|
|
|
MIRA INFORM REPORT
|
Report No. : |
484055 |
|
Report Date : |
03.01.2018 |
IDENTIFICATION DETAILS
|
Name : |
|
|
|
|
|
Registered
Office : |
Tower XIV, Cybercity, Magarpatta City, Hadapsar, Pune – 411013,
Maharashtra |
|
Tel. No.: |
91-20-66425013/ 66425000/ 67264510 |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as
on) : |
31.03.2016 |
|
|
|
|
Date of
Incorporation : |
12.12.1997 |
|
|
|
|
Com. Reg. No.: |
11-112441 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
INR 2783.570 Million |
|
|
|
|
CIN No.: [Company Identification
No.] |
U74220PN1997PTC112441 |
|
|
|
|
IEC No.: |
3100006364 |
|
|
|
|
TAN No.: [Tax Deduction & Collection
Account No.] |
PNEJ00773D |
|
|
|
|
GSTIN: |
Not Divulged |
|
|
|
|
PAN No.: [Permanent Account No.] |
AAACJ4233B |
|
|
|
|
Legal Form : |
Private Limited Liability Company |
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|
|
|
Line of Business
: |
Subject is engaged in business of manufacturing and
marketing of Agricultural Equipment including tractors, harvesters and spares
parts relating thereto. The Company also provides Information Technology
(“IT”) and IT Enabled services in the field of engineering and support
functions including IT application, engineering design, development and
validation, value engineering, manufacturing design engineering services,
embedded system and technical authoring. (Registered Activity) |
|
|
|
|
No. of Employees
: |
Information denied by the management |
RATING & COMMENTS
(Mira Inform has adopted New Rating mechanism w.e.f. 23rd
January 2017)
|
MIRA’s Rating : |
A+ |
|
Credit Rating |
Explanation |
Rating Comments |
|
A+ |
Low Risk |
Business dealings permissible with low
risk of default |
|
Status : |
Excellent |
|
|
|
|
Payment Behaviour : |
Regular |
|
|
|
|
Litigation : |
Exist |
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|
|
|
Comments : |
Subject is a subsidiary of “John Deere Asia Singapore Pte Limited” Singapore.
It was incorporated in the year 1997 and is mainly engaged in the
manufacturing and marketing of tractor and related products (agriculture
products) and providing IT and IT enabled services. As per Registry of Companies, the date of filling its financials is
which as 31.03.2017 but documents related to the financials of FY 2017 are
not available from any other sources. As per financials of March 2016, the company has registered a growth
of 16.10% in its revenue as compared to its previous year’s revenue and has
reported good profit margin of 7.70% under review. Rating takes into consideration company’s established track record of
business operations marked by its sound adequate net worth position along
with strong debt protection metric and good liquidity position. Rating also takes into account of strong financial and managerial
support that company receives from its joint venture entity backed by its
well experienced management team. Further, the company has reported a good earnings per share of INR
16.81 against its face value of INR 10. Trade relations are fair. Payments are regular and as per commitments. In view of aforesaid, the company can be considered good 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.
EXTERNAL AGENCY RATING
|
Rating Agency Name |
Not Available |
|
Rating |
Not Available |
|
Rating Explanation |
Not Available |
|
Date |
Not Available |
RBI DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available RBI Defaulters’ list.
EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of
31-03-2016.
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 03.01.2018
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 BY
Management non Co-Operative (Tel. No.: 91-20-66425013 - Receptionist)
LOCATIONS
|
Registered Office / Technology Center : |
Tower XIV, Cybercity, Magarpatta City, Hadapsar, Pune – 411 013,
Maharashtra, India |
|
Tel. No.: |
91-20-66425013/ 66425000/ 67264510 |
|
Mobile No.: |
91-9822545186 (Mr. Philip Kushy) |
|
Fax No.: |
91-20-66425001 |
|
E-Mail : |
|
|
Website : |
|
|
|
|
|
Factory 1 : |
Gat No. 166-167 and 271-291, Off
Pune Nagar Road, Sanaswadi, Pune - 412208, Maharashtra, India |
|
Tel. No. : |
91-2137-667111 |
|
|
|
|
Factory 2 : |
Survey No. 501, Near Dewas-Bhopal Highway, Village-Khatamba,
Post-Jamgod, District-Dewas – 455115, Madhya Pradesh, India |
|
|
|
|
Factory 3 : |
Sanghar Warehousing, Gat 26/1 and 27, Nagar Road, Lonikand, Pune –
412216, Maharashtra, India |
|
|
|
|
Factory 4 : |
Village-Amampur, Chalaila Road, District-Patiala-147001, Punjab, India |
|
|
|
|
Factory 5: |
Sr. No. 168, 169, 171, 275, Mauja, Gondhkairi, Taluka – Kalmeshwar,
Nagpur – 440023, Maharashtra, India |
|
|
|
|
Factory 6: |
Construction and Forestry Division PV and V Lab: Gat No. 3401/2, 3406,
3416 and 3417, Talegaon Dhamdhere, Taluka Shirur, District Pune - 412208, Maharashtra,
India |
DIRECTORS
AS ON 31.03.2017
|
Name : |
Mr. Rajesh Kumar Sinha |
|
Designation : |
Director |
|
Address : |
Y-602, Sacred Heart Town, Waneworie, Pune-411040, Maharashtra, India |
|
Date of Birth/Age : |
16.07.1969 |
|
Qualification: |
Engineering Graduate |
|
Date of Appointment : |
17.11.2012 |
|
DIN No.: |
06448595 |
|
|
|
|
Name : |
Mr. Subrata Mishra |
|
Designation : |
Director |
|
Address : |
Floor No 302 ,A Building, "Mystique Moods" Sn 230A/8/1, Lohgaon, Pune / Lohgaon, Pune - 411014, Maharashtra, India |
|
Date of Birth/Age : |
15.01.1968 |
|
Qualification: |
Professional |
|
Date of Appointment : |
27.11.2014 |
|
DIN No.: |
05330786 |
|
|
|
|
Name : |
Mr. Rohit Madan Sharma |
|
Designation : |
Director |
|
Address : |
Flat No - S-044 , Forest County, Sr. No. 40,41759, Opposite Eon It Pak, Khara Pune - 411014, Maharashtra, India |
|
Date of Birth/Age : |
18.09.1964 |
|
Qualification: |
Graduate |
|
Date of Appointment : |
27.03.2015 |
|
DIN No.: |
07100912 |
|
|
|
|
Name : |
Mr. Satish Bhimarao Nadiger |
|
Designation : |
Managing Director |
|
Address : |
No.601, Building A3, Aditya Shagun, NDA, Pashan Road, Bavadhan, Pune –
411 021, Maharashtra, India |
|
Date of Birth/Age : |
13.01.1963 |
|
Qualification: |
CWA |
|
Date of Appointment : |
01.04.2010 |
|
DIN No.: |
00633892 |
|
|
|
|
Name : |
Mr. Rajaram Rajamani |
|
Designation : |
Additional Director |
|
Address : |
H - 301, Laburnum Park, Magarpatta City, Hadapsar, Pune-411013, Maharashtra, India |
|
Date of Birth/Age : |
29.03.1969 |
|
Date of Appointment : |
26.07.2017 |
|
DIN No.: |
07866666 |
|
|
|
|
Name : |
Mr. Abhijit Arun Varade |
|
Designation : |
Additional Director |
|
Address : |
Floor No-2, Sarthi S. No-148/2B, Plot-18, Shivalay Sos. Sus Road Pa./ Pash An, Pune – 411021, Maharashtra, India |
|
Date of Birth/Age : |
08.06.1975 |
|
Date of Appointment : |
26.07.2017 |
|
DIN No.: |
07890789 |
KEY EXECUTIVES
|
Name : |
Mr. Ajit Prakash Jain |
|
Designation : |
Secretary |
|
Address : |
Flat No.602, Building D/1, Bramha Suncity, Vadgaon Sheri, Pune – 411014, Maharashtra, India |
|
Date of Birth/Age : |
13.07.1974 |
|
Qualification: |
B.com, CS |
|
Date of Appointment : |
02.06.2012 |
|
PAN No: |
ABMPJ8624L |
|
|
|
|
Name : |
DVD and Associates |
|
Designation : |
Company Secretaries |
|
Address : |
3rd Floor, Samarth Building, Plot No.14, Pinak Colony, Near Bank of India, Karve Nagar, Pune – 411052, Maharashtra, India |
|
Mobile No.: |
91-9823239397 |
|
E-Mail : |
|
|
|
|
|
Name : |
Mr. Philip Kushy |
|
Designation : |
General Manager |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 31.03.2017
|
Names of Shareholders |
|
No. of Shares |
|
John Deere Asia (Singapore) Private Limited, Singapore |
|
223357343 |
|
Deere and Company, Moline |
|
10 |
|
Total |
|
223357353 |
Equity Share Break up (Percentage of Total Equity)
AS ON 26.09.2017
|
Category |
Percentage |
|
Promoters-Bodies
corporate |
100.00 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Subject is engaged in business of manufacturing and
marketing of Agricultural Equipment including tractors, harvesters and spares
parts relating thereto. The Company also provides Information Technology
(“IT”) and IT Enabled services in the field of engineering and support
functions including IT application, engineering design, development and
validation, value engineering, manufacturing design engineering services,
embedded system and technical authoring. (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 Divulged |
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||||||||||
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Imports : |
Not Divulged |
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Terms : |
Not Divulged |
PRODUCTION STATUS NOT AVAILABLE
GENERAL INFORMATION
|
Suppliers : |
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Customers : |
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No. of Employees : |
Information denied by the management |
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||||||||||||||||||||||
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Bankers : |
|
|
Financial Institution: |
BNP Paribas, Godrej Millenniumbund Garden Road,
Pune-411001, Maharashtra, India |
|
|
|
|
Auditors : |
|
|
Name : |
Deloitte Haskins and Sells LLP Chartered Accountants |
|
Address : |
12, Dr. Annie Besant Road, opposite Shivsagar's State, Warli, Mumbai-400018, Maharashtra, India |
|
Tel. No.: |
91-22-66679000 |
|
Fax No.: |
91-22-66679100 |
|
PAN N Income-tax PAN of auditor or auditor's firm : |
AACFD4815A |
|
|
|
|
Memberships : |
Not Available |
|
|
|
|
Collaborators : |
Not Available |
|
|
|
|
Ultimate Holding
Company : |
Deere and Company, United States |
|
|
|
|
Fellow Subsidiary
Company : |
|
|
|
|
|
Subsidiary Company
: |
(U65923PN2011PTC141149)
|
CAPITAL STRUCTURE
As on: 26.09.2016
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
653641000 |
Equity Shares |
INR 10/- each |
INR 6536.410 Million |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
223357353 |
Equity Shares |
INR 10/- each |
INR 2233.574
Million |
|
|
|
|
|
AS ON 31.03.2016
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
653641000 |
Equity Shares |
INR 10/- each |
INR 6536.410 Million |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
278357353 |
Equity Shares |
INR 10/- each |
INR 2783.570
Million |
|
|
|
|
|
FINANCIAL DATA
[all figures are
in INR Million]
ABRIDGED
BALANCE SHEET (STANDALONE)
|
SOURCES OF FUNDS |
31.03.2016 |
31.03.2015 |
31.03.2014 |
|
I.
EQUITY
AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
2783.570 |
2783.570 |
2783.570 |
|
(b) Reserves and Surplus |
20542.220 |
16197.930 |
13039.800 |
|
(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) |
23325.790 |
18981.500 |
15823.370 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
2120.160 |
3178.080 |
3900.980 |
|
(b) Deferred tax liabilities (Net) |
0.000 |
0.000 |
0.000 |
|
(c) Other long-term
liabilities |
210.210 |
182.970 |
245.950 |
|
(d) long-term
provisions |
3698.540 |
3309.140 |
2812.240 |
|
Total Non-current
Liabilities (3) |
6028.910 |
6670.190 |
6959.170 |
|
|
|
|
|
|
(4)
Current Liabilities |
|
|
|
|
(a) Short-term
borrowings |
6550.000 |
0.000 |
0.000 |
|
(b) Trade
payables |
8910.250 |
8749.730 |
10261.280 |
|
(c) Other
current liabilities |
1772.850 |
1212.360 |
1157.780 |
|
(d) Short-term
provisions |
1693.030 |
1395.940 |
1406.370 |
|
Total Current Liabilities
(4) |
18926.130 |
11358.030 |
12825.430 |
|
|
|
|
|
|
TOTAL |
48280.830 |
37009.720 |
35607.970 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1)
Non-current assets |
|
|
|
|
(a) Fixed
Assets |
|
|
|
|
(i)
Tangible assets |
8184.320 |
8425.530 |
7728.930 |
|
(ii)
Intangible Assets |
59.220 |
51.310 |
24.350 |
|
(iii) Tangible assets
capital work-in-progress |
243.500 |
252.390 |
958.220 |
|
(iv)
Intangible assets under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current Investments |
2939.000 |
2939.000 |
1900.000 |
|
(c) Deferred tax assets (net) |
1059.890 |
922.000 |
975.400 |
|
(d)
Long-term loans and advances |
5551.030 |
4130.170 |
2706.760 |
|
(e) Other
Non-current assets |
550.520 |
675.370 |
713.670 |
|
Total Non-Current
Assets |
18587.480 |
17395.770 |
15007.330 |
|
|
|
|
|
|
(2)
Current assets |
|
|
|
|
(a)
Current investments |
0.000 |
0.000 |
0.000 |
|
(b)
Inventories |
4345.240 |
3931.440 |
4543.450 |
|
(c) Trade
receivables |
9888.680 |
10050.830 |
8789.910 |
|
(d) Cash and
bank balances |
12645.610 |
1786.750 |
2273.860 |
|
(e)
Short-term loans and advances |
2081.580 |
3260.340 |
4519.590 |
|
(f) Other
current assets |
732.240 |
584.590 |
473.830 |
|
Total
Current Assets |
29693.350 |
19613.950 |
20600.640 |
|
|
|
|
|
|
TOTAL |
48280.830 |
37009.720 |
35607.970 |
PROFIT
& LOSS ACCOUNT (STANDALONE)
|
|
PARTICULARS |
31.03.2016 |
31.03.2015 |
31.03.2014 |
|
|
SALES |
|
|
|
|
|
Revenue from Operations |
60790.440 |
52358.530 |
53126.480 |
|
|
Other Income |
650.010 |
1174.200 |
189.570 |
|
|
TOTAL |
61440.450 |
53532.730 |
53316.050 |
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
Cost of Materials
Consumed |
32011.720 |
26895.730 |
27562.880 |
|
|
Purchases of
Stock-in-Trade |
2381.340 |
1993.120 |
1683.910 |
|
|
Changes in inventories of
finished goods, work-in-progress and Stock-in-Trade |
(637.520) |
294.680 |
89.050 |
|
|
Employees benefits
expense |
5877.300 |
5618.090 |
5147.580 |
|
|
Other expenses |
12934.550 |
11577.030 |
13923.140 |
|
|
CSR Expenditure |
51.980 |
4.310 |
0.000 |
|
|
TOTAL |
52619.370 |
46382.960 |
48406.560 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND
AMORTISATION |
8821.080 |
7149.770 |
4909.490 |
|
|
|
|
|
|
|
Less |
FINANCIAL EXPENSES |
394.430 |
450.790 |
231.6 |
|
|
|
|
|
|
|
|
PROFIT / (LOSS) BEFORE
TAX, DEPRECIATION AND AMORTISATION |
8426.650 |
6698.980 |
4677.890 |
|
|
|
|
|
|
|
Less |
DEPRECIATION/
AMORTISATION |
1152.350 |
1135.540 |
923.170 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS) BEFORE TAX |
7274.300 |
5563.440 |
3754.720 |
|
|
|
|
|
|
|
Less |
TAX |
2594.980 |
2070.280 |
1392.790 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS) AFTER TAX |
4679.320 |
3493.160 |
2361.930 |
|
|
|
|
|
|
|
Add |
PREVIOUS YEARS’ BALANCE
BROUGHT FORWARD |
10948.090 |
7789.930 |
9005.000 |
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
Proposed Dividend on
Equity Shares |
278.000 |
278.000 |
0.000 |
|
|
Tax on dividend |
57.000 |
57.000 |
0.000 |
|
|
Appropriation for Share
buy back |
0.000 |
0.000 |
3577.000 |
|
|
Total |
335.000 |
335.000 |
3577.000 |
|
|
|
|
|
|
|
|
Balance Carried to the
B/S |
15292.410 |
10948.090 |
7789.930 |
|
|
|
|
|
|
|
|
EARNINGS IN FOREIGN
CURRENCY |
|
|
|
|
|
F.O.B. Value of Exports |
0.000 |
22372.020 |
20274.540 |
|
|
Other Income |
8193.200 |
7404.960 |
7152.670 |
|
|
TOTAL EARNINGS |
8193.200 |
29776.980 |
27427.210 |
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
Raw Materials |
0.000 |
4595.010 |
3970.180 |
|
|
Components and Spares
parts |
0.000 |
35.810 |
12.500 |
|
|
Capital Goods |
0.000 |
153.190 |
396.100 |
|
|
TOTAL IMPORTS |
0.000 |
4784.010 |
4378.780 |
|
|
|
|
|
|
|
|
Earnings / (Loss) Per
Share (INR) |
16.81 |
12.60 |
8.26 |
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 |
|
|
|
|
|
|
Net cash flows from (used in) operations |
9200.800 |
5211.110 |
7620.740 |
|
|
|
|
|
|
Net cash flows from (used in) operating activities |
6386.780 |
2135.310 |
5960.120 |
KEY
RATIOS
EFFICIENCY RATIOS
|
PARTICULARS |
31.03.2016 |
31.03.2015 |
31.03.2014 |
|
Average Collection Days (Sundry Debtors / Income * 365 Days) |
59.37 |
70.07 |
60.39 |
|
|
|
|
|
|
Account Receivables Turnover (Income / Sundry Debtors) |
6.15 |
5.21 |
6.04 |
|
|
|
|
|
|
Average Payment Days (Sundry Creditors / Purchases * 365 Days) |
94.56 |
110.55 |
128.06 |
|
|
|
|
|
|
Inventory Turnover (Operating Income / Inventories) |
2.03 |
1.82 |
1.08 |
|
|
|
|
|
|
Asset Turnover (Operating Income / Net Fixed Assets) |
1.04 |
0.82 |
0.56 |
LEVERAGE RATIOS
|
PARTICULARS |
31.03.2016 |
31.03.2015 |
31.03.2014 |
|
Debt Ratio ((Borrowing + Current Liabilities) / Total Assets) |
0.44 |
0.39 |
0.47 |
|
|
|
|
|
|
Debt Equity Ratio (Total Liability / Networth) |
0.37 |
0.17 |
0.25 |
|
|
|
|
|
|
Current Liabilities to Networth (Current Liabilities / Net Worth) |
0.81 |
0.60 |
0.81 |
|
|
|
|
|
|
Fixed Assets to Networth (Net Fixed Assets / Networth) |
0.36 |
0.46 |
0.55 |
|
|
|
|
|
|
Interest Coverage Ratio (PBIT / Financial Charges) |
22.36 |
15.86 |
21.20 |
PROFITABILITY RATIOS
|
PARTICULARS |
|
31.03.2016 |
31.03.2015 |
31.03.2014 |
|
Net Profit Margin (PAT / Sales) * 100) |
% |
7.70 |
6.67 |
4.45 |
|
|
|
|
|
|
|
Return on Total Assets ((PAT / Total Assets) * 100) |
% |
9.69 |
9.44 |
6.63 |
|
|
|
|
|
|
|
Return on Investment (ROI) ((PAT / Networth) * 100) |
% |
20.06 |
18.40 |
14.93 |
SOLVENCY RATIOS
|
PARTICULARS |
31.03.2016 |
31.03.2015 |
31.03.2014 |
|
Current Ratio (Current Assets / Current Liabilities) |
1.57 |
1.73 |
1.61 |
|
|
|
|
|
|
Quick Ratio ((Current Assets – Inventories) / Current Liabilities) |
1.34 |
1.38 |
1.25 |
|
|
|
|
|
|
G-Score Ratio Financial (Networth / Total Assets) |
0.48 |
0.51 |
0.44 |
|
|
|
|
|
|
G-Score Ratio Debt (Debts / Equity Capital) |
3.11 |
1.14 |
1.40 |
|
|
|
|
|
|
G-Score Ratio Liquidity (Total Current Assets / Total Current Liabilities) |
1.57 |
1.73 |
1.61 |
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 |
2783.570 |
2783.570 |
2783.570 |
|
Reserves & Surplus |
13039.800 |
16197.930 |
20542.220 |
|
Net
worth |
15823.370 |
18981.500 |
23325.790 |
|
|
|
|
|
|
Long-term borrowings |
3900.980 |
3178.080 |
2120.160 |
|
Short term borrowings |
0.000 |
0.000 |
6550.000 |
|
Total
borrowings |
3900.980 |
3178.080 |
8670.160 |
|
Debt/Equity
ratio |
0.247 |
0.167 |
0.372 |
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 |
53126.480 |
52358.530 |
60790.440 |
|
|
|
(1.446) |
16.104 |
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 |
53126.480 |
52358.530 |
60790.440 |
|
Profit/ (Loss) |
2361.930 |
3493.160 |
4679.320 |
|
|
4.45% |
6.67% |
7.70% |
ABRIDGED
BALANCE SHEET (CONSOLIDATED)
|
SOURCES OF FUNDS |
|
31.03.2016 |
31.03.2015 |
|
I.
EQUITY
AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
|
2783.570 |
2783.570 |
|
(b) Reserves and Surplus |
|
20506.230 |
16027.920 |
|
(c) Money
received against share warrants |
|
0.000 |
0.000 |
|
|
|
|
|
|
(2) Share Application money pending
allotment |
|
0.000 |
0.000 |
|
Total Shareholders’
Funds (1) + (2) |
|
23289.800 |
18811.490 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
|
2697.160 |
3178.080 |
|
(b) Deferred tax liabilities (Net) |
|
0.000 |
0.000 |
|
(c) Other long-term
liabilities |
|
210.210 |
182.970 |
|
(d) long-term
provisions |
|
3751.150 |
3349.590 |
|
Total Non-current
Liabilities (3) |
|
6658.520 |
6710.640 |
|
|
|
|
|
|
(4)
Current Liabilities |
|
|
|
|
(a) Short-term
borrowings |
|
6840.000 |
0.000 |
|
(b) Trade payables |
|
8951.850 |
8785.200 |
|
(c) Other
current liabilities |
|
2232.130 |
1232.680 |
|
(d) Short-term
provisions |
|
1765.190 |
1439.800 |
|
Total Current
Liabilities (4) |
|
19789.170 |
11457.680 |
|
|
|
|
|
|
TOTAL |
|
49737.490 |
36979.810 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1)
Non-current assets |
|
|
|
|
(a) Fixed
Assets |
|
|
|
|
(i)
Tangible assets |
|
8187.930 |
8429.710 |
|
(ii)
Intangible Assets |
|
59.220 |
51.310 |
|
(iii) Tangible assets
capital work-in-progress |
|
243.500 |
252.390 |
|
(iv)
Intangible assets under development |
|
0.000 |
0.000 |
|
(b) Non-current Investments |
|
0.000 |
0.000 |
|
(c) Deferred tax assets (net) |
|
1113.050 |
922.000 |
|
(d)
Long-term loans and advances |
|
8150.430 |
5983.690 |
|
(e) Other Non-current
assets |
|
550.520 |
675.370 |
|
Total Non-Current
Assets |
|
18304.650 |
16314.470 |
|
|
|
|
|
|
(2)
Current assets |
|
|
|
|
(a)
Current investments |
|
0.000 |
0.000 |
|
(b)
Inventories |
|
4345.240 |
3931.440 |
|
(c) Trade
receivables |
|
9886.210 |
10026.610 |
|
(d) Cash and
bank balances |
|
12725.600 |
1844.830 |
|
(e)
Short-term loans and advances |
|
3614.990 |
4192.930 |
|
(f) Other
current assets |
|
860.800 |
669.530 |
|
Total
Current Assets |
|
31432.840 |
20665.340 |
|
|
|
|
|
|
TOTAL |
|
49737.490 |
36979.810 |
PROFIT
& LOSS ACCOUNT (CONSOLIDATED)
|
|
PARTICULARS |
|
31.03.2016 |
31.03.2015 |
|
|
SALES |
|
|
|
|
|
Total
Revenue from operations |
|
61313.920 |
52712.510 |
|
|
Other Income |
|
613.090 |
1203.720 |
|
|
TOTAL |
|
61927.010 |
53916.230 |
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
Cost of Materials
Consumed |
|
32011.720 |
26895.730 |
|
|
Purchases of
Stock-in-Trade |
|
2381.340 |
1993.120 |
|
|
Changes in inventories of
finished goods, work-in-progress and Stock-in-Trade |
|
(637.520) |
294.680 |
|
|
Employee benefit expense |
|
6047.330 |
5765.010 |
|
|
CSR expenditure |
|
51.980 |
4.310 |
|
|
Other expenses |
|
13116.930 |
11718.160 |
|
|
TOTAL |
|
52971.780 |
46671.010 |
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE INTEREST, TAX,
DEPRECIATION AND AMORTISATION |
|
8955.230 |
7245.220 |
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES |
|
414.810 |
450.790 |
|
|
|
|
|
|
|
|
PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION |
|
8540.420 |
6794.430 |
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION |
|
1154.680 |
1138.150 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS)
BEFORE TAX |
|
7385.740 |
5656.280 |
|
|
|
|
|
|
|
Less |
TAX |
|
2572.400 |
2073.020 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS) AFTER TAX FROM CONTINUING OPERATIONS |
|
4813.340 |
3583.260 |
|
|
|
|
|
|
|
Less |
DISCONTINUING
OPERATION |
|
0.000 |
150.500 |
|
|
|
|
|
|
|
|
TOTAL PROFIT (LOSS)
FOR PERIOD |
|
4813.340 |
3568.210 |
|
|
|
|
|
|
|
|
Earnings / (Loss) Per
Share (INR) |
|
17.29 |
12.87 |
LEGAL CASES
|
Bench:-Bombay |
|
Presentation Date:- 25/10/2017 |
|||||
|
Lodging
No.:- |
ITXAL/2641/2017 |
Filing
Date:- |
25/10/2017 |
||
|
Petitioner:- |
THE PR COMMISSIONER OF INCOME TAX 6 |
Respondent:- |
JOHN DEERE INDIA PRIVATE LIMITED |
|
Petn.Adv.:- |
SHAM V WALVE (I3200) |
|
District:- |
PUNE |
|
Bench:- |
DIVISION |
||
|
Status:- |
Pre-Admission |
Category:- |
TAX
APPEALS |
|
Last
Date:- |
01/11/2017 |
Stage:- |
|
Last
Coram:- |
REGISTRAR(OS)/PROTHONOTARY
& SR. MASTER |
|
Act
:- |
Income
Tax Act, 1961 |
Under
Section:- |
260A |
|
Bench:-Bombay |
|
||||||||||||||||||||||||
|
Presentation Date:- 02/05/2017 |
|
||||||||||||||||||||||||
|
|||||||||||||||||||||||||
|
Lodging No.:- |
ITXAL/953/2017 |
Filing Date:- |
02/05/2017 |
|
|||||||||||||||||||||
|
|||||||||||||||||||||||||
|
Petitioner:- |
THE PR COMMISSIONER OF INCOME TAX 6 |
Respondent:- |
JOHN DEERE INDIA PRIVATE LIMITED |
|
|||||||||||||||||||||
|
Petn.Adv.:- |
SHAM V WALVE (I3200) |
Resp.Adv.:- |
0 (0) |
|
|||||||||||||||||||||
|
District:- |
MUMBAI |
|
|||||||||||||||||||||||
|
Bench:- |
SINGLE |
|
|||||||||||||||||||||||
|
Status:- |
Pre-Admission |
Category:- |
TAX APPEALS |
|
|||||||||||||||||||||
|
Last Date:- |
27/07/2017 |
Stage:- |
FOR REJECTION [ORIGINAL SIDE MATTERS] |
|
|||||||||||||||||||||
|
Last Coram:- |
REGISTRAR(OS)/PROTHONOTARY & SR. MASTER |
|
|||||||||||||||||||||||
|
Act :- |
Income Tax Act, 1961 |
Under Section:- |
260A |
|
|||||||||||||||||||||
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 |
Litigations that the firm/promoter
involved in |
Yes |
|
32 |
Market information |
-- |
|
33 |
Payments terms |
No |
|
34 |
Negative Reporting by Auditors in the
Annual Report |
No |
CORPORATE INFORMATION
Subject the Company was incorporated on 12 December 1997. The Company is in business of manufacturing and marketing of Agricultural Equipment including tractors, harvesters and spares parts relating thereto. The Company also provides Information Technology (“IT”) and IT Enabled services in the field of engineering and support functions including IT application, engineering design, development and validation, value engineering, manufacturing design engineering services, embedded system and technical authoring.
The company has sold its irrigation operations during the year 2014-15 on a slump sale basis.
The Company is a subsidiary of Deere and Company, USA (which is the Ultimate Holding Company).
OPERATIONS
Total domestic tractor industry sale recorded 12.8% de-growth at 493,867 units against 566220 in the previous financial year. The company achieved total sales of 50562 numbers of tractors as compared to 45927 numbers of tractors sold during the previous year. In the domestic market, your company recorded 3.8% higher sale of 30222 units against 29124 units sold during the previous Financial Year. Domestic market share of the company was at 6.1% for the current Financial Year. In respect of Harvester business your Company recorded total sales of 193 numbers of grain harvester against 74 numbers of grain harvester sold during the previous year from its Sirhind Combine manufacturing facility. During the year the Company continued its progress in providing IT and IT enabled services. The business has created substantial value to the parent company and is also the Net Positive Foreign Exchange earner in the year. The India Engineering Centre (IEC) continued to provide Engineering Support.
UNSECURED LOAN
(INR
In Million)
|
Particulars |
As
on 31.03.2016 |
As
on 31.03.2015 |
|
LONG TERM
BORROWING |
|
|
|
Term loans from others |
2120.160 |
3178.080 |
|
SHORT TERM
BORROWING |
|
|
|
Term loans from banks |
6550.000 |
0.000 |
|
Total |
8670.160 |
3178.080 |
INDEX
OF CHARGES
|
SNO |
SRN |
CHARGE ID |
CHARGE HOLDER NAME |
DATE OF CREATION |
DATE OF
MODIFICATION |
DATE OF
SATISFACTION |
AMOUNT |
ADDRESS |
|
1 |
A91645754 |
90142609 |
INDUSTRIAL INVESTMENT BANK OF INDIA LIMITED |
15/11/1999 |
- |
20/07/2010 |
1250000000.0 |
19, NETAJI SUBHAS ROAD, KOLKATA – 700001, WEST BENGAL, INDIA |
|
2 |
A33183567 |
90142817 |
EXPORT-IMPORT BANK OF INDIA |
29/03/2000 |
31/01/2001 |
18/02/2008 |
500000000.0 |
CENTRE ONEWORLD TRADE CENTRE; CUFFE PARADE, MUMBAI-400005, Maharashtra, India |
|
3 |
A05531066 |
90147960 |
BNP PARIBAS |
19/06/2002 |
29/10/2004 |
04/10/2006 |
305000000.0 |
GODREJ MILLENNIUMBUND GARDEN ROAD, PUNE-411001, Maharashtra, India |
|
4 |
Y10242754 |
90142984 |
ICICI LIMITED |
11/08/2000 |
31/01/2001 |
29/03/2005 |
250000000.0 |
ICICI TOWERS, BANDRA-KURLA COMPLEX, BANDRA (EAST), MUMBAI-400051, Maharashtra, India |
|
5 |
Y10243084 |
90143314 |
ICICI LIMITED |
20/03/2001 |
- |
29/03/2005 |
400000000.0 |
ICICI TOWERS, BANDRA-KURLA COMPLEX, BANDRA (EAST), MUMBAI-400051, Maharashtra, India |
FIXED ASSETS
- Land
- Buildings
- Office building
- Plant and equipment
- Other plant and equipment
- Furniture and fixtures
- Vehicles
- Motor vehicles
- Office equipment
- Computer equipments
- Leasehold improvements
- Computer software
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts,
1] INFORMATION ON
DESIGNATED PARTY
No 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 63.67 |
|
|
1 |
INR 85.11 |
|
Euro |
1 |
INR 76.59 |
INFORMATION DETAILS
|
Information
Gathered by : |
PNM |
|
|
|
|
Analysis Done by
: |
VVK |
|
|
|
|
Report Prepared
by : |
MTN |
SCORE FACTORS
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
YES |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
NO |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
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.