MIRA
INFORM REPORT
|
Report Date : |
18.02.2011 |
Note : MOTHERSON AUTOMOTIVE TECHNOLOGIES AND
ENGINEERING LIMITED is the division of MOTHERSON SUMI SYSTEMS LIMITED
IDENTIFICATION DETAILS
|
Name : |
MOTHERSON SUMI SYSTEMS LIMITED (MOTHERSON AUTOMOTIVE TECHNOLOGIES AND ENGINEERING LIMITED is the
division of MOTHERSON SUMI SYSTEMS LIMITED) |
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|
|
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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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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. |
RATING & COMMENTS
|
MIRA’s Rating : |
A (65) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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 |
|
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 –
|
Country Name |
Previous Rating (31.12.2009) |
Current Rating (01.04.2010) |
|
|
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
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High |
B2 |
|
Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
LOCATIONS
|
Registered Office : |
2nd Floor, F-7, Block B-1, Mohan Co-Operative Industrial
Estate, |
|
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, |
|
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 ·
·
|
DIRECTORS
As On : 31.03.2010
|
Name : |
Mr. Vivek Chaand Sehgal |
|
Designation : |
Vice Chairman |
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|
Name : |
Mr. Toshimi Shirakawa |
|
Designation : |
Director |
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|
Name : |
Mr. Mohinder Singh Gujral |
|
Designation : |
Chairman |
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|
Name : |
Mr. Hiroto Murai |
|
Designation : |
Director |
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|
Name : |
Mr. Bimal Dhar |
|
Designation : |
Director |
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|
Name : |
Mr. Toshihiro Watanable |
|
Designation : |
Whole Time Director |
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|
Name : |
Maj. Gen. Amarjit Singh
(Retired) |
|
Designation : |
Director |
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|
Name : |
Mr. Arjun Puri |
|
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 |
|
Designation : |
Director |
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|
Name : |
Mr. Futoshi Urai |
|
Designation : |
Alternate Director |
KEY EXECUTIVES
|
Name : |
Mr. G. N. Gauba |
|
Designation : |
Vice President (Finance) and Company Secretary |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
(AS ON 31.12.2010)
|
Category of Shareholder |
No. of Shares |
Percentage of
Holding |
|
(A) Shareholding of Promoter and Promoter Group |
|
|
|
|
|
|
|
|
14,926,909 |
3.85 |
|
|
140,838,015 |
36.34 |
|
|
155,764,924 |
40.19 |
|
|
|
|
|
|
|
|
|
|
96,891,795 |
25.00 |
|
|
96,891,795 |
25.00 |
|
|
|
|
|
Total shareholding of Promoter and Promoter Group (A) |
252,656,719 |
65.19 |
|
|
|
|
|
(B) Public Shareholding |
|
|
|
|
|
|
|
|
36,848,120 |
9.51 |
|
|
15,220 |
- |
|
|
35,322,217 |
9.11 |
|
|
72,185,557 |
18.63 |
|
|
|
|
|
|
|
|
|
|
31,938,732 |
8.24 |
|
|
|
|
|
|
14,574,551 |
3.76 |
|
|
15,025,224 |
3.88 |
|
|
|
|
|
|
1,163,017 |
0.30 |
|
|
404,241 |
0.10 |
|
|
30,461 |
0.01 |
|
|
3,905 |
- |
|
|
724,410 |
0.19 |
|
|
62,701,524 |
16.18 |
|
|
|
|
|
Total Public shareholding (B) |
134,887,081 |
34.81 |
|
|
|
|
|
Total (A)+(B) |
387,543,800 |
100.00 |
|
|
|
|
|
(C) Shares held by Custodians
and against which Depository Receipts have been issued |
- |
- |
|
|
|
|
|
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 31.03.2009)
|
Particulars |
|
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Actual Production |
|
|
|
|
|
|
Wiring Harness (Nos.) |
|
|
16.270 |
|
High Tension Cords (Nos.) |
|
|
0.398 |
|
Plastic Components (M.T.) |
|
|
58.134 |
|
Wires (Km’s) |
|
|
0.447 |
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 |
|
|
|
|
Customers : |
OEM’s |
|
|
|
|
No. of Employees : |
5200 |
|
|
|
|
Bankers : |
·
State
Bank of ·
ICICI
Bank Limited ·
Axis
Bank Limited ·
Bank
of Tokyo Mitsubishi Limited ·
HDFC
Bank Limited ·
Citibank
N. A. |
|
|
|
|
Banking
Relations : |
-- |
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|
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Auditors : |
|
|
Name : |
Price Waterhouse
and Company Chartered
Accountants |
|
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 |
|
|
|
|
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 30.06.2010)
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 |
|
|
|
|
|
|
387543800 |
Equity shares |
Rs.1/- each |
Rs.387.544
millions |
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 |
374.600 |
355.600 |
355.600 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
6790.900 |
3802.800 |
3668.900 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
7165.500 |
4158.400 |
4024.500 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
2727.800 |
2233.900 |
1584.600 |
|
|
2] Unsecured Loans |
1401.900 |
3147.600 |
3026.000 |
|
|
TOTAL BORROWING |
4129.700 |
5381.500 |
4610.600 |
|
|
DEFERRED TAX LIABILITIES |
135.500 |
0.000 |
22.800 |
|
|
|
|
|
|
|
|
TOTAL |
11430.700 |
9539.900 |
8657.900 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
6691.200 |
4668.700 |
4123.200 |
|
|
Capital work-in-progress |
837.200 |
1477.000 |
196.600 |
|
|
|
|
|
|
|
|
INVESTMENT |
2354.700 |
2763.600 |
1775.300 |
|
|
DEFERREX TAX ASSETS |
0.000 |
15.300 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
2353.000
|
1602.700 |
1484.900 |
|
|
Sundry Debtors |
2309.600
|
1733.500 |
2046.200 |
|
|
Cash & Bank Balances |
365.300
|
179.300 |
326.700 |
|
|
Other Current Assets |
0.000
|
0.000 |
0.000 |
|
|
Loans & Advances |
1775.800
|
1165.200 |
1838.800 |
|
Total
Current Assets |
6803.700
|
4680.700 |
5696.600 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
|
|
|
|
|
Other Current Liabilities |
|
|
|
|
|
Provisions |
1226.100
|
1585.000 |
1510.800 |
|
Total
Current Liabilities |
5274.000
|
4330.700 |
3553.600 |
|
|
Net Current Assets |
1529.700
|
350.000 |
2143.000 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
17.900 |
265.300 |
419.800 |
|
|
|
|
|
|
|
|
TOTAL |
11430.700 |
9539.900 |
8657.900 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
17048.800 |
12949.400 |
13031.000 |
|
|
|
Other Income |
1247.300 |
389.800 |
575.000 |
|
|
|
TOTAL (A) |
18296.100 |
13339.200 |
13606.000 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Raw Materials |
10591.200 |
7652.300 |
7800.100
|
|
|
|
Power & Fuel Cost |
317.600 |
247.500 |
235.000
|
|
|
|
Employee Cost |
1635.800 |
1350.900 |
1186.600 |
|
|
|
Other Manufacturing Expenses |
858.900 |
563.300 |
676.300 |
|
|
|
Selling and Administration Expenses |
1091.700 |
962.600 |
885.100 |
|
|
|
Miscellaneous Expenses |
590.900 |
716.000 |
575.500 |
|
|
|
|
15086.1 |
|
11358.6 |
|
|
|
Stock Adjustments |
(369.300) |
142.100 |
(157.400) |
|
|
|
TOTAL (B) |
14716.800 |
11634.700 |
11201.200 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
3579.300 |
1704.500 |
2404.800 |
|
|
|
|
|
|
|
|
|
Less |
INTEREST (D) |
265.100 |
308.400 |
264.700 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
3314.200 |
1396.100 |
2140.100 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
645.700 |
545.100 |
500.600 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
2668.500 |
851.000 |
1639.500 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
883.800 |
155.600 |
357.600 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
1784.700 |
695.400 |
1281.900 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
1630.900 |
1597.100 |
1126.700 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
985.900 |
661.600 |
811.500 |
|
|
|
|
|
|
|
|
|
|
BALANCE CARRIED
TO THE B/S |
2429.700 |
1630.900 |
1597.100 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
4.47 |
1.73 |
3.38 |
|
QUARTERLY RESULTS
(UNAUDITED)
|
PARTICULARS |
30.06.2010 (Rs. In
millions) |
30.09.2010 (Rs. In
Millions) |
31.12.2010 (Rs. In
Millions) |
|
|
1st
Quarter |
2nd
Quarter |
3rd
Quarter |
|
Net Sales |
5599.300 |
6685.300 |
7705.800 |
|
Total Expenditure |
4820.000 |
5711.400 |
6426.400 |
|
PBIDT (Excl OI) |
779.300 |
973.900 |
1279.400 |
|
Other Income |
16.200 |
215.400 |
144.600 |
|
Operating Profit |
795.500 |
1189.300 |
1424.000 |
|
Interest |
39.800 |
80.800 |
99.700 |
|
Exceptional Items |
0.000 |
0.000 |
0.000 |
|
PBDT |
755.700 |
1108.500 |
1324.300 |
|
Depreciation |
186.600 |
199.400 |
211.100 |
|
Profit Before Tax |
569.100 |
909.100 |
1113.200 |
|
Tax |
276.500 |
250.300 |
337.100 |
|
Provisions and Contingencies |
0.000 |
0.000 |
0.000 |
|
Profit After Tax |
292.600 |
658.800 |
776.100 |
|
Extraordinary Items |
0.000 |
0.000 |
0.000 |
|
Prior Period Expenses |
0.000 |
0.000 |
0.000 |
|
Other Adjustment |
0.000 |
0.000 |
0.000 |
|
Net Profit |
292.600 |
658.800 |
776.100 |
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
(RS.
IN MILLIONS)
|
Particulars |
Three months ended Unaudited |
|
|
|
|
1. a) Net
Sales/Income from Operations |
5424.900 |
|
- Within |
4818.000 |
|
- Outside |
606.900 |
|
|
|
|
b) Other
Operative Income |
174.400 |
|
|
|
|
Total |
5599.300 |
|
|
|
|
2. Expenditure |
|
|
a)
(Increase)/decrease in stock in trade and work in progress |
(137.700) |
|
b)
Consumption of Raw Materials |
3488.900 |
|
c) Employees
Cost |
566.100 |
|
d)
Depreciation |
186.600 |
|
e) Exchange
Differences (Gain) I Loss on: |
|
|
- Foreign Currency
Convertible Bonds (FCCBs) (net) |
(55.700) |
|
- Others
(net) |
80.800 |
|
f) Other
Expenditure |
877.600 |
|
|
|
|
Total |
5006.600 |
|
|
|
|
3. Profit
from Operations before Other Income, Interest & Exceptional Items (1-2) |
592.700 |
|
|
|
|
4. Other
Income |
16.200 |
|
|
|
|
5. Profit
before Interest & Exceptional Items (3+4) |
608.900 |
|
|
|
|
6. Interest |
|
|
-
Amortisation of Premium on redemption of FCCBs |
2.900 |
|
- Others |
36.900 |
|
|
|
|
7. Profit after
Interest but before Exceptional Items (5-6) |
569.100 |
|
|
|
|
8.
Exceptional Income / (Expenses) (Net) |
-- |
|
|
|
|
9. Profit
(+)/ Loss (-)from Ordinary Activities before tax (7+8) |
569.100 |
|
|
|
|
10. Tax
expense |
|
|
- Current |
190.300 |
|
- Deferred |
86.200 |
|
- Fringe
Benefit |
-- |
|
|
|
|
11. Net
Profit (+)/Loss(-) from Ordinary Activities after tax (9-10) |
292.600 |
|
|
|
|
12.
Extraordinary Item (net of tax) |
-- |
|
|
|
|
13. Net Profit
(+)/Loss(-) for the period before share of profit/(loss) of associates and
minority interests (11-12) |
292.600 |
|
|
|
|
14. Share of
profit/(loss) of Associates |
-- |
|
|
|
|
15. Minority
Interests |
-- |
|
|
|
|
16. Net Profit
(+)/Loss(-) for the period (13+14-15) |
292.600 |
|
|
|
|
17. Paid-up
equity share capital |
387.500 |
|
|
|
|
18. Reserve
excluding Revaluation Reserves |
-- |
|
|
|
|
19. Earnings Per Share (EPS) (in
Rs.) |
|
|
a) Basic and diluted EPS before Extraordinary
items |
|
|
- Basic |
0.77 |
|
- Diluted |
0.66 |
|
|
|
|
b) Basic and diluted EPS after
Extraordinary items |
|
|
- Basic |
0.77 |
|
- Diluted |
0.66 |
|
|
|
|
20. Aggregate of Public
Shareholding |
|
|
- Number of
Shares |
134887081 |
|
- Percentage
of Shareholding |
34.81% |
|
|
|
|
21. Promoters and promoter group shareholding |
|
|
a) Pledged I Encumbered |
|
|
- Number of
shares2 |
80100000 |
|
- Percentage
of shares (as a % of the total shareholding of promoter and promoter group) |
31.70% |
|
- Percentage
of shares (as a % of the total share capital of the company) |
20.67% |
|
|
|
|
b) Non-encumbered |
|
|
- Number of
shares |
172556719 |
|
- Percentage
of shares (as a % of the total shareholding of promoter and promoter group) |
68.30% |
|
- Percentage
of shares ( as a % of the total share capital of the company) |
44.52% |
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
anti-dilutive, hence not considered).
2. Includes 54,600,000 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
(RS.
IN MILLIONS)
|
Particulars |
Three months ended Unaudited |
|
1. Segment
Revenue |
|
|
(a) Automotive |
5119.600 |
|
(b) Non Automotive |
537.800 |
|
(c) Unallocated |
17.300 |
|
Total |
5674.700 |
|
|
|
|
Less: Inter Segment Revenue |
63.100 |
|
Net Sales/
Income from Operations |
5611.600 |
|
|
|
|
2. Segment
Results |
|
|
(a) Automotive |
539.600 |
|
(b) Non Automotive |
48.100 |
|
(c) Unallocated |
-- |
|
Total |
587.700 |
|
|
|
|
Less i) Interest (Net) |
35.900 |
|
ii) Other unallocable expenditure (Net of unallocable Income) |
(17.300) |
|
(d) Profit of Associate |
-- |
|
|
|
|
Total Profit
Before Tax |
569.100 |
|
|
|
|
3. Capital
Employed |
|
|
(a) Automotive |
9881.400 |
|
(b) Non Automotive |
572.500 |
|
(c) Others (Including Investments) |
2051.600 |
|
|
|
|
Total Segment
Capital Employed |
12505.500 |
NOTES:
1. The above financial results were reviewed by the audit committee and approved
by Board of Directors of the Company at their meeting held on
2. The Company has on July 15, 2005 issued €50.30 million Zero Coupon
Convertible Bonds due July 2010 (FCCB), convertible at the option of the holder
into fully paid equity shares at par value of Re. 1.00 each at a conversion
price of Rs.74.30 per share with a fixed rate of exchange on conversion of
Rs.52.01 = € 1.00, listed on the Singapore Exchange Securities Trading Limited.
During the quarter, the company has made allotment of 12,950,000 equity shares
on conversion of FCCB of € 18.50 million. Further an amount of Rs.1285.200
millions inclusive of premium payable on redemption and exchange loss (net of
tax) has been credited to Securities Premium account. Consequent to the said
allotment, bonds have been fully converted as at
3. The Company has acquired the 60% stake held by Balda AG, in Balda
Motherson Solutions India Limited (BMSI). Upon transfer of shares, BMSI has
become a 100 % owned subsidiary. Subsequently, the Board of Directors of the
Company, at their meeting held on 26th July, 2010, have approved a Scheme of
Arrangement for the merger of its wholly owned subsidiary companies namely,
Balda Motherson Solution India Limited (BMSIL) and Motherson Tradings Limited
(MTL) with the Company with effect from 1st April2010 (appointed
date), subject to the necessary approvals.
4. The Debt position and Cash and Bank Balance as on
(RS.
IN MILLIONS)
|
Particulars |
As at Unaudited |
|
Debt (other than FCCB) |
3547.500 |
|
FCCB |
-- |
|
Total Debt |
3547.500 |
|
Cash and Bank Balance |
89.500 |
5. The consolidated results for the quarter ended June30, 2010
include results of Samvardhana Motherson Reflectec Group Holdings Limited (SMR)
which had acquired all the subsidiaries of Visiocorp Plc. (in administration)
on March06, 2009. The summary of SMR results incorporated in the Consolidated
Results for the quarter ended
(RS.
IN MILLIONS)
|
Particulars |
Three months ended Unaudited |
|
Net Sales |
10807.400 |
|
- Within |
470.900 |
|
- Outside |
10336.500 |
|
Profit Before Interest, Tax, Depreciation & Exceptional items |
779.400 |
|
Depreciation |
303.200 |
|
Exceptional Income/(Expense) - Restructuring Cost |
-- |
|
Profit Before Tax |
412.100 |
|
Minority Share |
136.400 |
|
Profit After Tax (Concern Share) |
126.700 |
6. Investors Complaints received and disposed off during the quarter
ended
|
|
No’s. |
|
Complaints pending at the beginning of the quarter |
-- |
|
Complaints received during the quarter |
30 |
|
Disposal of complaints |
30 |
|
Complaints lying unresolved at the end of the quarter |
-- |
WEBSITE DETAILS
PROFILE
Subject is a world-class supplier of high performance components, modules and systems. The customers are primarily operating in the automotive sector.
The business portfolio encompasses Electrical Distribution System (EDS), Polymer Products and complete module solutions. They are the largest supplier of EDS to the Indian automotive industry.
Building on the strong customer relationships, the manufacturing flexibility, comprehensive range of products and services and leveraging on the group competencies coupled with network of alliances, they are well positioned to benefit from customer demands for higher level modules and assemblies and the increasing trend of component outsourcing by global automotive majors.
They aim to be a globally proffered solution provider. As they continue to strengthen the business portfolio and grow the markets served, they are committed to enhancing shareholder value by remaining focused on sustainable, profitable and value-creating growth.
OVERVIEW:
Subject is the flagship company of the Samvardhana Motherson
Group and was established in 1986. It is a joint venture between Samvardhana Motherson
Group and Sumitomo Wiring Systems (
The Company is listed at the stock exchanges since 1993. The recent acquisition
of mirror business from Visiocorp (now renamed as Samvardhana Motherson
Reflectec) has helped company evolve as one of the world’s leading automotive
mirror manufacturer. The Company is
Company has collaborated with global technology leaders and
has further leveraged its competency in existing areas to create products
fulfilling the technical needs of its customers. Subject and its joint ventures
have invested in state-of-the-art technologies and infrastructure to ensure
superior efficiencies and total customer satisfaction.
Company is strengthening its position as a globally preferred solution provider
by offering end-to-end solutions encompassing designing from basic data to
prototyping, tooling, molding, assembly and integrated modules. The ability to
provide this end-to-end solution in each product category and combine these
solutions in the form of full system solutions has enabled the Company to
evolve as a preferred supplier. These solutions are supported by the
flexibility to supply from any of the alternative manufacturing bases and
logistic models best suited to customer requirements.
Company has developed a network of manufacturing bases, design centers,
logistics centers, marketing support and sourcing hubs across a diversified
geographical base. Company has presence in 21 countries which includes India (Noida
, Gurgaon, Manesar, Faridabad , Pune, Bengaluru, Chennai, Kandla, Lucknow and
Puducherry), UAE., Sri Lanka, Singapore, China, South Korea, Japan, Germany,
UK., Czech Republic, Austria, Hungary, Italy, Spain, France, Ireland, U.S.A,
Mexico, South Africa, Australia and Mauritius to provide timely and quality
delivery its customers worldwide. Company has manufacturing bases across five
continents -
PRESS RELEASES:
MOTHERSON
SUMI SYSTEMS LIMITED ANNOUNCES Q1 FY10-11 RESULTS
Q1 RESULTS FY
10-11 (ALL COMPARISONS WITH Q1 FY09-10)
1.
Consolidated Total Sales up by 32%.
2.
Consolidated Export Sales up by 24%.
3.
Consolidated Domestic Sales up by 53%.
4.
Consolidated PAT grew by 439%
5.
Equity enhanced to Rs. 387.543 millions on full
conversion, with public Shareholding of 34.81%
MSSL FY10
Consolidated Results (all comparisons with Q1 FY10)
(Figures in Rs. in
millions)
|
|
Q1 2010-2011 |
Q1 2009-10 |
% change |
|
|
|
|
|
|
Total Sales |
18586.300 |
14040.400 |
32% |
|
Earnings Before Interest Depreciation & Tax |
1892.100 |
890.900 |
112% |
|
Depreciation |
582.200 |
570.700 |
2% |
|
Exceptional Expenses / (Income) |
- |
171.400 |
-100% |
|
Exchange fluctuation on FCCB |
(55.700) |
12.000 |
- |
|
Profit Before Tax |
1195.400 |
16.100 |
7327% |
|
Profit After Tax (Concern Share) |
595.500 |
110.500 |
439% |
|
EPS (Basic) |
15.600 |
3.100 |
403% |
Q1 FY10-11 Consolidated Results of Samvardhana Motherson
Reflectec, subsidiary of MSSL, which was acquired in March, 09:
(Figures in Rs. in millions)
|
|
SMR Q1
2010- 2011 |
SMR Q1
2009- 2010 |
|
Total
Sales |
10807.400 |
8824.000 |
|
Earnings
Before Interest Depreciation & Tax |
779.300 |
151.000 |
|
Depreciation |
303.200 |
341.800 |
|
EBIT
|
476.200 |
(190.800) |
|
Exceptional
Expenses/ (Income) |
- |
171.400 |
|
Profit
Before Tax |
412.100 |
(444.000) |
|
Profit
After Tax (MSSL’s Share) |
126.700 |
(223.00) |
MSSL
Standalone sales growth for Q1 FY 2010-11 is approx 56 %:
(Figures in Rs. in millions)
|
|
Q1
2010-2011 |
Q1 2009-10 |
%
change |
|
Total Sales |
5424.900 |
3472.200 |
56% |
ABOUT MOTHERSON SUMI SYSTEMS LIMITED
Motherson Sumi Systems Limited
(MSSL) the flagship company of the Samvardhana Motherson Group, is a joint
venture between Samvardhana Motherson Group and Sumitomo Wiring Systems (
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.45.38 |
|
|
1 |
Rs.73.08 |
|
Euro |
1 |
Rs.61.60 |
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.