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Overdue position of Rs in Cr
0-30 days 30-60 days 60-90 days Above 90 Total
Principal Overdue
New Case
Interest Overdue
Vision: - To be the most preferred global and domestic supplier of Sheet Metal and Structural
solutions to the Automotive and General Engineering Industries through a single-minded focus
on excellence.
2009-2012:- Tier 1 stamping Supplier for OEM’s like GMI, VW, Tata, Mahindra & Benteler
2013-2014:- Value added / Value Engg Assembiles and aggregates for better margins
2015-2017:- Product Manufacturer Like Fuel Tanks Seating Systems 2 W Frames, 2 W Exhaust
System
Shareholding as on 30.05.2015
55 % 45 %
68.73% 31.27 %
Type of Sanctioned
Name of bank facility Limits O/S
Working Capital Facility (Including CF, CC, TA, INF etc.)
Working
Standard Chartered Bank Capital 8.50 Nil
Products Portfolio:-
Complex assemblies
Fuel Tanks
Filters
Robotic Technology :-
Financial Analysis Rs in Cr
Sr. Parameters Audite Audite Audite Audite Provisiona Projecte Projecte
No d d d d ls Projected d d
.
2011 2012 2013 2014 2015 2016 2017 2018
Number of months
12 12 12 12 12 12 12 12
1 Total Operating Income(TOI) 21.0 74.4 57.2 96.9 98.2 208.3 251.9 261.9
3 E B I D T A/ TOI (%) 0.0% -18.6% -12.0% -13.5% 19.5% 20.3% 21.2% 21.3%
7 Non Operating Income/Exps. 1.8 1.3 0.2 0.2 0.6 0.0 0.0 0.0
10 PAT/ TOI (%) -52.9% -40.8% -40.1% -3.6% 5.5% 13.2% 15.2% 15.3%
11 Net Cash Accruals (NCA) -5.5 -23.5 -15.6 -25.6 14.7 37.2 48.0 49.9
12 Net Fixed Assets 119.9 124.2 126.2 127.7 124.5 117.3 132.8 151.9
13 Tangible Networth (TNW) 39.2 28.5 13.0 -20.3 130.1 123.9 162.6 200.7
--- Investments 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0
--- Loans and Advances 0.3 0.2 0.9 2.7 0.0 0.0 0.0 0.0
15 Adjusted T N W (ATNW) 38.9 28.3 12.1 -23.0 130.1 123.9 162.6 200.7
16 Quasi Equity 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0
17 Long Term Debt (LTD) 92.7 80.6 97.6 174.8 29.3 10.6 9.8 0.0
18 Short Term Debt (STD) 8.2 12.5 56.5 2.4 9.8 0.0 0.0 0.0
19 Working Cap. Bank Finance 15.7 47.2 0.0 1.2 1.9 0.0 0.0 0.0
21 Total Debt 116.6 140.2 154.1 178.4 41.0 10.6 9.8 0.0
22 Total Debt/ ATNW 3.0 5.0 12.7 -7.8 0.3 0.1 0.1 0.0
26 Total Current Assets 30.5 43.3 31.2 38.1 36.2 63.4 78.6 93.6
27 Total Current Liabilities 34.2 78.7 69.5 34.5 18.7 64.7 59.0 64.9
28 Net Working Capital -3.8 -35.4 -38.3 3.6 17.5 -1.3 19.6 28.7
29 Current Ratio 0.9 0.5 0.4 1.1 1.9 1.0 1.3 1.4
31 Interest Coverage Ratio 0.0 -1.3 -0.8 -1.0 3.8 8.3 9.7 9.7
32 Total Debt/Net Cash Accrual -21.1 -6.0 -9.9 -7.0 2.8 0.3 0.2 0.0
33 Inventory Turnover days 266.1 53.8 106.6 84.0 81.7 77.3 82.8 103.6
34 Debtors Turnover days 87.5 153.5 81.0 64.3 58.9 40.5 40.5 40.4
35 Creditors Turnover days 0.0 78.1 50.0 85.1 37.5 18.2 20.2 20.5
• GM India to consider payment of 100% warehousing charges (INR 7.29 Mil.) for the period of
May’13~May’14. UMW Dongshin to explore in-house storage for balance imported child parts.
• As agreed with UMW, GMI to consider INR 10 Mil lump sum payment out of total INR 15.6 Mil
forex impact for Jun 13 to Dec 13 and balance amount to be reconciled and addressed thru'
Pc Price correction after implementation of the child parts under localization.
• UMW confirmed for Capex and tooling investments on new opportunities including M300 Floor
Tunnel, M300 LHD and other business opportunities.
Sales:-
The Sales for the FY-2014 is Rs. 96.9 Cr against Rs. 57.2 Cr in the FY-2013. Firm’s Provisional
statement shows sales around Rs. 98.2 Crs in FY 15.
Profitability:-
EBIDTA margin of the company is around -13.1 percent for last financial year.
Net profit margin was -3.6 percent in the financial year 2013-14, improving over previous financial
years -40.1 percent.
CONTINGENT LIABLITIES AND FX DETAILS (IF ANY): Nil as per Annual Report 2013-14
Comparison of latest audited financials with projections provided earlier (in case of
reviews/amends): Not Applicable
Historical Sales-Purchase
Historical
Mont
hs
Purchases Sales
(Rs in
lacs)
Ess Arcel
Posc Sungw
ar or Othe Bentl Siddi Othe
o- oo Total GMI VW JBM Tata Total
Ste Mitta r er que r
IPPC Hitech
el l
Apr-
165.8 36. 150.5 431. 657.6 112.2 120.2 14.6 66.6 1,04
14 78.63 73.73 2.64
8 83 7 90 0 3 4 6 2 7.73
May-
319.5 24. 135.7 614. 770.9 103.2 73.3 1,06
14 134.04 65.42 50.30 1.35 2.67
3 93 0 21 9 2 0 7.25
Jun-
13. 163.4 473. 715.0 145.4 67.7 997.
14 96.16 101.72 98.01 65.42 0.04 0.12 3.81
99 8 37 6 7 0 63
Jul-
305.3 32. 148.0 566. 808.7 114.7 102. 1,14
14 80.07 50.35 61.72 3.32 2.90
9 71 4 22 0 2 89 4.61
Aug-
171.2 134.6 355. 504.9 123.3 55.5 793.
14 49.49 43.77 56.29 7.86 1.49
9 4 43 4 8 2 25
Sep-
208.9 126.7 488. 290.1 165.5 51.4 28.4 601.
14 115.88 36.81 24.13 31.89 9.60
8 9 46 7 0 2 2 13
Oct-
156.2 30. 150.6 439. 453.7 51.2 21.5 737.
14 35.15 67.05 96.40 51.35 53.80 9.35
3 12 7 22 3 0 8 41
Nov-
250.7 31. 183.7 573. 466.0 109.5 10.8 59.9 43.4 751.
14 56.15 52.15 60.78 0.91
9 03 0 82 1 9 5 1 0 45
Dec-
100.6 16. 176.4 293. 484.0 104. 18.8 771.
14 - 92.09 64.19 - 8.46
8 15 8 30 7 19 0 79
Jan-
202.9 33. 185.6 499. 459.2 11.9 57.2 24.7 714.
15 77.27 92.27 68.92 -
0 24 6 08 7 1 3 9 39
Feb-
196.8 25. 117.6 364. 442.9 46.3 36.9 639.
15 24.18 49.29 59.24 - 4.48
1 53 0 12 1 6 3 22
Total 2,32 759.0 259 357. 1,86 5,57 6,42 1,24 692. 375. 86.9 789. 204. 9,81
8.56 4 .52 36 8.85 3.34 6.81 1.73 46 19 4 73 50 7.37
Aver
12.8 1.2 16.2 39.5 535. 103. 57.7 31.2 65.8 17.0 818.
age 6.68 2.47 7.24
3 5 9 2 57 48 1 7 1 4 11
YTD Performance
Apr-
345. 396.9 58.9 10.9 589.
15 234.24 48.02 63.04 29.17 85.00 1.33 7.53
30 4 4 6 87
May
135.1 463. 325.8 53.0 15.8 502.
-15 163.63 84.82 80.15 26.84 75.18 - 5.70
9 79 8 8 1 49
Tot
397.8 84.8 183. 143. 809. 722. 56.0 160. 13.2 112. 26.7 1,09
al - 1.33
7 2 21 19 09 81 2 18 2 02 7 2.36
Eligibility of limits:
Eligibility Calculation : (Rs in Cr) GMI VW
Normal Limit:
Audited Sales for FY’14 64.26 12.41
Average monthly projected Sales 5.35 1.03
Rotational cycle 90 Days 90 Days
Eligible Total Funding 16.05 3.09
Limits which can be offered by TCFSL 16.05 3.09
Limits recommended 9.00 (3.00)
Justification:
Client is eligible for limits of Rs.19.14 Cr rotational limits but we are recommending Rs. 9.00 Cr basis
satisfactory sales performance.
Client will provide the confirmation of payment from OEM to which firm is supplying (VW, Benteler)
and will discount the bills.
The Sales for the FY-2014 is Rs. 96.9 Cr against Rs. 57.2 Cr in the FY-2013. Firm’s Provisional
statement shows sales around Rs. 98.2 Crs in FY 15.
LAST APPROVAL COMMENTS AND COMPLIANCE WITH THE SAME: Not Applicable
Guarantors (Name and Net Personal guarantee of Mr. Dato Muthu Kumar
Worth of each)
Other documents Required 1. Accepted sanction letter
2. Application form
3. Board Resolution
4. Debtor intro letter from General Motors India, Volkswagen & TML.
5. Undated PDC of the entire facility amount.
Covenants 1. The borrower shall submit any other MIS / Information if required
Flexi-Loan:-
Letter of Credit:-
Actual
Deviations
Sr. Approving
Parameters Deviation Details As on Y/N &
No. Authority
Remarks
31.03.2014
TNW :
FY13: 13.0 Cr
FY14: -20.3 Cr
Up to 0.8 with
CH
Consumer De-
dupe:-
Credit to do
Recommended by:
National Head- Supply Chain & Trade Finance Mr. Arun Poojari
Approved by:
Ms. Sanchita Mustauphy Mr. Sarosh Amaria