|
|
|
MIRA
INFORM REPORT
|
Report No. : |
490017 |
|
Report Date : |
06.02.2018 |
IDENTIFICATION DETAILS
|
Name : |
TML DRIVELINES LIMITED (w.e.f. 20.10.2011) |
|
|
|
|
Formerly Known
As : |
HV AXLES LIMITED HV AXLES PRIVATE LIMITED |
|
|
|
|
Registered
Office : |
Tata Motors Limited, 3rd Floor, Flnanavati Mahalaya, 18
Homi, Mody Street, Hutatma Chowk, Mumbai – 400001, Maharashtra |
|
Tel. No.: |
91-22-66657816 |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as
on) : |
31.03.2016 |
|
|
|
|
Date of
Incorporation : |
13.03.2000 |
|
|
|
|
Com. Reg. No.: |
11-124874 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
INR 770.000 Million |
|
|
|
|
CIN No.: [Company Identification
No.] |
U34100MH2000PLC124874 |
|
|
|
|
IEC No.: |
Not Divulged |
|
|
|
|
GST No: |
27AAACH7625P1Z3 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
Not Available |
|
|
|
|
PAN No.: [Permanent Account No.] |
AAACH7625P |
|
|
|
|
Legal Form : |
A Closely Held Public Limited Liability Company |
|
|
|
|
Line of Business
: |
Manufacturer of Axles and Axles Part thereof, Gear Boxes
and Spare Parts thereof and Crankshaft.
[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 23234500 |
|
|
|
|
Status : |
Excellent |
|
|
|
|
Payment Behaviour : |
Regular |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is a wholly owned subsidiary of ‘’’TATA Motors Limited’ incorporated in the year 2000 and having fine track record. The subject is engaged into manufacturing of axle parts, gear boxes and spare parts. Management has failed to file its financials for the year 2017 with Registrar of Companies. As per the available financials of 2016, the company has achieved decent growth in its revenue as compared to its previous year along with good profit margin during the year. Rating continue to derive strength from its long and established track record of its business operations backed by strong parentage and financial flexibility support from its holding entity and its global presence in automobile industry. The ratings also factors on company’s steady growing scale of operations and strong net worth along with improvement in capital structure, strong liquidity and zero debt balance sheet. However, rating strengths are partially offset by competition faced from large number of players in automobile industry, being the auto component maker with strong of technical know-how requirements which exerts pressure on the profitability margins. Trade relations are fair. Business is active. Payments are seems to be regular and as per commitments. In view of aforesaid, the company can be considered for normal 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.
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 : |
Tata Motors Limited, 3rd Floor, Flnanavati Mahalaya, 18
Homi, Mody Street, Hutatma Chowk, Mumbai – 400001, Maharashtra, India |
|
Tel. No.: |
91-22-66657816/ 66658282 |
|
Fax No.: |
91-22-66657260 |
|
E-Mail : |
|
|
Website : |
|
|
|
|
|
Factory and Administrative Office : |
Tata Motors Limited Unit B, Jamshedpur-831010, Jharkhand,
India |
|
Tel. No.: |
91-657-2268937 |
|
Fax No.: |
91-657-6693885 |
DIRECTORS
AS ON 31.03.2017
|
Name : |
Mr. Hoshang Keki Sethna |
|
Designation : |
Director |
|
Address : |
602 B, Captain House, Dr. Ambedkar Road Matunga, Mumbai-400019,
Maharashtra, India |
|
Date of Birth/Age : |
08.11.1963 |
|
Qualification : |
B-Com,
LLB, CS |
|
Date of Appointment : |
31.08.2004 |
|
DIN No.: |
00091532 |
|
|
|
|
Name : |
Mr. Rakesh Radhakishen Makhija |
|
Designation : |
Director |
|
Address : |
A-702 Empress Tower Sopan Bagh, Ghorpadi, Pune-411001, Maharashtra,
India |
|
Date of Birth/Age : |
24.07.1951 |
|
Qualification : |
Chemical
Engineer - IIT, New Delhi |
|
Date of Appointment : |
31.03.2015 |
|
DIN No.: |
00117692 |
|
|
|
|
Name : |
Mr. Satish Balkrishna Borwankar |
|
Designation : |
Director |
|
Address : |
Flat No. 22, Viola S. No.118/3-5, Warje, Near Cipla Hospital, Kothrud,
Pune – 411052, Maharashtra, India |
|
Date of Birth/Age : |
15.07.1952 |
|
Qualification : |
B-Tech |
|
Date of Appointment : |
22.09.2007 |
|
DIN No.: |
01793948 |
|
|
|
|
Name : |
Mr. Ajit Kumar Jindal |
|
Designation : |
Director |
|
Address : |
401 Nyati Abode, Opposite Ramnagar Colony, Bavdhan, Pune-411021,
Maharashtra, India |
|
Date of Birth/Age : |
08.09.1957 |
|
Qualification : |
M
E (Mech), Phd (Mech) |
|
Date of Appointment : |
05.05.2011 |
|
DIN No.: |
03453684 |
|
|
|
|
Name : |
Mr. Prasann Kumar Chobe |
|
Designation : |
Director |
|
Address : |
C603 Avaneesh Apartments Near Pinnac Memories Kothrud, Pune-411038,
Maharashtra, India |
|
Date of Birth/Age : |
17.05.1957 |
|
Qualification : |
B
Tech (Mech) |
|
Date of Appointment : |
31.10.2012 |
|
DIN No.: |
06375666 |
|
|
|
|
Name : |
Mr. Vaijayanti Ajit Pandit |
|
Designation : |
Director |
|
Address : |
30/9, Taj Building August Kranti Marg, Bombay-400036, Maharashtra,
India |
|
Date of Birth/Age : |
12.01.1953 |
|
Qualification : |
B Arts, M Arts, Diploma
Journalism and Mass Communications, Ph. Din Management Studies |
|
Date of Appointment : |
31.03.2015 |
|
DIN No.: |
06742237 |
KEY EXECUTIVES
|
Name : |
Mr. Vispi Sarosh Patel |
|
Designation : |
Company Secretary |
|
Address : |
R/30, Godrej Baug Off. Napeansea Road, Mumbai-400026, Maharashtra,
India |
|
Date of Birth/Age : |
15.01.1973 |
|
Qualification : |
B-Com,
BGL, CS |
|
Date of Appointment : |
11.11.2011 |
|
PAN No.: |
AEUPP3827J |
|
|
|
|
Name : |
Mr. Sampath Kumar Sundara Morri |
|
Designation : |
Manager |
|
Address : |
Quarter No. K4/25, Cross Road No. 17 Near Ram Mandir, Telco Colony,
Jamshedpur-831004, Jharkhand, India |
|
Date of Birth/Age : |
08.04.1959 |
|
Qualification : |
M
Tech (Mechanical) |
|
Date of Appointment : |
01.10.2012 |
|
PAN No.: |
ACKPK5570F |
|
|
|
|
Name : |
Mr. Gurvinder Singh Ahuja |
|
Designation : |
Chief Financial Officer (KMP) |
|
Address : |
C-11, Dalma Road, Nildih, Po.Golmuri, Jamshedpur-831003, Jharkhand,
India |
|
Date of Birth/Age : |
10.06.1964 |
|
Qualification : |
Chartered
Accountant |
|
Date of Appointment : |
25.04.2014 |
|
PAN No.: |
ABEPA6131D |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 31.03.2017
|
Names of Shareholders |
|
No. of Shares |
|
Tata Motors limited, India |
|
76999820 |
|
Tata Motors Limited, India Jointly with Hoshang Sethna |
|
18 |
|
Tata Motors Limited, India Jointly with C Ramakrishnan |
|
18 |
|
Tata Motors Limited, India Jointly with V B Somaiya |
|
36 |
|
Tata Motors Limited, India Jointly with Vispi S Patel |
|
36 |
|
Tata Motors Limited, India Jointly with R Pisharody |
|
36 |
|
Tata Motors Limited, India Jointly with A A Gajendragadkar |
|
36 |
|
|
|
|
|
Total |
|
77000000 |
AS ON 18.09.2017
|
Equity Share Breakup |
Percentage of Holding |
|
Category |
|
|
Promoters
– Body Corporate |
100.00 |
|
|
|
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer of Axles and Axles Part thereof, Gear Boxes
and Spare Parts thereof and Crankshaft.
[Registered
Activity] |
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Products : |
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Brand Names : |
Not Available |
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Agencies Held : |
Not Available |
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Exports : |
Not Available |
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Imports : |
Not Available |
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Terms : |
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||||||||
|
Selling : |
Not Available |
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Purchasing : |
Not Available |
PRODUCTION STATUS: (NOT AVAILABLE)
GENERAL INFORMATION
|
Suppliers : |
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Customers : |
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||||||||||||||
|
No. of Employees : |
Not Available |
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|
||||||||||||||
|
Bankers : |
·
HDFC Bank Limited HDFC Bank Housesenapati
Bapat Marg, Lower Parel (West), Mumbai - 400013, Maharashtra, India |
||||||||||||||
|
|
|
||||||||||||||
|
Facilities : |
--- |
|
Auditors : |
|
|
Name : |
Deloitte
Haskins and Sells LLP Chartered Accountants |
|
Address : |
12 Dr Annie Besant Road, Opposite
Shiv Sagar Estate, Worli, Mumbai – 400018, Maharashtra, India |
|
Income-tax
PAN of auditor or auditor's firm : |
AACFD4815A |
|
|
|
|
Memberships : |
Not Available |
|
|
|
|
Collaborators : |
Not Available |
|
|
|
|
Holding Company : |
Tata
Motors Limited, India [L28920MH1945PLC004520] |
|
|
|
|
Fellow Subsidiary Company : |
·
Tal Manufacturing Solutions Limited, India
[U29100PN2000PLC130290] ·
Tata Daewoo Commercial Vechile Co. Limited, ·
Tata Technologies Limited, India [U72200PN1994PLC013313] ·
Tata Marcopolo Motors Limited, India
[U34101MH2006PLC164771] |
CAPITAL STRUCTURE
AS ON 31.03.2016
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
100000000 |
Equity Shares |
INR 10/- each |
INR 1000.000 Million |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
77000000 |
Equity Shares |
INR 10/- each |
INR 770.000 Million |
|
|
|
|
|
FINANCIAL DATA
[all figures are
in INR Million]
ABRIDGED
BALANCE SHEET
|
SOURCES OF FUNDS |
31.03.2016 |
31.03.2015 |
31.03.2014 |
|
I.
EQUITY AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
770.000 |
770.000 |
770.000 |
|
(b) Reserves & Surplus |
7362.097 |
7092.556 |
6855.760 |
|
(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) |
8132.097 |
7862.556 |
7625.760 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) Long-term borrowings |
0.000 |
0.000 |
0.000 |
|
(b) Deferred tax liabilities (Net) |
470.812 |
439.343 |
498.293 |
|
(c)
Other long term liabilities |
76.367 |
84.493 |
12.188 |
|
(d)
long-term provisions |
418.842 |
306.774 |
245.922 |
|
Total
Non-current Liabilities (3) |
966.021 |
830.610 |
756.403 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a)
Short term borrowings |
0.000 |
0.000 |
0.000 |
|
(b)
Trade payables |
739.777 |
661.234 |
681.335 |
|
(c)
Other current liabilities |
486.873 |
236.125 |
213.831 |
|
(d)
Short-term provisions |
145.191 |
325.770 |
155.031 |
|
Total
Current Liabilities (4) |
1371.841 |
1223.129 |
1050.197 |
|
|
|
|
|
|
TOTAL |
10469.959 |
9916.295 |
9432.360 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a)
Fixed Assets |
|
|
|
|
(i)
Tangible assets |
5217.811 |
5276.847 |
4961.676 |
|
(ii)
Intangible Assets |
291.795 |
321.643 |
677.370 |
|
(iii)
Capital work-in-progress |
532.296 |
698.741 |
642.903 |
|
(iv) Intangible assets under development |
53.501 |
62.465 |
99.892 |
|
(b) Non-current
Investments |
0.000 |
0.000 |
0.000 |
|
(c) Deferred tax assets
(net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan
and Advances |
576.848 |
470.771 |
561.527 |
|
(e)
Other Non-current assets |
0.000 |
0.000 |
0.000 |
|
Total
Non-Current Assets |
6672.251 |
6830.467 |
6943.368 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a)
Current investments |
250.000 |
250.000 |
250.000 |
|
(b)
Inventories |
487.828 |
480.460 |
384.321 |
|
(c)
Trade receivables |
0.000 |
0.000 |
0.000 |
|
(d)
Cash and cash equivalents |
4.372 |
402.594 |
1152.624 |
|
(e)
Short-term loans and advances |
3043.320 |
1938.183 |
316.681 |
|
(f)
Other current assets |
12.188 |
14.591 |
385.366 |
|
Total
Current Assets |
3797.708 |
3085.828 |
2488.992 |
|
|
|
|
|
|
TOTAL |
10469.959 |
9916.295 |
9432.360 |
PROFIT
& LOSS ACCOUNT
|
|
PARTICULARS |
31.03.2016 |
31.03.2015 |
31.03.2014 |
|
|
|
SALES |
|
|
|
|
|
|
|
Revenue from Operations |
5450.920 |
5257.385 |
4011.464 |
|
|
|
Other Income |
217.992 |
154.564 |
221.248 |
|
|
|
TOTAL |
5668.912 |
5411.949 |
4232.712 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Changes in inventories of
finished goods, work-in-progress and Stock-in-Trade |
2.237 |
(8.686) |
(61.845) |
|
|
|
Employees benefits expense |
1835.252 |
1775.895 |
1547.856 |
|
|
|
Other expenses |
2274.423 |
1923.045 |
1553.163 |
|
|
|
CSR Expenditure |
17.972 |
30.177 |
0.000 |
|
|
|
Exceptional Items |
5.579 |
97.388 |
62.213 |
|
|
|
TOTAL |
4135.463 |
3817.819 |
3101.387 |
|
|
|
|
|
|
|
|
|
PROFIT/(LOSS)
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION |
1533.449 |
1594.130 |
1131.325 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
|
|
PROFIT/(LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION |
1533.449 |
1594.130 |
1131.325 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION |
736.086 |
969.405 |
902.424 |
|
|
|
|
|
|
|
|
|
|
PROFIT/(LOSS) BEFORE TAX |
797.363 |
624.725 |
228.901 |
|
|
|
|
|
|
|
|
|
Less |
TAX |
249.795 |
156.240 |
40.220 |
|
|
|
|
|
|
|
|
|
|
PROFIT/(LOSS) AFTER TAX |
547.568 |
468.485 |
188.681 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Stores & Spares |
54.878 |
87.889 |
94.422 |
|
|
|
Capital Goods |
57.981 |
302.613 |
325.587 |
|
|
TOTAL IMPORTS |
112.859 |
390.502 |
420.009 |
|
|
|
|
|
|
|
|
|
|
Earnings/(Loss) Per Share (INR) |
7.11 |
6.08 |
2.45 |
|
CURRENT MATURITIES
OF LONG TERM DEBT DETAILS
|
Particulars |
31.03.2016 |
31.03.2015 |
31.03.2014 |
|
Current Maturities of Long term debt |
NA |
NA |
NA |
|
|
|
|
|
|
Cash Generated from Operations |
NA |
NA |
NA |
|
|
|
|
|
|
Net Cash Flow from (used in) Operations |
1610.913 |
1532.263 |
604.961 |
KEY
RATIOS
EFFICIENCY RATIOS
|
PARTICULARS |
31.03.2016 |
31.03.2015 |
31.03.2014 |
|
Average Collection Days (Sundry
Debtors / Income * 365 Days) |
0.00 |
0.00 |
0.00 |
|
|
|
|
|
|
Account Receivables Turnover (Income / Sundry Debtors) |
0.00 |
0.00 |
0.00 |
|
|
|
|
|
|
Average Payment Days (Sundry Creditors / Purchases * 365 Days) |
NA |
NA |
NA |
|
|
|
|
|
|
Inventory Turnover (Operating Income / Inventories) |
3.14 |
3.32 |
2.94 |
|
|
|
|
|
|
Asset Turnover (Operating Income / Net Fixed Assets) |
0.25 |
0.25 |
0.18 |
LEVERAGE RATIOS
|
PARTICULARS |
31.03.2016 |
31.03.2015 |
31.03.2014 |
|
Debt Ratio ((Borrowing
+ Current Liabilities) / Total Assets) |
0.13 |
0.12 |
0.11 |
|
|
|
|
|
|
Debt Equity Ratio (Total Liability / Networth) |
0.00 |
0.00 |
0.00 |
|
|
|
|
|
|
Current Liabilities to Networth (Current Liabilities / Net Worth) |
0.17 |
0.16 |
0.14 |
|
|
|
|
|
|
Fixed Assets to Networth (Net Fixed Assets / Networth) |
0.75 |
0.81 |
0.84 |
|
|
|
|
|
|
Interest Coverage Ratio (PBIT / Financial Charges) |
0.00 |
0.00 |
0.00 |
PROFITABILITY RATIOS
|
PARTICULARS |
|
31.03.2016 |
31.03.2015 |
31.03.2014 |
|
Net Profit Margin ((PAT / Sales) * 100) |
% |
10.05 |
8.91 |
4.70 |
|
|
|
|
|
|
|
Return on Total Assets ((PAT / Total Assets) * 100) |
% |
5.23 |
4.72 |
2.00 |
|
|
|
|
|
|
|
Return on Investment (ROI) ((PAT / Networth) * 100) |
% |
6.73 |
5.96 |
2.47 |
SOLVENCY RATIOS
|
PARTICULARS |
31.03.2016 |
31.03.2015 |
31.03.2014 |
|
Current Ratio (Current
Assets / Current Liabilities) |
2.77 |
2.52 |
2.37 |
|
|
|
|
|
|
Quick Ratio ((Current Assets – Inventories) / Current
Liabilities) |
2.41 |
2.13 |
2.00 |
|
|
|
|
|
|
G-Score Ratio Financial (Networth / Total Assets) |
0.78 |
0.79 |
0.81 |
|
|
|
|
|
|
G-Score Ratio Debt (Debts / Equity Capital) |
0.00 |
0.00 |
0.00 |
|
|
|
|
|
|
G-Score Ratio Liquidity (Total Current Assets / Total Current Liabilities) |
2.77 |
2.52 |
2.37 |
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 |
31.03.2014 |
31.03.2015 |
31.03.2016 |
|
|
(INR
In Million) |
(INR
In Million) |
(INR
In Million) |
|
Share Capital |
770.000 |
770.000 |
770.000 |
|
Reserves & Surplus |
6855.760 |
7092.556 |
7362.097 |
|
Money received against share
warrants |
0.000 |
0.000 |
0.000 |
|
Share Application money
pending allotment |
0.000 |
0.000 |
0.000 |
|
Net
worth |
7625.760 |
7862.556 |
8132.097 |
|
|
|
|
|
|
Long-term borrowings |
0.000 |
0.000 |
0.000 |
|
Short term borrowings |
0.000 |
0.000 |
0.000 |
|
Total
borrowings |
0.000 |
0.000 |
0.000 |
|
Debt/Equity
ratio |
0.000 |
0.000 |
0.000 |
YEAR-ON-YEAR GROWTH
|
Year
on Year Growth |
31.03.2014 |
31.03.2015 |
31.03.2016 |
|
|
(INR
In Million) |
(INR
In Million) |
(INR
In Million) |
|
Sales |
4011.464 |
5257.385 |
5450.920 |
|
|
|
31.059 |
3.681 |
NET PROFIT MARGIN
|
Net
Profit Margin |
31.03.2014 |
31.03.2015 |
31.03.2016 |
|
|
(INR
In Million) |
(INR
In Million) |
(INR
In Million) |
|
Sales |
4011.464 |
5257.385 |
5450.920 |
|
Profit |
188.681 |
468.485 |
547.568 |
|
|
4.70% |
8.91% |
10.05% |
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 |
Yes |
|
21 |
Banking facility details |
Yes |
|
22 |
Conduct of the banking account |
-- |
|
23 |
Financials, if provided |
Yes |
|
24 |
Capital in the business |
Yes |
|
25 |
Last accounts filed at ROC, if applicable |
No |
|
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 |
INDEX OF CHARGES
|
SNo |
SRN |
Charge Id |
Charge Holder Name |
Date of Creation |
Date of Modification |
Date of Satisfaction |
Amount |
Address |
|
1 |
B59443077 |
10379892 |
HDFC BANK LIMITED |
13/09/2012 |
- |
- |
1030000000.0 |
HDFC BANK HOUSESENAPATI BAPAT MARGLOWER
PAREL WMUMBAIMH400013IN |
|
2 |
B13004940 |
80018864 |
CENTRAL BANK OF INDIA |
23/11/2000 |
28/12/2006 |
18/05/2011 |
20000000.0 |
CORPORATE FINANCE BRANCH, 1ST FLOOR, MMO
BUILDING,M G ROAD, FORTMUMBAIMH400023IN |
|
3 |
B05971767 |
10079837 |
CENTRAL BANK OF INDIA |
29/11/2007 |
- |
18/02/2011 |
1000000000.0 |
CHANDER MUKHI, NARIMAN
POINTMUMBAIMH400021IN |
|
4 |
B03710274 |
10083629 |
HDFC BANK LIMITED |
29/11/2007 |
- |
30/12/2010 |
1000000000.0 |
HDFC BANK HOUSESENAPATI BAPAT MARGLOWER
PAREL WMUMBAIMH400013IN |
|
5 |
A78054723 |
80018878 |
STATE BANK OF INDIA |
21/11/2000 |
- |
28/01/2010 |
1145000000.0 |
NARIMAN POINTMUMBAIMH400021IN |
|
6 |
A08982639 |
90143132 |
CENTRAL BANK OF INDIA |
23/11/2000 |
- |
28/12/2006 |
750000000.0 |
CORPORATE FINANCE BRANCHM.G. ROAD;
FORTMUMBAIMH400023IN |
SUMMARY OF OPERATIONS
During
the year, the net revenue from operations of the Company increased by 4.7%,
from INR 5412.000 Million to INR 5668.900 Million. For FY 2016, the Company’s
profit after tax stood at INR 547.600 Million vis-à-vis INR 468.500 Million in
the previous year, registering a growth of 16.9%.
OUTLOOK
The Medium & Heavy
Commercial Vehicles (M&HCV -Truck) segment in India is likely to register a
growth of 12-14% in FY 2016 driven by continuing trend towards replacement of
ageing fleet and expectations of pick-up in demand from infrastructure and
industrial sectors in view of reforms being initiated by the Government.
Over the medium term, the
demand for new CVs will also be driven by gradual acceptance of advance trucking
platforms, progression to BS-V emission norms (possibly by 2017 onwards) and
introduction of technologies such as Anti-Lock Braking System (ABS), which may lead
to some advance purchases by fleet operators.
AWARDS AND RECOGNITION
The Company maintained a
strong focus on motivating and retaining talent through various engagement,
development, rewards and recognition programs. Accolades received by company
and some of our employees are as follows:
• The Company was awarded
World Class Quality Level I certification on December 16, 2015. A series of
assessments were carried out over the last three months by a cross-locational
team of assessors focusing on the deployment of the WCQ principles in all the
units.
• First prize in
Electrician trade, in the 28th Eastern Regional Workskills Competition, organized
by CII Eastern Region, held on March 2 - 4, 2016 in Kolkata.
• One employee have been
awarded the ACES during the year for demonstrating the four cultural values
Accountability, Customer and Product focus, Excellence and Speed.
•
The team representing the Company was declared as runners up in the
intercompany tug-of-war event organized by Tata Motors Limited.
CONTINGENT
LIABILITIES: (AS ON 31.03.2016)
I) The Company is involved
in the following appellate and judicial proceeding matters arising in the
course of coduct of the Company's business. Few of the proceedings, in respect
of matters under litigation, are in early stages and in other cases, the claims
are indeterminate.
Claims against the company
not acknowledged as debts:
1. Provision not made for
Income tax matters in dispute in respect of disallowances INR 104.199 Million (As
at March 31,2015: INR 104.199 Million)
2. Excise matters in appeal
in respect of valuation disputes etc INR 1008.882 Million (As at March 31,
2015: INR 925.262 Million)
3. Claim on Excise duty
matter where issue was decided in favour of the company for which department in
further appeal INR 0.442 Million (As at March 31, 2015 : INR 0.442 Million)
4. Sales Tax : INR 165.302
Million (As at March 31, 2015: INR 121.995 Million)
The management believes
that the claims made are untenable and is contesting them. As of the reporting
date, the management is unable to determine the ultimate outcome of these
matters. However, in the event the revenue authorities succeed with enforcement
of their assessments, the company may be required to pay some or all of the
asserted claims and the consequential interest and penalties, which could reduce
net profit and could have a material adverse effect on the net profit in the
respective reporting period.
II) Estimated amount of
contracts remaining to be executed on capital account and not provided for: INR
1219.856 Million (As at March 31, 2015: INR 692.919 Million) Net of advances of
INR 117.700 Million (As at March 31, 2015: INR 23.570 Million).
FIXED ASSETS:
Tangible Assets
·
Land
·
Buildings
·
Plant and Equipment
·
Furniture and Fixtures
·
Vehicles
·
Office Equipment
·
Computer Equipments
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 64.03 |
|
UK Pound |
1 |
INR 90.40 |
|
Euro |
1 |
INR 79.73 |
INFORMATION DETAILS
|
Analysis Done by
: |
NIS |
|
|
|
|
Report Prepared
by : |
IND |
SCORE FACTORS
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
NO |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
RATING EXPLANATIONS
|
Credit Rating |
Explanation |
Rating Comments |
|
A++ |
Minimum Risk |
Business dealings permissible with minimum
risk of default |
|
A+ |
Low Risk |
Business dealings permissible with low
risk of default |
|
A |
Acceptable Risk |
Business dealings permissible with
moderate risk of default |
|
B |
Medium Risk |
Business dealings permissible on a regular
monitoring basis |
|
C |
Medium High Risk |
Business dealings permissible preferably
on secured basis |
|
D |
High Risk |
Business dealing not recommended or on
secured terms only |
|
NB |
New Business |
No recommendation can be done due to
business in infancy stage |
|
NT |
No Trace |
No recommendation can be done as the
business is not traceable |
NB is stated where there is insufficient information to facilitate rating. However, it is not to be considered as unfavourable.
This score serves as a reference to assess
SC’s credit risk and to set the amount of credit to be extended. It is
calculated from a composite of weighted scores obtained from each of the major
sections of this report. The assessed factors are as follows:
·
Financial
condition covering various ratios
·
Company
background and operations size
·
Promoters
/ Management background
·
Payment
record
·
Litigation
against the subject
·
Industry
scenario / competitor analysis
·
Supplier
/ Customer / Banker review (wherever available)
This report is issued at
your request without any risk and responsibility on the part of MIRA INFORM
PRIVATE LIMITED (MIPL) or its officials.