MIRA INFORM REPORT
|
Report No. : |
339164 |
|
Report Date : |
04.09.2015 |
IDENTIFICATION DETAILS
|
Name : |
ACE DESIGNERS LIMITED (w.e.f.27.12.2001) |
|
|
|
|
Formerly Known
As : |
ACE DESIGNERS PRIVATE LIMITED ANUPAM MACHINE TOOLS PRIVATE LIMITED |
|
|
|
|
Registered
Office : |
Plot No. 7 and 8,
Phase II, Peenya Industrial Area, Bangalore – 560058, Karnataka |
|
Tel. No.: |
91-80-22186700 |
|
|
|
|
Country : |
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|
|
|
|
Financials (as
on) : |
31.03.2014 |
|
|
|
|
Date of
Incorporation : |
25.09.1986 |
|
|
|
|
Com. Reg. No.: |
08-007816 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs.142.400 Million |
|
|
|
|
CIN No.: [Company Identification
No.] |
U29199KA1986PLC007816 |
|
|
|
|
IEC No.: |
Not Available |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
BLRA00221E |
|
|
|
|
PAN No.: [Permanent Account No.] |
AABCA2364F |
|
|
|
|
Legal Form : |
A Closely Held Public Limited Liability Company |
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|
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|
Line of Business
: |
Subject is primarily engaged in design, development and
manufacture of CNC Lathe machines. |
|
|
|
|
No. of Employees
: |
600 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
A (64) |
|
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 5000000 |
|
|
|
|
Status : |
Good |
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|
|
|
Payment Behaviour : |
Regular |
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Litigation : |
Exist |
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|
Comments : |
Subject is a well-established and reputed company incorporated in the
year 1986 having a fine track record. Sales turnover as well as profit of the company has continuously
declined. However, available financial indicates company sound financial risk
profile marked by healthy networth position with negligible debt and good
profitability of the company. Promoters are reported to be well experienced and respectable
businessmen. Trade relations are reported to be fair. Business is active. Payment
terms are reported to be regular and as per commitment. In view of long track record and sound financial base, the company can
be considered normal for 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 |
Long term facilities= AA- |
|
Rating Explanation |
High degree of safety and carry low credit
risk. |
|
Date |
February, 2015 |
|
Rating Agency Name |
ICRA |
|
Rating |
Short term facilities= A1+ |
|
Rating Explanation |
Very strong degree of safety and carry
lowest credit risk. |
|
Date |
February, 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
31-03-2013.
INFORMATION DENIED
Management Non Co-operative (91-80-22186700)
LOCATIONS
|
Registered Office/ Factory 1 : |
Plot No. 7 and 8,
Phase II, Peenya Industrial Area, Bangalore – 560058, Karnataka, India |
|
Tel. No.: |
91-80-22186700-719/
40370400-599/ 22186730 |
|
Fax No.: |
91-80-22186723 |
|
E-Mail : |
|
|
Website : |
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|
Factory 2 : |
Plot No. 533, 10th
Main, Main IV, Peenya Industrial Area, Bangalore – 560058, Karnataka, India |
|
Tel. No.: |
91-80-28361503-06 |
|
Fax No.: |
91-80-28361507 |
|
E-Mail : |
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|
|
|
|
Factory 3 : |
Survey No. 53 / 5A
/ 5B / 5C, 53/6, 53 / 7A / 7B , 531 / 8, Thyama Gandlu Road, Minnapura,
Nelamangala, Bangalore – 562132, Karnataka, India |
DIRECTORS
AS ON 19.07.2014
|
Name : |
Mr. Shrinivas Govindrao Shirgurkar |
|
Designation : |
Managing director |
|
Address : |
583, 1st Main, 2nd Stage, 3rd Block,
RMV Extension, Bangalore – 560094, Karnataka, India |
|
Date of Birth/Age : |
08.04.1948 |
|
Qualification: |
B.E. Mechanical |
|
Date of Appointment : |
01.07.2010 |
|
PAN No.: |
AKMPS5682E |
|
DIN No.: |
00173944 |
|
|
|
|
Name : |
Mr. Benedict Machado |
|
Designation : |
Managing director |
|
Address : |
583, 1st Main, 2nd Stage, 3rd Block, RMV
Extension, Bangalore – 560094, Karnataka, India |
|
Date of Birth/Age : |
04.12.1948 |
|
Qualification: |
B.E. Mechanical |
|
Date of Appointment : |
01.07.2010 |
|
PAN No.: |
AEJPM7124C |
|
DIN No.: |
00174074 |
|
|
|
|
Name : |
Mr. Ashok Vishwanath Sathe |
|
Designation : |
Whole-time director |
|
Address : |
252, 15th “D” Cross, 2nd Phase, 2nd
Stage, Mahalakshmipuram, Bangalore – 560086, Karnataka, India |
|
Date of Birth/Age : |
17.03.1940 |
|
Qualification: |
M. Tech |
|
Date of Appointment : |
01.07.2010 |
|
PAN No.: |
ADOPS5056R |
|
DIN No.: |
00174204 |
|
|
|
|
Name : |
Mr. Shankar Arunachalam |
|
Designation : |
Director |
|
Address : |
A – 23, Fascinate Homes, 12th Cross, 6th Main, Malleswaram,
Bangalore – 560003, Karnataka, India |
|
Date of Birth/Age : |
02.02.1959 |
|
Qualification: |
B.Com, ACA, LLB |
|
Date of Appointment : |
27.07.2002 |
|
DIN No.: |
00203948 |
|
|
|
|
Name : |
Mr. Srinivasan Rangarajan |
|
Designation : |
Director |
|
Address : |
126, Dhanya, Nandidurga Road, Bangalore – 560046, Karnataka, India |
|
Date of Birth/Age : |
10.09.1941 |
|
Qualification: |
Mechanical Engineer |
|
Date of Appointment : |
27.07.2002 |
|
DIN No.: |
00043658 |
|
|
|
|
Name : |
Mr. Badkilaya Raghavendra |
|
Designation : |
Whole-time director |
|
Address : |
17, Bhel Officers Colony, Nandini Layout, Bangalore - 560096,
Karnataka, India |
|
Date of Birth/Age : |
10.05.1963 |
|
Date of Appointment : |
13.07.2013 |
|
DIN No.: |
01807643 |
KEY EXECUTIVES
|
Name : |
K Chandra Sekhar |
|
Designation : |
Secretary |
|
Address : |
16 – A, G.B. Layout, 2nd Stage, Mahalakshmipuram, Bangalore
– 560086, Karnataka, India |
|
Date of Birth/Age : |
01.06.1974 |
|
Date of Appointment : |
05.02.2010 |
|
PAN No.: |
AIYPK1629D |
|
|
|
|
Name : |
Mr. Baban |
|
Designation : |
Accounts Manager |
|
|
|
|
Name : |
Mr. Shivram |
|
Designation : |
Accounts Department |
MAJOR SHAREHOLDERS
AS ON 19.07.2014
|
Names of Shareholders |
No. of Shares |
% of Holding |
|
Shrinivas G
Shirgurkar |
432000 |
30.34 |
|
Bharati S
Shirgurkar |
108000 |
7.58 |
|
Madhavi Trust |
13500 |
0.95 |
|
Manisha Trust |
13500 |
0.95 |
|
G D Shirgurkar
(HUF) |
27000 |
1.90 |
|
Benedict Machado |
432000 |
30.34 |
|
Philomena Machado |
148500 |
10.43 |
|
Preethi Trust |
13500 |
0.95 |
|
Ashok Vishnanath
Sathe |
77000 |
5.41 |
|
Padma A Sathe |
159000 |
11.17 |
|
|
|
|
|
Total |
1424000 |
100.00 |
Equity Share Break up (Percentage of Total Equity)
AS ON 19.07.2014
|
Category |
Percentage |
|
Directors or relatives of Directors |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Subject is primarily engaged in design, development and
manufacture of CNC Lathe machines. |
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Products/ Services : |
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Brand Names : |
Not Divulged |
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Agencies Held : |
Not Divulged |
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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 : |
·
Standard Chartered Bank, 3rd Floor, Vaishnavi
Serenity, 112, Koramangala Industrial Area, 5th Block, Koramangal, Bangalore
– 560095, Karnataka, India ·
Export- Import Bank of India, Centre One
Building, Floor 21, World Trade Center, Cuffe Parade, Mumbai – 400005,
Maharashtra, India |
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Facilities : |
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Auditors 1 : |
|
|
Name : |
S.R. Batliboi and Associates LLP Chartered Accountants |
|
Address : |
12 and 13th Floor,
U.B. City, Canberra block - 24, Vittal Malya Road, Bangalore - 560001,
Karnataka India |
|
PAN
No.: |
AABFS3421N |
|
|
|
|
Auditors 2 : |
|
|
Name : |
P.A. Ghatage and Company Chartered Accountants |
|
Address : |
Bangalore, Karnataka India |
|
PAN
No.: |
AANPG1439N |
|
|
|
|
Membership : |
Not Divulged |
|
|
|
|
Associates
: |
·
Ace Manufacturing Systems Limited
[U85110KA1994PLC015321] ·
Ace Multi Axes Systems Limited
[U85110KA1995PLC018544] ·
Micromatic Machine Tools Private Limited
[U74899DL1987PTC029798] |
|
|
|
|
Enterprises
which are owned, or have significant influence
of or are partners with
Key management personnel and their relatives : |
·
Auto CNC Machining Limited
[U02922KA1987PLC008415] ·
Anupam CNC Machining Private Limited
[U29299KA2002PTC031340] ·
Ace Micromatic Charitable Trust ·
Ace Micromatic Institute of Learning ·
Micromatic Machine Tools (Shanghai) Limited,
China ·
Pragati Automation Private Limited
[U29199KA2001PTC029247] ·
Pragati Transmission Private Limited
[U34300KA2005PTC037594] ·
Pioneer Computing Technologies |
CAPITAL STRUCTURE
AS ON 19.07.2014
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
2000000 |
Equity Shares |
Rs.100/- each |
Rs.200.000 Million |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
1424000 |
Equity Shares |
Rs.100/- each |
Rs.142.400 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 |
142.400 |
142.400 |
142.400 |
|
(b) Reserves & Surplus |
1618.784 |
1508.105 |
1223.894 |
|
(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) |
1761.184 |
1650.505 |
1366.294 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
625.379 |
729.008 |
142.359 |
|
(b) Deferred tax liabilities (Net) |
45.696 |
3.863 |
13.290 |
|
(c) Other long term
liabilities |
3.658 |
4.370 |
2.039 |
|
(d) long-term
provisions |
0.000 |
0.000 |
0.000 |
|
Total Non-current
Liabilities (3) |
674.733 |
737.241 |
157.688 |
|
|
|
|
|
|
(4)
Current Liabilities |
|
|
|
|
(a) Short
term borrowings |
212.131 |
0.000 |
0.000 |
|
(b) Trade
payables |
511.550 |
673.014 |
868.506 |
|
(c) Other
current liabilities |
454.812 |
457.012 |
397.074 |
|
(d) Short-term
provisions |
92.271 |
114.417 |
148.636 |
|
Total Current
Liabilities (4) |
1270.764 |
1244.443 |
1414.216 |
|
|
|
|
|
|
TOTAL |
3706.681 |
3632.189 |
2938.198 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1)
Non-current assets |
|
|
|
|
(a) Fixed
Assets |
|
|
|
|
(i)
Tangible assets |
1609.122 |
829.967 |
879.125 |
|
(ii)
Intangible Assets |
3.395 |
5.074 |
4.597 |
|
(iii)
Capital work-in-progress |
71.299 |
747.663 |
45.851 |
|
(iv)
Intangible assets under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current Investments |
11.894 |
11.894 |
11.894 |
|
(c) Deferred tax assets (net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
133.332 |
98.337 |
167.128 |
|
(e) Other
Non-current assets |
107.968 |
22.148 |
21.000 |
|
Total Non-Current
Assets |
1937.010 |
1715.083 |
1129.595 |
|
|
|
|
|
|
(2)
Current assets |
|
|
|
|
(a)
Current investments |
0.000 |
0.000 |
62.498 |
|
(b) Inventories |
828.437 |
924.757 |
840.595 |
|
(c) Trade
receivables |
448.739 |
462.754 |
390.789 |
|
(d) Cash
and cash equivalents |
268.932 |
358.997 |
315.328 |
|
(e)
Short-term loans and advances |
201.718 |
164.728 |
187.269 |
|
(f) Other
current assets |
21.845 |
5.870 |
12.124 |
|
Total
Current Assets |
1769.671 |
1917.106 |
1808.603 |
|
|
|
|
|
|
TOTAL |
3706.681 |
3632.189 |
2938.198 |
PROFIT
& LOSS ACCOUNT
|
|
PARTICULARS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
|
|
SALES |
|
|
|
|
|
|
|
Revenue from operations |
3346.410 |
3693.746 |
4901.769 |
|
|
|
Other Income |
65.002 |
66.327 |
72.461 |
|
|
|
TOTAL (A) |
3411.412 |
3760.073 |
4974.230 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of materials consumed |
2134.127 |
2528.586 |
3358.462 |
|
|
|
Changes in inventories of finished goods, work-in-progress and stock-in-trade |
91.977 |
(146.748) |
(66.118) |
|
|
|
Employee benefit expense |
449.516 |
419.854 |
390.865 |
|
|
|
Other expenses |
323.697 |
311.231 |
363.565 |
|
|
|
TOTAL (B) |
2999.317 |
3112.923 |
4046.774 |
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
412.095 |
647.150 |
927.456 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
76.000 |
25.711 |
22.670 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
336.095 |
621.439 |
904.786 |
|
|
|
|
|
|
|
|
|
Less |
DEPRECIATION/
AMORTISATION (F) |
125.273 |
94.084 |
86.460 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
210.822 |
527.355 |
818.326 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
41.833 |
126.853 |
248.279 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
168.989 |
400.502 |
570.047 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS YEARS’
BALANCE BROUGHT FORWARD |
1372.885 |
1128.724 |
1054.738 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Proposed Final Dividend |
28.480 |
56.960 |
92.560 |
|
|
|
Interim Dividend paid |
21.360 |
42.720 |
49.840 |
|
|
|
Corporate Tax on Dividend (Interim &
final) |
8.470 |
16.611 |
23.101 |
|
|
|
Transferred to General Reserves |
16.899 |
40.050 |
57.005 |
|
|
|
Reserves utilized for buy back of shares |
0.000 |
0.000 |
260.755 |
|
|
|
Capital Redemption Reserve created |
0.000 |
0.000 |
12.800 |
|
|
BALANCE CARRIED
TO THE B/S |
1466.665 |
1372.885 |
1128.724 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Export Earnings |
293.030 |
304.5816 |
289.277 |
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
NA |
147.506 |
222.041 |
|
|
|
Capital Goods |
NA |
172.609 |
141.600 |
|
|
TOTAL IMPORTS |
NA |
320.115 |
363.641 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
119.00 |
281.00 |
380.41 |
|
CURRENT MATURITIES
OF LONG TERM DEBT DETAILS
|
Particulars |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
Current Maturities of Long term debt |
242.963 |
152.199 |
60.765 |
|
Cash generated from operations |
NA |
NA |
NA |
|
Net cash flow from (used in) operations |
177.601 |
290.407 |
969.634 |
KEY
RATIOS
|
PARTICULARS |
|
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
Net Profit Margin PAT / Sales |
(%) |
5.05 |
10.84 |
11.63 |
|
|
|
|
|
|
|
Operating Profit Margin (PBDIT/Sales) |
(%) |
12.31 |
17.52 |
18.92 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets) |
(%) |
5.82 |
18.36 |
28.41 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.12 |
0.32 |
0.60 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
0.61 |
0.53 |
0.15 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.39 |
1.54 |
1.28 |
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 |
142.400 |
142.400 |
142.400 |
|
Reserves & Surplus |
1223.894 |
1508.105 |
1618.784 |
|
Share Application money pending
allotment |
0.000 |
0.000 |
0.000 |
|
Net
worth |
1366.294 |
1650.505 |
1761.184 |
|
|
|
|
|
|
long-term borrowings |
142.359 |
729.008 |
625.379 |
|
Short term borrowings |
0.000 |
0.000 |
212.131 |
|
Current Maturities of Long term debt |
60.765 |
152.199 |
242.963 |
|
Total
borrowings |
203.124 |
881.207 |
1080.473 |
|
Debt/Equity
ratio |
0.149 |
0.534 |
0.613 |
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 |
4901.769 |
3693.746 |
3346.410 |
|
|
|
(24.645) |
(9.403) |
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
|
4901.769 |
3693.746 |
3346.410 |
|
Profit |
570.047 |
400.502 |
168.989 |
|
|
11.63% |
10.84% |
5.05% |
LOCAL AGENCY FURTHER INFORMATION
|
Sr. No. |
Check list by
info agents |
Available in
Report (Yes/No) |
|
1 |
Year of establishment |
Yes |
|
2 |
Constitution of the entity -Incorporation
details |
Yes |
|
3 |
Locality of the entity |
Yes |
|
4 |
Premises details |
No |
|
5 |
Buyer visit details |
-- |
|
6 |
Contact numbers |
Yes |
|
7 |
Name of the person contacted |
No |
|
8 |
Designation of contact person |
No |
|
9 |
Promoter’s background |
Yes |
|
10 |
Date of Birth of Proprietor / Partners /
Directors |
Yes |
|
11 |
Pan Card No. of Proprietor / Partners |
No |
|
12 |
Voter Id Card No. of Proprietor / Partners |
No |
|
13 |
Type of business |
Yes |
|
14 |
Line of Business |
Yes |
|
15 |
Export/import details (if applicable) |
No |
|
16 |
No. of employees |
No |
|
17 |
Details of sister concerns |
Yes |
|
18 |
Major suppliers |
No |
|
19 |
Major customers |
No |
|
20 |
Banking Details |
Yes |
|
21 |
Banking facility details |
Yes |
|
22 |
Conduct of the banking account |
-- |
|
23 |
Financials, if provided |
Yes |
|
24 |
Capital in the business |
Yes |
|
25 |
Last accounts filed at ROC, if applicable |
Yes |
|
26 |
Turnover of firm for last three years |
Yes |
|
27 |
Reasons for variation <> 20% |
-- |
|
28 |
Estimation for coming financial year |
No |
|
29 |
Profitability for last three years |
Yes |
|
30 |
Major shareholders, if available |
Yes |
|
31 |
External Agency Rating, if available |
Yes |
|
32 |
Litigations that the firm/promoter
involved in |
Yes |
|
33 |
Market information |
-- |
|
34 |
Payments terms |
No |
|
35 |
Negative Reporting by Auditors in the
Annual Report |
No |
OPERATIONS
The Company achieved a turnover of Rs.3346.400 Million during the financial yearas against Rs.3693.700 Million during the corresponding financial year by selling 1,757 CNC lathes during the current year as against 1,905 CNC lathes. The current year turnover has declined by 9.40% over the previous year. The decline in turnover is due to poor market conditions, slowdown of automobile, general engineering and infrastructure based industries. The other income is Rs.65.000 Million. Depreciation for the year is Rs.125.200 Million as compared to Rs.94.000 Million during the corresponding year. The additional depreciation is on account of capitalization of foundry division fixed assets during the year; The Company achieved Earnings Before Interest Tax and Depreciation (EBITDA) of Rs.412.000 Million as compared to Rs.647.100 Million during the corresponding year by registering a
Negative growth of 36.33%. The year under review was challenging from many fronts.
During the year per unit realization from standard products got reduced due to stiff competition for such products from unorganized sector. Realization from premium products and tooled up products remained flat. In terms of numbers also there is slight decrease in sale of standard products and premium products. The company saw almost stagnation in revenues throughout the year due to sluggish demand. New initiatives were taken to increase market penetration like House show for Simple turn and conventional machine at Factory and other MMT Tech centers, which is expected to give result in FY 2014-15.
In order to improve operational efficiency, product group based Divisions was created. High Volume Machine (HMV) series like Jobber, Jobber XL, Jobber Jr., Super Jobber etc., were all clubbed and a separate division was created. This division (Plant II) was made as a separate Strategic Business Unit. Required infrastructure facilities like man-power and other resources were re-grouped and made to report to Head of HVM division. On a similar line rest of the products i.e., Apollo Tutor, Cub-Colt, Premium, Simple Turn and XL series were collated and individual product heads were made responsible for sales growth. Rest of the product group was continued to operate from Main plant. Functions like Finance, HR, IT, were made to serve both the divisions as common services.
During the year the Company has successfully completed the commissioning of state-art Foundry Division at Thyamagondlu Hobli, Nelamangala, and Bangalore. The new Foundry plant was inaugurated in August, 2013 by Mr. Vidyashankar IAS Principal Secretary, Govt. of Karnataka as the Chief Guest. Member of Legislative Assembly (MLA) Dr. Srinivas Murthy presided over the inaugural event. Foundry with its initial hiccups has performed well and has touched 25% of its capacity by year end and it is expected to reach full capacity in FY 2014-15.The project got completed within its revised budget. The installed capacity of newly commissioned foundry plant is 12,000 M.T per annum and will meet most of Company’s input casting requirements. With this in house Foundry unit operational, the Company is fully equipped to meet customer needs and demands. Further expansion plan of CNC assembly unit is on hold temporarily and will be taken up during the current financial year 2014-15.
LITIGATION DETAILS:
Lower
Court Details [Appeal from below case.]
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||
INDEX OF CHARGE:
|
Sr. No. |
Charge ID |
Date of Charge
Creation/Modification |
Charge amount
secured |
Charge Holder |
Address |
Service Request
Number (SRN) |
|
1 |
10388496 |
16/11/2012 |
250,000,000.00 |
SYNDICATE BANK |
INDUSTRIAL FINANCE BRANCH, MANIPAL CETNRE, II FLOOR, BANGALORE, KARNATAKA - 560043, INDIA |
B62782875 |
|
2 |
10335783 |
08/08/2012 * |
450,000,000.00 |
STANDARD CHARTERED BANK |
# 112, SERENITY, 3RD FLOOR, EAST WING,, KORAMANGALA INDL AREA, 5TH BLOCK, KORAMANGALA, BANGALORE, KARNATAKA - 560095, INDIA |
B45507399 |
|
3 |
10337548 |
22/05/2012 * |
250,000,000.00 |
EXPORT- IMPORT BANK OF INDIA |
CENTRE ONE BUILDING, FLOOR 21, WORLD TRADE CENTER, CUFFE PARADE, MUMBAI, MAHARASHTRA - 400005, INDIA |
B41625997 |
|
4 |
10330850 |
16/11/2012 * |
550,000,000.00 |
SYNDICATE BANK |
INDUSTRIAL FINANCE BRANCH, MANIPAL CETNRE, II FLOOR, BANGALORE, KARNATAKA - 560043, INDIA |
B62782958 |
|
5 |
10269632 |
04/08/2011 * |
107,000,000.00 |
STANDARD CHARTERED BANK |
RAHEJA TOWERS, 6TH FLOOR, # 26-27,, BANGALORE, KARNATAKA - 560001, INDIA |
B17762576 |
|
6 |
10070140 |
08/08/2012 * |
155,000,000.00 |
STANDARD CHARTERED BANK |
3RD FLOOR,
VAISHNAVI SERENITY, 112, KORAMANGALA INDUSTRIAL AREA, 5TH BLOCK, KORAMANGAL,
BANGALORE, |
B45507845 |
*Date of modification Charges
FIXED ASSETS:
· Land
· Buildings
· Factory building
· Plant and equipment
· Other plant and equipment
· Furniture and fixtures
· Vehicles
· Motor vehicles
· Office equipment
· Computer equipments
· 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 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 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.66.23 |
|
|
1 |
Rs.101.22 |
|
Euro |
1 |
Rs.74.33 |
INFORMATION DETAILS
|
Information
Gathered by : |
DIP |
|
|
|
|
Analysis Done by
: |
DIV |
|
|
|
|
Report Prepared
by : |
NKT |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
8 |
|
PAID-UP CAPITAL |
1~10 |
7 |
|
OPERATING SCALE |
1~10 |
7 |
|
FINANCIAL
CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
7 |
|
--PROFITABILITY |
1~10 |
7 |
|
--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 |
YES |
|
--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 |
|
64 |
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.