MIRA
INFORM REPORT
|
Report Date : |
04.07.2011 |
IDENTIFICATION DETAILS
|
Name : |
MINDA STONERIDGE INSTRUMENTS LIMITED |
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Registered
Office : |
36 A, Rajasthan Udyog Nagar, New Delhi-110033 |
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Country : |
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Financials (as
on) : |
31.03.2010 |
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Date of
Incorporation : |
22.03.1995 |
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Com. Reg. No.: |
55-066645 |
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Capital
Investment / Paid-up Capital : |
Rs.119.000
Millions |
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CIN No.: [Company Identification
No.] |
U74899DL1995PLC066645 |
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|
Legal Form : |
A closely held Public Limited Liability Company. |
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Line of Business
: |
Manufacturer of Electronics Instruments. |
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No. of Employees
: |
Not Available |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (47) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 1000000 |
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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 established company 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
|
Country Name |
Previous Rating (31.12.2009) |
Current Rating (01.04.2010) |
|
|
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
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
|
Registered Office : |
36 A, Rajasthan Udyog Nagar, New Delhi-110033, |
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E-Mail : |
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Branch Office: |
Gut No. 287, Nanekarwadi, Chakan, Taluka Khed, District Pune-410501, |
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Tel No.: |
91-2135-662000/662225 |
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Fax No.: |
91-2135-286225 |
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Email: |
DIRECTORS
As on 18.08.2010
|
Name : |
Mr. Ashok Kumar Minda |
|
Designation : |
Director |
|
Address : |
A-15, Ashok Vihar, Phase 1, New Delhi-110052, |
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Date of Birth/Age : |
29.06.1962 |
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Date of Appointment : |
20.05.1995 |
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|
Name : |
Mr. Naresh K Modi |
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Designation : |
Managing Director |
|
Address : |
A-501, Pride Panorma, S.N. 103C, 103/5A/1A/4A, Bhamburda,
Shivajinagar, Pune, |
|
Date of Birth/Age : |
13.06.1966 |
|
Date of Appointment : |
13.08.2004 |
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|
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|
Name : |
Mr. Mark J Tervalon |
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Designation : |
Director |
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Address : |
5736, |
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Date of Birth/Age : |
03.12.1966 |
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Date of Appointment : |
13.06.2004 |
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Name : |
Mr. John C Corey |
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Designation : |
Director |
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Address : |
9400, |
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Date of Birth/Age : |
28.09.1947 |
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Date of Appointment : |
03.08.2006 |
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Name : |
Mr. Vikram Bhat |
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Designation : |
Director |
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Address : |
Flat No. 11, 3rd Floor, Symphony 80-L, |
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Date of Birth/Age : |
05.05.1934 |
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Date of Appointment : |
28.08.2008 |
KEY EXECUTIVES
|
Name : |
Mr. Sidhheshwar Giram |
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Designation : |
Secretary |
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Address : |
DSK Vishwa, Rohini G-204, |
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Date of Birth/Age : |
01.06.1980 |
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Date of Appointment : |
18.06.2008 |
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Date of Ceasing: |
01.10.2009 |
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Name : |
Ms. Niketa Sinha |
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Designation : |
Secretary |
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Address : |
2/28, |
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Date of Birth/Age : |
28.01.1986 |
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Date of Appointment : |
21.10.2009 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 18.08.2010
|
Names of Shareholders |
|
No. of Shares |
|
Ashok Kumar Minda |
|
3907850 |
|
Ashok Kumar Minda (HUF) |
|
15000 |
|
Avinash Chander Sinha |
|
300 |
|
Baby Divya Minda |
|
30000 |
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Bhagwat Sewa |
|
94750 |
|
Charu Mathur |
|
200 |
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Deepak Manjrekar |
|
1000 |
|
Himanshu Makker |
|
200 |
|
L. Nagrajan |
|
1000 |
|
M.B. Malger |
|
200 |
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Minda Capital
Limited, |
|
605000 |
|
Pankaj Singhal |
|
200 |
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R.K. Verma |
|
500 |
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R. Nagraj |
|
5000 |
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Ram Kishan Sharma |
|
200 |
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Sarika Minda |
|
1405500 |
|
Shiv Kumar |
|
200 |
|
Stoneridge Inc., |
|
5831000 |
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Sudhakar
Sarvepalli |
|
500 |
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Tarun Gupta |
|
500 |
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Trishna Mahanty |
|
200 |
|
Umesh Kumar Sharma |
|
200 |
|
Vimal |
|
500 |
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Total |
|
11900000 |
As on 18.08.2010
|
Equity Share Breakup |
|
Percentage of Holding |
|
Category |
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Foreign holdings [Foreign institutional investors, Foreign Companies, Foreign Financial Institutions, Non-resident Indian or Overseas corporate bodies or others] |
|
49.00 |
|
Bodies
corporate |
|
5.00 |
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Directors
or relatives of directors |
|
45.00 |
|
Other
top fifty shareholders |
|
1.00 |
|
Total |
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer of Electronics Instruments. |
PRODUCTION STATUS (AS ON 31.03.2009)
|
Particulars |
Unit |
Installed
Capacity* |
Actual
Production |
|
Instrument Clusters |
Nos. |
165000 |
697999 |
|
Speedometers |
Nos. |
780000 |
757731 |
|
Others ** |
Nos. |
600000 |
188674 |
Note:
- In term of notification no. 477 (E) dated July 25, 1991, issued by
the ministry of industry, department of industrial development, the company’s
products have been exempted from industrial licensing. Accordingly,
disclosure requirements concerning licensed capacity are not applicable.
- * The installed capacity is as certified by the management and relied
on by the auditors, without verification, this being a technical matter.
- ** Others are represented by tank units, temperature gauge, fuel
gauge, oil pressure gauge etc.
GENERAL INFORMATION
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Customers : |
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Bankers : |
HDFC Bank Limited, HDFC Bank House, Senapati Bapat Marg, Lower Parel,
Mumbai-400013, Maharashtra, India |
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Facilities : |
Note: The company has availed of deferment of sales tax collected, under the
package scheme of the incentives, 1993 of the government of |
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Banking
Relations : |
-- |
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Auditors : |
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|
Name : |
Deloitte Haskins and Sells Chartered Accountant |
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Address : |
706, B Wing, |
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Tel. No.: |
91-20-66244600 |
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Fax No.: |
91-20-66244605 |
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Associates/Subsidiaries : |
As on 31.03.2009
|
CAPITAL STRUCTURE
As on 18.08.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
12000000 |
Equity Shares |
Rs.10/- each |
Rs.120.000 Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
11900000 |
Equity Shares |
Rs.10/- each |
Rs.119.000
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 |
119.000 |
119.000 |
119.000 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
142.201 |
96.470 |
64.330 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
261.201 |
215.470 |
183.330 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
79.734 |
75.984 |
56.794 |
|
|
2] Unsecured Loans |
85.636 |
85.838 |
85.838 |
|
|
TOTAL BORROWING |
165.370 |
161.822 |
142.632 |
|
|
DEFERRED TAX LIABILITIES |
18.098 |
4.249 |
0.000 |
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|
|
|
|
|
|
|
TOTAL |
444.669 |
381.541 |
325.962 |
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APPLICATION OF FUNDS |
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|
|
|
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|
FIXED ASSETS [Net Block] |
339.081 |
275.667 |
249.684 |
|
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Capital work-in-progress |
22.559 |
7.856 |
7.855 |
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|
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|
|
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INVESTMENT |
0.000 |
0.000 |
0.000 |
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|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
3.005 |
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|
|
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|
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CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
68.881
|
52.687 |
37.431 |
|
|
Sundry Debtors |
225.780
|
147.919 |
192.609 |
|
|
Cash & Bank Balances |
35.231
|
55.990 |
9.190 |
|
|
Other Current Assets |
0.211
|
0.474 |
0.103 |
|
|
Loans & Advances |
17.864
|
22.856 |
17.333 |
|
Total
Current Assets |
347.967
|
279.926 |
256.666 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
247.776
|
163.580 |
171.601 |
|
|
Other Current Liabilities |
17.323
|
7.742 |
10.082 |
|
|
Provisions |
4.690
|
13.553 |
9.565 |
|
Total
Current Liabilities |
269.789
|
184.875 |
191.248 |
|
|
Net Current Assets |
78.178
|
95.051 |
65.418 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
INTANGIBLE ASSETS |
4.851 |
2.967 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
444.669 |
381.541 |
325.962 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
1148.657 |
917.666 |
808.026 |
|
|
|
Other Income |
15.304 |
14.061 |
4.691 |
|
|
|
TOTAL (A) |
1163.961 |
931.727 |
812.717 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Raw material and components consumed |
780.149 |
635.706 |
557.825 |
|
|
|
Packing material consumed |
17.135 |
11.420 |
0.000 |
|
|
|
Personnel expenses |
148.991 |
118.252 |
89.615 |
|
|
|
Operating and other expenses |
107.074 |
92.160 |
77.267 |
|
|
|
Amortization |
1.120 |
0.910 |
0.625 |
|
|
|
Increase / decrease in inventories |
(4.808) |
(20.904) |
(7.331) |
|
|
|
TOTAL (B) |
1049.661 |
837.544 |
718.001 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
114.300 |
94.183 |
94.716 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
1.744 |
6.080 |
6.763 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
112.556 |
88.103 |
87.953 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
41.592 |
37.577 |
28.777 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
70.964 |
50.526 |
59.176 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
25.233 |
18.386 |
20.950 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
45.731 |
32.140 |
38.226 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
56.271 |
24.131 |
0.000 |
|
|
|
|
|
|
|
|
|
|
BALANCE CARRIED
TO THE B/S |
102.002 |
56.271 |
24.131 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Export Earnings |
370.470 |
359.306 |
121.415 |
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
NA |
72.264 |
34.281 |
|
|
|
Capital Goods |
NA |
13.349 |
4.374 |
|
|
TOTAL IMPORTS |
NA |
85.613 |
38.655 |
|
|
|
|
|
|
|
|
|
|
Earnings Per Share
(Rs.) |
3.84 |
2.70 |
3.21 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
PAT / Total Income |
(%) |
3.93
|
3.45 |
4.70 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
6.18
|
5.50 |
7.32 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
10.33
|
9.09 |
11.69 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.27
|
0.23 |
0.32 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
1.66
|
1.61 |
1.82 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.29
|
1.51 |
1.34 |
LOCAL AGENCY FURTHER INFORMATION
OPERATIONS REVIEW
The Net Sales for the year have increased from Rs.917.666 Millions to Rs.1148.657 Millions, an increase by 25%. Further, Company’s Export Turnover has increased in the year 2009-10 to Rs.370.470 Millions as compared to last year export of Rs.359.306 Millions .
The net profit before tax was Rs.70.963 Millions as compared to last year figure of Rs.50.527 Millions, an increase of 40%.
PROSPECTS AND FUTURE
OUTLOOK
The Company continues to project significant growth in the coming year 2010-11. While the Company has strong presence in Commercial Vehicle, Tractor and 3 Wheeler Segment, it proposes to focus also in Passenger Car and Motorcycle Segment in the current year where the Company’s presence is significantly less.
With the overall strong growth in the automobile sector and many programmes under development, it projects to show rapid growth in its long range plan in next 3-5 years time frame.
Fixed Assets:
- Building
- Plant and
Machinery
- Furniture and
Fixtures
- Office
Equipments
- Computer
- Vehicles
AS PER WEBSITE DETAILS:
OVERVIEW:
For over five
decades, subject has been
a major presence in
For the technological edge, we have a dedicated R and D
facility and collaborations with the pioneers and leaders of the Automobile
Industry. For assimilating the latest technologies, Subject has entered into
strategic alliances and technical collaborations with leading international
companies and acquired businesses across
The Groups' companies are accredited with QS 9000, ISO-14001, and TS
Certification. We are one of
History
2010: Acquired Aksys, Plant Koengen in
2010: Acquired Tectro in
2009: Setup Minda Vietnam Company Limited
Setup Minda Automotive Solutions in
Acquired ALU Automotive in
2008: Acquired Schenk Plastic Solutions in
2007: Setup
Minda Furukawa JV
Minda Valeo JV
Acquired KTSN in
2005: Setup PTMA,
2004: Minda Stoneridge JV
2003: Formed Minda SAI Limited (through merger of Sylea Automotive India
Limited and Minda Wirelnks)
Acquired Sylea Automotive India
Limited
1988: MCL, Noida (Formerly known as Minda Switch Auto Ltd)
1985: Established Minda Wirelinks
Minda Huf JV
1958: Group Foundation
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.44.58 |
|
|
1 |
Rs.71.75 |
|
Euro |
1 |
Rs.64.80 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
6 |
|
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 |
NO |
|
--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.