.