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|
|
MIRA INFORM REPORT
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Report No. : |
508368 |
|
Report Date : |
12.05.2018 |
IDENTIFICATION DETAILS
|
Name : |
MAHINDRA VEHICLE MANUFACTURERS LIMITED (w.e.f 19.12.2008) |
|
|
|
|
Formerly Known
As : |
MAHINDRA AUTOMOTIVE LIMITED |
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Registered
Office : |
Mahindra Towers, P.K. Kurne Chowk, Worli, Mumbai – 400018, Maharashtra |
|
Tel. No.: |
91-22-24931441 |
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Country : |
India |
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Financials (as
on) : |
31.03.2017 |
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Date of
Incorporation : |
25.05.2007 |
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Com. Reg. No.: |
11-171151 |
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Capital
Investment / Paid-up Capital : |
INR 46647.235 Million |
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CIN No.: [Company Identification
No.] |
U34100MH2007PLC171151 |
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IEC No.: [Import-Export Code No.] |
0307096904 |
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TAN No.: [Tax Deduction &
Collection Account No.] |
Not Available |
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PAN No.: [Permanent Account No.] |
AAFCM1217M |
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TIN No.: |
27670630322 |
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GSTN : [Goods & Service Tax
Registration No.] |
27AAFCM1217M1ZF |
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Legal Form : |
A Closely Held Public Limited Liability Company |
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Line of Business
: |
Subject
is engaged in the business of Manufacturer of Passenger Cars, Medium and
Heavy Commercial Vehicles and Construction Equipment’s. [Registered Activity] |
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No. of Employees
: |
Information denied by the management |
RATING & COMMENTS
(Mira Inform has adopted New Rating mechanism w.e.f. 23rd
January 2017)
|
MIRA’s Rating : |
A+ |
|
Credit Rating |
Explanation |
Rating Comments |
|
A+ |
Low Risk |
Business dealings permissible with low
risk of default |
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Status : |
Good |
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Payment Behaviour : |
Usually Correct |
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Litigation : |
Clear |
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Comments : |
Subject is a wholly owned subsidiary of “Mahindra and Mahindra Limited”. The company was incorporated in the year 2007. It is engaged in designing and manufacturing of Automotive Vehicles. For the financial year 2017, the company has achieved 10.81% growth in its revenue as compared to the previous year revenue along with low profit margin of 0.25%. The moderate financial profile of the company is marked by low reserve base as compared to its capital along with negligible debt level. However, the rating takes into consideration equity infused by its promoters. Rating also takes into account of strong financial and managerial support that the company receives from its holding entity backed by its well experienced management team. Business is active. Payment seems to be usually correct. In view of aforesaid, the subject 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.
EXTERNAL AGENCY RATING
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
31-03-2018.
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 12.05.2018
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 DECLINED
MANAGEMENT NON-COOPERATIVE [91-22-24931441]
LOCATIONS
|
Registered Office : |
Mahindra Towers, P.K. Kurne Chowk, Worli, Mumbai – 400018,
Maharashtra, India |
|
Tel. No.: |
91-22-24931441/ 24905619 |
|
Fax No.: |
Not Available |
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E-Mail : |
iyer.sangameshwar@mahindra.com
|
|
Website : |
DIRECTORS
AS ON: 31.03.2017
|
Name : |
Mr. Durgashankar Subramaniam |
|
Designation : |
Director |
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Address : |
203, 2nd Floor, Ganga Towers, Atur Park, Sion Trombay Road Mumbai - 400071, Maharashtra, India |
|
Date of Appointment : |
27.04.2016 |
|
DIN No.: |
00044713 |
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|
|
|
Name : |
Mr. Rahul Durgaprasad Asthana |
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Designation : |
Director |
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Address : |
B/1101, Patliputra Society, 4 Bunglow Crossing, Varsova, Andheri (West) Mumbai-400053, Maharashtra, India |
|
Date of Birth/Age : |
18.02.1953 |
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Qualification : |
B Tech. in Aeronautical Engg. from IIT Kanpur, and an MBA from ICPE |
|
Date of Appointment : |
31.03.2015 |
|
DIN No.: |
00234247 |
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|
|
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Name : |
Dr. Pawan Kumar Goenka |
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Designation : |
Director |
|
Address : |
Flat No.602, 9, JVPD, 10th Road, Juhu Vile Parle Scheme, Vile Parle (West), Mumbai – 400056, Maharashtra, India |
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Date of Birth/Age : |
23.09.1954 |
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Qualification : |
B Com |
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Date of Appointment : |
25.05.2007 |
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DIN No.: |
00254502 |
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|
|
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Name : |
Mr. Parag Chandulal Shah |
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Designation : |
Director |
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Address : |
7 Kailas 50 Pedder Road, Mumbai-400026, Maharashtra, India |
|
Date of Appointment : |
02.05.2017 |
|
DIN No.: |
00374944 |
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|
|
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Name : |
Mr. Rajan Wadhera |
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Designation : |
Director |
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Address : |
1203, Oberoi Gardens, 'C' Wing Thakur Village, Kandivli (East), Mumbai-400101, Maharashtra, India |
|
Date of Appointment : |
28.04.2017 |
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DIN No.: |
00416429 |
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|
|
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Name : |
Mrs. Smita Mankad |
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Designation : |
Director |
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Address : |
E-71, Ifs Apartments, Mayur Vihar, Phase I, Delhi-110091, India |
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Date of Birth/Age : |
20.03.1971 |
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Qualification : |
B. Com |
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Date of Appointment : |
31.03.2015 |
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DIN No.: |
02009838 |
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|
|
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Name : |
Mr. Vijay Kalra |
|
Designation : |
Additional Director |
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Address : |
1605, A - Wing, Highland Apt, Akurli Road, Lokhandwala Complex, Kandivali (East), Mumbai-400101, Maharashtra, India |
|
Date of Appointment : |
26.07.2017 |
|
DIN No.: |
07217974 |
KEY EXECUTIVES
|
Name : |
Mr. Dattatraya Bhanudas Nikam |
|
Designation : |
Chief Finance Officer |
|
Address : |
Flat No.5, White Pearl, Plot No.275, Sector 24, Pc Near Central Bank of India, Nigdi Pradhi, Pune-411044, Maharashtra, India |
|
Date of Birth/Age : |
19.11.1970 |
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Qualification : |
ICWAI |
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Date of Appointment : |
01.11.2014 |
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PAN No.: |
AAHPN3563G |
|
|
|
|
Name : |
Mr. Rajesh Kumar Arora |
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Designation : |
Company Secretary |
|
Address : |
Flat No. 81, DDA Flat SFS, Sector 6, Pocket 1, Dwarka, Delhi-110075, India |
|
Date of Birth/Age : |
14.07.1984 |
|
Date of Appointment : |
26.07.2017 |
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PAN No.: |
ADRPA2281R |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON: 31.03.2017
|
Names of Shareholders (Equity Share) |
No. of Shares |
|
Mahindra and Mahindra Limited, |
3897946325 |
|
Mahindra and Mahindra Limited, |
1 |
|
Mahindra and Mahindra Limited, |
1 |
|
Mahindra and Mahindra Limited, |
1 |
|
Mahindra and Mahindra Limited, India Jointly with Pawan Kumar Goenka |
1 |
|
Mahindra and Mahindra Limited, |
1 |
|
Mahindra and Mahindra Limited, India Jointly with P. N. Shah |
1 |
|
|
|
|
Total |
3897946331 |
AS ON: 27.09.2017
|
Equity Share Breakup |
Percentage of Holding |
|
Category |
|
|
Promoters – Body Corporate |
100.00 |
|
|
|
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Subject
is engaged in the business of Manufacturer of Passenger Cars, Medium and
Heavy Commercial Vehicles and Construction Equipment’s. [Registered Activity] |
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Products : |
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Brand Names : |
Not Available |
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Agencies Held : |
Not Available |
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Exports : |
Not Divulged |
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Imports : |
Not Divulged |
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Terms : |
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Selling : |
Not Divulged |
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Purchasing : |
Not Divulged |
PRODUCTION STATUS: NOT AVAILABLE
GENERAL INFORMATION
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Suppliers : |
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Customers : |
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No. of Employees : |
Information denied by the management |
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Bankers : |
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Facilities : |
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Auditors : |
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Name : |
Deloitte Haskins and Sells Chartered Accountants |
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Address : |
Mumbai, |
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PAN No.: |
AABFD7919A |
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Memberships : |
Not Available |
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Collaborators : |
Not Available |
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Parent Company : |
Mahindra and Mahindra Limited
[L65990MH1945PLC004558] |
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|
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Subsidiary Companies : |
· Mahindra Two Wheelers Limited [U35911MH2008PLC185462] · Mahindra Auto Steel Private Limited [U27100MH2013PTC250979] · Mahindra Electric Mobility Limited [U34101KA1996PLC020195] · Mahindra Heavy Engines Limited [U35914MH2007PLC169753] · Mahindra MSTC Recycling Private Limited · Mahindra Trucks and Buses Limited · Mahindra Gears & Transmissions Private Limited · Mahindra Integrated Business Solutions Limited · Ssangyong Motor Company, Korea · Bristlecone India Limited · Mahindra Susten Private Limited · Mahindra Two Wheelers Europe Holding S.a.r.l * · Mahindra & Mahindra Financial Services Limited · Mahindra First Choice Services · Mahindra Defence Systems Limited · Mahindra Graphic Research Design s.r.l. · Lords Freight India Private Limited · Mahindra North America Technical Centre, Inc · Gippsaero Pty Ltd. · Mahindra Tractor Assembly Inc. · Peugeot Motocycles SAS * · Peugeot Motocycles Deutschland GmbH * · Peugeot Motocycles Italia S.p.A * · Mahindra Intertrade Limited [U51900MH1978PLC020222] · Mahindra Steel Service Centre Limited [U27100MH1993PLC070416] · Mahindra MiddleEast Electrical Steel Service Centre FZC * · Mahindra Electrical Steel Private Limited * |
|
|
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Associates
Companies: |
· Tech Mahindra Limited · Mahindra CIE Automotive Limited · Mahindra Sona Limited |
|
|
|
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Joint
ventures where entity is venture : |
Mahindra Logistics Limited |
* Step down
subsidiary
CAPITAL STRUCTURE
AFTER: 27.06.2017
Authorised Capital : INR 65000.000 Million
Issued, Subscribed & Paid-up Capital : INR 46647.235
Million
AS ON: 27.06.2017
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
5000000000 |
Equity Shares |
INR 10/- each |
INR 50000.000 Million |
|
1500000000 |
Preference Shares |
INR 10/- each |
INR 15000.000 Million |
|
|
|
|
|
|
|
Total |
|
INR 65000.000
Million |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
3897946331 |
Equity Shares |
INR 10/- each |
INR
38979.463 Million |
|
600000000 |
Preference Shares |
INR 10/- each |
INR 6000.000 Million |
|
|
|
|
|
|
|
Total |
|
INR 44979.463
Million |
AS ON: 31.03.2017
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
5000000000 |
Equity Shares |
INR 10/- each |
INR 50000.000 Million |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
3897946331 |
Equity Shares |
INR 10/- each |
INR
38979.500 Million |
FINANCIAL DATA
[all figures are
in INR Million]
ABRIDGED
BALANCE SHEET
|
SOURCES OF FUNDS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
I.
EQUITY AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
38979.500 |
31622.500 |
9622.500 |
|
(b) Reserves & Surplus |
7843.200 |
8368.600 |
5583.000 |
|
(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) |
46822.700 |
39991.100 |
15205.500 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) Long-term borrowings |
10996.800 |
16995.600 |
2600.000 |
|
(b) Deferred tax liabilities (Net) |
1777.600 |
1777.600 |
1711.600 |
|
(c)
Other long term liabilities |
0.000 |
0.000 |
0.000 |
|
(d)
long-term provisions |
343.700 |
296.900 |
473.400 |
|
Total
Non-current Liabilities (3) |
13118.100 |
19070.100 |
4785.000 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a)
Short term borrowings |
6276.500 |
1980.600 |
1578.400 |
|
(b)
Trade payables |
16021.300 |
16590.000 |
9044.300 |
|
(c)
Other current liabilities |
3145.600 |
5266.900 |
4709.600 |
|
(d)
Short-term provisions |
123.200 |
93.600 |
899.700 |
|
Total
Current Liabilities (4) |
25566.600 |
23931.100 |
16232.000 |
|
|
|
|
|
|
TOTAL |
85507.400 |
82992.300 |
36222.500 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a)
Fixed Assets |
|
|
|
|
(i)
Tangible assets |
16177.700 |
16880.600 |
18498.400 |
|
(ii)
Intangible Assets |
61.600 |
69.700 |
45.200 |
|
(iii)
Capital work-in-progress |
115.800 |
222.900 |
0.000 |
|
(iv) Intangible assets under development |
528.700 |
139.600 |
1180.800 |
|
(b) Non-current
Investments |
33197.400 |
38456.000 |
28.000 |
|
(c) Deferred tax assets
(net) |
131.900 |
32.100 |
0.000 |
|
(d) Long-term Loan
and Advances |
200.000 |
230.000 |
6012.900 |
|
(e)
Other Non-current assets |
8014.300 |
6847.800 |
1.500 |
|
Total
Non-Current Assets |
58427.400 |
62878.700 |
25766.800 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a)
Current investments |
200.100 |
600.600 |
0.000 |
|
(b)
Inventories |
4848.600 |
6536.100 |
3832.000 |
|
(c)
Trade receivables |
8350.100 |
9219.700 |
3189.100 |
|
(d)
Cash and cash equivalents |
457.600 |
737.900 |
405.700 |
|
(e)
Short-term loans and advances |
1.100 |
1.800 |
347.800 |
|
(f)
Other current assets |
5173.200 |
3017.500 |
2681.100 |
|
Total
Current Assets |
19030.700 |
20113.600 |
10455.700 |
|
|
|
|
|
|
Non-current assets
classified as held for sale |
8049.300 |
0.000 |
0.000 |
|
|
|
|
|
|
TOTAL |
85507.400 |
82992.300 |
36222.500 |
PROFIT
& LOSS ACCOUNT
|
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
|
|
SALES |
|
|
|
|
|
|
|
Revenue from Operations |
100891.100 |
91041.800 |
51210.600 |
|
|
|
Other Income |
398.000 |
151.300 |
276.800 |
|
|
|
TOTAL |
101289.100 |
91193.100 |
51487.400 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of Materials Consumed |
67851.300 |
63271.500 |
43893.600 |
|
|
|
Changes in inventories of finished goods, work-in-progress
and Stock-in-Trade |
887.700 |
(1126.400) |
(161.500) |
|
|
|
Employees benefits expense |
3486.900 |
3147.400 |
1766.700 |
|
|
|
Other expenses |
3456.200 |
3468.700 |
1400.600 |
|
|
|
CSR expenditure |
0.000 |
0.000 |
62.900 |
|
|
|
Exceptional items before tax |
3472.700 |
0.000 |
0.000 |
|
|
|
Expenditure on production, transportation and other expenditure pertaining to exploration and production activities |
16311.300 |
15734.800 |
0.000 |
|
|
|
TOTAL |
95466.100 |
84496.000 |
46962.300 |
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION |
5823.000 |
6697.100 |
4525.100 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES |
1721.300 |
1029.300 |
902.700 |
|
|
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION |
4101.700 |
5667.800 |
3622.400 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION |
1448.900 |
1365.600 |
1231.000 |
|
|
|
|
|
|
|
|
|
|
PROFIT/ (LOSS)
BEFORE TAX |
2652.800 |
4302.200 |
2391.400 |
|
|
|
|
|
|
|
|
|
Less |
TAX |
2402.400 |
1533.400 |
861.100 |
|
|
|
|
|
|
|
|
|
|
PROFIT/ (LOSS)
AFTER TAX |
250.400 |
2768.800 |
1530.300 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Export Earnings |
2448.900 |
2688.500 |
0.000 |
|
|
TOTAL EARNINGS |
2448.900 |
2688.500 |
0.000 |
|
|
|
|
|
|
|
|
|
|
Earnings/ (Loss)
Per Share (INR) |
0.07 |
2.30 |
1.59 |
|
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 |
2599.700 |
3026.800 |
|
|
|
|
|
|
Cash generated from operations |
NA |
NA |
NA |
|
|
|
|
|
|
Net cash flows from (used in) operations |
5350.300 |
7842.200 |
2973.800 |
|
|
|
|
|
|
Net cash flows from (used in) operating activities |
2811.300 |
6574.000 |
2193.500 |
KEY
RATIOS
EFFICIENCY RATIOS
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Average Collection Days (Sundry
Debtors / Income * 365 Days) |
30.21 |
36.96 |
22.73 |
|
|
|
|
|
|
Account Receivables Turnover (Income / Sundry Debtors) |
12.08 |
9.87 |
16.06 |
|
|
|
|
|
|
Average Payment Days (Sundry Creditors / Purchases * 365 Days) |
86.19 |
95.70 |
75.21 |
|
|
|
|
|
|
Inventory Turnover (Operating Income / Inventories) |
1.20 |
1.02 |
1.18 |
|
|
|
|
|
|
Asset Turnover (Operating Income / Net Fixed Assets) |
0.34 |
0.39 |
0.23 |
LEVERAGE RATIOS
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Debt Ratio ((Borrowing
+ Current Liabilities) / Total Assets) |
0.43 |
0.52 |
0.60 |
|
|
|
|
|
|
Debt Equity Ratio (Total Liability / Networth) |
0.37 |
0.54 |
0.47 |
|
|
|
|
|
|
Current Liabilities to Networth (Current Liabilities / Net Worth) |
0.55 |
0.60 |
1.07 |
|
|
|
|
|
|
Fixed Assets to Networth (Net Fixed Assets / Networth) |
0.36 |
0.43 |
1.30 |
|
|
|
|
|
|
Interest Coverage Ratio (PBIT / Financial Charges) |
3.38 |
6.51 |
5.01 |
PROFITABILITY RATIOS
|
PARTICULARS |
|
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Net Profit Margin ((PAT / Sales) * 100) |
% |
0.25 |
3.04 |
2.99 |
|
|
|
|
|
|
|
Return on Total Assets ((PAT / Total Assets) * 100) |
% |
0.29 |
3.34 |
4.22 |
|
|
|
|
|
|
|
Return on Investment (ROI) ((PAT / Networth) * 100) |
% |
0.53 |
6.92 |
10.06 |
SOLVENCY RATIOS
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Current Ratio (Current
Assets / Current Liabilities) |
0.74 |
0.84 |
0.64 |
|
|
|
|
|
|
Quick Ratio ((Current Assets – Inventories) / Current
Liabilities) |
0.55 |
0.57 |
0.41 |
|
|
|
|
|
|
G-Score Ratio Financial (Networth / Total Assets) |
0.55 |
0.48 |
0.42 |
|
|
|
|
|
|
G-Score Ratio Debt (Debts / Equity Capital) |
0.44 |
0.68 |
0.75 |
|
|
|
|
|
|
G-Score Ratio Liquidity (Total Current Assets / Total Current Liabilities) |
0.74 |
0.84 |
0.64 |
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 |
9622.500 |
31622.500 |
38979.500 |
|
Reserves & Surplus |
5583.000 |
8368.600 |
7843.200 |
|
Money received against share
warrants |
0.000 |
0.000 |
0.000 |
|
Share Application money
pending allotment |
0.000 |
0.000 |
0.000 |
|
Net
worth |
15205.500 |
39991.100 |
46822.700 |
|
|
|
|
|
|
long-term borrowings |
2600.000 |
16995.600 |
10996.800 |
|
Short term borrowings |
1578.400 |
1980.600 |
6276.500 |
|
Current Maturities of Long
term debt |
3026.800 |
2599.700 |
0.000 |
|
Total
borrowings |
7205.200 |
21575.900 |
17273.300 |
|
Debt/Equity
ratio |
0.474 |
0.540 |
0.369 |
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 |
51210.600 |
91041.800 |
100891.100 |
|
|
|
77.779 |
10.818 |
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 |
51210.600 |
91041.800 |
100891.100 |
|
Profit/ (Loss) |
1530.300 |
2768.800 |
250.400 |
|
|
2.99% |
3.04% |
0.25% |
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 |
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 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 |
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 |
COMPANY OVERVIEW
Mahindra Vehicle manufacturers Limited is a Company incorporated and domiciled in India having its registered office in Mumbai. The Company is in the business of manufacture of passenger cars, medium and heavy commercial vehicles and construction equipment’s. These financial statements correspond to the stand alone financial statements of the Company.
The immediate parent Company is Mahindra & Mahindra Limited, a company incorporated in India
The Company has elected not to prepare consolidated financial statements in accordance with Ind AS 110 and Companies (Accounts) Rules 2014, as amended. The parent Company is Mahindra & Mahindra Limited, a company incorporated in Mumbai, India which is the parent of the smallest and largest group to consolidate these financial statements. Copies of the annual report of the Mahindra & Mahindra Limited can be obtained from the Company Secretary, Mahindra & Mahindra Limited, Mahindra Towers, Dr. G. M. Bhosale Marg, Worli, Mumbai, 400 018, India
OPERATIONS
During the year 2016-17, 128584 vehicles were produced as against 1,16,204 during the year 2015-16 (10.65% more as compared to the previous year).
The vehicles manufactured by the Company were exported to a number of countries. 8,669 number of vehicles were exported (through Mahindra & Mahindra Limited) as compared to 7,926 vehicles in FY16, an increase of 9.37% as compared to the previous year.
The Company ensured that all expectations of customers were met in terms of volume and quality.
With the relentless focus on quality systems, the Company underwent surveillance audits for Quality Systems (ISO 9001-2015), Environment Management System (ISO 14001:2015); Occupational Health & Safety (BS OHSAS 18001:2007) & Information Security Management System (ISO 270001:2013). Your Company won several awards and recognitions during the year. Some of the prominent ones among them include New & Renewable Energy for Concentrated Solar Technology from MNRE (Ministry of Power, Coal & NRE), Quality Forum Awards, Kaizen, TPM Circle, India Skills National Competition, etc.
INDEX OF CHARGES
|
CHARGES REGISTERED |
||||||||
|
SNO |
SRN |
CHARGE ID |
CHARGE HOLDER NAME |
DATE OF CREATION |
DATE OF MODIFICATION |
DATE OF SATISFACTION |
AMOUNT |
ADDRESS |
|
1 |
G05122684 |
100031189 |
AXIS TRUSTEE SERVICES LIMITED |
20/05/2016 |
- |
- |
5000000000.0 |
AXIS HOUSE, 2ND FLR, BOMBAY DYEING MILLS COMPOUND,PANDURANG BUDHKAR MARG, WORLI,MUMBAIMA400025IN |
|
2 |
B77660553 |
10434317 |
AXIS TRUSTEE SERVICES LIMITED |
23/05/2013 |
- |
- |
8000000000.0 |
AXIS HOUSE, 2ND FLR, BOMBAY DYEING MILLS COMPOUND,PANDURANG BUDHKAR MARG, WORLI,MUMBAIMH400025IN |
|
3 |
B43154582 |
10236113 |
HDFC BANK LIMITED |
30/07/2010 |
14/06/2012 |
- |
1500000000.0 |
HDFC BANK HOUSESENAPATI BAPAT MARGLOWER PAREL WMUMBAIMH400013IN |
|
4 |
G85072262 |
10213377 |
CANARA BANK (SECURITY TRUSTEE FOR STANDARD CHARTERED BANK) |
29/03/2010 |
31/10/2012 |
31/03/2018 |
2000000000.0 |
PRIME CORPORATE BRANCH - IIVERMA CHAMBERS, 2ND FLOOR, HOMJI STREET, FORT.MUMBAIMH400001IN |
|
5 |
A82591876 |
10171878 |
STATE BANK OF INDIA |
20/07/2009 |
- |
30/03/2010 |
1250000000.0 |
VOLTAS HOUSE, 23, J. N. HEREDIA MARG,MUMBAIMH400001IN |
UNSECURED LOANS
|
PARTICULARS |
31.03.2017 (INR
In Million) |
31.03.2016 (INR
In Million) |
|
LONG-TERM BORROWINGS |
|
|
|
Redeemable preference shares |
6000.000 |
0.000 |
|
Non-convertible debentures others |
0.000 |
12000.000 |
|
|
|
|
|
SHORT TERM BORROWINGS |
|
|
|
Redeemable preference shares |
6276.500 |
1980.600 |
|
|
|
|
|
Total |
12276.500 |
13980.600 |
FIXED ASSETS:
· Land
· Buildings
· Plant and equipment
· Furniture and fixtures
· Vehicles
· Office equipment
· Leasehold improvements
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts, India Prisons Service,
Interpol, etc.
1] INFORMATION ON
DESIGNATED PARTY
No 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 67.22 |
|
UK Pound |
1 |
INR 90.88 |
|
Euro |
1 |
INR 80.09 |
INFORMATION DETAILS
|
Information
Gathered by : |
SUP |
|
|
|
|
Analysis Done by
: |
VAR |
|
|
|
|
Report Prepared
by : |
RUP |
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.