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MIRA INFORM REPORT
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Report No. : |
503144 |
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Report Date : |
12.04.2018 |
IDENTIFICATION DETAILS
|
Name : |
HARITA FEHRER LIMITED (w. e. f. 21.08.2009) |
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Formerly Known
As : |
HARITA POLYMER LIMITED (w. e. f. 01.01.2009) HARITA POLYMER PRIVATE LIMITED |
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Registered
Office : |
No.29, |
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Tel No.: |
91-44-28272233 |
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Country : |
India |
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Financials (as
on) : |
31.03.2017 |
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Date of
Incorporation : |
09.07.2008 |
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Com. Reg. No.: |
18-068513 |
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Capital
Investment / Paid-up Capital : |
INR 200.980 Million |
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CIN No.: [Company Identification
No.] |
U25200TN2008PLC068513 |
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IEC No.: [Import-Export Code No.] |
Not Available |
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TAN No.: [Tax Deduction &
Collection Account No.] |
Not Available |
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PAN No.: [Permanent Account No.] |
AACCH1037R |
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GSTN : [Goods & Service Tax
Registration No.] |
33AACCH1037R1ZI |
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TIN/CST No.: |
33591665160 |
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Legal Form : |
A Closely Held Public Limited Liability Company |
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Line of Business
: |
Subject is engaged into manufacture and sale of foams, accessories and other parts for automotive and non-automotive applications. [Registered Activity] |
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No. of Employees
: |
324 (Approximately) |
RATING & COMMENTS
(Mira Inform has adopted New Rating mechanism w.e.f. 23rd
January 2017)
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MIRA’s Rating : |
A + |
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Credit Rating |
Explanation |
Rating Comments |
|
A+ |
Low Risk |
Business dealings permissible with low
risk of default |
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Maximum Credit Limit : |
USD 3780000 |
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Status : |
Good |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Subject was incorporated in the year 2008. The company is a (51:49)
joint venture between Harita Seating Systems Limited and F S Fehrer
Automative GmbH. As per the financial of 2017, the company has achieved 9.34% growth in
its revenue as compared to the previous year’s revenue and has gained an
average net profit margin of 4.36%. The company possesses healthy financial position marked by sound net
worth base along with debt free balance sheet profile and acceptable
liquidity position. Business is active. Payment seems to be regular. 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.
ECGC Country Risk Classification List
|
Country Name |
Previous Rating (30.09.2017) |
Current Rating (31.12.2017) |
|
India |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
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Low Risk |
A2 |
|
Moderately Low Risk |
B1 |
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Moderate Risk |
B2 |
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Moderately High Risk |
C1 |
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High Risk |
C2 |
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Very High Risk |
D |
EXTERNAL AGENCY RATING
|
Rating Agency Name |
ICRA |
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Rating |
Long term loans: A- |
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Rating Explanation |
Adequate degree of safety and low credit
risk. |
|
Date |
05.01.2018 |
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 12.04.2018
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.
LOCATIONS
|
Registered Office : |
No.29, Haddows Road, Chennai-600 006, Tamilnadu, India |
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Tel. No.: |
91-44-28272233 |
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Fax No.: |
91-44-27156472/28257121 |
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E-Mail : |
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Website: |
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Factory 1 : |
Plot No.A2, MIDC Industrial Area, Ranjangaon Industrial, Karegaon Post, Shirur Taluka, Pune-412 210, Maharashtra, India |
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Factory 2 : |
Survey No.29/30/31, Bellal Vellanthangal Village No.55, Thandalam
Group, Irrungattukottai, Sriperum, Pudur-602 105, |
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Tel. No.: |
91-44-27156470 |
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Factory 3 : |
Thaly Road, Belagondapally, Hosur- 635114, Tamilnadu, India |
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Tel. No.: |
91-437-233285 |
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Factory 4 : |
Site No 40, Kadakola Industrial Area, Mysore, Karnataka- 571311, Bangalore, India |
DIRECTORS
AS ON 31.03.2017
|
Name : |
Mr. Harihara Iyer Lakshmanan |
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Designation : |
Director |
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Address : |
Palacio Apartment, D1 1st Floor, No.408, O.No.216, TTK Road, Alwarpet
Chennai - 600018, Tamilnadu, India |
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Date of Birth/Age : |
14.08.1933 |
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Date of Appointment : |
08.09.2010 |
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DIN No.: |
00057973 |
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Other Directorship:
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Name : |
Mr. Shamsudeen Ibrahim Jaffar Ali |
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Designation : |
Director |
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Address : |
995-F, II Avenue, Anna Nagar West, Chennai -600040, Tamilnadu, India |
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Date of Appointment : |
11.03.2018 |
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DIN No.: |
00058955 |
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Other Directorship:
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Name : |
Mr. Chundi Narasimha Prasad |
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Designation : |
Director |
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Address : |
M-302, The Metrozone, 44 Pillaiyar Koil Street, Anna Nagar, Chennai -
600040, Tamilnadu, India |
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Date of Birth/Age : |
01.07.1947 |
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Date of Appointment : |
09.07.2008 |
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DIN No.: |
01950656 |
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Other Directorship:
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Name : |
Mr. Lakshminarasimhan Bhadri |
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Designation : |
Director |
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Address : |
16/12 Kesava Perumal Sannadhi Street Mylapore, Chennai -600004,
Tamilnadu, India |
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Date of Appointment : |
11.03.2018 |
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DIN No.: |
06829886 |
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Other Directorship:
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Name : |
Anke Kuhlmann Cattau |
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Designation : |
Director |
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Address : |
Mindener Strasse 179 Wagenfeld 49419 De |
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Date of Appointment : |
05.08.2015 |
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DIN No.: |
07101172 |
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Name : |
Christian Prause |
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Designation : |
Director |
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Address : |
Mozartstr.28 Wuppertal 42115 De |
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Date of Appointment : |
05.08.2015 |
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DIN No.: |
07102417 |
KEY EXECUTIVES
|
Name : |
Mr. Jagannathan Srinivasachari |
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Designation : |
Chief Finance Officer |
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Address : |
Plot No.26B, Door No.8, Viswanathan Cross Street, Radhanagar, Ch Romepet,
Chennai -600044, Tamilnadu, India |
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Date of Birth/Age : |
05.06.1965 |
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Date of Appointment : |
26.02.2015 |
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PAN No.: |
AACPJ6137H |
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Name : |
Mr. Angarai Ganesan Giridharan |
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Designation : |
Chief Executive Officer |
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Address : |
Flat No.202, Vithola, Kalena Agrahara, Off. Bannerghatta Road,
Bangalore - 560076, Karnataka, India |
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Date of Appointment : |
14.05.2015 |
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PAN No.: |
AAQPG0770R |
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Name : |
Mr. Srinivasan Sudarshan |
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Designation : |
Company Secretary |
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Address : |
N0 1A/ 3, Kavarai Street, B5, Adithya Flats, West Mambalam, Chennai
- 600033, Tamilnadu, India |
|
Date of Appointment : |
15.03.2016 |
|
PAN No.: |
DOZPS8501C |
MAJOR SHAREHOLDERS
AS ON 31.03.2017
|
Names of Shareholders |
|
No. of Shares |
|
Harita Seating Systems Limited, India |
|
10249994 |
|
H Lakshmanan (Nominee of M/s Harita Seating Systems Limited, India) |
|
1 |
|
V N Venkatanathan (Nominee of Harita Seating Systems Limited, India) |
|
1 |
|
C Mukundan (Nominee of Harita Seating Systems Limited, India) |
|
1 |
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K Sridhar (Nominee of Harita Seating Systems Limited, India) |
|
1 |
|
K Gopala Desikan (Nominee of Harita Seating Systems Limited, India) |
|
1 |
|
S G Murali (Nominee of Harita Seating Systems Limited, India) |
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1 |
|
F S Fehrer Automotive GmbH, Germany |
|
9848040 |
|
Total |
|
20098040 |
Equity Share Break up (Percentage of Total Equity)
AS ON 27.07.2017
|
Category |
Percentage |
|
Promoters (Body corporate) |
99.99997015 |
|
Public/Other than promoters [(Others - (Nominees)] |
0.00002985 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Subject is engaged into manufacture and sale of foams, accessories and other parts for automotive and non-automotive applications. [Registered Activity] |
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Products / Services
: |
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Brand Names : |
Not Available |
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Agencies Held : |
Not Available |
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Exports : |
Not Available |
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Imports : |
Not Available |
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Terms : |
Not Available |
PRODUCTION STATUS – (NOT AVAILABLE)
GENERAL INFORMATION
|
Suppliers : |
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Customers : |
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No. of Employees : |
324 (Approximately) |
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Bankers : (As on 2016) |
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Auditors : |
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Name : |
Raghavan Chaudhuri and Narayanan Chartered Accountants |
|
Address : |
No 17/12, Second Floor, Casa Capitol, Wood Street, Ashoknagar, Bangalore- 560025, Karnataka, India |
|
PAN N Income-tax PAN of auditor or auditor's firm : |
AAAFR9640K |
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Memberships : |
Not Available |
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Collaborators : |
Not Available |
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|
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Holding company: |
|
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|
|
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Associates: |
|
CAPITAL STRUCTURE
AS ON 27.07.2017
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
20100000 |
Equity Shares |
INR 10/- each |
INR 201.000 Million |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
20098040 |
Equity Shares |
INR 10/- each |
INR 200.980 Million |
|
|
|
|
|
FINANCIAL DATA
[all figures are
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 |
200.980 |
200.980 |
200.980 |
|
(b) Reserves and Surplus |
1123.516 |
1072.374 |
1048.693 |
|
(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) |
1324.496 |
1273.354 |
1249.673 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
0.000 |
0.000 |
0.000 |
|
(b) Deferred tax liabilities (Net) |
67.155 |
68.950 |
70.985 |
|
(c) Other long-term
liabilities |
0.000 |
0.000 |
0.000 |
|
(d) long-term
provisions |
5.052 |
4.050 |
0.000 |
|
Total Non-current
Liabilities (3) |
72.207 |
73.000 |
70.985 |
|
|
|
|
|
|
(4)
Current Liabilities |
|
|
|
|
(a) Short-term
borrowings |
0.000 |
0.000 |
0.000 |
|
(b) Trade
payables |
723.195 |
591.194 |
577.999 |
|
(c) Other
current liabilities |
34.968 |
41.664 |
51.132 |
|
(d) Short-term
provisions |
116.652 |
68.034 |
80.844 |
|
Total Current
Liabilities (4) |
874.815 |
700.892 |
709.975 |
|
|
|
|
|
|
TOTAL |
2271.518 |
2047.246 |
2030.633 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1)
Non-current assets |
|
|
|
|
(a) Fixed
Assets |
|
|
|
|
(i)
Tangible assets |
974.073 |
859.654 |
920.868 |
|
(ii)
Intangible Assets |
4.660 |
2.055 |
0.437 |
|
(iii) Tangible assets
capital work-in-progress |
25.893 |
14.225 |
6.497 |
|
(iv)
Intangible assets under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current Investments |
7.780 |
7.760 |
7.760 |
|
(c) Deferred tax assets (net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term loans and advances |
11.736 |
16.014 |
38.929 |
|
(e) Other Non-current assets |
0.000 |
0.000 |
0.000 |
|
Total Non-Current
Assets |
1024.142 |
899.708 |
974.491 |
|
|
|
|
|
|
(2)
Current assets |
|
|
|
|
(a)
Current investments |
135.105 |
120.876 |
0.000 |
|
(b)
Inventories |
188.858 |
191.898 |
182.877 |
|
(c) Trade
receivables |
697.444 |
654.651 |
707.155 |
|
(d) Cash and
bank balances |
65.477 |
86.820 |
77.155 |
|
(e)
Short-term loans and advances |
40.209 |
25.620 |
14.717 |
|
(f) Other
current assets |
120.283 |
67.673 |
74.238 |
|
Total
Current Assets |
1247.376 |
1147.538 |
1056.142 |
|
|
|
|
|
|
TOTAL |
2271.518 |
2047.246 |
2030.633 |
PROFIT
& LOSS ACCOUNT
|
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
|
SALES |
|
|
|
|
|
Income |
3946.806 |
3609.666 |
3312.220 |
|
|
Other Income |
31.286 |
16.420 |
39.354 |
|
|
TOTAL |
3978.092 |
3626.086 |
3351.574 |
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
Cost of Materials
Consumed |
2821.658 |
2591.241 |
2446.973 |
|
|
Purchases of
Stock-in-Trade |
0.000 |
0.000 |
0.000 |
|
|
Changes in inventories of
finished goods, work-in-progress and Stock-in-Trade |
(5.270) |
2.280 |
(7.632) |
|
|
Employee benefit expense |
413.752 |
354.333 |
305.633 |
|
|
CSR expenditure |
3.500 |
3.500 |
2.153 |
|
|
Other expenses |
386.659 |
370.467 |
324.917 |
|
|
Prior period items before tax |
0.000 |
0.909 |
0.502 |
|
|
TOTAL |
3620.299 |
3322.730 |
3072.546 |
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE INTEREST, TAX,
DEPRECIATION AND AMORTISATION |
357.793 |
303.356 |
279.028 |
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES |
0.836 |
2.693 |
10.431 |
|
|
|
|
|
|
|
|
PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND
AMORTISATION |
356.957 |
300.663 |
268.597 |
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION |
96.383 |
94.300 |
92.669 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS)
BEFORE TAX |
260.574 |
206.363 |
175.928 |
|
|
|
|
|
|
|
Less |
TAX |
88.484 |
73.719 |
60.761 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS)
AFTER TAX |
172.090 |
132.644 |
115.167 |
|
|
|
|
|
|
|
|
EARNINGS IN FOREIGN
CURRENCY |
|
|
|
|
|
F.O.B. Value of Exports |
76.537 |
43.885 |
22.982 |
|
|
TOTAL EARNINGS |
76.537 |
43.885 |
22.982 |
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
Raw Materials |
385.787 |
370.616 |
358.415 |
|
|
Components and Stores parts |
33.322 |
5.396 |
10.533 |
|
|
Capital Goods |
1.512 |
4.712 |
1.273 |
|
|
TOTAL
IMPORTS |
420.621 |
380.724 |
370.221 |
|
|
|
|
|
|
|
|
Earnings / (Loss) Per Share (INR) |
8.56 |
6.60 |
5.73 |
CURRENT MATURITIES
OF LONG TERM DEBT DETAILS
|
Particulars |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Current Maturities of Long term debt |
NA |
NA |
NA |
|
Cash generated from operations |
NA |
NA |
NA |
|
Net cash flows from (used in) operations |
312.563 |
164.861 |
122.465 |
|
Net cash flows from (used in) operating activities |
310.767 |
162.827 |
95.212 |
KEY
RATIOS
EFFICIENCY RATIOS
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Average Collection Days (Sundry Debtors / Income * 365 Days) |
64.50 |
66.20 |
77.93 |
|
|
|
|
|
|
Account Receivables Turnover (Income / Sundry
Debtors) |
5.66 |
5.51 |
4.68 |
|
|
|
|
|
|
Average Payment Days (Sundry Creditors
/ Purchases * 365 Days) |
93.55 |
83.28 |
86.22 |
|
|
|
|
|
|
Inventory Turnover (Operating Income
/ Inventories) |
1.89 |
1.58 |
1.53 |
|
|
|
|
|
|
Asset Turnover (Operating Income
/ Net Fixed Assets) |
0.36 |
0.35 |
0.30 |
LEVERAGE RATIOS
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Debt Ratio ((Borrowing + Current Liabilities) / Total
Assets) |
0.39 |
0.34 |
0.35 |
|
|
|
|
|
|
Debt Equity Ratio (Total Liability
/ Networth) |
0.00 |
0.00 |
0.00 |
|
|
|
|
|
|
Current Liabilities to Networth (Current
Liabilities / Net Worth) |
0.66 |
0.55 |
0.57 |
|
|
|
|
|
|
Fixed Assets to Networth (Net Fixed Assets
/ Networth) |
0.76 |
0.69 |
0.74 |
|
|
|
|
|
|
Interest Coverage Ratio (PBIT / Financial
Charges) |
427.98 |
112.65 |
26.75 |
PROFITABILITY RATIOS
|
PARTICULARS |
|
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Net Profit Margin ((PAT / Sales) *
100) |
% |
4.36 |
3.67 |
3.48 |
|
|
|
|
|
|
|
Return on Total Assets ((PAT / Total
Assets) * 100) |
% |
7.58 |
6.48 |
5.67 |
|
|
|
|
|
|
|
Return on Investment (ROI) ((PAT / Networth)
* 100) |
% |
12.99 |
10.42 |
9.22 |
SOLVENCY RATIOS
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Current Ratio (Current Assets / Current Liabilities) |
1.43 |
1.64 |
1.49 |
|
|
|
|
|
|
Quick Ratio ((Current Assets
– Inventories) / Current Liabilities) |
1.21 |
1.36 |
1.23 |
|
|
|
|
|
|
G-Score Ratio Financial (Networth / Total
Assets) |
0.58 |
0.62 |
0.62 |
|
|
|
|
|
|
G-Score Ratio Debt (Debts / Equity
Capital) |
0.00 |
0.00 |
0.00 |
|
|
|
|
|
|
G-Score Ratio Liquidity (Total Current
Assets / Total Current Liabilities) |
1.43 |
1.64 |
1.49 |
Total Liability = Short-term Debt + Long-term
Debt + Current Maturities of Long-term debts
FINANCIAL ANALYSIS
[all figures are
in 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 |
200.980 |
200.980 |
200.980 |
|
Reserves & Surplus |
1048.693 |
1072.374 |
1123.516 |
|
Money received against share
warrants |
0.000 |
0.000 |
0.000 |
|
Share Application money
pending allotment |
0.000 |
0.000 |
0.000 |
|
Net
worth |
1249.673 |
1273.354 |
1324.496 |
|
|
|
|
|
|
Long-term borrowings |
0.000 |
0.000 |
0.000 |
|
Short term borrowings |
0.000 |
0.000 |
0.000 |
|
Total
borrowings |
0.000 |
0.000 |
0.000 |
|
Debt/Equity
ratio |
0.000 |
0.000 |
0.000 |
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 |
3312.220 |
3609.666 |
3946.806 |
|
|
|
8.980 |
9.340 |
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 |
3312.220 |
3609.666 |
3946.806 |
|
Profit/ (Loss) |
115.167 |
132.644 |
172.090 |
|
|
3.48
% |
3.67
% |
4.36
% |
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 |
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 |
No |
|
35 |
Negative Reporting by Auditors in the
Annual Report |
No |
PERFORMANCE
INDUSTRY PERFORMANCE:
During the year 2016-17,
Gross Domestic Product (GDP) registered a growth of 6.8% as against 7.6% in
2015-16. The Index for Industrial Production (IIP) for the year 2016-17 ended
up with 0.6% growth as against 2.4% in previous year. Automotive industry
experienced significant growth during first half of the year 2016-17 until
enforcement of demonetization during the 3rd quarter, which dampened
the growth to less than 1%.
During the year, the two
wheeler industry registered a growth of 5%, due to continued increase in demand
for scooters. The scooter segment registered a double digit growth of 11.5% for
third consecutive year, the moped segment registered a phenomenal growth of
23.3% compared to de-growth in last year, mainly led by revival in rural sector
clubbed by upgradation to 4 stroke engine from 2 stroke. The motorcycle segment
grew by mere 1.6%.
The passenger car industry
registered a growth of 10.6% on account of strong domestic demand, led by new
launches, and lower interest rates. The commercial vehicles industry registered
a 2.6% growth owing to increased infrastructure activity as compared to last
year.
COMPANY PERFORMANCE:
The Company achieved a
turnover of INR 3978.092 million with a growth of 9.7% over the previous year
and registered a profit before tax of INR 260.574 million during the year with
a phenomenal growth of 26.15% over the previous year. During the year, the
Company added new customers like United Motors, Ather energy and Motherson
Automotive Technologies & Engineering (MATE). The Company obtained new
orders for supply of head rests and arm rests to Fiat Chrysler Automotive
Limited, foams for Hyundai Tucson and new variant of Hyundai Grand i10 vehicle
through Dymos. Orders for two wheeler seat assemblies were obtained from United
Motors for Renegade model, Ather energy for electric scooter and Royal Enfield
for Electra and new platform projects.
The Company established a
new manufacturing facility at Mysuru, Karnataka. The Company has also invested
in Paper Honey Comb- new technology during the year and the commencement of
commercial production is expected to be in Q1 of 2017-18.
AWARDS AND RECOGNITION
The Company received “Gold
award” from Endurance Technologies Limited for best supplier in proprietary part
vendor category and also received best Kaizen supplier award from Toyoda Gosei
South India Private Limited.
BUSINESS OUTLOOK AND
OVERVIEW
For the year 2017-18, the
GDP is expected to be between 6.8%-7.2% and the inflation is expected to stabilize
at 4.5% levels. The two wheeler segment is expected to grow by 6%-8% in
2017-18. The growth in this segment will continue to be driven by urban demand
in terms of scooters and revival in rural demand on expectations normal monsoon
for executive segment motorcycles.
The passenger vehicle
segment also is expected to grow in the range of 6%-8% owing to continued
demand for compact SUV’s and new product launches. Commercial vehicle segment
is expected to see a growth of 4%-6% owing to lower interest rates and
increased infrastructure activities.
Considering the auto
industry growth estimates, share of business with key customers and with new
product introductions, the Company is expected to grow by 9.8%. As a regular
practice, the Company has identified various cost reduction projects to make it
competitive in the industry.
The focus for the Company
in 2017-18 would be to obtain raw material compensation, new orders for
two-wheeler seat assembly and new technology products from major OEMs.
MANUFACTURING REVIEW
(i) Manufacturing:
The Company practices
Just-in-Time (JIT) supplies to all its major customers with best-in-class
practices for safety, work environment, water and energy conservation. The
Company focusses on automation in foaming and assembly lines to improve
efficiency and productivity.
The Company has rolled out,
Total Productive Maintenance (TPM) in two of its three manufacturing facilities
and will implement in Hosur facility by 2017-18.
The Company will start
production from its new manufacturing facility at Mysuru in 2017-18 by
implementing all the best practices available across plants.
INDEX OF CHARGE:
|
SNO |
SRN |
CHARGE ID |
CHARGE HOLDER NAME |
DATE OF CREATION |
DATE OF SATISFACTION |
AMOUNT |
ADDRESS |
|
1 |
C03698552 |
10489651 |
STATE BANK OF MYSORE |
12/03/2014 |
- |
400000000.0 |
INDUSTRIAL FINANCE BRANCH, II FLOOR,M.O.H BUILDING, NO.576, ANNA SALAI CHENNAI-600006 TAMILNADU INDIA |
|
2 |
G08598039 |
10224340 |
STATE BANK OF MYSORE |
01/06/2010 |
21/07/2016 |
600000000.0 |
INDUSTRIAL FINANCE BRANCH, II FLOORM.O BUILDING, NO.576, ANNA SALAI CHENNAI-600006 TAMILNADU INDIA |
FIXED ASSETS:
Tangible assets
- Land
- Buildings
- Plant and equipment
- Furniture and fixtures
- Vehicles
- Office equipment
- Computer equipment’s
Intangible assets
- Computer software
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts,
1] INFORMATION ON
DESIGNATED PARTY
No records 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 65.06 |
|
|
1 |
INR 91.50 |
|
Euro |
1 |
INR 79.77 |
INFORMATION DETAILS
|
Analysis Done by
: |
NYT |
|
|
|
|
Report Prepared
by : |
RKI |
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)
This report is issued at
your request without any risk and responsibility on the part of MIRA INFORM
PRIVATE LIMITED (MIPL) or its officials.