MIRA
INFORM REPORT
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Report Date : |
19.01.2011 |
IDENTIFICATION DETAILS
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Name : |
SUZUKI POWERTRAIN
INDIA LIMITED |
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Registered Office : |
Plot No. 1, |
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Country : |
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Financials (as on) : |
31.03.2010 |
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Date of Incorporation : |
14.11.2002 |
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Com. Reg. No.: |
55-117679 |
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CIN No.: [Company
Identification No.] |
U27109DL2002PLC117679 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
DELS20077B |
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PAN No.: [Permanent
Account No.] |
AAGCS7346J |
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Legal Form : |
A Closely Held
Public Limited Liability Company |
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Line of Business : |
Manufacturer of Automobile
Diesel Engines, Transmissions and other components. |
RATING & COMMENTS
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MIRA’s Rating : |
Ba (47) |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Maximum Credit Limit : |
USD 37018728 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Usually Correct |
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Litigation : |
Clear |
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Comments : |
Subject is a well established and reputed having satisfactory track.
Trade relations are reported as fair. Business is active. Payments are
reported to be usually Correct 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 |
LOCATIONS
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Registered
Office |
Plot No. 1, |
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Tel. No.: |
91-11-46781000 |
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Fax No.: |
91-11-46150275 |
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E-Mail |
deepak.Jain@spil.com
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Website: |
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For Retail
Investors: |
Mr. Anil Rustgi |
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Tel. No.: |
G M (Legal) and
Company Secretary, Maruti Udyog Limited 11th
Floor, |
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Fax No.: |
91-11-23712854 /
23316831 Extension - 323 |
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E-Mail : |
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Plant : |
Gurgaon Plant, Tel: (0124) 2346721 |
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Branch Office : |
Plot No. 1, Phase 3A, IMT Manesar, Gurgaon – 122051, |
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Tel No.: |
91-124-2291731 / 32/ 33, 4509700 |
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Fax No.: |
91-124-2291734 |
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Branches : |
Kolkatta Tel: 91-33-2283-5252, 53, 54, 62 Guwahati Tel: 91-361-2340850,140
Tel: 91-731-4069481, 2 Plot No. 1, Board no.46781000 Fax : 91-11-46150275, 46150276
Tel: 91-172-2780057, 3058077
Tel: 91-522-2720931-4, 2721145 Jaipur Tel: 91-141-5118006, 7 Chennai Tel: 91-44-28233051-3
Tel: 91-80-41120017/18/ 127384/85
Tel: 91-484-4088400
Tel: 91-40-66729999 Fax: 91-40-66250102 Mumbai Tel: 91-22-26590478 Pune Tel: 91-20-26856041(D) Ahemedabad Tel: 91-79-40036660 |
DIRECTORS
AS ON : 20.09.2010
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Name : |
Mr. Shinzo
Nakanishi |
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Designation : |
Chairman |
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Address : |
59-3, Saiwai 2,
Chome, |
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Date of Birth/Age : |
14.09.1947 |
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Date of Appointment : |
27.07.2005 |
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Name : |
Mr. Vipin Dang |
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Designation : |
Whole time
director |
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Address : |
E-1/F DDA Flats Munikra,
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Date of Birth/Age : |
05.03.1960 |
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Date of Appointment : |
14.11.2002 |
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Name : |
Mr. Nobuyash
Koike |
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Designation : |
Managing Director
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Address : |
Room No. 411, Japanese
Hostel Complex, Opposite MDI Gate 2, Near NH-8, Gurgaon – 122001, |
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Date of Birth/Age : |
06.11.1952 |
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Date of Appointment : |
16.05.2008 |
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Name : |
Mr. Osamu Suzuki |
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Designation : |
Director |
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Address : |
3-19-18, Shijimizu
Ka-Cho, |
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Date of Birth/Age : |
30.01.1930 |
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Date of Appointment : |
27.07.2005 |
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Name : |
Mr. Tsuneo
Oshashi |
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Designation : |
Director |
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Address : |
Room No. 211,
Jukaso IT Suites, IT |
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Date of Birth/Age : |
20.06.1951 |
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Date of Appointment : |
11.07.2008 |
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Name : |
Dr. Yoshitomo
Haneda |
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Designation : |
Whole Time
Director |
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Address : |
Room No.132, Jukaso
IT Suites, IT |
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Date of Birth/Age : |
01.04.1960 |
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Date of Appointment : |
25.04.2006 |
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Name : |
Mr. Shinzo
Nakanishi |
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Designation : |
Director |
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Address : |
59-3, Saiwai 2 Chome, |
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Date of Birth/Age : |
14.09.1947 |
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Date of Appointment : |
27.07.2005 |
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Name : |
Mr. Vineet
Agarwal |
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Designation : |
Secretary |
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Address : |
H. No. 10346,
Street No.1, |
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Date of Birth/Age : |
15.02.1977 |
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Date of Appointment : |
05.02.2008 |
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MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON : 20.09.2010
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Names of Shareholders |
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No. of Shares |
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Suzuki Motor
Corporation, |
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543199995 |
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Maruti Suzuki
India Limited, |
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232800000 |
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Mr. Shinzo
Nakanishi |
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01 |
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Dr. Yoshitomo
Haneda |
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01 |
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Mr. Koike
Nobuyashu |
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01 |
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Mr. Miki Nakahara
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01 |
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Mr. Tsuneo Ohashi
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01 |
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Total |
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776000000 |
AS ON : 20.09.2010
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Category |
Percentage |
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Foreign holdings( Foreign institutional
investor(s), Foreign companie(s) Foreign financial institution(s), Non-resident
Indian(s) or Overseas Corporate bodies or Others |
70.00 |
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Bodies corporate |
30.00 |
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Directors or relatives of Directors |
0.00 |
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Other top fifty shareholders |
0.00 |
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Total |
100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer of
Automobile Diesel Engines, Transmissions and other components. |
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Products : |
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Production Status :
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Product |
Units |
Installed Capacity 31.03.2010 |
Installed Capacity 31.03.2009 |
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Engines |
Nos. |
200000 |
130000 |
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Transmission Assembly |
Nos. |
800000 |
400000 |
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Transmission Components |
Sets |
300000 |
220000 |
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Castings |
Mt |
8600 |
8600 |
Note :
- Licensed Capacity – Not Applicable
- ** Installed Capacity as Certified by the management and relied upon
by the auditors, being a technical matter.
GENERAL INFORMATION
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Bankers : |
Citi Bank N.A. |
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Facilities : |
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Banking
Relations : |
---- |
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Auditors : |
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Name : |
V Sankar Aiyar
and Company Chartered
Accountants |
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Address : |
Satyam Cinema
Complex, Ranjit Nagar, Community Centre, |
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Holding Company: |
Suzuki Motor
Corporation (SMC), |
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Fellow Subsidiaries : |
Maruti Suzuki India Limited (MSIL), Magyar Suzuki Corporation (MSC), Suzuki Motorcycle India Private Limited (SMIPL), |
CAPITAL STRUCTURE
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
|
800000000 |
Equity shares |
Rs. 10/- each |
Rs. 8000.000 millions |
Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
|
776000000 |
Equity shares |
Rs. 10/-
each |
Rs. 7760.000
millions |
Note :
Of the above
a)
543200000 Equity Shares
of Rs. 10 each are held by Suzuki Motors Corporation, the holding and its
nominees (previous year 543200000 Equity Shares)
b)
232800000 Equity Shares
of Rs. 10 each are held by Maruti Suzuki
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
7760.000 |
7760.000 |
5760.000 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
1494.682 |
576.636 |
504.211 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
9254.682 |
8336.636 |
6264.211 |
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LOAN FUNDS |
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1] Secured Loans |
0.000 |
0.000 |
0.000 |
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2] Unsecured Loans |
13479.036 |
15796.590 |
10682.581 |
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TOTAL BORROWING |
13479.036 |
15796.590 |
10682.581 |
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DEFERRED TAX LIABILITIES |
946.800 |
342.600 |
285.900 |
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DEFERRED CREDIT FOR CAPITAL GOODS |
60.655 |
309.725 |
396.564 |
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TOTAL |
23741.173 |
24785.551 |
17629.256 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
21670.454 |
15561.640 |
9775.934 |
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Capital work-in-progress |
667.915 |
6439.274 |
3226.681 |
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INVESTMENT |
0.000 |
0.000 |
0.000 |
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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 |
2406.271
|
2590.616 |
2655.740 |
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Sundry Debtors |
568.343
|
2259.429 |
1131.785 |
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Cash & Bank Balances |
1163.625
|
1590.574 |
2809.685 |
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Other Current Assets |
288.115
|
305.124 |
45.174 |
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Loans & Advances |
1318.049
|
2040.733 |
2239.104 |
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Total
Current Assets |
5744.403
|
8786.476 |
8881.488 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Other Current Liabilities |
4300.638
|
5888.362 |
4008.289 |
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Provisions |
65.048
|
143.164 |
246.558 |
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Total
Current Liabilities |
4365.686
|
6031.526 |
4254.847 |
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Net Current Assets |
1378.717
|
2754.950 |
4626.641 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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PRE OPERATIVE EXPENSES PENDING ALLOCATION |
24.087 |
29.687 |
0.000 |
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TOTAL |
23741.173 |
24785.551 |
17629.256 |
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PROFIT & LOSS
ACCOUNT
|
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PARTICULARS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
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SALES |
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Income |
32614.427 |
22577.944 |
15284.006 |
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Other Income |
492.763 |
401.561 |
656.552 |
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TOTAL (A) |
33107.190 |
22979.505 |
15940.558 |
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Less |
EXPENSES |
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Consumption of Raw Material and Components |
22482.879 |
15539.507 |
11172.033 |
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Consumption of stores, spares and tools |
875.562 |
599.087 |
477.229 |
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Employees Remuneration and benefits |
504.583 |
435.510 |
295.947 |
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Manufacturing, administrative and others |
3591.714 |
3077.332 |
2088.211 |
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Increase and decrease in stock |
227.293 |
397.774 |
(730.074) |
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TOTAL (B) |
27682.031 |
20049.210 |
13303.346 |
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Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
5425.159 |
2930.295 |
2637.212 |
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Less |
FINANCIAL
EXPENSES (D) |
882.475 |
1195.267 |
801.619 |
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PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
4542.684 |
1735.028 |
1835.593 |
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Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
2695.435 |
1575.013 |
1101.810 |
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PROFIT BEFORE
TAX (E-F) (G) |
1847.249 |
160.015 |
733.783 |
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|
|
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|
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Less |
TAX (I) |
929.204 |
87.591 |
381.402 |
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PROFIT AFTER TAX
(G-I) (J) |
918.045 |
72.424 |
352.381 |
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Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
576.636 |
504.211 |
151.830 |
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BALANCE CARRIED
TO THE B/S |
1494.682 |
576.636 |
504.211 |
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EARNINGS IN
FOREIGN CURRENCY |
|
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|
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|
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Export Earnings |
2260.504 |
3135.398 |
1831.828 |
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IMPORTS |
|
|
|
|
|
|
|
Stores & Spares |
5961.484 |
5580.555 |
4450.091 |
|
|
|
Capital Goods |
1315.492 |
9219.022 |
3438.987 |
|
|
TOTAL IMPORTS |
7276.976 |
14799.577 |
7889.078 |
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|
|
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|
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|
Earnings Per
Share (Rs.) |
1.18 |
0.11 |
1.01 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
PAT / Total Income |
(%) |
2.77
|
0.31 |
2.21 |
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Net Profit Margin (PBT/Sales) |
(%) |
5.66
|
0.70 |
4.80 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
6.73
|
0.29 |
1.88 |
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Return on Investment (ROI) (PBT/Networth) |
|
0.19
|
0.01 |
0.11 |
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Debt Equity Ratio (Total Liability/Networth) |
|
1.92
|
2.61 |
2.38 |
|
|
|
|
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|
Current Ratio (Current Asset/Current Liability) |
|
1.31
|
1.45 |
2.08 |
LOCAL AGENCY FURTHER INFORMATION
Financial
Highlights :
The sales (net of excise) and other income for the financial year under review, were Rs. 33107.190 million as against Rs. 22979.500 million for the previous financial year registering an impressive increase of 44%.
The Profit before tax (after interest and depreciation charges) of Rs. 1847.240 million (Previous year Rs. 160.010 million) and the Profit after tax of Rs. 918.050 million (Previous year Rs. 72.420 million) for the financial year under review.
HIGHLIGHT OF
OPERATIONS / COMPANY'S AFFAIRS
During the last financial year the Company achieved milestone on manufacturing of one millionth power train unit.
a) Engine Business
The Engine Plant of the Company comprising of Engine Component Machining. Engine Assembly and Engine Testing has performed well. In order to cater the expanding market demand the company successfully commissioned the expansion of new production lines by doubling the capacities of assembly lines and machining lines. The Company introduced upgraded version of the petrol engine equipped with 'Variable Valve Timing’ (VVT) technology and compliant with next generation emission norms (Bharat Stage - IV), which resulting in to better fuel economy, efficiency and improved emission norms. To cater the export market the Company upgraded the production and testing facilities for readiness of production of next generation emission version of Small Diesel Engine (Euro -5). The engines of the company have been well accepted in the market in terms of quality and efficiency.
During the financial year under consideration, the Company has produced aggregate units of 193,021 engines as compared to 138,214 aggregate units of engines in previous year.
b) Transmission Business.
To cater the increase market demand new transmission machining lines and assembly lines were installed resulting in to doubling the production capacities. Additional machines were installed in Forging unit for augmenting the transmission production capacity. The Company introduced various models of transmission assemblies in the financial year under review.
During the financial year under consideration, the company has produce 443.619 units of Transmission Assemblies and 288,588 Transmission Components (sets) as compared to 188,152 units and 167,166 respectively in the previous year.
c) Casting Business
The Company optimized product mix to make it more cost effective and efficient. Efforts were made for improving quality of casting products. During the financial year under consideration; the company has produced 403,521 aggregate units of Casting components as compared to 548,198 during the previous year.
The directors are please to inform that during month of May, 2010, the company successfully achieved ISO/TS 16949 certification for its Quality Management System for manufacturing of engines, transmission units and components. Company's Casting Plant also has an lSO/TS 16949:2002 certification which is subject to re-assessment at regular intervals.
The automotive industry in
Note :
The registered office address of the company has been shifted from 11th
Floor Jeevan Prakash 25 Kasturbha Gandhi Marg,
FIXED ASSTES :
·
· Building
· Plant And Machinery
· Dies
· EOP Equipment And Software
· Furniture Fixture
· Office Equipments
· Vehicles
· Plant and Machinery
OTHER INFORMATION
:
100 acres Okayed for Maruti Joint Venture in
Haryana
The Haryana Investment Promotion Board has granted approval to Suzuki Power Train India Limited, a new company floated by MUL for manufacturing automobile diesel engines, transmissions and other components with an investment of over Rs 22180.000 Million. This company will utilize 30 acres of land.
The
Board also granted approval to Maruti Suzuki Automobile India Limited; another
company incorporated by Maruti Udyog for car assembly with a total investment
of Rs 26769.000 Millions.
The
Board also approved the leasing of 100 acres of land to Maruti Suzuki joint
venture vendors. Permission was also granted for utilization of land by subsidiaries
of Maruti Suzuki. — PTI
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. 45.53 |
|
|
1 |
Rs. 72.55 |
|
Euro |
1 |
Rs. 60.62 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
6 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
5 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
5 |
|
--CREDIT LINES |
1~10 |
5 |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
YES |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
47 |
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.