|
|
|
%20LIMITED%20-%20489731%2006-Feb-2018_files/image015.jpg){kind=small}
%20LIMITED%20-%20489731%2006-Feb-2018_files/image016.jpg)
%20LIMITED%20-%20489731%2006-Feb-2018_files/image018.gif)
MIRA INFORM REPORT
|
Report No. : |
489731 |
|
Report Date : |
06.02.2018 |
IDENTIFICATION DETAILS
|
Name : |
GKN DRIVELINE (INDIA) LIMITED |
|
|
|
|
Formerly Known
As : |
GKN INVEL TRANSMISSIONS LIMITED |
|
|
|
|
Registered
Office : |
Plot No. 270, Sector – 24, Faridabad – 121005, Haryana |
|
Tel. No.: |
91-129-4091100 / 2230582 |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as
on) : |
31.03.2017 |
|
|
|
|
Date of
Incorporation : |
25.07.1985 |
|
|
|
|
Com. Reg. No.: |
05-034079 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
INR 127.731 Million |
|
|
|
|
CIN No.: [Company Identification
No.] |
U74999HR1985PLC034079 |
|
|
|
|
IEC No.: |
0588000787 |
|
|
|
|
GSTIN/UIN : |
Not Available |
|
|
|
|
TAN No.: [Tax Deduction & Collection
Account No.] |
Not Available |
|
|
|
|
PAN No.: [Permanent Account No.] |
AAACG4276B |
|
|
|
|
Legal Form : |
A Closely Held Public Limited Liability Company |
|
|
|
|
Line of Business
: |
Manufacturer
and sale of driveshafts to original equipment manufacturers in the automobile
industry. [Registered
Activity] |
|
|
|
|
No. of Employees
: |
Not Available |
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 |
|
Maximum Credit Limit : |
USD 11000000 |
|
|
|
|
Status : |
Good |
|
|
|
|
Payment Behaviour : |
Regular |
|
|
|
|
Litigation : |
Exist |
|
|
|
|
Comments : |
Subject is an established company incorporated in the year 1985. It is
a subsidiary of ‘GKN Driveline International GmbH’ Germany. The company is engaged in manufacturing automotive components. Its products
include constant velocity joint system, all-wheel drive system, trans axle
solution, replacement parts, e-drive system and motorsport products. As per the financial records of 2017, the company has achieved 5.51%
in its revenue as compared to the previous year and has earned a fair
profitability margin of 10.14%. The rating takes into consideration the company’s strong financial
profile marked by sound networth base along with satisfactory liquidity
position. Rating takes into consideration the company’s favorable Earnings Per
Share (EPS) of INR 74.7 as against its Face Value (FV) of INR 10. Rating also takes into account of strong financial and managerial
support that company receives from its holding entity backed by its well
experienced management team. Business is active. Payment terms are seems to be regular. In view of aforesaid, the company can be considered for business
dealings at usual trade terms and condition. |
NOTES:
Any query related to this report can be made
on e-mail: infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List
|
Country Name |
Previous Rating (30.06.2017) |
Current Rating (30.09.2017) |
|
India |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low Risk |
A2 |
|
Moderately Low Risk |
B1 |
|
Moderate Risk |
B2 |
|
Moderately High Risk |
C1 |
|
High Risk |
C2 |
|
Very High Risk |
D |
EXTERNAL AGENCY RATING
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
31-03-2016.
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 06.02.2018
IBBI (Insolvency and Bankruptcy Board of India) LISTING STATUS
Subject’s name is not listed in the publicly
available IBBI (Insolvency and Bankruptcy Board of India) list as of report
date.
LOCATIONS
|
Registered Office : |
Plot No. 270, Sector – 24, Faridabad – 121005, Haryana, India |
|
Tel. No.: |
91-129-4091100 / 2230582 / 6621300 |
|
Mobile No.: |
91-9560597684 (Ms. Richa) |
|
Fax No.: |
91-129-6621349 |
|
E-Mail : |
|
|
Website : |
|
|
Location : |
Owned |
|
Locality: |
Industrial |
|
|
|
|
Branch Office Registered Office / Manufacturing Location 1 : |
Plot No. 34/35, Industrial Area, Dharuhera District, Rewari, Haryana,
India |
|
|
|
|
Manufacturing Location : |
Also Located At
: ·
Oragadam ·
Pune |
DIRECTORS
AS ON 31.03.2017
|
Name : |
Mr. Bharat Dev Singh Kanwar |
|
Designation : |
Managing Director |
|
Address : |
A-701 , Eves Garden, Baner Road, Baher, Pune – 411045, Maharashtra, India |
|
Date of Birth/Age : |
08.11.1956 |
|
Date of Appointment : |
14.03.2013 |
|
DIN No.: |
00428180 |
|
|
|
|
Name : |
Mr. Krishnamurthy Naga Subramaniam |
|
Designation : |
Director |
|
Address : |
13-14, Anfilco Housing Colony, Dundahera, Gurugram – 122016, Haryana, India |
|
Date of Appointment : |
20.01.2015 |
|
DIN No.: |
00041843 |
|
|
|
|
Name : |
Ms. Gopika Pant |
|
Designation : |
Director |
|
Address : |
49 A, Aradhana Enclave, R K Puram, New Delhi – 110066, India |
|
Date of Appointment : |
20.01.2015 |
|
DIN No.: |
00388675 |
|
|
|
|
Name : |
Christophe Jean Philippe Jollivel |
|
Designation : |
Director |
|
Address : |
23, Sultanpur Farms, Khasra No. 676, M.G. Road, Delhi – 110030, India |
|
Date of Birth/Age : |
31.01.1969 |
|
Date of Appointment : |
13.12.2012 |
|
DIN No.: |
06431185 |
|
|
|
|
Name : |
Sock Eng Yeo |
|
Designation : |
Director |
|
Address : |
47 Springside Walk, Singapore – 786630, Singapore |
|
Date of Appointment : |
20.01.2015 |
|
DIN No.: |
07048850 |
|
|
|
|
Name : |
Simon Nicholas Meadows |
|
Designation : |
Additional Director |
|
Address : |
10 Arden Road Dorridge Solihull B93 8lq Solihull 000000 Gb |
|
Date of Appointment : |
14.12.2016 |
|
DIN No.: |
07635663 |
|
|
|
|
Name : |
Helmuth Rohregger |
|
Designation : |
Additional Director |
|
Address : |
Philipp Reis Strabe 2D 61440 Oberursel Oberursel Germany 61440 DE |
|
Date of Appointment : |
12.12.2017 |
|
DIN No.: |
08004127 |
KEY EXECUTIVES
|
Name : |
Richa Porwal |
|
Designation : |
Company Secretary |
|
Address : |
F-15, B 104, Panchsheel Vihar, Malviya Nagar, New Delhi – 110017, India |
|
Date of Appointment : |
14.06.2016 |
|
PAN No: |
ASAPP5814F |
|
|
|
|
Name : |
Madan Singh Sisodia |
|
Designation : |
Chief Financial Officer |
|
Address : |
H. No. 364, Sector 46, Faridabad – 121010, Haryana, India |
|
Date of Appointment : |
01.04.2014 |
|
PAN No: |
AIDPS0489A |
MAJOR SHAREHOLDERS
SHAREHOLDERS DETAILS FILE ATTACHED
Equity Share Break up (Percentage of Total Equity)
AS ON 26.09.2017
|
Category |
Percentage |
|
Promoters [Bodies
corporate] |
97.03 |
|
Public/Other than promoters
[Individual/Hindu Undivided Family (Indian)] |
2.80 |
|
Public/Other than promoters [Individual/Hindu Undivided Family (Non-resident Indian {NRI})] |
0.06 |
|
Public/Other than promoters [Banks] |
0.01 |
|
Public/Other than promoters [Foreign institutional investors] |
0.04 |
|
Public/Other than promoters [Mutual funds] |
0.01 |
|
Public/Other than promoters [Body corporate] |
0.05 |
|
Total |
100.00 |
%20LIMITED%20-%20489731%2006-Feb-2018_files/image020.gif)
BUSINESS DETAILS
|
Line of Business : |
Manufacturer
and sale of driveshafts to original equipment manufacturers in the automobile
industry. [Registered
Activity] |
||||
|
|
|
||||
|
Products / Services
: |
|
||||
|
|
|
||||
|
Brand Names : |
Not Available |
||||
|
|
|
||||
|
Agencies Held : |
Not Available |
||||
|
|
|
||||
|
Exports : |
Not Available |
||||
|
|
|
||||
|
Imports : |
Not Available |
||||
|
|
|
||||
|
Terms : |
Not Available |
PRODUCTION STATUS – (NOT AVAILABLE)
GENERAL INFORMATION
|
Suppliers : |
|
||||||||||||||||||||||
|
|
|
||||||||||||||||||||||
|
Customers : |
|
||||||||||||||||||||||
|
|
|
||||||||||||||||||||||
|
No. of Employees : |
Not Available |
||||||||||||||||||||||
|
|
|
||||||||||||||||||||||
|
Bankers : |
|
|
Auditors : |
|
|
Name : |
Deloitte Haskins and Sells LLP Chartered Accountants |
|
Address : |
7th Floor, Building 10, Tower B, DLF Cyber City Complex, DLF City, Phase II, Gurugram – 122002, Haryana, India |
|
PAN No.: |
AACFD4815A |
|
|
|
|
Memberships : |
Not Available |
|
|
|
|
Collaborators : |
Not Available |
|
|
|
|
Holding company : |
·
GKN Driveline International GmbH, Germany |
|
|
|
|
Subsidiary company
: |
·
Drivetech Accessories Limited, India |
|
|
|
|
Fellow
Subsidiary Company : |
· GKN Driveline Malaysis SdnBhd, Malaysia · GKN Driveline Brunico, SPA, Italy · GKN Driveline north America USA · GKN Driveline Birminghan, Limited, UK · GKN Driveline Japan Limited, Japan · GKN Driveline Korea Limited, Korea · GKN Driveline (Thailand) Limited, Thailand · GKN Driveline PolakaSp.zo.o, Poland · GKN DO Brasil Ltda, Brasil · Taiway Limited, Taiwan · GKN Driveline SA, France · GKN Service International GmbH, Germany · Unidrive Pty Limited, Australia · GKN Sinter Metals Private Limited, India · GKN Automotive Limited, UK · AP Newall and Company Limited, UK · GKN Driveline Singapore Pte Limited, Singapore · GKN Group Services Limited, UK · GKN WalterscheidGmbH, Germany · GKN (United Kingdom) Plc, UK · GKN Holding Plc, UK · GKN Driveline Mexico (UK) Limited, UK · GKN Driveline Vigo, Spain · GKN Driveline Slovenija,d.o.o, Slovenia, Italy · GKN Freight Services, UK · GKN Driveline Firenze SPA, Italy · GKN Driveline Deutschland Gmbh, Germany ·
GKN Driveline Ribemont Sarl, France |
|
|
|
|
Others : |
· Shanghai GKN Huayo Driveline System Co. Limited, China · GKN Driveline Zumaia, SA, Spain ·
Transejes Transmisiones Homocineticas,
Colombia |
CAPITAL STRUCTURE
AS ON 26.09.2017
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
15000000 |
Equity Shares |
INR 10/- each |
INR 150.000 Million |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
12773061 |
Equity Shares |
INR 10/- each |
INR 127.731 Million |
|
|
|
|
|
FINANCIAL DATA
[all figures are
in INR Million]
ABRIDGED
BALANCE SHEET (STANDALONE)
|
SOURCES OF FUNDS |
31.03.2017 |
31.03.2016 |
31.03.2015 (15
Months) |
|
I.
EQUITY
AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
127.731 |
127.731 |
127.731 |
|
(b) Reserves & Surplus |
3714.501 |
2760.322 |
2327.455 |
|
(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) |
3842.232 |
2888.053 |
2455.186 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) Long-term borrowings |
0.000 |
0.000 |
0.000 |
|
(b) Deferred tax liabilities (Net) |
148.453 |
89.103 |
0.000 |
|
(c) Other long term
liabilities |
213.439 |
662.826 |
608.219 |
|
(d) Long-term
provisions |
179.566 |
146.014 |
42.533 |
|
Total Non-current
Liabilities (3) |
541.458 |
897.943 |
650.752 |
|
|
|
|
|
|
(4)
Current Liabilities |
|
|
|
|
(a) Short term
borrowings |
50.264 |
722.919 |
335.084 |
|
(b) Trade
payables |
1881.155 |
1680.563 |
1487.455 |
|
(c) Other
current liabilities |
340.423 |
336.560 |
1224.127 |
|
(d) Short-term
provisions |
24.316 |
24.943 |
171.784 |
|
Total Current
Liabilities (4) |
2296.158 |
2764.985 |
3218.450 |
|
|
|
|
|
|
TOTAL |
6679.848 |
6550.981 |
6324.388 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1)
Non-current assets |
|
|
|
|
(a) Fixed
Assets |
|
|
|
|
(i)
Tangible assets |
3592.156 |
3558.699 |
3301.259 |
|
(ii)
Intangible Assets |
4.954 |
3.445 |
1.465 |
|
(iii)
Capital work-in-progress |
71.138 |
148.069 |
18.082 |
|
(iv)
Intangible assets under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current Investments |
0.502 |
0.502 |
0.502 |
|
(c) Deferred tax assets (net) |
0.000 |
0.000 |
0.000 |
|
(d)
Long-term Loan and Advances |
183.025 |
188.302 |
243.081 |
|
(e) Other
Non-current assets |
3.833 |
0.000 |
0.000 |
|
Total Non-Current
Assets |
3855.608 |
3899.017 |
3564.389 |
|
|
|
|
|
|
(2)
Current assets |
|
|
|
|
(a)
Current investments |
0.000 |
0.000 |
0.000 |
|
(b)
Inventories |
1154.077 |
1257.792 |
1289.825 |
|
(c) Trade
receivables |
1073.559 |
997.928 |
1126.522 |
|
(d) Cash
and cash equivalents |
282.100 |
50.657 |
78.791 |
|
(e)
Short-term loans and advances |
251.275 |
327.653 |
263.321 |
|
(f) Other
current assets |
63.229 |
17.934 |
1.540 |
|
Total
Current Assets |
2824.240 |
2651.964 |
2759.999 |
|
|
|
|
|
|
TOTAL |
6679.848 |
6550.981 |
6324.388 |
PROFIT
& LOSS ACCOUNT (STANDALONE)
|
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 (15
Months) |
||
|
|
SALES |
|
|
|
||
|
|
|
Income |
9406.902 |
8915.572 |
10805.528 |
|
|
|
|
Other Income |
301.772 |
61.202 |
49.621 |
|
|
|
|
TOTAL |
9708.674 |
8976.774 |
10855.149 |
|
|
|
|
|
|
|
||
|
Less |
EXPENSES |
|
|
|
||
|
|
|
Cost of Materials Consumed |
4906.800 |
4933.533 |
6208.079 |
|
|
|
|
Changes in Inventories of finished goods, work-in-progress and
stock-in-trade |
86.878 |
(130.778) |
(92.630) |
|
|
|
|
Employee Benefits Expenses |
1144.970 |
1028.882 |
1172.426 |
|
|
|
|
CSR Expenditure |
2.153 |
0.966 |
0.000 |
|
|
|
|
Other Expenses |
1867.916 |
2156.568 |
2643.338 |
|
|
|
|
TOTAL |
8008.717 |
7989.171 |
9931.213 |
|
|
|
|
|
|
|
||
|
|
PROFIT/(LOSS)
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION |
1699.957 |
987.603 |
923.936 |
||
|
|
|
|
|
|
||
|
Less |
FINANCIAL
EXPENSES |
33.749 |
120.499 |
224.439 |
||
|
|
|
|
|
|
||
|
|
PROFIT/(LOSS)
BEFORE TAX, DEPRECIATION AND AMORTISATION |
1666.208 |
867.104 |
699.497 |
||
|
|
|
|
|
|
||
|
Less |
DEPRECIATION/
AMORTISATION |
339.497 |
330.422 |
719.747 |
||
|
|
|
|
|
|
||
|
|
PROFIT/(LOSS)
BEFORE TAX |
1326.711 |
536.682 |
(20.250) |
||
|
|
|
|
|
|
||
|
Less |
TAX |
372.532 |
103.815 |
2.094 |
||
|
|
|
|
|
|
||
|
|
PROFIT/(LOSS)
AFTER TAX |
954.179 |
432.867 |
(22.344) |
||
|
|
|
|
|
|
||
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
||
|
|
|
F.O.B. Value of Exports |
853.137 |
629.310 |
529.533 |
|
|
|
TOTAL EARNINGS |
853.137 |
629.310 |
529.533 |
||
|
|
|
|
|
|
||
|
|
IMPORTS |
|
|
|
||
|
|
|
Raw Materials |
1315.856 |
1544.856 |
2620.287 |
|
|
|
|
Components and spares |
130.333 |
71.679 |
97.671 |
|
|
|
|
Capital Goods |
81.413 |
406.330 |
43.113 |
|
|
|
TOTAL IMPORTS |
1527.602 |
2022.865 |
2761.071 |
||
|
|
|
|
|
|
||
|
|
Earnings /
(Loss) Per Share (INR) |
74.70 |
33.89 |
(1.75) |
||
CURRENT MATURITIES
OF LONG TERM DEBT DETAILS
|
Particulars |
31.03.2017 |
31.03.2016 |
31.03.2015 (15
Months) |
|
Current Maturities of Long term debt |
0.000 |
0.000 |
1015.000 |
|
Cash generated from operations |
NA |
NA |
NA |
|
Net cash flow from (used in) operations |
NA |
NA |
NA |
KEY
RATIOS
EFFICIENCY RATIOS
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 (15
Months) |
|
Average Collection Days (Sundry
Debtors / Income * 365 Days) |
41.66 |
40.85 |
38.05 |
|
|
|
|
|
|
Account Receivables Turnover (Income / Sundry Debtors) |
8.76 |
8.93 |
9.59 |
|
|
|
|
|
|
Average Payment Days (Sundry Creditors / Purchases * 365 Days) |
139.93 |
124.33 |
87.45 |
|
|
|
|
|
|
Inventory Turnover (Operating Income / Inventories) |
1.47 |
0.79 |
0.72 |
|
|
|
|
|
|
Asset Turnover (Operating Income / Net Fixed Assets) |
0.46 |
0.27 |
0.28 |
LEVERAGE RATIOS
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 (15
Months) |
|
Debt Ratio ((Borrowing
+ Current Liabilities) / Total Assets) |
0.34 |
0.42 |
0.67 |
|
|
|
|
|
|
Debt Equity Ratio (Total Liability / Networth) |
0.01 |
0.25 |
0.55 |
|
|
|
|
|
|
Current Liabilities to Networth (Current Liabilities / Net Worth) |
0.60 |
0.96 |
1.31 |
|
|
|
|
|
|
Fixed Assets to Networth (Net Fixed Assets / Networth) |
0.95 |
1.28 |
1.35 |
|
|
|
|
|
|
Interest Coverage Ratio (PBIT / Financial Charges) |
50.37 |
8.20 |
4.12 |
PROFITABILITY RATIOS
|
PARTICULARS |
|
31.03.2017 |
31.03.2016 |
31.03.2015 (15
Months) |
|
PAT to Sales ((PAT
/ Sales) * 100) |
% |
10.14 |
4.86 |
(0.21) |
|
|
|
|
|
|
|
Return on Total Assets ((PAT / Total Assets) * 100) |
% |
14.28 |
6.61 |
(0.35) |
|
|
|
|
|
|
|
Return on Investment (ROI) ((PAT / Networth) * 100) |
% |
24.83 |
14.99 |
(0.91) |
SOLVENCY RATIOS
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 (15
Months) |
|
Current Ratio (Current
Assets / Current Liabilities) |
1.23 |
0.96 |
0.86 |
|
|
|
|
|
|
Quick Ratio ((Current Assets – Inventories) / Current
Liabilities) |
0.73 |
0.50 |
0.46 |
|
|
|
|
|
|
G-Score Ratio Financial (Networth / Total Assets) |
0.58 |
0.44 |
0.39 |
|
|
|
|
|
|
G-Score Ratio Debt (Debts / Equity Capital) |
0.39 |
5.66 |
10.57 |
|
|
|
|
|
|
G-Score Ratio Liquidity (Total Current Assets / Total Current Liabilities) |
1.23 |
0.96 |
0.86 |
Total
Liability = Short-term Debt + Long-term Debt + Current Maturities of Long-term
debts
FINANCIAL ANALYSIS
[all figures are
in INR Million]
DEBT EQUITY RATIO
|
Particular |
31.03.2015 |
31.03.2016 |
31.03.2017 |
|
|
INR
In Million |
INR
In Million |
INR
In Million |
|
Share Capital |
127.731 |
127.731 |
127.731 |
|
Reserves & Surplus |
2327.455 |
2760.322 |
3714.501 |
|
Net
worth |
2455.186 |
2888.053 |
3842.232 |
|
|
|
|
|
|
Long Term borrowings |
0.000 |
0.000 |
0.000 |
|
Short Term borrowings |
335.084 |
722.919 |
50.264 |
|
Current maturities of long term debt |
1015.000 |
0.000 |
0.000 |
|
Total
borrowings |
1350.084 |
722.919 |
50.264 |
|
Debt/Equity
ratio |
0.550 |
0.250 |
0.013 |
%20LIMITED%20-%20489731%2006-Feb-2018_files/image022.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
|
10805.528 |
8915.572 |
9406.902 |
|
|
|
(17.491) |
5.511 |
%20LIMITED%20-%20489731%2006-Feb-2018_files/image024.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
|
10805.528 |
8915.572 |
9406.902 |
|
Profit/(Loss) |
(22.344) |
432.867 |
954.179 |
|
|
(0.21%) |
4.86% |
10.14% |
%20LIMITED%20-%20489731%2006-Feb-2018_files/image026.gif)
ABRIDGED
BALANCE SHEET (CONSOLIDATED)
|
SOURCES OF FUNDS |
31.03.2017 |
31.03.2016 |
|
I.
EQUITY AND LIABILITIES |
|
|
|
(1)Shareholders' Funds |
|
|
|
(a) Share Capital |
127.731 |
127.731 |
|
(b) Reserves &
Surplus |
3713.820 |
2761.051 |
|
(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) |
3841.551 |
2888.782 |
|
|
|
|
|
(3) Non-Current
Liabilities |
|
|
|
(a) long-term borrowings |
0.000 |
0.000 |
|
(b) Deferred tax
liabilities (Net) |
148.455 |
89.106 |
|
(c) Other long term
liabilities |
213.439 |
662.826 |
|
(d) long-term provisions |
179.566 |
146.014 |
|
Total Non-current
Liabilities (3) |
541.460 |
897.946 |
|
|
|
|
|
(4) Current Liabilities |
|
|
|
(a) Short term borrowings |
50.264 |
722.919 |
|
(b) Trade payables |
1881.562 |
1680.742 |
|
(c) Other current
liabilities |
340.514 |
336.929 |
|
(d) Short-term provisions |
24.316 |
24.943 |
|
Total Current Liabilities
(4) |
2296.656 |
2765.533 |
|
|
|
|
|
TOTAL |
6679.667 |
6552.261 |
|
|
|
|
|
II.
ASSETS |
|
|
|
(1) Non-current assets |
|
|
|
(a) Fixed Assets |
|
|
|
(i) Tangible assets |
3592.158 |
3558.705 |
|
(ii) Intangible Assets |
4.960 |
3.456 |
|
(iii) Capital
work-in-progress |
71.138 |
148.069 |
|
(iv) Intangible assets
under development |
0.000 |
0.000 |
|
(b) Non-current
Investments |
0.000 |
0.000 |
|
(c) Deferred tax assets
(net) |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
183.034 |
188.342 |
|
(e) Other Non-current
assets |
3.913 |
0.080 |
|
Total Non-Current Assets |
3855.203 |
3898.652 |
|
|
|
|
|
(2) Current assets |
|
|
|
(a) Current investments |
0.000 |
0.000 |
|
(b) Inventories |
1156.650 |
1258.287 |
|
(c) Trade receivables |
1070.081 |
996.865 |
|
(d) Cash and cash
equivalents |
283.143 |
52.769 |
|
(e) Short-term loans and advances |
251.360 |
327.753 |
|
(f) Other current assets |
63.230 |
17.935 |
|
Total Current Assets |
2824.464 |
2653.609 |
|
|
|
|
|
TOTAL |
6679.667 |
6552.261 |
PROFIT
& LOSS ACCOUNT (CONSOLIDATED)
|
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
|
|
SALES |
|
|
|
|
Income |
9404.100 |
8916.236 |
|
|
Other Income |
301.831 |
61.497 |
|
|
TOTAL |
9705.931 |
8977.733 |
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
Cost of Materials
Consumed |
4906.800 |
4933.533 |
|
|
Changes in inventories of
finished goods, work-in-progress and Stock-in-Trade |
84.799 |
(130.787) |
|
|
Employees benefits
expense |
1145.423 |
1028.910 |
|
|
CSR expenditure |
2.154 |
0.731 |
|
|
Other expenses |
1868.149 |
2151.609 |
|
|
TOTAL |
8007.325 |
7983.996 |
|
|
|
|
|
|
|
PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND
AMORTISATION |
1698.606 |
993.737 |
|
|
|
|
|
|
Less |
FINANCIAL EXPENSES |
33.750 |
126.221 |
|
|
|
|
|
|
|
PROFIT / (LOSS) BEFORE TAX,
DEPRECIATION AND AMORTISATION |
1664.856 |
867.516 |
|
|
|
|
|
|
Less |
DEPRECIATION/
AMORTISATION |
339.507 |
330.432 |
|
|
|
|
|
|
|
PROFIT/ (LOSS) BEFORE TAX |
1325.349 |
537.084 |
|
|
|
|
|
|
Less |
TAX |
372.580 |
103.940 |
|
|
|
|
|
|
|
PROFIT/ (LOSS) AFTER TAX
|
952.769 |
433.144 |
|
|
|
|
|
|
|
Earnings / (Loss) Per
Share (INR) |
74.59 |
33.91 |
LEGAL CASES
|
$~ 16 * IN THE HIGH COURT
OF DELHI AT NEW DELHI + CEAC 20/2017 &
C.M.No.24698/2017 (stay) COMMISSIONER OF CENTRAL EXCISE & SERVICE TAX..... Appellant Through: Mr.Sanjeev
Narula, Sr.Standing Counsel. Versus GKN DRIVELINE (INDIA) LTD. ..... Respondent Through: Mr.Yogendra Aldak, Advocate. CORAM: JUSTICE S.MURALIDHAR JUSTICE PRATHIBA M. SINGH O R D E R % 26.09.2017 1.
The learned counsel for the Appellant seeks and is granted four weeks’ time to file the rejoinder. 2. List on 5th March, 2018. S.MURALIDHAR, J. PRATHIBA M. SINGH, J. SEPTEMBER 26, 2017 ‘anb’ |
|
$~53 * IN THE HIGH COURT
OF DELHI AT NEW DELHI + CEAC 20/2017 COMMISSIONER OF CENTRAL EXCISE & SERVICE TAX ..... Petitioner Through: Mr. Sanjeev Narula, Sr. Standing Counsel for Customs with Mr. Abhishek Ghai, Adv. versus GKN DRIVELINE (INDIA) LTD. ..... Respondent Through: Mr. L. Badri Narayan, Mr. Abhinav Jaganathan and Mr. Yogendra
Aldak, Advs. CORAM: JUSTICE S.MURALIDHAR JUSTICE PRATHIBA M. SINGH O R D E R %17.07.2017 CM No. 24699/2017 (exemption) 1. Allowed, subject to all just exceptions. CEAC No. 20/2017 & CM No. 24698/2017 (stay) 2. Notice. 3. Learned counsel for the Respondent accepts notice on behalf of the Respondent. 4. Reply be filed within four weeks. Rejoinder thereto, if any, be
filed within four weeks thereafter. 5. List on 26th September, 2017. S.MURALIDHAR, J PRATHIBA M. SINGH, J JULY 17, 2017 dk |
LOCAL AGENCY FURTHER INFORMATION
|
Sr. No. |
Check list by
info agents |
Available in
Report (Yes/No) |
|
1 |
Year of establishment |
Yes |
|
2 |
Constitution of the entity -Incorporation
details |
Yes |
|
3 |
Locality of the entity |
Yes |
|
4 |
Premises details |
No |
|
5 |
Buyer visit details |
-- |
|
6 |
Contact numbers |
Yes |
|
7 |
Name of the person contacted |
No |
|
8 |
Designation of contact person |
No |
|
9 |
Promoter’s background |
Yes |
|
10 |
Date of Birth of Proprietor / Partners /
Directors |
Yes |
|
11 |
Pan Card No. of Proprietor / Partners |
No |
|
12 |
Voter Id Card No. of Proprietor / Partners |
No |
|
13 |
Type of business |
Yes |
|
14 |
Line of Business |
Yes |
|
15 |
Export/import details (if applicable) |
No |
|
16 |
No. of employees |
No |
|
17 |
Details of sister concerns |
Yes |
|
18 |
Major suppliers |
No |
|
19 |
Major customers |
No |
|
20 |
Banking Details |
No |
|
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 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 |
-- |
|
33 |
Market information |
-- |
|
34 |
Payments terms |
No |
|
35 |
Negative Reporting by Auditors in the
Annual Report |
No |
STATE OF THE COMPANY’S AFFAIRS AND
OPERATIONS
Focus in 2016-17 was sustaining on earlier initiatives taken in Operational excellence, Quality & Supply Chain while maintaining harmonious industrial relations and improvement in productivity. Chennai plant obtained the long pending renewal consent approval from TNPCB and hazardous waste authorization storage & disposal approval from TNPCB for 5 years. It won awards from Toyota in two categories viz. Zero PPM and 100 % delivery and sustained L1 recognition from Renault Nissan. The plant implemented New work permit system for onsite vendors to ensure proper risk assessment and control for high risk work.
During the year GKN Plc conducted Safety audit reporting significant improvement. The plant further initiated several quality circles to improve the plant quality. The plant quality circle team participated in state level QCFI competition and got one gold medal and one silver medal in the competition. The plant successfully completed HYUNDAI 5 star audit with 4+ score and also won new business from Hyundai Motors Korea and India, and Renault Nissan. Dharuhera plant signed Long Term Settlement Agreement in May 2016 with Worker’s Union which resulted in improved People productivity and scrap reduction. The plant installed fire hydrant system and also received fire NOC from government. It commenced power through e bidding thereby effecting power cost saving. The plant won third prize in Inter Industry Competition held by Confederation of India Industry (CII) in EHS. There was a tool down strike for 41 hours in the month of Oct 2016 by Operator’s union. The demand being invalid, was withdrawn without any concessions by management. The plant implemented Driver’s Safety Briefing at Gate & Vehicle Checking System.
Faridabad plant signed Long Term Settlement Agreement in May 2016 with Worker’s Union which resulted in improved People productivity and scrap reduction. Layout change was carried out leading to reduction of Quality Wall HC from 45 to 30. In its drive to foster clean energy, Solar Power Plant was installed with a capacity of 200KW. The plant installed robot in ACO 3 cell, thereby reducing Manpower by 1 /shift. Pune plant has increased its capacity by installing new equipment’s for upcoming new business. Labor unrest had led to workers abstaining from duty. Plant handled the IR amicably without any riotous act and ensured no delivery impact to customer during this period.
It also won the “Quality Silver Award” & GMI BIQS certification L3 in this period and achieved overall volume growth of 27%. During the year, GKN Plc conducted Safety audit reporting significant improvement. Though operational KPIs were brought in control; achieving the budgeted levels remained challenge. Currently focusing on organization strengthening for better operational performance.
AUTOMOTIVE INDUSTRY AND OUTLOOK:
The Automotive Industry, as per the SIAM, produced a total of 25,316,044 vehicles during April-March 2017 as against 24,016,599 in April-March 2016, registering a growth of 5.41% over the same period last year. This comprises of passenger vehicles, commercial vehicles, three wheelers, two wheelers and quadri-cycle. The Domestic sales of Passenger Vehicles grew by 9.23% in April-March 2017 over the same period last year. Within the Passenger Vehicles, Passenger Cars (3.85%), Utility Vehicles (29.91%) and Vans (2.37%) showed growth over the same period last year.In April-March 2017, overall automobile exports declined by 4.50%. Passenger Vehicles and Commercial Vehicles exports registered a growth of 16.20% and 4.99% respectively.As per the ADB report, India's economic growth slowed to 7.1% in 2016 as compared to 7.9% growth in 2015, partly due to currency demonetization and is projected to pick up to 7.4% in 2017, primarily on higher consumption and 7.6% in 2018. GKN Driveline India, during the FY 2016-17, had 281,000 nos. new vehicle launches comprising of BR-V, City Pakistan & WR-V (Honda), Ignis & New Swift Dzire (MSIL) and Beat Petrol (GM).
UNSECURED LOANS:
|
PARTICULARS |
31.03.2017 INR In Million |
31.03.2016 INR In Million |
|
SHORT TERM BORROWINGS |
|
|
|
Other loans and advances |
50.264 |
722.919 |
|
|
|
|
|
Total |
50.264 |
722.919 |
INDEX OF CHARGES:
|
S No |
SRN |
Charge Id |
Charge Holder Name |
Date of Creation |
Date of Modification |
Date of Satisfaction |
Amount |
Address |
|
1 |
A77360824 |
80052228 |
DIC |
29/09/1999 |
29/09/1999 |
27/01/2010 |
188355000.0 |
DISTRICT, INDUSTRIES CENTRE,REWARIREWARIHR123501IN |
FIXED ASSETS:
·
Land
·
Building
·
Plant and Machinery
·
Furniture and Fixture
·
Office Equipment
·
Computer
·
Vehicles
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts,
1] INFORMATION ON
DESIGNATED PARTY
No records exist designating subject or any of its beneficial owners,
controlling shareholders or senior officers as terrorist or terrorist
organization or whom notice had been received that all financial transactions
involving their assets have been blocked or convicted, found guilty or against
whom a judgement or order had been entered in a proceedings for violating
money-laundering, anti-corruption or bribery or international economic or
anti-terrorism sanction laws or whose assets were seized, blocked, frozen or
ordered forfeited for violation of money laundering or international
anti-terrorism laws.
2] Court Declaration :
No records exist to suggest that subject is
or was the subject of any formal or informal allegations, prosecutions or other
official proceeding for making any prohibited payments or other improper
payments to government officials for engaging in prohibited transactions or
with designated parties.
3] Asset Declaration :
No records exist to suggest that the property or assets of the subject
are derived from criminal conduct or a prohibited transaction.
4] Record on Financial
Crime :
Charges or conviction
registered against subject: None
5] Records on Violation of
Anti-Corruption Laws :
Charges or
investigation registered against subject: None
6] Records on Int’l
Anti-Money Laundering Laws/Standards :
Charges or
investigation registered against subject: None
7] Criminal Records
No
available information exist that suggest that subject or any of its principals
have been formally charged or convicted by a competent governmental authority
for any financial crime or under any formal investigation by a competent
government authority for any violation of anti-corruption laws or international
anti-money laundering laws or standard.
8] Affiliation with
Government :
No record
exists to suggest that any director or indirect owners, controlling
shareholders, director, officer or employee of the company is a government
official or a family member or close business associate of a Government
official.
9] Compensation Package :
Our market
survey revealed that the amount of compensation sought by the subject is fair
and reasonable and comparable to compensation paid to others for similar
services.
10] Press Report :
No press reports / filings exists on
the subject.
CORPORATE GOVERNANCE
MIRA INFORM as part of its Due Diligence do provide comments on
Corporate Governance to identify management and governance. These factors often
have been predictive and in some cases have created vulnerabilities to credit
deterioration.
Our Governance Assessment focuses principally on the interactions
between a company’s management, its Board of Directors, Shareholders and other
financial stakeholders.
CONTRAVENTION
Subject is not known to have contravened any existing local laws,
regulations or policies that prohibit, restrict or otherwise affect the terms
and conditions that could be included in the agreement with the subject.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
INR |
|
US Dollar |
1 |
INR 64.03 |
|
|
1 |
INR 90.40 |
|
Euro |
1 |
INR 79.73 |
INFORMATION DETAILS
|
Analysis Done by
: |
NYT |
|
|
|
|
Report Prepared
by : |
NKT |
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 |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
RATING EXPLANATIONS
|
Credit Rating |
Explanation |
Rating Comments |
|
A++ |
Minimum Risk |
Business dealings permissible with minimum
risk of default |
|
A+ |
Low Risk |
Business dealings permissible with low
risk of default |
|
A |
Acceptable Risk |
Business dealings permissible with
moderate risk of default |
|
B |
Medium Risk |
Business dealings permissible on a regular
monitoring basis |
|
C |
Medium High Risk |
Business dealings permissible preferably
on secured basis |
|
D |
High Risk |
Business dealing not recommended or on
secured terms only |
|
NB |
New Business |
No recommendation can be done due to
business in infancy stage |
|
NT |
No Trace |
No recommendation can be done as the
business is not traceable |
NB is stated where there is insufficient information to facilitate rating. However, it is not to be considered as unfavourable.
This score serves as a reference to assess
SC’s credit risk and to set the amount of credit to be extended. It is
calculated from a composite of weighted scores obtained from each of the major
sections of this report. The assessed factors are as follows:
·
Financial
condition covering various ratios
·
Company
background and operations size
·
Promoters
/ Management background
·
Payment
record
·
Litigation
against the subject
·
Industry
scenario / competitor analysis
·
Supplier
/ Customer / Banker review (wherever available)
This report is issued at
your request without any risk and responsibility on the part of MIRA INFORM
PRIVATE LIMITED (MIPL) or its officials.