MIRA INFORM REPORT

 

 

Report No. :

326737

Report Date :

10.06.2015

 

IDENTIFICATION DETAILS

 

Name :

MAHINDRA AND MAHINDRA LIMITED

 

 

Registered Office :

Gateway Building, Apollo Bunder, Mumbai – 400 001, Maharashtra

Tel No.:

91-22-22021031

 

 

Country :

India

 

 

Financials (as on) :

31.03.2015

 

 

Date of Incorporation :

02.10.1945

 

 

Com. Reg. No.:

11-004558

 

 

Capital Investment / Paid-up Capital :

Rs.2957.000 Million

 

 

CIN No.:

[Company Identification No.]

L65990MH1945PLC004558

 

 

TAN No.:

[Tax Deduction & Collection Account No.]

MUMM01692F

 

 

PAN No.:

[Permanent Account No.]

Not Available

 

 

Legal Form :

A Public Limited Liability Company. The Company’s Shares are Listed on the Stock Exchanges.

 

 

Line of Business :

Manufacturer of Light Commercial Vehicles, Agricultural Tractors, Implements and Utility Vehicles.

 

 

No. of Employees :

19427 [Approximately]

 

 

                                                                  RATING & COMMENTS

 

MIRA’s Rating :

Aa (80)

 

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

 

Status :

Excellent

 

 

Payment Behaviour :

Regular

 

 

Litigation :

Exist

 

 

Comments :

Subject is a well-established and reputed company having fine track.

 

Subject was incorporated in 1945. M&M is among the leading tractor manufacturer in the world and is the market leader in the UV segment in India. Mahindra group enjoys a strong presence in the agribusiness, aerospace, components, defense, energy, industry equipment, logistics, real estate, commercial vehicles and tow wheeler industries etc.

 

The company possesses a strong financial profile marked by healthy debt coverage and liquidity indicators derived from its liquid investments and healthy net worth position.

 

Trade relations are fair. Business is active. Payments are reported as regular and as per commitments.

 

In view of vast experience of the promoters and well qualified management, the company can be considered for business dealings at usual trade terms and conditions.

 

 

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

CRISIL

Rating

Long term rating: AAA

Rating Explanation

Highest degree of safety and lowest credit risk.

Date

26.12.2014

 

Rating Agency Name

CRISIL

Rating

Short term rating: A1+

Rating Explanation

Very strong degree of safety and lowest credit risk.

Date

26.12.2014

 

 

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.

 

INFORMATION DENIED

 

MANAGEMENT NON COOPERATIVE. (91-22-22021031/ 24901441)

 

 

LOCATIONS

 

Registered Office :

Gateway Building, Apollo Bunder, Mumbai – 400 001, Maharashtra, India

Tel. No.:

91-22-22021031

Fax No.:

91-22-22028780 / 22875485

E-Mail :

mahindra@giasbm01.vsnl.net.in

narayan.shankar@mahindra.com

Website :

http://www.mahindra.com

 

 

Head Office :

Mahindra Towers, G.M. Bhosale Marg, Worli, Mumbai - 400 018, Maharashtra, India

Tel No.:

91-22-24931441 / 24961441

Fax No.:

91-22-24975081

 

 

Factory :

Akurli Road, Kandivali (East), Mumbai, Maharashtra, India

Tel. No.:

91-22-28849800

Fax No.:

91-22-28468523

 

 

Factory  :

Also Located At:

 

  • Nashik
  • Nagpur
  • Zaheerabad  
  • Rudrapur
  • Haridwar
  • Pune

 

 

Branch Office :

Located At :

 

  • Chennai
  • Kolkata
  • New Delhi
  • Bangalore

 

 

DIRECTORS

 

As on 31.03.2014

 

Name :

Mr. Keshub Mahindra

Designation :

Chairman Emeritus

 

 

Name :

Mr. Anand G Mahindra

Designation :

Chairman and Managing Director

 

 

Name :

Mr. Bharat Doshi

Designation :

Executive Director and Group Chief Financial Officer

 

 

Name :

Dr. Pawan Goenka

Designation :

Executive Director

(Appointed w.e.f. 23rd September, 2013)

 

 

Name :

Mr. Deepak S. Parekh

Designation :

Director

 

 

Name :

Mr. Nadir B Godrej

Designation :

Director

 

 

Name :

Mr. M. M. Murugappan

Designation :

Director

 

 

Name :

Mr. A .K. Nanda

Designation :

Director

 

 

Name :

Mr. Narayanan Vaghul

Designation :

Director

 

 

Name :

Mr. R. K. Kulkarni

Designation :

Director

 

 

Name :

Mr.  Anupam Puri

Designation :

Director

 

 

Name :

Dr. Vishakha N Desai

Designation :

Director

Date of Appointment :

30.05.2012

 

 

Name :

Mr. Vikram Singh Mehta

Designation :

Director

Date of Appointment :

30.05.2012

 

 

Name :

Mr. S. B. Mainak

Designation :

Nominee of Life Insurance Corporation of India

(Appointed w.e.f. 13th November, 2013)

 

 

                                                                      KEY EXECUTIVES

 

Name :

Narayan Shankar

Designation :

Company Secretary

 

 

Committees of The Board :

 

Audit Committee :

·         Mr. Deepak S. Parekh (Chairman)

·         Mr. Nadir B. Godrej

·         Mr. M. M. Murugappan

·         Mr. R. K. Kulkarni

·         Mr. Bharat Doshi

 

Stakeholders Relationship Committee

  • Mr. A.K. Nanda (Chairman)
  • Mr. Anand G. Mahindra
  • Mr. Bharat Doshi
  • Mr. R. K. Kulkarni

 

Governance, Remuneration and Nomination Committee

  • Mr. Narayanan Vaghul (Chairman)
  • Mr. Nadir B. Godrej
  • Mr. M. M. Murugappan
  • Mr. R.K. Kulkarni

 

Corporate Social Responsibility Committee

  • Mr. Anand G. Mahindra (Chairman)
  • Dr. Pawan Goenka
  • Mr. Bharat Doshi
  • Mr. A. K. Nanda
  • Mr. R. K. Kulkarni
  • Dr. Vishakha N. Desai

 

Strategic Investment Committee

  • Mr. Anand G. Mahindra (Chairman)
  • Mr. Bharat Doshi
  • Mr. Deepak S. Parekh
  • Mr. Nadir B. Godrej
  • Mr. Vikram Singh Mehta
  • Mr. Anupam Purii

 

Loan And Investment Committee

  • Mr. Anand G. Mahindra (Chairman)
  • Mr. Bharat Doshi
  • Mr. A. K. Nanda
  • Mr. R. K. Kulkarni
  • Mr. Vikram Singh Mehta

 

Reserch and Development Committee

  • Mr. M. M. Murugappan (Chairman)
  • Mr. Anand G. Mahindra
  • Dr. Pawan Goenka
  • Mr. Bharat Doshi
  • Mr. Nadir B. Godrej

 

 

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

 

As on 31.03.2015

 

Category of Shareholder

Total No. of Shares

Total Shareholding as a % of total No. of Shares

(A) Shareholding of Promoter and Promoter Group

 

 

http://www.bseindia.com/include/images/clear.gif(1) Indian

 

 

http://www.bseindia.com/include/images/clear.gifIndividuals / Hindu Undivided Family

3998552

0.68

http://www.bseindia.com/include/images/clear.gifBodies Corporate

71128386

12.10

http://www.bseindia.com/include/images/clear.gifAny Others (Specify)

83566190

14.22

http://www.bseindia.com/include/images/clear.gifM&M Benefit Trust

51835214

8.82

http://www.bseindia.com/include/images/clear.gifESOP Trust

29700106

5.05

http://www.bseindia.com/include/images/clear.gifEmployees Welfare Fund

2030870

0.35

http://www.bseindia.com/include/images/clear.gifSub Total

158693128

27.00

http://www.bseindia.com/include/images/clear.gif(2) Foreign

 

 

http://www.bseindia.com/include/images/clear.gifIndividuals (Non-Residents Individuals / Foreign Individuals)

605772

0.10

http://www.bseindia.com/include/images/clear.gifSub Total

605772

0.10

Total shareholding of Promoter and Promoter Group (A)

159298900

27.11

(B) Public Shareholding

 

 

http://www.bseindia.com/include/images/clear.gif(1) Institutions

 

 

http://www.bseindia.com/include/images/clear.gifMutual Funds / UTI

16523910

2.81

http://www.bseindia.com/include/images/clear.gifFinancial Institutions / Banks

1629449

0.28

http://www.bseindia.com/include/images/clear.gifCentral Government / State Government(s)

742168

0.13

http://www.bseindia.com/include/images/clear.gifInsurance Companies

95713331

16.29

http://www.bseindia.com/include/images/clear.gifForeign Institutional Investors

211204271

35.94

http://www.bseindia.com/include/images/clear.gifAny Others (Specify)

22524345

3.83

http://www.bseindia.com/include/images/clear.gifForeign Portfolio Investments Corporation

22524345

3.83

http://www.bseindia.com/include/images/clear.gifSub Total

348337474

59.27

http://www.bseindia.com/include/images/clear.gif(2) Non-Institutions

 

 

http://www.bseindia.com/include/images/clear.gifBodies Corporate

28011073

4.77

http://www.bseindia.com/include/images/clear.gifIndividuals

 

 

http://www.bseindia.com/include/images/clear.gifIndividual shareholders holding nominal share capital up to Rs. 0.100 Million

37200616

6.33

http://www.bseindia.com/include/images/clear.gifIndividual shareholders holding nominal share capital in excess of Rs. 0.100 Million

8813500

1.50

http://www.bseindia.com/include/images/clear.gifAny Others (Specify)

6016988

1.02

http://www.bseindia.com/include/images/clear.gifNon Resident Indians

1926567

0.33

http://www.bseindia.com/include/images/clear.gifForeign Nationals

569

0.00

http://www.bseindia.com/include/images/clear.gifOverseas Corporate Bodies

1607960

0.27

http://www.bseindia.com/include/images/clear.gifTrusts

1673721

0.28

http://www.bseindia.com/include/images/clear.gifClearing Members

426549

0.07

http://www.bseindia.com/include/images/clear.gifForeign Corporate Bodies

381622

0.06

http://www.bseindia.com/include/images/clear.gifSub Total

80042177

13.62

Total Public shareholding (B)

428379651

72.89

Total (A)+(B)

587678551

100.00

(C) Shares held by Custodians and against which Depository Receipts have been issued

0

0.00

http://www.bseindia.com/include/images/clear.gif(1) Promoter and Promoter Group

0

0.00

http://www.bseindia.com/include/images/clear.gif(2) Public

33413833

0.00

http://www.bseindia.com/include/images/clear.gifSub Total

33413833

0.00

Total (A)+(B)+(C)

621092384

0.00

 

 

BUSINESS DETAILS

 

Line of Business :

Manufacturer of Light Commercial Vehicles, Agricultural Tractors, Implements and Utility Vehicles.

 

 

Products :

Product Description

Item Code No.

Tractors

8701

Motor vehicles for the transport of more than six persons, excluding the driver

8702

Other motor vehicles principally designed for the transport of persons

8703

 

 

Brand Names :

Not Divulged

 

 

Agencies Held :

Not Divulged

 

 

Exports :

Not Divulged

 

 

Imports :

Not Divulged

 

 

Terms :

Not Divulged

 

PRODUCTION STATUS NOT AVAILABLE

 

GENERAL INFORMATION

 

Suppliers :

Reference :

Not Divulged

Name of the Person :

Not Divulged

Contact No.:

Not Divulged

Since How Long Known :

Not Divulged

Maximum Limit Dealt :

Not Divulged

Experience :

Not Divulged

Remark:

Not Divulged

 

 

Customers :

Reference :

Not Divulged

Name of the Person :

Not Divulged

Contact No.:

Not Divulged

Since How Long Known :

Not Divulged

Maximum Limit Dealt :

Not Divulged

Experience :

Not Divulged

Remark:

Not Divulged

 

 

No. of Employees :

19427 [Approximately]

 

 

Bankers :
  • Bank of America N.A.
  • Bank of Baroda
  • Bank of India
  • Canara Bank
  • Central Bank of India
  • HDFC Bank Limited
  • Standard Chartered Bank
  • State Bank of India
  • Union Bank of India

 

 

Facilities :

Secured Loan

31.03.2015

(Rs. in Million)

31.03.2014

(Rs. in Million)

Long-term Borrowings

 

Debentures/Bonds

 

1333.300

Term Loans from Banks

 

1607.200

Short-term borrowings

 

 

Loans and Advances on cash credit account from Banks

 

0.500

Total

NA

2941.000

Note: (AS ON 31.03.2014)

 

Debentures/Bonds include Secured Non-Convertible debentures carrying an interest rate of 11.95% for a period of seven years and are repayable in three equal annual installments from December, 2013. These debentures are secured by tangible assets of the Company at certain locations including immovable items therein and by way of a first pari-passu charge on the movable plant and machinery, machinery spares, tools and accessories and other movables, both present and future (save and except book debts) situated at certain locations of the Company.

 

Term loans from banks are secured by way of first ranking pari-passu charge on certain immovable and movable properties both present and future, relating to Medium and Heavy Commercial Vehicle (MHCV) project as well as second charge on certain current assets, relating to MHCV project. These loans carry floating rate of interest ranging from 11.00% to 11.80%. The loan is repayable in 28 quarterly installments of Rs. 107.100 Million each, from 31st March, 2012.

 

Loans and Advances on cash credit accounts from the Company’s bankers are secured by a first charge on a pari-passu basis on the whole of the current assets of the Company namely inventories, book debts, outstanding monies, receivables, claims etc. both present and future.

 

 

 

Banking Relations :

--

 

 

Auditors :

 

Name :

Deloittee Haskins and Sells

Chartered Accountants

Address :

Tower 3, 27th – 32nd Floor, Indiabulls Finance Centre, Elphinstone Mill Compound, Senapati Bapat Marg, Elphinstone (West), Mumbai 400 013, Maharashtra, India

Tel No.:

91-22-61854000

Fax No.:

91-22-61854501/4601

 

 

Advocate :

 

Name :

Khaitan and Company

Address :

One Indiabulls Centre, 13th Floor, 841, Senapati Bapat Marg, Elphinstone Road, Mumbai 400 013, Maharashtra, India

 

 

Memberships :

--

 

 

Collaborators

--

 

 

Subsidiaries (AS ON 31.03.2014):

1. Mahindra Engineering and Chemical Products Limited

2. Mahindra Steel Service Centre Limited

3. Mahindra First Choice Wheels Limited

4. Mahindra USA Inc.

5. Mahindra Gujarat Tractor Limited

6. Mahindra Shubhlabh Services Limited

7. Mahindra and Mahindra South Africa (Proprietary) Limited

8. Mahindra Engineering Services Limited

9. Mahindra Gears and Transmissions Private Limited

10. Mahindra Overseas Investment Company (Mauritius) Limited

11. Mahindra Europe S.r.l.

12. Jiangxi Mahindra Yueda Tractor Company Limited

13. Mahindra-BT Investment Company (Mauritius) Limited

14. Mahindra Intertrade Limited

15. Mahindra MiddleEast Electrical Steel Service Centre (FZC)

16. Mahindra Consulting Engineers Limited

17. Mahindra Holidays and Resorts India Limited

18. Mahindra Holidays and Resorts USA Inc.

19. MHR Hotel Management GmbH (upto 28th November, 2013)

20. Mahindra Hotels and Residences India Limited

21. Mahindra Holdings Limited

22. NBS International Limited

23. Mahindra Ugine Steel Company Limited

24. Mahindra and Mahindra Financial Services Limited

25. Mahindra Insurance Brokers Limited

26. Mahindra Rural Housing Finance Limited

27. Bristlecone Limited

28. Bristlecone Inc.

29. Bristlecone UK Limited

30. Bristlecone India Limited

31. Bristlecone (Singapore) Pte. Limited

32. Bristlecone GmbH

33. Bristlecone (Malaysia) Sdn. Bhd.

34. Mahindra Automobile Distributor Private Limited

35. Mahindra Trucks and Buses Limited (formerly known as

Mahindra Navistar Automotives Limited)

36. Mahindra Engineering Services (Europe) Limited

37. Mahindra Engineering GmbH

38. Mahindra Lifespace Developers Limited

39. Mahindra Infrastructure Developers Limited

40. Mahindra World City (Jaipur) Limited

41. Mahindra Integrated Township Limited

42. Mahindra Residential Developers Limited

43. Mahindra World City Developers Limited

44. Mahindra World City (Maharashtra) Limited

45. Knowledge Township Limited

46. Mahindra Vehicle Manufacturers Limited

47. Mahindra Logistics Limited

48. Mahindra CIE Automotive Limited (formerly known as

Mahindra Forgings Limited) (upto 3rd October, 2013)

49. Mahindra Forgings International Limited

(upto 3rd October, 2013)

50. Mahindra Forgings Europe AG (upto 3rd October, 2013)

51. Gesenkschmiede Schneider GmbH (upto 3rd October, 2013)

52. JECO-Jellinghaus GmbH (upto 3rd October, 2013)

53. Falkenroth Umformtechnik GmbH (upto 3rd October, 2013)

54. Stokes Group Limited (upto 3rd October, 2013)

55. Stokes Forgings Dudley Limited (upto 3rd October, 2013)

56. Stokes Forgings Limited (upto 3rd October, 2013)

57. Mahindra Forgings Global Limited (upto 3rd October, 2013)

58. Schöneweiss and Co. GmbH (upto 3rd October, 2013)

59. Mahindra Hinoday Industries Limited

(upto 3rd October, 2013)

60. Mahindra Heavy Engines Private Limited (formerly known as

Mahindra Navistar Engines Private Limited)

61. Mahindra Aerospace Private Limited

62. Heritage Bird (M) Sdn. Bhd.

63. Mahindra First Choice Services Limited

64. Mahindra Graphic Research Design S.r.l.

65. Mahindra Gears International Limited

66. Mahindra Gears Global Limited

67. Mahindra Gears Cyprus Limited

68. Metalcastello S.p.A.

69. Mahindra Bebanco Developers Limited

70. Industrial Township (Maharashtra) Limited

71. Crest Geartech Private Limited

72. Mahindra Business and Consulting Services Private Limited

73. Mahindra Two Wheelers Limited

74. Mahindra Automotive Australia Pty. Limited

75. Mahindra United Football Club Private Limited

76. Defence Land Systems India Private Limited

77. Mahindra Yueda (Yancheng) Tractor Company Limited

78. Mahindra Electrical Steel Private Limited

79. Raigad Industrial and Business Park Limited

80. Retail Initiative Holdings Limited

81. Mahindra Retail Private Limited

82. Mahindra Technologies Services Inc.

83. Mahindra Punjab Tractors Private Limited

84. Mahindra Namaste Private Limited

85. Mahindra Conveyor Systems Private Limited

86. BAH Hotelanlagen AG (upto 28th November, 2013)

87. Mahindra Aerospace Australia Pty. Limited

88. Aerostaff Australia Pty. Limited

89. Mahindra Reva Electric Vehicles Private Limited

90. Bristlecone Consulting Limited

91. Anthurium Developers Limited

92. Mahindra Homes Private Limited (formerly known as

Watsonia Developers Limited) (upto 19th July, 2013)

93. Gipp Aero Investments Pty. Limited

94. Gippsaero Pty. Limited

95. GA8 Airvan Pty. Limited

96. GA200 Pty. Limited

97. Airvan Flight Services Pty. Limited

98. Nomad TC Pty. Limited

99. Mahindra Emirates Vehicle Armouring FZ-LLC

100. Mahindra Integrated Business Solutions Private Limited

101. Mahindra Aerostructures Private Limited

102. Ssangyong Motor Company

103. Ssangyong European Parts Center B.V.

104. Ssangyong Motor (Shanghai) Company Limited

105. Ssangyong (Yizheng) Auto Parts Manufacturing Company

Limited (upto 19th November, 2013)

106. Mahindra EPC Services Private Limited

107. Bristlecone International AG

108. EPC Industrie Limited

109. Mahindra Telecommunications Investment Private Limited

110. Mahindra Sanyo Special Steel Private Limited

111. Bell Tower Resorts Private Limited

112. Mahindra Racing S.r.l.

113. Swaraj Automotives Limited

114. Mahindra Defence Naval Systems Private Limited

115. Mahindra Defence Systems Limited

116. Divine Heritage Hotels Private Limited

117. Gables Promoters Private Limited

118. 2 X 2 Logistics Private Limited

119. Holiday on Hills Resorts Private Limited

120. MH Boutique Hospitality Limited

121. Infinity Hospitality Group Company Limited

122. Mahindra Tractor Assembly Inc.

123. Mahindra Housing Private Limited

124. Mahindra Telephonics Integrated Systems Limited

(w.e.f. 22nd April, 2013)

125. Mahindra Investments (India) Private Limited

(w.e.f. 25th April, 2013)

126. Mahindra Investments (International) Private Limited

(w.e.f. 25th April, 2013)

127. Mahindra Offgrid Services Private Limited

(w.e.f. 28th June, 2013)

128. Mahindra Asset Management Company Private Limited

(w.e.f. 20th June, 2013)

129. Mahindra Trustee Company Private Limited

(w.e.f. 10th July, 2013)

130. Brightsolar Renewable Energy Private Limited

(w.e.f. 3rd December, 2013)

131. Cleansolar Renewable Energy Private Limited

(w.e.f. 3rd December, 2013)

132. Mahindra Auto Steel Private Limited (w.e.f. 12th December, 2013)

133. Mahindra North American Technical Centre, Inc.

(w.e.f. 18th Dececember, 2013)

134. Mahindra 'Electoral Trust' Company

(w.e.f. 30th December, 2013)

 

 

Associates(AS ON 31.03.2014):
  • Mahindra Composites Limited (upto 3rd October, 2013)
  • Swaraj Engines Limited
  • Mahindra and Mahindra Contech Limited
  • Mahindra CIE Automotive Limited (formerly known as Mahindra Forgings Limited) (w.e.f. 4th October, 2013)
  • Tech Mahindra Limited

 

 

Joint Venture (AS ON 31.03.2014):
  • Mahindra Sona Limited

 

 

Joint Venture of a Subsidiary (AS ON 31.03.2014):
  • Mahindra Solar One Private Limited
  • Mahindra Water Utilities Limited

 

 

Enterprise over which KMP is able to exercise significant influence (AS ON 31.03.2014):
  • Prudential Management and Services Private Limited

 

 

Welfare Funds (AS ON 31.03.2014):
  • M and M Benefit Trust
  • M and M Employees’ Welfare Fund
  • M and M Employees’ Farm Equipment Sector Employees’ Welfare Fund
  • Mahindra World School Education Trust

 

 

CAPITAL STRUCTURE

 

As on 31.03.2015

 

Authorised Capital : Not Available

 

Issued, Subscribed & Paid-up Capital : Rs. 2957.000 Million

 

As on 31.03.2014

 

Authorised Capital :

No. of Shares

Type

Value

Amount

 

 

 

 

1200000000

Ordinary (Equity) Shares

Rs.5/- each

Rs.6000.000 Million

2500000

Unclassified Shares

Rs.100/- each

Rs.250.000 Million

 

Total

 

Rs.6250.000 Million

 

Issued, Subscribed & Paid-up Capital :

No. of Shares

Type

Value

Amount

 

 

 

 

615892384

Ordinary (Equity) Shares

Rs.5/- each

Rs.3079.500 Million

25569113

Less : Ordinary (Equity) Shares

Rs.5/- each

Rs.127.900 Million

 

Total

 

Rs.2951.600 Million

 

 

Reconciliation of number of Ordinary (Equity) Shares and amount outstanding :

 

 

2014

 

No. of shares

Rupees in Million

Issued and Subscribed :

 

 

Balance as at the beginning of the year

603980756

3069.900

Add :

 

 

Shares issued under Schemes of Arrangement

--

--

Shares issued to ESOP Trust

1911628

0.96

Balance as at the end of the year

615892384

3079.500

Less :

 

 

Shares issued to ESOP Trust but not allotted to Employees

25569113

127.900

Adjusted : Issued and Subscribed Share Capital

509323271

2951.600

 

* denotes amounts less than Rs. 0.050 Million

 

The Ordinary (Equity) shares of the Company rank pari-passu in all respects including voting rights and entitlement to dividend.

 

 

Details of Ordinary (Equity) shares held by shareholders holding more than 5% of the aggregate shares in the Company :

 

Name of the Shareholder

2014

 

 

No. of shares

% shareholding

(i)   Prudential Management and Services Private Limited

70760970

11.49

(ii)   Life Insurance Corporation of India

70077205

11.38

(iii) M&M Benefit Trust

51835214

8.42

(iv) The Bank of New York Mellon (for GDR holders)

 

 

 

Issued and Subscribed Share Capital includes an aggregate of 40647 (2013 : 66199551 Ordinary (Equity) Shares of Rs. 5 each allotted as fully paid-up pursuant to Schemes of Arrangement without payment having been received in cash, for a period of five years immediately preceding the end of the financial year.

 

 

 

FINANCIAL DATA

[all figures are in Rupees Million]

 

ABRIDGED BALANCE SHEET

 

SOURCES OF FUNDS

31.03.2015

31.03.2014

31.03.2013

 

 

 

 

I.              EQUITY AND LIABILITIES

 

 

 

(1)Shareholders' Funds

 

 

 

(a) Share Capital

2957.000

2951.600

2951.600

(b) Reserves & Surplus

189593.900

164960.300

143637.600

(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)

192550.900

167911.900

146589.200

 

 

 

 

(3) Non-Current Liabilities

 

 

 

(a) long-term borrowings

25141.300

37444.200

31724.400

(b) Deferred tax liabilities (Net)

9797.000

8896.500

6148.500

(c) Other long term liabilities

6143.400

5862.700

4154.000

(d) long-term provisions

6073.400

5103.300

4415.900

Total Non-current Liabilities (3)

47155.100

57306.700

46442.800

 

 

 

 

(4) Current Liabilities

 

 

 

(a) Short term borrowings

1062.500

7.400

546.300

(b) Trade payables

53654.500

60688.000

55797.100

(c) Other current liabilities

20411.300

11335.600

10521.700

(d) Short-term provisions

14614.400

15636.900

14638.800

Total Current Liabilities (4)

89742.700

87667.900

81503.900

 

 

 

 

TOTAL

329448.700

312886.500

274535.900

 

 

 

 

II.          ASSETS

 

 

 

(1) Non-current assets

 

 

 

(a) Fixed Assets

 

 

 

(i) Tangible assets

81082.200

57063.000

47510.600

(ii) Intangible Assets

 

1706.500

2068.000

(iii) Capital work-in-progress

 

3948.600

4955.400

(iv) Intangible assets under development

 

8335.800

3679.400

(b) Non-current Investments

113727.400

97877.300

105715.000

(c) Deferred tax assets (net)

0.000

0.000

0.000

(d)  Long-term Loan and Advances

32322.600

30181.200

20874.700

(e) Other Non-current assets

1034.400

884.900

298.500

Total Non-Current Assets

228166.600

199997.300

185101.600

 

 

 

 

(2) Current assets

 

 

 

(a) Current investments

17654.200

15921.200

12619.600

(b) Inventories

24375.700

28036.300

24197.700

(c) Trade receivables

25580.300

25098.400

22083.500

(d) Cash and cash equivalents

20647.700

29503.900

17814.100

(e) Short-term loans and advances

7731.000

9458.300

7634.000

(f) Other current assets

5293.200

4871.100

5085.400

Total Current Assets

101282.100

112889.200

89434.300

 

 

 

 

TOTAL

329448.700

312886.500

274535.900

 

 

PROFIT & LOSS ACCOUNT

 

 

PARTICULARS

31.03.2015

31.03.2014

31.03.2013

 

SALES

 

 

 

 

Income

389454.200

405085.000

404411.600

 

Other Income

8489.400

7179.900

5491.700

 

TOTAL (A)

397943.600

412264.900

409903.300

 

 

 

 

 

Less

EXPENSES

 

 

 

 

Cost of Materials Consumed

202724.800

216300.800

207498.700

 

Purchases of Stock-in-Trade

73593.700

80769.200

97526.800

 

Changes in inventories of finished goods, work-in-progress and Stock-in-Trade

3236.300

(2746.700)

(780.300)

 

Employees benefits expense

23169.300

21637.200

18664.500

 

Other expenses

44995.800

42942.800

35240.100

 

Cost of Manufactured Products Capitalised

 --

(1030.400)

(831.200)

 

Exceptional Item

(3357.200)

(527.900)

(906.200)

 

TOTAL (B)

344362.700

357345.000

356412.400

 

 

 

 

 

Less

PROFIT/ (LOSS)  BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (C)

53580.900

54919.900

53490.900

 

 

 

 

 

Less

FINANCIAL EXPENSES (D)

2143.000

2592.200

1911.900

 

 

 

 

 

 

PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)

51437.900

52327.700

51579.000

 

 

 

 

 

Less/ Add

DEPRECIATION/ AMORTISATION (F)

9749.000

8633.400

7108.100

 

 

 

 

 

 

PROFIT/ (LOSS)  BEFORE TAX (E-F)   (G)

41688.900

43694.300

44470.900

 

 

 

 

 

Less

TAX (I)

8477.800

6110.800

10942.700

 

 

 

 

 

 

PROFIT/ (LOSS)  AFTER TAX  (G-I)   (J)

33211.100

37583.500

33528.200

 

 

 

 

 

 

PREVIOUS YEARS’ BALANCE BROUGHT FORWARD

NA

99520.000

79050.000

 

 

 

 

 

 

TRANSFER TO DEBENTURE REDEMPTION RESERVE

NA

170.000

150.000

 

 

 

 

 

 

APPROPRIATIONS

 

 

 

 

General Reserve

NA

4000.000

4000.000

 

Proposed Dividends

NA

8620.000

7980.000

 

Income-tax on Proposed Dividend

NA

1040.000

930.000

 

Dividend for 2012-13 paid on shares issued in June, 2013

NA

20.000

0.000

 

Balance Carried to the B/S

NA

123250.000

99520.000

 

 

 

 

 

 

EARNINGS IN FOREIGN CURRENCY

 

 

 

Export of goods on F.O.B. basis

 

21252.900

22250.200

 

Interest

 

199.100

179.200

 

Consultancy fees

 

51.500

0.000

 

Others

 

1095.800

1104.300

 

TOTAL EARNINGS

NA

22599.300

23533.700

 

 

 

 

 

 

IMPORTS

 

 

 

 

Raw Materials

47.100

9.600

 

Components, Spare Parts

 

5352.500

7068.600

 

Capital Goods

 

1419.700

1418.800

 

Items imported for Resale

 

150.100

462.400

 

TOTAL IMPORTS

NA

6969.400

8959.400

 

 

 

 

 

 

Earnings / (Loss) Per Share (Rs.)

 

 

 

Basic

56.23

63.67

56.85

Diluted

53.66

61.07

54.61

 

 

CURRENT MATURITIES OF LONG TERM DEBT DETAILS

 

Particulars

 

31.03.2015

31.03.2014

31.03.2013

Current Maturities of Long term debt

NA

68943.900

54823.100

Cash generated from operations

NA

46218.600

50189.400

 

 

KEY RATIOS

 

PARTICULARS

 

 

31.03.2015

31.03.2014

31.03.2013

Net Profit Margin

(PAT / Sales)

(%)

8.53

9.28

8.29

 

 

 

 

 

Operating Profit Margin

(PBIDT/Sales)

(%)

13.76

13.56

13.23

 

 

 

 

 

Return on Total Assets

(PBT/Total Assets}

(%)

19.33

21.55

27.76

 

 

 

 

 

Return on Investment (ROI)

(PBT/Networth)

 

0.22

0.26

0.30

 

 

 

 

 

Debt Equity Ratio

(Total Debt /Networth)

 

0.14

0.63

0.59

 

 

 

 

 

Current Ratio

(Current Asset/Current Liability)

 

1.13

1.29

1.10

 

STOCK PRICES

 

Face Value

Rs.5.00/-

Market Value

Rs.1215.70/-

 

 

FINANCIAL ANALYSIS

[all figures are in Rupees Million]

 

DEBT EQUITY RATIO

 

Particular

31.03.2013

31.03.2014

31.03.2015

 

(Rs. In Million)

(Rs. In Million)

(Rs. In Million)

Share Capital

2951.600

2951.600

2957.000

Reserves & Surplus

143637.600

164960.300

189593.900

Money received against share warrants

0.000

0.000

0.000

 Share Application money pending allotment

0.000

0.000

0.000

Net worth

146589.200

167911.900

192550.900

 

 

 

 

long-term borrowings

31724.400

37444.200

25141.300

Short term borrowings

546.300

7.400

1062.500

Total borrowings

32270.700

37451.600

26203.800

Debt/Equity ratio

0.220

0.223

0.136

 

 

YEAR-ON-YEAR GROWTH

 

Year on Year Growth

31.03.2013

31.03.2014

31.03.2015

 

(Rs. In Million)

(Rs. In Million)

(Rs. In Million)

Sales

404411.600

405085.000

389454.200

 

 

0.167

(3.859)

 

 

NET PROFIT MARGIN

 

Net Profit Margin

31.03.2013

31.03.2014

31.03.2015

 

(Rs. In Million)

(Rs. In Million)

(Rs. In Million)

Sales

404411.600

405085.000

389454.200

Profit

33528.200

37583.500

33211.100

 

8.29%

9.28%

8.53%

 

 

 

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

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

Yes

33

Market information

--

34

Payments terms

No

35

Negative Reporting by Auditors in the Annual Report

No

 

LITIGATION DETAILS

 

LITIGATION DETAILS

                                                        Bench:- Bombay

Presentation Date : 20.06.2014

Stamp No.:-

CAFST/17741/2014

Failing Date:-

04.07.2014

 

Reg No.:-

CAF/333/2015

Reg Date:

28.01.2015

 

Stamp No.:-

FAST/17739/2014

 

 

 

Petitioner:-

BAJAJ ALLIANCE GENERAL CO.LTD.

Respondent:-

MAHINDRA AND MAHINDRA LIMITED

 

Petn.Adv:-

MILIND M SATHAYE (I3046)

District:-

NASHIK

Bench:-

SINGLE

Category:-

CONDONATION DELAY

 

 

 

Stage:-

FOR ORDERS (BHATTA NOT PAID)

 

Status:-

Admitted (Unready)

 

Last Date:-

26.03.2015

Last Coram:-

REGISTRAR (JUDICIAL II (FA))

Act:-

WORKMEN'S COMPENSATION ACT

 



 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

UNSECURED LOAN

 

PARTICULARS

31.03.2015

(Rs. in Million)

31.03.2014

(Rs. in Million)

Long-term Borrowings

 

 

Debentures.

5000.000

Term Loans from Banks

 

17974.500

Fixed Deposits

 

587.100

Other Loans

 

10942.100

Short-term borrowings

 

 

Term Loan from Bank

 

0.000

Fixed Deposits

 

6.900

Total

NA

34510.600

Note: (as on 31.03.2014)

 

Debentures are Senior Redeemable Non-Convertible Debentures carrying an interest rate of 9.55% with a tenure of 50 years, repayable in July, 2063.

 

Term loans from banks comprise of :

 

(i) USD External Commercial Borrowings carrying an average margin of 157 basis points over three month USD Libor and are repayable after five years and one day from the date of respective availment of loan i.e. Rs. 8987.200 Million in February, 2016, Rs. 5991.500 Million in August, 2016 and Rs. 2995.800 Million in September, 2016.

 

(ii) JPY External Commercial Borrowings carrying an average margin of 39 basis points over six month JPY Libor is for a period of five years and one day. The loan is repayable in three equal annual installments from August, 2012. Rs. 113.04 payable in August, 2014 is shown under current maturities of long term borrowings.

 

Fixed deposits are repayable three years from the date of deposit and carry an interest rate of 8.00% and 9.75%. Other loans comprise deferred sales tax loans which are interest free and repayable in five equal installments after ten years from the year of availment of respective loan. These loans are repayable :

 

Term loan from bank was pre shipment credit carrying margin of 60 basis points over six month USD Libor and was repayable within a year from the date of availment of loan.

 

Fixed deposits are for a period of one year and carry an interest rate of 8.50%

 

 

INDEX OF CHARGES

 

S.NO.

CHARGE ID

DATE OF CHARGE CREATION/MODIFICATION

CHARGE AMOUNT SECURED

CHARGE HOLDER

ADDRESS

SERVICE REQUEST NUMBER (SRN)

1

10144031

03/03/2009

4,000,000,000.00

AXIS TRUSTEE SERVICES LIMITED

MAKER TOWERS 'F', 13TH FLOOR, CUFFE PARADE, COLAB
A, MUMBAI, MAHARASHTRA - 400005, INDIA

A57476277

2

80017445

08/05/2004 *

20,000,000.00

BANK OF BARODA

INDUSTRIAL FINANCE BRANCH, MUMBAI, MAHARASHTRA - 4
00001, INDIA

-

3

80017447

16/08/2002 *

500,000,000.00

ICICI LIMITED

BACKBAY RECLAMATION, MUMBAI, MAHARASHTRA -400020,
INDIA

-

4

80017449

16/08/2002 *

1,000,000,000.00

ICICI LIMITED

BACKBAY RECLAMATION, MUMBAI, MAHARASHTRA -400020,
INDIA

-

5

80017450

06/09/2002 *

700,000,000.00

ICICI LIMITED

BACKBAY RECLAMATION, MUMBAI, MAHARASHTRA -400020,
INDIA

-

6

90172400

08/01/1996

30,000,000.00

INDIAN OVERSEAS BANK

762 ANNA SALAI, MADRAS, TAMIL NADU, INDIA

-

7

80017435

28/06/2000 *

61,600,000.00

ICICI LIMITED

BACKBAY RECLAMATION, MUMBAI, MAHARASHTRA -400020,
INDIA

-

8

80017433

28/06/2000 *

44,800,000.00

ICICI LIMITED

BACKBAY RECLAMATION, MUMBAI, MAHARASHTRA - 400020,
INDIA

-

9

80017432

21/09/1998 *

784,772,330.00

ICICI LIMITED

BACKBAY RECLAMATION, MUMBAI, MAHARASHTRA - 400020,
INDIA

-

10

90168101

27/04/1987

2,100,000.00

IND. FINANCE CORP. OF INDIA

BANK OF BARODA BUILD ., 16 SANSAD MARG P.O. BOX
NO. 363, NEW DELHI, DELHI - 110001, INDIA

-

 

* Date of charge modification

 

CONTINGENT LIABILITIES:

 

(Rs. in Million)

PARTICULARS

31.03.2015

31.03.2014

 

 

 

a)     Guarantees given by the Company

For other companies

NA

8965.300

 

 

 

(b) Claims against the Company not acknowledged as debts comprise of :

 

(i) Excise Duty, Sales Tax and Service Tax claims disputed by the Company relating to issues of applicability and classification aggregating Rs. 1,7507.700 Million before tax (2013 : Rs. 1,5260.900 Million before tax).

(ii) Other matters (excluding claims where amounts are not ascertainable) : Rs. 284.900 Million before tax (2013 : Rs. 269.400 Million before tax).

 

c) Taxation matters :

(i) Demands against the Company not acknowledged as debts and not provided for, relating to issues of deductibility and taxability in respect of which the Company is in appeal and exclusive of the effect of similar matters in respect of assessments remaining to be completed :

 

– Income-tax : Rs. 4955.800 Million (2013 : Rs. 1957.400 Million).

 

(ii) Items in respect of which the Company has succeeded in appeal, but the Income-tax Department is pursuing/likely to pursue in appeal/reference and exclusive of the effect of similar matters in respect of assessments remaining to be completed :

 

– Income-tax matters : Rs. 1552.200 Million (2013 : Rs. 1187.500 Million).

– Surtax matters : Rs. 1.300 Million (2013 : Rs. 1.300 Million).

 

(d) Bills discounted not matured Rs. Nil Million (2013 : Rs. 575.600 Million).

 

(e) The Customs, Excise and Service Tax Appellate Tribunal (CESTAT) by its order dated 7th December, 2009 has rejected the Company’s appeal against the order dated 30th March, 2005 passed by the Commissioner of Central Excise (Adjudication), Navi Mumbai confirming the demand made on the Company for payment of differential excise duty (including penalty) of Rs. 3041.000 Million in connection with the classification of Company’s Commander range of vehicles, during the years 1991 to 1996. Whilst the Company had classified the Commander range of vehicles as 10-seater attracting a lower rate of excise duty, the Commissioner of Central Excise (Adjudication), Navi Mumbai, has held that these vehicles could not be classified as 10-seater as they did not fulfil the requirement of 10-seater vehicles, as provided under the Motor Vehicles Act, 1988 (MVA) and Maharashtra Motor Vehicles Rules, 1989 (MMVR) and as such attracted a higher rate of excise duty.

 

In earlier collateral proceedings on this issue, the CESTAT had by an order dated 19th July, 2005 settled the controversy in the Company’s favour. The CESTAT had accepted the Company’s submission that MVA and MMVR could not be referred to for determining the classification for the purpose of levy of excise duty and rejected the Department’s appeal against the order of the Collector, Central Excise classifying the Commander range of vehicles as 10-seater. While the Department’s appeal against the CESTAT order dated 19th July, 2005 has been admitted, the Supreme Court of India has not stayed the operation of this order.

 

The Company has filed an appeal in the Supreme Court against the aforesaid order dated 7th December, 2009 inter alia, on the grounds that the MVA and MMVR cannot be referred to for the purpose of determining the excise classification, as has been repeatedly held by various judicial fora, including the Supreme Court and particularly by CESTAT vide its order dated 19th July, 2005 in the Company’s own case referred to above.

 

Without prejudice to the grounds raised in this appeal, the Company has paid an amount of Rs. 400.000 Million in January, 2010. The Supreme Court has admitted the Company’s appeal and has stayed the recovery of the balance amount till further orders. In another case relating to Armada range of vehicles manufactured during the years 1992 to 1996, by the Company at its Nashik facility, the Commissioner of Central Excise, Nashik passed an order dated 20th March, 2006 confirming a demand of Rs. 247.500 Million, on the same grounds as adopted for Commander range of vehicles. The CESTAT has given an unconditional stay against this order. The final hearing in this matter has been adjourned till the disposal of the appeal by the Supreme Court in the matter relating to Commander range of vehicles. The Company strongly believes, based on legal advice it has received, that the CESTAT order dated 7th December, 2009 which is under appeal in the Supreme Court is not sustainable in law. As such, the Company does not expect any liability on this account. However, in view of the CESTAT order, the Company has reflected the above amount aggregating Rs. 3288.500 Million (2013 : Rs. 3288.500 Million) and the interest of Rs. 3053.400 Million (2013 : Rs. 2692.400 Million) accrued on the same upto 31st March, 2014,

 

 

FIXED ASSETS:

 

·         Land

·         Buildings

·         Plant and Equipment

·         Office Equipment

·         Furniture and Fixture

·         Aircraft

·         Vehicles

·         Technical Knowhow

·         Development Expenditure

·         Computer Software

 

CMT REPORT (Corruption, Money Laundering & Terrorism]

 

The Public Notice information has been collected from various sources including but not limited to: The Courts, 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 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.63.94

UK Pound

1

Rs.98.27

Euro

1

Rs.72.37

 

 

INFORMATION DETAILS

 

Information Gathered by :

DIP

 

 

Analysis Done by :

SAN

 

 

Report Prepared by :

KVT

 

SCORE & RATING EXPLANATIONS

 

SCORE FACTORS

 

RANGE

POINTS

HISTORY

1~10

9

PAID-UP CAPITAL

1~10

9

OPERATING SCALE

1~10

9

FINANCIAL CONDITION

 

 

--BUSINESS SCALE

1~10

9

--PROFITABILITY

1~10

8

--LIQUIDITY

1~10

9

--LEVERAGE

1~10

9

--RESERVES

1~10

9

--CREDIT LINES

1~10

9

--MARGINS

-5~5

--

DEMERIT POINTS

 

 

--BANK CHARGES

YES/NO

YES

--LITIGATION

YES/NO

YES

--OTHER ADVERSE INFORMATION

YES/NO

NO

MERIT POINTS

 

 

--SOLE DISTRIBUTORSHIP

YES/NO

NO

--EXPORT ACTIVITIES

YES/NO

NO

--AFFILIATION

YES/NO

YES

--LISTED

YES/NO

YES

--OTHER MERIT FACTORS

YES/NO

YES

DEFAULTER

 

 

--RBI

YES/NO

NO

--EPF

YES/NO

NO

TOTAL

 

80

 

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

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NB

                                       New Business

 

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PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.