MIRA INFORM REPORT
|
Report No. : |
325952 |
|
Report Date : |
08.06.2015 |
IDENTIFICATION DETAILS
|
Name : |
INDO-US MIM TEC PRIVATE LIMITED (w.e.f 21.08.2001) |
|
|
|
|
Formerly known
as : |
A F TECHNOLOGIES INDIA PRIVATE LIMITED |
|
|
|
|
Registered
Office : |
Street No. 7, 3-6-539/A, Himayatnagar, Hyderabad – 500029, Telangana |
|
Tel. No.: |
91-80-22048800/27971418/27971416 |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as
on) : |
31.03.2014 |
|
|
|
|
Date of
Incorporation : |
12.04.1996 |
|
|
|
|
Com. Reg. No.: |
023794 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs. 119.972 Million |
|
|
|
|
CIN No.: [Company Identification
No.] |
U28110AP1996PTC023794 |
|
|
|
|
IEC No.: |
Not Available |
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|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
Not Available |
|
|
|
|
PAN No.: [Permanent Account No.] |
AABCI0484L |
|
|
|
|
Legal Form : |
Private Limited Liability Company |
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|
|
|
Line of Business
: |
Subject is engaged in the business of designs, manufacturers,
and supplier metal injection molding products for automotive, medical,
consumer, aerospace, oil and gas, and industrial sectors. |
|
|
|
|
No. of Employees
: |
Not Available |
RATING & COMMENTS
|
MIRA’s Rating : |
Aa (72) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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 |
|
Maximum Credit Limit : |
USD 8083000 |
|
|
|
|
Status : |
Good |
|
|
|
|
Payment Behaviour : |
Regular |
|
|
|
|
Litigation : |
Clear |
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|
|
|
Comments : |
Subject is was established in the year 1996 and it is engaged in manufacturing
complex – shaped steel and stainless steel parts, it is old and well
established company having fine track. For the year financial year ended 2014, the company has reported
strong operations performance with topline growth of 66% during a year under
a review. On account of decent operational performance it has maintained
profitability margins at 23.22%. Rating also takes into consideration company adequate financial risk
profile backed by strong liquidity position and favourable gap between trade
payables to its receivables. It is also takes into consideration company’s strong market position
of the company in the metal injection moulding (MIM) industry arising out of
technical competencies, well diversified sales across several industries and
diversified product portfolio. Trade relations are reported as fair. Business is active. Payments are
reported to be regular and as per commitment. In view of strong business profile backed by adequate financial base,
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 |
ICRA |
|
Rating |
Non-Convertible Debentures : AA- |
|
Rating Explanation |
High degree of safety and very low credit
risk. |
|
Date |
November, 2014 |
RBI DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available RBI Defaulters’ list.
EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter in
the publicly available EPF (Employee Provident Fund) Defaulters’ list as of
31-03-2013.
LOCATIONS
|
Registered Office : |
Street No. 7, 3-6-539/A, Himayatnagar, Hyderabad – 500029, Telangana,
India |
|
Tel. No.: |
Not Available |
|
Fax No.: |
Not Available |
|
E-Mail : |
|
|
Website : |
|
|
|
|
|
Corporate Office/ Headquarters and
MIM Operations: |
No 45,(P), KIADB Industrial Area, Hoskote, Bangalore - 562114,
Karnataka, India |
|
Tel. No.: |
91-80-22048800/27971418/27971416 |
|
Fax No.: |
91-80-27971624 |
|
E-Mail : |
|
|
|
|
|
MIM and Finishing Operations: |
#45[P], KIADB Industrial Area, Doddaballapur, Bangalore - 561203,
Karnataka, India |
|
Tel. No.: |
91-80-7630533/ 7630532 |
|
Fax No.: |
91-80-27630532 |
|
E-Mail : |
|
|
|
|
|
Factory : |
Plot # 62B (Part-II), APIIC Industrial Park, Tirupati - 517520, Andhra Pradesh, India |
|
|
|
|
Overseas Office : |
Located at:
|
DIRECTORS
As on 30.05.2014
|
Name : |
Mr. Krishna Chivukula |
|
Designation : |
Director |
|
Address : |
35, 1st Block, RMV, 2nd Stage, Bangalore –
560091, Karnataka, India |
|
Date of Birth/Age : |
27.01.1947 |
|
Date of Appointment : |
12.04.1996 |
|
DIN No.: |
01625119 |
|
|
|
|
Name : |
Ms. Lalitha Sastry Chivukula |
|
Designation : |
Director |
|
Address : |
213-539 A, No.7, Lane – 2, Himayatnagar, Hyderabad – 500029, Andhra Pradesh,
India |
|
Date of Birth/Age : |
01.07.1924 |
|
Date of Appointment : |
12.04.1996 |
|
DIN No.: |
02368453 |
|
|
|
|
Name : |
Mr. Krishna Chivukula Jr |
|
Designation : |
Director |
|
Address : |
1 Derby LN SE, Washinton DC USA 20032222 |
|
Date of Birth/Age : |
31.03.1972 |
|
Date of Appointment : |
30.09.2004 |
|
DIN No.: |
02483835 |
|
|
|
|
Name : |
Mr. Raj Roger Chivukula |
|
Designation : |
Director |
|
Address : |
381, Lodgewood Lane, Lafayette Co, USA - 80026 |
|
Date of Birth/Age : |
01.07.1974 |
|
Date of Appointment : |
30.09.2004 |
|
DIN No.: |
02484081 |
|
|
|
|
Name : |
Mr. Chandrasekhar Jagadamba |
|
Designation : |
Director |
|
Address : |
8026, Summerview, J fayet Ville, New York, USA - 13066 |
|
Date of Birth/Age : |
12.09.1949 |
|
Date of Appointment : |
30.09.2004 |
|
DIN No.: |
1711450 |
|
|
|
|
Name : |
Mr. Parasuraman Balasubramanina |
|
Designation : |
Director |
|
Address : |
3DC 217, HRBR 3rd Block Kalyan Nagar, Bangalore – 560043, Karnataka,
India |
|
Date of Birth/Age : |
14.05.1963 |
|
Date of Appointment : |
30.09.2010 |
|
DIN No.: |
02829480 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 30.05.2014
|
Names of
Shareholders |
No. of Shares |
|
Krishna Chivukula |
280,906 |
|
Lalitha Sastry Chivukula |
100 |
|
Green Meadows Investments Limited, Mauritius |
10,893,656 |
|
Anuradha Koduri, USA |
136,475 |
|
Ajeet Khare |
60,000 |
|
P. Balasubramanian |
60,000 |
|
Jagadish Holla |
50,000 |
|
M. Vijaya Kumar |
50,000 |
|
T.S. Shivashankar |
50,000 |
|
D. Raja Reddy |
10,000 |
|
S. Srinivasulu |
32,000 |
|
R. Sai Krishna Rayalu |
32,000 |
|
Ravi Bapatla |
32,000 |
|
G. Umamahesh Varma |
32,000 |
|
M. Giriyappa |
30,000 |
|
N.V. Ramana Reddy |
15,000 |
|
G.B. Parameshwarappa |
15,000 |
|
A. Venkata Ramu |
10,500 |
|
N.M. Gopi |
5,000 |
|
G. Natarajan |
3,500 |
|
Gopalakrishna V. Jahaqirda |
1,500 |
|
Shankar |
5,000 |
|
Vinitha Sidharthan |
890 |
|
Renny Pereira |
550 |
|
H.C. Parashurama |
780 |
|
N. Bhaskar Reddy |
250 |
|
S. Abdul Rahim |
380 |
|
K. Ramprasad |
380 |
|
R. Premanand |
1,080 |
|
K. Krishna Rao |
40,000 |
|
T. K. Chattopadyay |
50,000 |
|
Suresh |
5,000 |
|
M. S. Krishna |
2,000 |
|
Manoj Kabre |
20000 |
|
B. Ravi Kumar |
2,000 |
|
Phanindra Babu |
5,000 |
|
N. Sreekanth |
500 |
|
J. Sreenivasulu |
500 |
|
Balaii Singh |
500 |
|
K. Manjunath |
500 |
|
Vaiiinath |
500 |
|
J. V. Ratnakara Rao |
500 |
|
S. Srinivas |
500 |
|
Lakshminarayana S |
560 |
|
Chidananda KM |
220 |
|
Saravanan M |
130 |
|
Ramana Gowda |
220 |
|
Kotresh N |
100 |
|
Raghavendra S |
250 |
|
Soma Krishna Anand HR |
330 |
|
Bindumadhav H |
380 |
|
Venkatesh S |
390 |
|
Ravi Kumar B |
350 |
|
Ashok Kumar |
350 |
|
Jamal Kumar G |
330 |
|
Malgave Sachin Shrikant |
250 |
|
Atish TG |
280 |
|
Venugopal N |
190 |
|
Srihari Prasad R |
180 |
|
Chandiran M |
310 |
|
Seenappa A |
230 |
|
Hilson Samuel |
530 |
|
Raghunand MA |
230 |
|
Pradip Panalal Shah |
10,000 |
|
Gaurav Swarup |
10,000 |
|
John Anthony Dexheimer |
35,000 |
|
Total |
11,997,257 |
AS ON 30.05.2014
Equity Share Break up (Percentage of Total Equity)
|
Category |
Percentage |
|
Foreign holdings( Foreign institutional
investor(s), Foreign companie(s) Foreign financial institution(s),
Non-resident Indian(s) or Overseas Corporate bodies or Others |
91.00 |
|
Directors or relatives of Directors |
4.00 |
|
Other top fifty shareholders |
5.00 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Subject is engaged in the business of designs, manufacturers,
and supplier metal injection molding products for automotive, medical,
consumer, aerospace, oil and gas, and industrial sectors. |
|
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|
Products : |
Not Available |
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|
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Brand Names : |
Not Available |
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Agencies Held : |
Not Available |
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Exports : |
Not Available |
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Imports : |
Not Available |
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Terms : |
Not Available |
GENERAL INFORMATION
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Suppliers : |
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Customers : |
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No. of Employees : |
Not Available |
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Bankers : |
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Facilities : |
(Rs.
In Million)
|
|
Auditors : |
|
|
Name : |
P Murali and Company Chartered Accountants |
|
Address : |
361, 13th
Main, RMV Extension, Bangalore - 560 080, Karnataka, India |
|
Tel. No.: |
91-80-23613743 |
|
Fax No.: |
9180-2366209 |
|
PAN No.: |
AADFP2033K |
|
|
|
|
Cost Auditors : |
|
|
Name : |
Mr. Ramakrishnan Jayaram Cost Accountant |
|
Address : |
No 10 (Old No. 8), Rajan Street, T Nagar, Chennai – 600017, Tamilnadu,
India |
|
|
|
|
Memberships : |
Not Available |
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|
|
|
Collaborators : |
Not Available |
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|
|
|
Fellow
Subsidiary company: |
Gowri Ventures Private Limited [U45201TG1998PTC030483] |
|
|
|
|
Associate : |
Shiva Analyticals (India) Private Limited [U24230TG1994PTC018752] |
CAPITAL STRUCTURE
AS ON 30.05.2014
Authorised 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 |
|
|
|
|
|
|
11997257 |
Equity Shares |
Rs.10/- each |
Rs. 119.972
Million |
|
|
|
|
|
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 |
119.972 |
119.972 |
119.972 |
|
(b) Reserves & Surplus |
2708.974 |
1428.853 |
871.388 |
|
(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) |
2828.946 |
1548.825 |
991.360 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
1250.822 |
1195.067 |
630.455 |
|
(b) Deferred tax liabilities (Net) |
273.914 |
168.947 |
92.348 |
|
(c) Other long term
liabilities |
0.000 |
0.000 |
0.000 |
|
(d) long-term
provisions |
19.872 |
14.951 |
6.840 |
|
Total Non-current
Liabilities (3) |
1544.608 |
1378.965 |
729.643 |
|
|
|
|
|
|
(4) Current
Liabilities |
|
|
|
|
(a) Short
term borrowings |
151.057 |
342.455 |
286.797 |
|
(b) Trade
payables |
434.435 |
315.953 |
364.399 |
|
(c) Other
current liabilities |
0.000 |
0.000 |
0.000 |
|
(d) Short-term
provisions |
1084.138 |
515.498 |
286.864 |
|
Total Current
Liabilities (4) |
1669.630 |
1173.906 |
938.060 |
|
|
|
|
|
|
TOTAL |
6043.184 |
4101.696 |
2659.063 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1)
Non-current assets |
|
|
|
|
(a) Fixed
Assets |
|
|
|
|
(i) Tangible
assets |
2983.394 |
2194.297 |
1291.451 |
|
(ii)
Intangible Assets |
0.000 |
0.000 |
0.000 |
|
(iii)
Capital work-in-progress |
0.000 |
0.000 |
0.000 |
|
(iv)
Intangible assets under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current Investments |
0.000 |
0.000 |
0.000 |
|
(c) Deferred tax assets (net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
850.373 |
429.892 |
475.823 |
|
(e) Other
Non-current assets |
0.000 |
|
140.000 |
|
Total Non-Current
Assets |
3833.767 |
2624.189 |
1907.274 |
|
|
|
|
|
|
(2)
Current assets |
|
|
|
|
(a)
Current investments |
0.000 |
0.000 |
0.000 |
|
(b)
Inventories |
603.212 |
499.986 |
153.771 |
|
(c) Trade
receivables |
767.936 |
631.236 |
466.445 |
|
(d) Cash and
cash equivalents |
178.269 |
77.535 |
131.573 |
|
(e)
Short-term loans and advances |
0.000 |
0.000 |
0.000 |
|
(f) Other
current assets |
660.000 |
268.750 |
0.000 |
|
Total
Current Assets |
2209.417 |
1477.507 |
751.789 |
|
|
|
|
|
|
TOTAL |
6043.184 |
4101.696 |
2659.063 |
PROFIT
& LOSS ACCOUNT
|
|
PARTICULARS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
|
|
SALES |
|
|
|
|
|
|
|
Gross Revenue |
6545.601 |
3930.031 |
3032.126 |
|
|
|
Other Income |
NA |
NA |
NA |
|
|
|
TOTAL
|
NA |
NA |
NA |
|
|
|
|
|
|
|
|
|
EXPENSES |
NA |
NA |
NA |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION |
2869.913 |
1369.527 |
788.063 |
|
|
|
|
|
|
|
|
|
|
FINANCIAL
EXPENSES |
260.280 |
214.352 |
187.998 |
|
|
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION |
2609.633 |
1155.175 |
600.065 |
|
|
|
|
|
|
|
|
|
|
DEPRECIATION/
AMORTISATION |
279.245 |
208.901 |
172.471 |
|
|
|
|
|
|
|
|
|
|
PROFIT/ (LOSS)
BEFORE TAX |
2330.387 |
946.275 |
427.594 |
|
|
|
|
|
|
|
|
|
|
TAX |
809.801 |
358.353 |
136.582 |
|
|
|
|
|
|
|
|
|
|
PROFIT/ (LOSS)
AFTER TAX |
1520.586 |
637.148 |
291.012 |
|
|
|
|
|
|
|
|
|
|
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
1212.182 |
756.035 |
753.235 |
|
|
|
|
|
|
|
|
|
|
APPROPRIATIONS |
|
|
|
|
|
|
|
Transfer to General Reserve |
0.000 |
69.454 |
69.454 |
|
|
|
Dividend |
238.615 |
111.548 |
1015.183 |
|
|
|
Disposable Surplus |
2730.918 |
1323.730 |
1015.183 |
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
NA |
1212.182 |
756.035 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
126.74 |
49.00 |
24.26 |
|
KEY
RATIOS
|
PARTICULARS |
|
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
38.56 |
23.07 |
16.08 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.82 |
0.61 |
0.43 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
0.50 |
0.99 |
0.93 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.32 |
1.26 |
0.80 |
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 |
119.972 |
119.972 |
119.972 |
|
Reserves & Surplus |
871.388 |
1428.853 |
2708.974 |
|
Share Application money pending allotment |
0.000 |
0.000 |
0.000 |
|
Net worth |
991.360 |
1548.825 |
2828.946 |
|
|
|
|
|
|
long-term borrowings |
630.455 |
1195.067 |
1250.822 |
|
Short term borrowings |
286.797 |
342.455 |
151.057 |
|
Total borrowings |
917.252 |
1537.522 |
1401.879 |
|
Debt/Equity ratio |
0.925 |
0.993 |
0.496 |
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) |
|
Gross Sales |
3032.126 |
3930.031 |
6545.601 |
|
|
|
29.613 |
66.553 |
NET PROFIT MARGIN
|
Net Profit Margin |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
(Rs. In Million) |
(Rs. In Million) |
(Rs. In Million) |
|
Gross Sales |
3032.126 |
3930.031 |
6545.601 |
|
Profit |
291.012 |
637.148 |
1520.586 |
|
|
9.60% |
16.21% |
23.23% |
LOCAL AGENCY FURTHER INFORMATION
|
Sr. No. |
Check List by Info Agents |
Available in
Report (Yes / No) |
|
1] |
Year of Establishment |
Yes |
|
2] |
Locality of the firm |
Yes |
|
3] |
Constitutions of the firm |
Yes |
|
4] |
Premises details |
No |
|
5] |
Type of Business |
Yes |
|
6] |
Line of Business |
Yes |
|
7] |
Promoter's background |
Yes |
|
8] |
No. of employees |
No |
|
9] |
Name of person contacted |
No |
|
10] |
Designation of contact
person |
No |
|
11] |
Turnover of firm for last
three years |
Yes |
|
12] |
Profitability for last
three years |
Yes |
|
13] |
Reasons for variation
<> 20% |
---------------------- |
|
14] |
Estimation for coming
financial year |
No |
|
15] |
Capital in the business |
Yes |
|
16] |
Details of sister
concerns |
Yes |
|
17] |
Major suppliers |
No |
|
18] |
Major customers |
No |
|
19] |
Payments terms |
No |
|
20] |
Export / Import details
(if applicable) |
No |
|
21] |
Market information |
---------------------- |
|
22] |
Litigations that the firm
/ promoter involved in |
---------------------- |
|
23] |
Banking Details |
Yes |
|
24] |
Banking facility details |
Yes |
|
25] |
Conduct of the banking
account |
---------------------- |
|
26] |
Buyer visit details |
---------------------- |
|
27] |
Financials, if provided |
Yes |
|
28] |
Incorporation details, if
applicable |
Yes |
|
29] |
Last accounts filed at
ROC |
Yes |
|
30] |
Major Shareholders, if
available |
Yes |
|
31] |
Date of Birth of Proprietor/Partner/Director,
if available |
Yes |
|
32] |
PAN of
Proprietor/Partner/Director, if available |
No |
|
33] |
Voter ID No of
Proprietor/Partner/Director, if available |
No |
|
34] |
External Agency Rating,
if available |
Yes |
INDEX OF CHARGES
|
S.NO. |
CHARGE ID |
DATE OF CHARGE
CREATION/MODIFICATION |
CHARGE AMOUNT
SECURED |
CHARGE HOLDER |
ADDRESS |
SERVICE REQUEST
NUMBER (SRN) |
|
1 |
10532431 |
28/10/2014 |
600,000,000.00 |
ING VYSYA BANK LIMITED |
ING VYSYA BANK LIMITED, 22,GROUND FLOOR,, ING VYS |
C34360859 |
|
2 |
10463716 |
24/03/2014 * |
450,000,000.00 |
HDFC BANK LIMITED |
HDFC BANK HOUSESENAPATI BAPAT MARG, LOWER PAREL W |
C03938529 |
|
3 |
10455549 |
24/03/2014 * |
600,000,000.00 |
AXIS BANK LIMITED |
AXIS BANK LIMITED, SECOND FLOOR, NO 1, QUEENS ROA |
C02566297 |
|
4 |
10455303 |
24/03/2014 * |
500,000,000.00 |
ING VYSYA BANK LIMITED |
ING VYSYA BANK LIMITED, MG ROAD, BANGALORE, KARNA |
C02567915 |
|
5 |
10332986 |
21/11/2012 * |
220,000,000.00 |
STANDARD CHARTERED BANK |
RAHEJA TOWERS, 26-27, M G ROAD, BANGALORE, KARNAT |
B62752399 |
|
6 |
10326670 |
19/12/2011 |
200,000,000.00 |
STANDARD CHATERED BANK |
RAHEJA TOWERS, 26-27, M G ROAD, BANGALORE, KARNAT |
B29158979 |
|
7 |
10308749 |
12/09/2011 |
300,000,000.00 |
YES BANK LIMITED |
9TH FLOOR, NEHRU CENTRE, DISCOVERY OF INDIA,, DR. |
B21884259 |
|
8 |
10315619 |
12/09/2011 |
100,000,000.00 |
YES BANK LIMITED |
9TH FLOOR, NEHRU CENTRE, DISCOVERY OF INDIA,, DR. |
B24522039 |
|
9 |
10146107 |
30/06/2011 * |
100,000,000.00 |
IDBI BANK LIMITED |
IDBI BANK LIMITED, 102, SHAKTHI COMFORTS TOWER, K |
B17107012 |
|
10 |
90119350 |
18/10/2012 * |
696,300,000.00 |
STATE BANK OF INDIA |
OVERSEAS BRANCH, NO.65,, ST. MARK'S ROAD, LHO COM |
B63953285 |
* Date of charge modification
OPERATIONS AND
OUTLOOK
During FY 14 the company performed much better than FY 13 and achieved higher level of sales as well as profitability. Their sales during this period went up by 66% and the PBT went up by 145%. The company managed to reduce the variable cost by 5% during the year by various internal improvement measures. Fixed cost as a % of sales went down by 7% due to better economies of scale achieved by higher turnover .This two fold improved resulted in increased profitability of the company during the year. Finance cost as a % of sales went down by 1.50% mainly due to better working capital management and consequent reduced level of short term borrowing. Though the company continued its capacity addition during the year a higher level of turnover ensured excellent capacity utilization levels towards the end of FY 14. The growth momentum is likely to slow down during FY 15 and we expect to achieve a top line growth of 15% and PBT of 25% as against FY 14 levels of 36%.
MANAGEMENT
DISCUSSION AND ANALYSIS REPORT
INTRODUCTION:
The Company was established in 1996 and over a period of time, it has emerged as one of the largest producers of Metal Injection Molded (MIM) Parts all over the World. While The Company achieved higher level of sales and profitability during Fy 14 the growth momentum is expected to slow down during Fy 15. This is due to the fact that the company grew significantly during FY 14 and the higher base number will make it very difficult for the company to maintain the growth momentum in the immediately following year. They expect the growth to be at the same levels as it was in Fy 13 and bottom line too will cool off to the levels of Fy 13.
AN OVERVIEW OF INDIAN
AND WORLD ECONOMY
Lower economic growth mainly due to Euro Zone debt crisis. The Indian economy also witnessed lower growth because of inflation, liquidity crunch, highly volatile exchange rates and political uncertainties which resulted in a lower growth of GDP in 4.9% in FY 14 against 5.0% in FY 13. The inflation continued at a high level throughout the year.
PERFORMANCE OF THE
COMPANY
Despite challenging market conditions, the Company achieved a higher level of growth and profitability during Fy 14. During Fy 14 the top line grew by Rs 2610.000 Million and the PBT increased by Rs 1380.000 Million Higher incremental profitability took the profitability to 35% as against 24%. The higher profitability resulted in Earnings Per Share of Rs. 126.74 Vs Rs 49 during Fy 13.
FIXED ASSETS
- Land and
development
- Buildings
- Plant and
machinery
- Furniture and
fixtures
- Office
equipment
- Vehicles
- Computers and
software
- Electrical
installation
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 records 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.63.89 |
|
|
1 |
Rs.97.98 |
|
Euro |
1 |
Rs.71.82 |
INFORMATION DETAILS
|
Information
gathered by : |
KMN |
|
|
|
|
Analysis Done by
: |
KAR |
|
|
|
|
Report Prepared
by : |
SNT |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
8 |
|
PAID-UP CAPITAL |
1~10 |
8 |
|
OPERATING SCALE |
1~10 |
8 |
|
FINANCIAL
CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
8 |
|
--PROFITABILITY |
1~10 |
8 |
|
--LIQUIDITY |
1~10 |
8 |
|
--LEVERAGE |
1~10 |
8 |
|
--RESERVES |
1~10 |
8 |
|
--CREDIT LINES |
1~10 |
8 |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
NO |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTER
|
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
72 |
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.