MIRA
INFORM REPORT
|
Report Date : |
05.07.2008 |
IDENTIFICATION
DETAILS
|
Name : |
MOTHERSON SUMI
ELECTRIC WIRES – DIVISION OF MOTHERSON SUMI SYSTEM LIMITED |
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Registered
Office : |
3rd Floor,
Bhageria House, 43, Community Centre, New Friends Colony, New Delhi - 110 065 |
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Country : |
India |
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Financials (as
on) : |
31.03.2007 |
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Date of
Incorporation : |
19.12.1986 |
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Com. Reg. No.: |
55-26431 |
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CIN No.: [Company
Identification No.] |
L34300DL1986PLC026431 |
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TAN No.: [Tax Deduction
& Collection Account No.] |
DELM11353G /
DELM08600E |
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PAN No.: [Permanent
Account No.] |
AAACM0405A |
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Legal Form : |
Public Limited Liability
Company. The company's shares are
listed on the Stock Exchanges. |
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Line of
Business : |
Manufacturers of
Auto Ancillaries, Wiring Harnesses, Components and High Tension Cords. |
RATING &
COMMENTS
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MIRA’s Rating : |
A |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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 |
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Maximum Credit Limit : |
USD 15000000 |
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Status : |
Good |
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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. Financial position is satisfactory. Trade relations are fair. 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
: |
3rd
Floor, Bhageria House, 43, Community Centre, New Friends Colony, New Delhi -
110 065, India |
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Tel. No.: |
91-11-26822778/26838069 |
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Fax No.: |
91-11-26842174 |
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E-Mail : |
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Website : |
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Registrar : |
Kavy Computer share Private Limited Kavy House, 46,
Avenue 4, Street No. 1, Hyderabad – 500034, Andhra Pradesh, India |
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Corporate
Office : |
905, B-Wing, Mittal Towers, M.G.Road,
Bangalore 560001, Karnataka, India |
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Tel. No.: |
91-80-5325136 |
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Fax No.: |
91-80-532513 |
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Units: |
v Plot No. 31B, JIADB Industrial Area, Phase
–1, Kumbalgodu, Bangalore, Karnataka, India v Motherson Automotive Technologies and
Engineering (A division of Motherson Sumi Systems Limited) No. 9, GST Road, Oorapakum Kanchipuram, District Chennai, Tamilnadu, India v B-22, SIDCO Industrial Estate, Hosur,
Tamilnadu, India v C-6 & 7, 1st and 2nd
Floor, Sector – 1, Noida, Uttar Pradesh, India v A-15, Sector 6, Noida, Uttar Pradesh,
India v Mohan Co-operative, Delhi, India v A-60-61, Sector 6, Noida, Uttar Pradesh,
India v 129/2, Sanghvi Compound, Chinchwad, Pune,
Maharashtra, India v C-14A & 14B, Sector 1, Noida Uttar
Pradesh, India v Plot No. 21, Industrial Estate, Gurgaon,
Haryana, India v C-6 & 7, Ground Floor, Sector 1,
Noida, Uttar Pradesh, India v D-3, Sector 11, Noida, Uttar Pradesh,
India v 8, Ayyenchery, Village Oorapakkam Panchyet,Kancheepuram
603 202, Tamilnadu, India v Survey No. 241-1/2, Hinjewadi, Tal Mulshi,
District Pune – 411 027, Maharashtra, India v 96/3-P, 96/4, 96/7-P, A Block Indraprastha
Industrial Park, Kumbalgodu Industrial Area, 2nd Phase,
Kumbalgodu, Bangalore, Karnataka, India v Kumbalgodu
Industrial Area, Mysore Road Phones:
91-80-8437761/8437872/3/4 |
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Branches : |
A-33, Sector 60,Noida, UP, India |
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Tel. No.: |
91-120-2583842 / 2583228 |
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Fax No.: |
91-120-2544435 |
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Overseas
Offices: |
Located at :- · Austria · Hungary · Sharjah · Singapore` · U.K. |
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Representatives
at following Cities:
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DIRECTORS
|
Name : |
Mr. Vivek Chaand
Sehgal |
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Designation : |
Chairman |
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Name : |
Mr. Toshimi
Shirakawa |
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Designation : |
Director |
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Name : |
Mr. Ram Ganapati |
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Designation : |
Director |
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Name : |
Mr. Mohinder
Singh Gujral |
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Designation : |
Director |
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Name : |
Mr. Hiroto Murai |
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Designation : |
Director |
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Name : |
Mr. Bimal Dhar |
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Designation : |
Director |
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Name : |
Mr. Akihiko
Yamauchi |
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Designation : |
Whole Time
Director |
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Name : |
Maj. Gen. Amarjit
Singh (Retired) |
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Designation : |
Director |
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Name : |
Mr. Masahiro
Matsushita |
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Designation : |
Alternate
Director |
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Name : |
Mr. Pankaj K.
Mital |
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Designation : |
Alternate
Director |
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Name : |
Mr. Arjun Puri |
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Designation : |
Director |
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Name : |
Mr. G. N. Gauba |
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Designation : |
Director |
SHAREHOLDING
PATTERN
|
Names of Shareholders (As on 31.03.2007) :- |
No. of Shares |
Percentage of
Holding |
|
Indian Promoters |
81031522 |
34.50 |
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Foreign Promoters |
87375780 |
37.20 |
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Institutional
Investors |
22254816 |
9.47 |
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Private Corporate
Bodies |
17559931 |
7.48 |
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Indian Public |
25812923 |
10.99 |
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NRIs / OCBs |
854228 |
0.36 |
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Total |
234889200 |
100.00 % |
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Names of Shareholders (As on 30.06.2007) :- |
No. of Shares |
Percentage of
Holding |
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(A) Shareholding
of Promoter and Promoter Group 2 |
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(1) Indian |
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(a) Individuals / Hindu undivided family |
31241282 |
12.88 |
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(B)Bodies
Corporate |
50790240 |
21.62 |
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(2) Foreign |
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(b) Bodies Corporate |
87375780 |
37.20 |
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(B) Public Shareholding 3 |
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(1) Institutions |
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(a) Mutual Funds / UTI |
8229763 |
3.50 |
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(b) Financial Institutions / Banks |
8250 |
-- |
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(f) Foreign Institutional Investors |
14013318 |
5.97 |
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(2) Non –
Institutions |
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(a) Bodies Corporate |
17439263 |
7.42 |
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(b) Individuals – i. Individual shareholders holding nominal share capital up to
Rs.0.100 million ii. Individual shareholders holding nominal share capital excess of
Rs.0.100 million |
11664309 14270854 |
4.97 6.07 |
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© Any Other
(specify) |
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i. Overseas Bodies Corporate |
738000 |
0.31 |
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ii. Non Residental Indians |
102033 |
0.04 |
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iii. Trusts |
3375 |
-- |
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iv. Clearing Members |
12733 |
-- |
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© Shares held by
custodians and against which depository receipts have been issued |
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Grand Total |
234889200 |
100.00 |
BUSINESS DETAILS
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Line of
Business : |
Manufacturers of
Auto Ancillaries, Wiring Harnesses, Components and High Tension Cords. |
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Products with
ITC Code : |
· Integrated wiring harness - 8544.90 · Rubber Components - 40160000 · Insulated Wire - 8544.90PVC |
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Product Range: |
Ø Wiring
Harness Components Housings Terminals Caps & Sleeves Clamps & Binders Fuse Boxes Noise Suppressers Ø Electrical
Distribution System Wiring Harnesses Lead Wires High Tension Cords |
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Exports : |
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Countries : |
Europe and other
parts of the world |
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Imports : |
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Countries : |
Japan |
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Terms : |
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Selling : |
Against Credit
terms |
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Purchasing : |
Against Credit
terms |
PRODUCTION STATUS
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Particulars |
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Actual
Production |
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Wiring Harness (Nos.) |
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16.270 |
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High Tension Cords (Nos.) |
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|
0.398 |
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Plastic Components (M.T.) |
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58.134 |
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Wires (Km’s) |
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|
0.447 |
GENERAL INFORMATION
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Suppliers: |
· AGN Electro Coats · Auto test Mechanisms Private Limited · Chamundi Die Cast Private Limited · Aglow Engineers Private Limited · B.R. Auto Connectors and Spares Private Limited · Brass Copper and Alloy (India) Limited · India Wire · Shree Shiva Engineering Works · Hari Har Engineering Works · M.D. Plastics · Om Tulsi Electrical] · D.M. Enterprises · Fire Safety Equipments Private Limited · Kings Pack System · Senna Polymers |
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Customers : |
OEM’s |
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No. of Employees : |
5200 |
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Bankers : |
Ø State Bank of India Ø ICICI Bank Limited Ø UTI Bank Limited Ø Bank of Tokyo Mitsubishi Limited Ø HDFC Bank Limited Ø Citibank N. A. |
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Facilities: |
Secured Loans referred above are: 1. Secured by
first charge by way of hypothecation of all present and future stocks, book
debts and other specified moveable assets of the company and second charge by
way of hypothecation of all immovable property. 2. Long term
loans due within a year Rs.200.046 millions (Previous year 16.276 millions) 3. Includes loan
of Rs.134.466 millions secured by charge on immovable property, stock in
trade a book debts of the company and Rs.23.800 millions secured by charge on
entire fixed assets both moveable and immovable of the erstwhile Motherson
Advance Polymers Limited since merged with the company. 4. Secured by
first pari – passu charge on entire fixed assets both moveable and immovable
of the company present and future and second pari – passu charge on the
entire current assets of the company. These are also secured by way of
deposit of title deeds of specified properties. 5.
i) Tooling
advances received from customers are repayable by way of amortization on
supply of components and hence cannot be distinguished between short term and
long term. ii) Secured by hypothecation of
specific moulds used for production of
compone.
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1. Repayable on demand 2. Long Term Loan due within a year Rs. Nil 3. Tooling advances received from customers are repayable by way of
amortization on supply of components and hence cannot be distinguished
between short term and long term. |
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Banking
Relations : |
Good |
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Auditors : |
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Name : |
Price Waterhouse
& Company Chartered
Accountants |
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Address : |
Building 8 , 7th
and 8th Floor, DLF Cyber City, Gurgaon – 122002, Haryana, India |
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Associates: |
Subject established in 1917, Sumito Wiring Systems (SWS) has the
second highest share in wiring harnesses in Japan and the third highest share
worldwide. Over a period of time, SWS has taken various initiatives to
further expand its share in the global market, climbing from 11% in fiscal
2002 and 12% in fiscal 2003 to an anticipated 15% in fiscal 2004. The company’s current revenues are Japanese Yen 345 billion with 66
overseas affiliates spread over 26 countries. SWS provides technical support to Company in the form of resident
technical advisors, training of engineers and production personnel,
manufacturing methodologies, Japanese manufacturing techniques, quality
circle activities, kaizen, collaborative design and development and global
bench making. SWS is aiming to realize at global level, the best quality at
the most competitive cost and production in optimum locations. To achieve
this goal, SWS conducts bench making of three levels company, plant and
associates. This global bench making has raised radically competitive
environment in MSSL at all levels. · Saks Ancillaries Limited · Motherson Air Travel Agencies Limited · Motherson Advance Strategic Solutions Limited · Sumi Motherson Innovative Engineering Limited · Sumi Motherson Integrated Technologies Limited · Motherson Techno Tools Limited · Motherson Sehgal Cables · Vaaman Auto Industries · Ganapati Auto Industries · Motherson Auto Private Limited · Motherson Sumi Infotech and Designs Limited · Aqatec Electrical Limited · Million Miles Limited · S. J. Max Golden Company Limited · Motherson Triplex Tools Limited · Motherson Compounds Private Limited · Sri Cables · Motherson Sehgal Cables · Saks Ancillaries Limited |
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Investors: |
Mr. G.N. Gauba, Company Secretary and V.P. Finance 3rd Floor, Bhageria House, 43, Community Centre, New
Friends Colony, New Delhi – 110025, India E – Mail: gngauba@mssl.motherson.com |
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Subsidiaries / Joint Ventures : |
Ø MSSL Mideast
(FZE) Ø MSSL Ireland
Private Limited Ø Motherson
Electrical Wires Ø Wire Lanka
Private Limited Ø Draexlmaier and
Motherson Ø Electrical
Systems India Limited Ø Motherson PUDENZ Ø WICKMANN Limited Ø MSSL Hag Toolings
Limited (FZC) Ø Kyungshin
Industrial Motherson Limited Ø Schefenacker Motherson
Limited Ø
Woco Motherson Limited (FZC) Ø Sumi Motherson
Innovative Engineering Limited Ø Motherson Advance
Polymers Limited Ø CTM India Limited Ø
MothersonSumi Infotech and Designs Limited Ø
Motherson Techno Tools Limited Ø Hag
Kunststofftechnik GmbH Ø ABC Designs Pty
Limited Ø
Anest Iwata Motherson Limited Ø
Webasto Motherson Sunroofs Limited Ø
G and S Kunststofftechnik GmbH Ø
Global Environment Management Ø
MSSL GB Limited Ø
MSSL [S] Pte Limited Ø
MSSL GmbH Ø
MSSL
Mauritius Holdings Limited Ø
MSSL Handels
GmbH Ø Mothersonsumi Reiner GmbH Ø Lisa Draexlmaier
GmbH, Germany Ø Wilhelm Pudenz
GmbH, Germany Ø Schefenacker
International AG and Company Ø Kyungshin
Industrial Company Korea Ø WOCO Franz Josef
Wolf Holding GmbH |
CAPITAL STRUCTURE
(As on
31.03.2007):-
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
803000000 |
Equity Shares |
Rs.1/- each |
Rs.803.000 millions |
Issued, Subscribed
& Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
234889200 |
Equity shares |
Rs.1/- each |
Rs.234.889 millions |
FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES
OF FUNDS |
31.03.2007 |
31.03.2006 |
31.03.2005 |
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SHAREHOLDERS
FUNDS |
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|
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|
1] Share Capital |
234.889 |
234.900 |
234.900 |
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2] Share
Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves &
Surplus |
2774.924 |
1987.300 |
1506.100 |
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4] (Accumulated
Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH
|
3009.813 |
2222.200 |
1741.000 |
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LOAN FUNDS |
|
|
|
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|
1] Secured Loans |
946.392 |
925.700 |
496.200 |
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2] Unsecured
Loans |
3033.654 |
2801.400 |
226.200 |
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TOTAL BORROWING
|
3980.046 |
3727.100 |
722.400 |
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DEFERRED TAX LIABILITIES |
50.963 |
0.000 |
0.000 |
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TOTAL
|
7040.822 |
5949.300 |
2463.400 |
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APPLICATION OF FUNDS
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FIXED ASSETS [Net Block]
|
3249.495 |
2419.600 |
1970.000 |
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Capital work-in-progress
|
68.162 |
220.400 |
99.400 |
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INVESTMENT
|
1300.206 |
332.700 |
159.400 |
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DEFERREX TAX ASSETS
|
0.000 |
0.000 |
0.000 |
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CURRENT ASSETS, LOANS &
ADVANCES
|
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Inventories
|
1204.816 |
880.100 |
632.200 |
|
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Sundry Debtors
|
1686.153 |
918.100 |
569.400 |
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Cash & Bank Balances
|
365.922 |
1617.400 |
26.500 |
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Other Current Assets
|
0.000 |
0.000 |
0.000 |
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Loans & Advances
|
1408.888 |
1856.000 |
850.000 |
Total Current Assets
|
4665.779 |
5271.600 |
2078.100 |
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Less :
CURRENT LIABILITIES & PROVISIONS
|
|
|
|
|
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|
Current
Liabilities |
1532.770 |
1250.100 |
1004.900 |
|
|
Provisions |
1294.885 |
1800.100 |
838.600 |
Total Current Liabilities
|
2827.655 |
3050.200 |
1843.500 |
|
Net Current Assets
|
1838.124 |
2221.400 |
234.600 |
|
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MISCELLANEOUS EXPENSES
|
584.835 |
755.200 |
0.000 |
|
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TOTAL
|
7040.822 |
5949.300 |
2463.400 |
|
PROFIT & LOSS
ACCOUNT
|
PARTICULARS |
31.03.2007 |
31.03.2006 |
31.03.2005 |
Sales Turnover [including other
income]
|
10997.065 |
8393.300 |
6560.000 |
|
|
|
|
|
Profit/(Loss) Before Tax
|
1416.577 |
941.600 |
849.400 |
Provision for Taxation
|
274.804 |
173.200 |
228.500 |
Profit/(Loss) After Tax
|
1141.773 |
768.400 |
620.900 |
|
|
|
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Export Value
|
2039.647 |
1486.939 |
N.A. |
|
|
|
|
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Import Value
|
3357.328 |
2108.673 |
N.A. |
|
|
|
|
|
Total Expenditure
|
9580.488 |
7451.700 |
5710.600 |
QUARTERLY RESULTS
|
PARTICULARS |
30.06.2007 |
30.09.2007 |
31.12.2007 |
31.03.2008 |
|
Type |
1st
Quarter |
2nd
Quarter |
3rd
Quarter |
4th
Quarter |
|
Sales
Turnover |
3020.400 |
3086.400 |
3129.200 |
3795.000 |
|
Other
Income |
170.800 |
26.500 |
51.800 |
345.800 |
|
Total
Income |
3191.200 |
3112.900 |
3181.000 |
4140.800 |
|
Total
Expenditure |
2600.500 |
2565.700 |
2684.000 |
3414.400 |
|
Operating
Profit |
590.700 |
547.200 |
497.000 |
726.400 |
|
Interest |
47.100 |
51.400 |
47.800 |
72.400 |
|
Gross
Profit |
543.600 |
495.800 |
449.200 |
654.000 |
|
Depreciation |
118.500 |
116.200 |
118.800 |
147.100 |
|
Tax |
134.200 |
96.100 |
97.000 |
56.500 |
|
Reported
PAT |
300.400 |
296.900 |
237.500 |
447.100 |
KEY RATIOS
|
PARTICULARS |
31.03.2007 |
31.03.2006 |
31.03.2005 |
|
Debt-Equity Ratio |
1.48 |
1.13 |
0.45 |
|
Long Term Debt-Equity Ratio |
1.46 |
1.12 |
0.44 |
|
Current Ratio |
1.62 |
1.48 |
1.18 |
|
TURNOVER RATIOS |
|
|
|
|
Fixed Assets |
2.47 |
2.26 |
2.23 |
|
Inventory |
11.67 |
10.60 |
11.55 |
|
Debtors |
9.24 |
10.77 |
11.67 |
|
Interest Cover Ratio |
6.54 |
6.46 |
36.39 |
|
Operating Profit Margin(%) |
17.10 |
18.25 |
17.86 |
|
Profit Before Interest And Tax
Margin(%) |
13.48 |
13.90 |
13.71 |
|
Cash Profit Margin(%) |
12.83 |
13.94 |
13.90 |
|
Adjusted Net Profit Margin(%) |
9.22 |
9.59 |
9.75 |
|
Return On Capital Employed(%) |
28.60 |
29.25 |
39.07 |
|
Return On Net Worth(%) |
43.49 |
39.17 |
40.20 |
LOCAL AGENCY
FURTHER INFORMATION
HISTORY
Incorporated in Dec.'86, Motherson Sumi Systems (MSSL) was
promoted by Motherson Auto Private Limited (MAPL), K L Sehgal, V C Sehgal and associates
with technical and financial collaboration with Sumitomo Wiring Systems (SWS)
and Nissho Iwai Corporation (NIC), Japan. The business of MAPL was later
transferred to MSSL.
It manufactures integrated wiring harnesses (IWH) for the automotive and
electronic industries and is the market leader in the manufacture of IWH in the
country. Further the company has its presence Plastic Division (which
manufactures wide range of injection moulded components and assemblies etc.,)
and also in Rubber Components, Heat Sinks and others. The plants of the company
are located at Noida (UP), New Delhi, Gurgaon (Haryana), Pune (Maharashtra),
Bangalore (Karnataka), Chennai (Tamilnadu) and Pondicherry.
In Mar.'93, it entered the capital market and in Dec.'93 it inaugurated the ISO
9002 certified plant to manufacture wiring harnesses used in providing high
tension cords for Zen and Alto. In 1995, the Unit at Pune, Maharashtra to
manufacture TELCO wiring harnesses started functioning and a new wiring unit
was started in technical collaboration with SWS, Japan.
The Subsidiaries of MSSL are MSSL Mideast (FZE), MSSL Mauritius Holdings
Limited, MSSL Ireland Private Limited, MSSL Handels GmbH, Motherson Electrical
Wires Lanka (Private) Limited, MSSL(s) Pte Limited, MSSL Hag Tolings
Limited(FZC), MSSL GB Limited, MSSL GmbH, Draexlmaier and Motherson Electrical
System India Limited, Motherson Pudenz Wickmann Limited, Woco Motherson
Elastomer Limited and Woco Motherson Advanced Rubber Technologies Limited
The company has floated a few new companies like, BTR Motherson Automotive
Private Limited in joint venture with BTR Plc of UK, Britax Motherson, Kromberg
and Schubert Motherson Sumi Systems in joint venture with Kromberg and Schubert
A.G., Germany, Kyungshin Industrial Motherson Private Limited in joint venture
with kyungshin Industrial Company, Korea, Motherson Elastomers Private Limited
in joint venture with WOCO Franz Joseph and Company, Germany.
The Delhi High Court has approved the amalgamation of Motherson Auto Components
Engineering Limited (MACE) and Motherson Sumi Electric Wires (MSEW) 100%
subsidiaries with the company. During September 2005 the company has decided
merge Draexlmaier and Motherson Electrical Systems India Limited, a 100%
subsidiary of the company with the company.
In December 2005 the company has decided to merge Motherson Advance Polymers
Limited with itself with effect from 1st April 2005 and this scheme of merger
is subject to approvals. During 2004-05 the company has transferred its Elastomer
Division into Woco Motherson Elastomer Limited, a subsidiary company with
effect from 1st June 2004.
In May 2005 the company has incorporated a new subsidiary 'Motherson Sumi
Reiner Gmbh', in Germany, which is an agreement between the company and Reiner
Prazision Gmbh to take over their business on going concern basis. Further the
company has decided to set up a new subsidiary in joint venture with Sumitomo
Wiring Systems Limited, Japan at Sharjah for supply of wiring harnesses to
Sumitomo Wiring Systems.
During March 2004 the company sub-divided its equity share face value from
Rs.5/-per share to Re.1/- per share and further in February 2005 the company
issued bonus equity shares to its shareholders in the ratio of 1:2.
During 2004-05 the company has expanded its facilities a Nodia with a new
dedicated unit for exports of Wiring Harness. Further the company has started a
new unit for Plastics at Chennai to cater to the requirements of Hyundai Motors
and for exports GM Holden, Australia which will commence in the year 2005-06.
Motherson Automotive Technologies and Engineering, the plastic division of the
company has decided to expand its Plastics facilities at Chennai to build
capacity for catering to increasing requirement of Ford India Limited and also
for export of components to Ford Europe. The Plastic Division which is being
set up at Manesar will become operational during 2005-06.
Operations:
The Company recorded a turnover of Rs.10812.19 million during the
year compared to Rs.7134.29 million in the previous year and the Company
achieved a profit after tax of Rs.1141.78 million as against 826.70 million
during the previous year. The Company's performance is discussed at length in
Management discussion and analysis, which forms a part of the Directors'
Report.
Dividend:
The Directors recommended a dividend of Rs.1.50 per share for the year
ended March 31, 2007. The dividend, if declared as above, will be paid to those
shareholders whose names appear in the register of members as on July 30, 2007.
The total cash outgo on account of a proposed dividend is Rs.412.22 million
(compared to previous year's Rs.308.01 million) which represents 36% of profit
after tax.
Exports:
The Company's exports during the year have grown to Rs.2436 million
from Rs.1533 million, achieving a growth rate of 59%. The Company continues to
make its efforts towards achieving higher growth by providing cost competitive
quality solutions to its customers. In addition, the Company has set up
offices, mainly in Europe, to constantly service the customers as well as scan
the markets for growth.
Amalgamations:
During the year Motherson Advance Polymers Limited, a 100% subsidiary of the
Company amalgamated with the Company. The amalgamation is operative retrospectively
from February 1, 2006.
Subsidiaries
/ Joint ventures:
The Company purchased the business and assets of ASL Systems
Limited (in administration) from the administrator on August 04, 2006 through
100% owned UK subsidiary, MSSL GB Limited.
The Company through its subsidiaries, Motherson Elastomers Pty Limited and
Motherson Investments Pty Limited, has acquired the business and assets of
Empire Rubber (Bendigo, Victoria, Australia), which was engaged in rubber
mixing and manufacture of rubber extruded components, from Huon Corporation Pty
Limited (in liquidation).
In addition to the above mentioned subsidiaries the Company has the following
100% subsidiaries viz. MSSL Mideast (FZE), MSSL Mauritius Holdings Limited,
MSSL Handels (GmbH), Motherson Electrical Wires Lanka Pvt. Ltd., MSSL GmbH
(through MSSL Mideast), MSSL Tooling (FZE) (through MSSL Mauritius), and MSSL
Ireland Pvt Limited (through MSSL 44 Motherson Sumi Systems Limited Mauritius),
MSSL(S) Pte Ltd., MSSL (GB) Ltd. (through MSSL Mideast), Motherson Sumi Wiring
System Limited (FZC) (through MSSL Mideast), G and S Kunststofftechnik GmbH
(through MSSL GmbH), Mothersonsumi Reiner GmbH (through MSSL GmbH), MSSL
Australia Pty Ltd. (through MSSL (S) Pte.), Global Environment Management (FZC)
(through MSSL Mauritius), Global Environment Management Australia (through
Global Environment Management (FZC)), FP Formagrau s.r.o (through MSSL GmbH),
and the joint venture subsidiary is Motherson PUDENZ WICKMANN Ltd.
The Company has also incorporated two more subsidiaries
namely Motherson Elastomers Pty. Ltd. and Motherson Investments Pty. Ltd.
through MSSL Australia Pty Limited, which is a subsidiary of MSSL S Pte Limited
(80% held by the Company) in February 2007 to take over the assets and business
of Empire Rubber (A division of Huon Corporation Pty Limited (in
receivership)). The accounts of these subsidiaries are not attached herewith
since the first financial year of these subsidiaries will close on December 31,
2007.
The performance of the subsidiaries and joint ventures are discussed at length
in Management discussion and analysis and forms a part of the Directors'
Report.
Wiring
harnesses:
Wiring harness manufacturing contributes to over 64% of the
total turnover. With 20 wiring harness and wire manufacturing locations spread
over India, Sri Lanka, Sharjah and Europe, wiring harness operations serve a
spectrum of customers in India, Asia, Europe and USA. The existing customer
base of MSSL spans the entire cross-section of the automotive industry
including passenger cars and MUVs, two wheelers, and commercial vehicles,
tractors and farm equipment, earthmoving and material handling equipment,
electrical and electronics and medical systems.
Domestic market:
MSSL, along with its subsidiaries and joint ventures, holds
approximately 65% in the domestic passenger car market, based on assessment
done on the numbers of vehicles manufactured. The company developed wiring
harnesses for new models, Zen Estillo, Swift (Diesel), Wagon - R (Duo) launched
by MUL, Civic (Honda Siel Cars), Verna (Hyundai Motors). The company further
consolidated its position with Mahindra and Mahindra as well as Tata Motors in
the domestic markets. The company started supplies of wiring harnesses to two
more locations of Tata Motors for commercial vehicles. In the motor cycle
segment and other 2 wheeler segments, the company started supplies harnesses to
Hero Honda, Honda Motorcycles Scooter India, Yamaha India and Bajaj Auto for
their new models. The company's customers in the off the road segments also
contributed to overall growth in the company's revenues.
Exports:
The total exports of wiring harnesses on consolidated basis
reached a new high level of Rs.2.7 billion crossing Rs.2 billion mark. The
exports from India also grew by over 44 %, at Rs.1.65 billion. The growth in
exports from India resulted in increase of supplies to all its customers,
mainly Piaggio, JC Bamford (UK), Ducati, MBK and exports to SWS, which grew
from Rs.341 million in 2005-06 to Rs.404 million in 2006-07. MSSL also added
new overseas customers during the year that include Karcher, Beldeyama, Antonio
Carraro, Same Deutz and Aprilia.
With acquisition of ASL Systems MSSL has also added new customers and new segments
like buses, trailers, and special purpose vehicles. The new range of modules
integrated with wiring harnesses has opened opportunities for MSSL to supply
such value added modules to its existing customers.
Exports to collaborators are slated to improve further with establishment
of a new joint venture with SWS at Sharjah for manufacturing and supply of
wiring harnesses to SWS group locations. The exports to collaborator from
Sharjah grew to Rs.476 million during 9 months as against Rs.469 million during
2005-06.
Backward integration:
In line with growth in the wiring harnesses sales to
customers, the wire division, including Sri Lanka, also recorded the highest
sales of 642300 Km as against 592259 km in the previous year. However, the main
raw material, copper being used by the wire division saw unprecedented increase
in international prices. The LME copper touched a peak of US $ 8046/MT in May
2006, overall on an yearly average basis, the LME increased by 70% as compared
to previous year.
With the constant focus on backward integration, the company
decided to invest in manufacturing facility for extruded products including PVC
tubing and corrugated tubing which are critical components for wiring harness
manufacturing.
This has helped the company in having better control on quality and delivery
and has also added to the flexibility and speed in developing new products, and
responding to fluctuations in customer demands. In the coming years, this
company will focus on other auxiliary product requirements of the wiring
harness business and will act as a vehicle for backward integration for more
and more products.
Polymer:
The polymer division of the company Motherson Automotive Technologies and
Engineering (MATE) added new products to its range of injection molded
components, assemblies, blow molded components, and integrated modules. In
order to keep pace with increasing customer requirements MATE has continuously
upgraded its existing facilities and added new facilities. At present MATE has
10 manufacturing facilities in India spread over Noida, Manesar, Bangalore,
Chennai and Pondicherry. MATE has enhanced its capacity by adding two 3200 Ton
injection molded machines to manufacture components larger than its earlier
capacity of 3000 Tons.
Domestic:
The year included full year sales of IP modules, bumpers and door
trims along with other molded components and assemblies for Ford Fiesta. The
division also stared supplies of Bumpers and IP with Ducts for Honda Civic.
MATE is now emerging as a full system solutions provider with a wider range of
modules. MATE is focusing on adding new value added modules that require
specialised engineering abilities.
The business of Motherson Advance Polymers, which was merged
with MSSL, has been placed under MATE. With this MATE has acquired wide range
of products for white goods and electronics segments and added new customers
including LG and Samsung. The turnover from this business for the current year
is Rs.521.53 million against previous year turnover of Rs.94.14 million.
Exports:
MATE grew its exports from Rs.151 million to Rs.527 million registering a 3.5
times growth. The division started export of Grab handles to Ford of Europe
through MSSL Mideast, HVAC parts and interior trim parts to Australia. The
division also exported Aerobins to group company GEM which launched this
product in Australia. The details of this are discussed in another section
under GEM.
The company's deemed export from Pondicherry unit remained at the same level of
Rs.100 million approximately. The supplies for the current products are
expected to be phased out in 2007-08. The company is closely working with the
customer to add new products for filling the capacity.
On consolidated basis the sales to the customers outside
India nearly tripled to 1.48 billion. In addition to the revenues being
contributed by the company's subsidiaries G and S, MTL and GEM, the revenues
were also contributed by the following acquisitions:
1. MSSL Australia Pty Ltd. was incorporated in Oct. 06 which acquired the
business of door trims from Huon Corporation, in receivership, for direct
supplies to GM Holden, Australia. While due to the planned phase out of this
model by GM Holden, the supplies of door trims will end in the current year,
the presence in Australian market has enabled the company to acquire the
businesses of Empire Rubber. It offers ample opportunity to do more business in
plastic molding as well as in new acquisitions.
2. FP Formagrau s.r.o was acquired by MSSL GmbH the
European subsidiary of MSSL w.e.f. 1st Dec. 2006. This 100% acquisition has
given the company a manufacturing base in Czech Republic where most of the tier
1 suppliers to the European car market have set-up the facilities.
3. The company also purchased assets from the receiver of Wippermann for
which majority of the business was relocated to Sharjah and Czech Republic.
The performance of these companies is discussed in the respective sections in
the MDA
The company is in trade terms with :-
Ø Bajaj Auto Limited
Ø Bharat Earth Movers Limited
Ø Daewoo Motors India Limited
Ø Eicher Limited
Ø Ford India Limited
Ø Fiat Auto India Limited
Ø Escorts Construction Equipments Limited
Ø International Tractors
Ø Hyundai Motors
Ø Mercedes Benz India Limited
Ø Mahindra and Mahindra Limited
Ø Kinetic Engineering Limited
Ø Honda SIEL Cars
Ø Philips India Limited
Ø WKH India Limited
Ø Wipro GE Medical Systems Limited
Ø Panasonic
Ø WOCO Franz Josef Wolf and Company, Germany
Ø Sumitomo Wiring Systems Limited
Ø Hag Handles
Ø Kautex-Textron
Ø Kikert AG
Ø Piaggio
Ø Taylor Dyne
Ø Trodat
Ø Wilhelm Pundenz
Ø Roche Diagnostics
Ø Endress +
Hauser
Ø Hewlett Packard
Ø Alok Leasing Private Limited
Ø Celloplast Industries
Ø Hytech Engineers
Ø Halonix Industries Private Limited
Ø Mega Rubber Technical Private Limited
Ø Paragon Autotech Products Private Limited
Ø Plastometal Engineering (India) Private
Limited
Ø SSI Rubbers
Ø Super Screws Private Limited
Ø United Industries
Ø Vidya Rubber
Ø Sujo Plast
Ø V. M. Enterprises
Ø Tubeflex
Ø Vankusha Rubber Products
Ø Vinay Traders
Ø Numeritech Engineers (India) Private Limited
Ø Electro Flash
Ø Sankhala Industries
Ø Priya Plastics
Ø S. C. J. Plastics
Ø Bafna Packaging Private Limited
Ø Paper Pack Industries
Ø Concept Engineering (India) Private Limited
Ø Kund Kund Polymers
Ø Interface Microsystems
Ø Aglow Engineers
Ø Agrahan Engineers
Ø Ashok Insulation
Ø Bharti Wood Works
Ø Cello Plast Industries
Ø Concept Engineering India (Private) Limited
Ø Excel Glass Fibre India (Private) Limited
Ø Grand Industries
Ø Hytech Engineers
Ø National Electronics Corporation
Ø Numeritech Engineers (India) Private Limited
Ø Paragon Auto Industries
Ø Pranay Insulations
Ø Sakshi Polytubes Private Limited
Ø SGR Elastomers (India) Private Limited
Ø Alfa Industries
Ø Shriram Engineering
Ø Sree Raja Ganapathy Industries
Ø Sakthi Springs Forms (Private) Limited
Ø Tritech Engineering
Fixed Assets:
Ø
Leasehold land
Ø
Building
Ø
Plant and
Machinery
Ø
Furniture
Ø
Fixtures
Ø
Office
Equipment
Ø
Computers
Ø
Vehicles
WEBSITE DETAILS
Overview :-
The company is a Division of Motherson Sumi Systems Ltd.) Subject is a TS 16949 certified company manufacturing a wide range of wires for automotive applications, domestic / industrial applications backed by the latest technology from Sumitomo Wiring Systems, Japan.
Subject is the largest manufacturer of automotive wires in India and is one of the few Daimler Chrysler approved sources for automotive wires.
Subject manufactures wires as per JIS and DIN specifications and customised requirements. The product range includes wires for automotive and electrical applications.
The major types include AV, AVS, AVF, AVSS, FLSS, FLY, FLRY,
FLRYW, HAV, HIV wires, multi-core cables and house wiring.
The Sumi Motherson Group is a focused, dynamic and progressive group
providing customers with value added products, services and full system
solutions.
They are
joint venture specialists, providing customized integrated solutions combining
multiple technologies supported by their global partners.
Key Facts
· Established in 1975
· Sales over $USD 350 Million (FY 2004-05)
· Diversified manufacturer
· Benchmark for high Quality products
· Strategic integration for Quality / Cost and Delivery
· Joint ventures in key Technology areas
· Driven by over 13,500 qualified professionals
Their accomplishments include being the first in India to manufacture integrated Wiring Harnesses and Woodstock Door Trims.
They are the largest manufacturer of Automotive Wiring Harnesses, Automotive Wires and one of the largest plastic components supplier to the automotive and consumer electronics industries.
They continue to set higher targets for their selves in
their pursuit to become a globally
preferred solutions provider.
PARTNERS
1. Wiring
Harness
Wiring Harness
Sumitomo
Wiring Systems Limited, Japan
Kyungshin Industrial Company, S.
Korea
Wires
Sumitomo Wiring Systems Limited, Japan
2. Engineering
Design and Software Development
Sumitomo
Wiring Systems Limited, Japan
Miyazu Seisakusho Company Limited,
Japan
3. Polymer and
Tooling
Injection Molding
Sumitomo
Wiring Systems Limited, Japan
Rubber and Liquid Silicon Rubber Components
WOCO Industrietechnik GmbH, Germany
Injection Molding Tools
Sumitomo
Wiring Systems Limited, Japan
Centre Tooling Mold Makers Pty.
Limited, Australia
4. Strategic
Business Ventures
Fuses
Wickmann
Werke GmbH, Germany (Partner with Littelfuse Inc. USA)
Rear Vision Systems
Sunroofs
Air Compressors
Anest Iwata Corporation, Japan
Cutting Tools
Sumitomo
Electric Industries, Japan
Precision Machining
Reiner Präzision
GmbH, Germany
Industrial Robots
Yaskawa Electric Corporation, Japan
Automotive Manufacturing Engineering
Automotive
Engineering Services, Japan
Environment Systems
E Compost,
Australia
SUMI MOTHERSON
GROUP - Group Companies
A Basic Concepts Designs Pty. Limited
A Basic Concepts and Design Pty. Limited (ABCD) is a Sumi Motherson
Group company based in Melbourne (Australia) specialising in product and tool
design using state of the art design software.
AES (India) Engineering Limited
AES (India) Engineering
Limited is a joint venture between Automotive Engineering Services Company
Limited (Japan) (AES) and the Motherson Group
AES is a global
player in the automotive engineering field, providing services to major
automotive manufacturers worldwide.
Anest Iwata Motherson Limited (AIM) is a joint venture between Anest
Iwata Corporation (Japan) and the Motherson group. AIM manufactures Lubricated
and Oil-Free Reciprocating Compressors.
CTM India Private Limited
CTM India Private Limited (CTMIL) is a commercial tool room with
capabilities to manufacture injection moulding and blow molding tools. Checking
fixtures and Gauges. CTMIL is a joint venture between CENTRE TOOLING
(Australia) and Motherson Sumi Systems Limited. CTMIL currently runs one plant
in South India and will soon be supported with a new plant in North India.
GandS
Kunststofftechnik is a subsidiary of Motherson Sumi Systems Limited located at
Schwäbisch Gmünd (Germany).
G and S specializes
in plastic injection molding and two component resin injection molding which are
supported by post molding processes.
Global
Environment Management (FZC)
Global Environment
Management (GEM) is a joint venture between MSSL Mauritius Pte Limited, a Sumi
Motherson Group Company and ECompost Pty Limited, an Australian based
specialist developer of ecologically sustainable initiatives, products and
services. GEM has been formed for the marketing of commercially viable,
environmental improving products.
Kyungshin Industrial Motherson Limited
Kyungshin Industrial Motherson Limited (KIML) is a joint venture between
Kyungshin Industrial Company Limited (South Korea) and Motherson Sumi Systems
Limited.
Kyungshin
Industrial Company Limited is a leading manufacturer of integrated wiring
harnesses in Korea. KIML specialises in manufacturing wiring harnesses that are
made to customer specifications. Located at Chennai in India, KIML caters to
the entire wiring harness requirements of its customers in the region. The
customers has rated KIML as its best vendor in terms of quality, delivery and
service, year after year.
Miyazu Motherson Engineering Design Limited
Miyazu Motherson
Engineering Design Limited (MMED) is a joint venture between Miyazu Seisakusho
Company Limited (Japan), Sojitz Corporation (Japan) and Motherson Group. MMED
is engaged in press die design and CNC code generation.
Located in NOIDA,
the company provides design back to MIYAZU, Japan – based on which they produce
Press Dies for world wide customers.
Motherson Advance Polymers Limited
Motherson Advance Polymers Limited (MAP) is
a commercial molding facility equipped with state-of-the-art japanese machines,
located in North India. The company specialises in manufacture of large size
injection molded components for consumer durables, white goods, electronics and
automotive applications.
Motherson Automotive Technologies and
Engineering (A Division of MSSL)
Started in 1995, MATE specialises in blow molding, large size injection
molding, compression molding and vacuum forming supported by state-of-the-art
paint shops. MATE has 6 facilities in South India and 2 in North India. The
company provides a complete turn key solution supplying parts such as
Instrument panel assemblies, Door trims, Under bonnet parts, other Interior and
exterior parts.
Motherson PUDENZ Wickmann Limited
Motherson PUDENZ Wickmann Limited (MPWL) is a joint venture between
Wilhelm Pudenz GmbH (Germany) and Wickmann Werke GmbH (Germany) (a partner of
Littelfuse Inc. USA) and Motherson Sumi Systems Limited for supply of
protection products for applications in automotive, electrical and electronics
industries.
Motherson Sumi Electric Wires (A Division of MSSL)
Motherson Sumi
Electric Wires (MSEW) is a division of Motherson Sumi Systems Limited, manufacturing
wires with technology from Sumitomo Wiring Systems Limited (Japan).
MSEW is the largest
manufacturer of automotive wires in India, with facilities in North and South
India.
Motherson Sumi INfotech and Designs Limited
MIND is an IT services company, in collaboration with Sumitomo Wiring
Systems (Japan), specialising in Engineering Design and Software
Development
The Software
Development division of MIND is certified for SEI CMM Level 5 and ISO
9001:2000.
It primarily
provides:
Enterprise IT
Solutions
Solutions for
Software Companies
Engineering and Design Services
The Engineering and
Design Services division of MIND is certified for ISO 9001:2000.
It specialises in
Body Styling, Product Engineering, Prototyping, Mold Design, Industrial Design
and related services.
Mothersonsumi Reiner GmbH (MSR) is a Joint Venture between Reiner
Präzision GmbH (Germany) and MSSL GmbH. The facility is located in
Donaueschingen (Germany), MSR specialises in Metal Turning and Plastic-Metal
Combined Parts.
Motherson Techno Tools Limited
Motherson Techno
Tools Limited (MTTL) is a joint venture with Sumitomo Electric Industries
(Japan) (SEI), for the manufacture and sales of Cubic Boron Nitride (CBN) and
Polycrystalline Diamonds (PCD) Cutting Tools.
Sumitomo Electric
Industries is the world leader in the field of CBN (Cubic Boron Nitride) and
PCD (Polycrystalline Diamond) Cutting Tools.
Motherson Toolings Limited ( FZC )
Motherson Toolings Limited (FZC) (MTL) is a
subsidiary of Motherson Sumi Systems Limited. Located in Sharjah (UAE). MTL
specialises in manufacturing of injection molding tools for injection molding
machines upto the range of 400 tonnes.
Motoman Motherson Robotics Limited
Motoman Motherson
Robotics Limited (MMRL) is a joint venture between Yaskawa Electric Corporation
(Japan), Sojitz Corporation (Japan) and the Motherson Group.
The company provides sales and service for the Motoman range of robots
in India.
MSSL Ireland Private Limited
MSSL Ireland
Private Limited is a 100% subsidiary of Motherson Sumi Systems Limited. MSSL
Ireland specialises in Design and Development of Wiring Harnesses. The design
facilities include designing on Unigraphics, Capital - H and Pro E. The company
also has complete Proto Building Facilities.
Being located in Europe, MSSL Ireland is able to provide prompt design
and engineering support to customers in the region.
MSSL Mideast FZE is
a 100% subsidiary of Motherson Sumi Systems Limited. Located in SAIF Zone,
Sharjah, the company specialises in manufacturing of wiring harnesses for
material handling equipment and off-road vehicles.
Sumi Motherson Innovative Engineering
Limited
A joint venture between Sumitomo Wiring Systems (Japan) and the Motherson
group, Sumi Motherson Innovative Engineering (Component Division) specialises
in manufacturing of small and medium sized injection molded plastic components
and small press stamped parts for an extensive range of products catering to
automotive, electric and electronics industry. The division also has competency
in manufacturing of press stamped small sheet metal parts.
A joint venture between Sumitomo Wiring Systems (Japan) and the Motherson
group, Sumi Motherson Innovative Engineering (Tooling Division) is a commercial
tool room specialising in high precision tooling. The company designs and
manufactures plastic injection molding tools for a wide range of industry
applications for machines upto 350 Tonnes.
Schefenacker Motherson Limited
A joint venture between Schefenacker AG (Germany) and Motherson Sumi
Systems Limited. Schefenacker Motherson is a black box designer and
manufacturer of Rear-Vision Systems for the Automotive Industry. The company
provides complete services from designing to clay modeling through aerodynamic
compliance testing to commercial production of rear vision systems.
Webasto Motherson Sunroofs Limited
Webasto Motherson Sunroofs Limited (WMSL) is a joint venture between
Webasto AG (Germany) and the Motherson Group. Webasto is the world's largest
manufacturer of Sunroofs.
WOCO Motherson Limited (FZC) is a joint venture between WOCO
Industrietechnik GmbH (Germany) and the Motherson group for the manufacturing
of high precision liquid silicon rubber parts.
WOCO Motherson Elastomer Limited
WOCO Motherson Elastomer Limited (WMEL) is a joint venture between WOCO
Industrietechnik GmbH, Germany and the Motherson group. The company
manufactures Injection Moulded Rubber Parts, Rubber to Metal Bonded Parts and
Rubber to Plastic Bonded Parts mainly for the Automotive Industry. WMEL also
produces parts for White Goods Industry. WMEL is a 100% E.O.U. and exports to
Germany. The product range includes Cable Grommets, Fire Wall Grommets, Water
Drain Grommets, Non Braided Injection Moulded Hoses, Spring Pads for Suspension
Assemblies etc.
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 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.41.09 |
|
UK Pound |
1 |
Rs.81.46 |
|
Euro |
1 |
Rs.55.16 |
SCORE & RATING
EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
7 |
|
PAID-UP CAPITAL |
1~10 |
8 |
|
OPERATING SCALE |
1~10 |
8 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
8 |
|
--PROFITABILIRY |
1~10 |
8 |
|
--LIQUIDITY |
1~10 |
7 |
|
--LEVERAGE |
1~10 |
8 |
|
--RESERVES |
1~10 |
8 |
|
--CREDIT LINES |
1~10 |
8 |
|
--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 |
|
70 |
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 |
|