1. Summary Information
|
|
|
Country |
|
|
Company Name |
INDIA NIPPON ELECTRICALS LIMITED |
Principal Name 1 |
Mr. T K Balaji |
|
Status |
Good |
Principal Name 2 |
MR. R D Flint |
|
|
|
Registration # |
18-11021 |
|
Street Address |
Aalim Centre, 82, Dr. Radhakrishnan Salai, Mylapore, Chennai-600004, |
||
|
Established Date |
12.07.1984 |
SIC Code |
-- |
|
Telephone# |
91-44-28110063/ 28110074 |
Business Style 1 |
Manufacturer |
|
Fax # |
91-44-28115624 |
Business Style 2 |
-- |
|
Homepage |
Product Name 1 |
Ignition Coil Assembly |
|
|
# of employees |
-- |
Product Name 2 |
Flywheel Magneto Assembly |
|
Paid up capital |
Rs.
80,790,800/- |
Product Name 3 |
CDI/TCI Assembly |
|
Shareholders |
Promoters Holding ( 66.39%) Public Holding (33.61%) |
Banking |
Bank of |
|
Public Limited Corp. |
YES |
Business Period |
27 Years |
|
IPO |
YES |
International Ins. |
- |
|
Public |
YES |
Rating |
A (59) |
|
Related
Company |
|||
|
Relation
|
Country
|
Company
Name |
CEO |
|
Associates |
|
Synergy Shakthi Renewable Energy Limited |
-- |
|
Note |
- |
||
2. Summary
Financial Statement
|
Balance Sheet as of |
31.03.2010 |
(Unit: Indian Rs.) |
|
|
Assets |
Liabilities |
||
|
Current Assets |
630,912,000 |
Current Liabilities |
268,684,000 |
|
Inventories |
106,101,000 |
Long-term Liabilities |
5,785,000 |
|
Fixed Assets |
263,325,000 |
Other Liabilities |
200,102,000 |
|
Deferred Assets |
26,078,000 |
Total Liabilities |
474,571,000 |
|
Invest& other Assets |
999,898,000 |
Retained Earnings |
1,470,952,000 |
|
|
|
Net Worth |
1,551,743,000 |
|
Total Assets |
2,026,314,000 |
Total Liab. & Equity |
2,026,314,000 |
|
Total Assets (Previous Year) |
1,798,802,000 |
|
|
|
P/L Statement as of |
31.03.2010 |
(Unit: Indian Rs.) |
|
|
Sales |
1,690,814,000 |
Net Profit |
199,237,000 |
|
Sales(Previous yr) |
1,279,195,000 |
Net Profit(Prev.yr) |
117,515,000 |
MIRA
INFORM REPORT
|
Report Date : |
20.01.2011 |
IDENTIFICATION DETAILS
|
Name : |
INDIA NIPPON ELECTRICALS LIMITED |
|
|
|
|
Registered
Office : |
Aalim Centre, 82, Dr. Radhakrishnan Salai, Mylapore, Chennai-600004,
Tamilnadu |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as
on) : |
31.03.2010 |
|
|
|
|
Date of Incorporation
: |
12.07.1984 |
|
|
|
|
Com. Reg. No.: |
18-11021 |
|
|
|
|
CIN No.: [Company Identification
No.] |
L31901TN1984PLC011021 |
|
|
|
|
Legal Form : |
A Public Limited Liability Company. The company’s shares are listed on
stock exchange. |
|
|
|
|
Line of Business
: |
Manufacturer of Electronic Ignition Systems. |
RATING & COMMENTS
|
MIRA’s Rating : |
A (59) |
|
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 6200000 |
|
|
|
|
Status : |
Good |
|
|
|
|
Payment Behaviour : |
Regular |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is a Joint Venture between Lucas Indian Service Limited and
Kokusan Denki Company Limited, The company can be considered normal for business dealings at usual
traded 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
|
Country Name |
Previous Rating (31.12.2009) |
Current Rating (01.04.2010) |
|
|
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
LOCATIONS
|
Registered Office : |
Aalim Centre, 82, Dr. Radhakrishnan Salai, Mylapore, Chennai-600004, |
|
Tel. No.: |
91-44-28110063/ 28110074 |
|
Fax No.: |
91-44-28115624 |
|
E-Mail : |
|
|
Website : |
|
|
|
|
|
Factory 1 : |
Hosur- |
|
Tel. No.: |
91-4347-233432/ 233438 |
|
Fax No.: |
91-4347-233431 |
|
E-Mail : |
|
|
|
|
|
Factory 2 : |
|
|
Tel. No.: |
91-413-2697801/ 2697827/ 2699052/ 2699402/ 2698702 |
|
Fax No.: |
91-413-2699052 |
|
E-Mail : |
|
|
|
|
|
Factory 3 : |
|
|
Tel. No.: |
91-1274-240860/ 240212 |
|
Fax No.: |
91-1274-240840 |
|
E-Mail : |
DIRECTORS
As on 31.03.2010
|
Name : |
Mr. T K Balaji |
|
Designation : |
Chairman Cum Managing Director |
|
|
|
|
Name : |
MR. R D Flint |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. H Nanjo |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. K Nakamura |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. K Sheshadri |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. K G Raghavan |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. V Balaraman |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. G Chidamaber |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. N S Murthy |
|
Designation : |
Director |
KEY EXECUTIVES
|
Audit Committee : |
|
|
|
|
|
Investors’ Grievance Committee: |
Mr. T K Balaji, Chairman Mr. K Sheshadri Mr. G Chidambar |
|
|
|
|
Name : |
Mr. G Murali |
|
Designation : |
Manager |
|
|
|
|
Name : |
Mr. S Sampath |
|
Designation : |
Financial Controller and Secretary |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 30.09.2010
|
Names of Shareholders |
No. of Shares |
Percentage |
|
(A) Shareholding of Promoter and Promoter Group |
|
|
|
|
|
|
|
|
3,706,190 |
45.87 |
|
|
3,706,190 |
45.87 |
|
|
|
|
|
|
1,657,500 |
20.52 |
|
|
1,657,500 |
20.52 |
|
Total shareholding of Promoter and Promoter Group (A) |
5,363,690 |
66.39 |
|
(B) Public Shareholding |
|
|
|
|
|
|
|
|
155,518 |
1.92 |
|
|
25,085 |
0.31 |
|
|
180,603 |
2.24 |
|
|
|
|
|
|
414,737 |
5.13 |
|
|
|
|
|
|
1,835,698 |
22.72 |
|
|
238,430 |
2.95 |
|
|
45,922 |
0.57 |
|
|
45,922 |
0.57 |
|
|
2,534,787 |
31.37 |
|
Total Public shareholding (B) |
2,715,390 |
33.61 |
|
Total (A)+(B) |
8,079,080 |
100.00 |
|
(C) Shares held by Custodians and against which Depository Receipts
have been issued |
- |
- |
|
Total (A)+(B)+(C) |
8,079,080 |
100.00 |
(1) Indian
Bodies Corporate
Individual shareholders holding nominal
share capital up to Rs. 0.100 MillionBUSINESS DETAILS
|
Line of Business : |
Manufacturer of Electronic Ignition Systems. |
||||||||
|
|
|
||||||||
|
Products : |
|
PRODUCTION STATUS AS ON
As on 31.03.2010
|
Particulars |
Unit |
Licensed
Capacity* |
Installed
Capacity |
Actual
Production |
|
Flywheel Magnetos Flywheel Generators Capacitor Discharge Ignition Units Ignition Coils |
Nos |
12300000** |
11583616*** |
5313255 |
|
Contact Breakers Bliners/ Flashers/ Regulators, Electronic Engine Control units etc. Special Purpose Machines |
Nos |
18 |
18 |
-- |
Note:
* Broadband # As certified by Management.
** Including items covered under industrial
entrepreneur Memorandum
*** Total Capacity installed at factories at
Hosur, Pudhucherrty and Rewari.
GENERAL INFORMATION
|
Customers : |
·
TVS Motor Company ·
Hero Honda Motors ·
Honda Motorcycle and Scooter ·
Bajaj Auto ·
Yamaha Motors ·
Royal ·
LML ·
Hero Motors ·
Majestic Auto ·
Kinetic ·
Greaves Cotton ·
Lombardini ·
Piaggio Inida ·
Hond SIEL Power Products ·
Birla Power Solutison ·
Kokusan Denki Company |
||||||||||||
|
|
|
||||||||||||
|
Bankers : |
|
||||||||||||
|
|
|
||||||||||||
|
Facilities : |
|
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
Brahmayya and Company Chartered Accountant |
|
Address : |
48, |
|
|
|
|
Associates: |
Synergy Shakthi Renewable Energy Limited. |
CAPITAL STRUCTURE
As on 31.03.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
15000000 |
Equity Shares |
Rs. 10/- each |
Rs. 150.000 Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
8079080 |
Equity Shares |
Rs. 10/-
each |
Rs. 80.791
Millions |
Note:
(of the above shares 71,54,680 Equity Shares of Rs.10 each have been
issued as Bonus Shares by Capitalisation of General Reserve)
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 |
80.791 |
80.791 |
80.790 |
|
|
2] Share Application Money |
0.000 |
0.0000 |
0.000 |
|
|
3] Reserves & Surplus |
1470.952 |
1342.481 |
1281.770 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
1551.743 |
1423.272 |
1362.560 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
0.000 |
0.000 |
0.000 |
|
|
2] Unsecured Loans |
5.785 |
5.785 |
15.420 |
|
|
TOTAL BORROWING |
5.785 |
5.785 |
15.420 |
|
|
DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
1557.528 |
1429.057 |
1377.980 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
263.325 |
179.656 |
186.700 |
|
|
Capital work-in-progress |
0.000 |
0.107 |
0.000 |
|
|
|
|
|
|
|
|
INVESTMENT |
999.898 |
727.180 |
996.190 |
|
|
DEFERREX TAX ASSETS |
26.078 |
24.555 |
21.330 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
106.101
|
82.099 |
57.400 |
|
|
Sundry Debtors |
278.163
|
236.549 |
221.940 |
|
|
Cash & Bank Balances |
164.527
|
265.182 |
22.100 |
|
|
Other Current Assets |
0.263
|
29.455 |
1.550 |
|
|
Loans & Advances |
187.959
|
254.019 |
147.690 |
|
Total
Current Assets |
737.013
|
867.304 |
450.680 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
171.522
|
|
161.600 |
|
|
Other Current Liabilities |
97.162
|
84.347 |
|
|
|
Provisions |
200.102
|
174.355 |
115.320 |
|
Total
Current Liabilities |
468.786
|
369.745 |
276.920 |
|
|
Net Current Assets |
268.227
|
497.559 |
173.760 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
1557.528 |
1429.057 |
1377.980 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
1690.814 |
1279.195 |
1245.930 |
|
|
|
Other Income |
61.958 |
87.211 |
74.740 |
|
|
|
TOTAL (A) |
1752.772 |
1366.406 |
1320.670 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Materials Consumed |
1132.977 |
881.418 |
|
|
|
|
Stores, Spares and Tools Consumed |
23.588 |
19.844 |
|
|
|
|
Manufacturing Expenses |
58.923 |
45.602 |
|
|
|
|
Personnel Cost |
170.753 |
140.840 |
|
|
|
|
Administration Expenses |
46.130 |
45.186 |
|
|
|
|
Selling Expenses |
24.701 |
23.847 |
|
|
|
|
Technical Know how/ Support Fees |
0.509 |
2.743 |
|
|
|
|
Provision for administration in value of investment |
0.000 |
27.656 |
|
|
|
|
TOTAL (B) |
1457.581 |
1187.136 |
1106.520 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
295.191 |
179.270 |
214.150 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
1.759 |
1.658 |
1.110 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
293.432 |
177.612 |
213.040 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
35.717 |
28.380 |
32.650 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
257.715 |
149.232 |
180.390 |
|
|
|
|
|
|
|
|
|
Less |
TAX (I) |
58.478 |
31.717 |
30.200 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-I) (J) |
199.237 |
117.515 |
150.190 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
410.149 |
361.099 |
-- |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Transfer to General Reserve |
455.000 |
11.752 |
-- |
|
|
|
Interim Dividend Paid |
60.593 |
48.475 |
-- |
|
|
|
Corporate Dividend Tax Paid |
10.173 |
8.238 |
- |
|
|
BALANCE CARRIED
TO THE B/S |
83.620 |
410.149 |
-- |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Export Earnings |
28.209 |
60.895 |
NA |
|
|
TOTAL EARNINGS |
28.209 |
60.895 |
NA |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
27.770 |
11.455 |
NA |
|
|
|
Stores & Spares |
1.958 |
3.380 |
NA |
|
|
|
Capital Goods |
37.834 |
15.832 |
NA |
|
|
|
Components |
149.542 |
79.748 |
NA |
|
|
TOTAL IMPORTS |
217.104 |
110.415 |
NA |
|
|
|
|
|
|
|
|
|
|
Basic and
Diluted Earnings Per Share (Rs.) |
24.65 |
14.54 |
18.59 |
|
QUARTERLY RESULTS
|
PARTICULARS |
|
30.06.2010 |
30.09.2010 |
|
Type |
|
1st
Quarter |
2nd
Quarter |
|
Net Sales |
|
531.900 |
587.100 |
|
Total Expenditure |
|
449.700 |
495.600 |
|
PBIDT (Excl OI) |
|
82.200 |
91.50.0 |
|
Other Income |
|
11.300 |
13.700 |
|
Operating Profit |
|
93.500 |
105.200 |
|
Interest |
|
0.400 |
0.400 |
|
Exceptional Items |
|
0.000 |
0.000 |
|
PBDT |
|
93.100 |
104.800 |
|
Depreciation |
|
7.300 |
8.100 |
|
Profit Before Tax |
|
85.800 |
96.700 |
|
Tax |
|
21.600 |
23.100 |
|
Provisions and contingencies |
|
0.000 |
0.000 |
|
Profit After Tax |
|
64.200 |
73.600 |
|
Extraordinary Items |
|
0.000 |
0.000 |
|
Prior Period Expenses |
|
0.000 |
0.000 |
|
Other Adjustments |
|
0.000 |
0.000 |
|
Net Profit |
|
64.200 |
73.600 |
KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
PAT / Total Income |
(%) |
11.37
|
8.60 |
11.37 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
15.24
|
11.67 |
14.48 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
25.76
|
14.25 |
28.30 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.17
|
0.10 |
0.13 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
0.31
|
0.26 |
0.21 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.57
|
2.35 |
1.63 |
LOCAL AGENCY FURTHER INFORMATION
OPERATIONS
The Company's sales grew by 32% over the previous year, from Rs.
1279.200 Millions to Rs. 1690.800 Millions. This was mainly attributable to the
double digit growth of the two-wheeler industry. Motorcycle recorded a 24%
growth, scooters 29% and mopeds 31%. The Company also improved its business in
electronics during the year and that contributed to additional growth, as was
reported earlier, as a new line of business. Profit before tax at Rs.257.700
Millions recorded an impressive growth of 73% over the previous year.
MANAGEMENT
DISCUSSION AND ANALYSIS REPORT
Economic Overview:
The fiscal year 2009-10 began on a difficult note due to the economic
meltdown in the industrialized nations in 2007/2008 which spread across the
world. The turnaround for the Indian economy came in the second quarter and the
year ended with a GDP growth of over 7%.
Industry structure
and developments:
The two and three wheeler industry recorded a growth of over 25% during
the year. The moped segment showed the highest rate of growth followed by
scooters and motorcycles.
Performance
Review:
Sales of the Company's products to the Scooter and Genset segments rose
by more than 100% due to the increased share of business with the main
customers in these segments. In the three wheeler and moped segment, growth of
the Company's sales were respectively at 43% and 27%. The growth related to
products supplied to Motor Cycle was not significant during the year. The
growth is expected to be better during 2010-11 when the Company's product is
approved on a new model by a major customer.
The Electronic Control Unit, meant for 4 wheeler application contributed
about 5% of the sales for the year. Direct sales in the aftermarket have also
commenced during the year as planned. The establishment of the network is in
progress to ramp up sales in this segment. Exports were lower compared to the
previous year due to the continued recession in the Western Countries for the
better part of the year and the deferment of schedules from the new customer in
The Company has deferred commencement of manufacturing at Uttarakhand
due to changes in the customers' plans. Manufacturing will commence at an
appropriate time depending on volumes. Meanwhile, the Company is meeting
customers' requirements from its unit at Rewari.
Business Outlook:
The year 2010-11 has started on a strong note for the 2 wheeler industry
with waiting periods for delivery of all popular models reaching 4 to 6 weeks.
The Company's share of business in the scooter segment is expected to record a
strong growth with its status as a leading source of CDI for major customers.
The Company's products have been approved for use on a new model of scooter by
one of the major customers. Approval for the Company's FWM is expected to be
received in the early part of the year for yet another popular model of
motorcycle. The Company continues to be a major supplier to engine
manufacturers supplying to the 3 wheeler
industry.
With the power situation in the country not showing any signs of
improvement, the Genset industry is also likely to grow, for which the Company
is a major supplier of ignition systems.
Supplies to the new customer in US are expected to commence in the early
part of the year and the customer evinced interest to source one more product
from the Company. With these developments, the Directors of the Company expect
growth in 2010-11 in excess of 15%.
Contingent
Liabilities:
|
Particulars |
31.03.2010 Rs.
In Millions |
|
Letter of Credit |
5.139 |
|
Letter of Guarantee |
0.130 |
|
Sales tax demand in appeal |
0.139 |
|
Uncalled liability on shares partly paid up |
0.001 |
|
Excise duty/ Service tax |
4.844 |
|
Others |
0.200 |
Fixed Assets:
·
·
Building
·
Plant and Machinery including Electrical
Installations
·
Furniture and Office Equipments
·
Vehicles
AS PER WEBSITE
Profile:
Subject was incorporated in 1984 and converted into a joint venture in
1986 between Lucas Indian Service Limited, a wholly-owned subsidiary of
Lucas-TVS Limited and Kokusan Denki Company Limited,
Commencing its operation in Hosur (Tamil Nadu), over the years INEL has
set up two more units with excellent facilities, one at
Subject has successfully demonstrated to the two wheeler industry its
ability to adapt to the changing business and technological needs of customers
in the areas of quality and customer service
UNAUDITED
FINANCIAL RESULTS FOR THE QUARTER ENDED 30th SEPTEMBER 2010
(Rs.
In Millions)
|
|
Particulars |
Quarter ended 30.09.2010 |
Half Year ended 30.09.2010 |
|
1 |
Sales |
|
|
|
|
(a) Net Sales/Income from Operations |
587.000 |
1116.000 |
|
|
(b) Other Operating Income |
0.100 |
2.700 |
|
|
|
587.100 |
1119.000 |
|
2 |
Expenditure |
|
|
|
|
a. (Increase)/decrease in stock in trade and work in progress |
(24.700) |
(41.900) |
|
|
b. Consumption of raw materials |
414.200 |
786.000 |
|
|
c. Purchase of traded goods |
- |
- |
|
|
d. Employees cost |
53.600 |
100.600 |
|
|
e. Depreciation |
8.100 |
15.400 |
|
|
f. Other expenditure |
52.500 |
100.600 |
|
|
g. Total |
503.700 |
960.700 |
|
|
|
|
|
|
3 |
Profit from Operations before Other Income, Interest and Exceptional
Items (1-2) |
83.400 |
158.300 |
|
4 |
Other Income |
13.700 |
25.000 |
|
|
Other expenditure |
- |
- |
|
|
Other Income (net) |
13.700 |
25.000 |
|
|
|
|
|
|
5 |
Profit before Interest and Exceptional Items (3+4) |
97.100 |
183.300 |
|
6 |
Interest |
0.400 |
0.800 |
|
7 |
Profit after Interest but before Exceptional Items
(5-6) |
96.700 |
182.500 |
|
8 |
Exceptional Items |
- |
- |
|
9 |
Profit (+) / Loss(-) from Ordinary Activities before tax (7+8) |
96.700 |
182.500 |
|
10 |
a) Tax Expense |
22.800 |
44.400 |
|
|
b) (Excess)/Short provision for taxation for earlier years |
0.300 |
0.300 |
|
11 |
Net Profit (+) /Loss(-) from Ordinary Activities after tax (9-10) |
73.600 |
137.800 |
|
12 |
Extraordinary Item (net of tax expense Rs.......) |
- |
- |
|
13 |
Net Profit (+)/Loss (-) for the period(11-12) |
73.600 |
137.800 |
|
14 |
Paid up equity share capital (Face Value Rs. 10/- each) |
80.800 |
80.800 |
|
15 |
Reserves excluding Revaluation Reserves as per balance sheet of
previous accounting year |
|
|
|
16 |
Earning Per Share(EPS) (Face Value of Rs.10/- each) (not annualised) |
|
|
|
|
a. Basic and diluted EPS before Extraordinary items for the period |
9.11 |
17.05 |
|
|
b. Basic and diluted EPS after Extra ordinary items for the
period |
9.11 |
17.05 |
|
17 |
Public shareholding |
|
|
|
|
- Number of shares |
2715390 |
2715390 |
|
|
-Percentage of shareholding |
33.61 |
33.61 |
|
18 |
Promoters and promoter group shareholding |
|
|
|
|
a) Pledged/Encumbered |
|
|
|
|
- Number of shares |
- |
- |
|
|
- Percentage of shares (as a % of the total shareholding of promoter
and promoter group) |
- |
- |
|
|
- Percentage of shares (as a % of the total share capital of the
company) |
- |
- |
|
|
|
|
|
|
|
(b) Non encumbered |
|
|
|
|
- Number of shares |
5363690 |
5363690 |
|
|
- Percentage of shares (as a % of the total shareholding of promoter
and promoter group) |
100.00 |
100.00 |
|
|
- Percentage of shares (as a % of the total share capital of the
company) |
66.39 |
66.39 |
Notes :
1.The operations of the Company relate to only one segment viz.
Electronic Ignition System for two/three wheelers and engines.
2. The above results which were subjected to limited review by the statutory
auditors, were approved at the Board Meeting held on 29th October 2010
3. There was no pending complaint at the commencement of the quarter.
During the Quarter, one investor complaint was received and dealt with and
there was no pending complaint at the end of the quarter
4. Statement of assets and liabilities as on 30th September
(Rs. In Millions)
|
Particulars |
30.09.2010 Unaudited |
|
Shareholder's funds |
|
|
a) Capital |
80.800 |
|
b) Reserves and surplus |
1608.700 |
|
Loan funds |
5.8700 |
|
Total |
1695.000 |
|
Fixed Assets |
258.000 |
|
Investments |
1009.000 |
|
Deferred Taxation - net |
25.200 |
|
Current Assets, Loans and Advances |
|
|
a) Inventories |
150.000 |
|
b) Sundry Debtors |
349.700 |
|
c) Cash and bank balances |
220.800 |
|
d) Other current assets |
5.400 |
|
e) Loans and Advances |
216.900 |
|
|
942.800 |
|
Less: Current Liabilities and Provisions |
|
|
a) Current liabilities |
328.100 |
|
b) Provisions |
211.600 |
|
|
539.700 |
|
Net Current Assets, Loans and Advances |
403.100 |
|
Miscellaneous expenditure (not written off or adjusted) |
- |
|
Profit and Loss Account |
- |
|
Total |
1695.300 |
5. The Quarterly results are displayed in the corporate website
www.indianippon.com
6. Previous figures have been regrouped/rearranged, wherever necessary.
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.72.71 |
|
Euro |
1 |
Rs.61.15 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
7 |
|
PAID-UP CAPITAL |
1~10 |
6 |
|
OPERATING SCALE |
1~10 |
7 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILIRY |
1~10 |
6 |
|
--LIQUIDITY |
1~10 |
7 |
|
--LEVERAGE |
1~10 |
7 |
|
--RESERVES |
1~10 |
7 |
|
--CREDIT LINES |
1~10 |
6 |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
NO |
|
--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 |
|
59 |
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.