MIRA INFORM REPORT
|
Report No. : |
--- |
|
Report Date : |
12.06.2015 |
IDENTIFICATION DETAILS
|
Name : |
ENKEI WHEELS (INDIA) LIMITED |
|
|
|
|
Registered
Office : |
Gat No. 1425, Village Shikrapur, Taluka - Shirur, Pune – 412208,
Maharashtra |
|
Tel. No.: |
91-2137-618700 |
|
|
|
|
Country : |
India |
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|
|
|
Financials (as
on) : |
31.03.2015 |
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|
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|
Date of
Incorporation : |
30.03.2009 |
|
|
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|
Com. Reg. No.: |
11-133702 |
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|
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|
Capital
Investment / Paid-up Capital : |
Rs.67.132 Million |
|
|
|
|
CIN No.: [Company Identification
No.] |
L34300PN2009PLC133702 |
|
|
|
|
IEC No.: |
Not Available |
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|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
Not Available |
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|
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PAN No.: [Permanent Account No.] |
Not Available |
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|
Legal Form : |
A Public Limited Liability Company. The Company’s Shares are Listed on
the Stock Exchanges. |
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|
|
|
Line of Business
: |
Manufacturer of Aluminum alloy castings wheels. |
|
|
|
|
No. of Employees
: |
Information declined by the management |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (42) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 520000 |
|
|
|
|
Status : |
Satisfactory |
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|
|
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Payment Behaviour : |
Slow but correct |
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|
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Litigation : |
Clear |
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Comments : |
Subject is a subsidiary of “ENKEL CORPORATION”, Japan. It is an
established company having satisfactory track record. Company has taken huge external borrowing which acts as threatening to
the liquidity position of the company. However, the company has reported healthy operational performance and
maintained topline growth of 20.09% but profitability margins of the company
remains low. Rating also takes into consideration strong financial and managerial
support that company receives from its parent company. Trade relations are fair. Business is active. Payment terms are
reported to be slow but correct. In view of strong holding 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 |
|
Restricted |
C2 |
|
Off-credit |
D |
EXTERNAL AGENCY RATING
NOT AVAILABLE
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 BY
|
Name : |
Mr. Mallesh Wasrao Bhandari |
|
Designation : |
Finance Department |
|
Contact No.: |
91-2137-618700 |
|
Date : |
05.06.2015 |
LOCATIONS
|
Registered Office / Works : |
Gat No. 1425, Village Shikrapur, Taluka-Shirur, Pune – 412208,
Maharashtra, India |
|
Tel. No.: |
91-2137-618700 |
|
Fax No.: |
91-2137-618720 |
|
E-Mail : |
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|
Website : |
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|
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Address for
correspondence: |
21, Shakil Niwas, Opp. Sai Baba Temple, Mahakali Caves Road, Andheri (East), Mumbai – 400093, Maharashtra, India |
|
Tel. No.: |
91-22-28207203-05/ 28257641 |
|
E-Mail : |
DIRECTORS
As on : 31.03.2014
|
Name : |
Mr. Masakatsu Uchiyama |
|
Designation : |
Managing Director |
|
Address : |
|
|
Name : |
Mr. Junichi Suzuki |
|
Designation : |
Non-Executive Director |
|
|
|
|
Name : |
Mr. Shailendrajit Rai |
|
Designation : |
Non-Executive Director |
|
|
|
|
Name : |
Dr. Haresh Shah |
|
Designation : |
Independent & Non-Executive Director |
|
Date of Birth: |
06.05.1957 |
|
Date of Appointment : |
15.07.2009 |
|
Qualification : |
Chartered Accountant, Ph. D. in Mergers and Acquisitions |
|
|
|
|
Name : |
Mr. Satyavara Prasad Garimella |
|
Designation : |
Independent & Non-Executive Director |
|
Date of Birth: |
27.08.1959 |
|
Date of Appointment : |
24.07.2012 |
|
Qualification : |
Chartered Accountant |
|
|
|
|
Name : |
Mr. Kazuhiko Shimamura (upto 14th August 2014) |
|
Designation : |
Alternate Director to Mr. Junichi Suzuki |
|
|
|
|
Name : |
Ms. Shilpa Dixit (w. e. f. 14th August 2014) |
|
Designation : |
Independent & Non-Executive Director |
|
|
23.01.1977 |
|
|
Bcom., Company Secretary & LLB |
KEY EXECUTIVES
|
Name : |
Mr. Mallesh Wasrao Bhandari |
|
Designation : |
Finance Department |
|
|
|
|
Name : |
Mr. Jitendra Parmar |
|
Designation : |
Chief Financial Officer |
|
|
|
|
Name : |
Mr. Omkar Kaulgud |
|
Designation : |
Company Secretary |
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 |
||
|
|
|
|
|
|
|
|
|
|
8926360 |
66.48 |
|
|
8926360 |
66.48 |
|
Total shareholding of Promoter and Promoter Group (A) |
8926360 |
66.48 |
|
(B) Public Shareholding |
||
|
|
|
|
|
|
|
|
|
|
1306840 |
9.73 |
|
|
|
|
|
Individual shareholders holding nominal share capital up
to Rs.0.100 Million |
1595029 |
11.88 |
|
Individual shareholders holding nominal share capital in excess
of Rs.0.100 Million |
1185253 |
8.83 |
|
|
412878 |
3.08 |
|
|
120885 |
0.90 |
|
|
14159 |
0.11 |
|
|
277834 |
2.07 |
|
|
4500000 |
33.52 |
|
Total Public shareholding (B) |
4500000 |
33.52 |
|
Total (A)+(B) |
13426360 |
100.00 |
|
© 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) |
13426360 |
100.00 |
%20LIMITED%20-%20RECORDS%2012-Jun-2015_files/image016.gif){kind=small}
%20LIMITED%20-%20RECORDS%2012-Jun-2015_files/image017.gif){kind=small}
%20LIMITED%20-%20RECORDS%2012-Jun-2015_files/image018.gif){kind=small}
%20LIMITED%20-%20RECORDS%2012-Jun-2015_files/image019.gif)
BUSINESS DETAILS
|
Line of Business : |
Manufacturer of Aluminum alloy castings wheels. |
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|
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|
Products : |
Aluminum alloy castings wheels |
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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 Divulged |
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Imports : |
Not Divulged |
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Terms : |
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Selling : |
Not Divulged |
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Purchasing : |
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 the management |
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Bankers : |
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Facilities : |
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Auditors : |
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Name : |
Asit Mehta and Associates Chartered Accountants |
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|
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Memberships : |
Not Available |
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Collaborators : |
Not Available |
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Holding and
Promoter Company : (As on : 31.03.2014) |
Enkei Corporation, Japan |
|
|
|
|
Associates : (As on : 31.03.2014) |
Enkei Thai Company Limited Thailand Enkei Thai Moulding Company Limited., Thailand Asian Enkei Trading Company Limited, Japan Enkei Audit and Computer Limited, Japan Enkei Moulding (Kushan) Company Limited, China Enkei Alluminium Product (China) Company Limited, China Enkei Wheel Corporation, Japan |
CAPITAL STRUCTURE
As on 31.03.2015
Authorised Capital: Not Available
Issued, Subscribed & Paid-up Capital: Rs. 67.132
Million
As on 31.03.2014
Authorised Capital:
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
52000000 |
Equity Shares |
Rs.5/- each |
Rs.260.000 Million |
|
14000000 |
Preference Shares |
Rs.10/- each |
Rs.140.000
Million |
|
|
Total |
|
Rs.400.000
Million |
Issued, Subscribed & Paid-up Capital:
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
12755360 |
Equity Shares |
Rs.5/- each |
Rs.63.779
Million |
Detail of the rights,
preferences and restrictions attaching to each class of shares
|
Particulars |
As at 31st March 2014 |
|
|
No. of Equity shares with voting rights |
|
Lock-in of shares held by Promoters Enkei Corporation, Japan |
3955360 |
Rights of the Equity
Share holders
Each shareholder is eligible for one vote per share held. In the event of liquidation the equity shareholders are eligible to receive the remaining assets of the Company after distribution of all preferential amounts, in proportion to their shareholding.
Details of shares
held by each shareholder holding more than 5% shares:
|
Class of shares / Name
of shareholder |
As at 31 March
2014 |
|
|
|
Number of shares held |
% holding in that class of shares |
|
(i) Equity shares
with voting rights |
|
|
|
Enkei Corporation, Japan |
8255360 |
64.72 |
|
Motilal Gopilal Oswal |
792000 |
6.21 |
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 |
67.132 |
63.777 |
63.777 |
|
(b) Reserves & Surplus |
115.994 |
62.973 |
57.672 |
|
(c) Money received against
share warrants |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
(2) Share Application money
pending allotment |
0.000 |
33.550 |
0.000 |
|
Total
Shareholders’ Funds (1) + (2) |
183.126 |
160.300 |
121.449 |
|
|
|
|
|
|
(3) Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
625.093 |
863.598 |
972.256 |
|
(b) Deferred tax liabilities
(Net) |
0.000 |
7.674 |
7.674 |
|
(c) Other long term
liabilities |
1062.187 |
1246.260 |
1209.728 |
|
(d) long-term provisions |
6.096 |
9.136 |
8.224 |
|
Total
Non-current Liabilities (3) |
1693.376 |
2126.668 |
2197.882 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
176.734 |
230.000 |
270.237 |
|
(b) Trade payables |
659.754 |
501.809 |
638.929 |
|
(c) Other current liabilities |
115.114 |
162.293 |
289.138 |
|
(d) Short-term provisions |
3.574 |
2.307 |
14.159 |
|
Total
Current Liabilities (4) |
955.176 |
896.409 |
1212.463 |
|
|
|
|
|
|
TOTAL |
2831.678 |
3183.377 |
3531.794 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
1638.159 |
1810.703 |
1519.696 |
|
(ii) Intangible Assets |
0.000 |
1.029 |
1.496 |
|
(iii) Capital work-in-progress |
0.000 |
0.000 |
254.124 |
|
(iv) Intangible assets under
development |
0.000 |
0.000 |
0.000 |
|
(v) Fixed Assets held for sale
|
0.000 |
0.000 |
57.062 |
|
(b) Non-current Investments |
0.000 |
0.000 |
0.000 |
|
(c) Foreign Currency Monetary
Item Translation Difference |
158.479 |
229.962 |
194.031 |
|
(d) Long-term Loan and Advances |
62.087 |
63.128 |
90.581 |
|
(e) Other Non-current assets |
0.000 |
0.000 |
0.000 |
|
Total
Non-Current Assets |
1858.725 |
2104.822 |
2116.990 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
0.000 |
0.000 |
0.000 |
|
(b) Inventories |
182.784 |
100.214 |
224.916 |
|
(c) Trade receivables |
562.837 |
555.799 |
516.589 |
|
(d) Cash and cash equivalents |
84.730 |
268.760 |
485.043 |
|
(e) Short-term loans and
advances |
142.412 |
151.177 |
185.707 |
|
(f) Other current assets |
0.190 |
2.605 |
2.549 |
|
Total
Current Assets |
972.953 |
1078.555 |
1414.804 |
|
|
|
|
|
|
TOTAL |
2831.678 |
3183.377 |
3531.794 |
PROFIT
& LOSS ACCOUNT
|
|
PARTICULARS |
31.03.2015 |
31.03.2014 |
31.03.2013 |
|
|
SALES |
|
|
|
|
|
Income from Operations |
3839.307 |
3200.109 |
2869.572 |
|
|
Other Income |
1.669 |
9.121 |
6.315 |
|
|
TOTAL
|
3840.976 |
3209.230 |
2875.887 |
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
Cost of Materials Consumed |
2152.629 |
1724.001 |
1438.261 |
|
|
Purchases of Stock-in-Trade |
3.053 |
4.515 |
88.827 |
|
|
Changes in inventories of
finished goods, work-in-progress and Stock-in-Trade |
(15.462) |
10.708 |
18.571 |
|
|
Employees benefits expense |
250.161 |
203.752 |
173.219 |
|
|
Exceptional items |
(0.651) |
(107.326) |
(90.759) |
|
|
Consumption and Amortization
expense |
325.638 |
0.000 |
0.000 |
|
|
Other expenses |
743.685 |
1045.026 |
935.292 |
|
|
TOTAL
|
3459.053 |
2880.676 |
2563.411 |
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE INTEREST, TAX,
DEPRECIATION AND AMORTISATION |
381.923 |
328.554 |
312.476 |
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES |
81.173 |
86.405 |
63.574 |
|
|
|
|
|
|
|
|
PROFIT
/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION |
300.750 |
242.149 |
248.902 |
|
|
|
|
|
|
|
Less/
Add |
DEPRECIATION/
AMORTISATION |
281.810 |
235.522 |
191.910 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS)
BEFORE TAX |
18.940 |
6.627 |
56.992 |
|
|
|
|
|
|
|
Less |
TAX |
(3.885) |
1.326 |
10.528 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS)
AFTER TAX |
22.825 |
5.301 |
46.464 |
|
|
|
|
|
|
|
|
EARNINGS
IN FOREIGN CURRENCY |
|
|
|
|
|
F.O.B. Value of Exports |
NA |
0.796 |
0.981 |
|
|
TOTAL
EARNINGS |
NA |
0.796 |
0.981 |
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
Raw Materials |
NA |
1506.370 |
1383.682 |
|
|
Trade Goods |
NA |
3.889 |
66.337 |
|
|
Components and Stores parts |
NA |
24.462 |
40.998 |
|
|
Capital Goods |
NA |
55.140 |
86.020 |
|
|
TOTAL
IMPORTS |
NA |
1589.861 |
1577.037 |
|
|
|
|
|
|
|
|
Earnings
/ (Loss) Per Share (Rs.) |
1.76 |
0.43 |
3.56 |
CURRENT MATURITIES OF LONG TERM DEBT DETAILS
|
Particulars |
31.03.2015 |
31.03.2014 |
31.03.2013 |
|
Current Maturities of Long term debt |
NA |
120.000 |
170.000 |
|
Cash generated from operations |
NA |
NA |
NA |
KEY
RATIOS
|
PARTICULARS |
|
31.03.2015 |
31.03.2014 |
31.03.2013 |
|
Net Profit Margin (PAT / Sales) |
(%) |
0.59 |
0.17 |
1.62 |
|
|
|
|
|
|
|
Operating Profit Margin (PBIDT/Sales) |
(%) |
9.95 |
10.27 |
10.89 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
0.71 |
0.22 |
1.88 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.10 |
0.04 |
0.47 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
4.38 |
7.57 |
11.63 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.02 |
1.20 |
1.17 |
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 |
63.777 |
63.777 |
67.132 |
|
Reserves & Surplus |
57.672 |
62.973 |
115.994 |
|
Share Application money
pending allotment |
0.000 |
33.550 |
0.000 |
|
Net
worth |
121.449 |
160.300 |
183.126 |
|
|
|
|
|
|
long-term borrowings |
972.256 |
863.598 |
625.093 |
|
Short term borrowings |
270.237 |
230.000 |
176.734 |
|
Current Maturities of
Long-Term Debts |
170.000 |
120.000 |
0.000 |
|
Total
borrowings |
1412.493 |
1213.598 |
801.827 |
|
Debt/Equity
ratio |
11.630 |
7.571 |
4.379 |
%20LIMITED%20-%20RECORDS%2012-Jun-2015_files/image020.gif)
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 |
2869.572 |
3200.109 |
3839.307 |
|
|
|
11.519 |
19.974 |
%20LIMITED%20-%20RECORDS%2012-Jun-2015_files/image021.gif)
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 |
2869.572 |
3200.109 |
3839.307 |
|
Profit |
46.464 |
5.301 |
22.825 |
|
|
1.62% |
0.17% |
0.59% |
%20LIMITED%20-%20RECORDS%2012-Jun-2015_files/image022.gif)
LOCAL AGENCY FURTHER INFORMATION
|
Sr. No. |
Check list by
info agents |
Available in
Report (Yes/No) |
|
1 |
Year of establishment |
Yes |
|
2 |
Constitution of the entity -Incorporation
details |
Yes |
|
3 |
Locality of the entity |
Yes |
|
4 |
Premises details |
No |
|
5 |
Buyer visit details |
----------- |
|
6 |
Contact numbers |
Yes |
|
7 |
Name of the person contacted |
Yes |
|
8 |
Designation of contact person |
Yes |
|
9 |
Promoter’s background |
Yes |
|
10 |
Date of Birth of Proprietor / Partners /
Directors |
Yes |
|
11 |
Pan Card No. of Proprietor / Partners |
No |
|
12 |
Voter Id Card No. of Proprietor / Partners |
No |
|
13 |
Type of business |
Yes |
|
14 |
Line of Business |
Yes |
|
15 |
Export/import details (if applicable) |
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 |
No |
|
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 |
MAMAGEMENT
DISSCUSSTION AND ANALYSIS REPORT: (As on: 31.03.2014)
(A) REVIEW OF
OPERATIONS:
The Company operates into the business segment of manufacturing of aluminum alloy castings wheels mainly used in auto industry. This year was the year of stability.
Turnover
During the year under review, the Company has recorded Gross Sales of Rs. 3.597 million (Net Sales of Rs.3.200 million) in current fiscal year as compared to Gross Sales of Rs. 3.215 million (net sales of Rs. 2.869 million) last fiscal year. The Company has recorded the sales growth around 12% as compared to last year.
DIVIDEND
In the view of accumulated losses of the company and to conserve the resources
of the company, the Directors does not recommend dividend for the current
fiscal year.
CAPITAL
During the year under review, Company has received the share application money of ` 33,550,000 from its Holding Company i.e. Enkei Corporation, Japan towards the issue of 671000 Equity Shares. The Company has already obtained the shareholders’ approval for this issue in the Extra-Ordinary General Meeting held on 13th December 2013. The said shares will be issued with the approval of competent authority.
(B) INDUSTRY
STRUCTURE AND DEVELOPMENT: (As on: 31.03.2014)
Financial Year 2013-14 was undoubtedly one of the most challenging ones for the automobile industry. The Indian economy grew at 4.7% in Financial Year 2013-14, it was the second successive year of below 5% growth. However long term prospects for the Indian economy, continue to remain bright, due to political stability and positive approach towards liberalization.
DOMESTIC SALES
Domestic unit sales of the automobile industry fell 6%, which was highest ever year-on-year decline in a decade. The share of diesel vehicles in total industry sales came down from 58% in 2012-13 to 53% during the year. Sales of petrol vehicles, after declining for two years, turned positive and grew by 4% in 2013-14. The Two Wheeler segment posted growth of 7% as compared to last year however, it missed the forecast.
EXPORTS
Overall Exports of Automobile Industry grew by 16.7% to ` 61,487 crores from ` 52,690 crores in 2012-13. Europe is the leading marketplace with 38% contribution, while the US topped the list of top export destinations. However, negative growth & political instability affected overall export sales.
(C)
OPPORTUNITIES/OUTLOOK FOR THE COMPANY: (As on: 31.03.2014)
Indian automobile market is one of the most competitive market in the world. At present, due to positive government policies, optimal business environment, and accessibility of inexpensive proficient workforce have transformed India into a global automobile hub. Our major customers are acquiring more market share in the domestic as well as international markets. India has new political administration system in 2014-15, and the sale of many new models of cars has been started by our customers. Even for Indian automobile Industry, the environment has started building on the momentum which was absent earlier. Even we will ride on this favorable wind, and along with accepting orders and production activities, we have strong intention to put our best efforts towards making more profit than the previous financial year.
UNSECURED LOAN
|
Unsecured Loan |
31.03.2015 (Rs.
in Million) |
31.03.2013 (Rs.
in Million) |
|
LONG-TERM
BORROWINGS |
|
|
|
Foreign Currency Loans (ECBs) |
NA |
623.598 |
|
SHORT-TERM
BORROWINGS |
|
|
|
Working Capital Demand Loans from Banks |
NA |
130.000 |
|
Total |
NA |
753.598 |
INDEX
OF CHARGES
|
S. No. |
Charge ID |
Date of Charge Creation/Modification |
Charge amount secured |
Charge Holder |
Address |
Service Request Number (SRN) |
|
1 |
10337025 |
30/01/2012 |
480,000,000.00 |
MIZUHO CORPORATE BANK LIMITED |
1st,FLOOR MAKER CHAMBER NO.III, NARIMAN POINT, MUMBAI, Maharashtra -
400021, INDIA |
B32729493 |
|
2 |
10317115 |
26/03/2014 * |
200,000,000.00 |
Axis Bank Limited |
Axis Bank Limited, Corporate Banking Branch, City Mall, GaneshKhind Road,
Pune, Maharashtra - 411007, INDIA |
C03420791 |
CONTINGENT
LIABILITIES:
(Rs.
in million)
|
PARTICULARS |
31.03.2014 |
|
Claims against the Company not acknowledged as debt |
5.000 |
|
Guarantees |
0.500 |
|
Letters of Credits issued by the bank for imports |
1.080 |
|
Differential Tax Liability - C Forms not received |
343.755 |
FIXED ASSETS
Tangible Assets
- Free hold
land
- Lease hold
Land
- Building
- Plant and
Equipment
- Factory
Equipment
- Electrical
Installation
- Furniture and
Fixture
- Computers
- Office
Equipment
- Vehicles
Intangible Assets
- Computer and
Functional Software
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources including
but not limited to: The Courts,
1] INFORMATION ON
DESIGNATED PARTY
No exist designating subject or any of its beneficial owners,
controlling shareholders or senior officers as terrorist or terrorist organization
or whom notice had been received that all financial transactions involving
their assets have been blocked or convicted, found guilty or against whom a
judgement or order had been entered in a proceedings for violating
money-laundering, anti-corruption or bribery or international economic or
anti-terrorism sanction laws or whose assets were seized, blocked, frozen or
ordered forfeited for violation of money laundering or international
anti-terrorism laws.
2] Court Declaration :
No 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.98.89 |
|
Euro |
1 |
Rs.72.31 |
INFORMATION DETAILS
|
Information Gathered
by : |
GYT |
|
|
|
|
Analysis Done by
: |
KAR |
|
|
|
|
Report Prepared
by : |
PNM |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
5 |
|
--PROFITABILITY |
1~10 |
3 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
4 |
|
--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 |
|
42 |
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.