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|
|
MIRA INFORM REPORT
|
Report No. : |
491520 |
|
Report Date : |
10.02.2018 |
IDENTIFICATION DETAILS
|
Name : |
TATA AUTOCOMP GY BATTERIES PRIVATE LIMITED (w.e.f. 17.04.2015) |
|
|
|
|
Formerly Known
As : |
TATA AUTOCOMP GY BATTERIES LIMITED (w.e.f. 24.02.2009) TATA AUTOCOMP GY BATTERIES PRIVATE LIMITED TGY BATTERIES PRIVATE LIMITED |
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|
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Registered
Office : |
TACO House, Damle Path, Off Law College Road, Erandwane, Pune – 411004, Maharashtra |
|
Tel. No.: |
91-20-66085000 |
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|
Country : |
India |
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Financials (as
on) : |
31.03.2016 |
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Date of
Incorporation : |
10.10.2005 |
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|
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Com. Reg. No.: |
11-021394 |
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|
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Capital Investment
/ Paid-up Capital : |
INR 1375.000 Million |
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|
|
|
CIN No.: [Company Identification
No.] |
U31300PN2005PTC021394 |
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IEC No.: |
3105013709 |
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|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
Not Available |
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|
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PAN No.: [Permanent Account No.] |
AACCT3396H |
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GSTIN : |
Not Divulged |
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Legal Form : |
Private Limited Liability Company. |
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Line of Business
: |
Company is engaged in the business of Manufacture, Sale and Trading in Lead Acid Storage Batteries. (Registered activity) |
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No. of Employees
: |
Information declined 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 |
Acceptable Risk |
Business dealings permissible with
moderate risk of default |
|
Status : |
Satisfactory |
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Payment Behaviour : |
Usually correct |
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Litigation : |
Clear |
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Comments : |
Subject is a joint venture between “Tata Autocomp Systems Limited” and
“G S Yuasa International Limited, Japan” incorporated in the year 2005 having
satisfactory track record. Management has failed to file its financials for the year 2017 with
Registrar of Companies. As per available financial of 2016, the company has reported marginal
drop in its revenue and has incurred losses during the year. However, the company possesses satisfactory financial risk profile
marked by adequate net worth base and strong debt protection metrics. Rating continue to derive strength from strong business and financial
support from JV partners, Tata Autocomp Systems Limited (TACO) and GS Yuasa
international Limited, Japan (GYIN). The rating also reflects the benefits that TACO GY derives from its
company’s improving retail footprint, an adequate distribution network,
increasing product rage, and the tea brand. However, these strengths gets partially offset by continue operational
losses incurred by the company along with its presence in highly competitive
industry. Payments seems to be usually correct. In view of aforesaid, the company can be considered 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 |
CRISIL |
|
Rating |
Long Term Rating = BBB- |
|
Rating Explanation |
Moderate degree of safety and moderate
credit risk. |
|
Date |
13.06.2017 |
RBI DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available RBI Defaulters’ list.
EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of
31-03-2016.
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 10.02.2018
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.
INFORMATION PARTED DENIED BY
MANAGEMENT NON-COOPERATIVE (TEL NO.: 91-2138-672400)
LOCATIONS
|
Registered Office : |
Taco House, Damle Path, Offla College Road, Erandwane, Pune – 411004,
Maharashtra, India |
|
|
|
|
Tel. No.: |
91-20-66085000 |
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Fax No.: |
91-20-66085305 |
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E-Mail : |
roopali.pathak@tatagreenbattery.com |
|
Website : |
|
|
|
|
|
Factory: |
Plot No. C-2, Ranjangaon MIDC, Taluka Shirur, Pune - 412220, Maharashtra, India |
|
Tel. No.: |
91-2138-672400 |
|
Fax No.: |
91-2138-672499 |
DIRECTORS
As on 31.03.2017
|
Name : |
Mr. Arvind Kumar Singh |
|
Designation : |
Director |
|
Address : |
Ag -140, Nirvana Country South City - II, Sector- 50, Gurugram – 122018, Haryana, India |
|
Date of Appointment : |
03.03.2017 |
|
DIN No.: |
00003597 |
|
|
|
|
Name : |
Mr. Ajay Hari Tandon |
|
Designation : |
Director |
|
Address : |
S No. 130/132, Roseland - II, Pim. Saudagar Raw House- 93, Pune - 411027, Maharashtra, India |
|
Date of Birth/Age : |
07.01.1959 |
|
Qualification : |
Mechanical Engineer from IIT, Madras.Post Graduate Diploma in management from IIM, Ahmedabad |
|
Date of Appointment : |
20.09.2013 |
|
DIN No.: |
00128667 |
|
|
|
|
Name : |
Mr. Deepak Rastogi |
|
Designation : |
Director |
|
Address : |
No. A 404, Mantri Classic Apartments, 1st Main, 8th Cross, S T Bed Layout, Koramangala, Bangalore - 560034, Karnataka, India |
|
Qualification : |
Chartered Accountant |
|
Date of Appointment : |
17.10.2014 |
|
DIN No.: |
02317869 |
|
|
|
|
Name : |
Mr. Milind Madhav Shahane |
|
Designation : |
Director |
|
Address : |
C-22, Swapnashilp Apts 52, Mahant Road, Vile Parle (East), Mumbai – 400057, Maharashtra, India |
|
Date of Appointment : |
03.03.2017 |
|
DIN No.: |
03291774 |
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|
|
|
Name : |
Goro Iwami |
|
Designation : |
Wholetime Director |
|
Address : |
3-14, Suehiro, 2 - Chome Okegawa - Shi Saitama – 3300081, Japan |
|
Date of Appointment : |
01.09.2016 |
|
DIN No.: |
07602939 |
|
|
|
|
Name : |
Tsuyoshi Kameda |
|
Designation : |
Director |
|
Address : |
16 - 4 - 3 Kosobe, 3 - Chome Takatsuki - Shi Osaka 54 Japan |
|
Date of Appointment : |
01.09.2016 |
|
DIN No.: |
07602963 |
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|
|
|
Name : |
Katsunori Kohno |
|
Designation : |
Wholetime Director |
|
Address : |
Sakawa, 1 - 25 - 40 - 615, Odawara City Kanagawa Japan |
|
Date of Appointment : |
01.09.2016 |
|
DIN No.: |
07602964 |
|
|
|
|
Name : |
Akio Furukawa |
|
Designation : |
Director |
|
Address : |
3-15-13-202, Shimosakunobe Takatsu. Ku Kawasaki-Shi Kanagawa Japan 2130033 Japan |
|
Date of Appointment : |
27.04.2017 |
|
DIN No.: |
07803641 |
KEY EXECUTIVES
|
Name : |
Mr. Upendra Vinayak Gadre |
|
Designation : |
Chief Finance Officer |
|
Address : |
Flat No. 3, Devaki, Plot No. 41, Sham Sunder, Society, Navi Peth, Pune - 411030, Maharashtra, India |
|
Date of Appointment : |
28.04.2014 |
|
PAN No.: |
AAMPG1415H |
|
|
|
|
Name : |
Mr. Ravi Gupta |
|
Designation : |
Chief Executive Officer |
|
Address : |
C 102 K M Apartments Plot 12, Sector 12, Dwarka, New Delhi – 110075, India |
|
Date of Appointment : |
02.02.2017 |
|
PAN No.: |
AAEPG1950H |
|
|
|
|
Name : |
Ms. Namrata Dhiren Sanghavi |
|
Designation : |
Company Secretary |
|
Address : |
407, Mahavir Darshan Apt., Lakadganj Nagpur – 440008, Maharashtra, India |
|
Date of Appointment : |
29.04.2016 |
|
PAN No.: |
BEPPS1883D |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 31.03.2017
|
Names of Shareholders |
|
No. of Shares |
|
GS Yuasa International Limited |
|
68750000 |
|
Tata Autocomp Systems Limited |
|
68749950 |
|
Tata Autocomp Systems Limited Jointly with Harish Pathak |
|
10 |
|
Tata Autocomp Systems Limited Jointly with Ajay Tandon |
|
10 |
|
Tata Autocomp Systems Limited Jointly with Janhvie Khele |
|
10 |
|
Tata Autocomp Systems Limited Jointly with Tarun Gupta |
|
10 |
|
Tata Autocomp Systems Limited Jointly with Arvind Goel |
|
10 |
|
|
|
|
|
Total |
|
137500000 |
As on 24.04.2017
|
Names of Allottees |
|
No. of Shares |
|
GS Yuasa International Limited |
|
20000000 |
|
Tata Autocomp Systems Limited |
|
20000000 |
|
|
|
|
|
Total |
|
40000000 |
Equity Share Break up (Percentage of Total Equity)
As on 23.06.2017
|
Category |
Percentage |
|
Promoter - Bodies
corporate |
100.00 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Company is engaged in the business of Manufacture, Sale and Trading in Lead Acid Storage Batteries. (Registered activity) |
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Products : |
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Brand Names : |
Not Divulged |
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Agencies Held : |
Not Divulged |
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Exports : |
Not Divulged |
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Imports : |
Not Divulged |
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Terms : |
Not Divulged |
PRODUCTION STATUS NOT AVAILABLE
GENERAL INFORMATION
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Suppliers : |
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Customers : |
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No. of Employees : |
Information declined by the management |
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Bankers : |
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Facilities : |
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Auditors : |
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|
Name : |
Deloitte Haskins and Sells Chartered Accountants |
|
Address : |
3rd
Floor, Heritage, Near Gujral Vidyapith, off Ashram Road, Usmanpara, Ahmedabad
– 380014, Maharashtra,
India |
|
Tel No.: |
91-20-66244600 |
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Fax No.: |
91-20-66244605 |
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PAN N Income-tax PAN of auditor or auditor's firm : |
AABFD7919A |
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Memberships : |
Not Available |
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Collaborators : |
Not Available |
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Venture in
the Company: |
· GS Yuasa International Limited, India ·
Tata Autocomp Systems Limited, India U34100MH1995PLC093733 |
CAPITAL STRUCTURE
After 23.06.2017
Authorised Capital : INR 1915.000 Million
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
177500000 |
Equity Shares |
INR 10/- each |
INR 1775.000
Million |
|
|
|
|
|
As on 31.03.2016
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
137500000 |
Equity Shares |
INR 10/- each |
INR 1375.000 Million |
|
14000000 |
Preference Shares |
INR 10/- each |
INR 140.000 Million |
|
|
Total |
|
INR 1515.000
Million |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
137500000 |
Equity Shares |
INR 10/- each |
INR 1375.000
Million |
|
|
|
|
|
FINANCIAL DATA
[all figures are
in Rupees 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 |
1375.000 |
1375.000 |
1375.000 |
|
(b) Reserves and Surplus |
(1321.730) |
(1186.380) |
(1112.990) |
|
(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) |
53.270 |
188.620 |
262.010 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
181.900 |
136.800 |
102.940 |
|
(b) Deferred tax liabilities (Net) |
0.000 |
0.000 |
0.000 |
|
(c) Other long-term
liabilities |
0.000 |
5.690 |
0.000 |
|
(d) long-term
provisions |
31.050 |
29.320 |
28.390 |
|
Total Non-current
Liabilities (3) |
212.950 |
171.810 |
131.330 |
|
|
|
|
|
|
(4)
Current Liabilities |
|
|
|
|
(a) Short-term
borrowings |
323.620 |
114.340 |
149.110 |
|
(b) Trade
payables |
627.340 |
574.590 |
389.910 |
|
(c) Other
current liabilities |
143.620 |
166.380 |
96.980 |
|
(d) Short-term
provisions |
79.640 |
76.260 |
74.190 |
|
Total Current
Liabilities (4) |
1174.220 |
931.570 |
710.190 |
|
|
|
|
|
|
TOTAL |
1440.440 |
1292.000 |
1103.530 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current
assets |
|
|
|
|
(a) Fixed
Assets |
|
|
|
|
(i)
Tangible assets |
465.780 |
389.020 |
381.110 |
|
(ii)
Intangible Assets |
4.290 |
2.900 |
3.320 |
|
(iii) Tangible assets
capital work-in-progress |
99.070 |
101.590 |
46.460 |
|
(iv)
Intangible assets under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current Investments |
0.000 |
0.000 |
0.000 |
|
(c) Deferred tax assets (net) |
0.000 |
0.000 |
0.000 |
|
(d)
Long-term loans and advances |
11.590 |
18.480 |
18.710 |
|
(e) Other Non-current
assets |
2.240 |
0.350 |
6.840 |
|
Total Non-Current
Assets |
582.970 |
512.340 |
456.440 |
|
|
|
|
|
|
(2)
Current assets |
|
|
|
|
(a)
Current investments |
0.000 |
0.000 |
0.000 |
|
(b)
Inventories |
462.730 |
396.110 |
319.960 |
|
(c) Trade
receivables |
241.260 |
233.270 |
237.070 |
|
(d) Cash and
bank balances |
28.950 |
50.600 |
40.180 |
|
(e)
Short-term loans and advances |
49.680 |
42.380 |
14.760 |
|
(f) Other
current assets |
74.850 |
57.300 |
35.120 |
|
Total
Current Assets |
857.470 |
779.660 |
647.090 |
|
|
|
|
|
|
TOTAL |
1440.440 |
1292.000 |
1103.530 |
PROFIT
& LOSS ACCOUNT
|
|
PARTICULARS |
31.03.2016 |
31.03.2015 |
31.03.2014 |
|
|
SALES |
|
|
|
|
|
Total
Revenue from operations |
3150.470 |
3190.220 |
2773.810 |
|
|
Other Income |
10.710 |
10.740 |
8.730 |
|
|
TOTAL |
3161.180 |
3200.960 |
2782.540 |
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
Cost of Materials
Consumed |
2209.810 |
2323.180 |
1937.480 |
|
|
Changes in inventories of
finished goods, work-in-progress and Stock-in-Trade |
(30.540) |
(46.850) |
8.140 |
|
|
Employee benefit expense |
264.030 |
228.580 |
211.080 |
|
|
Other expenses |
727.630 |
670.430 |
530.340 |
|
|
TOTAL |
3170.930 |
3175.340 |
2687.040 |
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE INTEREST, TAX,
DEPRECIATION AND AMORTISATION |
(9.750) |
25.620 |
95.500 |
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES |
60.290 |
52.790 |
45.750 |
|
|
|
|
|
|
|
|
PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION |
(70.040) |
(27.170) |
49.750 |
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION |
65.310 |
46.220 |
96.650 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS)
BEFORE TAX |
(135.350) |
(73.390) |
(46.900) |
|
|
|
|
|
|
|
Less |
TAX |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS)
AFTER TAX |
(135.350) |
(73.390) |
(46.900) |
|
|
|
|
|
|
|
Add |
PREVIOUS YEARS’ BALANCE BROUGHT
FORWARD |
(1186.380) |
(1112.990) |
(1066.090) |
|
|
|
|
|
|
|
|
Balance
Carried to the B/S |
(1321.730) |
(1186.380) |
(1112.990) |
|
|
|
|
|
|
|
|
EARNINGS IN FOREIGN
CURRENCY |
|
|
|
|
|
F.O.B. Value of Exports |
87.580 |
66.040 |
42.550 |
|
|
TOTAL EARNINGS |
87.580 |
66.040 |
42.550 |
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
Raw Materials |
288.580 |
271.510 |
218.880 |
|
|
Components and spare
parts |
12.520 |
10.530 |
6.240 |
|
|
Capital Goods |
75.700 |
61.280 |
47.690 |
|
|
TOTAL IMPORTS |
376.800 |
343.320 |
272.810 |
|
|
|
|
|
|
|
|
Earnings / (Loss) Per
Share (INR) |
(0.98) |
(0.53) |
(34.00) |
CURRENT MATURITIES
OF LONG TERM DEBT DETAILS
|
Particulars |
31.03.2016 |
31.03.2015 |
31.03.2014 |
|
Current Maturities of Long term debt |
34.070 |
62.000 |
57.600 |
|
Net cash flows from (used in) operations |
(54.200) |
158.590 |
97.300 |
|
Net cash flows from (used in) operating activities |
(54.090) |
158.470 |
97.100 |
KEY
RATIOS
EFFICIENCY RATIOS
|
PARTICULARS |
|
31.03.2016 |
31.03.2015 |
31.03.2014 |
|
Average Collection Days [Sundry Debtors / Income * 365] |
|
27.95 |
26.69 |
31.20 |
|
|
|
|
|
|
|
Account Receivables Turnover [Income / Sunday Debtors] |
|
13.06 |
13.68 |
11.70 |
|
|
|
|
|
|
|
Average Payment Days [Sundry Creditors /
Purchases * 365] |
|
103.62 |
90.28 |
73.45 |
|
|
|
|
|
|
|
Inventory Turnover [Operating Income /
Inventories] |
|
(0.02) |
0.06 |
0.30 |
|
|
|
|
|
|
|
Asset Turnover [Operating Income / Net Fixed
Assets] |
|
(0.02) |
0.05 |
0.22 |
LEVERAGE RATIOS
|
PARTICULARS |
|
31.03.2016 |
31.03.2015 |
31.03.2014 |
|
Debt Ratio [(Borrowing + Current Liabilities) / Total Assets] |
|
0.97 |
0.87 |
0.79 |
|
|
|
|
|
|
|
Debt Equity Ratio (Borrowings / NetWorth) |
|
10.13 |
1.66 |
1.18 |
|
|
|
|
|
|
|
Current Liabilities to Networth (Current
Liabilities / NetWorth) |
|
22.04 |
4.94 |
2.71 |
|
|
|
|
|
|
|
Fixed Assets to NetWorth (Net Fixed Assets /
NetWorth) |
|
10.68 |
2.62 |
1.64 |
|
|
|
|
|
|
|
Interest Coverage Ratio [PBIT / Financial
Charges] |
|
(0.16) |
0.49 |
2.09 |
PROFITABILITY RATIOS
|
PARTICULARS |
|
31.03.2016 |
31.03.2015 |
31.03.2014 |
|
Net Profit Margin [(PAT / Sales) * 100] |
(%) |
(4.30) |
(2.30) |
(1.69) |
|
|
|
|
|
|
|
Return on Total Assets [(PAT / Total Assets)
* 100] |
(%) |
(9.40) |
(5.68) |
(4.25) |
|
|
|
|
|
|
|
Return on Investment (ROI) [(PAT / NetWorth)
* 100] |
(%) |
(254.08) |
(38.91) |
(17.90) |
SOLVENCY RATIO
|
PARTICULARS |
|
31.03.2016 |
31.03.2015 |
31.03.2014 |
|
Current Ratio [Current Assets / Current Liabilities] |
|
0.73 |
0.84 |
0.91 |
|
|
|
|
|
|
|
Quick Ratio [(Current Assets - Inventories)
/ Current Liabilities] |
|
0.34 |
0.41 |
0.46 |
|
|
|
|
|
|
|
G-Score Ratio Financial [NetWorth / Total
Assets] |
|
0.04 |
0.15 |
0.24 |
|
|
|
|
|
|
|
G-Score Ratio Debt [Debts / Equity Capital] |
|
0.39 |
0.23 |
0.23 |
|
|
|
|
|
|
|
G-Score Ratio Liquidity [Total Current
Assets / Total Current Liabilities] |
|
0.73 |
0.84 |
0.91 |
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 |
1375.000 |
1375.000 |
1375.000 |
|
Reserves & Surplus |
(1112.990) |
(1186.380) |
(1321.730) |
|
Net worth |
262.010 |
188.620 |
53.270 |
|
|
|
|
|
|
Long-term borrowings |
102.940 |
136.800 |
181.900 |
|
Short term borrowings |
149.110 |
114.340 |
323.620 |
|
Current maturities of
long-term debts |
57.600 |
62.000 |
34.070 |
|
Total
borrowings |
309.650 |
313.140 |
539.590 |
|
Debt/Equity
ratio |
1.182 |
1.660 |
10.129 |
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 |
2773.810 |
3190.220 |
3150.470 |
|
|
0.000 |
15.012 |
(1.246) |
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 |
2773.810 |
3190.220 |
3150.470 |
|
Profit/ (Loss) |
(46.900) |
(73.390) |
(135.350) |
|
|
(1.69
%) |
(2.30
%) |
(4.30
%) |
LOCAL AGENCY FURTHER INFORMATION
|
Sr. No. |
Check list by
info agents |
Available in
Report (Yes/No) |
|
1 |
Year of establishment |
Yes |
|
2 |
Constitution of the entity -Incorporation
details |
Yes |
|
3 |
Locality of the entity |
Yes |
|
4 |
Premises details |
No |
|
5 |
Buyer visit details |
-- |
|
6 |
Contact numbers |
Yes |
|
7 |
Name of the person contacted |
Yes |
|
8 |
Designation of contact person |
Yes |
|
9 |
Promoter’s background |
Yes |
|
10 |
Date of Birth of Proprietor / Partners /
Directors |
Yes |
|
11 |
Pan Card No. of Proprietor / Partners |
Yes |
|
12 |
Voter Id Card No. of Proprietor / Partners |
No |
|
13 |
Type of business |
Yes |
|
14 |
Line of Business |
Yes |
|
15 |
Export/import details (if applicable) |
No |
|
16 |
No. of employees |
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 |
Yes |
|
32 |
Litigations that the firm/promoter
involved in |
-- |
|
33 |
Market information |
-- |
|
34 |
Payments terms |
No |
|
35 |
Negative Reporting by Auditors in the
Annual Report |
No |
FINANCIAL PERFORMANCE
AND STATE OF COMPANY’S AFFAIRS
During the year, though Company grew by 3.8% for 4W and by 24% for 2W in terms of volume, however the revenue of the Company decreased from INR 3200.960 Million to INR 3161.18 Million due to drop in the lead prices. The total expenditure increased to INR 3296.530 Million. The Company thereby incurred a loss of INR 135.35 Million for the financial year FY 2015-16.
BUSINESS PERFORMANCE
Battery Industry
Overview
The battery industry recovered partially due to cooling off of lead prices however continued to face challenges due to increased competition in prices and increased costs. The industry continued to expand its presence in newer segments of eco-friendly vehicular applications like e-Rickshaw.
The demand from OEM sector showed improvement on account of positive growth in Passenger Vehicles (increase 5.97%), Medium & Heavy Commercial Vehicles (increase 27.04%) and Light Commercial Vehicles (increase 2.77%). However, the industry witnessed de-growth in the Three Wheeler Segment (decrease 1.59%) and Tractor Segment.
The two wheeler industry remained flat for the last 2~3 years. The overall industry managed to grow only by (increase 1.84%) the major impact was contributed by the motorcycle segment, which for the first time de-grown by (decrease 1.50%).
Business Overview:
a) Aftermarket Business: The Company achieved a flat revenue growth as compared to FY 2014-15 in aftermarket business despite severe competition. The shift of customers from unorganized to organized segment continued to grow on account of competition offering lower prices in the sub-economy segment. Despite the competitive market, the Company has been able to strengthen its distribution network and address requirements of untapped market areas. The Company has been able to grow in 2W VRLA segment by 24%.
b) OEM Business: The overall 4 Wheeler Automotive Industry grew for the second consecutive year by 5.4%, in turn growing the volumes from OEM business by 4%. The Company managed to get a sanction for the product approval process as planned for a Leading OEM for 2W VRLA Battery and is likely to start the regular supplies in the Q1 of FY 2016-17.
c) Operational Activities: Productivity and Material Yield levels were higher than the previous year on account of Skill Development, continuous improvements on the shop floor and engaged workforce. The Company undertook special measures to improve product quality. The Company has received 3 Star Safety Rating from British Safety Council.
The Company has successfully commissioned manufacturing line for producing 2W VRLA batteries to meet growing demand in the Indian market. In line with the strategic objective, the Company plans to expand its capacity in 2W VRLA manufacturing by installing the second manufacturing line.
OUTLOOK FOR 2016-17:
The battery industry would continue to remain competitive. The growth in OEM volumes is likely to remain at the same level with respect to the FY 2015-16. The Company has diversified its customer portfolio and will continue to increase the market share in the growing aftermarket segment.
The aftermarket volume for overall automotive segment is likely to grow at the current rate of 8%. The Company has planned for aggressive growth by working through the channel partners. The 2 wheeler volumes are expected to continue to grow sharply on shifting demand of the customers from Conventional to VRLA Batteries.
The volatility in LME index for Lead may continue to impact the profit margins.
The Company plans to continue with focused aftermarket initiatives to strengthen its grip.
UNSECURED LOAN
|
Unsecured Loan |
31.03.2016 (INR
in Million) |
31.03.2015 (INR
in Million) |
|
Short-term
borrowings |
|
|
|
Loans repayable on demand from others |
98.520 |
0.000 |
|
|
|
|
|
Total |
98.520 |
0.000 |
INDEX
OF CHARGES:
|
SNo |
SRN |
Charge Id |
Charge Holder Name |
Date of Creation |
Date of Modification |
Date of Satisfaction |
Amount |
Address |
|
1 |
G74893801 |
10549547 |
HDFC BANK LIMITED |
27/01/2015 |
15/01/2018 |
- |
100000000.0 |
HDFC Bank House, Senapati Bapat Marg, Lower Parel West, Mumbai – 400013, Maharashtra, India |
|
2 |
C79821278 |
10023742 |
STATE BANK OF INDIA |
25/09/2006 |
03/02/2016 |
- |
848600000.0 |
Industrial Finance Branch, Tara Chambers, Wakadewadi, Pune – 411003, Maharashtra, India |
CONTINGENT
LIABILITIES:
(INR in million)
|
PARTICULARS |
31.03.2016 |
31.03.2015 |
|
Claims against company not acknowledged as debt |
0.110 |
0.650 |
|
Other money for which company is contingently liable |
63.270 |
52.890 |
FIXED ASSETS
- Leasehold Land
- Factory Building
- Plant and machinery
- Furniture and fixtures
- Vehicles
- Office equipment
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 64.16 |
|
|
1 |
INR 89.19 |
|
Euro |
1 |
INR 78.75 |
INFORMATION DETAILS
|
Information
Gathered by : |
PRT |
|
|
|
|
Analysis Done by
: |
NSG |
|
|
|
|
Report Prepared
by : |
KJL |
SCORE FACTORS
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
NO |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
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.