MIRA INFORM REPORT
|
Report No. : |
327752 |
|
Report Date : |
18.06.2015 |
IDENTIFICATION DETAILS
|
Name : |
BAJAJ MOTORS LIMITED |
|
|
|
|
Registered
Office : |
39-40 KM Stone, Delhi-Jaipur Highway, Narsingpur, Gurgaon – 122001,
Haryana |
|
Tel. No.: |
91-124-2371453, 2371553, 2373453, 2371653 |
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|
|
|
Country : |
India |
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|
|
|
Financials (as
on) : |
31.03.2014 |
|
|
|
|
Date of
Incorporation : |
17.07.1986 |
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|
|
|
Com. Reg. No.: |
024875 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs. 75.055 Million |
|
|
|
|
CIN No.: [Company Identification
No.] |
U34103HR1986PLC024875 |
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|
|
|
IEC No.: |
Not Available |
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|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
Not Available |
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|
|
|
PAN No.: [Permanent Account No.] |
AAACB7413P |
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|
Legal Form : |
A Closely Held Public Limited Liability Company |
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Line of Business
: |
The company is engaged in the business of manufacturing and supply of auto components for two wheelers, four wheelers, tractors and other heavy machine equipments. |
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No. of Employees
: |
2000 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
A (66) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
56-70 |
A |
Financial & operational base are regarded healthy. General unfavourable
factors will not cause fatal effect. Satisfactory capability for payment of
interest and principal sums |
Fairly Large |
|
Maximum Credit Limit : |
USD 5800000 |
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|
|
|
Status : |
Good |
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|
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Subject was established in the year 1986 and it is engaged in the
manufacturing and supply of auto components for two wheelers, four wheelers, tractors
and other heavy machine equipment. It is a well-established company having
fine track. For the financial year ended 2014, company has reported slight dip in
sales turnover growth but it has sound profitability margins at 3.20% during
a year under a review. Rating also takes into consideration company’s healthy financial risk
profile supported by adequate networth base and comfortable debt protection
metrics. Trade relations are reported as fair. Business is active. Payments are
reported to be regular and as per commitment. In view of sound operating efficiencies backed by healthy financial
profile, 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 |
Term Loans A+ |
|
Rating Explanation |
Adequate degree of safety and low credit risk. |
|
Date |
Aug 2014 |
|
Rating Agency Name |
ICRA |
|
Rating |
Non Fund Based Facilities A1 |
|
Rating Explanation |
Very strong degree of safety and carry lowest credit risk.. |
|
Date |
Aug 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 PARTED BY
|
Name : |
Mr. S. K. Chaturvedi |
|
Designation : |
Finance Manager |
|
Contact No.: |
91-124-2371453 |
|
Date : |
16.06.2015 |
LOCATIONS
|
Registered Office : |
39-40 KM Stone, Delhi-Jaipur Highway, Narsingpur, Gurgaon – 122001, Haryana, India |
|
Tel. No.: |
91-124-2371453, 2371553, 2373453, 2371653 |
|
Fax No.: |
91-124- 2372553. |
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E-Mail : |
|
|
Website : |
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|
Manufacturing Facility : |
Located At :
|
DIRECTORS
AS ON 29.09.2014
|
Name : |
Surender Pal Bajaj |
|
Designation : |
Director |
|
Address : |
2746/1, Gurdev Nagar, Ludhiana - 141001, Punjab, India |
|
Date of Birth/Age : |
28.06.1938 |
|
Date of Appointment : |
21.11.1988 |
|
DIN No.: |
00042105 |
|
|
|
|
Name : |
Subhash Bajaj |
|
Designation : |
Director |
|
Address : |
2788, Gurdev Nagar, Ludhiana - 141001, Punjab, India |
|
Date of Birth/Age : |
18.01.1941 |
|
Date of Appointment : |
01.04.2004 |
|
DIN No.: |
00044392 |
|
|
|
|
Name : |
Neeraj Munjal |
|
Designation : |
Director |
|
Address : |
J-49 Jor Bagh Lane Lodhi Road, New Delhi - 110003, India |
|
Date of Birth/Age : |
11.11.1963 |
|
Date of Appointment : |
28.09.2006 |
|
DIN No.: |
00919245 |
|
|
|
|
Name : |
Amit Kharabanda |
|
Designation : |
Director |
|
Address : |
C-23, Greater Kailash Enclave -I, New Delhi - 110048, India |
|
Date of Birth/Age : |
02.04.1974 |
|
Date of Appointment : |
29.09.2014 |
|
DIN No.: |
00195169 |
|
|
|
|
Name : |
Naresh Tandon |
|
Designation : |
Director |
|
Address : |
House No.-K9/37, D.L.F, Phase-2, Gurgaon - 122001, Haryana, India |
|
Date of Birth/Age : |
14.12.1963 |
|
Date of Appointment : |
29.09.2014 |
|
DIN No.: |
00470607 |
|
Name : |
Bharat Bakhshi |
|
Designation : |
Nominee director |
|
Address : |
C-6, Meghdoot, 536 Linking Road, Khar, Mumbai - 400052, Maharashtra, India |
|
Date of Birth/Age : |
05.09.1968 |
|
Date of Appointment : |
28.03.2007 |
|
DIN No.: |
01381524 |
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|
|
|
Name : |
Vikas Bajaj |
|
Designation : |
Managing director |
|
Address : |
House No. - 1804, Sector - 17, Gurgaon - 122001, Haryana, India |
|
Date of Birth/Age : |
29.08.1970 |
|
Date of Appointment : |
16.09.1993 |
|
DIN No.: |
00003039 |
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|
|
|
Name : |
Virender Pal Bajaj |
|
Designation : |
Managing director |
|
Address : |
House No. - 1804, Sector - 17, Gurgaon - 122001, Haryana, India |
|
Date of Birth/Age : |
19.02.1940 |
|
Date of Appointment : |
17.07.1986 |
|
DIN No.: |
00003030 |
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|
|
|
Name : |
Subhash Chander Kalra |
|
Designation : |
Whole-time director |
|
Address : |
House No-783, Sector-14, Gurgaon - 122001, Haryana, India |
|
Date of Birth/Age : |
18.06.1947 |
|
Date of Appointment : |
22.09.2007 |
|
DIN No.: |
01771827 |
|
|
|
|
Name : |
Sushma V Bajaj |
|
Designation : |
Additional director |
|
Address : |
House No. - 1804, Sector - 17, Gurgaon - 122001, Haryana, India |
|
Date of Appointment : |
30.03.2015 |
|
DIN No.: |
02402794 |
KEY EXECUTIVES
|
Name : |
Geetika Nagpal |
|
Designation : |
Secretary |
|
Address : |
House No.-837, Sector-23A, Gurgaon - 122001, Haryana, India |
|
Date of Birth/Age : |
27.11.1976 |
|
Date of Appointment : |
03.03.2005 |
|
PAN No.: |
AGAPN5407C |
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|
|
|
Name : |
Mr. S. K. Chaturvedi |
|
Designation : |
Finance Manager |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 29.09.2014
SHAREHOLDERS DETAILS FILE ATTACHED
AS ON 29.09.2014
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 |
14.15 |
|
Bodies corporate |
4.41 |
|
Directors or relatives of Directors |
75.30 |
|
Other top fifty shareholders |
6.14 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
The company is engaged in the business of manufacturing and supply of auto components for two wheelers, four wheelers, tractors and other heavy machine equipments. |
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Products : |
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Brand Names : |
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Agencies Held : |
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Exports : |
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Products : |
Finished Goods |
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Countries : |
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Imports : |
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Products : |
Raw Material |
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Countries : |
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Terms : |
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Selling : |
Cash and Credit |
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Purchasing : |
Cash and Credit |
GENERAL INFORMATION
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Suppliers : |
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Customers : |
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No. of Employees : |
2000 (Approximately) |
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Bankers : |
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Facilities : |
NOTE : Long-term
Borrowings a) Term loans from banks are secured by way of pari-passu first charge in respect of Company’s immovable properties at certain locations and hypothecation of Company’s movable assets (other than specifically charged to any lenders) and second pari-passu charge on the stock and book debts of the Company. b) Term loans are further personally guaranteed by the Managing Director and the Joint Managing Director of the Company. c) Car loan from HDFC bank is securred by way of hypothication and exclusive charge on the vehicle. Short-term borrowings a) Loan from banks are secured by pari-passu first charge on, and hypothecation of stocks, book debts and on movable fixed assets including immovable properties at certain locations of the Company. b) Loan from banks are further personally guaranteed by the Managing Director and the Joint Managing Director of the Company. |
|
Auditors : |
|
|
Name : |
Walker Chandiok and Company LLP Chartered Accountants |
|
Address : |
L-41, Connaught Circus, New Delhi, India |
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PAN No.: |
AAAFW4298E |
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|
|
|
Name : |
Gupta Sanjiv and Company Chartered Accountants |
|
Address : |
2 0 2 , Guru Mansion, 5/69, Padam Singh Road , Karol Bagh, New Delhi-110005, India |
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PAN No.: |
AAAFG3478N |
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Memberships : |
-- |
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Collaborators : |
-- |
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Enterprises
controlled by the key management personnel (where there were transactions
during the year) |
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Enterprises over which
key management personnel and their relatives are able to exercise significant
influence (where there were transactions during the year) : |
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CAPITAL STRUCTURE
AS ON 31.03.2014
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
8,500,000 |
Equity Shares |
Rs.10/- each |
Rs.85.000 Million |
|
5,325 |
Preference Shares |
Rs.10/- each |
Rs.0.053 Million |
|
|
|
|
Rs.85.053
Million |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
7,505,548 |
Equity Shares |
Rs.10/- each |
Rs.75.055 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 |
75.055 |
75.055 |
79.846 |
|
(b) Reserves &
Surplus |
1975.898 |
1790.771 |
1818.092 |
|
(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) |
2050.953 |
1865.826 |
1897.938 |
|
|
|
|
|
|
(3) Non-Current
Liabilities |
|
|
|
|
(a) long-term borrowings |
478.423 |
682.958 |
569.833 |
|
(b) Deferred tax
liabilities (Net) |
140.397 |
135.719 |
110.202 |
|
(c) Other long term
liabilities |
12.975 |
18.645 |
10.906 |
|
(d) long-term provisions |
0.000 |
1.415 |
0.909 |
|
Total Non-current
Liabilities (3) |
631.795 |
838.737 |
691.850 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
279.131 |
271.414 |
263.546 |
|
(b) Trade payables |
475.021 |
562.727 |
565.897 |
|
(c) Other current
liabilities |
517.847 |
456.528 |
336.806 |
|
(d) Short-term provisions |
32.776 |
31.927 |
22.933 |
|
Total Current Liabilities
(4) |
1304.775 |
1322.596 |
1189.182 |
|
|
|
|
|
|
TOTAL |
3987.523 |
4027.159 |
3778.970 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
2293.060 |
2338.448 |
2149.903 |
|
(ii) Intangible Assets |
3.084 |
3.722 |
4.677 |
|
(iii) Capital
work-in-progress |
109.613 |
144.997 |
112.517 |
|
(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 |
66.874 |
56.140 |
47.975 |
|
(e) Other Non-current
assets |
1.959 |
1.972 |
1.531 |
|
Total Non-Current Assets |
2474.590 |
2545.279 |
2316.603 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
0.000 |
0.000 |
0.000 |
|
(b) Inventories |
732.506 |
778.737 |
723.842 |
|
(c) Trade receivables |
620.051 |
546.625 |
599.127 |
|
(d) Cash and cash
equivalents |
9.733 |
19.939 |
21.278 |
|
(e) Short-term loans and
advances |
136.574 |
107.946 |
87.263 |
|
(f) Other current assets |
14.069 |
28.633 |
30.857 |
|
Total Current Assets |
1512.933 |
1481.880 |
1462.367 |
|
|
|
|
|
|
TOTAL |
3987.523 |
4027.159 |
3778.970 |
PROFIT
& LOSS ACCOUNT
|
|
PARTICULARS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
|
SALES |
|
|
|
|
|
Income |
5816.562 |
5972.874 |
5734.356 |
|
|
Other Income |
70.227 |
10.665 |
10.768 |
|
|
TOTAL (A) |
5886.789 |
5983.539 |
5745.124 |
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
Cost of Materials
Consumed |
2857.079 |
3041.258 |
2949.616 |
|
|
Purchases of
Stock-in-Trade |
0.000 |
0.000 |
0.000 |
|
|
Changes in inventories of
finished goods, work-in-progress and Stock-in-Trade |
5.966 |
(92.306) |
(104.731) |
|
|
Employees benefits
expense |
573.264 |
512.615 |
404.727 |
|
|
Other expenses |
1845.946 |
1929.310 |
1899.094 |
|
|
TOTAL (B) |
5282.255 |
5390.877 |
5148.706 |
|
|
|
|
|
|
|
Less |
PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND
AMORTISATION (C) |
604.534 |
592.662 |
596.418 |
|
|
|
|
|
|
|
Less |
FINANCIAL EXPENSES (D) |
134.225 |
124.452 |
75.120 |
|
|
|
|
|
|
|
|
PROFIT / (LOSS) BEFORE TAX,
DEPRECIATION AND AMORTISATION (C-D) (E) |
470.309 |
468.210 |
521.298 |
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
263.174 |
251.019 |
222.906 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS) BEFORE TAX (E-F) (G) |
207.135 |
217.191 |
298.392 |
|
|
|
|
|
|
|
Less |
TAX (H) |
18.422 |
62.718 |
68.615 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS) AFTER TAX
(G-H) (I) |
188.713 |
154.473 |
229.777 |
|
|
|
|
|
|
|
|
PREVIOUS YEARS’ BALANCE
BROUGHT FORWARD |
447.000 |
399.200 |
275.900 |
|
|
|
|
|
|
|
|
APPROPRIATIONS |
|
|
|
|
|
Transfer to General
Reserve |
100.000 |
100.000 |
100.000 |
|
|
Dividend |
5.600 |
5.600 |
5.600 |
|
|
Tax on Dividend |
1.000 |
1.000 |
0.900 |
|
|
|
|
|
|
|
|
Balance Carried to the
B/S |
529.200 |
447.000 |
399.200 |
|
|
|
|
|
|
|
|
EARNINGS IN FOREIGN
CURRENCY |
|
|
|
|
|
F.O.B. Value of Exports |
464.074 |
367.742 |
265.495 |
|
|
Freight and forwarding |
0.000 |
0.014 |
0.000 |
|
|
TOTAL EARNINGS |
464.074 |
367.756 |
265.495 |
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
Raw Materials |
277.922 |
245.988 |
199.949 |
|
|
Components and Stores
parts |
17.375 |
10.426 |
10.063 |
|
|
Capital Goods |
6.024 |
109.758 |
78.311 |
|
|
TOTAL IMPORTS |
301.321 |
366.172 |
288.323 |
|
|
|
|
|
|
|
|
Earnings / (Loss) Per
Share (Rs.) |
|
|
|
|
Basic |
25.14 |
20.40 |
28.78 |
|
|
Diluted |
24.67 |
19.98 |
27.66 |
CURRENT MATURITIES
OF LONG TERM DEBT DETAILS
|
Particulars |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
Current Maturities of Long term debt |
358.890 |
298.877 |
200.185 |
|
Cash generated from operations |
NA |
(13.661) |
(239.800) |
KEY
RATIOS
|
PARTICULARS |
|
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
Net Profit Margin (PAT / Sales) |
(%) |
3.24 |
2.59 |
4.01 |
|
|
|
|
|
|
|
Operating Profit Margin (PBIDT/Sales) |
(%) |
10.39 |
9.92 |
10.40 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
5.34 |
5.59 |
8.14 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.10 |
0.12 |
0.16 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
0.54 |
0.67 |
0.54 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.16 |
1.12 |
1.23 |
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 |
79.846 |
75.055 |
75.055 |
|
Reserves & Surplus |
1818.092 |
1790.771 |
1975.898 |
|
Share Application money
pending allotment |
0.000 |
0.000 |
0.000 |
|
Net worth |
1897.938 |
1865.826 |
2050.953 |
|
|
|
|
|
|
long-term borrowings |
569.833 |
682.958 |
478.423 |
|
Short term borrowings |
263.546 |
271.414 |
279.131 |
|
Current Maturities of
Long Term Debt |
200.185 |
298.877 |
358.890 |
|
Total borrowings |
1033.564 |
1253.249 |
1116.444 |
|
Debt/Equity ratio |
0.545 |
0.672 |
0.544 |
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) |
|
Sales |
5734.356 |
5972.874 |
5816.562 |
|
|
|
4.159 |
(2.617) |
NET PROFIT MARGIN
|
Net Profit Margin |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
(Rs. In Million) |
(Rs. In Million) |
(Rs. In Million) |
|
Sales |
5734.356 |
5972.874 |
5816.562 |
|
Profit |
229.777 |
154.473 |
188.713 |
|
|
4.01% |
2.59% |
3.24% |
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) |
Yes |
|
16 |
No. of employees |
Yes |
|
17 |
Details of sister concerns |
Yes |
|
18 |
Major suppliers |
Yes |
|
19 |
Major customers |
Yes |
|
20 |
Banking Details |
Yes |
|
21 |
Banking facility details |
Yes |
|
22 |
Conduct of the banking account |
-- |
|
23 |
Financials, if provided |
Yes |
|
24 |
Capital in the business |
Yes |
|
25 |
Last accounts filed at ROC, if applicable |
Yes |
|
26 |
Turnover of firm for last three years |
Yes |
|
27 |
Reasons for variation <> 20% |
-- |
|
28 |
Estimation for coming financial year |
No |
|
29 |
Profitability for last three years |
Yes |
|
30 |
Major shareholders, if available |
Yes |
|
31 |
External Agency Rating, if available |
Yes |
|
32 |
Litigations that the firm/promoter
involved in |
--- |
|
33 |
Market information |
--- |
|
34 |
Payments terms |
Yes |
|
35 |
Negative Reporting by Auditors in the
Annual Report |
No |
UNSECURED LOAN
|
PARTICULARS |
31.03.2014 (Rs.
in Million) |
31.03.2013 (Rs.
in Million) |
|
Short-term
borrowings |
|
|
|
Loans and Advances from Related Parties |
|
|
|
Loans and advances from directors |
0.428 |
0.428 |
|
Loans and advances from others |
3.011 |
4.011 |
|
Total |
3.439 |
4.439 |
CONTINGENT
LIABILITIES:
|
PARTICULARS |
31.03.2014 (Rs.
in Million) |
31.03.2013 (Rs.
in Million) |
|
Corporate guarantee to sales tax authorities on behalf of other parties |
1.650 |
1.650 |
|
In respect of excise matters |
4.637 |
4.306 |
|
In respect of income tax matters |
5.436 |
0.000 |
COMPANY OVERVIEW
Bajaj Motors Limited, incorporated in July 1986 under the Companies Act 1956, is engaged in the business of manufacturing and supply of auto components for two wheelers, four wheelers, tractors and other heavy machine equipments. Currently, the Company has six manufacturing facilities out of which three are in Gurgaon and one at Bawal (Haryana) with forging, machining and casting facilities, one manufacturing facility at Pantnagar (Uttarakhand) with forging and machining facilities and one at Haridwar (Uttarakhand) with machining facilities.
BUSINESS PERFORMANCE
During the year, the Indian auto industry witnessed a decline in commercial vehicles by 22.4%. Sustained deceleration in the economic growth, high inflation, higher fuel prices, reduced availability of finance and elevated interest rate regime continued to impact demand for the Indian auto industry in general and commercial vehicle industry in particular.
Their business with M/s Tata Motors Limited for supplying auto components for their light commercial vehicles gets impacted to the extent of the decline in their sale of light commercial vehicles. However, the sale of two-wheelers and passenger cars were up.
The company was able to achieve Rs. 207.100 Million of Profit before tax in 2013-14 as compared to Rs. 217.200 Million in 2012-13, recording a fall by 4.63%.
The gross revenue from operations was Rs. 6152.800 Million in 2013-14, while it was Rs. 6328.000 Million in 2012-13, registering a decline of 2.77%.
The profit for the year after tax has increased from Rs.154.500 Million in 2012-13 to Rs.188.700 Million in 2013-14, registering a growth of 22.17% (approx.).
INDEX OF CHARGES
|
S.NO. |
CHARGE ID |
DATE OF CHARGE
CREATION/MODIFICATION |
CHARGE AMOUNT
SECURED |
CHARGE HOLDER |
ADDRESS |
SERVICE REQUEST
NUMBER (SRN) |
|
1 |
10556176 |
26/02/2015 |
160,000,000.00 |
CITI BANK N.A. |
JEEVAN BHARTI BUILDING, 4TH FLOOR,, 124 CONNAUGHT |
C47321104 |
|
2 |
10484610 |
21/03/2014 |
150,000,000.00 |
CITIBANK N.A |
JEEVAN BHARTI BUILDING, 4TH FLOOR, 124 CONNAUGHT |
C00410944 |
|
3 |
10342682 |
29/10/2013 * |
250,000,000.00 |
HDFC BANK LIMITED |
HDFC BANK HOUSESENAPATI BAPAT MARG, LOWER PAREL W |
B90121856 |
|
4 |
10332473 |
29/10/2013 * |
270,000,000.00 |
AXIS BANK LIMITED |
TRISHUL 3RD FLOOR OPP SAMARTHESHWAR TEMPLE, LAW G |
B89618243 |
|
5 |
10269265 |
18/05/2015 * |
150,000,000.00 |
HDFC BANK LIMITED |
HDFC BANK HOUSESENAPATI BAPAT MARG, LOWER PAREL W |
C55479257 |
|
6 |
10269266 |
29/10/2013 * |
150,000,000.00 |
HDFC BANK LIMITED |
HDFC BANK HOUSESENAPATI BAPAT MARG, LOWER PAREL W |
B90121161 |
|
7 |
10264236 |
19/05/2015 * |
150,000,000.00 |
AXIS BANK LIMITED |
SCO-29, SECTOR-14, OLD DELHI - GURGAON ROAD, GURG |
C54346002 |
|
8 |
10264291 |
29/10/2013 * |
150,000,000.00 |
AXIS BANK LIMITED |
TRISHUL 3RD FLOOR OPP SAMARTHESHWAR TEMPLE, LAW G |
B89617252 |
|
9 |
90051817 |
05/05/2015 * |
130,000,000.00 |
STANDARD CHARTERED BANK |
CREDIT RISK CONTROL, NARAIN MANZIL, 23 BARAKHAMBA |
C54859400 |
|
10 |
90058343 |
11/04/2005 * |
50,000,000.00 |
STATE BANK OF PATIALA |
COMMERCIAL BRANCH; 2ND FLOOR; CHANDAR LOK BUILDING |
- |
* Date of charge modification
FIXED ASSETS
Tangible assets
- Land freehold
- Land leasehold
- Building freehold
- Building leasehold
- Computer and data processing machines
- Plant and equipment
- Furniture and fixtures
- Vehicles
- Office equipment
Intangible assets
- 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,
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.64.11 |
|
|
1 |
Rs.100.31 |
|
Euro |
1 |
Rs.72.16 |
INFORMATION DETAILS
|
Information
Gathered by : |
DPA |
|
|
|
|
Analysis Done by
: |
KAR |
|
|
|
|
Report Prepared
by : |
SNT |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
8 |
|
PAID-UP CAPITAL |
1~10 |
7 |
|
OPERATING SCALE |
1~10 |
8 |
|
FINANCIAL
CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
7 |
|
--PROFITABILITY |
1~10 |
7 |
|
--LIQUIDITY |
1~10 |
7 |
|
--LEVERAGE |
1~10 |
7 |
|
--RESERVES |
1~10 |
8 |
|
--CREDIT LINES |
1~10 |
7 |
|
--MARGINS |
-5~5 |
----- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
YES |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
66 |
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.