MIRA INFORM REPORT
|
Report No. : |
349014 |
|
Report Date : |
09.11.2015 |
IDENTIFICATION DETAILS
|
Name : |
VARROC ENGINEERING PRIVATE LIMITED (w.e.f. 24.01.2001) |
|
|
|
|
Formerly Known
As : |
VARROC ENGINEERING
LIMITED |
|
|
|
|
Registered
Office : |
L-4, MIDC, Waluj, Aurangabad – 431136, Maharashtra |
|
Tel. No.: |
91- |
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|
Country : |
India |
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Financials (as
on) : |
31.03.2014 |
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Date of
Incorporation : |
11.05.1988 |
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Com. Reg. No.: |
11-047335 |
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Capital
Investment / Paid-up Capital : |
Rs. 404.658 Million |
|
|
|
|
CIN No.: [Company Identification
No.] |
U28920MH1988PTC047335 |
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|
|
|
IEC No.: |
0390019402 |
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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.] |
AAACV2420J |
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|
|
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Legal Form : |
Private Limited Liability Company. |
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Line of Business
: |
Manufacturing of Automotive Gears, Starter Motor, and Magnetos. |
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|
|
|
No. of Employees
: |
1000(Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
A (62) |
|
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 |
|
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 incorporated in the year 1988 and it is engaged in
manufacturing and supplying auto components. Its products include magneto,
starter motors, regulators, rear view mirrors, engine valves, rubber parts,
air cleaner assemblies etc. The comp[any also provides air conditioner
generators and alternators, digital capacitor discharge ignition, head lamps,
tail lamps, blinkers, side indicators. It is serves automobile, consumer
durable and white goods industries. For the financial year ended 2014, revenue of the company has
marginally declined by 1.16% whereas net profit has drastically declined by
50.93% during the year under a review. The ratings continue to reflect the company’s established position in
the auto components business, well-diversified revenue profile in terms of
products and geographies, and adequate financial profile, marked by a large
net worth and adequate debt protection metrics. Rating strengths is partially offset by the company exposure to
intense competition in the global systems business and cyclical demand
conditions in the global and domestic auto sector. Rating strengths is partially offset by the company exposure to
intensely competitive and dominated by large players. The company derives
most of its revenues from OEMs, its business prospects are linked to cyclical
demand patterns inherent to the automobile industry. Trade relations are reported as fair. Business is active. Payment are
reported to be regular and as per commitment. 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.
EXTERNAL AGENCY RATING
|
Rating Agency Name |
CRISIL |
|
Rating |
Long Term Rating = A+ |
|
Rating Explanation |
Adequate degree of safety and low credit risk |
|
Date |
June 23, 2015 |
|
Rating Agency Name |
CRISIL |
|
Rating |
Short Term Rating = A1 |
|
Rating Explanation |
Very strong degree of safety and carry lowest credit risk |
|
Date |
June 23, 2015 |
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 PARTED BY
|
Name : |
Mr. Amit |
|
Designation : |
Accounts Manager |
|
Contact No.: |
91-9673001508 |
|
Date : |
05.11.2015 |
LOCATIONS
|
Registered Office/ Factory 1: |
L-4, MIDC, Waluj, Aurangabad – 431136, Maharashtra, India |
|
Tel. No.: |
Not Available |
|
Fax No.: |
Not Available |
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E-Mail : |
|
|
Website : |
http://www.varrocgroup.com |
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|
|
|
Corporate Office/ Factory 2 : |
E-4, MIDC, Industrial Area POB 958, Waluj, Aurangabad – 431 136,
Maharashtra, India |
|
Tel. No.: |
91-240-2556227/ 2556228/ 2555441/ 2564540/ 6648000 / 6653700 |
|
Fax No.: |
91-240-2564540/ 2555987/ 2554487 |
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E-Mail : |
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Factory 3: |
Located at:
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DIRECTORS
AS ON 06.08.2014
|
Name : |
Mr. Naresh
Adishwarlal Chandra |
|
Designation : |
Director |
|
Address : |
Bhagwati Bhavan,
31/B, M.L. Dahanukar Marg, Mumbai – 400 026, |
|
Date of Birth/Age : |
11.02.1935 |
|
Date of Appointment : |
11.05.1988 |
|
PAN No.: |
AACPC7536R |
|
DIN No.: |
00027696 |
|
|
|
|
Name : |
Mr. Tarang
Nareshchandra Jain |
|
Designation : |
Managing Director |
|
Address : |
Gut No. 41 (P),
Opposite Walmi Kanchanwadi, |
|
Date of Birth/Age : |
21.03.1962 |
|
Qualification : |
B. Com., M.B.A. |
|
Experience : |
29 Years |
|
Date of Appointment : |
11.05.1988 |
|
PAN No.: |
AAXPJ4083B |
|
DIN No.: |
00027505 |
|
|
|
|
Name : |
Mr. Gautam
Premnath Kahndelwal |
|
Designation : |
Director |
|
Address : |
B 2, Alaknanda,
16-A, |
|
Date of Birth/Age : |
01.04.1962 |
|
Date of Appointment : |
27.07.2011 |
|
DIN No.: |
00270717 |
|
|
|
|
Name : |
Mr. Padmanabh
Sinha |
|
Designation : |
Nominee Director |
|
Address : |
F1 Chanakya Puri
Dargah Road, Garkheda, Aurangabad – 431005, Maharashtra, India |
|
Date of Birth/Age : |
21.02.1971 |
|
Date of Appointment : |
27.03.2014 |
|
DIN No.: |
00101379 |
|
|
|
|
Name : |
Laxmikant Suryakant Miniyar |
|
Designation : |
Director |
|
Address : |
Flat No. E-3, Disha Aalaankar Apartments, Cannought Cidco, Auraangabad - 431003, Maharashtra, India |
|
Date of Appointment : |
30.08.2014 |
|
DIN No.: |
06939175 |
KEY EXECUTIVES
|
Name : |
Mr. Sanjay Kumar Sachdev |
|
Designation : |
AVP – Corp. Legal Affairs and Company Secretary |
|
Address : |
F1, Chanakya Puri, Dargah Road, Garkheda, Aurangabad – 431 005,
Maharashtra, India |
|
Date of Birth/Age : |
29.12.1965 |
|
Date of Appointment : |
01.04.2008 |
|
PAN No.: |
ABEPS8631G |
|
|
|
|
Name : |
Mr. Amit Dargad |
|
Designation : |
Account Manager |
MAJOR SHAREHOLDERS
As on 06.08.2014
|
Names of Equity Shareholders |
|
No. of Shares |
|
Naresh Chandra |
|
1157100 |
|
Naresh Chandra |
|
435000 |
|
Naresh Chandra |
|
14500 |
|
Suman Jain |
|
1207000 |
|
Tarang Jain |
|
5970500 |
|
Tarang Jain |
|
814900 |
|
Tarang Jain |
|
14500 |
|
Varroc Polymers Private Limited, India |
|
852349 |
|
Omega TC Holding PTE Limited, India |
|
1 |
|
Tata Capital Financial Services Limited, India |
|
1 |
|
Total |
|
10465851 |
|
Names of Preference Shareholders |
|
No. of Shares |
|
Omega TC Holding PTE Limited, India |
|
27478973 |
|
Tata Capital Financial Services Limited, India |
|
2521007 |
|
Total |
|
29999980 |
As on 06.08.2014
Equity Share Break up (Percentage of Total Equity)
|
Category |
Percentage of Holding |
|
Bodies corporate |
8.14 |
|
Directors or relatives of Directors |
91.86 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturing of Automotive Gears, Starter Motor, and
Magnetos. |
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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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Products : |
Raw Material |
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Countries : |
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Terms : |
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Selling : |
L/C and Cheque |
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Purchasing : |
L/C and Cheque |
GENERAL INFORMATION
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Suppliers : |
Not Divulged
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Customers : |
Not Divulged
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No. of Employees : |
1000 (Approximately) |
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Bankers : |
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Facilities : |
(Rs.
In Million)
|
|
Financial Institute : |
Bajaj Finance Limited |
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|
|
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Auditors : |
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|
Name : |
Price Waterhouse and Company Chartered Accountants |
|
Address : |
I-501 Ruturang, Phase 2, Pune Satara Road, Near City Pride Theatre, Pune – 411009, Maharashtra, India |
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PAN No.: |
AAHFP0187A |
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Memberships : |
Not Available |
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Collaborators : |
Not Available |
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Subsidiaries : |
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|
Step down
subsidiaries : |
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Joint Ventures : |
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|
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|
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Enterprises Owned
or controlled by/or over which Parties described in para 4 & 5 or their
relatives exercise significant influence where transactions have taken place |
|
CAPITAL STRUCTURE
As on 06.08.2014
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
11000000 |
Equity Shares |
Rs.10/- each |
Rs. 110.000 Million |
|
31000000 |
Preference Shares |
Rs.10/- each |
Rs. 310.000 Million |
|
|
Total |
|
Rs. 420.000
Million |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
10465851 |
Equity Shares |
Rs.10/- each |
Rs. 104.659 Million |
|
29999980 |
Preference Shares |
Rs.10/- each |
Rs. 299.999 Million |
|
|
Total |
|
Rs. 404.658
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 |
404.658 |
104.658 |
300.775 |
|
(b) Reserves &
Surplus |
8270.500 |
4986.500 |
4645.667 |
|
(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) |
8675.158 |
5091.158 |
4946.442 |
|
|
|
|
|
|
(3) Non-Current
Liabilities |
|
|
|
|
(a) long-term borrowings |
3007.600 |
3634.200 |
2536.217 |
|
(b) Deferred tax
liabilities (Net) |
228.000 |
216.200 |
231.450 |
|
(c) Other long term
liabilities |
34.900 |
47.100 |
44.667 |
|
(d) long-term provisions |
54.600 |
275.000 |
15.410 |
|
Total Non-current
Liabilities (3) |
3325.100 |
4172.500 |
2827.744 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
491.400 |
681.400 |
746.065 |
|
(b) Trade payables |
2440.800 |
2086.100 |
1856.497 |
|
(c) Other current
liabilities |
1425.700 |
1257.500 |
865.140 |
|
(d) Short-term provisions |
182.000 |
103.500 |
32.235 |
|
Total Current Liabilities
(4) |
4539.900 |
4128.500 |
3499.937 |
|
|
|
|
|
|
TOTAL |
16540.158 |
13392.158 |
11274.123 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
5431.100 |
4337.600 |
4440.015 |
|
(ii) Intangible Assets |
40.200 |
46.900 |
16.813 |
|
(iii) Capital
work-in-progress |
2093.800 |
2570.400 |
1804.533 |
|
(iv) Intangible assets
under development |
6.700 |
6.000 |
5.774 |
|
(b) Non-current
Investments |
4666.600 |
2498.900 |
1185.132 |
|
(c) Deferred tax assets
(net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
301.400 |
119.400 |
157.653 |
|
(e) Other Non-current
assets |
59.758 |
1.658 |
255.241 |
|
Total Non-Current Assets |
12599.558 |
9580.858 |
7865.161 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
375.300 |
16.500 |
32.124 |
|
(b) Inventories |
1235.100 |
1009.200 |
952.198 |
|
(c) Trade receivables |
1505.300 |
2036.500 |
1626.279 |
|
(d) Cash and cash
equivalents |
92.400 |
112.300 |
342.044 |
|
(e) Short-term loans and
advances |
488.000 |
400.600 |
196.140 |
|
(f) Other current assets |
244.500 |
236.200 |
260.177 |
|
Total Current Assets |
3940.600 |
3811.300 |
3408.962 |
|
|
|
|
|
|
TOTAL |
16540.158 |
13392.158 |
11274.123 |
PROFIT
& LOSS ACCOUNT
|
|
PARTICULARS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
|
|
|
|
|
|
|
TOTAL INCOME (A) |
13960.100 |
14520.100 |
14545.900 |
|
|
|
|
|
|
|
Less |
TOTAL EXPENSES (B) |
12605.900 |
12753.700 |
12790.400 |
|
|
|
|
|
|
|
Less |
PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND
AMORTISATION (C) |
1354.200 |
1766.400 |
1755.500 |
|
|
|
|
|
|
|
Less |
FINANCIAL EXPENSES (D) |
466.100 |
518.900 |
265.000 |
|
|
|
|
|
|
|
|
PROFIT / (LOSS) BEFORE TAX,
DEPRECIATION AND AMORTISATION (C-D) (E) |
888.100 |
1247.500 |
1490.500 |
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
620.800 |
560.700 |
483.800 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS) BEFORE TAX (E-F) (G) |
267.300 |
686.800 |
1006.700 |
|
|
|
|
|
|
|
Less |
TAX (H) |
5.600 |
154.800 |
94.300 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS) AFTER TAX
(G-H) (I) |
261.700 |
532.000 |
912.400 |
|
|
|
|
|
|
|
Add |
PREVIOUS YEARS’ BALANCE
BROUGHT FORWARD (J) |
2508.900 |
1999.300 |
1218.500 |
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
Interim Dividend on
preference Shares |
0.000 |
13.300 |
14.000 |
|
|
Interim Dividend on
Equity Shares |
6.800 |
9.100 |
17.600 |
|
|
Transferred to General
Reserve |
0.000 |
0.000 |
100.000 |
|
|
Total (K) |
6.800 |
22.400 |
131.600 |
|
|
|
|
|
|
|
|
Balance Carried to the
B/S (I+J-K) |
2763.800 |
2508.900 |
1999.300 |
|
|
|
|
|
|
|
|
EARNINGS
IN FOREIGN CURRENCY |
|
|
|
|
|
F.O.B Value of export |
946.400 |
623.900 |
696.400 |
|
|
Others |
97.500 |
14.300 |
0.000 |
|
|
Total
|
1043.900 |
638.200 |
696.400 |
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
Capital Goods |
120.000 |
717.800 |
413.500 |
|
|
Raw Material |
803.100 |
810.400 |
1050.100 |
|
|
Stores & Spares |
10.600 |
10.900 |
6.600 |
|
|
Total |
933.700 |
1539.100 |
1470.200 |
|
|
|
|
|
|
|
|
Earnings / (Loss) Per
Share (Rs.) |
6.47 |
13.15 |
22.55 |
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 flow from (used in) operation |
2291.200 |
1565.200 |
1986.495 |
KEY
RATIOS
|
PARTICULARS |
|
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
|
|
|
|
|
|
Net Profit Margin (PAT/ Sales) |
(%) |
1.87 |
3.66 |
6.27 |
|
|
|
|
|
|
|
Operating Profit Margin (PBDIT/Sales) |
(%) |
9.70 |
12.17 |
12.07 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
2.74 |
8.26 |
12.16 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.03 |
0.13 |
0.20 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
0.40 |
0.85 |
0.66 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
0.87 |
0.92 |
0.97 |
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 |
300.775 |
104.658 |
404.658 |
|
Reserves & Surplus |
4645.667 |
4986.500 |
8270.500 |
|
Net worth |
4946.442 |
5091.158 |
8675.158 |
|
|
|
|
|
|
long-term borrowings |
2536.217 |
3634.200 |
3007.600 |
|
Short term borrowings |
746.065 |
681.400 |
491.400 |
|
Total borrowings |
3282.282 |
4315.600 |
3499.000 |
|
Debt/Equity ratio |
0.664 |
0.848 |
0.403 |
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 |
14545.900 |
14520.100 |
13960.100 |
|
|
|
(0.177) |
(3.857) |
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 |
14545.900 |
14520.100 |
13960.100 |
|
Profit |
912.400 |
532.000 |
261.700 |
|
|
6.27% |
3.66% |
1.87% |
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 |
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 |
---- |
|
33 |
Market information |
---- |
|
34 |
Payments terms |
Yes |
|
35 |
Negative Reporting by Auditors in the
Annual Report |
No |
PERFORMANCE
Net Sales and Other Income declined marginally by 3.86% to Rs. 13960.100 Million as compared to Rs. 14520.100 Million in the previous year. The company has however recorded a 12.39% increase in exports to Rs. 856.900 Million. There was a considerable increase in other expense like non-recurring professional fee and exchange loss and resultantly, the EBITDA declined by 23.33% to Rs. 1354.200 Million as against Rs. 1766.400 Million in the previous year and PBT declined to Rs. 267.300 Million as against Rs. 686.800 Million. Finance costs declined by 10.17% to Rs. 466.100 Million. During the year under report, PAT declined by 50.80% to Rs. 261.700 Million.
Low growth of GDP is expected to continue. Uncertain monsoon is an added concern. Inflation and consumer sentiments do not induce great confidence either. Added to this, geo-political uncertainty in parts of Asia and Europe may affect commodity prices. Consequently the Company expects modest growth for the two wheeler industry during the year 2014-15. However, in spite of the adverse market conditions, the Company believes to achieve its target growth by increasing share with existing customers and acquiring new customers.
ECONOMIC AND
INDUSTRIAL OUTLOOK
International Monetary Fund recently warned that pick-up in global economic activity could prove less robust than expected amid depressed levels of investment. The global activity is expected to gain momentum only in the second half of the year following a disappointing start and will accelerate further in 2015. However, that momentum may be weaker than expected as potential growth is lower and investment remains depressed.
In India, the macroeconomic worries that have acted as a drag on corporate activity, have comparatively eased and the policy environment is more stable. With new government in place, the uncertainties around political and policy risk have moved back stage. The formation of a stable government at the center has raised a lot of expectations amid hopes about a revival in economic growth. Sentiments have improved substantially post the strong verdict in the elections, fuelled by expectations that speedy reforms would revive the business climate and consumer confidence. But as per the industry experts, growth is unlikely to recover sharply in 2014-15.
Indian automobile industry is a key contributor to India?s GDP. The growth phase cycle of the automobile industry is governed by a multitude of factors including GDP components, inflation, interest rates, finance availability, road connectivity, etc. Last year has been extremely tough for the industry. During the year, the Commercial vehicle market declined by 20%; cars and utility vehicles by 6%. The motorcycle segment marginally grew by 3% whereas the only real growth segment has been the scooter segment which positively grown by 21%. With the forecast of a below-average rainfall during the south-west monsoon season suggest that restricting CPI (consumer price index) inflation below 8% by January 2015 would be challenging and therefore the improvement in consumption demand in 2014-15 is likely to be limited by sticky interest rates. However, certain sectors like passenger vehicles, medium and heavy commercial vehicles and two wheelers (especially scooters) are expected to record a positive growth in 2014-15.
FUTURE OUTLOOK
Expanding their customer base and adding new products will continue to be a priority of the Company. In the current year, the Company has planned and set aside reasonable capex amount, for modernization/automation, balancing equipment and capacity enhancement.
During the current financial year the Company is targeting to hit topline of Rs. 17000.000 Million.
Company recently setup state of Art facility (VEPL? VIII) for manufacture of six cylinder crankshafts for heavy commercial vehicle in Waluj, Aurangabad, that has since commenced the commercial production from 01.04.2014.
The Company has planned the expansion and automation project of engine valves division which will enhance the manufacturing capabilities enabling the Company to compete the peers in a cost efficient manner.
In line with its initiative for clean and green environment, the Company has setup and commissioned a 5 MW solar power plant in Village Sakri, Dist. Dhule, and Maharashtra State which has started power generation from 15-03-2014.
In respect of 2 wheeler business, apart from adding new products from the existing customers, the Company is rigorously pursuing the Indian operations of multinational OEMs like Honda, Yamaha, Suzuki and Piaggio. Through its subsidiary company TRI.O.M SpA, Italy, the leading manufacturer in Europe for 2 Wheeler lighting, the Company is also trying to explore the business opportunities in other ASEAN countries.
During the current year, the Company will continue to maintain its focus on the After Sales Market by strengthening its supply chain and exploring new markets. The Company has already applied for registration of its trade mark in various countries which are being targeted as the potential markets. During the current year, After Sales Division is estimated to achieve topline target of Rs. 1200.000 Million.
For the current year, the Company has been able to maintain the CRISIL rating as ‘A+ Stable’ for long term and A1 for short term.
UNSECURED LOANS
|
PARTICULAR |
31.03.2014 (Rs.
in Million) |
31.03.2013 (Rs.
in Million) |
|
LONG TERM
BORROWINGS |
|
|
|
Deferred sales tax loans |
252.100 |
302.000 |
|
|
|
|
|
SHORT TERM
BORROWINGS |
|
|
|
Loans and advances from related parties |
14.200 |
14.200 |
|
Term loans from others |
250.000 |
190.000 |
|
Total |
516.300 |
506.200 |
INDEX OF CHARGES
|
S. No. |
Charge ID |
Date of Charge Creation/Modification |
Charge amount secured |
Charge Holder |
Address |
Service Request Number (SRN) |
|
1 |
10386278 |
23/10/2012 |
500,000,000.00 |
STANDARD CHARTERED BANK |
NARAIN MANZIL, 23
BARAKHAMBA ROAD, DELHI - 110035, |
B62023601 |
|
2 |
10377023 |
20/09/2012 |
2,000,000,000.00 |
BAJAJ FINANCE LIMITED |
AKURDI PUNE-, PUNE, MAHARASHTRA - 411035, INDIA |
B58319351 |
|
3 |
10370984 |
11/02/2013 * |
1,000,000,000.00 |
THE SARASWAT CO-OPERATIVE BANK LTD. |
PLOT NO. X-23, MIDC WALUJ, AURANGABAD, MAHARASHTRA - 431136, INDIA |
B68487172 |
|
4 |
10366515 |
11/02/2013 * |
791,000,000.00 |
ICICI BANK LTD. ACTING THROUGH ITS BAHARAIN BRANCH |
SUITE 15, PART 3, MUNCIPALITY NO.116, BUILDING NO. 114, GOVERNMENT AVENUE, MANAMA, - 316, BAHRAIN |
B68543651 |
|
5 |
10348692 |
11/04/2012 |
200,000,000.00 |
THE SARASWAT CO-OPERATIVE BANK LTD. |
PLOT NO. X-23, MIDC, WALUJ, AURANGABAD, MAHARASHTRA - 431136, INDIA |
B37283207 |
|
6 |
10315664 |
04/02/2013 * |
456,825,600.00 |
CITI BANK N.A. |
JEEVAN BHARTI BUILDING,
4TH FLOOR, 124, CANNAUGHT CIRCUS, CANNAUGHT PLACE, NEW DELHI, DELHI -
1100 |
B68485465 |
|
7 |
10306311 |
18/08/2011 |
450,000,000.00 |
ICICI BANK LIMITED |
LANDMARKRACE COURCE CIRCLE, ALKAPURI, BARODA, GUJARAT - 390015, INDIA |
B20560017 |
|
8 |
10247374 |
22/10/2011 * |
300,000,000.00 |
IDBI BANK LTD |
IDBI TOWER, WTC COMPLEX, CUFFE PARADE, MUMBAI, MAHARASHTRA - 400005, INDIA |
B23973316 |
|
9 |
80004232 |
04/10/2010 * |
50,000,000.00 |
THE SARASWAT CO-OPERATIVE BANK LTD. |
KHADKESHWAR, AURANGABAD, MAHARASHTRA - 431003, INDIA |
A96099007 |
|
10 |
90227069 |
11/02/2013 * |
1,087,500,000.00 |
CORPORATION BANK |
14, MUMBAI PUNE ROAD, WAKDEWADI, PUNE, MAHARASHTRA - 411003, INDIA |
B69623049 |
* Date of charge modification
FIXED ASSETS
- Land
- Office building
- Factory building
- Factory equipments
- Other plant and equipment
- Furniture and fixtures
- Vehicles
- Computer equipments
- Other equipments
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 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. 65.79 |
|
UK Pound |
1 |
Rs. 99.95 |
|
Euro |
1 |
Rs. 71.55 |
INFORMATION DETAILS
|
Information
Gathered by : |
GYT |
|
|
|
|
Analysis Done by
: |
KAR |
|
|
|
|
Report Prepared
by : |
JYO |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
7 |
|
PAID-UP CAPITAL |
1~10 |
7 |
|
OPERATING SCALE |
1~10 |
7 |
|
FINANCIAL
CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
7 |
|
--PROFITABILITY |
1~10 |
6 |
|
--LIQUIDITY |
1~10 |
7 |
|
--LEVERAGE |
1~10 |
7 |
|
--RESERVES |
1~10 |
7 |
|
--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 |
|
62 |
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.