|
|
|
MIRA INFORM REPORT
|
Report No. : |
485938 |
|
Report Date : |
13.01.2018 |
IDENTIFICATION DETAILS
|
Name : |
IAC INTERNATIONAL AUTOMOTIVE INDIA PRIVATE LIMITED |
|
|
|
|
Registered
Office : |
Gat No. 140, Village Mahalunge, Chakan Talegaon Road, Taluka Khed,
Chakan, Pune – 410501, Maharashtra |
|
Tel. No.: |
91-2235-616300 |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as
on) : |
31.03.2017 |
|
|
|
|
Date of
Incorporation : |
11.03.2008 |
|
|
|
|
Com. Reg. No.: |
11-131589 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
INR 968.743 Million |
|
|
|
|
CIN No.: [Company Identification
No.] |
U34300PN2008FTC131589 |
|
|
|
|
IEC No.: |
Not Available |
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|
|
|
GSTIN/UIN: |
Not Available |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
Not Available |
|
|
|
|
PAN No.: [Permanent Account No.] |
AABCI8434J |
|
|
|
|
Legal Form : |
Private Limited Liability Company |
|
|
|
|
Line of Business
: |
Subject is engaged in the design, development and manufacture of automotive interior systems for various automotive industry customers (Registered Activity) |
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|
|
|
No. of Employees
: |
Not Available |
RATING & COMMENTS
(Mira Inform has adopted New Rating mechanism w.e.f. 23rd
January 2017)
|
MIRA’s Rating : |
A |
|
Credit Rating |
Explanation |
Rating Comments |
|
A |
Acceptable Risk |
Business dealings permissible with
moderate risk of default |
|
Maximum Credit Limit : |
USD 3500000 |
|
|
|
|
Status : |
Satisfactory |
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|
|
|
Payment Behaviour : |
Usually correct |
|
|
|
|
Litigation : |
Clear |
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|
|
|
Comments : |
Subject is a wholly owned subsidiary of “IACNA Mauritius Limited”, Mauritius. The company was incorporated in the year 2008. For the financial year 2017, the revenue of the company has increase by 3.61% along with average profile margin of 5.86%. The moderate financial profile of the company is marked by low reserve base as compared to its capital along with negligible debt level. However, rating takes into consideration strong financial and managerial support that the company receives from its holding entity backed by its well experienced management team. Payments are reported to be usually correct. In view of 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 |
CRISIL |
|
Rating |
Long term : BBB+ |
|
Rating Explanation |
Moderate degree of safety and moderate
credit risk. |
|
Date |
22.11.2017 |
|
Rating Agency Name |
CRISIL |
|
Rating |
Short term : A2 |
|
Rating Explanation |
Strong degree of safety and low credit risk.
|
|
Date |
22.11.2017 |
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 13.01.2018
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.
LOCATIONS
|
Registered Office : |
Gat No. 140, Village Mahalunge, Chakan Talegaon Road, Taluka Khed,
Chakan, Pune – 410501, Maharashtra, India |
|
Tel. No.: |
91-2235-616300 |
|
Mobile No.: |
91-8527075557 (Mr. Dilip Patil) |
|
Fax No.: |
Not Available |
|
E-Mail : |
|
|
Website : |
|
|
|
|
|
Corporate Office: |
Amar Business Park, 1st Floor, Survey No. 105/3, Plot No. 1. Baner-Mahalunge
Road, Baner, Pune, Maharashtra, India |
|
|
|
|
Factory 1 : |
Plot No. 18, Sector 7, IMT Manesar, Gurugram, India |
|
|
|
|
Factory 2 : |
MIDC, Chakan, Pune, Maharashtra, India |
DIRECTORS
AS ON 31.03.2017
|
Name : |
Mr. Gajanan Vithal Gandhe |
|
Designation : |
Wholetime Director |
|
Address : |
703/704, Wellington Co-Operative Housing Society, Hiranandani Estates, Ghodbunder Road, Thane (West), Thane-400607, Maharashtra, India |
|
Date of Birth/Age : |
01.03.1964 |
|
Date of Appointment : |
31.03.2008 |
|
DIN No.: |
02023395 |
|
|
|
|
Name : |
Mr. Dennis Edmond Richardville |
|
Designation : |
Director |
|
Address : |
41518, Waterfall Road, Northville MI 48168 |
|
Date of Birth/Age : |
19.06.1954 |
|
Date of Appointment : |
11.04.2012 |
|
DIN No.: |
05273506 |
|
|
|
|
Name : |
Ms. Janis Nikkoline Acosta |
|
Designation : |
Additional Director |
|
Address : |
7676, Windgate Circle, West Bloomfield, MI 48323 |
|
Date of Birth/Age : |
26.09.1969 |
|
Date of Appointment : |
31.03.2008 |
|
DIN No.: |
02112586 |
|
|
|
|
Name : |
Terrence Gerard Gohl |
|
Designation : |
Director |
|
Address : |
44104, Verona LN Northville Michigan 481688810 United
States |
|
Date of Appointment : |
22.08.2017 |
|
DIN No.: |
07915630 |
KEY EXECUTIVES
|
Name : |
Mr. Parag Dilip Derekar |
|
Designation : |
Company Secretary |
|
Address : |
15/96, Hudco Colony, Ganesh Chowk, Savedi Road, Ahmednagar
– 414003, Maharashtra, India |
|
Date of Birth/Age : |
19.02.1981 |
|
Date of Appointment : |
07.11.2016 |
|
PAN No.: |
ANMPD4656Q |
MAJOR SHAREHOLDERS
AS ON 31.03.2017
|
Names of Shareholders (Equity Shares) |
|
No. of Shares |
|
IACNA Mauritius Limited, Mauritius |
|
46874348 |
|
IAC US Holdings Inc., United States of America (Holding as nominee of
IACNA Mauritius Limited) |
|
1 |
|
Total |
|
46874349 |
|
Names of Shareholders (Preference Shares) |
|
No. of Shares |
|
IACNA Mauritius Limited, Mauritius |
|
50000000 |
|
Total |
|
50000000 |
Equity Share Break up (Percentage of Total Equity)
AS ON 25.09.2017
|
Category |
Percentage |
|
Promoters (Body corporate) |
100.00 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Subject is engaged in the design, development and manufacture of automotive interior systems for various automotive industry customers (Registered Activity) |
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Products / Services
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Brand Names : |
Not Available |
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Agencies Held : |
Not Available |
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Exports : |
Not Available |
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Imports : |
Not Available |
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Terms : |
Not Available |
PRODUCTION STATUS – (NOT AVAILABLE)
GENERAL INFORMATION
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Suppliers : |
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Customers : |
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No. of Employees : |
Not Available |
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Bankers : |
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Facilities : |
(INR
In Million)
|
|
Auditors : |
|
|
Name : |
B S R and Associates LLP Chartered Accountants |
|
Address : |
703, 7th Floor, Godrej Castlemaine, Next To Ruby Hall Clinic, Bund Garden Road, Pune, Maharashtra, India |
|
Income-tax
PAN of auditor or auditor's firm : |
AADFB6889R |
|
|
|
|
Memberships : |
Not Available |
|
|
|
|
Collaborators : |
Not Available |
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|
|
|
Holding company: |
|
|
|
|
|
Ultimate holding
company: |
|
|
|
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|
Fellow
subsidiaries: |
|
CAPITAL STRUCTURE
AS ON 31.03.2017
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
50000000 |
Equity Shares |
INR 10/- each |
INR 500.000 Million |
|
50000000 |
Preference Shares |
INR 10/- each |
INR 500.000 Million |
|
|
Total |
|
INR 1000.000
Million |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
46874349 |
Equity Shares |
INR 10/- each |
INR 468.743 Million |
|
11532174 |
16.75% compulsorily convertible non-cumulative preference shares ('CCPS') |
INR 10/- each |
INR 115.322 Million |
|
10367827 |
14.75% compulsorily convertible non-cumulative preference shares ('CCPS') |
INR 10/- each |
INR 103.678 Million |
|
17335500 |
16.00% compulsorily convertible non-cumulative preference shares ('CCPS') |
INR 10/- each |
INR 173.355 Million |
|
10764499 |
17.75% compulsorily convertible non-cumulative preference shares ('CCPS') |
INR 10/- each |
INR 107.645 Million |
|
|
|
|
|
|
|
Total |
|
INR 968.743
Million |
FINANCIAL DATA
[all figures are
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 |
968.743 |
968.743 |
968.743 |
|
(b) Reserves and Surplus |
259.073 |
88.059 |
(11.169) |
|
(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) |
1227.816 |
1056.802 |
957.574 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
262.400 |
488.021 |
538.989 |
|
(b) Deferred tax liabilities (Net) |
19.919 |
15.026 |
0.000 |
|
(c) Other long-term
liabilities |
53.375 |
60.698 |
43.024 |
|
(d) long-term
provisions |
15.535 |
17.467 |
18.639 |
|
Total Non-current
Liabilities (3) |
351.229 |
581.212 |
600.652 |
|
|
|
|
|
|
(4)
Current Liabilities |
|
|
|
|
(a) Short-term
borrowings |
0.000 |
1.630 |
0.000 |
|
(b) Trade
payables |
387.652 |
427.025 |
390.398 |
|
(c) Other current
liabilities |
1010.460 |
360.096 |
781.977 |
|
(d) Short-term
provisions |
22.878 |
8.853 |
6.395 |
|
Total Current
Liabilities (4) |
1420.990 |
797.604 |
1178.770 |
|
|
|
|
|
|
TOTAL |
3000.035 |
2435.618 |
2736.996 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1)
Non-current assets |
|
|
|
|
(a) Fixed
Assets |
|
|
|
|
(i)
Tangible assets |
852.682 |
898.963 |
814.136 |
|
(ii)
Intangible Assets |
0.749 |
2.691 |
4.495 |
|
(iii) Tangible assets
capital work-in-progress |
5.152 |
4.740 |
29.144 |
|
(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 |
3.424 |
|
(d)
Long-term loans and advances |
75.773 |
67.539 |
98.407 |
|
(e) Other Non-current
assets |
1.262 |
1.328 |
1.458 |
|
Total Non-Current
Assets |
935.618 |
975.261 |
951.064 |
|
|
|
|
|
|
(2)
Current assets |
|
|
|
|
(a)
Current investments |
0.000 |
0.000 |
0.000 |
|
(b)
Inventories |
167.158 |
191.223 |
156.898 |
|
(c) Trade
receivables |
684.573 |
740.923 |
553.696 |
|
(d) Cash and
bank balances |
461.961 |
228.811 |
306.997 |
|
(e)
Short-term loans and advances |
383.335 |
215.834 |
375.854 |
|
(f) Other
current assets |
367.390 |
83.566 |
392.487 |
|
Total Current
Assets |
2064.417 |
1460.357 |
1785.932 |
|
|
|
|
|
|
TOTAL |
3000.035 |
2435.618 |
2736.996 |
PROFIT
& LOSS ACCOUNT
|
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
|
SALES |
|
|
|
|
|
Income |
2917.251 |
2815.639 |
2489.091 |
|
|
Other Income |
33.199 |
18.178 |
6.999 |
|
|
TOTAL |
2950.450 |
2833.817 |
2496.090 |
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
Cost of Materials
Consumed |
1515.498 |
1665.523 |
1204.647 |
|
|
Changes in inventories of
finished goods, work-in-progress and Stock-in-Trade |
(15.382) |
(8.539) |
(8.099) |
|
|
Employee benefit expense |
316.050 |
279.551 |
254.591 |
|
|
CSR expenditure |
0.041 |
0.689 |
0.000 |
|
|
Other expenses |
744.239 |
563.458 |
796.750 |
|
|
TOTAL |
2560.446 |
2500.682 |
2247.889 |
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE INTEREST, TAX,
DEPRECIATION AND AMORTISATION |
390.004 |
333.135 |
248.201 |
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES |
37.700 |
76.127 |
73.004 |
|
|
|
|
|
|
|
|
PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION |
352.304 |
257.008 |
175.197 |
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION |
93.348 |
91.802 |
69.650 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS)
BEFORE TAX |
258.956 |
165.206 |
105.547 |
|
|
|
|
|
|
|
Less |
TAX |
87.942 |
65.978 |
(15.479) |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS)
AFTER TAX |
171.014 |
99.228 |
121.026 |
|
|
|
|
|
|
|
|
EARNINGS IN FOREIGN
CURRENCY |
|
|
|
|
|
Offshore Engineering Services |
46.738 |
118.662 |
143.621 |
|
|
TOTAL EARNINGS |
|
118.662 |
143.621 |
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
Raw Materials |
201.743 |
180.923 |
185.622 |
|
|
Components and spare
parts |
1.107 |
2.381 |
0.246 |
|
|
Capital Goods |
7.004 |
29.972 |
91.926 |
|
|
TOTAL IMPORTS |
209.854 |
213.276 |
277.794 |
|
|
|
|
|
|
|
|
Earnings / (Loss) Per
Share (INR) |
|
|
|
|
|
Basic |
3.65 |
2.12 |
3.68 |
|
|
Diluted |
1.77 |
1.02 |
1.46 |
CURRENT MATURITIES
OF LONG TERM DEBT DETAILS
|
Particulars |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Current Maturities of Long term debt |
225.106 |
78.714 |
60.925 |
|
|
|
|
|
|
Cash generated from operations |
NA |
NA |
NA |
|
|
|
|
|
|
Net cash flows from (used in) operations |
432.256 |
187.615 |
197.239 |
|
|
|
|
|
|
Net cash flows from (used in) operating activities |
388.521 |
136.778 |
192.076 |
KEY
RATIOS
EFFICIENCY RATIOS
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Average Collection Days (Sundry
Debtors / Income * 365 Days) |
85.65 |
96.05 |
81.19 |
|
|
|
|
|
|
Account Receivables Turnover (Income / Sundry Debtors) |
4.26 |
3.80 |
4.50 |
|
|
|
|
|
|
Average Payment Days (Sundry Creditors / Purchases * 365 Days) |
93.36 |
93.58 |
118.29 |
|
|
|
|
|
|
Inventory Turnover (Operating Income / Inventories) |
2.33 |
1.74 |
1.58 |
|
|
|
|
|
|
Asset Turnover (Operating Income / Net Fixed Assets) |
0.45 |
0.37 |
0.29 |
LEVERAGE RATIOS
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Debt Ratio ((Borrowing
+ Current Liabilities) / Total Assets) |
0.64 |
0.56 |
0.65 |
|
|
|
|
|
|
Debt Equity Ratio (Total Liability / Networth) |
0.40 |
0.54 |
0.63 |
|
|
|
|
|
|
Current Liabilities to Networth (Current Liabilities / Net Worth) |
1.16 |
0.75 |
1.23 |
|
|
|
|
|
|
Fixed Assets to Networth (Net Fixed Assets / Networth) |
0.70 |
0.86 |
0.89 |
|
|
|
|
|
|
Interest Coverage Ratio (PBIT / Financial Charges) |
10.34 |
4.38 |
3.40 |
PROFITABILITY RATIOS
|
PARTICULARS |
|
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Net Profit Margin ((PAT / Sales) * 100) |
% |
5.86 |
3.52 |
4.86 |
|
|
|
|
|
|
|
Return on Total Assets ((PAT / Total Assets) * 100) |
% |
5.70 |
4.07 |
4.42 |
|
|
|
|
|
|
|
Return on Investment (ROI) ((PAT / Networth) * 100) |
% |
13.93 |
9.39 |
12.64 |
SOLVENCY RATIOS
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Current Ratio (Current
Assets / Current Liabilities) |
1.45 |
1.83 |
1.52 |
|
|
|
|
|
|
Quick Ratio ((Current Assets – Inventories) / Current
Liabilities) |
1.34 |
1.59 |
1.38 |
|
|
|
|
|
|
G-Score Ratio Financial (Networth / Total Assets) |
0.41 |
0.43 |
0.35 |
|
|
|
|
|
|
G-Score Ratio Debt (Debts / Equity Capital) |
0.50 |
0.59 |
0.62 |
|
|
|
|
|
|
G-Score Ratio Liquidity (Total Current Assets / Total Current Liabilities) |
1.45 |
1.83 |
1.52 |
Total
Liability = Short-term Debt + Long-term Debt + Current Maturities of Long-term
debts
FINANCIAL ANALYSIS
[all figures are
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 |
968.743 |
968.743 |
968.743 |
|
Reserves & Surplus |
(11.169) |
88.059 |
259.073 |
|
Money received against share
warrants |
0.000 |
0.000 |
0.000 |
|
Share Application money
pending allotment |
0.000 |
0.000 |
0.000 |
|
Net
worth |
957.574 |
1056.802 |
1227.816 |
|
|
|
|
|
|
Long-term borrowings |
538.989 |
488.021 |
262.400 |
|
Short term borrowings |
0.000 |
1.630 |
0.000 |
|
Current maturities of
long-term debts |
60.925 |
78.714 |
225.106 |
|
Total
borrowings |
599.914 |
568.365 |
487.506 |
|
Debt/Equity
ratio |
0.626 |
0.538 |
0.397 |
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 |
2489.091 |
2815.639 |
2917.251 |
|
|
|
13.119 |
3.609 |
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 |
2489.091 |
2815.639 |
2917.251 |
|
Profit/ (Loss) |
121.026 |
99.228 |
171.014 |
|
|
4.86
% |
3.52
% |
5.86
% |
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 |
NOTE: Registered office of the company has been shifted from “Plot No.3, Rajiv Gandhi, Infotech Park, Phase 1, Hinjewadi, Pune - 411057, Maharashtra, India” to the present address w.e.f. 10.01.2014
BACKGROUND (AS ON
31.03.2016)
The Company was incorporated in India as a private limited company on 11 March 2008. The entire share capital of IAC India is held by IACNA Mauritius Limited, Mauritius (formerly known as International Vehicle Components Mauritius Limited), together with its nominee, IAC U.S. Holdings, Inc., USA. The ultimate holding company is International Automotive Components Group North America LLC, USA.
The Company is engaged in the design, development and manufacture of automotive interior systems for various automotive industry customers and has one corporate office, four manufacturing facilities and an engineering centre. The Company also develops tooling on behalf of its customers.
STATE OF COMPANY’S
AFFAIRS AND FUTURE OUTLOOK
This year was the Ninth (9th) year of operation of the Company. During the Financial Year, the Company posted net profit of INR 171.140 Million compared to net profit of INR 99.202 Million previous year.
FUTURE BUSINESS
PROSPECTS
IAC India was incorporated in the year 2008 and since the last year, IAC has established itself as one of the major OEMs (“Original Equipment Manufacturers”) in India from passenger car segment to commercial segment having a diversified portfolio in both hard and soft trims.
IAC has been awarded most IP programs from Mahindra and Mahindra (M&M) since 2009 and have increased significant business with Volkswagen, Maruti Suzuki, Volvo Eicher Commercial Vehicles and Fiat Chrysler Automobiles. IAC is in discussion in the Chennai region for new business with OEMs such as Isuzu and Renault Nissan; new awards from these customers will open doors for IAC in south India region.
IAC is working aggressively with major OEMs like Maruti Suzuki, Fiat and M&M to strengthen IAC India’s foot hold in all upcoming programs in the current portfolio and will also be introducing new technologies to cater to the growing market. IAC India is well poised to grow with all major OEM hubs in India.
UNSECURED LOANS:
(INR
In Million)
|
Particulars |
As
on 31.03.2017 |
As
on 31.03.2016 |
|
LONG TERM
BORROWING |
|
|
|
Other external commercial borrowings |
262.400 |
461.815 |
|
Total |
262.400 |
461.815 |
INDEX OF CHARGE:
|
SNO |
SRN |
CHARGE ID |
CHARGE HOLDER NAME |
DATE OF CREATION |
DATE OF MODIFICATION |
DATE OF SATISFACTION |
AMOUNT |
ADDRESS |
|
1 |
G02295376 |
10242323 |
STATE BANK OF
INDIA |
25/09/2010 |
07/04/2016 |
- |
619200000.0 |
INDUSTRIAL FINANCE
BRANCH, TARA CHAMBERSNEAR MARIAAI POLICE CHOWKI, WAKDEWADIPUNEMH411003IN |
|
2 |
G42858282 |
10280791 |
MAHINDRA VEHICLE
MANUFACTURERS LIMITED |
31/03/2011 |
- |
10/04/2017 |
60000000.0 |
MAHINDRA TOWERS,
P. K. KURNE CHOWKWORLIMUMBAIMH400018IN |
FIXED ASSETS:
Tangible assets
- Land
- Buildings
- Plant and equipment
- Vehicles
- Computer equipments
- Office equipment
- Leasehold improvements
Intangible assets
- 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 63.53 |
|
|
1 |
INR 86.05 |
|
Euro |
1 |
INR 76.53 |
INFORMATION DETAILS
|
Analysis Done by
: |
VAR |
|
|
|
|
Report Prepared
by : |
KVT |
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.