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%20-%20505178%2021-Apr-2018_files/image002.jpg){kind=small}
%20-%20505178%2021-Apr-2018_files/image004.jpg)
%20-%20505178%2021-Apr-2018_files/image005.gif)
MIRA INFORM REPORT
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Report No. : |
505178 |
|
Report Date : |
21.04.2018 |
IDENTIFICATION DETAILS
|
Name : |
ENDURANCE TECHNOLOGIES LIMITED (CN) [w.e.f. 31.05.2016] |
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|
Formerly Known
As : |
ENDURANCE TECHNOLOGIES PRIVATE LIMITED (CN) (w.e.f. 18.01.2012) ENDURANCE TECHNOLOGIES LIMITED (CN) (w.e.f. 09.07.2010) ENDURANCE TECHNOLOGIES PRIVATE LIMITED (CN) (w.e.f. 11.08.2006) ENDURANCE TRANSMISSION SYSTEMS (INDIA) PRIVATE LIMITED (w.e.f. 25.09.2002) ENDURANCE TRANSMISSION SYSTEMS (INDIA) LIMITED (w.e.f. 06.12.2000) ENDURANCE SUSPENSION SYSTEMS (INDIA) LIMITED |
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Registered
Office : |
E-92, M.I.D.C., Waluj, Aurangabad -
431136, Maharashtra, India |
|
Tel. No.: |
91-240-2569678 |
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Country : |
India |
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Financials (as
on) : |
31.03.2017 |
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Date of
Incorporation : |
27.12.1999 |
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Com. Reg. No.: |
11-123296 |
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Capital
Investment / Paid-up Capital : |
INR 1406.630 Million |
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CIN No.: [Company Identification
No.] |
L34102MH1999PLC123296 |
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IEC No.: [Import-Export Code No.] |
0300013035 |
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TAN No.: [Tax Deduction &
Collection Account No.] |
Not Available |
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PAN No.: [Permanent Account No.] |
AAACE7066P |
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GSTN : [Goods & Service Tax
Registration No.] |
27AAACE7066P1Z3 |
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Legal Form : |
A Public Limited Liability Company. The Company’s Shares are Listed on
the Stock Exchanges. |
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Line of Business
: |
Manufacturing of Engine components and Dies and Moulds and Generation of electricity through windmill. (Registered activity) |
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No. of Employees
: |
4455 (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+ |
Low Risk |
Business dealings permissible with low
risk of default |
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Maximum Credit Limit : |
USD 45000000 |
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Status : |
Excellent |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Subject was incorporated in the year 1999. The company is engaged in manufacturing and selling of aluminium die casting (including alloy wheel), suspension, transmission and braking products. The subject’s customers include- Bajaj Auto, Hero Motocorp, Mahindra & Mahindra, Royal Enfield, Piaggio Vehicles, Daimler AG, Tata Motors, Ashok Leyland, etc. The company has 18 plants in India and 8 plants in Europe. As per the quarterly results of December 2017, the company has achieved sales turnover of INR 11168.700 million along with fair profitability margin. For the financial year ended 2017, the company has reported a 5.41% growth in its revenue as compared to the previous year’s revenue and has gained an average net profit margin of 5.19%. The rating takes into consideration the sound financial position of the company backed by robust net worth base along with strong debt coverage indicator due to low debt balance sheet profile and comfortable liquidity parameter. The ratings continue to reflect company's leading position in the market for aluminium die-casting components (ADCC; the company's largest product segment), its established relationships with major customers and its well-diversified revenue streams. The company has its share price trading at around INR 1315 on BSE as on April 20, 2018 as against the Face Value (FV) of INR 10. Business is active. Payment seems to be regular. In view of healthy financial position, the company can be considered good for normal 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 |
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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 |
|
Very High Risk |
D |
EXTERNAL AGENCY RATING
|
Rating Agency Name |
CRISIL |
|
Rating |
Long Term Loans = AA |
|
Rating Explanation |
High degree of safety and very low credit
risk. |
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Date |
23.06.2017 |
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Rating Agency Name |
CRISIL |
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Rating |
Short Term Loans = A1+ |
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Rating Explanation |
Very strong degree of safety and carry
lowest credit risk. |
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Date |
23.06.2017 |
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 23.04.2018
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 BY
|
Name : |
Mr. Manoj Khane |
|
Designation : |
Assistant General Manager |
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Contact No.: |
91-9765402431 |
|
Date : |
20.04.2018 |
LOCATIONS
|
Registered Office : |
E-92, M.I.D.C., Waluj, Aurangabad -
431136, Maharashtra, India |
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Tel. No.: |
91-240-2569600/ 2569601 |
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Fax No.: |
91-240-2569703 |
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E-Mail : |
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Website : |
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Aurangabad Plant : |
Division : Aluminium Die Casting Ø Plot No. B-2, MIDC Industrial Area, Waluj, Aurangabad – 431136, Maharashtra, India Division : Suspension Ø Plot Nos. E-92 & 93, MIDC Industrial Area, Waluj, Aurangabad – 431136, Maharashtra, India Ø Plot No. K-120, MIDC Industrial Area, Waluj, Aurangabad – 431136, Maharashtra, India Ø Plot Nos. K- 228 & 229, MIDC Industrial Area, Waluj, Aurangabad – 431136, Maharashtra, India Division : Transmission Ø Plot Nos. K-226/1 & 227, MIDC Industrial Area, Waluj, Aurangabad – 431136, Maharashtra, India Division : Brake Systems Ø Plot Nos. K-226/2, MIDC Industrial Area, Waluj, Aurangabad – 431136, Maharashtra, India Ø Plot No. L - 20, MIDC Industrial Area, Vitawa Village, Taluka. Gangapur, Aurangabad – 431109, Maharashtra, India Division : Aluminium Die Casting Ø Plot No. L-6/3, MIDC Industrial Area, Waluj, Aurangabad – 431136, Maharashtra, India |
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Pune Plant : |
Division :
Aluminium Die Casting Ø Plot Nos. A-12, MIDC Area, Chakan, Village Nighoje, Taluka Khed, Pune – 410501, Maharashtra, India |
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Manesar Plant : |
Division :
Aluminium Die Casting Ø Plot No. 400, Sector 8, IMT, Manesar, Gurugram – 122050, Haryana, India |
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Pantnagar Plant : |
Division : Aluminium
Die Casting, Suspension, Transmission, Brake Systems Ø Plot nos. 3 and 7, Sector 10, I.I.E. Pantnagar, Udham Singh Nagar – 263153, Uttarakhand, India |
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Sanand Plant : |
Division :
Aluminium Die Casting, Suspension Ø Plot No. E-4 & E-21, Sanand GIDC Phase-II, Sanand, Ahmedabad – 382110, Gujarat, India |
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Chennai Plant : |
Division :
Aluminium Die Casting Ø Plot No. F-82, SIPCOT Industrial Park Irungattukottai, Pennalur Post, Sriperumbudur, Chennai – 602105, Tamilnadu, India |
DIRECTORS
As on 31.03.2017
|
Name : |
Falguni Sanjay Nayar |
|
Designation : |
Director |
|
Address : |
Flat No.9, Rushilla 5th Floor, Carmicheal Road, Mumbai -
400026, Maharashtra, India |
|
Date of Appointment : |
10.06.2016 |
|
DIN No.: |
00003633 |
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|
|
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Name : |
Mr. Naresh Chandra |
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Designation : |
Director |
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Address : |
Bhagwati Bhavan, 31-B, M.L. Dahanukar Marg, Mumbai - 400026, Maharashtra, India |
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Date of Birth/Age : |
11.02.1935 |
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Date of Appointment : |
27.12.1999 |
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PAN No.: |
AACPC7536R |
|
DIN No.: |
00027696 |
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|
|
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Name : |
Mr. Partho Sarothy Datta |
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Designation : |
Director |
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Address : |
19/2, Dover Road, Ballygunge, Kolkata - 700019, West Bengal, India |
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Date of Birth/Age : |
08.12.1948 |
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Date of Appointment : |
16.06.2010 |
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Voter ID No.: |
CJJ2442200 |
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DIN No.: |
00040345 |
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Name : |
Mr. Satrajit Ray |
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Designation : |
Whole-Time Director |
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Address : |
Flat No - L 403, Laburnum Park, Magarpatta City, Hadapsar, Pune - 411013, Maharashtra, India |
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Date of Birth/Age : |
16.02.1959 |
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Qualification : |
B.Com., ACA |
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Date of Appointment : |
06.06.2014 |
|
DIN No.: |
00191467 |
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Name : |
Mr. Anurag Nareshchandra Jain |
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Designation : |
Managing Director |
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Address : |
Green Leaf, Manor Gat No-43-3-B,Kanchanwadi Opposite Walmi Paithan Road, Aurangabad - 431035, Maharashtra, India |
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Date of Birth/Age : |
21.03.1962 |
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Qualification : |
MBA (Pittsburg) |
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Experience : |
29 Years |
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Date of Appointment : |
27.12.1999 |
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PAN No.: |
ABJPJ4005E |
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DIN No.: |
00291662 |
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|
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Name : |
Mr. Soumendra Mohan Basu |
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Designation : |
Director |
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Address : |
22 D-2, Cape, Tower VII Hiland Park, 1925, Chak Garia, Kolkata - 700094, West Bengal, India |
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Date of Birth/Age : |
19.11.1949 |
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Date of Appointment : |
16.06.2010 |
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DIN No.: |
01125409 |
|
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Name : |
Mr. Roberto Testore |
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Designation : |
Director |
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Address : |
Viale Parioli 40, Rome, Italy, 00197 |
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Date of Birth/Age : |
17.10.1952 |
|
Date of Appointment : |
17.10.2007 |
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DIN No.: |
01935704 |
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Name : |
Mr. Ramesh Gehaney |
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Designation : |
Whole-Time Director |
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Address : |
172 Royal Residency, Plot No.5 Sector 9 , Dwarka, New Delhi - 110075, India |
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Date of Birth/Age : |
27.11.1959 |
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Qualification : |
B.E. (Mechanical) |
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Date of Appointment : |
06.06.2014 |
|
DIN No.: |
02697676 |
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Name : |
Anjali Karamnarayan Seth |
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Designation : |
Director |
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Address : |
Flat No : B 1301, Brichwood C-H-S Limited, Main Street Hiranandani Gardens, Powai, Mumbai – 400076, Maharashtra, India |
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Date of Appointment : |
10.06.2016 |
|
DIN No.: |
05234352 |
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|
Name : |
Mr. Massimo Venuti |
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Designation : |
Additional Director |
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Address : |
Via Arsenale Nr 33, Scala A, Torino, Na, Italy |
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Date of Birth/Age : |
06.11.1972 |
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Date of Appointment : |
06.06.2014 |
|
DIN No.: |
0688977 |
KEY EXECUTIVES
|
Name : |
Mr. Sunil Naresh Lalai |
|
Designation : |
Company Secretary |
|
Address : |
Flat No. 6, Palacia – C, Utopia Co-Operative Society Opposite Rahena
Gardens, Wanowari, Pune - 411040, Maharashtra, India |
|
Date of
Birth/Age : |
25.05.1965 |
|
Date of
Appointment : |
10.09.2011 |
|
PAN No.: |
AAGPL2945P |
|
|
|
|
Name : |
Mr. Manoj Khane |
|
Designation : |
Assistant General Manager |
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|
|
|
Name : |
Makarand Deshpande |
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Designation : |
Chief People Officer |
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Name : |
Ravindra Kharul |
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Designation : |
Chief Technology Officer |
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Name : |
Sunil Kolhe |
|
Designation : |
Chief Sourcing Officer |
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|
Name : |
Biswajit Choudhury |
|
Designation : |
President - Aftermarket and Exports |
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|
Name : |
Sunil Lalai |
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Designation : |
Company Secretary and Vice President - Legal |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on March, 2018
|
Category of shareholder |
No. of fully paid up equity shares held |
Shareholding as a % of total no. of
shares |
|
|
Promoter and Promoter Group |
116049824 |
82.50 |
|
|
Public |
24613024 |
17.50 |
|
|
Grand Total |
140662848 |
100.00 |
%20-%20505178%2021-Apr-2018_files/image006.gif)
STATEMENT SHOWING SHAREHOLDING PATTERN OF THE PROMOTER AND PROMOTER
GROUP
|
Category of shareholder |
No. of fully paid up equity shares held |
Shareholding as a % of total no. of
shares |
|
|
A1) Indian |
0.00 |
||
|
Individuals/Hindu undivided Family |
53949824 |
38.35 |
|
|
ANURANG JAIN |
53949664 |
38.35 |
|
|
VARSHA JAIN |
80 |
0.00 |
|
|
ROHAN JAIN |
80 |
0.00 |
|
|
Any Other (specify) |
62100000 |
44.15 |
|
|
ANURANG NARESHCHANDRA JAIN ( Held in his capacity as family trustee of the Anurang Rohan Trust.) |
28300000 |
20.12 |
|
|
NARESH CHANDRA (Held in his capacity as family trustee of the Anurang Rhea Trust.) |
16910000 |
12.02 |
|
|
SUMAN NARESHCHANDRA JAIN (Held in her capacity as family trustee of the NC Trust.) |
16890000 |
12.01 |
|
|
Sub Total A1 |
116049824 |
82.50 |
|
|
A2) Foreign |
0.00 |
||
|
A=A1+A2 |
116049824 |
82.50 |
STATEMENT SHOWING SHAREHOLDING PATTERN OF THE PUBLIC SHAREHOLDER
|
Category of shareholder |
No. of fully paid up equity shares held |
Shareholding as a % of total no. of
shares |
|
|
B1) Institutions |
0 |
0.00 |
|
|
Mutual Funds/ |
6990924 |
4.97 |
|
|
Axis Mutual Fund Trustee Limited A/C Axis Mutual Fund A/C Axis Long Term Equity Fund |
4564259 |
3.24 |
|
|
Foreign Portfolio Investors |
14232681 |
10.12 |
|
|
Smallcap World Fund, Inc |
4213890 |
3.00 |
|
|
The Nomura Trust And Banking Co., Ltd As The Trustee Of Nomura India Stock Mother Fund |
2029016 |
1.44 |
|
|
Financial Institutions/ Banks |
56692 |
0.04 |
|
|
Sub Total B1 |
21280297 |
15.13 |
|
|
B2) Central Government/ State Government(s)/ President of India |
0 |
0.00 |
|
|
B3) Non-Institutions |
0 |
0.00 |
|
|
Individual share capital upto INR 0.200 Million |
1773201 |
1.26 |
|
|
Individual share capital in excess of INR 0.200 Million |
165619 |
0.12 |
|
|
Any Other (specify) |
1393907 |
0.99 |
|
|
HUF |
152263 |
0.11 |
|
|
Non-Resident Indian (NRI) |
59261 |
0.04 |
|
|
Clearing Members |
46111 |
0.03 |
|
|
Bodies Corporate |
1136272 |
0.81 |
|
|
Sub Total B3 |
3332727 |
2.37 |
|
|
B=B1+B2+B3 |
24613024 |
17.50 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturing of Engine components and Dies and Moulds and Generation of electricity through windmill. (Registered activity) |
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Products : |
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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
|
Suppliers : |
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Customers : (From Indirect Source) |
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No. of Employees : |
4455 (Approximately) |
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Bankers : |
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Facilities : |
NOTE : LONG-TERM
BORROWINGS Details of security
provided in respect of secured non current borrowings Term Loans from banks/financial institutions including foreign currency term loans and buyers credits for capital assets, secured by equitable mortgage/additional charge/hypothecation of specified immovable/ movable properties, both present and/or future, located at various locations either on pari passu basis or by way of first charge. SHORT-TERM
BORROWINGS Details of security
provided in respect of current borrowings Working capital facilities of INR 3750.00 million (Previous year INR 3750.00 million) are secured by a) first pari passu charge on, both present and/or future,current assets including inventory and receivable, b) second pari passu charge on, both present and/or future, movable Property, plant & equipment, c) second pari passu charge (subject to charge in favour of term lenders) on identified immovable properties of the Company. |
|
Auditors : |
|
|
Name : |
Deloitte Haskins and Sells LLP Chartered Accountants |
|
Address : |
706, B Wing, 7th Floor, ICC Trade Tower, International Convention Centre, Senapati Bapat Road, Pune – 411016, Maharashtra, India |
|
Tel. No.: |
91-20-66244600 |
|
Fax No.: |
91-20-66244605 |
|
PAN N Income-tax PAN of auditor or auditor's firm : |
AACFD4815A |
|
Membership No.: |
038019 |
|
|
|
|
Secretarial Auditor
: |
|
|
Name : |
Sachin Bhagwat Practicing Company Secretary |
|
|
|
|
Memberships : |
Not Available |
|
|
|
|
Collaborators : |
Not Available |
|
|
|
|
Subsidiaries : |
|
|
|
|
|
Enterprises Owned
or controlled by Key Management personnel and/or their Relatives : |
|
CAPITAL STRUCTURE
As on 31.03.2017
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
165000000 |
Equity Shares |
INR 10/- each |
INR 1650.000 Million |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
140662848 |
Equity Shares |
INR 10/- each |
INR 1406.630
Million |
|
|
|
|
|
Reconciliation of the
number of shares and amount outstanding at the beginning and at the end of the
reporting year
|
Particulars |
As at 31st March, 2017 |
|
|
|
No. of shares |
INR in Million |
|
No of shares
outstanding at the beginning of the year |
|
|
|
Equity shares |
43957140 |
175.830 |
|
Consolidation of
equity shares during the year |
|
|
|
Shares of face value INR 4 each |
(43957140) |
(175.830) |
|
Shares of face value INR 10 each |
17582856 |
175.830 |
|
Issue of bonus shares in the ratio 7:1 |
123079992 |
1230.800 |
|
No of shares outstanding at the end of the year |
140662848 |
1406.630 |
i) Details of shares
held by each shareholder holding more than 5% shares in the Company are as
follows:
|
Particulars |
As at 31st March, 2017 |
|
|
|
No. of shares |
% |
|
Equity shares: |
|
|
|
Mr. Naresh Chandra (as the family trustee)## |
16910000 |
12.02 |
|
Mrs. Suman Jain (as the family trustee)# |
16890000 |
12.01 |
|
Mr. Anurang Jain |
53949664 |
38.35 |
|
Actis Components and System Investments Limited |
-- |
-- |
|
Mr. Anurang Jain (as the family trustee)* |
28300000 |
20.12 |
FINANCIAL DATA
[all figures are
in INR Million]
ABRIDGED
BALANCE SHEET (STANDALONE)
|
SOURCES
OF FUNDS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
|
|
|
|
|
I.
EQUITY AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
1406.630 |
175.830 |
175.830 |
|
(b) Reserves & Surplus |
14224.010 |
13321.160 |
11377.220 |
|
(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) |
15630.640 |
13496.990 |
11553.050 |
|
|
|
|
|
|
(3) Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
198.520 |
780.810 |
1670.820 |
|
(b) Deferred tax liabilities
(Net) |
0.000 |
0.000 |
0.000 |
|
(c) Other long term
liabilities |
20.050 |
27.930 |
28.440 |
|
(d) long-term provisions |
165.360 |
153.840 |
210.280 |
|
Total
Non-current Liabilities (3) |
383.930 |
962.580 |
1909.540 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
1424.900 |
687.760 |
593.140 |
|
(b) Trade payables |
3479.530 |
3119.230 |
2951.840 |
|
(c) Other current liabilities |
1345.380 |
1570.200 |
1485.510 |
|
(d) Short-term provisions |
222.800 |
159.640 |
255.930 |
|
Total
Current Liabilities (4) |
6472.610 |
5536.830 |
5286.420 |
|
|
|
|
|
|
TOTAL |
22487.180 |
19996.400 |
18749.010 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
8388.120 |
7662.900 |
8853.840 |
|
(ii) Intangible Assets |
0.000 |
0.000 |
68.140 |
|
(iii) Capital work-in-progress |
332.200 |
419.530 |
214.530 |
|
(iv) Intangible assets under
development |
4.020 |
18.220 |
1.780 |
|
(b) Non-current Investments |
3647.060 |
3646.690 |
3646.730 |
|
(c) Deferred tax assets (net) |
95.430 |
100.770 |
165.940 |
|
(d) Long-term Loan and Advances |
0.000 |
0.000 |
292.770 |
|
(e) Other Non-current assets |
1774.800 |
1901.750 |
30.720 |
|
Total
Non-Current Assets |
14241.630 |
13749.860 |
13274.450 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
316.370 |
471.640 |
0.000 |
|
(b) Inventories |
2490.710 |
1984.710 |
1981.050 |
|
(c) Trade receivables |
4846.360 |
3165.070 |
2897.610 |
|
(d) Cash and cash equivalents |
29.760 |
75.780 |
61.570 |
|
(e) Short-term loans and
advances |
0.000 |
0.000 |
351.050 |
|
(f) Other current assets |
562.350 |
549.340 |
183.280 |
|
Total
Current Assets |
8245.550 |
6246.540 |
5474.560 |
|
|
|
|
|
|
TOTAL |
22487.180 |
19996.400 |
18749.010 |
PROFIT
& LOSS ACCOUNT (STANDALONE)
|
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
|
SALES |
|
|
|
|
|
Income |
42660.050 |
40468.690 |
35099.380 |
|
|
Other Income |
287.140 |
214.920 |
309.700 |
|
|
TOTAL
|
42947.190 |
40683.610 |
35409.080 |
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
Cost of Materials Consumed |
25134.300 |
23935.870 |
23098.890 |
|
|
Purchases of Stock-in-Trade |
98.090 |
78.640 |
63.050 |
|
|
Changes in inventories of
finished goods, work-in-progress and Stock-in-Trade |
(432.240) |
(193.640) |
(261.690) |
|
|
Excise duty |
4003.330 |
3872.450 |
0.000 |
|
|
CSR expenditure |
0.000 |
0.000 |
2.000 |
|
|
Employees benefits expense |
2421.800 |
2115.430 |
1853.090 |
|
|
Other expenses |
6885.960 |
6276.340 |
6222.700 |
|
|
TOTAL |
38111.240 |
36085.090 |
30978.040 |
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE INTEREST, TAX,
DEPRECIATION AND AMORTISATION |
4835.950 |
4598.520 |
4431.040 |
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES |
178.570 |
329.740 |
410.260 |
|
|
|
|
|
|
|
|
PROFIT
/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION |
4657.380 |
4268.780 |
4020.780 |
|
|
|
|
|
|
|
Less/
Add |
DEPRECIATION/
AMORTISATION |
1668.570 |
1475.000 |
1570.950 |
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE TAX |
2988.810 |
2793.780 |
2449.830 |
|
|
|
|
|
|
|
Less |
TAX |
773.840 |
707.330 |
653.630 |
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) AFTER TAX |
2214.970 |
2086.450 |
1796.200 |
|
|
|
|
|
|
|
|
EARNINGS
IN FOREIGN CURRENCY |
|
|
|
|
|
FOB value of manufactured
goods exported |
1611.940 |
1444.180 |
1228.480 |
|
|
Earnings on other income |
0.000 |
67.710 |
8.610 |
|
|
TOTAL
EARNINGS |
1611.940 |
1511.890 |
1237.090 |
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
Raw Materials |
NA |
2893.510 |
3181.040 |
|
|
Components and Stores parts |
NA |
133.670 |
112.800 |
|
|
Capital Goods |
NA |
431.040 |
125.470 |
|
|
TOTAL
IMPORTS |
NA |
3458.220 |
3419.310 |
|
|
|
|
|
|
|
|
Earnings
/ (Loss) Per Share (INR) |
15.75 |
14.83 |
12.76 |
CURRENT MATURITIES OF LONG TERM DEBT DETAILS
|
Particulars |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Current Maturities of Long term debt |
452.180 |
975.220 |
897.700 |
|
Cash generated from operations |
3285.800 |
4561.600 |
3687.020 |
|
Net cash flow from operating activity |
2557.240 |
3926.510 |
2982.610 |
KEY
RATIOS
EFFICIENCY RATIOS
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Average Collection Days (Sundry Debtors / Income * 365 Days) |
41.47 |
28.55 |
30.13 |
|
|
|
|
|
|
Account Receivables Turnover (Income / Sundry
Debtors) |
8.80 |
12.79 |
12.11 |
|
|
|
|
|
|
Average Payment Days (Sundry Creditors
/ Purchases * 365 Days) |
50.33 |
47.41 |
46.52 |
|
|
|
|
|
|
Inventory Turnover (Operating Income
/ Inventories) |
1.94 |
2.32 |
2.24 |
|
|
|
|
|
|
Asset Turnover (Operating Income
/ Net Fixed Assets) |
0.55 |
0.57 |
0.48 |
LEVERAGE RATIOS
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Debt Ratio ((Borrowing + Current Liabilities) / Total
Assets) |
0.32 |
0.36 |
0.42 |
|
|
|
|
|
|
Debt Equity Ratio (Total Liability
/ Networth) |
0.13 |
0.18 |
0.27 |
|
|
|
|
|
|
Current Liabilities to Networth (Current
Liabilities / Net Worth) |
0.41 |
0.41 |
0.46 |
|
|
|
|
|
|
Fixed Assets to Networth (Net Fixed Assets
/ Networth) |
0.56 |
0.60 |
0.79 |
|
|
|
|
|
|
Interest Coverage Ratio (PBIT / Financial
Charges) |
27.08 |
13.95 |
10.80 |
PROFITABILITY RATIOS
|
PARTICULARS |
|
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
((PAT / Sales) * 100) |
% |
5.19 |
5.16 |
5.12 |
|
|
|
|
|
|
|
Return on Total Assets ((PAT / Total
Assets) * 100) |
% |
9.85 |
10.43 |
9.58 |
|
|
|
|
|
|
|
Return on Investment (ROI) ((PAT / Networth)
* 100) |
% |
14.17 |
15.46 |
15.55 |
SOLVENCY RATIOS
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Current Ratio (Current Assets / Current Liabilities) |
1.27 |
1.13 |
1.04 |
|
|
|
|
|
|
Quick Ratio ((Current Assets –
Inventories) / Current Liabilities) |
0.89 |
0.77 |
0.66 |
|
|
|
|
|
|
G-Score Ratio Financial (Networth / Total
Assets) |
0.70 |
0.67 |
0.62 |
|
|
|
|
|
|
G-Score Ratio Debt (Debts / Equity
Capital) |
1.48 |
13.90 |
17.98 |
|
|
|
|
|
|
G-Score Ratio Liquidity (Total Current
Assets / Total Current Liabilities) |
1.27 |
1.13 |
1.04 |
Total Liability = Short-term Debt + Long-term
Debt + Current Maturities of Long-term debts
STOCK
PRICES
|
Face Value |
INR 10.00/- each |
|
Market Value |
INR 1315.00/- each |
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 |
175.830 |
175.830 |
1406.630 |
|
Reserves & Surplus |
11377.220 |
13321.160 |
14224.010 |
|
Net
worth |
11553.050 |
13496.990 |
15630.640 |
|
|
|
|
|
|
Long Term borrowings |
1670.820 |
780.810 |
198.520 |
|
Short Term borrowings |
593.140 |
687.760 |
1424.900 |
|
Current Maturities of Long term debt |
897.700 |
975.220 |
452.180 |
|
Total
borrowings |
3161.660 |
2443.790 |
2075.600 |
|
Debt/Equity
ratio |
0.274 |
0.181 |
0.133 |
%20-%20505178%2021-Apr-2018_files/image007.gif)
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
|
35099.380 |
40468.690 |
42660.050 |
|
|
|
15.297 |
5.415 |
%20-%20505178%2021-Apr-2018_files/image008.gif)
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
|
35099.380 |
40468.690 |
42660.050 |
|
Profit |
1796.200 |
2086.450 |
2214.970 |
|
|
5.12% |
5.16% |
5.19% |
%20-%20505178%2021-Apr-2018_files/image009.gif)
ABRIDGED
BALANCE SHEET – (CONSOLIDATED)
|
SOURCES
OF FUNDS |
|
31.03.2017 |
31.03.2016 |
|
|
|
|
|
|
I.
EQUITY AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
|
1406.630 |
175.830 |
|
(b) Reserves & Surplus |
|
15886.710 |
14322.270 |
|
(c) Money received against
share warrants |
|
0.000 |
0.000 |
|
|
|
|
|
|
(2) Share Application money pending
allotment |
|
0.000 |
0.000 |
|
Total
Shareholders’ Funds (1) + (2) |
|
17293.340 |
14498.100 |
|
|
|
|
|
|
(3) Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
|
3422.270 |
4162.670 |
|
(b) Deferred tax liabilities
(Net) |
|
60.970 |
84.840 |
|
(c) Other long term
liabilities |
|
307.020 |
303.140 |
|
(d) long-term provisions |
|
7.750 |
10.960 |
|
Total
Non-current Liabilities (3) |
|
3798.010 |
4561.610 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
|
1735.850 |
1869.070 |
|
(b) Trade payables |
|
8641.880 |
7385.340 |
|
(c) Other current liabilities |
|
3405.670 |
4343.840 |
|
(d) Short-term provisions |
|
223.840 |
160.770 |
|
Total
Current Liabilities (4) |
|
14007.240 |
13759.020 |
|
|
|
|
|
|
TOTAL |
|
35098.590 |
32818.730 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
|
14734.250 |
14322.740 |
|
(ii) Intangible Assets |
|
1354.830 |
1469.250 |
|
(iii) Capital work-in-progress |
|
434.220 |
934.750 |
|
(iv) Intangible assets under
development |
|
4.020 |
99.150 |
|
(b) Non-current Investments |
|
10.150 |
10.210 |
|
(c) Deferred tax assets (net) |
|
189.520 |
196.530 |
|
(d) Long-term Loan and Advances |
|
0.000 |
0.000 |
|
(e) Other Non-current assets |
|
2355.530 |
2364.320 |
|
Total
Non-Current Assets |
|
19082.520 |
19396.950 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
|
316.370 |
471.640 |
|
(b) Inventories |
|
4438.270 |
4098.620 |
|
(c) Trade receivables |
|
7608.700 |
5927.870 |
|
(d) Cash and cash equivalents |
|
2199.340 |
1674.210 |
|
(e) Short-term loans and
advances |
|
0.000 |
0.000 |
|
(f) Other current assets |
|
1453.390 |
1249.440 |
|
Total
Current Assets |
|
16016.070 |
13421.780 |
|
|
|
|
|
|
TOTAL |
|
35098.590 |
32818.730 |
PROFIT
& LOSS ACCOUNT– (CONSOLIDATED)
|
|
PARTICULARS |
|
31.03.2017 |
31.03.2016 |
|
|
SALES |
|
|
|
|
|
Income |
|
59742.030 |
56176.160 |
|
|
Other Income |
|
480.890 |
329.630 |
|
|
TOTAL
|
|
60222.920 |
56505.790 |
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
Cost of Materials Consumed |
|
32591.750 |
31399.730 |
|
|
Purchases of Stock-in-Trade |
|
98.090 |
78.640 |
|
|
Changes in inventories of
finished goods, work-in-progress and Stock-in-Trade |
|
(410.190) |
(336.950) |
|
|
Excise duty |
|
4003.330 |
3872.450 |
|
|
Employees benefits expense |
|
5455.150 |
4823.030 |
|
|
Other expenses |
|
10610.790 |
9544.330 |
|
|
TOTAL |
|
52348.920 |
49381.230 |
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE INTEREST, TAX,
DEPRECIATION AND AMORTISATION |
|
7874.000 |
7124.560 |
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES |
|
322.490 |
489.560 |
|
|
|
|
|
|
|
|
PROFIT
/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION |
|
7551.510 |
6635.000 |
|
|
|
|
|
|
|
Less/
Add |
DEPRECIATION/
AMORTISATION |
|
2905.060 |
2431.730 |
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE TAX |
|
4646.450 |
4203.270 |
|
|
|
|
|
|
|
Less |
TAX |
|
1343.350 |
1198.770 |
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) AFTER TAX |
|
3303.100 |
3004.500 |
|
|
|
|
|
|
|
|
Earnings
/ (Loss) Per Share (INR) |
|
23.48 |
21.28 |
LOCAL AGENCY FURTHER INFORMATION
|
Sr. No. |
Check list by
info agents |
Available in
Report (Yes/No) |
|
1 |
Year of establishment |
Yes |
|
2 |
Constitution of the entity -Incorporation
details |
Yes |
|
3 |
Locality of the entity |
Yes |
|
4 |
Premises details |
No |
|
5 |
Buyer visit details |
-- |
|
6 |
Contact numbers |
Yes |
|
7 |
Name of the person contacted |
Yes |
|
8 |
Designation of contact person |
Yes |
|
9 |
Promoter’s background |
Yes |
|
10 |
Date of Birth of Proprietor / Partners /
Directors |
Yes |
|
11 |
Pan Card No. of Proprietor / Partners |
Yes |
|
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 |
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 |
CORPORATE INFORMATION
The Company is engaged in the manufacturing and selling of aluminium die casting (including alloy wheel), suspension, transmission and braking products with operations spread across India.
The name of the Company has changed from Endurance Technologies Private Limited to Endurance Technologies Limited consequent upon its conversion from a Private Limited Company to a Public Limited Company with effect from 31st May, 2016. The Company is a public limited company incorporated and domiciled in India.
MANAGEMENT DISCUSSION
AND ANALYSIS
Economy Overview
The Global Economy continues to face subdued growth owing to low commodity prices and low inflation rates, stagnant growth in advanced economies and geo-political uncertainties. The International Monetary Fund (IMF) projects global economic growth to be 3.1% in 2016 and going up to 3.4% in 2017.
Against the subdued global conditions, the Indian economy’s expansion has been noteworthy. Despite an expected decline in the growth rate owing to slowdown in manufacturing, decline in budgetary capital expenditure and demonetisation, India is expected to continue as the fastest growing large economy. The Indian Economy grew at 7.1% in FY2016-17 as against 8% in FY2015-16.
Going forward, the country’s economic growth is facing challenges such as subdued manufacturing, lower exports of services and lower capital expenditure. However, it is expected that during FY2017-18, cheaper borrowing cost and fading impact of demonetisation could increase private consumption and thereby drive economic growth. The implementation of Goods and Services Tax (GST) is expected to improve compliance and governance, and might provide impetus to investments and growth in the country. Due to favourable indicators such as moderate levels of inflation, reduced current account deficit (CAD), fiscal consolidation and transitory impact of demonetisation, the country is currently perceived to be in macroeconomic situation. The Government expects India’s GDP to expand at a growth rate between 6.75- 7.5% in FY2017-18.
ABOUT THE COMPANY
The Group started with the incorporation of Anurang Engineering Company Private Limited in 1985 to supply aluminium casting products to Bajaj Auto. In 1999, Endurance Suspension Systems (India) Private Limited was formed to diversify into the manufacturing of suspension components for two-wheelers. Over the next few years, Endurance ventured into manufacturing of transmission and braking components for two-wheelers. In 2006, Anurang Engineering merged with Endurance Transmission to form Endurance Technologies Private Limited. Later in FY2006-07 and FY2007-08, Endurance acquired aluminium die-casting companies in Germany and Italy, respectively.
Today, Endurance has diversified into manufacturing four products – Aluminium castings, Suspension, Transmission, and Braking Systems. It is one of the leading two-wheeler and three-wheeler automotive component manufacturers in India (in terms of aggregate revenue) from its selected product segments. It is a Tier I supplier to OEMs for most of its products, and has the highest output and largest installed capacity when compared to any aluminium die-casting company in India.
Endurance is a complete solutions provider for a wide range of technology-intensive auto component products. By engaging with its customers from the conception of products to end-user delivery, Endurance prides itself on being involved throughout the development process, leading to better overall customer satisfaction. Its development process includes design, development, validation, testing, manufacturing and delivery for a wide range of value added auto component products. The Company has established a strong presence in the aftermarket business through a network of 312 distributors globally.
Being an innovation oriented company, with a strong focus on research and development, Endurance is well equipped to develop new products suited to its customers’ requirements. Endurance owes its successful diversification to intensive R&D, and its technological capabilities. It has developed its R&D department to enhance their product design, reverse engineering, product simulation, prototyping, and testing abilities. As on 31st March, 2017, Endurance employs 185 R&D engineers, designers, technicians and support staff in India and at its overseas R&D facilities. In India, it has four R&D centres specific to each of its business, all of which are Department of Scientific and Industrial Research (DSIR) approved.
Further, Endurance is driven by a strong focus on enhancing operational efficiencies. It adopted Total Productivity Management (TPM) in 2005 to meet customer expectations on quality, cost and delivery. Consolidation of operations, outsourcing of non-critical operations, automation and clean sheet costing of components being sourced, helps the Company to be operationally competitive.
AWARDS AND
RECOGNITION
• The Indian Merchants’ Chambers accredited the Company with Citation for Emerging Manufacturing Giant from Maharashtra, recognising the Company as a complete solutions provider
• Recognised with the Grand Award for QCDDM performance 2016-17 by Honda Motorcycles & Scooter India Pvt. Ltd. for excellence in Quality, Cost, Delivery, Development and Management
• Recognised with Global TVP Award for the Alloy Wheel Plant at Chakan (Pune) by India Yamaha Motor Pvt. Ltd. for developing Theoretical Value of Production
• Awarded with Excellence in Consistent TPM Commitment Award for Casting plant at B-2 Waluj (Aurangabad) by Japan Institute of Plant Maintenance
• Award for Excellence in Export - Large Category 2015-2016 (Gold Award to Endurance Aftermarket) for braking systems plant at Waluj (Aurangabad) by ACMA (Automotive Components Manufacturers Association) • Award for Excellence in HR – Special Category 2015- 2016 (Bronze Award) for transmission plant at Waluj (Aurangabad) by ACMA
• 2nd Corporate Excellence Award – 2016 to Mr. Anurang Jain, Managing Director, by Dr. Babasaheb Ambedkar Marathwada University, Aurangabad for lifetime contribution to Automotive Industry
• Awarded with India Green Manufacturing Challenge Award in Gold category for suspension plant at K-228/229, Waluj (Aurangabad) by International Research Institute for Manufacturing, recognizing consistency in implementing environment friendly manufacturing practices
• Accredited with Water Conservation Award to Takve plant by Rotary International, Pune
OUTLOOK
They expect the domestic two-wheelers industry to grow at 7-8% CAGR until FY2020, which should be driven by around 6% growth in motorcycles and more than 10% growth in scooters. The Company will continue to enhance
its focus on scooter products as it continues to outpace motorcycles in terms of growth. Because of its strong brand and technical competency, Endurance is attractively positioned to make the most out of the flourishing scooter demand.
The Company is witnessing an increase in wallet share with its existing customers. Further, its focus on newer products to get value added growth and increasing the content per vehicle, will help the Company sustain its growth. Endurance remains open to undertake further acquisitions, mergers, investments and expansions to enhance its operations and technological capabilities.
Endurance has been present in the aftermarket segment since 2001 and has an extensive network of 12 distribution centres and 300 distributors (265 in India and 35 abroad).
It distributes suspension, transmission and braking systems through its own networks. The segment has grown at a 16.5% CAGR over the last five year FY13-17 and also provides visibility to the Endurance brand. Going forward, Endurance aims to enhance focus and expand in the segment by increasing exports to countries where its OEM clients are present. Moreover, Endurance has also entered into trading of components manufactured by other players, under its brand. These would essentially be an extension of the products that Endurance currently manufactures and will utilise the existing distribution network to reach its customers.
FINANCIAL OVERVIEW
The total income on standalone grew by 5.8% from INR 36811 million to INR 38944 million EBITDA grew by 5.2% from INR 4599 million to INR 4836 million and PAT grew by 6.2% from INR 2086 million to INR 2215 million On standalone basis the Company reported an EBITDA margin of 12.4% and PAT margin of 5.7%. The aftermarket sales from India operations grew by 14.9% to INR 2122 million and the exports from India grew by 16.2% to INR 1690.80 million.
UNSECURED LOAN
|
Unsecured Loan |
31.03.2017 (INR
in Million) |
31.03.2016 (INR
in Million) |
|
Long-term
Borrowings |
|
|
|
Other loans |
|
|
|
Loan from public limited companies |
0.000 |
121.690 |
|
Deferred sales tax loan |
113.330 |
223.310 |
|
|
|
|
|
Short-term
borrowings |
|
|
|
From bank |
|
|
|
Short Term Loan |
535.630 |
0.000 |
|
Cash credit/working capital demand loans |
199.580 |
0.000 |
|
From others |
|
|
|
Loan from public limited company |
0.000 |
162.500 |
|
|
|
|
|
Total |
848.540 |
507.500 |
UNAUDITED FINANCIAL RESULTS FOR THE QUARTER AND NINE MONTH ENDED 31ST DECEMBER, 2017
(INR
in Million)
|
|
|
Particulars |
31.12.2017 (Quarter Ended) |
30.09.2017 (Quarter Ended) |
31.12.2017 (Nine Months Ended) |
|
1 |
|
Income from
Operations |
|
|
|
|
|
|
Sales/Income from Operations (Gross) |
11168.700 |
11760.080 |
34967.400 |
|
|
|
b) Other Operating Income |
29.940 |
41.090 |
114.880 |
|
|
Total Income from
Operations (Net) |
11198.640 |
11801.170 |
35082.280 |
|
|
2 |
Expenses |
|
|
|
|
|
|
a) |
Cost of Materials consumed |
7284.760 |
7731.910 |
21903.220 |
|
|
b) |
Purchase of Stock-in-trade |
27.050 |
21.050 |
62.320 |
|
|
c) |
Excise duty on sales |
0.000 |
0.000 |
0.000 |
|
|
d) |
Changes in inventories of finished goods, work-in-progress and
stock-in-trade |
(89.390) |
(52.340) |
(43.030) |
|
|
e) |
Employee benefit expenses |
615.340 |
635.970 |
1279.120 |
|
|
f) |
Finance Costs |
14.110 |
31.870 |
1905.000 |
|
|
g) |
Depreciation and amortization expense |
431.680 |
402.610 |
75.100 |
|
|
h) |
Other expenses |
1889.840 |
1916.800 |
1241.890 |
|
|
Total Expenses |
10173.390 |
10687.870 |
5552.920 |
|
|
|
|
|
|
|
|
|
3 |
Profit before
Exceptional items and Tax |
1025.250 |
1113.300 |
3105.740 |
|
|
4 |
Exceptional items |
268.780 |
0.000 |
268.780 |
|
|
5 |
Profit before Tax |
756.470 |
1113.300 |
2836.960 |
|
|
6 |
Tax Expense |
269.170 |
382.710 |
939.900 |
|
|
7 |
Net Profit for the
period after tax |
487.300 |
730.590 |
1897.060 |
|
|
|
|
|
|
|
|
|
8 |
Other Comprehensive Income |
|
|
|
|
|
|
Items that will not be reclassified of profit or loss |
14.740 |
6.990 |
0.560 |
|
|
|
|
|
|
|
|
|
|
Total
Comprehensive Income |
502.040 |
737.580 |
13.49 |
|
|
|
|
|
|
|
|
|
|
Earnings / (Loss) Per
Share (INR) |
3.460 |
5.19 |
13.49 |
|
NOTE :
1. The above financial results of the Company For the quarter and nine months ended 31st December, 2017 have been reviewed by the Audit Committee and approved by the Board of Directors at their meetings held on 14th February, 2018. The Statutory Auditors of the Company have carried out a "Limited Review" of these financial results.
2. These financial results have been prepared in accordance with Indian Accounting Standards ("Ind AS") prescribed under Section 133 of the Companies Act, 2013 read with relevant rules issued thereunder and in terms of Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 read with SEBI circular no CIR/CFD/FAC/62/2016 dated 5th July, 2016.
3. Post the applicability of GST in India with effect from 1st July, 2017, revenue is required to be disclosed net of GST. Accordingly, the revenue from operations for the quarter and nine months ended 31st December, 2017 are not comparable with the quarter and nine months ended 31 st December, 2016 and the year ended 31st March 2017 presented in the results.
4. During the quarter ended 31st December, 2017, the Company has incurred Rs. 268.78 million towards Voluntary Separation Scheme for eligible workmen, as part of consolidation of plant operations in the Pune region, which has been disclosed as an exceptional item in the financial results.
5. The operating segment of the Company is identified to be "Automotive Components". Therefore, the disclosure as per Regulation 33(1)(e) read with Clause (L) of Schedule IV of the Listing Regulations is not applicable.
6. The figures of previous periods have been regrouped, wherever necessary, to conform to the current period's classification.
INDEX
OF CHARGES:
|
SNo |
SRN |
Charge Id |
Charge Holder Name |
Date of Creation |
Date of Modification |
Date of Satisfaction |
Amount |
Address |
|
1 |
C51493849 |
10564992 |
The Bank of Tokyo-Mitsubishi UFJ Limited |
31/03/2015 |
- |
- |
657203400.0 |
15th Floor, Hoechst HouseNariman PointMumbaiMH400021IN |
|
2 |
C42083188 |
10546325 |
Corporation Bank |
12/01/2015 |
- |
- |
3750000000.0 |
14, Pune-Mumbai Road, Wakdewadi,PuneMH411003IN |
|
3 |
C11604147 |
10510088 |
Citi Bank N.A. |
27/05/2014 |
- |
- |
500000000.0 |
4798 Nirala BazarAurangabadMH431001IN |
|
4 |
G28528560 |
10532536 |
Standard Chartered Bank |
29/10/2014 |
- |
02/12/2016 |
683148400.0 |
19, Rajaji SalaiChennaiTN600001IN |
|
5 |
G05324967 |
10216656 |
IDBI Bank Limited |
12/04/2010 |
- |
23/05/2016 |
200000000.0 |
Specialised Corporate Branch, Survey No. 20292,Ratnaprabha Building,Opp. LIC Office, Adalat Road,AurangabadMH431003IN |
|
6 |
G01341015 |
10365604 |
CORPORATION BANK |
21/05/2012 |
- |
30/03/2016 |
300000000.0 |
Corporate Banking Branch14 Mumbai Pune Road, WakdewadiPUNEMH411003IN |
|
7 |
C65373318 |
10171888 |
Bank of India |
22/07/2009 |
28/07/2009 |
02/09/2015 |
420765000.0 |
293, HARROW ROAD293, HARROW ROADWEMBLEYNAHA96BDGB |
|
8 |
C62069299 |
10545017 |
Hongkong and Shanghai Banking Corporation Limited |
01/01/2015 |
12/01/2015 |
31/07/2015 |
730000000.0 |
Bund Garden RoadPuneMH411001IN |
|
9 |
C49030679 |
10164076 |
CORPORATION BANK |
10/06/2009 |
10/01/2013 |
24/03/2015 |
3788500000.0 |
Industrial Finance Branch,14, Wakdewadi, Mumbai-Pune RoadPuneMH411003IN |
|
10 |
C42946764 |
10412060 |
Standard Chartered Bank |
18/03/2013 |
10/03/2014 |
03/02/2015 |
660000000.0 |
19Rajaji SalaiChennaiTN600001IN |
CONTINGENT
LIABILITIES:
(INR in million)
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
|
Outstanding letters of credit |
430.450 |
296.760 |
|
Guarantees given by the Company’s bankers |
295.440 |
191.560 |
|
Standby letter of credit given by the Company’s bankers |
2.670 |
2.670 |
|
Disputed excise demands# |
48.120 |
44.130 |
|
Disputed excise demands# |
15.140 |
15.220 |
|
Sales tax matters# |
14.830 |
88.900 |
|
Income tax matters# |
143.150 |
39.070 |
|
Employees related disputes# |
25.070 |
24.450 |
|
Environment pollution control matters** |
26.570 |
26.570 |
|
|
|
|
|
Total |
1001.440 |
729.330 |
FIXED ASSETS
- Freehold Land
- Buildings
- Plant and equipments
- Wind Energy Generators
- Computer
- Electrical Fittings
- Vehicles
- Furniture and Fixtures
- Office Equipments
- Software
- Technical knowhow
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 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 65.78 |
|
|
1 |
INR 93.42 |
|
Euro |
1 |
INR 81.39 |
INFORMATION DETAILS
|
Information
Gathered by : |
ARC |
|
|
|
|
Analysis Done by
: |
NYT |
|
|
|
|
Report Prepared
by : |
KJL |
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 |
YES |
|
--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.