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|
|
MIRA INFORM REPORT
|
Report No. : |
489005 |
|
Report Date : |
31.01.2018 |
IDENTIFICATION DETAILS
|
Name : |
ASHOK LEYLAND DEFENCE SYSTEMS LIMITED (w. e. f. 04.02.2011) |
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Formerly Known
As : |
ASHLEY DEFENCE SYSTEMS LIMITED (w. e. f. 02.11.2010) HINDUJA LIFE INSURANCE COMPANY LIMITED |
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Registered
Office : |
No. 1, Sardar Patel Road, Guindy, Chennai – 600032, Tamilnadu |
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Tel. No.: |
91-44-22206000 |
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Country : |
India |
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Financials (as
on) : |
31.03.2016 |
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Date of
Incorporation : |
18.03.2008 |
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Com. Reg. No.: |
18-080987 |
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Capital
Investment / Paid-up Capital : |
INR 50.676 Million |
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|
|
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CIN No.: [Company Identification
No.] |
U34200TN2008PLC080987 |
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IEC No.: |
Not Divulged |
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TAN No.: [Tax Deduction &
Collection Account No.] |
Not Available |
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GSTIN : |
Not Divulged |
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PAN No.: [Permanent Account No.] |
AACCH0228A |
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Legal Form : |
A Closely Held Public Limited Liability Company |
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Line of Business
: |
Subject
is engaged into manufacturer of Truck, Buses and Generator and also engaged
in to Maintenance and repair services of other transport equipment. [Registered
activity] |
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|
|
|
No. of Employees
: |
Information declined by the management |
RATING & COMMENTS
(Mira Inform has adopted New Rating mechanism w.e.f. 23rd
January 2017)
|
MIRA’s Rating : |
A |
|
Credit Rating |
Explanation |
Rating Comments |
|
A |
Acceptable Risk |
Business dealings permissible with
moderate risk of default |
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Maximum Credit Limit : |
USD 78000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Usually correct |
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Litigation : |
Clear |
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Comments : |
Subject is an established company incorporated in the year 2008. The
Hinduja Group’s flagship company Ashok Leyland holds 26% stake in the subject
company. The company provides end-to-end solutions around its Stallion vehicle
platform to meet the logistical requirements of armed forces around the
world. The defence vehicle solutions based on the various vehicle platforms
include modular packages for driver training, vehicle maintenance, electronic
publications and a fleet management system as a standard feature. As per available financials for the year 2016, the company has
reported huge losses from its operations, which has resulted in negative
reserve level. However, the rating takes into consideration strong financial
support from its holding company in terms of additional equity infusion
during the year. Business is active. Payment terms are seems to be usually correct. In view of aforesaid, the company can be considered for business
dealings with usual trade terms and conditions. Note: As per Registrar of Companies date of balance sheet (i.e.
financial filed) is shown as 31.03.2017 but documents related to financial
for the year 31.03.2017 are not available from any sources. |
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 |
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 31.01.2018
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. S.A. Prakash |
|
Designation : |
Manager |
|
Contact No.: |
91-9884492028 |
|
Name : |
Mr. Ratan Shrivastav |
|
Designation : |
Not Divulged |
|
Contact No.: |
91-44-22206000 |
MANAGEMENT NON-COOPERATIVE (Tel. No. 91-44-22206000)
LOCATIONS
|
Registered Office : |
No. 1, Sardar Patel Road Guindy, Chennai – 600032, Tamilnadu, India |
|
Tel. No.: |
91-44-22206000 |
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Mobile No.: |
91-9884492028 (Mr. S.A. Prakash) |
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Fax No.: |
Not Available |
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E-Mail : |
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Website : |
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|
Factory : |
Plot No 23, Kathivakkam High Road, Ennore, Thiruvallur, Chennai
– 600057, Tamilnadu, India |
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|
|
|
Regional Office : |
Plot No. 76, 5th Floor, Institutional Area, Sector 32, Gurugram – 122 001, Haryana, India |
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Tel. No.: |
91-124-4264969 |
DIRECTORS
As on 31.03.2017
|
Name : |
Mr. Gopal Mahadevan |
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Designation : |
Director |
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Address : |
Abbotsbury, Door No. 42, C P Ramasamy Road, Alwarpet, Chennai - 600018 Tamilnadu, India |
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Date of Birth/Age : |
20.05.1966 |
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Qualification : |
Chartered accountant, Company Secretary |
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Date of Appointment : |
03.09.2014 |
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DIN No.: |
01746102 |
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Other Directorship:
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Name : |
Mr. Nitin Seth |
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Designation : |
Director |
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|
Address : |
1602, Floor 16, Celesta, Planet Godrej, Tower-5 30, K Khadye Marg, S.G.M. Chowk, Mahalaxmi, Mumbai – 400011, Maharashtra, India |
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Date of Birth/Age : |
04.05.1967 |
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Qualification : |
BE(Bits).,MMS |
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Date of Appointment : |
13.03.2014 |
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DIN No.: |
03182297 |
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Other Directorship:
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||||||||||||||||||||||||||||||||||||||||
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Name : |
Mr. Amandeep Singh |
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Designation : |
Director |
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|
Address : |
3A Block 3, Magnolia Park, Five Furlong Road, Guindy, Chennai - 600032 Tamilnadu, India |
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Date of Appointment : |
31.10.2016 |
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PAN No.: |
APRPS4307J |
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DIN No.: |
07613446 |
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Name : |
Mr. Gopal Raman |
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Designation : |
Director |
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Address : |
701, Nellai Heights, Swastik Park, Chembur, Mumbai – 400071, Maharashtra, India |
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Date of Appointment : |
08.08.2017 |
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DIN No.: |
03286754 |
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Other Directorship
:
|
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KEY EXECUTIVES
|
Name : |
Mr. Amandeep Singh |
|
Designation : |
Manager |
|
Address : |
3A Block 3, Magnolia Park, Five Furlong Road, Guindy Chennai - 600032 Tamilnadu, India |
|
Date of Appointment : |
16.08.2016 |
|
PAN No.: |
APRPS4307J |
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|
|
|
Name : |
V Anchana |
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Designation : |
Company Secretary |
|
Address : |
Nutech Surya, No. 20 - C Nagarjuna Nagar I Street, Kodambakkam, Chennai - 600024, Tamilnadu, India |
|
Date of Appointment : |
05.05.2016 |
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PAN No.: |
ADPPA7768P |
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|
|
|
Name : |
Ms. Priya Kalyanaraman |
|
Designation : |
Chief Finance Officer |
|
Address : |
No.12, Ground Floor, Suprabatham Flats Lakshmi Nagar, 3rd Street , Nanganallur, Chennai – 600061, Tamilnadu, India |
|
Date of Appointment : |
03.11.2016 |
|
PAN No.: |
AJTPP4012B |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 31.03.2017
|
Names of Shareholders |
|
No. of Shares |
|
Aasia Enterprises LLP, India |
|
1580000 |
|
Ashok Leyland Limited, India |
|
1487562 |
|
Vinod K Dasari |
|
1 |
|
Nitin Seth |
|
1 |
|
K Ramkumar |
|
1 |
|
S
Raja |
|
1 |
|
B Jananee |
|
1 |
|
Total |
|
3067567 |
LIST OF ALLOTTEES
As on 31.03.2017
|
Names of Allottees (Equity Shares) |
No. of Shares |
|
Ashok Leyland Limited, India |
1530000 |
|
Aasia Enterprises LLP, India |
1470000 |
|
Total |
3000000 |
As on: 31.03.2016
|
Names of Shareholders (Equity Shares) |
No. of Shares |
|
Aasia Enterprises LLP, India |
50000 |
|
Ashok Leyland Limited, India |
17562 |
|
Vinod K Dasari |
1 |
|
Nitin Seth |
1 |
|
K Ramkumar |
1 |
|
S
Raja |
1 |
|
B Jananee |
1 |
|
Total |
67567 |
|
Names of Allottees (Preference Shares) |
No. of Shares |
|
Ashok Leyland Limited, India |
5000000 |
|
Total |
5000000 |
LIST OF ALLOTTEES
As On 17.05.2016
|
Names of Allottees (Preference Shares) |
No. of Shares |
|
Ashok Leyland Limited, India |
5000000 |
|
Total |
5000000 |
Equity Share Break up (Percentage of Total Equity)
As on 08.08.2017
|
Category |
Percentage |
|
Promoter - Bodies
corporate |
48.49 |
|
Promoter – Other LLP |
51.51 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Subject
is engaged into manufacturer of Truck, Buses and Generator and also engaged
in to Maintenance and repair services of other transport equipment. [Registered
activity] |
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Products : |
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||||
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Brand Names : |
Not Divulged |
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Agencies Held : |
Not Divulged |
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Exports : |
Not Divulged |
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||||
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Imports : |
Not Divulged |
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|
||||
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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 declined by the management |
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Bankers : |
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Facilities : |
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Auditors : |
|
|
Name : |
Sathish Srinivasan Associates Chartered Accountant |
|
Address : |
Chennai, Tamilnadu, India |
|
Memberships No.: |
204704 |
|
PAN N Income-tax PAN of auditor or auditor's firm : |
AQAPS0814J |
|
|
|
|
Memberships: |
Not Available |
|
|
|
|
Collaborators : |
Not Available |
|
|
|
|
Holding Company : |
|
|
|
|
|
Associates: |
L34101TN1948PLC000105 |
CAPITAL STRUCTURE
After 08.08.2017
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
3100000 |
Equity Shares |
INR 10/- each |
INR 31.000 Million |
|
10000000 |
Preference Shares |
INR 10/- each |
INR 100.000 Million |
|
|
Total |
|
INR 131.000
Million |
Issued, Subscribed & Paid-up Capital:
|
No. of Shares |
Type |
Value |
Amount |
|
3067567 |
Equity Shares |
INR 10/- each |
INR 30.676 Million |
|
10000000 |
Preference Shares |
INR 10/- each |
INR 100.000 Million |
|
|
Total |
|
INR 130.676 Million |
As on 31.03.2016
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
1000000 |
Equity Shares |
INR 10/- each |
INR 10.000 Million |
|
12000000 |
Preference Shares |
INR 10/- each |
INR 120.000 Million |
|
|
Total |
|
INR 130.000
Million |
Issued Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
67567 |
Equity Shares |
INR 10/- each |
INR 0.676 Million |
|
10000000 |
Preference Shares |
INR 10/- each |
INR 100.000 Million |
|
|
Total |
|
INR 100.676
Million |
Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
67567 |
Equity Shares |
INR 10/- each |
INR 0.676 Million |
|
5000000 |
Preference Shares |
INR 10/- each |
INR 50.000 Million |
|
|
Total |
|
INR 50.676
Million |
FINANCIAL DATA
[all figures are
in INR Million]
ABRIDGED
BALANCE SHEET
|
SOURCES OF FUNDS |
31.03.2016 |
31.03.2015 |
31.03.2014 |
|
|
|
|
|
|
I.
EQUITY AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
50.676 |
0.676 |
0.676 |
|
(b) Reserves &
Surplus |
(23.355) |
0.161 |
0.130 |
|
(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) |
27.321 |
0.837 |
0.806 |
|
|
|
|
|
|
(3) Non-Current
Liabilities |
|
|
|
|
(a) long-term borrowings |
0.000 |
0.000 |
0.000 |
|
(b) Deferred tax liabilities
(Net) |
0.003 |
0.000 |
0.000 |
|
(c) Other long term
liabilities |
0.000 |
0.000 |
0.000 |
|
(d) long-term provisions |
0.000 |
0.000 |
0.000 |
|
Total Non-current
Liabilities (3) |
0.003 |
0.000 |
0.000 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
50.000 |
0.000 |
0.000 |
|
(b) Trade payables |
22.892 |
2.979 |
0.877 |
|
(c) Other current
liabilities |
17.438 |
6.088 |
0.044 |
|
(d) Short-term provisions |
4.357 |
0.438 |
0.238 |
|
Total Current Liabilities
(4) |
94.687 |
9.505 |
1.159 |
|
|
|
|
|
|
TOTAL |
122.011 |
10.342 |
1.965 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
0.621 |
0.090 |
0.106 |
|
(ii) Intangible Assets |
0.031 |
0.041 |
0.051 |
|
(iii) Capital
work-in-progress |
0.000 |
0.000 |
0.000 |
|
(iv) Intangible assets
under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current
Investments |
0.000 |
0.000 |
0.000 |
|
(c) Deferred tax assets
(net) |
0.000 |
0.000 |
0.001 |
|
(d) Long-term Loan and Advances |
0.606 |
0.553 |
0.450 |
|
(e) Other Non-current
assets |
0.000 |
0.000 |
0.000 |
|
Total Non-Current Assets |
1.258 |
0.684 |
0.608 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
0.000 |
0.000 |
0.000 |
|
(b) Inventories |
67.559 |
2.742 |
0.329 |
|
(c) Trade receivables |
0.724 |
0.000 |
0.317 |
|
(d) Cash and cash
equivalents |
41.257 |
0.676 |
0.415 |
|
(e) Short-term loans and
advances |
10.753 |
3.312 |
0.065 |
|
(f) Other current assets |
0.460 |
2.928 |
0.231 |
|
Total Current Assets |
120.753 |
9.658 |
1.357 |
|
|
|
|
|
|
TOTAL |
122.011 |
10.342 |
1.965 |
PROFIT
& LOSS ACCOUNT
|
|
PARTICULARS |
31.03.2016 |
31.03.2015 |
31.03.2014 |
|
|
SALES |
|
|
|
|
|
Income |
11.951 |
8.290 |
6.142 |
|
|
Other Income |
0.000 |
0.000 |
0.000 |
|
|
TOTAL |
11.951 |
8.290 |
6.142 |
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
Cost of Materials
Consumed |
21.893 |
0.168 |
0.400 |
|
|
Changes in inventories of
finished goods, work-in-progress and Stock-in-Trade |
(14.342) |
0.000 |
0.000 |
|
|
Employees benefits
expense |
7.919 |
0.000 |
0.000 |
|
|
Other expenses |
17.075 |
8.053 |
5.557 |
|
|
TOTAL |
32.545 |
8.221 |
5.957 |
|
|
|
|
|
|
|
Less |
PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND
AMORTISATION |
(20.594) |
0.069 |
0.185 |
|
|
|
|
|
|
|
Less |
FINANCIAL EXPENSES |
2.849 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
PROFIT / (LOSS) BEFORE
TAX, DEPRECIATION AND AMORTISATION |
(23.443) |
0.069 |
0.185 |
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION |
0.069 |
0.026 |
0.025 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS) BEFORE TAX |
(23.512) |
0.043 |
0.160 |
|
|
|
|
|
|
|
Less |
TAX |
0.003 |
0.013 |
0.052 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS) AFTER TAX |
(23.515) |
0.030 |
0.108 |
|
|
|
|
|
|
|
|
Earnings / (Loss) Per
Share (INR) |
(348.03) |
0.44 |
1.60 |
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 |
|
Cash generated from operations |
(56.058) |
0.274 |
(0.810) |
|
Net Cash flows from operating activities |
(56.058) |
0.261 |
(0.862) |
KEY
RATIOS
EFFICIENCY RATIOS
|
PARTICULARS |
31.03.2016 |
31.03.2015 |
31.03.2014 |
|
Average Collection Days (Sundry Debtors / Income * 365 Days) |
22.11 |
0.00 |
18.84 |
|
|
|
|
|
|
Account Receivables Turnover (Income / Sundry
Debtors) |
16.51 |
0.00 |
19.38 |
|
|
|
|
|
|
Average Payment Days (Sundry Creditors
/ Purchases * 365 Days) |
381.66 |
6472.23 |
800.26 |
|
|
|
|
|
|
Inventory Turnover (Operating Income
/ Inventories) |
(0.30) |
0.03 |
0.56 |
|
|
|
|
|
|
Asset Turnover (Operating Income
/ Net Fixed Assets) |
(31.59) |
0.53 |
1.18 |
LEVERAGE RATIOS
|
PARTICULARS |
31.03.2016 |
31.03.2015 |
31.03.2014 |
|
Debt Ratio ((Borrowing + Current Liabilities) / Total
Assets) |
0.78 |
0.92 |
0.59 |
|
|
|
|
|
|
Debt Equity Ratio (Total Liability
/ Networth) |
1.83 |
0.00 |
0.00 |
|
|
|
|
|
|
Current Liabilities to Networth (Current
Liabilities / Net Worth) |
3.47 |
11.36 |
1.44 |
|
|
|
|
|
|
Fixed Assets to Networth (Net Fixed Assets
/ Networth) |
0.02 |
0.16 |
0.19 |
|
|
|
|
|
|
Interest Coverage Ratio (PBIT / Financial
Charges) |
(7.23) |
0.00 |
0.00 |
PROFITABILITY RATIOS
|
PARTICULARS |
|
31.03.2016 |
31.03.2015 |
31.03.2014 |
|
Net Profit Margin ((PAT / Sales) *
100) |
% |
(196.76) |
0.36 |
1.76 |
|
|
|
|
|
|
|
Return on Total Assets ((PAT / Total
Assets) * 100) |
% |
(19.27) |
0.29 |
5.50 |
|
|
|
|
|
|
|
Return on Investment (ROI) ((PAT / Networth)
* 100) |
% |
(86.07) |
3.58 |
13.40 |
SOLVENCY RATIOS
|
PARTICULARS |
31.03.2016 |
31.03.2015 |
31.03.2014 |
|
Current Ratio (Current Assets / Current Liabilities) |
1.28 |
1.02 |
1.17 |
|
|
|
|
|
|
Quick Ratio ((Current Assets –
Inventories) / Current Liabilities) |
0.56 |
0.73 |
0.89 |
|
|
|
|
|
|
G-Score Ratio Financial (Networth / Total
Assets) |
0.22 |
0.08 |
0.41 |
|
|
|
|
|
|
G-Score Ratio Debt (Debts / Equity
Capital) |
0.99 |
0.00 |
0.00 |
|
|
|
|
|
|
G-Score Ratio Liquidity (Total Current
Assets / Total Current Liabilities) |
1.28 |
1.02 |
1.17 |
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 |
31.03.2014 |
31.03.2015 |
31.03.2016 |
|
|
(INR
In Million) |
(INR
In Million) |
(INR
In Million) |
|
Share Capital |
0.676 |
0.676 |
50.676 |
|
Reserves & Surplus |
0.130 |
0.161 |
(23.355) |
|
Net worth |
0.806 |
0.837 |
27.321 |
|
|
|
|
|
|
Long-term borrowings |
0.000 |
0.000 |
0.000 |
|
Short term borrowings |
0.000 |
0.000 |
50.000 |
|
Total borrowings |
0.000 |
0.000 |
50.000 |
|
Debt/Equity ratio |
0.000 |
0.000 |
1.830 |
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 |
6.142 |
8.290 |
11.951 |
|
|
|
34.972 |
44.162 |
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 |
6.142 |
8.290 |
11.951 |
|
Profit/ (Loss) |
0.108 |
0.030 |
(23.515) |
|
|
1.76% |
0.36% |
(196.76%) |
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 |
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 |
-- |
|
32 |
Market information |
-- |
|
33 |
Payments terms |
No |
|
34 |
Negative Reporting by Auditors in the
Annual Report |
No |
NOTE: The registered address of the company has been shifted from Hinduja
House, 171, Dr. Annie Besant Road, Worli, Mumbai – 400018, Maharashtra, India to the present address.
COMPANY'S PERFORMANCE AND STATE OF AFFAIRS OF
THE COMPANY
During
the year, Their Company earned an income of INR 11.950 million. Loss for the year
was INR 23.515 million. Their Company completed the conversion of 4*2 vehicle
into 4*4 vehicle to meet an order from Ashok Leyland Limited (AL). Furthermore,
development of Light Specialist Vehicles (LSV) proto vehicle is nearing
completion.
FUTURE PROSPECTS
Consequent to the receipt of Industrial License under The Industries
(Development and Regulation) Act, 1951 from the Department of Industrial Policy
and Promotion (DIPP) dated November 13, 2014; Their Company has proposed bid
for tenders that are floated by the Ministry of Defence (MOD) for supply of
Light Specialist Vehicles (LSV) and Light Armored Multipurpose Vehicle (LAM).
In view of the above, Their Company has received Request for Quote (RFQ)
from the MOD for supply of LSV. In order to participate in the tender, the
Company has to manufacture Prototypes for trials by the Indian Army.
Their Company had targeted to build three LSV out of which two will be
given for trails to the Indian Army and one to be sold to our technology
partner M/s Lockheed Martin which is nearing completion.
In addition to the aforementioned, for the financial year 2016-17, Their
Company has scheduled to build vehicles against job work order from AL.
INDEX
OF CHARGES:
|
SNo |
SRN |
Charge Id |
Charge Holder Name |
Date of Creation |
Date of
Modification |
Date of
Satisfaction |
Amount |
Address |
|
1 |
G60397924 |
10592656 |
HDFC BANK LIMITED |
28/08/2015 |
20/10/2017 |
- |
150000000.0 |
HDFC Bank House Senapati Bapat Marg, Lower Parel West, Mumbai – 400013, Maharashtra, India |
FIXED ASSETS
·
Land
·
Building
·
Plant and Machinery
·
Furniture and Fixture
·
Computer
·
Vehicles
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 63.75 |
|
|
1 |
INR 89.38 |
|
Euro |
1 |
INR 78.75 |
INFORMATION DETAILS
|
Analysis Done by
: |
PRY |
|
|
|
|
Report Prepared
by : |
SUJ |
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.