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3decades

 

MIRA INFORM REPORT

 

 

Report No. :

506735

Report Date :

28.04.2018

 

 

IDENTIFICATION DETAILS

 

Name :

FORCE MOTORS LIMITED (w.e.f.12.05.2005)

 

 

Formerly Known As :

BAJAJ TEMPO LIMITED

 

 

Registered Office :

Mumbai-Pune Road, Akurdi, Pimpri-Chinchwad, Pune – 411035, Maharashtra

Tel. No.:

91-20-27476381

 

 

Country :

India

 

 

Financials (as on) :

31.03.2017

 

 

Date of Incorporation :

08.09.1958

 

 

Com. Reg. No.:

11-011172

 

 

Capital Investment / Paid-up Capital :

INR 131.800 Million

 

 

CIN No.:

[Company Identification No.]

L34102PN1958PLC011172

 

 

IEC No.:

[Import-Export Code No.]

Not Divulged

 

 

TIN No:

23431603624/ 27650247765

 

 

GSTN :

[Goods & Service Tax Registration No.]

27AAACB7066L1ZE

 

 

TAN No.:

[Tax Deduction & Collection Account No.]

Not Available

 

 

PAN No.:

[Permanent Account No.]

AAACB7066L

 

 

Legal Form :

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

 

 

Line of Business :

Design, Development and Manufacture of the full spectrum of automotive components, aggregates and vehicles. Its range of products includes light commercial vehicles (LCV) multi utility vehicles (MUV), small commercial vehicles (SCV), sports utility vehicles (SUV) and agriculture tractors. [Registered Activity]

 

 

No. of Employees :

Information denied by the management

 

 

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

 

Status :

Excellent

 

 

Payment Behaviour :

Regular

 

 

Litigation :

Clear

 

 

Comments :

Subject was incorporated in the year 1958. The company is fully integrated automobile, with expertise in design, development and manufacturer of the full spectrum of automotive components, aggregates and vehicles. Its range of products includes Light Commercial Vehicles (LCV), Multi Utility Vehicles (MUV). Small Commercial Vehicles (SCV), Sports Utility Vehicles (SUV) and Agriculture Tractors.

For the financial year 2017, the revenue of the company has increased by 1.22% along with average profit margin of 5.14%.


The robust financial profile of the company is marked by healthy networth base along with strong debt coverage indicators due to low debt balance sheet profile.


The company has favourable Earning Per Share (EPS) of INR 135.55 against a face value (FV) of INR 10.


The rating takes into consideration the subject’s long established track record of business operations along with extensive experience of its promoters.


The company has its share price trading at around INR 3022.55 against the Face Value (FV) of INR 10 on BSE as on 27th April, 2018.


As per the unaudited quarterly financials of December 2017, the company has achieved revenue of INR 7495.2 million and has reported profit margin of 1.95%.


Business is active. Payment seems to be regular.


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

 

NOTES:

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

 

 

EXTERNAL AGENCY RATING

 

Rating Agency Name

Not Available

Rating

Not Available

Rating Explanation

Not Available

Date

Not Available

 

 

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 28.04.2018

 

 

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.: 91-20-27476381)

 

91-20-2776380 (Incorrect number)

 

 

LOCATIONS

 

Registered Office :

Mumbai-Pune Road, Akurdi, Pimpri-Chinchwad, Pune – 411035, Maharashtra, India

Tel. No.:

91-20-27476381

Fax No.:

91-20-27404678

E-Mail :

compliance-office@forcemotors.com

Website :

http://www.forcemotors.com

 

 

Factory 2:

Pithampur Industrial Area, District Dhar, Pithampur– 454775, Madhya Pradesh, India

Tel. No.:

91-7292-253004

Fax No.:

91-7292-308180

 

 

Factory 3:

Urse, Taluka Maval, District Pune – 410506, Maharashtra, India

 

 

Factory 4:

P-48/2, Mahindra World City, IV Phase, 8th Avenue, Changalpattu Taluk, Kanchipuram, Mahindra World City, Chennai – 603004, Tamil Nadu, India

 

 

Factory 5:

Gat No. 331, 333, 312/5/6/7, Nanekarwadi, Chakan, Pune– 410501, Maharashtra, India

 

 

DIRECTORS

 

As on 31.03.2017

 

Name :

Mr. Subramanian Padmanabhan

Designation :

Director

Address :

30, Vishrambagh Society, Senapati Bapat Road, Pune - 411016, Maharashtra, India

Date of Appointment :

30.09.2006

DIN No.:

00001207

 

 

Name :

Mr. Abhaykumar Navalmal Firodia

Designation :

Managing Director

Address :

Sanmitra, 132 /B, Ganeshkhind Road, Pune-411007, Maharashtra, India

Date of Appointment :

01.07.2002

DIN No.:

00025179

 

 

Name :

Mr. Prasan Abhaykumar Firodia

Designation :

Managing Director

Address :

Sanmitra,132-B, Ganeshkhind Road, Pune-411007, Maharashtra, India

Date of Appointment :

30.09.2006

DIN No.:

00029664

 

 

Name :

Mr. Sudhir Mehta

Designation :

Director

Address :

Plot No. 26, Yashwant Nagar Cooperative Housing Sociaety, Ganesh Khind Road, Shivajinagar, Pune-411007, Maharashtra, India

Date of Appointment :

30.09.2006

DIN No.:

00056867

 

 

Name :

Mr. Arun Prabhudas Sheth

Designation :

Director

Address :

604, Residency 'A', Lokhandwala Complex Versova, Andheri (West), Mumbai-400053, Maharashtra, India

Date of Appointment :

25.09.2010

DIN No.:

00086891

 

 

Name :

Mr. Nitin Raojibhai Desai

Designation :

Director

Address :

457, Sind Housing Society, Aundh, Pune-411007, Maharashtra, India

Date of Appointment :

11.08.2014

DIN No.:

00140239

 

 

Name :

Mr. Indira Jitendra Parikh

Designation :

Director

Address :

Koregaon Park, Lane No. 7, Oxford Hallmark, "B" Building, Flat No. 1001 Pune-411001, Maharashtra, India

Date of Appointment :

11.08.2014

DIN No.:

00143801

 

 

Name :

Mr. Vinay Khemchand Kothari

Designation :

Director

Address :

1101, Jehangir Tower, 10, Setalvad Lane, Off. Nepean Sea Road, Mumbai-400026, Maharashtra, India

Date of Appointment :

27.09.2005

DIN No.:

00337134

 

 

Name :

Mr. Prashant Vijay Inamdar

Designation :

Wholetime Director

Address :

Tejomaya, Plot No. 79, Sector 26, Nigdi, Pune-411044, Maharashtra, India

Date of Appointment :

16.01.2005

DIN No.:

07071502

 

 

Name :

Mr. Arvind Rajindernth Mahajan

Designation :

Director

Address :

602/702, Gulmohar Apartments, 28th Road, Bandra (West), Mumbai-400050, Maharashtra, India

Date of Appointment :

30.07.2016

DIN No.:

07553144

 

 

Name :

Mr. Yeshwant Moreshwar Deosthalee

Designation :

Director

Address :

C/401, Chaitanya Towers Co-Operative Housing Society Limited, Appa Saheb Marathe Marg, Prabhadevi, Opposite Mamta- D Building, Mumbai-400025, Maharashtra, India

Date of Appointment :

20.07.2017

DIN No.:

00001698

 

 

Name :

Mr. Pratap Govind Pawar

Designation :

Director

Address :

Vrundavan, S.No.73, Baner Road, Near Suyash Shroff Building, Baner, Pune 411045, Maharashtra, India

Date of Appointment :

30.09.2006

DIN No.:

00018985

 

 

KEY EXECUTIVES

 

Name :

Mr. Sanjay Kumar Bohra

Designation :

Chief Finance Officer

Address :

Flat No. 601/602, H-5, Belvedere Society, ITI Road, Aundh, Pune-411007, Maharashtra, India

Date of Appointment :

16.01.2015

PAN No.:

ABBPB9212D

 

 

Name :

Mr. Kishore Prafullchandra Shah

Designation :

Company Secretary and Compliance Officer

Address :

7, Yash Residency, Sahni Sujan Park, Bibwewadi-Kondhva Road, Pune-411040, Maharashtra, India

Date of Appointment :

30.07.2016

PAN No.:

AWUPS3281R

 

 

MAJOR SHAREHOLDERS

 

AS ON: 31.03.2018

 

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

8045042

61.06

(B) Public

5131220

38.94

Grand Total

13176262

100.00



 

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

A1) Indian

 

0.00

Any Other (specify)

8045042

61.06

Jaya Hind Investments Pvt. Ltd. (Promoter)

7492244

56.86

Jaya Hind Industries Ltd. (Promoter)

10909

0.08

Abhaykumar Navalmal Firodia

264351

2.01

Prasannasinh Abhaykumar Firodia

220763

1.68

Prasanna Holdings Private Limited

48579

0.37

Ahmednagar Engineering Private Limited

8196

0.06

Sub Total A1

8045042

61.06

A2) Foreign

 

0.00

A=A1+A2

8045042

61.06

 

 

Statement showing shareholding pattern of the Public shareholder

 

Category & Name of the Shareholders

No. of fully paid up equity shares held

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

B1) Institutions

0

0.00

Mutual Funds/

395909

3.00

Sundaram Mutual Fund A/C Sundaram Select Midcap

323624

2.46

Foreign Portfolio Investors

713022

5.41

National Westminster Bank Plc As Trustee of the Jupiter India Fund

411340

3.12

Financial Institutions/ Banks

41492

0.31

Insurance Companies

20055

0.15

Sub Total B1

1170478

8.88

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

3104040

23.56

Individual share capital in excess of INR 0.200 Million

102791

0.78

Any Other (specify)

753911

5.72

Trusts

3347

0.03

HUF

145321

1.10

Non-Resident Indian (NRI)

106176

0.81

Director or Director's Relatives

105406

0.80

Unclaimed or Suspense or Escrow Account

461

0.00

Clearing Members

71074

0.54

Bodies Corporate

280297

2.13

IEPF

41829

0.32

Sub Total B3

3960742

30.06

B=B1+B2+B3

5131220

38.94

 

 

BUSINESS DETAILS

 

Line of Business :

Design, Development and Manufacture of the full spectrum of automotive components, aggregates and vehicles. Its range of products includes light commercial vehicles (LCV) multi utility vehicles (MUV), small commercial vehicles (SCV), sports utility vehicles (SUV) and agriculture tractors. [Registered Activity]

 

 

Products / Services :

Item Code No.

Products/Services Description

29102

Light Commercial Vehicle and Utility Vehicles

29104

Engines

 

 

Brand Names :

Not Available

 

 

Agencies Held :

Not Available

 

 

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 :

Reference :

Not Divulged

Name of the Person :

--

Contact No.:

--

Since How Long Known :

--

Maximum Limit Dealt :

--

Experience :

--

Remark:

--

 

 

No. of Employees :

Information denied by the management

 

 

Bankers :
  • State Bank of India

Corporate Accounts Group, Neville House, J N Heradia Marg, Ballard Estate, Mumbai-400001, Maharashtra, India

 

  • Bank of America National Trust Saving Association

Express Tower, Nariman Point, Mumbai-400021, Maharashtra, India

 

  • Bank of America Nisa

Express Tower, Nariman Point, Mumbai-400021, Maharashtra, India

 

  • Citi Bank N.A

D.M. Road Branch, Mumbai, Maharashtra, India

 

  • Standard Chartered Bank

90mahatma Gandhi Road, Mumbai-400001, Maharashtra, India

 

Auditors :

 

Name :

Kirtane and Pandit LLP

Chartered Accountants

Address :

5th Floor, Wing A, Gopal House, S. No.127/1B/1, Plot no.A1, opposite Harshal Hall, Kothrud, Pune – 411038, Maharashtra, India 

Tel. No.:

91-20-67295100/ 25433104

E-Mail :

kpca@kirtannepandit.com

Website:

http://www.kirtannepandit.com

 

 

Statutory Auditors :

 

Name :

P. G. Bhagwat

Chartered Accountants

Address :

Pune, Maharashtra, India

 

 

Internal Auditors :

 

Name 1 :

Capri Assurance and Advisory Services

Chartered Accountants

Address :

Chennai, Tamilnadu, India

 

 

Name 2 :

Jugal S. Rathi

Chartered Accountants

Address :

Pune, Maharashtra, India

 

 

Secretarial Auditor

Mr. I.U. Thakur

Company Secretary in Practice

Address :

Pune, Maharashtra, India

 

 

Cost Accountants:

 

Name  :

Joshi Apte and Associates

Cost Accountants

Address :

Pune, Maharashtra, India

 

 

Memberships :

Not Available

 

 

Collaborators :

Not Available

 

 

Subsidiary Company :

Tempo Finance (West) Private Limited (U65910PN1991PTC062179)

 

 

Holding Company:

Jaya Hind Investments Private Limited (U67200PN1981PTC023979)

 

 

Associate of Holding Company

  • Jaya Hind Industries Limited
  • Jaya Hind Montupet Private Limited

 

 

Entity Controlled by KMP of Company:

  • Pinnacle Industries Limited
  • Kider (India) Private Limited
  • Bajaj Tempo Limited Provident Fund
  • Sakal Papers Private Limited

 

 

CAPITAL STRUCTURE

 

AS ON: 31.03.2017

 

Authorised Capital:

No. of Shares

Type

Value

Amount

 

 

 

 

20000000

Equity Shares

INR 10/- each

INR 200.000 Million

 

 

 

 

 

Issued Capital:

No. of Shares

Type

Value

Amount

 

 

 

 

13213802

Equity Shares

INR 10/- each

INR 132.138 Million

 

 

 

 

 

Subscribed & Paid-up Capital:

No. of Shares

Type

Value

Amount

 

 

 

 

13176262

Equity Shares

[of the above (2,00,918) Equity Shares are allotted as fully 2,00,918 paid shares pursuant to a contract without payment being received in cash and (57,29,934) Equity Shares are allotted as fully 57,29,934 paid Bonus Shares by capitalization of reserves]

INR 10/- each

INR 131.763 Million

 

 

 

 

 

 

FINANCIAL DATA

[all figures are in Indian 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

131.800

131.790

131.790

(b) Reserves & Surplus

16522.300

14672.620

13037.012

(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)

16654.100

14804.410

13168.802

 

 

 

 

(3) Non-Current Liabilities

 

 

 

(a) Long-term borrowings

19.900

26.400

107.300

(b) Deferred tax liabilities (Net)

974.900

676.901

266.134

(c) Other long term liabilities

62.400

39.600

39.600

(d) long-term provisions

251.900

224.411

192.158

Total Non-current Liabilities (3)

1309.100

967.312

605.192

 

 

 

 

(4) Current Liabilities

 

 

 

(a) Short term borrowings

1964.700

0.000

0.000

(b) Trade payables

4853.500

4172.452

3928.342

(c) Other current liabilities

1910.500

2709.296

1616.866

(d) Short-term provisions

284.600

285.112

397.621

Total Current Liabilities (4)

9013.300

7166.860

5942.829

 

 

 

 

TOTAL

26976.500

22938.582

19716.823

 

 

 

 

II.            ASSETS

 

 

 

(1) Non-current assets

 

 

 

(a) Fixed Assets

 

 

 

(i) Tangible assets

8563.300

7614.950

6242.395

(ii) Intangible Assets

488.100

318.271

133.134

(iii) Capital work-in-progress

1201.100

1315.995

1745.495

(iv) Intangible assets under development

1001.500

730.009

652.063

(b) Non-current Investments

159.500

12.303

12.303

(c) Deferred tax assets (net)

0.000

0.000

0.000

(d)  Long-term Loan and Advances

176.500

780.085

999.672

(e) Other Non-current assets

456.000

0.000

0.000

Total Non-Current Assets

12046.000

10771.613

9785.062

 

 

 

 

(2) Current assets

 

 

 

(a) Current investments

0.000

0.000

0.000

(b) Inventories

4376.600

5475.110

3925.480

(c) Trade receivables

1151.000

1503.981

1086.804

(d) Cash and cash equivalents

2342.200

3176.379

3030.343

(e) Short-term loans and advances

11.900

1859.808

1846.595

(f) Other current assets

7048.800

151.691

42.539

Total Current Assets

14930.500

12166.969

9931.761

 

 

 

 

TOTAL

26976.500

22938.582

19716.823

 

 

PROFIT & LOSS ACCOUNT

 

 

PARTICULARS

 

31.03.2017

31.03.2016

31.03.2015

 

SALES

 

 

 

 

 

Revenue from Operations [Net]

34945.700

30597.939

23637.225

 

 

Other Income

849.400

714.371

657.764

 

 

TOTAL                                    

35795.100

31312.310

24294.989

 

 

 

 

 

Less

EXPENSES

 

 

 

 

 

Cost of Raw Materials and Components consumed

21305.600

22376.353

16471.557

 

 

Change in Inventories of Finished Goods and Work-in-progress

717.900

(651.909)

(61.247)

 

 

Employees benefits expense

3500.800

3036.937

2777.348

 

 

Other expenses

2488.300

3510.904

3170.821

 

 

Expenditure included in the above items capitalized

0.000

(415.375)

(191.293)

 

 

Exceptional Items

(9.500)

0.000

0.000

 

 

Excise Duty

4255.800

0.000

0.000

 

 

TOTAL                                    

32258.900

27856.910

22167.186

 

 

 

 

 

 

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

3536.200

3455.400

2127.803

 

 

 

 

 

Less

FINANCIAL EXPENSES                                   

55.400

43.211

65.528

 

 

 

 

 

 

PROFIT/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION              

3480.800

3412.189

2062.275

 

 

 

 

 

Less/ Add

DEPRECIATION/ AMORTISATION                    

1130.800

919.345

812.844

 

 

 

 

 

 

PROFIT/ (LOSS) BEFORE TAX

2350.000

2492.844

1249.431

 

 

 

 

 

Less

TAX                                                                 

550.800

698.650

235.804

 

 

 

 

 

 

PROFIT/ (LOSS) AFTER TAX

1799.200

1794.194

1013.627

 

 

 

 

 

 

EARNINGS IN FOREIGN CURRENCY

 

 

 

 

 

Exports on FOB basis

NA

499.416

556.070

 

 

 

 

 

 

IMPORTS

 

 

 

 

 

Raw Materials

NA

0.000

58.136

 

 

Components

NA

9430.456

5136.678

 

 

Capital Goods

NA

560.308

52.438

 

 

Machinery Spares, Tools & Others

NA

22.963

39.645

 

TOTAL IMPORTS

 

10013.727

5286.897

 

 

 

 

 

 

Earnings/ (Loss) Per Share (INR)

136.55

136.17

76.93

 

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

1206.500

2935.500

2583.886

Net cash flows from (used in) operating activity

603.800

2557.800

2259.698

 

 

QUARTERLY RESULTS

 

Particulars

 

30.06.2017

(Unaudited)

30.09.2017

 (Unaudited)

31.12.2017

 (Unaudited)

 

1st  Quarter

2nd Quarter

3RD Quarter

Net Sales

8452.700

8929.900

7495.200

Total Expenditure

8079.800

8132.200

7040.500

PBIDT (Excl OI)

372.900

797.700

454.700

Other Income

281.600

94.200

96.900

Operating Profit

654.500

891.900

551.600

Interest

34.400

9.900

5.700

Exceptional Items

NA

NA

NA

PBDT

620.100

882.000

545.900

Depreciation

307.800

318.500

327.000

Profit Before Tax

312.300

563.500

218.900

Tax

12.700

146.100

72.400

Provisions and contingencies

NA

NA

NA

Profit After Tax

299.600

417.400

146.500

Extraordinary Items

NA

NA

NA

Prior Period Expenses

NA

NA

NA

Other Adjustments

NA

NA

NA

Net Profit

299.600

417.400

146.500

 

 

KEY RATIOS

 

EFFICIENCY RATIOS

 

PARTICULARS

 

31.03.2017

31.03.2016

31.03.2015

Average Collection Days

(Sundry Debtors / Income * 365 Days)

12.02

17.94

16.78

 

 

 

 

Account Receivables Turnover

(Income / Sundry Debtors)

30.36

20.34

21.75

 

 

 

 

Average Payment Days

(Sundry Creditors / Purchases * 365 Days)

83.15

68.06

87.05

 

 

 

 

Inventory Turnover

(Operating Income / Inventories)

0.81

0.63

0.54

 

 

 

 

Asset Turnover

(Operating Income / Net Fixed Assets)

0.31

0.35

0.24

 

LEVERAGE RATIOS

 

PARTICULARS

 

31.03.2017

31.03.2016

31.03.2015

Debt Ratio

((Borrowing + Current Liabilities) / Total Assets)

0.33

0.31

0.31

 

 

 

 

Debt Equity Ratio

(Total Liability / Networth)

0.12

0.00

0.01

 

 

 

 

Current Liabilities to Networth

(Current Liabilities / Net Worth)

0.54

0.48

0.45

 

 

 

 

Fixed Assets to Networth

(Net Fixed Assets / Networth)

0.68

0.67

0.67

 

 

 

 

Interest Coverage Ratio

(PBIT / Financial Charges)

63.83

79.97

32.47

 

PROFITABILITY RATIOS

 

PARTICULARS

 

 

31.03.2017

31.03.2016

31.03.2015

Net Profit Margin

((PAT / Sales) * 100)

%

5.15

5.86

4.29

 

 

 

 

 

Return on Total Assets

((PAT / Total Assets) * 100)

%

6.67

7.82

5.14

 

 

 

 

 

Return on Investment (ROI)

((PAT / Networth) * 100)

%

10.80

12.12

7.70

 

SOLVENCY RATIOS

 

PARTICULARS

 

31.03.2017

31.03.2016

31.03.2015

Current Ratio

(Current Assets / Current Liabilities)

1.66

1.70

1.67

 

 

 

 

Quick Ratio

((Current Assets – Inventories) / Current Liabilities)

1.17

0.93

1.01

 

 

 

 

G-Score Ratio Financial

(Networth / Total Assets)

0.62

0.65

0.67

 

 

 

 

G-Score Ratio Debt

(Debts / Equity Capital)

15.06

0.20

0.81

 

 

 

 

G-Score Ratio Liquidity

(Total Current Assets / Total Current Liabilities)

1.66

1.70

1.67

 

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

 

 

STOCK PRICES

 

Face Value

INR 10.00

Market Value

INR 3022.55

 

 

FINANCIAL ANALYSIS

[all figures are in Indian Rupees Million]

 

DEBT EQUITY RATIO

 

Particulars

31.03.2015

31.03.2016

31.03.2017

 

INR In Million

INR In Million

INR In Million

Share Capital

131.790

131.790

131.800

Reserves & Surplus

13037.012

14672.620

16522.300

Share Application money pending allotment

0.000

0.000

0.000

Net worth

13168.802

14804.410

16654.100

 

 

 

 

long-term borrowings

107.300

26.400

19.900

Short term borrowings

0.000

0.000

1964.700

Total borrowings

107.300

26.400

1984.600

Debt/Equity ratio

0.008

0.002

0.119

 

 

 

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

23637.225

30597.939

34945.700

 

 

29.448

14.209

 

 

 

 

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

23637.225

30597.939

34945.700

Profit/ (Loss)

1013.627

1794.194

1799.200

 

4.29%

5.86%

5.15%

 

 

ABRIDGED BALANCE SHEET [CONSOLIDATED]

 

SOURCES OF FUNDS

 

31.03.2017

31.03.2016

I.              EQUITY AND LIABILITIES

 

 

(1)Shareholders' Funds

 

 

(a) Share Capital

131.800

131.790

(b) Reserves & Surplus

16544.000

14692.622

(c) Money received against share warrants

0.000

0.000

 

 

 

(2) Share Application money pending allotment

0.000

0.000

(3) Minority Interest

15.400

14.560

Total Shareholders’ Funds (1) + (2)

16691.200

14838.972

 

 

 

(3) Non-Current Liabilities

 

 

(a) Long-term borrowings

19.900

26.400

(b) Deferred tax liabilities (Net)

974.900

676.901

(c) Other long term liabilities

62.400

39.600

(d) long-term provisions

251.900

224.411

Total Non-current Liabilities (3)

1309.100

967.312

 

 

 

(4) Current Liabilities

 

 

(a) Short term borrowings

1964.700

0.000

(b) Trade payables

4853.500

4172.452

(c) Other current liabilities

1910.600

2709.310

(d) Short-term provisions

284.600

285.112

Total Current Liabilities (4)

9013.400

7166.874

 

 

 

TOTAL

27013.700

22973.158

 

 

 

II.            ASSETS

 

 

(1) Non-current assets

 

 

(a) Fixed Assets

 

 

(i) Tangible assets

8563.300

7614.950

(ii) Intangible Assets

488.100

318.325

(iii) Capital work-in-progress

1201.100

1315.995

(iv) Intangible assets under development

1001.500

730.009

(b) Non-current Investments

150.700

3.447

(c) Deferred tax assets (net)

0.000

0.000

(d)  Long-term Loan and Advances

176.500

812.585

(e) Other Non-current assets

455.900

0.000

(f) Goodwill

0.100

0.000

Total Non-Current Assets

12037.200

10795.311

 

 

 

(2) Current assets

 

 

(a) Current investments

0.000

0.000

(b) Inventories

4376.600

5475.110

(c) Trade receivables

1151.000

1503.981

(d) Cash and cash equivalents

2357.100

3186.182

(e) Short-term loans and advances

11.900

1860.412

(f) Other current assets

7079.900

152.162

Total Current Assets

14976.500

12177.847

 

 

 

TOTAL

27013.700

22973.158

 

 

PROFIT & LOSS ACCOUNT

 

 

PARTICULARS

 

31.03.2017

31.03.2016

 

SALES

 

 

 

 

Revenue from Operations

34949.500

30601.379

 

 

Other Income

849.400

714.372

 

 

TOTAL                                    

35798.900

31315.751

 

 

 

 

Less

EXPENSES

 

 

 

 

Cost of Raw Materials and Components consumed

21305.600

22376.353

 

 

Change in Inventories of Finished Goods and Work-in-progress

717.900

(651.909)

 

 

Employees benefits expense

3500.800

3036.937

 

 

Other expenses

2488.400

3510.975

 

 

Expenditure included in the above items capitalized

 0.000

(415.375)

 

 

Exceptional items

(9.500)

0.000

 

 

Excise Duty

4255.800

0.000

 

 

TOTAL                                    

32259.000

27856.981

 

 

 

 

 

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

3539.900

3458.770

 

 

 

 

Less

FINANCIAL EXPENSES                                   

55.400

43.211

 

 

 

 

 

PROFIT/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION                      

3484.500

3415.559

 

 

 

 

Less/ Add

DEPRECIATION/ AMORTISATION                    

1130.800

919.346

 

 

 

 

 

PROFIT/ (LOSS) BEFORE TAX

2353.700

2496.213

 

 

 

 

Less

TAX                                                                 

551.900

699.699

 

 

 

 

Less

PROFIT FOR THE YEAR ATTRIBUTABLE TO MINORITY INTEREST

0.900

0.779

 

 

 

 

 

PROFIT/ (LOSS) FOR THE YEAR

1800.900

1795.735

 

 

 

 

 

Earnings/ (Loss) Per Share (INR)

136.64

136.29

 

 

 

LEGALS FILE

 


CASE STATUS

 

Case Details

 

Case Type

SUIT

 

Filing No.

157401/1997     Filing date: 05-08-1997

 

Registration No.

107401/1997     Registration date: 01-10-2012

 

Case code

200101574011997

 

 

 

CASE STATUS

 

First Hearing Date

--

 

Next Hearing Date

30-09-2014

 

Purpose of Hearing

RECORDING EVIDENCE

 

Court No & Judge

3 - JUDGE 3 ADDL. SESSIONS JUDGE

 

 

 

Petitioner(s) & Advocate(s)

 

Petitioner - CAR MART PVT LTD AND ANR
Address - 
Advocate - U U DESAI,BERJIS AND CHINOY

 

Respondent(s) & Advocate(s)

 

Respondent - Force Motors LTD
Address - 
Advocate - KANGA AND CO

 

 

ACTS

Under Act(s)

---

 

 

Under Section(s)

---

 

 

Subject

Suits for Damages

 

 

 

 

 

LOWER COURT INFORMATION

 

 

Court No & Name

High Court Original Side

 

 

Case No & Year

HC SUIT REG. - 0002965 - 1997

 

 

Case Decision Date

--

 

 



History Of Case Hearing

Regn. No.

Judge 

Bussiness on Date

Hearing Date

Purpose of Hearing

107401/1997

JUDGE 3 ADDL. SESSIONS JUDGE

 

06-11-2012

DIRECTIONS

107401/1997

JUDGE 3 ADDL. SESSIONS JUDGE

06-11-2012

12-02-2013

DIRECTIONS

107401/1997

JUDGE 3 ADDL. SESSIONS JUDGE

12-02-2013

26-03-2013

FRAMING ISSUES

107401/1997

JUDGE 3 ADDL. SESSIONS JUDGE

26-03-2013

05-07-2013

FRAMING ISSUES

107401/1997

JUDGE 3 ADDL. SESSIONS JUDGE

05-07-2013

04-10-2013

FRAMING ISSUES

107401/1997

JUDGE 3 ADDL. SESSIONS JUDGE

04-10-2013

20-12-2013

FRAMING ISSUES

107401/1997

JUDGE 3 ADDL. SESSIONS JUDGE

20-12-2013

24-02-2014

FRAMING ISSUES

107401/1997

JUDGE 3 ADDL. SESSIONS JUDGE

24-02-2014

24-03-2014

FRAMING ISSUES

107401/1997

JUDGE 3 ADDL. SESSIONS JUDGE

24-03-2014

07-05-2014

RECORDING EVIDENCE

107401/1997

JUDGE 3 ADDL. SESSIONS JUDGE

07-05-2014

18-07-2014

RECORDING EVIDENCE

107401/1997

JUDGE 3 ADDL. SESSIONS JUDGE

18-07-2014

30-08-2014

RECORDING EVIDENCE

107401/1997

JUDGE 3 ADDL. SESSIONS JUDGE

30-08-2014

13-09-2014

RECORDING EVIDENCE

107401/1997

JUDGE 3 ADDL. SESSIONS JUDGE

13-09-2014

30-09-2014

RECORDING EVIDENCE

Writ Information

Regn. No.

Appellate Case No.

Appellate Authority

Date of Receipt

Case Transfer Details Between The Courts

Regn. No.

Transfer Date

From Court No 
& Judge

To Court No 
& Judge



 

CASE STATUS

Case Details

 

Case Type

Darkhast

 

Filing No.

101955/2012     Filing date: 11-06-2012

 

Registration No.

100599/2012     Registration date: 18-06-2012

 

Case code

200801019552012

 

 

 

CASE STATUS

 

First Hearing Date

18-06-2012

 

Next Hearing Date

08-10-2014

 

Purpose of Hearing

Filing of Say on Exh___Unready

 

Court No & Judge

65 - DISTRICT JUDGE -13 ADDL. SESSIONS JUDGE PUNE

 

 

 

Petitioner(s) & Advocate(s)

 

Petitioner - Kaygee Engineering Pvt.Ltd
Address - e-21-22, Bhosari Industrial Estate Pune 26 
Advocate - Shri S.M.Apune

 

Respondent(s) & Advocate(s)

 

Respondent - Force Motors Ltd
Address - Mumbai Pune Road Akurdi Pune 35 
Advocate - 

 

 

ACTS

Under Act(s)

---

 

 

Under Section(s)

---

 

 

Subject

 

 

 

 

 

 

LOWER COURT INFORMATION

 

 

Court No & Name

---

 

 

Case No & Year

---

 

 

Case Decision Date

---

 

 



History Of Case Hearing

Regn. No.

Judge 

Bussiness on Date

Hearing Date

Purpose of Hearing

100599/2012

DISTRICT JUDGE -13 ADDL. SESSIONS JUDGE PUNE

 

18-06-2012

Argument on Exh.____Unready

100599/2012

DISTRICT JUDGE -13 ADDL. SESSIONS JUDGE PUNE

18-06-2012

20-06-2012

Notice_Unready

100599/2012

DISTRICT JUDGE -13 ADDL. SESSIONS JUDGE PUNE

20-06-2012

12-07-2012

Notice_Unready

100599/2012

DISTRICT JUDGE -13 ADDL. SESSIONS JUDGE PUNE

12-07-2012

03-08-2012

Notice_Unready

100599/2012

DISTRICT JUDGE -13 ADDL. SESSIONS JUDGE PUNE

03-08-2012

29-08-2012

Notice_Unready

100599/2012

DISTRICT JUDGE -13 ADDL. SESSIONS JUDGE PUNE

29-08-2012

21-09-2012

Notice_Unready

100599/2012

DISTRICT JUDGE -13 ADDL. SESSIONS JUDGE PUNE

21-09-2012

23-10-2012

Notice_Unready

100599/2012

DISTRICT JUDGE -13 ADDL. SESSIONS JUDGE PUNE

23-10-2012

25-10-2012

Notice_Unready

100599/2012

DISTRICT JUDGE -13 ADDL. SESSIONS JUDGE PUNE

25-10-2012

01-11-2012

Order on Exh

100599/2012

DISTRICT JUDGE -13 ADDL. SESSIONS JUDGE PUNE

01-11-2012

05-11-2012

Order on Exh

100599/2012

DISTRICT JUDGE -13 ADDL. SESSIONS JUDGE PUNE

05-11-2012

07-11-2012

Order on Exh

100599/2012

DISTRICT JUDGE -13 ADDL. SESSIONS JUDGE PUNE

07-11-2012

29-11-2012

Order on Exh

100599/2012

DISTRICT JUDGE -13 ADDL. SESSIONS JUDGE PUNE

29-11-2012

06-12-2012

Order on Exh

100599/2012

DISTRICT JUDGE -13 ADDL. SESSIONS JUDGE PUNE

06-12-2012

07-01-2013

Order on Exh

100599/2012

DISTRICT JUDGE -13 ADDL. SESSIONS JUDGE PUNE

07-01-2013

22-02-2013

Order on Exh

100599/2012

DISTRICT JUDGE -13 ADDL. SESSIONS JUDGE PUNE

22-02-2013

25-03-2013

Order on Exh

100599/2012

DISTRICT JUDGE -13 ADDL. SESSIONS JUDGE PUNE

25-03-2013

06-04-2013

Argument on Exh.____Unready

100599/2012

DISTRICT JUDGE -13 ADDL. SESSIONS JUDGE PUNE

06-04-2013

04-05-2013

Argument on Exh.____Unready

100599/2012

DISTRICT JUDGE -13 ADDL. SESSIONS JUDGE PUNE

04-05-2013

25-06-2013

Argument on Exh.____Unready

100599/2012

DISTRICT JUDGE -13 ADDL. SESSIONS JUDGE PUNE

25-06-2013

30-07-2013

Argument on Exh.____Unready

100599/2012

DISTRICT JUDGE -13 ADDL. SESSIONS JUDGE PUNE

30-07-2013

20-08-2013

Argument on Exh.____Unready

100599/2012

DISTRICT JUDGE -13 ADDL. SESSIONS JUDGE PUNE

20-08-2013

20-09-2013

Argument on Exh.____Unready

100599/2012

DISTRICT JUDGE -13 ADDL. SESSIONS JUDGE PUNE

20-09-2013

25-09-2013

Argument on Exh.____Unready

100599/2012

DISTRICT JUDGE -13 ADDL. SESSIONS JUDGE PUNE

25-09-2013

24-10-2013

Argument on Exh.____Unready

100599/2012

DISTRICT JUDGE -13 ADDL. SESSIONS JUDGE PUNE

24-10-2013

25-11-2013

Argument on Exh.____Unready

100599/2012

DISTRICT JUDGE -13 ADDL. SESSIONS JUDGE PUNE

25-11-2013

21-12-2013

Argument on Exh.____Unready

100599/2012

DISTRICT JUDGE -13 ADDL. SESSIONS JUDGE PUNE

21-12-2013

20-01-2014

Argument on Exh.____Unready

100599/2012

DISTRICT JUDGE -13 ADDL. SESSIONS JUDGE PUNE

20-01-2014

18-02-2014

Argument on Exh.____Unready

100599/2012

DISTRICT JUDGE -13 ADDL. SESSIONS JUDGE PUNE

18-02-2014

25-03-2014

Arguments

100599/2012

DISTRICT JUDGE -13 ADDL. SESSIONS JUDGE PUNE

25-03-2014

05-04-2014

Arguments

100599/2012

DISTRICT JUDGE -13 ADDL. SESSIONS JUDGE PUNE

05-04-2014

29-04-2014

Filing of Say on Exh___Unready

100599/2012

DISTRICT JUDGE -13 ADDL. SESSIONS JUDGE PUNE

29-04-2014

26-06-2014

Filing of Say on Exh___Unready

100599/2012

DISTRICT JUDGE -13 ADDL. SESSIONS JUDGE PUNE

26-06-2014

07-08-2014

Filing of Say on Exh___Unready

100599/2012

DISTRICT JUDGE -13 ADDL. SESSIONS JUDGE PUNE

07-08-2014

11-09-2014

Filing of Say on Exh___Unready

100599/2012

DISTRICT JUDGE -13 ADDL. SESSIONS JUDGE PUNE

11-09-2014

15-09-2014

Filing of Say on Exh___Unready

100599/2012

DISTRICT JUDGE -13 ADDL. SESSIONS JUDGE PUNE

15-09-2014

19-09-2014

Filing of Say on Exh___Unready

100599/2012

DISTRICT JUDGE -13 ADDL. SESSIONS JUDGE PUNE

19-09-2014

08-10-2014

Filing of Say on Exh___Unready



Writ Information

Regn. No.

Appellate Case No.

Appellate Authority

Date of Receipt



Case Transfer Details Between The Courts

Regn. No.

Transfer Date

From Court No 
& Judge

To Court No 
& Judge

100599/2012

07-02-2013

64 - ADHOC DIST. JUDGE-3 AND ASST.SESSIONS JUDGE PUNE

65 - DISTRICT JUDGE -13 ADDL. SESSIONS JUDGE PUNE




CASE STATUS

 

Case Details

 

Case Type

Reg.Civil Suit

 

Filing No.

2100176/2008     Filing date: 27-06-2008

 

Registration No.

2100083/2008     Registration date: 27-06-2008

 

Case code

202721001762008

 

 

 

CASE STATUS

 

First Hearing Date

27-06-2008

 

Next Hearing Date

07-10-2014

 

Purpose of Hearing

Issues

 

Court No & Judge

2 - CIVIL JUDGE J. D. and J.M.F.C. PIMPRI

 

 

 

Petitioner(s) & Advocate(s)

 

Petitioner - Force Motors Employees Co. Operative
Address - Akurdi Pune
Advocate - 

 

Respondent(s) & Advocate(s)

 

Respondent - Force Motors Ltd. 1
Address - Akurdi Pune
Advocate - 

 

 

ACTS

Under Act(s)

---

 

 

Under Section(s)

---

 

 

Subject

 

 

 

 

 

 

LOWER COURT INFORMATION

 

 

Court No & Name

---

 

 

Case No & Year

---

 

 

Case Decision Date

---

 

 



History Of Case Hearing

Regn. No.

Judge 

Bussiness on Date

Hearing Date

Purpose of Hearing

2100083/2008

CIVIL JUDGE J. D. and J.M.F.C. PIMPRI

 

27-06-2008

Admission and Denial

2100083/2008

CIVIL JUDGE J. D. and J.M.F.C. PIMPRI

27-06-2008

07-01-2010

Argument on Exh.____Unready

2100083/2008

CIVIL JUDGE J. D. and J.M.F.C. PIMPRI

07-01-2010

18-01-2010

Argument on Exh.____Unready

2100083/2008

CIVIL JUDGE J. D. and J.M.F.C. PIMPRI

18-01-2010

05-02-2010

Argument on Exh.____Unready

2100083/2008

CIVIL JUDGE J. D. and J.M.F.C. PIMPRI

05-02-2010

05-03-2010

Argument on Exh.____Unready

2100083/2008

CIVIL JUDGE J. D. and J.M.F.C. PIMPRI

05-03-2010

30-04-2010

Argument on Exh.____Unready

2100083/2008

CIVIL JUDGE J. D. and J.M.F.C. PIMPRI

30-04-2010

17-06-2010

Argument on Exh.____Unready

2100083/2008

CIVIL JUDGE J. D. and J.M.F.C. PIMPRI

17-06-2010

13-08-2010

Argument on Exh.____Unready

2100083/2008

CIVIL JUDGE J. D. and J.M.F.C. PIMPRI

13-08-2010

09-09-2010

Argument on Exh.____Unready

2100083/2008

CIVIL JUDGE J. D. and J.M.F.C. PIMPRI

09-09-2010

30-09-2010

Argument on Exh.____Unready

2100083/2008

CIVIL JUDGE J. D. and J.M.F.C. PIMPRI

30-09-2010

28-10-2010

Argument on Exh.____Unready

2100083/2008

CIVIL JUDGE J. D. and J.M.F.C. PIMPRI

28-10-2010

03-12-2010

Argument on Exh.____Unready

2100083/2008

CIVIL JUDGE J. D. and J.M.F.C. PIMPRI

03-12-2010

25-01-2011

Issues

2100083/2008

CIVIL JUDGE J. D. and J.M.F.C. PIMPRI

25-01-2011

11-02-2011

Issues

2100083/2008

CIVIL JUDGE J. D. and J.M.F.C. PIMPRI

11-02-2011

15-03-2011

Issues

2100083/2008

CIVIL JUDGE J. D. and J.M.F.C. PIMPRI

15-03-2011

15-04-2011

Issues

2100083/2008

CIVIL JUDGE J. D. and J.M.F.C. PIMPRI

15-04-2011

16-06-2011

Issues

2100083/2008

CIVIL JUDGE J. D. and J.M.F.C. PIMPRI

16-06-2011

01-07-2011

Issues

2100083/2008

CIVIL JUDGE J. D. and J.M.F.C. PIMPRI

01-07-2011

16-07-2011

Argument on Exh.____Unready

2100083/2008

CIVIL JUDGE J. D. and J.M.F.C. PIMPRI

16-07-2011

28-07-2011

Argument on Exh.____Unready

2100083/2008

CIVIL JUDGE J. D. and J.M.F.C. PIMPRI

28-07-2011

10-08-2011

Argument on Exh.____Unready

2100083/2008

CIVIL JUDGE J. D. and J.M.F.C. PIMPRI

10-08-2011

12-08-2011

Order on Exh

2100083/2008

CIVIL JUDGE J. D. and J.M.F.C. PIMPRI

12-08-2011

23-08-2011

Order on Exh

2100083/2008

CIVIL JUDGE J. D. and J.M.F.C. PIMPRI

23-08-2011

14-09-2011

Order on Exh

2100083/2008

CIVIL JUDGE J. D. and J.M.F.C. PIMPRI

14-09-2011

23-12-2011

Order on Exh

2100083/2008

CIVIL JUDGE J. D. and J.M.F.C. PIMPRI

23-12-2011

14-03-2012

Order on Exh

2100083/2008

CIVIL JUDGE J. D. and J.M.F.C. PIMPRI

14-03-2012

28-06-2012

Order on Exh

2100083/2008

CIVIL JUDGE J. D. and J.M.F.C. PIMPRI

28-06-2012

18-08-2012

Issues

2100083/2008

CIVIL JUDGE J. D. and J.M.F.C. PIMPRI

18-08-2012

08-10-2012

Issues

2100083/2008

CIVIL JUDGE J. D. and J.M.F.C. PIMPRI

08-10-2012

28-01-2013

Issues

2100083/2008

CIVIL JUDGE J. D. and J.M.F.C. PIMPRI

28-01-2013

27-02-2013

Issues

2100083/2008

CIVIL JUDGE J. D. and J.M.F.C. PIMPRI

27-02-2013

02-04-2013

Issues

2100083/2008

CIVIL JUDGE J. D. and J.M.F.C. PIMPRI

02-04-2013

18-06-2013

Issues

2100083/2008

CIVIL JUDGE J. D. and J.M.F.C. PIMPRI

18-06-2013

16-08-2013

Issues

2100083/2008

CIVIL JUDGE J. D. and J.M.F.C. PIMPRI

16-08-2013

08-10-2013

Issues

2100083/2008

CIVIL JUDGE J. D. and J.M.F.C. PIMPRI

08-10-2013

30-11-2013

Issues

2100083/2008

CIVIL JUDGE J. D. and J.M.F.C. PIMPRI

30-11-2013

08-01-2014

Issues

2100083/2008

CIVIL JUDGE J. D. and J.M.F.C. PIMPRI

08-01-2014

10-03-2014

Issues

2100083/2008

CIVIL JUDGE J. D. and J.M.F.C. PIMPRI

10-03-2014

26-06-2014

Issues

2100083/2008

CIVIL JUDGE J. D. and J.M.F.C. PIMPRI

26-06-2014

18-08-2014

Issues

2100083/2008

CIVIL JUDGE J. D. and J.M.F.C. PIMPRI

18-08-2014

07-10-2014

Issues



Writ Information

Regn. No.

Appellate Case No.

Appellate Authority

Date of Receipt



Case Transfer Details Between The Courts

Regn. No.

Transfer Date

From Court No 
& Judge

To Court No 
& Judge

 

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

No

11

Pan Card No. of Proprietor / Partners

No

12

Voter Id Card No. of Proprietor / Partners

No

13

Type of business

Yes

14

Line of Business

Yes

15

Export/import details (if applicable)

No

16

No. of employees

No

17

Details of sister concerns

Yes

18

Major suppliers

No

19

Major customers

No

20

Banking Details

Yes

21

Banking facility details

No

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 two/ 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

No 

32

Litigations that the firm/promoter involved in

Yes

33

Market information

--

34

Payments terms

No

35

Negative Reporting by Auditors in the Annual Report

No

 

 

 

STATE OF COMPANY’S AFFAIRS AND FUTURE OUTLOOK

 

 

The Financial Year 2016-17 was stable, lent with very little growth. During the year, the Company

successfully handled turbulence in the business arising successively from -

 -    Demonetization effected on 8th November 2016

-  Then from preparation for the transition to GST in terms of installing the I.T. backbone and organizing modifications to the business processes of the Company, and finally

-    from preparing for the full transition to the BS IV standard of emission, for the full range of vehicles made by the Company.

 

Each of these transitions, and the required preparatory efforts by the Company, by their suppliers, dealers, etc. involved unusual effort. This resulted in a significant change in the rhythm of the business. It is a matter of satisfaction that the Company has successfully coped with all the situations.

 

The Company’s business is in the automotive sector, the Company produce a variety of light commercial vehicles, and tractors, as also manufacture important high-tech components like engines and axles etc. for sale to the highly reputed companies, such as Mercedes-Benz and BMW. The Company’s own vehicular products, as also the production of aggregates for its esteemed customers, remained stable and registered growth. During the current year, and in the near future, as a result of all the structural changes effected in the economy and in the operating processes of the Company - the growth prospects, - both in the Company’s vehicle business and its components business, appear to be bright.

 

The vehicle plant at Pithampur, after significant re-engineering of various shops, effecting of process

improvements etc. has now emerged as a fully integrated manufacturing facility with high degree of efficiency. The product quality has seen continued and significant improvement. This has had a marked effect on both, the domestic and export sales prospects. Further growth of the plants, and integration of upcoming new products in the production processes is now under implementation.

 

The customer touch points for service have systematically been increased over the last couple of years, and ambitious targets are fixed for further extension. The sales and service channel improvement activity, including the installation and satisfactory operation of the Force “Dealer Management System” (among the most advanced in the country), is enabling much greater proximity to customer, dealer and market. It has improved the ability of the Company to service the customer in the market more effectively.

 

Industrial Relations at all plants have, by and large been cordial and constructive. The training activities of the Company at all plants have been further strengthened. Strong emphasis is placed on the training of sales and service forces, in the light commercial vehicles and tractors teams.

 

 

The Company had organized structured training and initiation programmes - not only for own employees, but also for dealers and suppliers - in managing the transitions mentioned above, in terms of preparation for GST, as also preparation for next level of emission standards. The Information Services Team as also their finance and taxation teams organized these seminal activities successfully.

 

 

Having successfully completed the full transition to Euro IV engines, wherein the full range of Company’s products, is now offered with Euro IV compliance, this is achieved while incorporating in the vehicles superior fuel efficiency capability, significantly improved drivability, and refinement in the noise vibration and harshness aspects of the vehicle. The programme for fielding BS VI vehicles and engines by 2020 is now strongly under way. Dedicated facilities and fully equipped high tech laboratories -for engine and vehicle development - for complying with the BS VI regulations are commissioned and operative. Dedicated teams of highly qualified engineers are specifically engaged in carrying out this development at Akurdi. The Company looks forward with confidence to achieving the transition in an organized and smooth manner, while recognizing the enormous challenge and the extreme dependency of this effort on inputs from the sub-suppliers of fuel injection equipment, after-treatment components, and on technology support from specialist organizations.

 

 

The Company has initiated the development of electric vehicles. The first electric Traveller is undergoing detailed evaluation and trials. The Company has formulated a dedicated section for electric vehicle engineering, to cover all aspects such as “drive systems”, “electronic vehicle and battery management systems”, “battery engineering and battery chemistry”, “installation engineering on vehicles and management of auxiliaries and peripherals”, on a variety of vehicles. A number of technologies in this regard are evaluated, and are being pursued with a view to be ready for electro mobility in the near future. The focus of the Company in electro mobility, remains the same as the Company’s current product profile i.e. “light commercial vehicles”, particularly passenger vehicles, vans and minibuses for inner city transport.

 

 

A number of new product development projects are taken up and are being strongly pursued. The Research & Development Department is re-organized, with a highly effective matrix structure - for project leadership and programme management. Similarly, the Production Engineering infrastructure of the Company, comprising of the “manufacturing engineering department”, and the “tool room” for the growth activities, are equally aligned to the new product aspirations of the Company. Fresh production lines will be established for the new products under development, as also for the new engines and transmissions which will come into play, including electric drive vehicles.

 

 

CORPORATE INFORMATION

 

The Company is a Public Limited Company domiciled and incorporated in India. The Registered Office of the Company is situated at Mumbai-Pune Road, Akurdi, Pimpri-Chinchwad, Pune – 411035, Maharashtra. The Company’s ordinary shares are listed on the Bombay Stock Exchange.

 

The Company is a fully, vertically integrated automobile company, with expertise in design, development and manufacture of the full spectrum of automotive components, aggregates and vehicles. Its range of products includes light commercial vehicles (LCV) multi utility vehicles (MUV), small commercial vehicles (SCV), sports utility vehicles (SUV) and agriculture tractors.

 

 

MANAGEMENT DISCUSSIONS AND ANALYSIS

 

INDUSTRY STRUCTURE AND DEVELOPMENTS

 

The automobile industry the world over is buffeted by fundamental forces of change, and these equally affect the Indian automobile industry, Indian manufacturers and their market.

 

Over the last half a century gradually, diesel emerged as the fuel of choice. In Europe and increasingly in the United States and Japan, technologies to provide high performance and extremely low emission engine solutions, with diesel as the fuel of choice were remarkable. Euro VI in Europe, and equivalent BS VI regulations in India offer solutions which are extremely attractive from the customers point of view, as also from the environment point of view. However, the controversial case against one of the leading European vehicle manufacturers in America, has created a storm of protest against diesel fuel. The continued acceptance of diesel fuel for light commercial vehicles and for cars therefore is under pressure, whereas for heavy commercial vehicles at the moment diesel seems to be a stable bet.

 

If, in spite of promulgating the BS VI standard in India, for which the Company as also all Indian owned automobile companies are striving, a global anti-diesel opinion may build up. This will have very serious effects on the industry and the Company can be no exception. They strongly believe in the virtue of diesel and also understand that at BS IV, and certainly at BS VI level, the qualify of the air exhausted from the engine will be superior to the qualify of the air ingested. Nevertheless the environmentalists who influence public opinion, as also other less than well-informed opinion makers - hold a bias against diesel, which could be harmful.

 

In the last 5 to 7 years gradually, the full electric vehicle concept and solution has not only gained popularity, but has found increasing success in the market. Electro mobility is not a new concept. The first fully electric vehicle was demonstrated in an automobile fair in Germany more than a 100 years ago. In recent years, the developments in battery technology have now brought full electric solutions, with new light weight batteries, within striking distance. It is expected that over the next 10 years, there will be a significant transition to electro mobility.

 

Both the above issues are of seminal importance to the Company, and being seized of their importance, the Company is striving to find appropriate, robust, high-tech solutions in the shortest possible time.

 

Their BS VI programme is on track. They expect to field the full range of vehicles produced by the Company, which will comply with BS VI regulations in time. It is hoped that there will be consistency of deadline and no pre-empting, as happened with the BS IV deadline, in order to avoid unanticipated losses and dis-organisation both in production and sales.

 

Success of electro mobility is dependent on availability of batteries, with the cost per kilowatt hour at a level which can compete with fossil fuels. It is expected that by the year 2020 there will be a much stronger position and possibility, for full electric vehicles. The opinions expressed by the Government recently in favour of "full electric" vehicles in preference to "hybrid electric" is a step in the right direction for the majority of vehicles.

 

The company has created a strong R & D team, and is investing in facilities and projects, to ensure that its full fleet of present and future vehicles that it will sell, will be compatible with electro mobility requirements.

 

The Government has recently introduced the new Motor Vehicles Ad with many improvements, with interesting and relevant provisions for transportation for people for hire. For example, the concept of Rural Vans etc. The implementation of the same by State Governments, to facilitate mass travel by groups of people for - Yatra, for Pilgrimages, for Pleasure and for Business - will require fresh thinking on the part of State Governments, so as not to discriminate against vehicles with seating capacity between 9 to 13 seats. This particular seating capacity category attracts a penal surcharge taking the total tax under GST to 43 per cent, whereas vehicles below 9 seats or above 13 seats capacity have a maximum tax rate under GST of 28 per cent. It was hoped that the GST regime would eliminate this unexplained and illogical anomaly. However unfortunately this has not happened. For the Company this is an important issue as many of the Traveller and Trax vehicles produced by the Company have seating capacity higher than 9 and less than 13 seats. This slot is crucially important in the market, as it caters to school children, ambulances, yatra vehicles and business vehicles - transporting people in urban and rural areas to work. The high tax rate on these vehicles and the unfriendly approach of some of the State Governments in restricting licensing of such vehicles, leads to not just high cost of travel, but also to undesirable and at times even corrupt practices by both operators and regulators, etc. From every perspective, this needs correction.

 

During the last year, with the introduction of the GST, not only has business environment got simplified in terms of a uniform tax rate and therefore uniform prices pan India, but has resulted in dramatic streamlining of their outward and inward value chains and logistics arrangements. The Company is now able to function by eliminating the large number of depots that it had to operate. Business cycles have improved, and costs are better controllable.

 

Introduction by the Government of regulations in enhancing the safety aspects of vehicles are most welcome. India is fast emerging as a very important location for "manufacturing" automobiles. The adaption of internationally acceptable standard for emission and safety will improve the business of the Indian industry further. It is however important to nurture the Indian industry not only to support manufacturing, but "Make in India" needs to be supported - in terms of "design, develop in India as well". For this, a long-term view is necessary - for re-assessing the policies of the Government towards the automobile industry. "Vehicles and aggregates" - researched and developed in India - as also for which the "tooling and plant is manufactured in India" deserve far closer and deeper support from the Government. Every country in the world which has a strong research and development facility in automobiles, has achieved enormous value addition capability for the economy, and the power of engineering from automotive field rubs off with extremely beneficial effects on defence production and infrastructure stability. Thus "Make in India" needs to be understood in the perspective of "Make it Happen in India from Concept to Design, to Engineering, to Production", in place of only emphasising production. It is hoped that the Government will, having made extraordinarily far-sighted and courageous structural reforms in the Indian economy, take the above into account, for future policies to energise the automobile industry.

 

 

 

UNSECURED LOANS

 

PARTICULARS

31.03.2017

(INR In Million)

31.03.2016

(INR In Million)

NON CURRENT  BORROWINGS

 

 

Deposits

19.900

26.400

CURRENT  BORROWINGS

 

 

Commercial Paper

1964.700

0.000

Total

 

1984.600

26.400

 

INDEX OF CHARGES

 

SNo

SRN

Charge Id

Charge Holder Name

Date of Creation

Date of Modification

Date of Satisfaction

Amount

Address

1

G61043402

80063315

State Bank of India

13/03/2006

27/10/2017

-

4200000000.0

INDUSTRIAL FINANCE BRANCH, TARA CHEMBERS,MUMBAI-PUNE ROAD,PUNEMH411003IN

2

G01245943

90083664

BANK OF AMERICA NATIONAL TRUST SAVING ASSOCIATION

22/03/1990

-

19/03/2016

7500000.0

EXPRESS TOWERNARIMAN POINTBOMBAYMH400021IN

3

G01242668

90089720

BANK OF AMERICA NATIONAL TRUST AND SAVINGS ASSOCIATION

20/02/1992

-

19/03/2016

7500000.0

EXPRESS TOWERNARIMAN POINTBOMBAYMH400023IN

4

G01243955

90087953

BANK OF AMERICA NISA

09/03/1996

-

19/03/2016

100000000.0

EXPRESS TOWERNARIMAN POINTBOMBAYMH400021IN

5

G01245075

90084368

BANK OF AMERICA NATIONAL TRUST & SAVINGS ASSOCIATION

17/12/1995

-

19/03/2016

50000000.0

EXPRESS TOWERNARIMAN POINTBOMBAYMH400021IN

6

C81109217

90083871

Citi Bank N.A.

01/06/1992

-

24/02/2016

75000000.0

D.M. ROAD BRANCHBOMBAYMHIN

7

C81106734

90087940

Citi Bank N.A.

07/01/1996

-

24/02/2016

6500000.0

SAKHAR BHAWANNARIMAN POINTBOMBAYMH400021IN

8

C76863885

90089714

Standard Chartered Bank

13/02/1992

-

19/01/2016

4000000.0

90MAHATMA GANDHI ROADBOMBAYMH400001IN

9

C76862879

90084363

Standard Chartered Bank

07/12/1995

-

19/01/2016

50000000.0

23-25M.G. ROADBOMBAYMH400021IN

10

C76863224

90089841

Standard Chartered Bank

16/05/1993

-

19/01/2016

41500000.0

23-25MAHATMA GANDHI ROAD; FORDBOMBAYMH400001IN

 

 

CONTINGENT LIABILITIES:

 

Particulars

31.03.2017

(INR In Million)

31.03.2016

(INR In Million)

Taxes & Duties

549.400

590.900

Others (Court cases pending)

373.900

371.800

 

 

FIXED ASSETS:

 

  • Land
  • Buildings
  • Plant, Machinery and Equipments
  • Furniture & Fixtures
  • Vehicles
  • Office Equipment
  • Other (Aircraft)

 

 

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

 

[INR IN MILLION]

 

PARTICULARS

3 Months

9 Months

 

31.12.2017

30.09.2017

31.12.2017

 

[Unaudited]

[Unaudited]

[Unaudited]

Net Sales/income from operations

7495.200

8929.900

24877.800

Other Operating Income

96.900

94.200

472.700

Total income from operations (net)

7592.100

9024.100

25350.500

 

 

 

 

Expenses

 

 

 

Cost of materials consumed

6113.000

7051.500

19047.400

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

(483.400)

(413.900)

(1153.400)

Employee benefits expense

834.300

817.900

2396.800

Depreciation and Amortization Expenses

327.000

318.500

953.300

Other Expenses

576.600

676.700

1953.500

Finance Costs

5.700

9.900

50.000

Excise Duty

0.000

0.000

1008.200

Total expenses

7373.200

8460.600

24255.800

Profit/ (Loss) from ordinary activities after finance cost but before exceptional items

218.900

563.500

1094.700

Exceptional items

0.000

0.000

0.000

Profit/ (Loss) from ordinary activities before tax

218.900

563.500

1094.700

Tax expenses

72.400

146.100

231.200

Net Profit / (Loss) from ordinary activities after tax

146.500

417.400

863.500

Extraordinary item (net of tax expense)

4.900

(3.100)

(10.400)

Net Profit / (Loss) for the period

141.600

420.500

873.900

Comprehensive Income

 

 

 

Net Profit/ (Loss) after taxes, minority interest and share of profit/(loss) of associates

141.600

420.500

873.900

 

 

 

 

Paid up equity share capital (Face Value of INR 10/-each)

131.800

131.800

131.800

Reserve excluding Revaluation Reserve as per Balance Sheet of previous accounting year

 

 

 

Earnings per share (before extraordinary items) of INR 10/- each (not annualized):

 

 

 

(a) Basic

11.12

31.68

65.53

(b) Diluted

11.12

31.68

65.53

 

Note:

 

  1. The limited review of the financial results for the quarter ended 31 December 2017 have been carried out by the Statutory Auditors.
  2. Post the applicability of Goods and Services Tax (GST), with effect from 1 July 2017, revenue from operations are required to be disclosed net of GST. Accordingly, the revenue from operations for the quarter and nine months ended 31 December 2017 are not comparable with the previous periods presented in the results.
  3. The Company is operating in single segment.
  4. The above results have been reviewed by the Audit Committee and approved by the Board of Directors in its meetings held on 23 January, 2018.
  5. Previous period's figures are re-arranged / re-grouped wherever necessary.

 

 

 

PRESSE RELEASE:

 

FORCE MOTORS FORMS JV WITH ROLLS ROYCE POWER SYSTEMS

 

Mar 21, 2018: Mumbai: Pune-based Force Motors has formed a joint venture (JV) with Rolls Royce Power Systems and will manufacture large engines for the German company’s customers of rail and power applications globally.


The 51:49 JV, in which Force Motors will hold 51% stake, will be called Force MTU power systems and will be based out of Chakan in Pune.



Rolls Royce said it will move the manufacturing of the entire line of 1,600 series engines from Germany to Pune, a move that is expected to create 200 jobs in the country.



The jobs in the German unit — about 60 of them — will be repositioned to other profiles and there will be “no impact on existing jobs,” said Andreas Schell, president and CEO, Rolls Royce Power Systems.

He said India was on his radar for quite some time now and this investment with Force Motors is beginning of a new relationship.


Force motors also makes vehicle engines for Mercedes Benz India and its competitor BMW, for their cars that are sold in the country.


The two companies said they will jointly invest INR 3000.000 million in the phase I of the JV, in proportion of their holding.


“This gives us an opportunity to venture into businesses where we did not have a presence," said Prasan Firodia, managing director, Force Motors Limited. He added that the engines will be mainly exported, with some generator sales also happening in India.


Force Motors has been battling flattish sales and revenue for its own brand vehicles. In the nine-month period ended December 2017, the company clocked total revenue of INR 24880.000 million against INR 25360.000 million, in the same period, a year ago.


The JV, Firodia said, is expected to create a INR 10000.000 million revenue opportunity for the company over the next couple of years.

 

 

 

 

 

 

 

 

 

 

 

 

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 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 66.78

UK Pound

1

INR 92.89

Euro

1

INR 80.74

 

 

INFORMATION DETAILS

 

Information Gathered by :

AKY

 

 

Analysis Done by :

VRS

 

 

Report Prepared by :

MTN

 

 

SCORE FACTORS

 

DEMERIT POINTS

 

 

--BANK CHARGES

YES/NO

YES

--LITIGATION

YES/NO

YES

--OTHER ADVERSE INFORMATION

YES/NO

NO

MERIT POINTS

 

 

--SOLE DISTRIBUTORSHIP

YES/NO

NO

--EXPORT ACTIVITIES

YES/NO

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)

 

 

 

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.