|
|
|
MIRA INFORM REPORT
|
Report No. : |
487235 |
|
Report Date : |
22.01.2018 |
IDENTIFICATION DETAILS
|
Name : |
SAKTHI AUTO COMPONENT LIMITED |
|
|
|
|
Registered
Office : |
180, Race Course Road, Coimbatore – 641018, Tamilnadu |
|
Tel. No.: |
91-422-2221551/ 4322222 |
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|
|
|
Country : |
India |
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|
|
|
Financials (as
on) : |
31.03.2017 |
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|
|
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Date of
Incorporation : |
19.02.1999 |
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|
|
|
Com. Reg. No.: |
18-008751 |
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|
|
|
Capital
Investment / Paid-up Capital : |
INR 2463.100 Million |
|
|
|
|
CIN No.: [Company Identification
No.] |
U29199TZ1999PLC008751 |
|
|
|
|
IEC No.: |
Not Divulged |
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|
|
|
GSTIN: |
Not Divulged |
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|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
Not Available |
|
|
|
|
PAN No.: [Permanent Account No.] |
AAECS6536J |
|
|
|
|
Legal Form : |
A Closely Held Public Limited Liability Company |
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|
|
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Line of Business
: |
Manufacture and Dealer in Castings, Brake Drums, Knuckles, Calipers and other components for automobiles and various applications relating to automobiles. (Registered Activity) |
|
|
|
|
No. of Employees
: |
Not Divulged |
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 20000000 |
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|
|
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
Usually correct |
|
|
|
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Litigation : |
Clear |
|
|
|
|
Comments : |
Subject acts as a subsidiary of “Castle Aluminium (Mauritius Limited),
Mauritius incorporated in the year 1999 having satisfactory track record. As per the available financials of March 2017, the company has
reported marginal decline in its revenue as compared to its previous year and
the profit margin has also been declined during the year. However, the company possesses satisfactory financial risk profile
marked by comfortable net worth base and strong debt protection metrics. Rating continue to derive strengths from its long and establishment
track record of its business operation backed
by its well experienced promoters and management team along with
strong financial support from its holding entity. 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 |
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 22.01.2018
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
|
Name : |
Mr. Ankit |
|
Designation : |
Sales Department |
|
Contact No.: |
91-422-4322222 |
|
Date : |
20.01.2018 |
LOCATIONS
|
Registered Office : |
180, Race Course Road, Coimbatore – 641018, Tamilnadu |
|
Tel. No.: |
91-422-2221551/ 4322222 |
|
Fax No.: |
91-422-2220574/ 4322488 |
|
E-Mail : |
|
|
Website : |
|
|
|
|
|
Factory : |
Mukasi Pallagoundampalayam, Uthukuli T.K., Tiruppur District - 638 056, Tamilnadu, India |
|
Tel. No.: |
91-4294-243401 – 4/ 237777 |
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Fax No.: |
91-4294 - 242268 |
|
E-Mail : |
DIRECTORS
As on 31.03.2017
|
Name : |
Mr. Mahalingam Manickam |
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Designation : |
Managing Director |
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Address : |
25, Rukmani Nagar, Ramanathapuram, Coimbatore-641045, Tamilnadu, India |
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Date of Birth/Age : |
24.03.1956 |
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Qualification : |
M.Sc., MBA |
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Date of Appointment : |
19.02.1999 |
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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PAN No.: |
ACWPM5801F |
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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DIN No: |
00102233 |
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Other Directorship:
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||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Name : |
Mr. Rangamani |
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|
Designation : |
Director |
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Address : |
1A, Rainbow Arihant, 11, Srinivasan Street, Mandaveli, Chennai-600028, Tamilnadu, India |
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Date of Birth/Age : |
01.11.1941 |
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Qualification : |
B.Sc., B.G.L., FIII |
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Date of Appointment : |
05.12.2005 |
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PAN No.: |
AADPR2304R |
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DIN No: |
00090786 |
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Other Directorship:
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|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Name : |
Mr. Srinivaasan Mahalingam |
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|
Designation : |
Director |
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Address : |
Swagatham, 742, Binnamangala Main Road, Indira Nagar, Bangalore-560038, Karnataka, India |
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Date of Birth/Age : |
02.09.1966 |
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Qualification : |
B.E.,MBA |
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Date of Appointment : |
19.01.2001 |
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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PAN No.: |
AIJPS2699J |
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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DIN No: |
00102387 |
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Other Directorship:
|
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|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Name : |
Mr. Balasubramaniam Mahalingam |
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Designation : |
Director |
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Address : |
Site No 27 and 28, Rukmani Nagar, Ramanathapuram, Coimbatore-641045, Tamilnadu, India |
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Date of Birth/Age : |
06.05.1958 |
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Qualification : |
M.Com., MBA |
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Date of Appointment : |
19.02.1999 |
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PAN No.: |
ABEPB2022Q |
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DIN No: |
00377053 |
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Other Directorship:
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Name : |
Mr. Shanmugasundaram Chandrasekhar |
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Designation : |
Director |
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|
Address : |
New No. 226, Old No 164, Tea Estates, Compound Race Course, Coimbatore-641018, Tamilnadu, India |
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Date of Birth/Age : |
03.12.1966 |
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|
Qualification : |
B.B.M., M.B.A |
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|
Date of Appointment : |
01.12.1999 |
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PAN No.: |
ACGPC8382D |
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DIN No: |
00011901 |
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Other Directorship:
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||||||||||||||||||||||||||||||||||||||||||||||||
|
Name : |
Mr. Manickam Hari Hara Sudhan |
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Designation : |
Director |
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Address : |
25, Rukmani Nagar, Trichy Road, R.N. Puram, Coimbatore-641045, Tamilnadu, India |
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Date of Birth/Age : |
06.05.1984 |
||||||||||||||||||||||||||||||||||||||||||||||||
|
Qualification : |
B.E MS |
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|
Date of Appointment : |
30.032015 |
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PAN No.: |
AUIPS0799N |
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DIN No: |
02459814 |
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Other Directorship:
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||||||||||||||||||||||||||||||||||||||||||||||||
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Name : |
Mrs. Manickam Radha Akilandeshwari |
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Designation : |
Director |
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Address : |
No 25, Rukmani Nagar, Trichy Road, Ramanathapuram, Coimbatore-641045, Tamilnadu, India |
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Date of Birth/Age : |
10.04.1991 |
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|
Qualification : |
B. Sc, M. Sc. |
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Date of Appointment : |
30.03.2015 |
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PAN No.: |
BHKPM1417P |
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DIN No: |
07124139 |
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Other Directorship:
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|
Name : |
Yeap Swee Chuan |
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|
Designation : |
Additional Director |
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Address : |
53/259, Village No.1, Ban Klang, Mueang Pathum Thani Pathum Thani 12000 Thailand |
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Date of Appointment : |
10.11.2017 |
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DIN No: |
07892480 |
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Other
Directorship:
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KEY EXECUTIVES
|
Name : |
P.S. Senthil Kumaravel Pandian |
|
Designation : |
Company Secretary in practice |
|
Address : |
849/2, Mettupalayam Road, 2nd Floor, Poomarket, Coimbatore –
641002, Tamilnadu, India |
|
Tel. No: |
91-422-4220973/ 2470973 |
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Mob. No: |
91-9750989898 |
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Email: |
|
|
PAN No.: |
DHMPS7860E |
|
|
|
|
Name : |
Mrs. Kavitha S |
|
Designation : |
Company Secretary |
|
Address : |
No.64-A, Mariyamman Kovil Street, N. S. N. Palayam, Coimbatore-641031, Tamilnadu, India |
|
Date of Birth/Age : |
26.05.1961 |
|
Qualification : |
M.Com,M.Phil,ACS |
|
Date of Appointment : |
15.06.2011 |
|
PAN No.: |
CALPK1736L |
|
|
|
|
Name : |
Mr. Hanumantharao Kannan |
|
Designation : |
Chief Finance Officer |
|
Address : |
14/28C-Balaji Garden Extension, Subramaniam Palayam, G. N. Mills Post, Coimbatore-641029, Tamilnadu, India |
|
Date of Birth/Age : |
12.05.1964 |
|
Qualification : |
B.Com CA (Inter) CS (Inter) |
|
Date of Appointment : |
27.09.2014 |
|
PAN No.: |
AGBPK2414K |
|
|
|
|
Name : |
Mr. Ankit |
|
Designation : |
Sales Department |
MAJOR SHAREHOLDERS
As on 31.03.2017
|
Names of Shareholders |
|
No. of Shares |
|
Directors |
|
|
|
Dr. M. Manickam |
|
101 |
|
M. Balasubramaniam |
|
101 |
|
S. Chandrasekhar |
|
101 |
|
Total |
|
303 |
|
|
|
|
|
Others |
|
|
|
Dr. N. Mahalingam |
|
101 |
|
T. Rajkumar |
|
101 |
|
P. Srinivasan |
|
101 |
|
Sakthi Sugars Limited, India |
|
63859394 |
|
Castle Aluminium (Mauritius) Limited, Mauritius |
|
172310240 |
|
ABT Investments (India) Private Limited, India |
|
7757080 |
|
ABT Limited, India |
|
2382680 |
|
Total Others |
|
246309697 |
|
|
|
|
|
TOTAL |
|
246310000 |
*Held on behalf of Sakthi Sugars Limited
(Total holding of SSl – 63860000 equity shares)
LIST OF ALLOTTEE
As on 20.06.2017
|
Names of Allottee |
|
No. of Shares |
|
Sakthi Global Auto Holdings Limited, India |
|
35428185 |
|
Total |
|
35428185 |
Equity Share Break up (Percentage of Total Equity)
As on: 30.09.2017
|
Category |
Percentage |
|
Promoters (Body corporate) |
25.93 |
|
Public/Other than promoters (Body corporate) |
74.07 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business
: |
Manufacture and Dealer in Castings, Brake Drums, Knuckles, Calipers and other components for automobiles and various applications relating to automobiles. (Registered Activity) |
||||
|
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|
||||
|
Products / Services
: |
|
||||
|
|
|
||||
|
Brand Names : |
Not Available |
||||
|
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|
||||
|
Agencies Held : |
Not Available |
||||
|
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|
||||
|
Exports : |
Not Divulged |
||||
|
|
|
||||
|
Imports : |
Not Divulged |
||||
|
|
|
||||
|
Terms : |
Not Divulged |
PRODUCTION STATUS – (NOT AVAILABLE)
GENERAL INFORMATION
|
Suppliers : |
|
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|
|||||||||||||||||||||||||||
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Customers : |
|
|||||||||||||||||||||||||||
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|
|||||||||||||||||||||||||||
|
No. of Employees : |
Not Divulged |
|||||||||||||||||||||||||||
|
|
|
|||||||||||||||||||||||||||
|
Bankers : |
· Central Bank of India, Peelamedu Branch, Avinashi Roadpsg Tech Campus, Peelamedu, Coimbatore-641004, Tamilnadu, India |
|||||||||||||||||||||||||||
|
|
|
|||||||||||||||||||||||||||
|
Facilities : |
|
|
Financial Institutions: |
· Mahindra and Mahindra Financial Services Limited, Gateway Building, Apollo Bunder, Mumbai-400001, Maharashtra, India ·
Asset Reconstruction Company (India) Limited,
The Ruby, 10th Floor, 29, Senapati Bapat Marg, Dadar (West), Mumbai-400028,
Maharashtra, India |
|
|
|
|
Auditors : |
|
|
Name : |
P. N. Raghavendra Rao and Company Chartered Accountants |
|
Address : |
23/2 Viswa Paradise Apartment, II Floor, Ramnagar, Coimbatore-641009, Tamilnadu, India |
|
Income-tax
PAN of auditor or auditor's firm : |
AABFP6432E |
|
|
|
|
Memberships : |
Not Available |
|
|
|
|
Collaborators : |
Not Available |
|
|
|
|
Associates: |
|
|
|
|
|
Subsidiary: |
|
|
|
|
|
Enterprises which are
owned, or have significant influence of or are partners with Key management
personnel and their relatives |
|
CAPITAL STRUCTURE
After: 30.09.2017
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
324000000 |
Equity Shares |
INR 10/- each |
INR 3240.000 Million |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
281738185 |
Equity Shares |
INR 10/- each |
INR 2817.382 Million |
|
|
|
|
|
As on: 31.03.2017
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
324000000 |
Equity Shares |
INR 10/- each |
INR 3240.000 Million |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
246310000 |
Equity Shares |
INR 10/- each |
INR 2463.100 Million |
|
|
|
|
|
FINANCIAL DATA
[all figures are
in INR Million]
ABRIDGED
BALANCE SHEET (STANDALONE)
|
SOURCES OF FUNDS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
I.
EQUITY
AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
2463.100 |
2463.100 |
2463.100 |
|
(b) Reserves and Surplus |
4698.237 |
4531.796 |
4211.938 |
|
(c) Money
received against share warrants |
0.000 |
0.000 |
0.000 |
|
(d) Minority interest |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
(2) Share Application money pending
allotment |
0.000 |
0.000 |
0.000 |
|
Total Shareholders’
Funds (1) + (2) |
7161.337 |
6994.896 |
6675.038 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
1837.528 |
1449.924 |
2499.274 |
|
(b) Deferred tax liabilities (Net) |
337.491 |
374.046 |
306.433 |
|
(c) Other long-term
liabilities |
0.000 |
0.000 |
0.000 |
|
(d) long-term
provisions |
61.054 |
53.399 |
48.228 |
|
Total Non-current
Liabilities (3) |
2236.073 |
1877.369 |
2853.935 |
|
|
|
|
|
|
(4)
Current Liabilities |
|
|
|
|
(a) Short-term borrowings |
1463.527 |
2313.718 |
1819.136 |
|
(b) Trade
payables |
671.221 |
683.753 |
440.104 |
|
(c) Other
current liabilities |
519.934 |
547.940 |
723.822 |
|
(d) Short-term
provisions |
215.760 |
255.948 |
152.374 |
|
Total Current
Liabilities (4) |
2870.442 |
3801.359 |
3135.436 |
|
|
|
|
|
|
TOTAL |
12267.852 |
12673.624 |
12664.409 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1)
Non-current assets |
|
|
|
|
(a) Fixed
Assets |
|
|
|
|
(i)
Tangible assets |
5770.480 |
5878.918 |
5821.705 |
|
(ii) Intangible
Assets |
127.561 |
158.237 |
194.784 |
|
(iii) Tangible assets
capital work-in-progress |
4.915 |
3.516 |
0.000 |
|
(iv)
Intangible assets under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current Investments |
3581.850 |
3559.889 |
3559.839 |
|
(c) Deferred tax assets (net) |
0.000 |
0.000 |
0.000 |
|
(d)
Long-term loans and advances |
337.813 |
429.087 |
462.842 |
|
(e) Other
Non-current assets |
187.839 |
52.371 |
54.371 |
|
Total Non-Current
Assets |
10010.458 |
10082.018 |
10093.541 |
|
|
|
|
|
|
(2)
Current assets |
|
|
|
|
(a)
Current investments |
0.000 |
0.000 |
0.000 |
|
(b)
Inventories |
628.852 |
834.289 |
900.947 |
|
(c) Trade
receivables |
1318.610 |
1471.009 |
1312.598 |
|
(d) Cash and
bank balances |
141.109 |
140.155 |
169.627 |
|
(e)
Short-term loans and advances |
149.470 |
133.121 |
163.033 |
|
(f) Other
current assets |
19.353 |
13.032 |
24.663 |
|
Total
Current Assets |
2257.394 |
2591.606 |
2570.868 |
|
|
|
|
|
|
TOTAL |
12267.852 |
12673.624 |
12664.409 |
PROFIT
& LOSS ACCOUNT (STANDALONE)
|
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
|
SALES |
|
|
|
|
|
Total
Revenue from operations |
6637.618 |
6828.496 |
6407.440 |
|
|
Other Income |
83.513 |
22.389 |
23.329 |
|
|
TOTAL |
6721.131 |
6850.885 |
6430.769 |
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
Cost of Materials
Consumed |
1246.073 |
1336.611 |
1661.353 |
|
|
Changes in inventories of
finished goods, work-in-progress and Stock-in-Trade |
205.237 |
60.489 |
(56.113) |
|
|
Employee benefit expense |
364.537 |
332.827 |
298.959 |
|
|
CSR expenditure |
6.695 |
4.540 |
0.000 |
|
|
Other expenses |
3844.893 |
3886.822 |
3511.211 |
|
|
TOTAL |
5667.435 |
5621.289 |
5415.410 |
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE INTEREST, TAX,
DEPRECIATION AND AMORTISATION |
1053.696 |
1229.596 |
1015.359 |
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES |
435.161 |
426.860 |
505.510 |
|
|
|
|
|
|
|
|
PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION |
618.535 |
802.736 |
509.849 |
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION |
291.990 |
288.575 |
222.881 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS)
BEFORE TAX |
326.545 |
514.161 |
286.968 |
|
|
|
|
|
|
|
Less |
TAX |
160.105 |
194.303 |
94.712 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS)
AFTER TAX |
166.440 |
319.858 |
192.256 |
|
|
|
|
|
|
|
|
EARNINGS IN FOREIGN
CURRENCY |
|
|
|
|
|
F.O.B. Value of Exports |
883.800 |
1313.496 |
1170.395 |
|
|
TOTAL EARNINGS |
883.800 |
1313.496 |
1170.395 |
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
Components and spare
parts |
48.945 |
40.513 |
33.564 |
|
|
Capital Goods |
3.813 |
0.000 |
0.000 |
|
|
TOTAL IMPORTS |
52.758 |
40.513 |
33.564 |
|
|
|
|
|
|
|
|
Earnings / (Loss) Per
Share (INR) |
0.67 |
1.30 |
0.78 |
CURRENT MATURITIES
OF LONG TERM DEBT DETAILS
|
Particulars |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Current Maturities of Long term debt |
0.000 |
0.000 |
390.961 |
|
|
|
|
|
|
Net cash flows from (used in) operations |
1149.308 |
1216.737 |
1187.878 |
|
|
|
|
|
|
Net cash flows from (used in) operating activities |
1061.194 |
1109.364 |
1128.002 |
KEY
RATIOS
EFFICIENCY RATIOS
|
PARTICULARS |
|
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Average Collection Days [Sundry Debtors / Income * 365] |
|
72.51 |
78.63 |
74.77 |
|
|
|
|
|
|
|
Account Receivables Turnover [Income / Sunday Debtors] |
|
5.03 |
4.64 |
4.88 |
|
|
|
|
|
|
|
Average Payment Days [Sundry Creditors /
Purchases * 365] |
|
196.61 |
186.72 |
96.69 |
|
|
|
|
|
|
|
Inventory Turnover [Operating Income /
Inventories] |
|
1.68 |
1.47 |
1.13 |
|
|
|
|
|
|
|
Asset Turnover [Operating Income / Net Fixed
Assets] |
|
0.18 |
0.20 |
0.17 |
LEVERAGE RATIOS
|
PARTICULARS |
|
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Debt Ratio [(Borrowing + Current Liabilities) / Total Assets] |
|
0.38 |
0.41 |
0.48 |
|
|
|
|
|
|
|
Debt Equity Ratio (Borrowings / NetWorth) |
|
0.46 |
0.54 |
0.71 |
|
|
|
|
|
|
|
Current Liabilities to Networth (Current
Liabilities / NetWorth) |
|
0.40 |
0.54 |
0.47 |
|
|
|
|
|
|
|
Fixed Assets to NetWorth (Net Fixed Assets /
NetWorth) |
|
0.82 |
0.86 |
0.90 |
|
|
|
|
|
|
|
Interest Coverage Ratio [PBIT / Financial
Charges] |
|
2.42 |
2.88 |
2.01 |
PROFITABILITY RATIOS
|
PARTICULARS |
|
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Net Profit Margin [(PAT / Sales) * 100] |
(%) |
2.51 |
4.68 |
3.00 |
|
|
|
|
|
|
|
Return on Total Assets [(PAT / Total Assets)
* 100] |
(%) |
1.36 |
2.52 |
1.52 |
|
|
|
|
|
|
|
Return on Investment (ROI) [(PAT / NetWorth)
* 100] |
(%) |
2.32 |
4.57 |
2.88 |
SOLVENCY RATIO
|
PARTICULARS |
|
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Current Ratio [Current Assets / Current Liabilities] |
|
0.79 |
0.68 |
0.82 |
|
|
|
|
|
|
|
Quick Ratio [(Current Assets - Inventories)
/ Current Liabilities] |
|
0.57 |
0.46 |
0.53 |
|
|
|
|
|
|
|
G-Score Ratio Financial [NetWorth / Total
Assets] |
|
0.58 |
0.55 |
0.53 |
|
|
|
|
|
|
|
G-Score Ratio Debt [Debts / Equity Capital] |
|
1.34 |
1.53 |
1.91 |
|
|
|
|
|
|
|
G-Score Ratio Liquidity [Total Current Assets
/ Total Current Liabilities] |
|
0.79 |
0.68 |
0.82 |
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 |
2463.100 |
2463.100 |
2463.100 |
|
Reserves & Surplus |
4211.938 |
4531.796 |
4698.237 |
|
Net
worth |
6675.038 |
6994.896 |
7161.337 |
|
|
|
|
|
|
Long-term borrowings |
2499.274 |
1449.924 |
1837.528 |
|
Short term borrowings |
1819.136 |
2313.718 |
1463.527 |
|
Current maturities of
long-term debts |
390.961 |
0.000 |
0.000 |
|
Total
borrowings |
4709.371 |
3763.642 |
3301.055 |
|
Debt/Equity
ratio |
0.706 |
0.538 |
0.461 |
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 |
6407.440 |
6828.496 |
6637.618 |
|
|
|
6.571 |
(2.795) |
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 |
6407.440 |
6828.496 |
6637.618 |
|
Profit/ (Loss) |
192.256 |
319.858 |
166.440 |
|
|
3.00
% |
4.68
% |
2.51
% |
ABRIDGED
BALANCE SHEET (CONSOLIDATED)
|
SOURCES OF FUNDS |
31.03.2017 |
31.03.2016 |
|
I.
EQUITY
AND LIABILITIES |
|
|
|
(1)Shareholders' Funds |
|
|
|
(a) Share Capital |
2463.100 |
2463.100 |
|
(b) Reserves and Surplus |
7142.709 |
7332.461 |
|
(c) Money
received against share warrants |
0.000 |
0.000 |
|
(d) Minority interest |
165.498 |
112.890 |
|
|
|
|
|
(2) Share Application money pending
allotment |
0.000 |
0.000 |
|
Total
Shareholders’ Funds (1) + (2) |
9605.809 |
9795.561 |
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
(a) long-term borrowings |
3248.594 |
1818.755 |
|
(b) Deferred tax liabilities (Net) |
405.282 |
446.075 |
|
(c) Other long-term
liabilities |
11.559 |
23.703 |
|
(d) long-term
provisions |
68.485 |
57.334 |
|
Total Non-current
Liabilities (3) |
3733.920 |
2345.867 |
|
|
|
|
|
(4)
Current Liabilities |
|
|
|
(a) Short-term
borrowings |
2678.048 |
3895.366 |
|
(b) Trade
payables |
2331.288 |
2480.692 |
|
(c) Other
current liabilities |
4549.138 |
4371.057 |
|
(d) Short-term
provisions |
701.092 |
648.094 |
|
Total Current
Liabilities (4) |
10259.566 |
11395.209 |
|
|
|
|
|
TOTAL |
23764.793 |
23649.527 |
|
|
|
|
|
II.
ASSETS |
|
|
|
(1)
Non-current assets |
|
|
|
(a) Fixed
Assets |
|
|
|
(i)
Tangible assets |
10318.101 |
8545.347 |
|
(ii)
Intangible Assets |
446.221 |
687.001 |
|
(iii) Tangible assets
capital work-in-progress |
0.000 |
0.000 |
|
(iv)
Intangible assets under development |
7143.721 |
7761.160 |
|
(b) Non-current Investments |
33.258 |
11.297 |
|
(c) Deferred tax assets (net) |
0.000 |
0.000 |
|
(d)
Long-term loans and advances |
238.319 |
355.461 |
|
(e) Other
Non-current assets |
187.839 |
52.371 |
|
Total Non-Current
Assets |
18367.459 |
17412.637 |
|
|
|
|
|
(2)
Current assets |
|
|
|
(a)
Current investments |
0.000 |
0.000 |
|
(b)
Inventories |
2328.001 |
2807.127 |
|
(c) Trade
receivables |
1933.566 |
2220.583 |
|
(d) Cash and
bank balances |
194.999 |
361.671 |
|
(e)
Short-term loans and advances |
921.415 |
817.169 |
|
(f) Other
current assets |
19.353 |
30.340 |
|
Total
Current Assets |
5397.334 |
6236.890 |
|
|
|
|
|
TOTAL |
23764.793 |
23649.527 |
PROFIT
& LOSS ACCOUNT (CONSOLIDATED)
|
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
|
|
SALES |
|
|
|
|
Total
Revenue from operations |
14280.017 |
14811.180 |
|
|
Other Income |
148.487 |
195.400 |
|
|
TOTAL |
14428.504 |
15006.580 |
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
Cost of Materials
Consumed |
3879.014 |
4455.517 |
|
|
Changes in inventories of
finished goods, work-in-progress and Stock-in-Trade |
340.441 |
(138.735) |
|
|
Employee benefit expense |
1759.145 |
1673.398 |
|
|
Expenditure on production, transportation
and Other expenditure pertaining to
exploration and production activities |
96.865 |
90.732 |
|
|
Other expenses |
6169.579 |
6595.820 |
|
|
TOTAL |
12245.044 |
12676.732 |
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE INTEREST, TAX,
DEPRECIATION AND AMORTISATION |
2183.460 |
2329.848 |
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES |
700.326 |
729.453 |
|
|
|
|
|
|
|
PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION |
1483.134 |
1600.395 |
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION |
845.185 |
877.104 |
|
|
|
|
|
|
|
PROFIT/ (LOSS)
BEFORE TAX |
637.949 |
723.291 |
|
|
|
|
|
|
Less |
TAX |
256.993 |
264.093 |
|
|
|
|
|
|
|
PROFIT/ (LOSS)
AFTER TAX |
380.956 |
459.198 |
|
|
|
|
|
|
Add |
MINORITY INTEREST |
(52.608) |
(40.381) |
|
|
|
|
|
|
|
TOTAL PROFIT (LOSS)
FOR PERIOD |
328.348 |
418.817 |
|
|
|
|
|
|
|
Earnings / (Loss) Per
Share (INR) |
3.25 |
1.19 |
LOCAL AGENCY FURTHER INFORMATION
|
Sr. No. |
Check list by
info agents |
Available in
Report (Yes/No) |
|
1 |
Year of establishment |
Yes |
|
2 |
Constitution of the entity -Incorporation
details |
Yes |
|
3 |
Locality of the entity |
Yes |
|
4 |
Premises details |
No |
|
5 |
Buyer visit details |
-- |
|
6 |
Contact numbers |
Yes |
|
7 |
Name of the person contacted |
Yes |
|
8 |
Designation of contact person |
Yes |
|
9 |
Promoter’s background |
Yes |
|
10 |
Date of Birth of Proprietor / Partners /
Directors |
Yes |
|
11 |
Pan Card No. of Proprietor / Partners |
Yes |
|
12 |
Voter Id Card No. of Proprietor / Partners |
No |
|
13 |
Type of business |
Yes |
|
14 |
Line of Business |
Yes |
|
15 |
Export/import details (if applicable) |
No |
|
16 |
No. of employees |
No |
|
17 |
Details of sister concerns |
Yes |
|
18 |
Major suppliers |
No |
|
19 |
Major customers |
No |
|
20 |
Banking Details |
Yes |
|
21 |
Banking facility details |
Yes |
|
22 |
Conduct of the banking account |
-- |
|
23 |
Financials, if provided |
Yes |
|
24 |
Capital in the business |
Yes |
|
25 |
Last accounts filed at ROC, if applicable |
Yes |
|
26 |
Turnover of firm for last two/ three years |
Yes |
|
27 |
Reasons for variation <> 20% |
-- |
|
28 |
Estimation for coming financial year |
Yes |
|
29 |
Profitability for last three years |
Yes |
|
30 |
Major shareholders, if available |
Yes |
|
31 |
External Agency Rating, if available |
No |
|
32 |
Litigations that the firm/promoter
involved in |
-- |
|
33 |
Market information |
-- |
|
34 |
Payments terms |
No |
|
35 |
Negative Reporting by Auditors in the
Annual Report |
No |
HIGHLIGHTS OF
PERFORMANCE
The revenue from operations for the year was INR 6637.618 lakhs as against INR 6828.496 lakhs in the previous year. Profit before tax for the year was INR 326.545 lakhs as compared to INR 514.161 lakhs in 2015-16 and Profit after tax for the year was INR 166.440 lakhs as compared to INR 319.858 lakhs in 2015-16.
The Indian auto component industry has potential to grow from its current level and therefore the Company’s annual growth potential is very bright in the succeeding years.
The company has also entered into new products such as flywheel and pulley. Orders from the customers have already been received and supply will commence during the year 2017-18.
AWARDS
The Directors are glad to inform that the Company has received during the year 2016-17, “Best Delivery Performance – Golden Award” from Honda Cars India Limited, “Best Quality Performance Award” from Toyota Kirloskar Auto Parts (Private) Limited and “Bronze Award” from International Research institute for Manufacturing. The Company participants won “Par Excellence Award” in National Level QC competition and “Platinum Award” in ABK AOTS QC competition conducted at Raipur and New Delhi respectively.
The Directors are glad to inform that the Company has received “Safety Award Certificates” from Directorate of Industrial Safety and Health, Chennai for industrial safety measures taken by the company.
UNSECURED LOAN
|
PARTICULARS |
31.03.2017 (INR
in Million) |
31.03.2016 (INR
in Million) |
|
Long-term
Borrowings |
|
|
|
Loans and advances from others |
810.848 |
893.744 |
|
Short-term
borrowings |
|
|
|
Loans repayable on demand from banks |
15.012 |
20.254 |
|
Loans repayable on demand from others |
76.629 |
124.230 |
|
Total |
902.489 |
1038.228 |
INDEX
OF CHARGES
|
SNo |
SRN |
Charge Id |
Charge Holder Name |
Date of Creation |
Date of Modification |
Date of Satisfaction |
Amount |
Address |
|
1 |
G73244972 |
100146512 |
CITY UNION BANK LIMITED |
30/12/2017 |
- |
- |
50000000.0 |
NO.27-30, SAROJINI STREET, RAMNAGAR, COIMBATORE-641009, TAMILNADU, INDIA |
|
2 |
G61076188 |
100132753 |
MAHINDRA AND MAHINDRA FINANCIAL SERVICES LIMITED |
11/10/2017 |
- |
- |
50000000.0 |
GATEWAY BUILDING, APOLLO BUNDER, MUMBAI-400001, Maharashtra, India |
|
3 |
G56632730 |
100127593 |
CITY UNION BANK LIMITED |
25/09/2017 |
- |
- |
50000000.0 |
NO.27-30, SAROJINI STREET, RAMNAGAR, COIMBATORE-641009, TAMILNADU, INDIA |
|
4 |
G50119304 |
100115341 |
MAHINDRA AND MAHINDRA FINANCIAL SERVICES LIMITED |
13/07/2017 |
- |
- |
150000000.0 |
GATEWAY BUILDING, APOLLO BUNDER, MUMBAI-400001, Maharashtra, India |
|
5 |
G05928072 |
100035983 |
ASSET RECONSTRUCTION COMPANY (INDIA) LIMITED |
22/06/2016 |
- |
- |
700000000.0 |
THE RUBY, 10TH FLOOR, 29, SENAPATI BAPAT MARG, DADAR (WEST), MUMBAI-400028, Maharashtra, India |
|
6 |
C78186038 |
10618398 |
MAHINDRA AND MAHINDRA FINANCIAL SERVICES LIMITED |
25/01/2016 |
- |
- |
43000000.0 |
GATEWAY BUILDING, APOLLO BUNDER, MUMBAI-400001, Maharashtra, India |
|
7 |
C42653691 |
10547394 |
CITY UNION BANK LIMITED |
14/01/2015 |
- |
- |
250000000.0 |
NO.27-30, SAROJINI STREET, RAMNAGAR, COIMBATORE-641009, TAMILNADU, INDIA |
|
8 |
C43564921 |
10548997 |
MAHINDRA AND MAHINDRA FINANCIAL SERVICES LIMITED |
31/12/2014 |
- |
- |
80000000.0 |
GATEWAY BUILDING, APOLLO BUNDER, MUMBAI-400001, Maharashtra, India |
|
9 |
B77486397 |
10432025 |
MAHINDRA AND MAHINDRA FINANCIAL SERVICES LIMITED |
16/05/2013 |
- |
- |
60000000.0 |
GATEWAY BUILDING, APOLLO BUNDER, MUMBAI-400001, Maharashtra, India |
|
10 |
B71679740 |
10414443 |
CENTRAL BANK OF INDIA |
27/03/2013 |
- |
- |
50000000.0 |
PEELAMEDU BRANCH, AVINASHI ROADPSG TECH CAMPUS, PEELAMEDU, COIMBATORE-641004, TAMILNADU, INDIA |
CONTINGENT
LIABILITIES:
|
PARTICULARS |
31.03.2017 (INR
in Million) |
31.03.2016 (INR
in Million) |
|
Claims against company not acknowledged as debt |
176.103 |
212.851 |
|
Guarantees |
4919.904 |
5358.820 |
FIXED ASSETS
Tangible Assets
- Land
- Building
- Furniture and
Fixture
- Computer
- Plant and
Machinery
- Vehicle
- Office equipment
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 63.72 |
|
|
1 |
INR 88.64 |
|
Euro |
1 |
INR 78.14 |
INFORMATION DETAILS
|
Information
Gathered by : |
SLK |
|
|
|
|
Analysis Done by
: |
NSG |
|
|
|
|
Report Prepared
by : |
MTN |
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.