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3decades

 

MIRA INFORM REPORT

 

 

Report No. :

492152

Report Date :

15.02.2018

 

 

IDENTIFICATION DETAILS

 

Name :

MAGNETI MARELLI MOTHERSON AUTO SYSTEM PRIVATE LIMITED (w.e.f.18.04.2015)

 

 

Formerly Known As :

MAGNETI MARELLI MOTHERSON AUTO SYSTEM LIMITED

 

 

Registered Office :

2nd Floor, F-7, Block B-1, Mohan Co-operative Industrial Estate, Mathura Road, New Delhi – 110044

Tel. No.:

91-11-40555940

 

 

Country :

India

 

 

Financials (as on) :

31.03.2017

 

 

Date of Incorporation :

15.02.2008

 

 

Com. Reg. No.:

55-174123

 

 

Capital Investment / Paid-up Capital :

INR 1500.000 Million

 

 

CIN No.:

[Company Identification No.]

U31500DL2008PTC174123

 

 

IEC No.:

0507092031

 

 

GSTIN/UIN :

Not Divulged

 

 

TAN No.:

[Tax Deduction & Collection Account No.]

Not Available

 

 

PAN No.:

[Permanent Account No.]

AAFCM4110M

 

 

Legal Form :

Private Limited Liability Company

 

 

Line of Business :

The company is engaged in carrying on the business of developing, manufacturing, assembling and marketing of Automotive Lighting Products, Plastic Air Intake Manifold, Fuel Rail Assembly and Pedal Brake Accelerator Module. [Registered Activity]

 

 

No. of Employees :

Information denied by the management

 

 

RATING & COMMENTS

(Mira Inform has adopted New Rating mechanism w.e.f. 23rd January 2017)

 

MIRA’s Rating :

A+

 

Credit Rating

Explanation

Rating Comments

A+

Low Risk

Business dealings permissible with low risk of default

 

Maximum Credit Limit :

USD 3500000

 

 

Status :

Good

 

 

Payment Behaviour :

Regular

 

 

Litigation :

Clear

 

 

Comments :

Magneti Marelli Motherson Auto System Private Limited is a wholly owned subsidiary of “Magneti Marelli Motherson India Holding B. V, Netherland”. The company was incorporated in the year 2008 and is based in New Delhi, India. It is an established company having good track records.

 

For the financial year ended 2017, the company has witnessed a healthy growth in its revenue and has achieved fair profit margin at 5.27% (approximately).

 

The company possesses sound financial profile marked by strong capital base along with negligible debt recorded by the company.

 

The company also derives strength from its strong holding entity and its experienced management team.

 

However, the rating strength is partially offset by some accumulated losses registered by the company.

 

Trade relations re reported as fair. Business is active. Payment terms are seems to be regular and as per commitments.

 

In view of the aforesaid, the company can be considered for 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

 

Rating Agency Name

India Rating

Rating

Long Term Rating= A

Rating Explanation

Adequate degree of safety and low credit risk.

Date

30.01.2017

 

 

Rating Agency Name

India Rating

Rating

Short Term Rating= A2

Rating Explanation

Strong degree of safety and low credit risk.

Date

30.01.2017

 

 

 

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 15.02.2018

 

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 DENIED

 

Management Non-Cooperative (91-11-40555940)

 

LOCATIONS

 

Registered Office :

2nd Floor, F-7, Block B-1, Mohan Co-operative Industrial Estate, Mathura Road, New Delhi – 110044, India

Tel No.:

91-11-40555940

Mobile No.:

91-9764004753 (Mr. Anupam)

Fax No.:

Not Available

E-Mail :

ashoktandon@smil.motherson.com

info@motherson.com

Website :

http://www.motherson.com

 

 

Factory 1 :

Gat No.148-150, Village Ambethan, Taluka Khed, Near Dwarka School, Vhakan, Pune – 410501, Maharashtra, India

Tel. No.:

91-2135-675800 / 675824

 

 

Factory 2 :

Plot No.195-196, Sector 1, IMT Manesar, Gurugram – 122050, Haryana, India

Tel No.:

91-124-2291674

 

 

Factory 3 :

Plot No. E-15 and E-16, Sanand II GIDC, Sanand – II Industrial Estate, Village Hirapur, Taluka Sanand, Ahmedabad – 382435, Gujarat, India

 

 

Factory 4 :

Magneti Marelli Motherson Auto System, E 15-16 BOL (Sanand II) IND Estate GIDC Survey 209/9.210/P.375/P.377, Hirapur, Ahmedabad – 382435, Gujarat, India

 

 

Corporate Headquarters :

Plot No.1, Sector-127, Noida-Greater Noida, Expressway, Noida – 201301, Uttar Pradesh, India

Tel No.:

91-120-6679500 / 6679270 / 91-2135-675824

E-Mail :

info@motherson.com

 

 

Europe Headquarters :

MSSL GmbH, Hailerer StraBe 24, 63571 Gelnhausen, Germany

Tel No.:

49 (0) 6051 – 91524 – 0/49 (0) 6051 – 91524 - 99

E-Mail :

 info@motherson.de

 

 

DIRECTORS

 

AS ON 31.03.2017

 

Name :

Mr. Ashok Tandon

Designation :

Director

Address :

H1A-141, DLF Westend Heights, Phase – V, Gurugram – 122009, Haryana, India

Date of Birth/Age :

20.02.1951

Date of Appointment:

15.02.2008

DIN No.:

00032733

Other Directorship:

CIN/FCRN

Company Name

Begin Date

End Date

U74140DL2004PTC131119

MOTHERSON CONSULTANCY PRIVATE LIMITED

09/12/2004

-

U74900MH2004PLC287011

SAMVARDHANA MOTHERSON INTERNATIONAL LIMITED

18/09/2017

-

U24211DL2007PTC169557

NISSIN ADVANCED COATING INDO CO. PRIVATE LIMITED

18/10/2007

-

U74899DL2004PLC131101

SPHEROS MOTHERSON THERMAL SYSTEM LIMITED

09/12/2004

-

U74900PN2008PTC132425

MAGNETI MARELLI MOTHERSON SHOCK ABSORBERS INDIA PRIVATE LIMITED

01/08/2014

-

U74999DL1998PLC093544

CTM INDIA LIMITED

12/06/2003

-

U29292MH2011PLC286829

SAMVARDHANA MOTHERSON POLYMERS LIMITED

30/09/2013

-

U28990DL2011PLC229148

MOTHERSON SINTERMETAL TECHNOLOGY LIMITED

22/12/2011

-

U50300DL2014PTC273269

SAMVARDHANA MOTHERSON AUTO SYSTEM PRIVATE LIMITED

29/08/2016

-

U55101DL1997PTC090104

KYUNGSHIN INDUSTRIAL MOTHERSON PRIVATE LIMITED

28/05/2003

-

U67120DL1997PLC085879

SUMI MOTHERSON INNOVATIVE ENGINEERING LIMITED

16/08/2004

-

U74899DL1995PLC074884

SMR AUTOMOTIVE SYSTEMS INDIA LIMITED

19/06/2009

-

U74999DL1992PLC049607

MOTHERSON TECHNO TOOLS LIMITED

18/12/2003

-

 

 

Name :

Mr. Vivek Awasthi

Designation :

Director

Address :

B-1/6, Vasant Vihar, New Delhi – 110057, India

Date of Birth/Age :

10.11.1961

Date of Appointment :

11.08.2014

DIN No.:

00033876

Other Directorship:

CIN/FCRN

Company Name

Begin Date

End Date

U34102DL2007PTC168779

CALSONIC KANSEI MOTHERSON AUTO PRODUCTS PRIVATE LIMITED

15/05/2010

-

U29199DL2006PLC156494

MATSUI TECHNOLOGIES INDIA LIMITED

30/07/2007

-

U64201DL2005PLC142759

BALDA MOTHERSON SOLUTION INDIA LIMITED

21/11/2005

-

U29199DL2005PLC141008

AES (INDIA) ENGINEERING LIMITED

06/08/2015

-

U74900PN2008PTC132425

MAGNETI MARELLI MOTHERSON SHOCK ABSORBERS INDIA PRIVATE LIMITED

01/08/2014

-

U50100DL2009PLC190516

SPIRITED AUTO CARS (I) LIMITED

30/09/2013

-

U74900MH2004PLC287011

SAMVARDHANA MOTHERSON INTERNATIONAL LIMITED

30/09/2013

-

U72300DL2014PTC264533

MOTHERSON INVENZEN XLAB PRIVATE LIMITED

30/09/2015

-

U31500DL2014PTC274514

SAMVARDHANA MOTHERSON AUTO COMPONENT PRIVATE LIMITED

17/09/2015

-

U74899DL2004PLC131122

MOTHERSON AUTO SOLUTIONS LIMITED

28/09/2017

-

U74899DL1994PLC058171

MOTHERSON AIR TRAVEL AGENCIES LIMITED

03/03/2006

-

U74899DL1983PLC016995

MOTHERSON AUTO LIMITED

27/07/2009

-

U35999DL2017PLC321298

YOUNGSHIN MOTHERSON AUTO TECH LIMITED

27/07/2017

-

 

 

Name :

Mr. Vivek Chaand Sehgal

Designation :

Director

Address :

22, Gwin Gana Crescent, Glen Waverly, Victoria 3150

Date of Birth/Age :

28.09.1956

Date of Appointment :

14.08.2009

DIN No.:

00291126

Other Directorship:

CIN/FCRN

Company Name

Begin Date

End Date

U55101DL1997PTC090104

KYUNGSHIN INDUSTRIAL MOTHERSON PRIVATE LIMITED

09/10/1997

-

U34107DL2000PTC108736

ANEST IWATA MOTHERSON PRIVATE LIMITED

05/12/2000

-

U74999DL1992PLC049607

MOTHERSON TECHNO TOOLS LIMITED

20/07/1992

-

L34300MH1986PLC284510

MOTHERSON SUMI SYSTEMS LIMITED

19/12/1986

-

U74900MH2004PLC287011

SAMVARDHANA MOTHERSON INTERNATIONAL LIMITED

09/12/2004

-

U74140DL2004PTC131119

MOTHERSON CONSULTANCY PRIVATE LIMITED

09/12/2004

-

U64201DL2005PLC142759

BALDA MOTHERSON SOLUTION INDIA LIMITED

26/06/2006

-

U31908DL2007PTC162125

FRITZMEIER MOTHERSON CABIN ENGINEERING PRIVATE LIMITED

23/04/2007

-

U67120DL1985PLC020695

MOTHERSONSUMI INFOTECH AND DESIGNS LIMITED

30/01/2001

-

U34102DL2007PTC168779

CALSONIC KANSEI MOTHERSON AUTO PRODUCTS PRIVATE LIMITED

29/08/2008

-

U74899DL1983PLC016995

MOTHERSON AUTO LIMITED

22/11/1983

-

U29292DL2010PTC211024

MOTHERSON BERGSTROM HVAC SOLUTIONS PRIVATE LIMITED

17/09/2015

-

L24230GJ1993PLC019050

SUN PHARMACEUTICAL INDUSTRIES LIMITED

14/11/2017

-

U70200DL2015PTC281236

RENU FARMS PRIVATE LIMITED

05/02/2018

-

 

 

Name :

Mr. Saju Mookken

Designation :

Director

Address :

6411, F - 6, Alok Vihar 2, Sector 50, Noida – 201303, Uttar Pradesh, India

Date of Birth/Age :

20.05.1969

Date of Appointment :

14.08.2009

DIN No.:

01644940

Other Directorship:

CIN/FCRN

Company Name

Begin Date

End Date

U40300HR2007PTC046166

MAGNETI MARELLI POWERTRAIN INDIA PRIVATE LIMITED

13/07/2017

-

U34300HR2008PTC066577

SKH MAGNETI MARELLI EXHAUST SYSTEMS PRIVATE LIMITED

27/05/2008

-

U74900PN2008PTC132425

MAGNETI MARELLI MOTHERSON SHOCK ABSORBERS INDIA PRIVATE LIMITED

14/07/2008

-

U32204HR2008PTC046212

MAGNETI MARELLI UM ELECTRONIC SYSTEMS PRIVATE LIMITED

16/01/2009

-

U74120DL2008PTC186054

FIAT PARTECIPAZIONI INDIA PRIVATE LIMITED

08/03/2010

-

U34102HR2009FTC046068

MAGNETI MARELLI INDIA PRIVATE LIMITED

26/11/2009

-

U35923DL2013PLC260142

HMC MM AUTO LIMITED

20/06/2014

-

U34300HR2012PTC044985

MAGNETI MARELLI TALBROS CHASSIS SYSTEMS PRIVATE LIMITED

03/02/2012

-

 

 

Name :

Ermanno Ferrari

Designation :

Director

Address :

Corso Turati 70, Colleffrro, Italy

Date of Birth/Age :

02.01.1956

Date of Appointment :

09.08.2012

DIN No.:

03643407

 

 

Name :

Mr. Roberto Flora

Designation :

Additional Director

Address :

Forli ("FC") Del Pioppo NR. 10 Ravenna 47121, Italy

Date of Appointment :

29.07.2016

DIN No.:

07307711

Other Directorship:

CIN/FCRN

Company Name

Begin Date

End Date

U40300HR2007PTC046166

MAGNETI MARELLI POWERTRAIN INDIA PRIVATE LIMITED

13/07/2017

-

U35923DL2013PLC260142

HMC MM AUTO LIMITED

11/09/2017

-

 

 

MAJOR SHAREHOLDERS

 

AS ON 31.03.2017

 

Names of Shareholders

 

No. of Equity Shares

No. of Preference  Shares

Magneti Marelli Motherson India Holdings BV, Netherlands

3799994

34200000

Ashok Tandon

1

--

Gianpaolo Accossato

1

--

Fabrizio Righetti

1

--

Saju Mookken

1

--

Vivek Avasthi

1

--

Vivek Chaand Sehgal

1

--

Magneti Marelli S.P.A., Italy

--

56000000

Samvardhana Motherson International Limited, India

--

56000000

 

 

 

TOTAL

3800000

146200000

 

 

Equity Share Break up (Percentage of Total Equity)

 

AS ON 04.09.2017

 

Category

Percentage

Promoters [Bodies corporate]

100.00

Total

100.00

 

 

 

BUSINESS DETAILS

 

Line of Business :

The company is engaged in carrying on the business of developing, manufacturing, assembling and marketing of Automotive Lighting Products, Plastic Air Intake Manifold, Fuel Rail Assembly and Pedal Brake Accelerator Module. [Registered Activity]

 

 

Products / Services :

Name and Description of main products / services

ITC Code

Automotive Lamps

85122010

 

 

Brand Names :

Not Available

 

 

Agencies Held :

Not Available

 

 

Exports :

Not Divulged 

 

 

Imports :

Not Divulged 

 

 

Terms :

Not Divulged 

 

PRODUCTION STATUS – (NOT AVAILABLE)

 

GENERAL INFORMATION

 

Suppliers :

Reference :

Not Divulged 

Name of the Person :

--

Contact No.:

--

Since How Long Known :

--

Maximum Limit Dealt :

--

Experience :

--

Remark :

--

 

 

Customers :

 

Reference :

Not Divulged 

Name of the Person :

--

Contact No.:

--

Since How Long Known :

--

Maximum Limit Dealt :

--

Experience :

--

Remark :

--

 

 

No. of Employees :

Information denied by the management

 

 

Bankers :

Banker Name :

IDFC Bank Limited

Branch :

KRM Towers, 8 Floor, No. 1,Harrington Road, Chetpet, Chennai – 600003, Tamilnadu, India

Person Name (With Designation) :

--

Contact Number :

--

Name of Account Holder :

--

Account Number :

--

Account Since (Date/Year of Account Opening) :

--

Average Balance Maintained :

--

Credit Facilities Enjoyed (CC/OD/Term Loan) :

--

Account Operation :

--

Remark :

--

 

 

Facilities :

SECURED LOANS

31.03.2017

INR In Million

31.03.2016

INR In Million

LONG TERM BORROWINGS

 

 

Rupee term loans from banks

369.962

292.989

 

 

 

SHORT TERM BORROWINGS

 

 

Working capital loans from banks

108.033

133.965

 

 

 

Total

477.995

426.954

 

Auditors :

 

Name :

Deloitte Haskins and Sells

Chartered Accountant 

Address :

706, B Wing, 7th Floor, ICC Trade Tower, International Convention Center, Senapati Bapat Road, Pune – 411016, Maharashtra, India

Tel. No.:

91-20-66244600

Fax No.:

91-20-66244605

PAN No.:

AACFD4815A

 

 

Memberships :

Not Available

 

 

Collaborators :

Not Available

 

 

Holding company:

·         Magneti Marelli Motherson India Holding B.V. Netherlands

 

 

Associates:

·         Automotive Linghting Italia SPA

·         Anest Iwata Motherson Private Limited, India [U34107DL2000PTC108736]

·         Automotive Lighting Brotterode GMBH

·         Automotive Lighting China

·         Automotive Lighting Gmbh (Reutlingen) [AL GMBH]

·         Malaysian Automotive lighting SDN BHD formerly known as 'Automotive Lighting Malaysia [ALMA]

·         Automotive Lighting Japan

·         Automotive Lighting Polaska Sp Z.o.o

·         Automotive Lighting Rear Lamps Italia Spa

·         Automotive Lighting Rear Lamps France SAS

·         Calsonic Kansei Motherson Auto Products Private Limited, India

[U34102DL2007PTC168779]

·         Magneti Marelli Powertrain S.P.A.

·         Magneti Marelli Mako Electric Sanayi Ve Ticarat A.s. [MAKO]

·         Motherson Air Travel Agencies Limited, India

[U74899DL1994PLC058171]

·         Motherson Auto Limited, India [U74899DL1983PLC016995]

·         Motherson Molds and Diecasting Limited, India

·         [U27310DL2006PLC151361]

·         Mothersonsumi Infotech and Designs Limited, India

[U67120DL1985PLC020695]

·         Motherson Sumi Systems Limited, India [L34300MH1986PLC284510]

·         MSSL Polymers GmbH [MSSL GMBH]

·         Samvardhana Motherson International Limited, India

[U74900DL2004PLC131118]

·         SMR Automotive Systems India Limited, India [U74899DL1995PLC074884]

·         Woco Tech Elastomere Noida Limited, India [U34300DL2004PLC125216]

·         Magneti Marelli India Private Limited, India [U34102HR2009FTC046068]

·         Magneti Marelli Motopropulsion France SAS

·         Magneti Marelli Poland Sp. Z o.o

·         Woco Tech Polymere Kandla Limited, India [U25191GJ2004PLC044604]

·         Magneti Marelli Holding S P A, Italy

·         Matsui Technologies India Limited, India [U29199DL2006PLC156494]

·         Magneti Marelli Japan K.K.

·         AutoMotive Lighting OOO

·         AutoMotive Lighting LLC, North America

·         Automotive Lighting s.r.o - Czech republic

·         Magneti Marelli Automotive Components (WUHU) Co Limited

·         Magneti Marelli China

·         Magneti Marelli Sist.Automotivos Ind E Com Limited

·         Magneti Marelli Motherson Shock Absorbers India Private Limited, India [U74900PN2008PTC132425]

·         Samvardhana Motherson Virtual Analysis Limited, India [U29199DL2005PLC139659]

·         Plastic Components and Modules Automotive S.P.A

·         Motherson Consultancies Service Limited, India [U29130DL2004PLC131100]

·         Systematic Conscom Limited, India [U31909DL1987PLC029151]

·         Magneti Marelli SPA Powertrain, Italy

·         Motherson Lease Solution Limited, India

·         Magneti Marelli Automotive Lighting (Foshan) Co Limited, China

·         Nirvana Niche Products Private Limited, India

·         O O O Automotive Lighting, Russian Federation

 

 

CAPITAL STRUCTURE

 

AS ON 04.09.2017

 

Authorised Capital :

No. of Shares

Type

Value

Amount

 

 

 

 

3800000

Equity Shares

INR 10/- each

INR 38.000 Million

146200000

Preferences Shares

INR 10/- each

INR 1462.000 Million

 

 

 

 

 

Total

 

INR 1500.000 Million

 

Issued, Subscribed & Paid-up Capital :

No. of Shares

Type

Value

Amount

 

 

 

 

3800000

Equity Shares

INR 10/- each

INR 38.000 Million

146200000

Preferences Shares

INR 10/- each

INR 1462.000 Million

 

 

 

 

 

Total

 

INR 1500.000 Million

 

 

FINANCIAL DATA

[all figures are in INR Million]

 

ABRIDGED BALANCE SHEET

 

SOURCES OF FUNDS

 

31.03.2017

31.03.2016

31.03.2015

I.              EQUITY AND LIABILITIES

 

 

 

(1)Shareholders' Funds

 

 

 

(a) Share Capital

1500.000

1500.000

1500.000

(b) Reserves & Surplus

(290.548)

(471.387)

(526.006)

(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)

1209.452

1028.613

973.994

 

 

 

 

(3) Non-Current Liabilities

 

 

 

(a) Long-term borrowings

369.962

292.989

194.357

(b) Deferred tax liabilities (Net)

0.000

0.000

0.000

(c) Other long term liabilities

3.034

2.693

2.327

(d) Long-term provisions

10.928

6.494

5.844

Total Non-current Liabilities (3)

383.924

302.176

202.528

 

 

 

 

(4) Current Liabilities

 

 

 

(a) Short term borrowings

108.033

218.905

198.982

(b) Trade payables

702.323

415.078

253.861

(c) Other current liabilities

994.074

529.081

305.237

(d) Short-term provisions

3.690

2.776

2.474

Total Current Liabilities (4)

1808.120

1165.840

760.554

 

 

 

 

TOTAL

3401.496

2496.629

1937.076

 

 

 

 

II.            ASSETS

 

 

 

(1) Non-current assets

 

 

 

(a) Fixed Assets

 

 

 

(i) Tangible assets

1366.450

1166.301

692.777

(ii) Intangible Assets

41.991

19.090

20.282

(iii) Capital work-in-progress

56.618

17.514

277.608

(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 Loan and Advances

121.980

101.986

83.769

(e) Other Non-current assets

0.978

0.021

0.040

Total Non-Current Assets

1588.017

1304.912

1074.476

 

 

 

 

(2) Current assets

 

 

 

(a) Current investments

0.000

0.000

0.000

(b) Inventories

793.099

449.679

287.312

(c) Trade receivables

483.634

428.394

363.646

(d) Cash and cash equivalents

228.800

29.700

1.864

(e) Short-term loans and advances

270.070

283.630

202.648

(f) Other current assets

37.876

0.314

7.130

Total Current Assets

1813.479

1191.717

862.600

 

 

 

 

TOTAL

3401.496

2496.629

1937.076

 

 

PROFIT & LOSS ACCOUNT

 

 

PARTICULARS

 

31.03.2017

31.03.2016

31.03.2015

 

SALES

 

 

 

 

Total Revenue from operations

3432.958

2301.069

2073.514

 

Other Income

49.900

4.745

22.529

 

TOTAL

3482.858

2305.814

2096.043

 

 

 

 

 

Less

EXPENSES

 

 

 

 

Cost of Materials Consumed

2598.302

1680.773

1498.374

 

Changes in inventories of finished goods, work-in-progress and Stock-in-Trade

(247.050)

(134.688)

(45.889)

 

Employee benefit expense

305.078

207.365

175.971

 

Other expenses

414.086

310.152

247.679

 

TOTAL

3070.416

2063.602

1876.135

 

 

 

 

 

 

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

412.442

242.212

219.908

 

 

 

 

 

Less

FINANCIAL EXPENSES

36.702

34.077

29.212

 

 

 

 

 

 

PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION

375.740

208.135

190.696

 

 

 

 

 

Less

DEPRECIATION/ AMORTISATION

194.901

153.515

121.157

 

 

 

 

 

 

PROFIT/ (LOSS)  BEFORE TAX

180.839

54.620

69.539

 

 

 

 

 

Less

TAX

0.000

0.000

0.000

 

 

 

 

 

 

PROFIT/ (LOSS)  AFTER TAX

180.839

54.620

69.539

 

 

 

 

 

 

EARNINGS IN FOREIGN CURRENCY

 

 

 

 

F.O.B. Value of Exports

64.937

47.045

112.995

 

TOTAL EARNINGS

64.937

47.045

112.995

 

 

 

 

 

 

IMPORTS

 

 

 

 

Raw Materials

399.037

139.855

203.772

 

Components and spare parts

0.000

0.000

287.177

 

Capital Goods

629.933

494.385

197.581

 

TOTAL IMPORTS

1028.970

634.240

688.530

 

 

 

 

 

 

Earnings / (Loss) Per Share (INR)

 

 

 

 

-         Basic earnings per equity share

47.59

14.37

18.30

 

-         Diluted earnings per equity share

1.21

0.36

0.50

 

 

CURRENT MATURITIES OF LONG TERM DEBT DETAILS

 

Particulars

 

31.03.2017

31.03.2016

31.03.2015

Current Maturities of Long term debt

125.250

95.250

60.500

Cash generated from operations

NA

NA

NA

Net cash flows from (used in) operations

650.867

278.568

22.559

Net cash flows from (used in) operating activities

658.594

275.571

21.005

 

 

KEY RATIOS

 

EFFICIENCY RATIOS

 

PARTICULARS

 

31.03.2017

31.03.2016

31.03.2015

Average Collection Days

(Sundry Debtors / Income * 365 Days)

51.42

67.95

64.01

 

 

 

 

Account Receivables Turnover

(Income / Sundry Debtors)

7.10

5.37

5.70

 

 

 

 

Average Payment Days

(Sundry Creditors / Purchases * 365 Days)

98.66

90.14

61.84

 

 

 

 

Inventory Turnover

(Operating Income / Inventories)

0.52

0.54

0.77

 

 

 

 

Asset Turnover

(Operating Income / Net Fixed Assets)

0.28

0.20

0.22

 

LEVERAGE RATIOS

 

PARTICULARS

 

31.03.2017

31.03.2016

31.03.2015

Debt Ratio

((Borrowing + Current Liabilities) / Total Assets)

0.68

0.62

0.52

 

 

 

 

Debt Equity Ratio

(Total Liability / Networth)

0.50

0.59

0.47

 

 

 

 

Current Liabilities to Networth

(Current Liabilities / Net Worth)

1.49

1.13

0.78

 

 

 

 

Fixed Assets to Networth

(Net Fixed Assets / Networth)

1.21

1.17

1.02

 

 

 

 

Interest Coverage Ratio

(PBIT / Financial Charges)

11.24

7.11

7.53

 

PROFITABILITY RATIOS

 

PARTICULARS

 

 

31.03.2017

31.03.2016

31.03.2015

PAT to Sales

((PAT / Sales) * 100)

%

5.27

2.37

3.35

 

 

 

 

 

Return on Total Assets

((PAT / Total Assets) * 100)

%

5.32

2.19

3.59

 

 

 

 

 

Return on Investment (ROI)

((PAT / Networth) * 100)

%

14.95

5.31

7.14

 

SOLVENCY RATIOS

 

PARTICULARS

 

31.03.2017

31.03.2016

31.03.2015

Current Ratio

(Current Assets / Current Liabilities)

1.00

1.02

1.13

 

 

 

 

Quick Ratio

((Current Assets – Inventories) / Current Liabilities)

0.56

0.64

0.76

 

 

 

 

G-Score Ratio Financial

(Networth / Total Assets)

0.36

0.41

0.50

 

 

 

 

G-Score Ratio Debt

(Debts / Equity Capital)

0.40

0.40

0.30

 

 

 

 

G-Score Ratio Liquidity

(Total Current Assets / Total Current Liabilities)

1.00

1.02

1.13

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

1500.000

1500.000

1500.000

Reserves & Surplus

(526.006)

(471.387)

(290.548)

Net worth

973.994

1028.613

1209.452

 

 

 

 

Long-term borrowings

194.357

292.989

369.962

Short term borrowings

198.982

218.905

108.033

Current maturities of long-term debts

60.500

95.250

125.250

Total borrowings

453.839

607.144

603.245

Debt/Equity ratio

0.466

0.590

0.499

 

 

 

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

2073.514

2301.069

3432.958

 

 

10.974

49.190

 

 

 

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

2073.514

2301.069

3432.958

Profit/ (Loss)

69.539

54.620

180.839

 

3.35 %

2.37 %

5.27 %

 

 

 

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

Yes

26

Turnover of firm for last three years

Yes

27

Reasons for variation <> 20%

--

28

Estimation for coming financial year

No

29

Profitability for last three years

Yes

30

Major shareholders, if available

Yes

31

External Agency Rating, if available

Yes

32

Litigations that the firm/promoter involved in

--

33

Market information

--

34

Payments terms

No

35

Negative Reporting by Auditors in the Annual Report

No

 

 

 

GENERAL INFORMATION ABOUT COMPANY

 

The company is a Private Limited Company incorporated in accordance with the laws of India. MMM India was incorporated on 15th February 2008 and has plants at Pune, Manesar, Sanand and Bawal.

 

The Company is established as a 100% subsidiary of Magneti Marelli Motherson India Holding B.V., registered in the Netherlands. Magneti Marelli Motherson India Holding B.V. (hereinafter also referred to as “MMMIH” or “JVC”] is a 50:50 Joint Venture Company between Magneti Marelli Holding S.p.A. (Italy) (hereinafter also referred to as “MM SpA”) and Samvardhana Motherson International Limited (earlier known as Samvardhana Motherson Finance Limited) India (hereinafter referred to as “SMIL”).

 

The Company is engaged in carrying on the business of developing, manufacturing, assembling and marketing of Automotive Lighting Products, Plastic Air Intake Manifold, Fuel Rail Assembly and Pedal Brake Accelerator Module.

 

 

OPERATIONS AND PERFORMANCE AND STATE OF COMPANIES AFFAIRS

 

During the year, the total income of the company is INR 3432.958 million as against INR 2301.068 million in the previous year. The profit before tax is INR 180.839 million as against INR 54.620 million in the previous year.

 

In FY 2016-17, the Indian automobile industry has witnessed reasonable growth of ~ 9% after 3 years of sluggish demand. The Company, however, has registered a growth of 51% YOY out pacing the overall industry growth.

 

Over the medium term, the auto components Industry's revenues are expected to grow at a relatively faster pace than the OEM segment riding on several factors including auto OEMs'' growing thrust on localization and increasing sophistication of vehicles shoring up part prices through value added products.

 

The profit before tax is INR 180.839 million as compared to INR 54.620 million during the previous year. The above profitability figures include an Exchange Gain of INR 29.50 million (Previous Year Exchange Loss of INR 20.20 million)

 

 

CAPACITY EXPANSION / MODERNISATION OF FACILITIES:

 

During the year, the Company continued to make substantial investments. The Bawal plant was completed and started mass production for Rear Lamps and Air intake manifolds in Q-4 2016-17. The overall capacity of the Plant is 600,000 Rear Lamp Sets.

 

In addition, construction commenced at the Sanand facility to enhance the current production area from 2423 sq. m. to 4846 sq. m.

 

 

RECOGNITION AND AWARDS

 

The Company considers continuous improvement and implementing appropriate quality management systems and processes to enable it to deliver cost competitive quality products. The Company has received the following awards and recognitions from Customers during the year:

 

-         Design and development Award from Maruti Suzuki.

-         Best Supplier Award from Fiat India Automobiles

-         Supplier Quality Excellence Award from General Motors

 

 

UNSECURED LOANS:

 

PARTICULARS

31.03.2017

INR In Million

31.03.2016

INR In Million

SHORT TERM BORROWINGS

 

 

Other loans and advances

0.000

84.940

 

 

 

Total

0.000

84.940

 

 

INDEX OF CHARGES:

 

S

No

SRN

Charge Id

Charge Holder Name

Date of Creation

Date of Modification

Date of Satisfaction

Amount

Address

1

G05490149

100032274

IDFC BANK LIMITED

19/05/2016

-

-

200000000.0

KRM TOWERS,8 FLOOR, NO. 1,HARRINGTON ROAD,CHETPETCHENNAITN600031IN

2

A97048169

10246606

VOLKSWAGEN INDIA PRIVATE LIMITED

23/09/2010

-

-

30000000.0

E -1, MIDC INDUSTRIAL AREA PHASE IIIVILLAGE NIGOJE MHALUNGE KHARABWADI CHAKAN TAL KHEDPUNEMH410501IN

3

A93982775

10238312

VOLKSWAGEN INDIA PRIVATE LIMITED

31/07/2010

-

-

45000000.0

E -1, MIDC INDUSTRIAL AREA PHASE IIIVILLAGE NIGOJE MHALUNGE KHARABWADI CHAKAN TAL KHED PUNEMH410501IN

4

G72589013

10135986

AXIS BANK LIMITED

14/11/2008

04/04/2017

-

1595000000.0

214/215 CITY MALL, 2ND FLOOR, PLOT NO.1S. NO. 132, GANESH KHIND ROADPUNEMH411007IN

 

 

FIXED ASSETS:

 

Tangible assets

 

·         Land

·         Buildings

·         Plant and equipment

·         Furniture and fixtures

·         Vehicles

·         Office equipment

·         Computer equipments

·         Leasehold improvements

 

Intangible assets

 

·         Computer software

·         Know-how

 

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

UK Pound

1

INR 89.17

Euro

1

INR 79.39

 

 

INFORMATION DETAILS

 

Information Gathered by :

KMN

 

 

Analysis Done by :

DIV

 

 

Report Prepared by :

NKT

 

 

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)

 

 

 

 

 

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.