MIRA INFORM REPORT
|
Report No. : |
347987 |
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Report Date : |
05.11.2015 |
IDENTIFICATION DETAILS
|
Name : |
MARATHON ELECTRIC INDIA PRIVATE LIMITED (w.e.f. 22.04.2008) |
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Formerly Known
As : |
GEMI MOTORS INDIA PRIVATE LIMITED (w.e.f. 08.03.2006) DLF MOTORS I(NDIA) PRIVATE LIMITED |
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Registered
Office : |
Sector -11, |
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Tel. No.: |
91-129-2265340 |
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Country : |
India |
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Financials (as
on) : |
31.03.2014 |
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Date of
Incorporation : |
13.10.1994 |
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Com. Reg. No.: |
05-032429 |
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Capital
Investment / Paid-up Capital : |
Rs.33.200 Million |
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CIN No.: [Company Identification
No.] |
U31909HR1994FTC032429 |
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IEC No.: |
Not Available |
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TAN No.: [Tax Deduction &
Collection Account No.] |
RTKG03482D |
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PAN No.: [Permanent Account No.] |
AAACG5525H |
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Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Manufacturer,
Exporter of Electric Motors Components. |
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No. of Employees
: |
Information declined by the management
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RATING & COMMENTS
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MIRA’s Rating : |
A (57) |
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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 |
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Status : |
Good |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Subject is a wholly owned subsidiary of "Calamsar Investments Limited, Cyprus". It has fine track. The ratings takes into consideration sound financial risk profile of the company marked by strong networth and comfortable debt level in FY14. Further, the company has earned decent increase in its profit in the year under consideration. Trade relations are fair. Business is active. Payment terms are reported to be regular and as per commitments. In view of financial and technical support from its holding company, the subject can be considered for business dealings with usual trade terms and conditions. (Note: There has been reported difference in the profit after tax amount for the year 2014 and 2013 in director’s report and in the schedules. For the analysis we have considered PAT given in schedules.) |
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 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
EXTERNAL AGENCY RATING
|
Rating Agency Name |
Not Available |
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Rating |
Not Available |
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Rating Explanation |
Not Available |
|
Date |
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
31-03-2015.
INFORMATION DECLINED BY
|
Name : |
Mr. Samit Sinha |
|
Designation : |
Finance Department |
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Contact No.: |
91-129-2265340 |
|
Date : |
03.11.2015 |
LOCATIONS
|
Registered Office / Works: |
Sector -11, |
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Tel. No.: |
91-129-2286421 / 2265340 |
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Fax No.: |
91-129-2284855/2286423 |
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E-Mail : |
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|
Website : |
DIRECTORS
AS ON 30.09.2014
|
Name : |
Sheel Kapoor |
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Designation : |
Director |
|
Address : |
Flat No. 86, Plot No. 102, Jai Apartments, Patparganj, New
Delhi - 110092, India |
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Date of Birth/Age : |
02.08.1969 |
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Qualification : |
BE and MBA |
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Date of Appointment : |
29.09.2006 |
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DIN No.: |
00063765 |
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|
|
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Name : |
Mr. Scott Douglas Brown |
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Designation : |
Director |
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Address : |
9 Coyote Ct, Madison, Wisconsin, 53717, United States of
America |
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Date of Birth/Age : |
24.07.1959 |
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Date of Appointment : |
16.02.2009 |
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DIN No.: |
02505852 |
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|
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Name : |
Mr. Sanjeev Bahree |
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Designation : |
Director |
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Address : |
K 209, SFS Flats, Sarita Vihar, New Delhi - 110044, India |
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Date of Birth/Age : |
20.10.1962 |
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Date of Appointment : |
09.03.2009 |
|
DIN No.: |
02561531 |
KEY EXECUTIVES
|
Name : |
Mr. Arvind Pasricha |
|
Designation : |
Secretary |
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Address : |
G-38, Preet Vihar, New Delhi - 110092, India |
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Date of Birth/Age : |
18.12.1973 |
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Date of Appointment : |
01.02.2012 |
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PAN No: |
AAPPP5167N |
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|
|
|
Name : |
Mr. Samit Sinha |
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Designation : |
Finance Department |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 30.09.2014
|
Names of Shareholders |
|
No. of Shares |
|
Calamsar Investments Limited, Cyprus |
|
3319994 |
|
Regal Beloit Corporation, USA |
|
1 |
|
Total |
|
3319995 |
Equity Share Break up (Percentage of Total Equity)
AS ON 30.09.2014
|
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 |
100.00 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer,
Exporter of Electric Motors Components. |
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Products : |
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Brand Names : |
Not Available |
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Agencies Held : |
Not Available |
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Exports : |
Not Divulged |
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Imports : |
Not Divulged |
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Terms : |
Not Divulged |
PRODUCTION STATUS: NOT AVAILABLE
GENERAL INFORMATION
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Suppliers : |
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Customers : |
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No. of Employees : |
Information declined by the management
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Bankers : |
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Facilities : |
(Rs.
In Million)
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Auditors : |
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Name : |
Deloitte Haskins and Sells Chartered Accountants |
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Address : |
7th Floor, Building 10, Tower B, DLF Cyber City, Phase II, Gurgaon -122002, Haryana, India |
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PAN N Income-tax PAN of auditor or auditor's firm : |
AACFD3711D |
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Memberships : |
Not Available |
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Collaborators : |
Not Available |
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Holding Company : |
Calamsar Investments Limited, Cyprus |
CAPITAL STRUCTURE
AS ON 31.03.2014
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
4500000 |
Equity Shares |
Rs.10/- each |
Rs. 45.000 Million |
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|
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Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
3319995 |
Equity Shares |
Rs.10/- each |
Rs. 33.200
Million |
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|
|
|
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 |
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|
|
|
(1)Shareholders' Funds |
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|
|
|
(a) Share Capital |
33.200 |
33.200 |
33.200 |
|
(b) Reserves & Surplus |
3586.997 |
3136.010 |
2761.401 |
|
(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) |
3620.197 |
3169.210 |
2794.601 |
|
|
|
|
|
|
(3) Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
0.000 |
0.000 |
0.000 |
|
(b) Deferred tax liabilities
(Net) |
0.000 |
0.000 |
0.000 |
|
(c) Other long term
liabilities |
0.000 |
0.000 |
0.000 |
|
(d) long-term provisions |
127.509 |
99.490 |
91.634 |
|
Total
Non-current Liabilities (3) |
127.509 |
99.490 |
91.634 |
|
|
|
|
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(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
390.219 |
353.058 |
326.520 |
|
(b) Trade payables |
686.644 |
604.881 |
461.696 |
|
(c) Other current liabilities |
45.297 |
152.116 |
242.237 |
|
(d) Short-term provisions |
78.858 |
23.695 |
15.464 |
|
Total
Current Liabilities (4) |
1201.018 |
1133.750 |
1045.917 |
|
|
|
|
|
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TOTAL |
4948.724 |
4402.450 |
3932.152 |
|
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|
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II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
1392.942 |
1358.942 |
1410.794 |
|
(ii) Intangible Assets |
2.948 |
7.106 |
11.264 |
|
(iii) Capital work-in-progress |
17.283 |
53.152 |
44.257 |
|
(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) |
117.022 |
140.950 |
176.002 |
|
(d) Long-term Loan and Advances |
236.922 |
213.265 |
173.984 |
|
(e) Other Non-current assets |
0.000 |
0.000 |
0.000 |
|
Total
Non-Current Assets |
1767.117 |
1773.415 |
1816.301 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
0.000 |
0.000 |
0.000 |
|
(b) Inventories |
609.966 |
524.057 |
587.576 |
|
(c) Trade receivables |
994.635 |
1090.496 |
846.106 |
|
(d) Cash and cash equivalents |
1027.813 |
509.844 |
160.707 |
|
(e) Short-term loans and
advances |
305.039 |
262.867 |
360.679 |
|
(f) Other current assets |
244.154 |
241.771 |
160.783 |
|
Total
Current Assets |
3181.607 |
2629.035 |
2115.851 |
|
|
|
|
|
|
TOTAL |
4948.724 |
4402.450 |
3932.152 |
PROFIT
& LOSS ACCOUNT
|
|
PARTICULARS |
|
31.03.2014 |
31.03.2013 |
|
|
SALES |
|
|
|
|
|
Turnover |
|
5893.770 |
5437.700 |
|
|
Other Income |
|
NA |
NA |
|
|
TOTAL
|
|
NA |
NA |
|
|
|
|
|
|
|
Less |
EXPENSES |
|
NA |
NA |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS)
BEFORE TAX |
|
NA |
NA |
|
|
|
|
|
|
|
Less |
TAX |
|
NA |
NA |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS)
AFTER TAX |
|
450.987 |
374.609 |
|
|
|
|
|
|
|
|
EARNINGS
IN FOREIGN CURRENCY |
|
|
|
|
|
F.O.B. Value of Exports |
|
3558.694 |
3209.647 |
|
|
TOTAL
EARNINGS |
|
3558.694 |
3209.647 |
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
Value of Imports (CIF) |
|
1250.676 |
1083.793 |
|
|
TOTAL
IMPORTS |
|
1250.676 |
1083.793 |
|
|
|
|
|
|
|
|
Earnings
/ (Loss) Per Share (Rs.) |
|
135.84 |
NA |
CURRENT MATURITIES
OF LONG TERM DEBT DETAILS
|
Particulars |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
Current Maturities of Long term debt |
NA |
NA |
NA |
|
Cash generated from operations |
NA |
NA |
NA |
|
Net cash flows from (used in) operations |
NA |
565.832 |
426.390 |
KEY
RATIOS
|
PARTICULARS |
|
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
Debt Equity Ratio (Total Debt /Networth) |
|
0.11 |
0.11 |
0.12 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
2.65 |
2.32 |
2.02 |
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 |
33.200 |
33.200 |
33.200 |
|
Reserves & Surplus |
2761.401 |
3136.010 |
3586.997 |
|
Money received against share
warrants |
0.000 |
0.000 |
0.000 |
|
Share Application money pending allotment |
0.000 |
0.000 |
0.000 |
|
Net
worth |
2794.601 |
3169.210 |
3620.197 |
|
|
|
|
|
|
long-term borrowings |
0.000 |
0.000 |
0.000 |
|
Short term borrowings |
326.520 |
353.058 |
390.219 |
|
Total
borrowings |
326.520 |
353.058 |
390.219 |
|
Debt/Equity
ratio |
0.117 |
0.111 |
0.108 |
YEAR-ON-YEAR GROWTH
|
Year
on Year Growth |
31.03.2013 |
31.03.2014 |
|
|
(Rs.
In Million) |
(Rs.
In Million) |
|
Turnover |
5437.700 |
5893.770 |
|
|
|
8.387 |
NET PROFIT MARGIN
|
Net
Profit Margin |
31.03.2013 |
31.03.2014 |
|
|
(Rs.
In Million) |
(Rs.
In Million) |
|
Turnover |
5437.700 |
5893.770 |
|
Profit |
374.609 |
450.987 |
|
|
6.89% |
7.65% |
LOCAL AGENCY FURTHER INFORMATION
|
Sr. No. |
Check list by
info agents |
Available in
Report (Yes/No) |
|
1 |
Year of establishment |
Yes |
|
2 |
Constitution of the entity -Incorporation
details |
Yes |
|
3 |
Locality of the entity |
Yes |
|
4 |
Premises details |
No |
|
5 |
Buyer visit details |
-- |
|
6 |
Contact numbers |
Yes |
|
7 |
Name of the person contacted |
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 two years |
Yes |
|
27 |
Reasons for variation <> 20% |
-- |
|
28 |
Estimation for coming financial year |
No |
|
29 |
Profitability for last two 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 |
INDEX
OF CHARGES: NO CHARGES EXIST FOR COMPANY
REVIEW OF OPERATIONS:
During the year the again company faced a very challenging industry wide environment throughout the year. The rising cost pressures continued to adversely affect company on all major cost counts i.e. consumption of materials, personnel expenses, manufacturing, operating and selling expenses, finance charges and depreciation However, Company management took several counter measures to contain the impact of cost Inflation by realigning many cost structures, taking high value currency hedges and a very controlled inventory management Further, due to sluggish business environment company was again severally constrained to carry out suitable price hikes to offset rising costs.
However, , to the modest advantage of Company US dollar stablised during the second half of the year, but due to right strategies on hedges, it did not affect profitability of the Company. The Turnover of the Company also grew better than last year by a modest 7.55%. As a cumulative impact of various countermeasures stated above. net profits of the Company were significantly enhanced by 26.14% to Rs 705.950 Million from the previous year's profit of Rs. 559.660 Million.
The company has also covered Its currency exposures through currency hedges. The MTM impact of the currency hedges as of March 31st was a loss (both unrealized and realized) of Rs. 99.610 Million, significantly lower from Rs. 77.860 Million for the last year.
FIXED ASSETS
Tangible assets
- Land
- Buildings
- Plant and equipment
- Furniture and fixtures
- Vehicles
- Leasehold improvements
Intangible assets
- Goodwill
- 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.65.57 |
|
UK Pound |
1 |
Rs.101.13 |
|
Euro |
1 |
Rs.71.80 |
INFORMATION DETAILS
|
Information
Gathered by : |
SVA |
|
|
|
|
Analysis Done by
: |
KIN |
|
|
|
|
Report Prepared
by : |
KVT |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
7 |
|
PAID-UP CAPITAL |
1~10 |
6 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL
CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILITY |
1~10 |
7 |
|
--LIQUIDITY |
1~10 |
6 |
|
--LEVERAGE |
1~10 |
6 |
|
--RESERVES |
1~10 |
6 |
|
--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 |
NO |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
57 |
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.