MIRA
INFORM REPORT
|
Report Date : |
12.08.2011 |
IDENTIFICATION DETAILS
|
Name : |
MOTHERSON SUMI SYSTEMS LIMITED MOTHERSON AUTOMOTIVE TECHNOLOGIES AND ENGINEERING LIMITED DIVISION OF
MOTHERSON SUMI SYSTEMS LIMITED |
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Registered
Office : |
2nd
Floor, F-7, Block B-1, Mohan Co-Operative Industrial Estate, |
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Country : |
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Financials (as
on) : |
31.03.2010 |
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Date of
Incorporation : |
19.12.1986 |
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Com. Reg. No.: |
55-26431 |
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Capital
Investment / Paid-up Capital : |
Rs.374.594
millions |
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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 : |
A Public Limited Liability Company. The Company’s Share are Listed on
the Stock Exchange. |
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Line of Business
: |
Manufacturers of
Auto Ancillaries, Wiring Harnesses, Components and High Tension Cords. |
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No. of Employees
: |
5200 (Approximately) |
RATING & COMMENTS
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MIRA’s Rating : |
A (65) |
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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 29000000 |
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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 a reputed company having fine track. Financials position of the company appears to be sound. Trade relations are reported as fair. Business is active. Payments are reported to be regular and as per commitments. The company can be considered normal 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.
ECGC Country Risk Classification List – April 1, 2010
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Country Name |
Previous Rating (31.12.2009) |
Current Rating (01.04.2010) |
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A1 |
A1 |
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Risk Category |
ECGC Classification |
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Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
INFORMATION DECLINED BY
|
Name : |
Mr. Santosh More |
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Designation : |
Finance department |
LOCATIONS
|
Registered Office : |
2nd Floor, F-7, Block B-1, Mohan Co-Operative Industrial
Estate, |
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Tel. No.: |
91-11-40555940 |
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Fax No.: |
91-11-40555940 |
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Email : |
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Website : |
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Corporate Office 1 : |
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 / 26842174 |
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Fax No.: |
91-11-26842174 |
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E-Mail : |
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Corporate Office 2 : |
C-14 A and B, Sector-1, Noida-201 301, |
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Tel. No.: |
91-120-6752100 |
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Fax No.: |
91-120-2521866 / 2521966 |
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Units: |
·
Plot No. 31B, JIADB Industrial Area, Phase –1,
Kumbalgodu, ·
Motherson Automotive Technologies and Engineering
(A division of Motherson Sumi Systems
Limited) No. 9, GST Road, Oorapakum Kanchipuram,
District Chennai, Tamilnadu ·
B-22, SIDCO Industrial Estate, Hosur, ·
C-6 and 7, 1st and 2nd Floor, Sector – 1, Noida, ·
C-14, A and B, Sector -1, Noida – 201 301, Tel No.: 91-120-2476100 / 2551851 Fax No.: 91-120-2521966 / 2521866 ·
A-15, Sector 6, Noida, ·
Mohan Co-operative, ·
A-60-61, Sector 6, Noida, ·
129/2, Sanghvi Compound, Chinchwad, Pune, ·
Plot No. 21, Industrial Estate, Gurgaon, ·
C-6 and 7, Ground Floor, Sector 1, Noida, ·
D-3, Sector 11, Noida, ·
8, Ayyenchery, Village Oorapakkam Panchyet,
Kancheepuram 603 202, ·
Survey No. 241-1/2, Hinjewadi, Tal Mulshi,
District Pune – 411 027, ·
96/3-P, 96/4, 96/7-P, A Block Indraprastha
Industrial Park, Kumbalgodu Industrial Area, 2nd Phase, Kumbalgodu,
Bangalore, Karnataka, India ·
9, GST Road, Oorapakkam, Kancheepuram District,
Tamilnadu – 603202, Tel No.: 91-44-27467955 / 27467956 Fax No.: 91-44-27465337 ·
B – 135 and 206, Phase – II, Noida – 201301, Tel No.: 91-120-2568790 / 2562728 Fax No.: 91-120-2562726 |
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Overseas Offices: |
Located at : ·
·
·
Sharjah ·
·
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DIRECTORS
AS ON : 26.18.2010
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Name : |
Mr. Vivek Chaand Sehgal |
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Designation : |
Vice Chairman |
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Name : |
Mr. Toshimi Shirakawa |
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Designation : |
Director |
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Name : |
Mr. Mohinder Singh Gujral |
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Designation : |
Chairman |
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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. Toshihiro Watanable |
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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. Arjun Puri |
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Designation : |
Director |
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Name : |
Mr. Pankaj K. Mital |
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Designation : |
Alternate Director |
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Name : |
Mr. Laksh Vaaman Sehgal |
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Designation : |
Director |
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Name : |
Mr. Futoshi Urai |
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Designation : |
Alternate Director |
KEY EXECUTIVES
|
Name : |
Mr. G. N. Gauba |
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Designation : |
Vice President (Finance) and Company Secretary |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
(AS ON 30.06.2011)
|
Category of Shareholder |
No. of Shares |
Percentage of
Holding |
|
(A) Shareholding of Promoter and Promoter Group |
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14,933,909 |
3.85 |
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140,838,015 |
36.34 |
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155,771,924 |
40.19 |
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96,891,795 |
25.00 |
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96,891,795 |
25.00 |
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Total shareholding of Promoter and Promoter Group (A) |
252,663,719 |
65.19 |
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(B) Public Shareholding |
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36,523,786 |
8.91 |
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|
151,484 |
0.04 |
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44,762,005 |
11.55 |
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79,437,277 |
20.50 |
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|
|
|
|
|
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28,594,717 |
7.38 |
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13,360,240 |
3.45 |
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12,738,781 |
3.29 |
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749,066 |
0.19 |
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321,088 |
0.08 |
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426,674 |
0.11 |
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|
1,304 |
-- |
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55,442,804 |
14.31 |
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Total Public shareholding (B) |
134,887,081 |
34.81 |
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Total (A)+(B) |
387,543,800 |
100.00 |
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(C) Shares held by Custodians
and against which Depository Receipts have been issued |
- |
- |
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Total (A)+(B)+(C) |
387,543,800 |
100.00 |
(1) Indian
Individuals / Hindu Undivided Family
Individual shareholders holding nominal
share capital up to Rs.0.100 MillionBUSINESS DETAILS
|
Line of Business : |
Manufacturers of Auto
Ancillaries, Wiring Harnesses, Components and High Tension Cords. |
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Products : |
Blow Molded Components ·
Heating, Ventilation and Air Conditioning
Ducts ·
Engine and Air Intake Ducts ·
Wind Shield Washer Bottles ·
Radiator Reservoir Tanks ·
Plastic Fuel Tanks (2-Wheelers) ·
Resonator/Pipe Air Intake ·
Arm Rests ·
Bellows ·
Body styling Kit- Spoilers Injection Molded Components · Interior/Exterior Trims and parts · Scuff Plates · Auto A.C. Components · Mirror housings · Under bonnet parts · Structured Plastic components · Inside handles · Body colored painted parts
Modules · IP Module · Door Trims · Floor console Module · Bumper Modules Components for White Goods Industry · Washing machine components · A.C. Components · Refrigerator components
Electronics Industry · T.V. Cabinets and Back Cover ·
Monitor Cabinets and Back Covers |
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Exports : |
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Countries : |
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Imports : |
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Countries : |
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Terms : |
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Selling : |
Against Credit
terms |
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Purchasing : |
Against Credit
terms |
PRODUCTION STATUS (AS ON 31.03.2010)
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Particulars |
Actual Production |
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Wiring Harness (Nos.) |
24582 |
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High Tension Cords (Nos.) |
340 |
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Plastic Components (M.T.) |
70635 |
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Wires (Km’s) |
850 |
GENERAL INFORMATION
|
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 ( ·
·
Shree
Shiva Engineering Works ·
Hari
Har Engineering Works ·
M.D.
Plastics ·
·
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
(Approximately) |
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Bankers : |
·
State
Bank of ·
ICICI
Bank Limited ·
Axis
Bank Limited ·
Bank
of Tokyo Mitsubishi Limited ·
HDFC
Bank Limited ·
Citibank
N. A. |
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Facilities : |
Note : ·
Repayable on demand. ·
Long Term Loan due within a year Rs. 1121.958
millions ·
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 : |
-- |
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Auditors : |
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Name : |
Price Waterhouse
and Company Chartered Accountants |
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Address : |
Building 8 , 7th
and 8th Floor, |
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Associates/Subsidiaries : |
·
Sumitomo
Wiring Systems Limited Subject established
in 1917, Sumito Wiring Systems (SWS) has the second highest share in wiring
harnesses in 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
Electricals 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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|
Subsidiaries/ Joint Ventures : |
·
MSSL ·
MSSL
Ireland Private Limited ·
Motherson
Electrical Wires ·
Wire Lanka
Private Limited ·
Draexlmaier
and Motherson ·
Electrical
Systems India Limited ·
Motherson
PUDENZ ·
WICKMANN
Limited ·
MSSL
Hag Toolings Limited (FZC) ·
Kyungshin
Industrial Motherson Limited ·
Schefenacker
Motherson Limited ·
Woco
Motherson Limited (FZC) ·
Sumi
Motherson Innovative Engineering Limited ·
Motherson
Advance Polymers Limited ·
CTM
India Limited ·
MothersonSumi
Infotech and Designs Limited ·
Motherson
Techno Tools Limited ·
Hag
Kunststofftechnik GmbH ·
ABC
Designs Pty Limited ·
Anest
Iwata Motherson Limited ·
Webasto
Motherson Sunroofs Limited ·
G and
·
Global
Environment Management ·
MSSL
GB Limited ·
MSSL
[S] Pte Limited ·
MSSL
GmbH ·
MSSL
Mauritius Holdings Limited ·
MSSL
Handels GmbH ·
Mothersonsumi
Reiner GmbH ·
Lisa
Draexlmaier GmbH, ·
Wilhelm
Pudenz GmbH, ·
Schefenacker
International AG and Company ·
Kyungshin
Industrial Company ·
WOCO
Franz Josef Wolf Holding GmbH |
CAPITAL STRUCTURE
As on : 26.08.2010
Authorised Capital : Rs. 1923.000 millions
Issued, Subscribed & Paid-up Capital : Rs. 387.544
millions
As on 31.03.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
803000000 |
Equity Shares |
Rs.1/- each |
Rs.803.000
millions |
Issued:
|
No. of Shares |
Type |
Value |
Amount |
|
374597000 |
Equity shares |
Rs.1/- each |
Rs.374.597
millions |
Subscribed & Paid-up Capital
|
No. of Shares |
Type |
Value |
Amount |
|
374593800 |
Equity shares |
Rs.1/- each |
Rs.374.594
millions |
Note :
1.
Of the above shares, 6,090,000
(Previous Year 6,090,000) shares are allotted as fully paid up pursuant to a
contract for consideration other than cash)
2.
Of the above shares,
282,737,000 (Previous Year 282,737,000) shares are allotted as fully paid bonus
shares by way of capitalization of share premium and general reserve)
3.
Of the above shares,
22,260,000 (Previous Year 3,220,000) shares are allotted by way of conversion
of Zero Coupon Foreign Currency Convertible Bonds)
4.
During the year the
Company has allotted of 19,040,000 equity shares of Re. 1/- each pursuant to
conversion of Zero Coupon Foreign Currency Convertible Bonds.
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
374.594 |
355.554 |
355.600 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
6790.898 |
3802.798 |
3668.900 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
7165.492 |
4158.352 |
4024.500 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
2727.770 |
2233.959 |
1584.600 |
|
|
2] Unsecured Loans |
1401.870 |
3147.585 |
3026.000 |
|
|
TOTAL BORROWING |
4129.640 |
5381.544 |
4610.600 |
|
|
DEFERRED TAX LIABILITIES |
135.468 |
0.000 |
22.800 |
|
|
|
|
|
|
|
|
TOTAL |
11430.600 |
9539.896 |
8657.900 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
6691.146 |
4668.745 |
4123.200 |
|
|
Capital work-in-progress |
837.265 |
1476.994 |
196.600 |
|
|
|
|
|
|
|
|
INVESTMENT |
2354.739 |
2763.601 |
1775.300 |
|
|
DEFERREX TAX ASSETS |
0.000 |
15.299 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
2352.981
|
1602.671 |
1484.900 |
|
|
Sundry Debtors |
2309.542
|
1733.476 |
2046.200 |
|
|
Cash & Bank Balances |
365.324
|
179.322 |
326.700 |
|
|
Other Current Assets |
0.000
|
0.000 |
0.000 |
|
|
Loans & Advances |
1775.829
|
1165.229 |
1838.800 |
|
Total
Current Assets |
6803.676
|
4680.698 |
5696.600 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
3252.670 |
2314.409 |
|
|
|
Other Current Liabilities |
795.282
|
431.390 |
|
|
|
Provisions |
1226.126
|
1584.904 |
1510.800 |
|
Total
Current Liabilities |
5274.078
|
4330.703 |
3553.600 |
|
|
Net Current Assets |
1529.598
|
349.995 |
2143.000 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
17.852 |
265.262 |
419.800 |
|
|
|
|
|
|
|
|
TOTAL |
11430.600 |
9539.896 |
8657.900 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
|
|
SALES |
|
|
|
|
|
|
|
Sales of finished Goods |
14048.739 |
12949.429 |
13031.000 |
|
|
|
Other Income |
1234.556 |
372.440 |
575.000 |
|
|
|
TOTAL (A) |
15283.295 |
13321.869 |
13606.000 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Consumption for Goods Sold |
10221.797 |
7794.467 |
|
|
|
|
Salary and Wages Expenses |
1382.820 |
1133.573 |
11201.200 |
|
|
|
Other Expenses |
110.064 |
2705.245 |
|
|
|
|
TOTAL (B) |
11714.681 |
11633.285 |
11201.200 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
3568.614 |
1688.584 |
2404.800 |
|
|
|
|
|
|
|
|
|
Less |
INTEREST (D) |
252.400 |
290.984 |
264.700 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
3316.214 |
1397.600 |
2140.100 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
645.747 |
545.144 |
500.600 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
2670.467 |
852.456 |
1639.500 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
885.809 |
157.047 |
357.600 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
1784.658 |
695.409 |
1281.900 |
|
|
|
|
|
|
|
|
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Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
1630.915 |
1597.081 |
1126.700 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
985.900 |
661.600 |
811.500 |
|
|
|
|
|
|
|
|
|
|
BALANCE CARRIED
TO THE B/S |
2429.722 |
1630.915 |
1597.081 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Export Earnings |
2147.760 |
2346.551 |
NA |
|
|
TOTAL EARNINGS |
2147.760 |
2346.551 |
NA |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
6253.575 |
3486.570 |
NA |
|
|
|
Stores & Spares |
48.201 |
55.156 |
NA |
|
|
|
Capital Goods |
363.779 |
387.864 |
NA |
|
|
TOTAL IMPORTS |
6665.555 |
3929.590 |
NA |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
4.47 |
1.73 |
3.38 |
|
QUARTERLY RESULTS
|
PARTICULARS |
30.06.2010 (Rs. In
Millions) |
30.09.2010 (Rs. In
Millions) |
31.12.2010 (Rs. In
Millions) |
31.03.2011 (Rs. In
Millions) |
31.06.2011 (Rs. In
Millions) |
|
|
1st Quarter |
2nd
Quarter |
3rd
Quarter |
4th Quarter |
5th Quarter |
|
Net Sales |
5599.300 |
6685.300 |
7705.800 |
8560.300 |
7515.200 |
|
Total Expenditure |
4820.000 |
5711.400 |
6426.400 |
6999.700 |
6558.800 |
|
PBIDT (Excl OI) |
779.300 |
973.900 |
1279.400 |
1560.600 |
956.400 |
|
Other Income |
16.200 |
215.400 |
144.600 |
125.500 |
291.000 |
|
Operating Profit |
795.500 |
1189.300 |
1424.000 |
1686.100 |
1247.400 |
|
Interest |
39.800 |
80.800 |
99.700 |
99.800 |
121.800 |
|
Exceptional Items |
0.000 |
0.000 |
0.000 |
0.000 |
0.000 |
|
PBDT |
755.700 |
1108.500 |
1324.300 |
1586.300 |
1125.600 |
|
Depreciation |
186.600 |
199.400 |
211.100 |
232.500 |
228.300 |
|
Profit Before Tax |
569.100 |
909.100 |
1113.200 |
1353.800 |
897.300 |
|
Tax |
276.500 |
250.300 |
337.100 |
206.500 |
242.300 |
|
Provisions and Contingencies |
0.000 |
0.000 |
0.000 |
0.000 |
0.000 |
|
Profit After Tax |
292.600 |
658.800 |
776.100 |
1147.300 |
655.000 |
|
Extraordinary Items |
0.000 |
0.000 |
0.000 |
0.000 |
0.000 |
|
Prior Period Expenses |
0.000 |
0.000 |
0.000 |
0.000 |
0.000 |
|
Other Adjustment |
0.000 |
0.000 |
0.000 |
0.000 |
0.000 |
|
Net Profit |
292.600 |
658.800 |
776.100 |
1147.300 |
655.000 |
KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
PAT / Total Income |
(%) |
9.75
|
5.21
|
9.42
|
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
15.65
|
6.57
|
12.58
|
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
19.77
|
9.10
|
16.70
|
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.37
|
0.20
|
0.41
|
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
1.31
|
2.34
|
2.03
|
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.29
|
1.08
|
1.60
|
LOCAL AGENCY FURTHER INFORMATION
HISTORY:
Subject is a world-class supplier of high performance components,
modules and systems. The company is the largest supplier of EDS to the Indian automotive
industry. They offer a range of products in the fields of electrical
distribution systems, plastic molding, elastomers processing, tooling, metal
machining, automotive rear view mirrors and integrated modules. They also
provide a range of services from design to manufacturing, supplies to logistics
to its customers in
UNAUDITED
STANDALONE FINANCIAL RESULTS FOR THE QUARTER ENDED 30TH JUNE, 2011
(Rs.
In millions)
|
Particulars |
Three
Months ended 30.06.2011 Unaudited |
Three
Months ended 30.06.2010 Unaudited |
Year
ended
31.03.2011 Audited
|
|
|
|
|
|
|
1. a) Net
Sales/Income from Operations |
7412.700 |
5424.900 |
27778.900 |
|
- Within |
6555.900 |
4818.000 |
25002.800 |
|
- Outside |
856.800 |
606.900 |
2776.100 |
|
|
|
|
|
|
b) Other Operative
Income |
102.500 |
174.400 |
771.900 |
|
|
|
|
|
|
Total |
7515.200 |
5599.300 |
28550.800 |
|
|
|
|
|
|
2. Expenditure |
|
|
|
|
a)
(Increase)/decrease in stock in trade and work in progress |
(85.000) |
(137.700) |
(638.900) |
|
b) Consumption
of Raw Materials |
4855.900 |
3488.900 |
17907.400 |
|
c) Employees
Cost |
758.200 |
566.100 |
2572.500 |
|
d)
Depreciation |
228.300 |
1866.600 |
829.600 |
|
e) Exchange
Differences (Gain) I Loss on: |
|
|
|
|
- Foreign Currency
Convertible Bonds (FCCBs) (net) |
-- |
(55.700) |
(55.700) |
|
- Others
(net) |
(55.100) |
80.800 |
(154.700) |
|
f) Other
Expenditure |
1029.700 |
877.600 |
4091.300 |
|
|
|
|
|
|
Total |
6732.000 |
5006.600 |
24551.500 |
|
|
|
|
|
|
3. Profit from
Operations before Other Income, Interest & Exceptional Items (1-2) |
783.200 |
592.700 |
3999.300 |
|
|
|
|
|
|
4. Other
Income |
235.900 |
16.200 |
266.200 |
|
|
|
|
|
|
5. Profit
before Interest & Exceptional Items (3+4) |
1049.100 |
608.900 |
4265.500 |
|
|
|
|
|
|
6. Interest |
|
|
|
|
-
Amortisation of Premium on redemption of FCCBs |
-- |
2.900 |
3.000 |
|
- Others |
121.800 |
36.900 |
317.200 |
|
|
|
|
|
|
7. Profit
after Interest but before Exceptional Items (5-6) |
897.300 |
569.100 |
3945.300 |
|
|
|
|
|
|
8.
Exceptional Income / (Expenses) (Net) |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
9. Profit
(+)/ Loss (-)from Ordinary Activities before tax (7+8) |
897.300 |
569.100 |
3945.300 |
|
|
|
|
|
|
10. Tax
expense |
|
|
|
|
- Current |
244.800 |
190.300 |
980.700 |
|
- Deferred |
(2.500) |
86.200 |
89.700 |
|
|
|
|
|
|
11. Net
Profit (+)/Loss(-) from Ordinary Activities after tax (9-10) |
655.000 |
292.600 |
2874.900 |
|
|
|
|
|
|
12.
Extraordinary Item (net of tax) |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
13. Net
Profit (+)/Loss(-) for the period before share of profit/(loss) of associates
and minority interests (11-12) |
655.000 |
292.600 |
2874.900 |
|
|
|
|
|
|
14. Share of
profit/(loss) of Associates |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
15. Minority
Interests |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
16. Net
Profit (+)/Loss(-) for the period (13+14-15) |
655.000 |
292.600 |
2874.900 |
|
|
|
|
|
|
17. Paid-up
equity share capital |
387.500 |
387.500 |
387.500 |
|
|
|
|
|
|
18. Reserve
excluding Revaluation Reserves |
0.000 |
0.000 |
9694.000 |
|
|
|
|
|
|
19. Earnings Per Share (EPS) (in
Rs.) |
|
|
|
|
a) Basic and diluted EPS before
Extraordinary items |
|
|
|
|
- Basic |
1.69 |
0.77 |
7.45 |
|
- Diluted |
1.69 |
0.66 |
7.33 |
|
|
|
|
|
|
b) Basic and diluted EPS after
Extraordinary items |
|
|
|
|
- Basic |
1.69 |
0.77 |
7.45 |
|
- Diluted |
1.69 |
0.66 |
7.33 |
|
|
|
|
|
|
20. Aggregate of Public
Shareholding |
|
|
|
|
- Number of
Shares |
134880081 |
134887081 |
134887081 |
|
- Percentage
of Shareholding |
34.81% |
34.81% |
34.81% |
|
|
|
|
|
|
21. Promoters and promoter group shareholding |
|
|
|
|
a) Pledged I Encumbered |
|
|
|
|
- Number of
shares2 |
60500000 |
80100000 |
60500000 |
|
- Percentage
of shares (as a % of the total shareholding of promoter and promoter group) |
23.94% |
31.70% |
23.95% |
|
- Percentage
of shares (as a % of the total share capital of the company) |
15.61% |
20.67% |
15.61% |
|
|
|
|
|
|
b) Non-encumbered |
|
|
|
|
- Number of
shares |
192163719 |
172556719 |
192156719 |
|
- Percentage
of shares (as a % of the total shareholding of promoter and promoter group) |
76.06% |
68.30% |
76.05% |
|
- Percentage
of shares ( as a % of the total share capital of the company) |
49.58% |
44.53% |
49.58% |
1. Diluted EPS has been computed at fully diluted paid up capital
of Rs.387.500 millions on conversion of Zero Coupon Foreign Currency
Convertible bonds, which is dilutive during the period previous period.
2. Includes 39,600,000 shares for which, as per information submitted
by Samvardhana Motherson Finance Limited (SMFL), SMFL has executed Non disposal
Undertakings (NDU).
SEGMENT
REPORTING UNDER CLAUSE 41 OF THE LISTING AGREEMENT WITH THE STOCK EXCHANGE FOR
THE QUARTER ENDED 30TH JUNE, 2011
(Rs.
In millions)
|
Particulars |
Three months ended 30/06/2011 Unaudited |
Three months ended 30/06/2010 Unaudited |
Year ended 31/03/2011 Audited |
|
1. Segment
Revenue |
|
|
|
|
(a) Automotive |
6946.800 |
5119.600 |
26476.400 |
|
(b) Non Automotive |
693.000 |
537.800 |
2711.100 |
|
(c) Unallocated |
240.200 |
17.300 |
292.500 |
|
Total |
7880.000 |
5674.700 |
29480.000 |
|
|
|
|
|
|
Less: Inter Segment Revenue |
76.100 |
63.100 |
488.500 |
|
Net Sales/
Income from Operations |
7803.900 |
5611.600 |
28991.500 |
|
|
|
|
|
|
2. Segment
Results |
|
|
|
|
(a) Automotive |
730.000 |
539.600 |
3648.300 |
|
(b) Non Automotive |
46.600 |
48.100 |
290.700 |
|
(c) Unallocated |
--- |
--- |
--- |
|
Total |
776.600 |
587.700 |
3939.000 |
|
|
|
|
|
|
Less i) Interest (Net) |
1149.600 |
35.900 |
284.400 |
|
ii) Other unallocable expenditure (Net of unallocable Income) |
(240.300) |
(17.300) |
(290.700) |
|
(d) Profit of Associate |
-- |
-- |
-- |
|
|
|
|
|
|
Total Profit
Before Tax |
897.300 |
569.100 |
3945.300 |
|
|
|
|
|
|
3. Capital
Employed |
|
|
|
|
(a) Automotive |
15753.200 |
9881.400 |
14515.600 |
|
(b) Non Automotive |
1143.800 |
572.500 |
984.700 |
|
(c) Others (Including Investments) |
2447.600 |
2051.600 |
2733.300 |
|
|
|
|
|
|
Total Segment Capital
Employed |
19344.600 |
12505.500 |
18233.600 |
NOTES:
5.
The above financial results were reviewed by the
audit committee and approved by Board of Directors of the Company at their
meeting held on July 29.2011.
6.
Subsequent to the quarter end. the Company through
its subsidiary executed a binding agreement for acquisition of 80% stake In
Peguform GmbH and Peguform Ibenca, SL together with 50% stake in Wethie
Entwidtlungs. GmbH and Wethje Carbon Composite. GmbH for a total consideration
of Euro 141 5 million. The Company will hold 51% In the subsidiary which is set
up as a joint venture with Samvardhana Motherson Finance Limited. The deal is
expected to be finalized by September 2011 once al the closing conditions including
the necessary regulatory approvals are received.
7.
During the quarter, the Board of Directors of the
Company at the meeting held on April 28. 2011, approved the merger of Sumi
Motherson innovative Engineering Limited(SMIEL) and wholly owned subsidiary
companies namely, India Nails Manufacturing Limited and MSSL Global Wiring
Limited (MGWL) with the Company with effect from April 1, 2011, subject to
necessary approvals Further. the Board has recommended an exchange ratio of 10
shares of Rs 1 each fully paid up for every 57 equity snares of Rs. 10 each
held by shareholders of SMIEL The Company will Issue 4,420.360 new shares.
thereby increasing its equity capital to Rs. 3,91.964 millions.
8.
In respect of some of the subsidiaries of
Samvardhana Motherson Reflectec Group Holdings Limited, the Company's tax
advisors have advised the Company of an additional estimated Euro 4.3 million
(Rs. 0.278 millions) of probable tax exposure in respect of the open tax
assessments for years prior to their acquisition date. Pending detailed
evaluation of the advice received and pending examination of the documentation
to validate the assumptions used for such estimate, no further provision has
been considered by the management at this stage The auditors have qualified
their Limited Review Report In respect of the above under accrual
9.
The Debt position and Cash (L Bank Balance as on
30th June 201 1 is as follows:
(RS. IN MILLIONS)
|
Particulars |
STANDALONE
UNAUDITED |
|
Debt (other than FCCB) |
83855.500 |
|
Cash and Bank Balance |
217.800 |
(Rs.
In millions)
|
Particulars |
Three months ended 30/06/2011 Unaudited |
Three months ended 30/06/2010 Unaudited |
Year ended 31.03.2011 Audited |
|
Net Sales |
12930.300 |
10807.400 |
45470.200 |
|
Profit Before Interest, Tax, Depreciation and Exceptional items |
660.900 |
779.400 |
3135.800 |
|
Depreciation |
303.300 |
303.200 |
1301.500 |
|
Profit Before Tax |
292.300 |
412.100 |
1637.600 |
|
Minority Share |
34.200 |
136.400 |
483.000 |
|
Profit After Tax (Concern Share) |
26.900 |
126.700 |
484.200 |
6. Investors Complaints received and disposed off during the quarter
ended March 2011:
|
|
No’s. |
|
Complaints pending at the beginning of the quarter |
-- |
|
Complaints received during the quarter |
31 |
|
Disposal of complaints |
31 |
|
Complaints lying unresolved at the end of the quarter |
-- |
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.45.27 |
|
|
1 |
Rs.73.33 |
|
Euro |
1 |
Rs.64.58 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
6 |
|
OPERATING SCALE |
1~10 |
7 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
8 |
|
--PROFITABILIRY |
1~10 |
8 |
|
--LIQUIDITY |
1~10 |
8 |
|
--LEVERAGE |
1~10 |
7 |
|
--RESERVES |
1~10 |
8 |
|
--CREDIT LINES |
1~10 |
7 |
|
--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 |
|
65 |
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 |
Capability to overcome financial difficulties seems comparatively below
average. |
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 |
|
- |
NB |
New Business |
- |
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.