MIPL-Logo

3decades

 

MIRA INFORM REPORT

 

 

Report No. :

502375

Report Date :

09.04.2018

 

 

 

IDENTIFICATION DETAILS

 

Name :

AUNDE INDIA LIMITED (w.e.f. 15.11.2010)

 

 

Formerly Known As :

AUNDE FAZE THREE LIMITED (w.e.f. 09.06.2008)

 

AUNDE FAZE THREE AUTOFAB LIMITED

 

 

Registered Office :

Plot No. 146, Waghdhara Village, Dadra -396191, Union Territory of Dadra and Nagar Haveli

Tel. No.:

91-22-66188777

 

 

Country :

India

 

 

Financials (as on) :

31.03.2017

 

 

Date of Incorporation :

03.10.1997

 

 

Com. Reg. No.:

54-000196

 

 

Capital Investment / Paid-up Capital :

INR 107.232 Million

 

 

CIN No.:

[Company Identification No.]

L17120DN1997PLC000196

 

 

IEC No.:

[Import-Export Code No.]

0398002461

 

 

TAN No.:

[Tax Deduction & Collection Account No.]

Not Available

 

 

GSTN :

[Goods & Service Tax Registration No.]

26AACCA4981F1ZQ

 

 

PAN No.:

[Permanent Account No.]

AACCA4981F

 

 

Legal Form :

A Public Limited Liability Company. The Company’s Shares are Listed on the Stock Exchanges.

 

 

Line of Business :

Subject is engaged in Manufacturing of Automotive Fabrics. [Registered Activity]

 

 

No. of Employees :

Information declined by the management (Approximately)

 

 

RATING & COMMENTS

(Mira Inform has adopted New Rating mechanism w.e.f. 23rd January 2017)

 

MIRA’s Rating :

A

 

Credit Rating

Explanation

Rating Comments

A

Acceptable Risk

Business dealings permissible with moderate risk of default

 

Status :

Satisfactory

 

 

Payment Behaviour :

Usually correct

 

 

Litigation :

Clear

 

 

Comments :

Aunde India Limited was incorporated on 3rd October 1997. The company is engaged in manufacturing of Automotive Fabrics and is a nominated supplier to all the major OEM's in India viz. Hyundai, Ford, Maruti Suzuki, Honda, Mahindra, Toyota, Renualt, Nissan, etc.

 

The company currently has around 31-33% market share of the total Automotive Fabrics consumption in India (including cars exported out of India).

 

As per the quarterly results of December 2017, has achieved sales turnover of INR 308.1 million but it has incurred operational losses.

 

For the financial year ended 2017, the company has reported a decline in its revenue as compared to the previous year’s revenue but has managed to maintain an average net profit margin of 2.07%.

 

The company possesses healthy financial position marked by above average net worth base along with acceptable debt level and moderate liquidity position.

 

However, rating is constrained on account of working capital intensive operations, susceptibility to volatility in raw material prices and average financial risk profile.

 

Business is active. Payment seems to be usually correct.

 

In view of aforesaid, the company can be considered for business dealings at usual trade terms and condition.

 

NOTES :

Any query related to this report can be made on e-mail : infodept@mirainform.com while quoting report number, name and date.

 

 

EXTERNAL AGENCY RATING

 

Rating Agency Name

CRISIL RATING

Rating

Long Term Rating = BB+

Rating Explanation

Moderate risk of default

Date

01.02.2018

 

Rating Agency Name

CRISIL RATING

Rating

Short Term Loans = A4+

Rating Explanation

Minimal degree of safety and very high credit risk

Date

01.02.2018

 

 

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 31-03-2018.

 

 

BIFR (Board for Industrial & Financial Reconstruction) LISTING STATUS

 

Subject’s name is not listed as a Sick Unit in the publicly available BIFR (Board for Industrial & Financial Reconstruction) list as of 09.04.2018.

 

 

IBBI (Insolvency and Bankruptcy Board of India) LISTING STATUS

 

Subject’s name is not listed in the publicly available IBBI (Insolvency and Bankruptcy Board of India) list as of report date.

 

 

INFORMATION DENIED

 

Management Non-Cooperative [Tel.  No.: 91-22-6618877 / 62421313]

 

Tel. No.: 91-260-66188777 Ringing.

 

 

LOCATIONS

 

Registered Office/Factory :

Plot No. 146, Waghdhara Village, Dadra -396191, Union Territory of Dadra and Nagar Haveli , India

Tel. No.:

91-260-2668539

Fax No.:

91-260-2668501

E-Mail :

dadra@aundefaze3.com

secretarial@aundefaze3.com

info@aundeundia.com

Website:

http://www.aundeindia.com

 

 

Corporate Office :

63-64, Mittal Court, C Wing, Nariman Point, Mumbai – 400 021, Maharashtra, India

Tel. No.:

91-22-62421313 / 43514444

Fax No.:

91-22-22872637

E-Mail :

info@aundefaze3.com

 

 

Manufacturing Unit :

Plot No. 146, Waghdhara Village Dadra, Union Territory of Dadra  and Nagar Haveli, India

Tel. No.:  

91-260-2668539

Fax No.:

91-260-2668501

E-Mail :

dadra@aundeindia.com

 

 

Delhi Sales Office :

10C, Big Jo’s Towers, Netaji Subhash Place, Pittampura, New Delhi – 110034, India

Tel. No.:

91-22-27352449

Fax No.:

91-22-27353635

E-Mail :

sales@aundeindia.com

 

 

DIRECTORS

 

As on 31.03.2017

 

Name :

Mr. Ajay Anand

Designation :

Managing Director

Address :

91-92, Ritu Apartments, 1/113 Dongershi Road, Walkeshwar, Mumbai - 400006, Maharashtra, India

Qualification :

Graduate

Experience :

25 years of experience in Textile Industry

Date of Appointment :

01.04.2009

DIN No.:

00373248

 

 

Name :

Mr. Rolf Konigs

Designation :

Director

Address :

41063, Monchengladbach, Viersener, Strasse, Viersener Strasse - 380, Germany

Qualification :

Business Graduate

Date of Birth :

19.08.1941

Experience :

More than 4 Years

Date of Appointment :

22.05.2000

DIN No.:

06500166

 

 

Name :

Mr. Bheemanna Bindanna Chikkerur

Designation :

Director

Address :

Poomaprajna, Manjunathpur, Malamaddi, Dharward, Dharward 580007 Ka 

Qualification :

Inter CA

Experience :

More than 8 Years

Date of Birth :

27.03.19656

Date of Appointment :

21.12.2015

DIN No.:

07371496

 

 

Name :

Mr. Manan Manoj Shah

Designation :

Additional Director

Address :

E - 619, Veena Santoor, Saibaba Nagar Extention Road, Opposite Sachin Tendulkar Gymkhana, Borivali (West), Mumbai – 400092, Maharashtra, India  

Date of Appointment :

13.02.2017

DIN No.:

07589737

 

 

Name :

Ms. Shweta Jayantilal Jain

Designation :

Additional Director

Address :

A-3/310, Siddhivinayak Apartments, K.K Marg Saat Rasta, Jacob Circle, Mumbai – 400011, Maharashtra, India

Date of Appointment :

09.09.2016

DIN No.:

07589768

 

 

Name :

Mr. Vinit Arvind Rathod

Designation :

Additional Director

Address :

A-203, Prathamesh Residency, 2nd Floor, Dadabhai Road, Andheri (West), Mumbai – 400058, Maharashtra, India

Date of Appointment :

09.09.2016

DIN No.:

07589863

 

 

KEY EXECUTIVES

 

Name :

Mr. Viswanathan Sivakumar

Designation :

Chief Finance Officer

Address :

Flat No.203, Building Gulmohar, B Park City, Silvassa – 396230, Dadra and Nagar Haveli, India

Date of Appointment :

15.07.2016

PAN No.:

ADBPV7086K

 

 

Name :

Mr. Akram Hasan Sati

Designation :

Company Secretary

Address :

109, Mulund Sanghmitra CHS, Dr. R P Road, Mumbai – 400080, Maharashtra, India

Date of Appointment :

22.02.2017

PAN No.:

CZVPS7195G

 

 

Name :

Ms. Jovita Reema Mathias

Designation :

Company Secretary

 

 

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

 

As on 31.12.2012

 

Category of shareholder

Total nos. shares held

Shareholding as a % of total no. of shares (calculated as per SCRR, 1957)As a % of (A+B+C2)

(A) Promoter & Promoter Group

80,14,201

74.74

 

(B) Public

27,09,006

25.26

 

Grand Total

1,07,23,207

100.00

 

 

 

Statement showing shareholding pattern of the Promoter and Promoter Group

 

Category of shareholder

Total nos. shares held

Shareholding as a % of total no. of shares (calculated as per SCRR, 1957)As a % of (A+B+C2)

A1) Indian

0.00

 

Individuals/Hindu undivided Family

12,97,726

12.10

 

Ajay Anand (HUF) HUF

4,35,000

4.06

 

Vishnu Anand

5,625

0.05

 

Sanjay Anand

71,100

0.66

 

Anand Rashmi

2,13,750

1.99

 

Rohina Anand

7,000

0.07

 

Anand Ajay

5,65,251

5.27

 

Any Other (specify)

21,25,275

19.82

 

Instyle Investments Private Limited

21,19,575

19.77

 

Anadry Investments Private Limited

5,700

0.05

 

Sub Total A1

34,23,001

31.92

 

A2) Foreign

0.00

 

Any Other (specify)

45,91,200

42.82

 

Aunde Achter & Ebels GMBH

45,91,200

42.82

 

Sub Total A2

45,91,200

42.82

 

A=A1+A2

80,14,201

74.74

 

 

Statement showing shareholding pattern of the Public shareholder

 

Category & Name of the Shareholders

Total no. shares held

Shareholding % calculated as per SCRR, 1957 As a % of (A+B+C2)

B1) Institutions

0.00

 

Mutual Funds/

150

0.00

 

Financial Institutions/ Banks

150

0.00

 

Sub Total B1

300

0.00

 

B2) Central Government/ State Government(s)/ President of India

0.00

 

B3) Non-Institutions

0.00

 

Individual share capital upto INR 0.200 Million

9,10,222

8.49

 

Individual share capital in excess of INR 0.200 Million

2,49,920

2.33

 

Any Other (specify)

15,48,564

14.44

 

Casa Serai Resorts Private Limited

1,99,100

1.86

 

Foresight Holdings Private Limited

5,87,256

5.48

 

Desana Impex Limited

2,37,005

2.21

 

Makarand Exim Private Limited

3,92,150

3.66

 

Sub Total B3

27,08,706

25.26

 

B=B1+B2+B3

27,09,006

25.26

 

 

 

BUSINESS DETAILS

 

Line of Business :

Subject is engaged in Manufacturing of Automotive Fabrics. [Registered Activity]

 

 

Products :

Item Code No.

Product Description

2476

Weaving and finishing of artificial / synthetic textile fabrics on power looms (Automotive Textile)

 

 

Brand Names :

Not Divulged

 

 

Agencies Held :

Not Divulged

 

 

Exports :

Not Divulged

 

 

Imports :

Not Divulged

 

 

Terms :

Not Divulged

 

PRODUCTION STATUS NOT AVAILABLE

 

 

GENERAL INFORMATION

 

Suppliers :

Reference :

Not Divulged

Name of the Person :

--

Contact No.:

--

Since How Long Known :

--

Maximum Limit Dealt :

--

Experience :

--

Remark:

--

 

 

Customers : [From Indirect Source]

 

Reference :

Ford

Name of the Person :

--

Contact No.:

--

Since How Long Known :

--

Maximum Limit Dealt :

--

Experience :

--

Remark:

--

 

  • Hyundai
  • Maruti Suzuki
  • Honda
  • Mahindra
  • Toyota
  • Renualt
  • Nissan

 

 

No. of Employees :

Information declined by the management

 

 

Bankers :

Bank Name

Not Divulged

Branch

--

Person Name (With Designation)

--

Contact Number

--

Name of Account Holder

--

Account Number

--

Account Since (Date/Year of Account Opening)

--

Average Balance Maintained (If Possible)

--

Credit Facilities Enjoyed (If any)

--

Account Operation

--

Remarks (If any)

--

 

 

Facilities :

Secured Loan

31.03.2017

(INR in Million)

31.03.2016

(INR in Million)

Long-term Borrowings

 

 

Term loan from Bank

182.800

192.670

Other Loans

0.350

1.838

[Against hypothecation of vehicles]

 

 

 

 

 

Short-term borrowings

 

 

Loans repayable on demand from banks

192.881

212.161

 

 

 

Total

376.031

406.669

 

NOTES:

 

LONG TERM BORROWINGS

 

The term loans from Saraswat Bank are secured by way of hypothecation of specific Plant & Machineries/ Fixed assets purchased / installed out of the sanctioned Term Loans and collaterally secured by way of EMT of Land & Building at Plot No. 146/145(1)/147/148/1/2, Waghdhara Village Road, Dadra - 396 193, Union Territory of Dadra and Nagar Haveli and further charge on entire Plant & Machineries installed at Survey No 356/1 & 2, Village Dadra, Dadra-396193, and Plot no. 71, Phase - 1, Indl Area, GIDC, Vapi-396195.

 

SHORT TERM BORROWINGS

 

Cash Credit from Saraswat Bank is secured by way of hypothecation of inventories of Raw Materials, Semi-finished Goods & Finished Goods of Auto Fabrics including imported Laminated and coated materials and Book Debts as Primary and Collaterally secured by way of EMT of Land & Building at Plot No. 146/145(1)/147/148/1/2, Waghdhara Village Road, Dadra - 396 193, Union Territory of Dadra and Nagar Haveli and hypothecation of Inventories/Plant & Machineries installed at Survey No.356/1-2, Village Dadra, Dadra-396193 & Plot No.71, Phase 1, Indl Area, GIDC,Vapi-396195. The sanctioned limit by the Bank is Rupees 21.50 Crore and the applicable rate of interest is PLR -1.25%

 

Auditors 1 :

 

Name :

Majibail and Company

Chartered Accountants

Address :

106, J. P. Road, Andheri (West), Mumbai - 400058, Maharashtra, India

 

 

Auditors 1 :

 

Secretarial Auditor :

 

Name :

Sanjay Sholakia and Associates

Company Secretory

 

 

Memberships :

Not Available

 

 

Collaborators :

Not Available

 

 

Venturer :

Aunde Achter and Ebels GMBH

 

 

Associate :
  • Madhyam Vinimay Private Limited
  • Faze Three Limited

 

 

CAPITAL STRUCTURE

 

As on 31.03.2017

 

Authorised Capital :

No. of Shares

Type

Value

Amount

 

 

 

 

11000000

Equity Shares

INR 10/- each

INR 110.000 Million

 

 

 

 

 

Issued, Subscribed & Paid-up Capital :

No. of Shares

Type

Value

Amount

 

 

 

 

10723207

Equity Shares

INR 10/- each

INR 107.232 Million

 

 

 

 

 

  1. Reconciliation of the shares outstanding at the beginning and at the end of the reporting period

 

Particulars

31.03.2017

No. of Shares

INR In Million

At the beginning of the year

10723207

107.232

Issued during the year

--

 

Bought back during the year

--

 

Outstanding at the end of the year

10723207

107.232

 

  1. Terms/rights attached to Equity Shares

The Company has only one class of Equity shares having a par value of INR 10/- per share. All the equity shares rank pari passu in all respect.

 

  1. The Company has not issued bonus shares and shares for consideration other than cash nor the Company has bought back any shares during the previous year.

 

  1. Details of shareholders holding more than 5% shares in the Company

No. of Shareholders

31.03.2017

No. of Shares

% of holding

Equity Shares of INR 10/- each fully paid

 

 

Aunde Achter & Ebels Gmbh

4591200

42.82

Ajay Anand

565251

5.77

Instyle Investments Private Limited

2119575

19.77

Foresight Holdings Private Limited

587256

5.48

 

 

 

FINANCIAL DATA

[all figures are in INR Million]

 

ABRIDGED BALANCE SHEET

 

SOURCES OF FUNDS

31.03.2017

31.03.2016

31.03.2015

 

 

 

 

I.              EQUITY AND LIABILITIES

 

 

 

(1)Shareholders' Funds

 

 

 

(a) Share Capital

107.232

107.232

107.232

(b) Reserves & Surplus

248.959

223.415

213.305

(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)

356.191

330.647

320.537

 

 

 

 

(3) Non-Current Liabilities

 

 

 

(a) long-term borrowings

442.366

453.724

285.895

(b) Deferred tax liabilities (Net)

45.768

54.268

56.127

(c) Other long term liabilities

0.000

0.000

0.000

(d) long-term provisions

2.786

1.865

53.399

Total Non-current Liabilities (3)

490.920

509.857

395.421

 

 

 

 

(4) Current Liabilities

 

 

 

(a) Short term borrowings

192.881

212.161

356.281

(b) Trade payables

170.292

209.198

239.815

(c) Other current liabilities

22.937

55.978

100.809

(d) Short-term provisions

1.710

5.958

6.150

Total Current Liabilities (4)

387.820

483.295

703.055

 

 

 

 

TOTAL

1234.931

1323.799

1419.013

 

 

 

 

II.          ASSETS

 

 

 

(1) Non-current assets

 

 

 

(a) Fixed Assets

 

 

 

(i) Tangible assets

500.249

519.311

530.995

(ii) Intangible Assets

0.000

0.000

0.000

(iii) Capital work-in-progress

2.489

3.758

31.370

(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

29.064

27.485

26.735

(e) Other Non-current assets

0.000

0.000

0.000

Total Non-Current Assets

531.802

550.554

589.100

 

 

 

 

(2) Current assets

 

 

 

(a) Current investments

0.000

0.000

0.000

(b) Inventories

322.774

374.540

435.750

(c) Trade receivables

334.854

335.514

264.651

(d) Cash and cash equivalents

16.704

19.294

34.918

(e) Short-term loans and advances

27.966

33.317

81.642

(f) Other current assets

0.831

10.580

12.952

Total Current Assets

703.129

773.245

829.913

 

 

 

 

TOTAL

1234.931

1323.799

1419.013

 

 

PROFIT & LOSS ACCOUNT

 

 

PARTICULARS

31.03.2017

31.03.2016

31.03.2015

 

SALES

 

 

 

 

Income

1236.019

1249.583

800.076

 

Other Income

5.665

6.077

11.638

 

TOTAL

1241.684

1255.660

811.714

 

 

 

 

 

Less

EXPENSES

 

 

 

 

Cost of Materials Consumed

695.307

735.113

495.306

 

Changes in inventories of finished goods, work-in-progress and Stock-in-Trade

53.770

77.541

13.683

 

Employees benefits expense

86.829

73.854

51.860

 

Other expenses

292.686

299.819

229.549

 

TOTAL

1128.592

1186.327

790.398

 

 

 

 

 

 

PROFIT/ (LOSS)  BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION

113.092

69.333

21.316

 

 

 

 

 

Less

FINANCIAL EXPENSES

54.465

8.627

31.396

 

 

 

 

 

 

PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION

58.627

60.706

(10.080)

 

 

 

 

 

Less

DEPRECIATION/ AMORTISATION

41.585

45.238

62.802

 

 

 

 

 

 

PROFIT/ (LOSS)  BEFORE TAX

17.042

15.468

(72.882)

 

 

 

 

 

Less

TAX

(8.502)

(1.604)

(24.705)

 

 

 

 

 

 

PROFIT/ (LOSS)  AFTER TAX 

25.544

17.072

(48.177)

 

 

 

 

 

 

IMPORTS

 

 

 

 

Raw Materials

37.358

49.600

 NA

 

Components and Stores parts

2.913

2.052

 NA

 

Capital Goods

9.095

7.198

 NA

 

TOTAL IMPORTS

49.366

58.850

NA

 

 

 

 

 

 

Earnings / (Loss) Per Share (INR)

2.38

1.59

(4.49)

 

 

CURRENT MATURITIES OF LONG TERM DEBT DETAILS

 

Particulars

 

31.03.2017

31.03.2016

31.03.2015

Current Maturities of Long term debt

9.720

33.596

NA

Cash generated from operations

NA

NA

NA

Net cash flow from operating activity

103.534

(18.186)

NA

 

 

QUARTERLY RESULTS

 

PARTICULARS

 

30.06.2017

1ST Quarter

30.09.2017

2nd Quarter

31.12.2017

3rd Quarter

 

Unaudited

Unaudited

Unaudited

Net Sales

270.300

296.000

308.100

Total Expenditure

248.300

312.800

371.800

PBIDT (Excl OI)

22.000

(16.800)

(63.700)

Other Income

1.900

0.500

0.200

Operating Profit

23.900

(16.300)

(63.500)

Interest

11.700

10.400

10.700

Exceptional Items

NA

NA

NA

PBDT

12.300

(26.700)

(74.200)

Depreciation

10.600

10.600

10.500

Profit Before Tax

1.700

(37.300)

(84.700)

Tax

0.000

NA

NA

Provisions and contingencies

NA

NA

NA

Profit After Tax

1.700

(37.300)

(84.700)

Extraordinary Items

NA

NA

NA

Prior Period Expenses

NA

NA

NA

Other Adjustments

NA

NA

NA

Net Profit

1.700

(37.300)

(84.700)

 

 

KEY RATIOS

 

EFFICIENCY RATIOS

 

PARTICULARS

 

31.03.2017

31.03.2016

31.03.2015

Average Collection Days

(Sundry Debtors / Income * 365 Days)

98.88

98.00

120.74

 

 

 

 

Account Receivables Turnover

(Income / Sundry Debtors)

3.69

3.72

3.02

 

 

 

 

Average Payment Days

(Sundry Creditors / Purchases * 365 Days)

89.39

103.87

176.72

 

 

 

 

Inventory Turnover

(Operating Income / Inventories)

0.35

0.19

0.05

 

 

 

 

Asset Turnover

(Operating Income / Net Fixed Assets)

0.22

0.13

0.04

 

 

LEVERAGE RATIOS

 

PARTICULARS

 

31.03.2017

31.03.2016

31.03.2015

Debt Ratio

((Borrowing + Current Liabilities) / Total Assets)

0.67

0.71

0.70

 

 

 

 

Debt Equity Ratio

(Total Liability / Networth)

1.78

2.01

2.00

 

 

 

 

Current Liabilities to Networth

(Current Liabilities / Net Worth)

1.09

1.46

2.19

 

 

 

 

Fixed Assets to Networth

(Net Fixed Assets / Networth)

1.41

1.58

1.75

 

 

 

 

Interest Coverage Ratio

(PBIT / Financial Charges)

2.08

8.04

0.68

 

 

PROFITABILITY RATIOS

 

PARTICULARS

 

 

31.03.2017

31.03.2016

31.03.2015

Net Profit Margin

((PAT / Sales) * 100)

%

2.07

1.37

(6.02)

 

 

 

 

 

Return on Total Assets

((PAT / Total Assets) * 100)

%

2.07

1.29

(3.40)

 

 

 

 

 

Return on Investment (ROI)

((PAT / Networth) * 100)

%

7.17

5.16

(15.03)

 

 

SOLVENCY RATIOS

 

PARTICULARS

 

31.03.2017

31.03.2016

31.03.2015

Current Ratio

(Current Assets / Current Liabilities)

1.81

1.60

1.18

 

 

 

 

Quick Ratio

((Current Assets – Inventories) / Current Liabilities)

0.98

0.82

0.56

 

 

 

 

G-Score Ratio Financial

(Networth / Total Assets)

0.29

0.25

0.23

 

 

 

 

G-Score Ratio Debt

(Debts / Equity Capital)

5.92

6.21

5.99

 

 

 

 

G-Score Ratio Liquidity

(Total Current Assets / Total Current Liabilities)

1.81

1.60

1.18

Total Liability = Short-term Debt + Long-term Debt + Current Maturities of Long-term debts

 

 

STOCK PRICES

 

Face Value

INR 10.00/-

Market Value

INR 58.95/-

 

 

FINANCIAL ANALYSIS

[all figures are INR Million]

 

DEBT EQUITY RATIO

 

Particular

31.03.2015

31.03.2016

31.03.2017

 

INR In Million

INR In Million

INR In Million

Share Capital

107.232

107.232

107.232

Reserves & Surplus

213.305

223.415

248.959

Net worth

320.537

330.647

356.191

 

 

 

 

long-term borrowings

285.895

453.724

442.366

Short term borrowings

356.281

212.161

192.881

Total borrowings

642.176

665.885

635.247

Debt/Equity ratio

2.003

2.014

1.783

 

 

 

YEAR-ON-YEAR GROWTH

 

Year on Year Growth

31.03.2015

31.03.2016

31.03.2017

 

INR In Million

INR In Million

INR In Million

Sales

800.076

1249.583

1236.019

 

 

56.183

(1.085)

 

 

 

NET PROFIT MARGIN

 

Net Profit Margin

31.03.2015

31.03.2016

31.03.2017

 

INR In Million

INR In Million

INR In Million

Sales

800.076

1249.583

1236.019

Profit

(48.177)

17.072

25.544

 

(6.02%)

1.37%

2.07%

 

 

 

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

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

No

35

Negative Reporting by Auditors in the Annual Report

No

 

 

 

 

UNSECURED LOAN

 

Unsecured Loan

31.03.2017

(INR in Million)

31.03.2016

(INR in Million)

Long-term Borrowings

 

 

Unsecured loans

259.216

259.216

 

 

 

Total

259.216

259.216

 

 

CORPORATE INFORMATION

 

Subject is a Public Company incorporated and domiciled in India. The Company’s equity shares are listed on the Bombay Stock Exchange. The Company is engaged in manufacturing of Automotive Fabrics and is a nominated supplier to all the major OEM's in India viz. Hyundai, Ford, Maruti Suzuki, Honda, Mahindra, Toyota, Renualt, Nissan, etc.

 

 

HIGHLIGHTS OF PERFORMANCE

 

The Company’s total revenue from operations stood at INR 1236.019 Million and the revenue for previous year stood at INR 1249.583 Million, The revenue from operation comprises of Domestic Sales of INR 1197.551 Million and Exports INR 38.468 Million. The Company earned Profit before Interest, Tax, Depreciation and Amortization, finance cost and exceptional items of INR 113.093 Million and profit after tax of INR 25.544 Million as compared to Profit of INR 17.072 Million for the previous year ended 2015-16

 

 

PERFORMANCE OVERVIEW:

 

The Company is into manufacturing of passenger car seating fabric and a nominated supplier by OEM’s being Maruti Suzuki, Ford India, Hyundai, Mahindra & Mahindra, TATA, Toyota, Honda, Renualt-Nissan, etc. AUNDE India holds a significant place in the Indian technical textile Industry in the automotive fabrics as there are fewer players in the segment. The Company currently has around 31-33% market share of the total Automotive Fabrics consumption in India (including cars exported out of India). The company expects to capture additional market share to become a dominant player having at least 45-50% share by 2021.

 

The growth and market position is achieved by Aunde India due to various tie ups with global companies out of US, Japan, China, South Korea, etc. and other members companies globally of the Aunde Group. The strong foothold of the Company in the Market is due to its continuous Innovative offerings both in technology and design, consistent quality performance and timely execution at competitive rates.

 

 

MANAGEMENT DISCUSSION AND ANALYSIS REPORT

 

Economic and Business overview

 

The Government has been making efforts to improve the business environment in the country and boost manufacturing and overall business environment

 

Indian economy remains strong, with robust economic growth, strong fiscal consolidation, low current account deficit, higher agricultural output, growing FDI, low inflation and higher wages in rural areas. Favorable monsoons boosted agriculture and rural consumption, while urban consumption remained robust. During FY 17, the demand remained stable with an exception from Nov-Jan during which owing to demonetization leading to cash crunch, demand uncertainty, etc. The implementation of the GST is a great boost to the economy, it is expected to have positive benefits on reducing transit time, working capital efficiency, bring costs rationalization, etc. over a period of time.

 

 

Technical Textiles / Automotive Fabrics

 

Indian Passenger Car segment has been growing with stable growth rate of 8-10% however the quality of growth in the last few years has come in from low cost / basic car variants and exports of vehicles out of India by OEM’s. Majority (3/4th) of the Indian Car industry is dominated by Maruti Suzuki & Hyundai with all other OEM having the balance share. The Automotive Fabrics Industry is directly linked to the growth in passenger car segment and its consumption of fabrics. Other than Automotive Fabrics which are consumed in majority, low cost car variants use Vinyl (PVC) for cost reduction and high end variants use Leather / Leatherites and value added fabrics, both of the aforesaid segment form at least 20-25% of the total consumption and the same is growing by the day. Key aspects of success in this industry are continuous innovation without adding costs, quality performance & timely execution, long term cost competitiveness, capacities, etc. The company operates in the limited area of automotive fabrics only whereas Technical Textiles as such has a wide gamut of applications

 

 

COMPANY OVERVIEW AND OUTLOOK

 

The Company is engaged in manufacturing and supply of automotive textiles (specialized in Passenger Vehicles fabrics) to OEM’s. It is also engaged in the manufacturing of fabrics used in Auditoriums, Luxury Buses and Railway Coaches. Aunde has continuously evolved in development planning and execution strategy to align with specific product needs and standardization of processes. There is constant interaction taking place with OEMs to showcase innovative capabilities which are in sync with the themes / vision of the OEM’s for the future launches. This is enabled by Strategic tie ups globally and inputs drawn from Aunde group globally. The other set of factors that drive all new developments towards Aunde is QDS (Quality, Delivery & Service). Quality levels were drastically improved and 100% compliance to delivery schedules followed with all OEMs. Since all OEMs are Just in Time customers, the inventory flow management is key to gain QDS points.

 

In terms of Total Revenue, the year gone by has been flat with slight de-growth over the last year mainly on account lower volumes as compared to last year. There was a good improvement in EBIDTA owing to savings on account of rationalization of overheads and better efficiency. The coming year is also expected to remain at similar levels in terms of volume, total revenue and profitability. Almost 75% of the total supplies for the last two years has been to 3 major OEMs being Maruti Suzuki, Hyundai & Ford India. The Company is making efforts to gain market share in the current segment and evaluating other avenues of growth including setting up cut & sew (seat covers), etc. in a long run

 

 

INDEX OF CHARGES:

 

Charges Registered

SNo

SRN

Charge Id

Charge Holder Name

Date of Creation

Date of Modification

Date of Satisfaction

Amount

Address

1

G68409747

100137005

The Saraswat Co-operative Bank Limited

18/11/2017

-

-

37100000.0

SME Nariman Point Branch, Mittal Court,A Wing, 1st floor, Vidhan Bhavan Marg,mUMBAIMH400021IN

2

C74383456

10609935

The Saraswat co-op. Bank Limited

27/11/2015

-

-

265000000.0

SME Nariman Point Branch,Mittal Court, A wing,1st floor, Vidhan Bhavan Marg, Nariman Point,MumbaiMH400021IN

3

C02281004

10488143

The Saraswat Co-operative Bank Limited

25/03/2014

-

-

30000000.0

The Saraswat Co-operative Bank Limited1st floor, Ranade Road, Dadar,MumbaiMH400028IN

4

B85120467

10449318

THE SARASWAT CO-OPERATIVE BANK LTD.

26/08/2013

-

-

34530000.0

SMALL AND MEDIUM ENTERPRISES BRANCH,POPATLAL NIWAS, 1ST FLOOR, RANADE ROAD, DADAR,MUMBAIMH400028IN

5

B83518894

10445966

THE SARASWAT CO-OPERATIVE BANK LTD.

14/08/2013

-

-

5000000.0

SMALL AND MEDIUM ENTERPRISES BRANCH,POPATLAL NIWAS, 1ST FLOOR, RANADE ROAD, DADAR,MUMBAIMH400028IN

6

B83518100

10445103

THE SARASWAT CO-OPERATIVE BANK LTD.

08/08/2013

14/08/2013

-

37500000.0

SMALL AND MEDIUM ENTERPRISES BRANCH,POPATLAL NIWAS, 1ST FLOOR, RANADE ROAD, DADAR,MUMBAIMH400028IN

7

B79580478

10436767

THE SARASWAT CO-OPERATIVE BANK LTD.

02/07/2013

-

-

8900000.0

SMALL AND MEDIUM ENTERPRISES BRANCH,POPATLAL NIWAS, 1ST FLOOR, RANADE ROAD, DADAR,MUMBAIMH400028IN

8

B73301624

10420100

THE SARASWAT CO-OPERATIVE BANK LTD.

28/03/2013

-

-

3000000.0

SMALL AND MEDIUM ENTERPRISES BR, POPATLAL NIWAS,1ST FLR, RANADE ROAD, DADARMUMBAIMH400028IN

9

C74425307

10374557

The Saraswat Co-operative Bank Limited

14/08/2012

27/11/2015

-

70000000.0

SME Nariman Point Branch, Mittal Court,A Wing, 1st floor, Vidhan Bhavan Marg,MUMBAIMH400021IN

10

C75152033

10321084

The Saraswat Co-operative Bank Limited

15/11/2011

27/11/2015

-

155000000.0

SME Nariman Point Branch,1st floor, Mittal Court,A Wing, Vidhan Bhavan Marg, Nariman PointMUMBAIMH400021IN

11

B85119956

10321093

THE SARASWAT CO-OPERATIVE BANK LTD.

15/11/2011

30/08/2013

-

395500000.0

SMALL AND MEDIUM ENTERPRISES BRANCH,POPATLAL NIWAS, 1ST FLOOR, RANADE ROAD, DADAR,MUMBAIMH400028IN

12

G67460303

10321094

The Saraswat Co-operative Bank Limited

15/11/2011

18/11/2017

-

255000000.0

SME Nariman Point Branch, 1st floor, Mittal courtVidhan Bhavan Marg, Nariman PointMumbaiMH400021IN

13

G44930287

10321080

THE SARASWAT CO-OPERATIVE BANK LIMITED

15/11/2011

10/12/2012

25/05/2017

145000000.0

SME BRANCH, POPATLAL NIWAS,1ST FLOOR, RANADE ROAD, DADAR(WEST),MUMBAIMH400028IN

14

G33476136

10321087

THE SARASWAT CO-OPERATIVE BANK LIMITED

18/11/2011

10/12/2012

11/01/2017

22500000.0

SME BRANCH, POPATLAL NIWAS,1ST FLOOR, RANADE ROAD, DADAR(WEST),MUMBAIMH400028IN

15

G33479841

10449311

THE SARASWAT CO-OPERATIVE BANK LTD.

30/08/2013

-

11/01/2017

40000000.0

SMALL AND MEDIUM ENTERPRISES BRANCH,POPATLAL NIWAS, 1ST FLOOR, RANADE ROAD, DADAR,MUMBAIMH400028IN

16

G33478082

10404892

THE SARASWAT CO-OPERATIVE BANK LTD.

24/01/2013

-

11/01/2017

5000000.0

SMALL AND MEDIUM ENTERPRISES BRANCH,POPATLAL NIWAS, 1ST FLOOR, RANADE ROAD, DADAR,MUMBAIMH400028IN

17

G33476656

10325371

THE SARASWAT CO-OP. BANK LIMITED

16/12/2011

06/03/2013

11/01/2017

18450000.0

SME BRANCH-DADAR, POPATLAL NIWAS, 1ST FLOOR,RANADE ROAD, DADAR(WEST),MUMBAIMH400028IN

18

G33479890

10429229

THE SARASWAT CO-OPERATIVE BANK LTD.

06/05/2013

-

11/01/2017

1850000.0

SMALL AND MEDIUM ENTERPRISES BRANCH,POPATLAL NIWAS, 1ST FLOOR, RANADE ROAD, DADAR,MUMBAIMH400028IN

19

G33476359

10321090

THE SARASWAT CO-OPERATIVE BANK LIMITED

15/11/2011

10/12/2012

11/01/2017

44000000.0

SME BRANCH, POPATLAL NIWAS,1ST FLOOR, RANADE ROAD, DADAR(WEST),MUMBAIMH400028IN

20

G33477043

10400392

THE SARASWAT CO-OPERATIVE BANK LTD.

21/01/2013

-

11/01/2017

1850000.0

SMALL AND MEDIUM ENTERPRISES BRANCH,POPATLAL NIWAS, 1ST FLOOR, RANADE ROAD, DADAR,MUMBAIMH400028IN

21

G34520205

10396693

The Saraswat Co-operative Bank Ltd.

24/12/2012

-

11/01/2017

2042534.0

Rasec Dadar Branch, Laxman Zulla1st Floor, 50, Ranade Road, DadarMumbaiMH400028IN

22

B77131043

10321078

THE SARASWAT CO-OPERATIVE BANK LIMITED

15/11/2011

10/12/2012

04/06/2013

17500000.0

SME BRANCH, POPATLAL NIWAS,1ST FLOOR, RANADE ROAD, DADAR(WEST),MUMBAIMH400028IN

23

B35987684

10141718

The Saraswat Co-operative Bank Ltd

28/01/2009

-

12/03/2012

500000.0

RASEC Borivli West Branch,Shobhana ApartmentChandavarkar Road, Borivli WestMumbaiMH400092IN

24

B25568510

10010480

CANARA BANK

17/06/2006

-

21/11/2011

30000000.0

Tamarind Lane BranchCalcot House, Tamarind Lane, Fort,MUMBAIMH400023IN

25

B25569757

10026295

Canara Bank

18/10/2006

-

21/11/2011

31700000.0

Tamarind Lane BranchCalcot House, Tamrind LaneMumbaiMH400023IN

26

B25570417

90143545

Canara Bank

28/08/2001

05/05/2010

21/11/2011

471200000.0

Prime Corporate Branch II, Varma Chambers2nd Floor, Homji Street, FortMumbaiMH400001IN

27

B25571126

90145366

Canara Bank

30/08/2004

05/05/2010

21/11/2011

60000000.0

Prime Corporate Branch II, Varma Chambers2nd Floor, Homji Street, FortMumbaiMH400001IN

28

B26609917

10232842

Bank of India

28/07/2010

-

19/11/2011

50000000.0

Sakinaka Mid Corporate Br., Sagar Tech Plaza"B", Andheri-Kurla Road, Andheri (E), Sakinaka,MumbaiMH400072IN

29

A17987660

10015495

INDUSTRIAL DEVELOPMENT BANK OF INDIA LIMITED

29/08/2006

-

05/07/2007

30000000.0

IDBI TOWER WTC COMPLEXCUFFE PARADEMUMBAIMH400005IN

30

A14929756

90142689

ICICI LIMITED

18/01/2000

30/11/2000

27/04/2007

70000000.0

ICICI TOWERS; BANDRA KURLA COMPLEXBANDRA (EAST)MUMBAIMH400051IN

 

 

CONTINGENT LIABILITIES:

 

(INR in million)

PARTICULARS

 

31.03.2017

31.03.2016

Claims against the Company not acknowledged as deb

--

--

Guarantees and Letter of Credit

11.183

18.991

Other money for which the Company is contingently liable

--

--

 

 

 

UNAUDITED FINANCIAL RESULTS FOR THE QUARTER AND NINE MONTHS ENDED 31ST DECEMBER, 2017

(INR in Million)

PARTICULARS

Quarter ended

9 Months ended

 

31.12.2017

30.09.2017

31.12.2017

 

[Unaudited]

[Unaudited]

[Unaudited]

1. Income from Operations

 

 

 

Revenue from Operation

308.100

296.000

874.400

Other Income

0.200

0.500

2.600

Total income

308.300

296.500

877.000

 

 

 

 

Expenses

 

 

 

Cost of materials consumed

200.200

167.800

539.600

Changes in inventories of finished goods. work-in-progress and stock in trade

63.900

33.800

76.400

Employee benefits expense

20.600

27.100

66.800

Finance Cost

10.700

10.400

32.800

Depreciation and Amortization Expenses

10.500

10.600

31.700

Other Expenses

87.100

84.100

250.100

Total expenses

393.000

333.8000

997.400

Profit from operations before other Income

(84.700)

(37.300)

(120.400)

Other Income

0.000

0.000

0.000

Profit before tax

(84.700)

(37.300)

(120.400)

 

 

 

 

Tax expenses

--

--

--

 

 

 

 

Net profit for the period

(84.700)

(37.300)

(120.400)

 

 

 

 

Paid up equity share capital (Face Value INR 10 each per share)

107.200

107.200

107.200

Reserve and surplus

--

--

--

 

 

 

 

Basic and Diluted

(7.90)

(3.47)

(11.23)

 

 

FIXED ASSETS

 

  • Land
  • Buildings
  • Plant and Equipment
  • Furniture and Fixture
  • Office Equipment
  • Vehicle
  • Electric Installation

 

 

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

INR

US Dollar

1

INR 64.99

UK Pound

1

INR 90.96

Euro

1

INR 79.51

 

 

INFORMATION DETAILS

 

Information Gathered by :

SAV

 

 

Analysis Done by :

NYT

 

 

Report Prepared by :

JYO

 

SCORE FACTORS

 

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

 

 

RATING EXPLANATIONS

 

Credit Rating

Explanation

Rating Comments

A++

Minimum Risk

Business dealings permissible with minimum risk of default

A+

Low Risk

Business dealings permissible with low risk of default

A

Acceptable Risk

Business dealings permissible with moderate risk of default

B

Medium Risk

Business dealings permissible on a regular monitoring basis

C

Medium High Risk

Business dealings permissible preferably on secured basis

D

High Risk

Business dealing not recommended or on secured terms only

NB

New Business

No recommendation can be done due to business in infancy stage

NT

No Trace

No recommendation can be done as the business is not traceable

 

NB is stated where there is insufficient information to facilitate rating. However, it is not to be considered as unfavourable.

 

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 are as follows:

 

·         Financial condition covering various ratios

·         Company background and operations size

·         Promoters / Management background

·         Payment record

·         Litigation against the subject

·         Industry scenario / competitor analysis

·         Supplier / Customer / Banker review (wherever available)

 

 

 

 

 

 

 

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.