MIRA
INFORM REPORT
|
Report Date : |
02.07.2007 |
IDENTIFICATION DETAILS
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Name : |
MINDA CORPORATION LIMITED |
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Formerly Known As : |
MINDA HUF LIMITED |
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Registered Office : |
41, Rajasthan Udyog
Nagar, |
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Country : |
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Financials (as on) : |
31.03.2006 |
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Date of Incorporation : |
11.03.1985 |
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Com. Reg. No.: |
020401 |
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CIN No.: [Company
Identification No.] |
L74899DL1985PLC020401 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
DELM09295G |
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PAN No.: [Permanent
Account No.] |
AAACM0344C |
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Legal Form : |
Closely held Public Limited Liability Company. |
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Line of Business : |
Manufacturing of parts and accessories for motor vehicles and their engines (brakes, gear boxes, axles, road wheels, suspension shock absorbers, radiators, silencers, exhaust pipes, clutches, steering wheels, steering columns and steering boxes and other parts and accessories). |
RATING & COMMENTS
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MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Maximum Credit Limit : |
1000000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Subject is a well-established and reputed company having satisfactory
track. Directors are reported as
experienced and respectable businessmen.
Trade relations are reported as fair.
Business is active. Payments
are usually correct and as per commitments. The company can be considered normal for business dealings at usual
trade terms and conditions. |
LOCATIONS
|
Registered Office : |
41, Rajasthan Udyog
Nagar, |
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Tel. No.: |
91-11-2721 0072 |
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Fax No.: |
91-11-2713 5501 |
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Location: |
Leased |
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Head Office / Factory 1: |
D-6-11, Sector-59, Noida, (Distt. Gautam Budh Nagar), |
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Tel. No.: |
91-118-458 0249 / 250 / 252 |
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Fax No.: |
91-118-458 0247 |
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Location: |
Owned |
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Factory 2 : |
B-127, Sector V, Noida - 201 301, |
DIRECTORS
|
Name : |
Mr. U. Hulsbeck |
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Designation : |
Chairman |
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Date of Birth/Age : |
53 years (1963) |
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Qualification : |
B. Com. |
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Experience : |
17 years |
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Previous
Employment: |
Switch |
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Name : |
Mr. V. M. Manogaran |
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Designation : |
Director |
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Name : |
Mr. Nirmal K. Minda |
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Designation : |
Director |
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Name : |
Mr. Kopperschlager |
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Designation : |
Director |
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Name : |
Mr. B. R. Agarwal |
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Designation : |
Director |
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Name : |
Mr. Hans H. Suhrig |
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Designation : |
Director |
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Name : |
Mr. Rajesh Bansal |
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Designation : |
Director |
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Name : |
Mr. Ashok Minda |
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Designation : |
Managing Director |
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Name : |
Mr. A P Gandhi |
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Designation : |
Additional Director |
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Name : |
Mr. Helmut Janus |
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Designation : |
Additional Director |
KEY EXECUTIVES
|
Name : |
Mr. Ajay Sancheti |
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Designation : |
Company Secretary |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
|
Names of Shareholders |
No. of Shares |
Percentage of
Holding |
|
Seva Bhagwa |
131413 |
5.33 |
|
Luch Securities Private Limited |
32550 |
1.32 |
|
S.L. Minda & Sons |
90000 |
3.65 |
|
Sarika Minda |
151125 |
6.12 |
|
Mr. N.K. Minda |
216687 |
8.78 |
|
Sanfin Leasing & Finance Private Limited |
85200 |
3.46 |
|
Mr. A. K. Minda |
98025 |
3.97 |
|
Minda Finance Limited |
179250 |
7.26 |
|
Huslbeck Furst Gmbh & Company Limited, |
906800 |
36.75 |
|
Others |
576375 |
23.36 |
|
Total |
2467425 |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturing of parts and accessories for motor vehicles and their engines (brakes, gear boxes, axles, road wheels, suspension shock absorbers, radiators, silencers, exhaust pipes, clutches, steering wheels, steering columns and steering boxes and other parts and accessories). |
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Products : |
v Locks for Motor - Vehicles v Parts and Accessories for Four Wheelers v Parts and Accessories for Two Wheelers |
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Brand Names : |
"MINDA". |
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Exports to: |
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Imports from : |
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Terms : |
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Selling : |
Cash, Credit (60 days) and L/C terms. |
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Purchasing : |
Cash, Credit (60 days), and L/C terms. |
GENERAL INFORMATION
|
Customers : |
v
Tata Engines & Locomotive Company Limited,
v
Maruti Udyog Limited, v
Premier Automobiles Limited, v
Hindustan Motors Limited, v
Bajaj Tempo Limited, v
General Motors India Limited, v
Daewoo Motors India Limited, v
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No. of Employees : |
600 |
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Bankers : |
Canara Bank |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
S. R. Batliboi & Company Chartered Accountants |
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Collaborators : |
v
M/s. v
M/s. Hulsbeck Furst & GmbH & Company,
KG, |
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Affiliates : |
v
Minda Industries Limited, v
Minda Finance Limited, v
Switch Auto Private Limited, v
Minda Wire Links Private Limited, v
Minda Industries, v
Mindarika Private Limited, v
Minda Instruments Limited, |
CAPITAL STRUCTURE
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
100,00,000 |
Equity shares of |
Rs. 10.00 each |
Rs. 100.000 millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
24,70,000 |
Equity shares of |
Rs. 10.00 each |
Rs. 24.700 millions |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2006 |
31.03.2005 |
31.03.2004 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
24.700 |
24.700 |
24.700 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
246.600 |
221.600 |
191.800 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
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NETWORTH |
271.300 |
246.300 |
216.500 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
333.300 |
413.900 |
215.900 |
|
|
2] Unsecured Loans |
0.000 |
0.000 |
0.000 |
|
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TOTAL BORROWING |
333.300 |
413.900 |
215.900 |
|
|
DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
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|
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TOTAL |
604.600 |
660.200 |
432.400 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
501.800 |
512.500 |
364.500 |
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Capital work-in-progress |
4.100 |
27.500 |
16.100 |
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INVESTMENT |
4.000 |
2.000 |
0.100 |
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DEFERREX TAX ASSETS |
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CURRENT ASSETS, LOANS & ADVANCES |
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|
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Inventories |
123.300
|
99.800 |
71.500 |
|
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Sundry Debtors |
202.600
|
224.600 |
168.800 |
|
|
Cash & Bank Balances |
11.300
|
21.000 |
21.100 |
|
|
Other Current Assets |
0.000
|
0.000 |
0.000 |
|
|
Loans & Advances |
141.300
|
123.000 |
66.200 |
|
Total
Current Assets |
478.500
|
468.400 |
327.600 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
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Current Liabilities |
292.500
|
289.500 |
231.400 |
|
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Provisions |
91.400
|
61.200 |
45.500 |
|
Total
Current Liabilities |
383.900
|
350.700 |
276.900 |
|
|
Net Current Assets |
94.600
|
117.700 |
50.700 |
|
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|
|
|
|
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MISCELLANEOUS EXPENSES |
0.100 |
0.500 |
0.100 |
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TOTAL |
604.600 |
660.200 |
432.400 |
|
PROFIT & LOSS
ACCOUNT
|
PARTICULARS |
31.03.2006 |
31.03.2005 |
31.03.2004 |
|
|
Sales Turnover |
1986.600 |
1678.600 |
1107.800 |
|
|
Other Income |
29.000 |
57.200 |
14.900 |
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|
Stock Adjustments |
5.800 |
7.900 |
0.800 |
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Total Income |
2021.400 |
1743.700 |
1123.500 |
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Profit/(Loss) Before Tax |
52.700 |
51.300 |
45.700 |
|
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Provision for Taxation |
23.400 |
17.300 |
17.000 |
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Profit/(Loss) After Tax |
29.30 |
34.000 |
28.700 |
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|
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CIF Value |
151.704 |
109.705 |
NA |
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FOB Value |
222.722 |
227.744 |
NA |
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Expenditures : |
|
|
|
|
|
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Raw Materials |
1200.200 |
1035.000 |
611.300 |
|
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Excise Duty |
236.200 |
182.500 |
125.900 |
|
|
Power and Fuel Cost |
28.300 |
21.400 |
15.900 |
|
|
Other Manufacturing Expenses |
78.100 |
70.700 |
44.400 |
|
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Employee Cost |
152.200 |
132.900 |
100.400 |
|
|
Selling and Administration Expenses |
129.600 |
138.300 |
99.300 |
|
|
Miscellaneous Expenses |
31.300 |
23.400 |
11.100 |
|
|
Interest and financial Charges |
33.800 |
26.300 |
19.200 |
|
|
Depreciation |
79.000 |
61.900 |
50.300 |
|
Total Expenditure |
1968.700 |
1692.400 |
1077.800 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2006 |
31.03.2005 |
31.03.2004 |
|
Debt Equity Ratio |
|
1.44
|
1.36 |
0.92 |
|
Long Term Debt Equity Ratio |
|
0.86
|
0.70 |
0.35 |
|
Current Ratio |
|
0.91
|
0.85 |
0.83 |
|
TURNOVER RATIOS |
|
|
|
|
|
Fixed Assets |
|
2.35
|
2.35 |
2.03 |
|
Inventory |
|
17.81
|
19.60 |
16.34 |
|
Debtors |
|
9.30
|
8.53 |
7.40 |
|
Interest Cover Ratio |
|
2.56
|
2.95 |
3.38 |
|
Operating Profit Margin |
(%) |
8.33
|
8.31 |
10.40 |
|
Profit Before Interest and Tax Margin |
(%) |
4.35
|
4.62 |
5.86 |
|
Cash Profit Margin |
(%) |
5.45
|
5.71 |
7.13 |
|
Adjusted Net Profit Margin |
(%) |
1.47
|
2.03 |
2.59 |
|
Return on Capital Employed |
(%) |
13.68
|
14.22 |
16.63 |
|
Return on Net Worth |
(%) |
11.32
|
14.69 |
14.05 |
LOCAL AGENCY FURTHER INFORMATION
History
The company was incorporated on 11th March 1985 as a Private Limited Liability Company under the name & style of Minda Switch Auto Private Limited and later it was converted into a Deemed Public Limited Liability Company having Company Registration Number 20401.
The name of the company was subsequently changed into Minda HUF Limited w.e.f. 05.02.1996.
Operational Review
During the financial year 2005-06, the sale of the Company
increased to Rs.1750.491 millions from Rs. 1496.314 millions last year, registering
an increase of 17% (approx). All the areas of operation i.e. two-wheeler,
four-wheeler and electronic division have shown reasonable growth.
During the year under review, the Company has profit before interest,
depreciation and tax of Rs.162.365 millions as compared to Rs.135.604 millions
during 2004-2005 and a net profit of Rs.29.292 millions as compared to net
profit of Rs. 34.009 millions last year.
FUTURE
OUTLOOK:
The automotive industry has been growing at a consistent
pace. The competition has increased considerably which has led to the demand of
quality product at most competitive prices. It has become imperative for the
suppliers to provide their products, which are best in quality at competitive
prices to meet the fierce competition and to survive in the market in the long
run.
The Company has shown considerable response to the changing scenario and
by adopting various techniques of improvement in quality of products and
reduction in cost have proved their capabilities to meet the challenge posed by
the continuous changes in the industry.
To successfully compete with the changing environment, the Company is
continuing with various modem concepts of improvement like KAIZEN, 5S, 3M, etc
for continuous improvement. It would help the Company in continuous improvement
of process and systems. It would also help the management to track and measure
key financial and manufacturing metrics to quickly identify key processes that
needs improvement.
SUBSIDIARY:
As required under the provisions of Section 212 of the
Companies Act, 1956, the audited accounts together with Directors' Report and
Auditors' Report of the Subsidiary Company namely Minda Huf Europe B.V., made
out in accordance with the requirements of Companies Act, 1956, are appended to
and form part of the Annual Report.
The statement pursuant to Section 212 of the Companies Act, 1956 is
attached and forms part of this report.
Future Plan of
Action
Setting up of ‘New Technology’ cell to
contribute in introducing new technologies and creating Intellectual
Property. Focus will be given on
Mechatronic products to maintain leadership and establish Minda HUF in
International Market.
Website details attached
The development is aimed at catering for the
growing requirements of its major European customers in the passenger car and
scooter/motorcycle segments. Established clients include MG Rover, Lotus Cars,
Piaggio, Peugeot, Yamaha, Aprilia and Triumph and the new operation will seek
new customers too.
The new company will be called Minda Huf Europe B.V. and will supply the
entire range of its mechanical and electronics security systems, door handles,
castings and moldings to its European customers.
Minda Huf
Limited, a joint venture established in 1995, currently supplies approximately
50% of the European two-wheeler market with security devices, as well as
listing several vehicle makers amongst its clients
The new
Dutch-based unit will be a logistics facility to support European customers
with Just-in-Time deliveries. It will also provide engineering support for both
new customers and existing product portfolios. Subejct intends that by 2007-08
the new European subsidiary should be contributing €20 million to overall
sales.
Mr. Ashok
Minda, Managing director of the Ashok Minda Group, expressed his happiness over
the opening over the new subsidiary. “We need to be at the cutting edge of
quality, cost, delivery and development to meet the requirements of our
European Customers and our new facility will enhance all of those activities”,
he said.
Mr. Manoj
Jha, Vice President of Strategic Business Development, is very optimistic about
the new operation and sees Minda Huf emerging as very strong player
internationally. He said: “We now have a European presence at Indian prices and
intend to target in particular heavy commercial vehicles, recreational
vehicles, tractors, earth movers, construction equipment in the European
market”.
About Minda Huf Limited:
Minda Huf
Limited, 51% controlled by the Group, is the flagship company of the Ashok
Minda Group. It is the largest supplier and manufacturer of electronic and
mechanical locks system in
About Ashok Minda Group:
Ashok
Minda Group, headquartered in Noida near
Expansion Plans of
Minda Huf Limited
New Plant in Pune to be set up at an Investment of Rs 25 crores
February
12, 2004
As a part of its growth strategy, Subject is setting up the state of the
art manufacturing plant in Pune. The plant would be built up on an area of six
and a half acres to meet the growing requirements of its OEM customers in the
Western region. The plant would be set up in two phases. In the first phase the
assembly plant and the paint shop would be set up, while in the second phase
component-manufacturing facilities would be established. The plant would have a
total work force of 400 people.
The total Investment in the plant would be in the tune of Rs 25 crores,
financed mainly by the financial institutions and Internal Accruals of the
company. The plant is expected to achieve a turnover of Rs 100 crores in three
to four years from the time of establishment.
The plant would be headed by Mr. Sanjay Thapar, Business Head: Minda Huf
Ltd.
Company
Profile:
Minda Huf
Ltd., the leading supplier and manufacturer of electronic and mechanical locks
system in the country. The strategic alliance with Hulsbeck & Furst GmbH and
Co. KG has made Minda Huf a leading player in product design and technology.
The presence of the company in the automobile industry reflects the exemplary
vision and philosophy of Mr. Ashok Minda, Company Head, Minda Huf Limited. The
company started the commercial production of Two - Wheeler locks in the year
1989 and introduced four wheeler locksets in 1994. The company gained a major
foothold in the international markets through the export of its locksets to
Mercedes Benz in the year 1997. The exports of Two - Wheeler locksets to
European manufacturers started in 2001, the year in which the company also
established its Electronic Division. The company and its products are meeting
the requirements of all vehicle manufacturers in
Minda Huf
Limited is a part of the Ashok Minda group, a leading auto ancillary industry
major. The group has in its fold three other companies: Minda Wire-links (P)
Limited, Minda SAI Limited and Minda Instruments Limited. The Individual
companies are engaged in the manufacture of connective systems and instrument
panels to all the major OEM's of the country. The group has 10 manufacturing
locations in
Customer
Base:
Minda
Huf's 2 -WHEELER customers include:
Bajaj Auto
Ltd, Kinetic Motor Co. Ltd., Yamaha Motor India (P) Ltd, LML Ltd, Hero Puch,
TVS Motor Company Ltd., and Honda Motor Cycle & Scooter India amongst
others
Minda
Huf's 4 WHEELER customers include:
Ford India
Ltd., General Motors India, TATA Motors, Fiat India Ltd, Mahindra &
Mahindra Ltd, Maruti Udyog Ltd, Toyota Kirloskar Motor India, Hyundai, Bajaj
Tempo, and Eicher amongst others.
Export
Market:
Ford,
Piaggio, Aprilia, Peugeot, Yamaha-MBK, Derby, Suzuki, Triumph Motorcycles (P)
Limited, Uz Daewoo and Cherry amongst others
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 records 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
|
Indian Rupees |
|
US Dollar |
1 |
Rs. 40.58 |
|
|
1 |
Rs. 81.89 |
|
Euro |
1 |
Rs. 55.29 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
9 |
|
--PROFITABILIRY |
1~10 |
4 |
|
--LIQUIDITY |
1~10 |
6 |
|
--LEVERAGE |
1~10 |
6 |
|
--RESERVES |
1~10 |
5 |
|
--CREDIT LINES |
1~10 |
5 |
|
--MARGINS |
-5~5 |
-- |
|
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 |
YES |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
YES |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
51 |
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 and their relative weights (as indicated through %) are as
follows:
Financial
condition (40%) Ownership
background (20%) Payment
record (10%)
Credit history
(10%) Market trend
(10%) Operational
size (10%)
RATING EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
>86 |
Aaa |
Possesses an extremely sound financial base with the strongest capability
for timely payment of interest and principal sums |
Unlimited |
|
71-85 |
Aa |
Possesses adequate working capital. No caution needed for credit
transaction. It has above average (strong) capability for payment of interest
and principal sums |
Large |
|
56-70 |
A |
Financial & operational base are regarded healthy. General
unfavourable factors will not cause fatal effect. Satisfactory capability for
payment of interest and principal sums |
Fairly Large |
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
26-40 |
B |
Unfavourable & favourable factors carry similar weight in credit
consideration. Capability to overcome financial difficulties seems
comparatively below average/normal. |
Small |
|
11-25 |
Ca |
Adverse factors are apparent. Repayment of interest and principal sums
in default or expected to be in default upon maturity |
Limited with
full security |
|
<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
|
NR |
In view of the lack of information, we have no basis upon which to
recommend credit dealings |
No Rating |
|