MIRA
INFORM REPORT
|
Report Date : |
27.07.2011 |
IDENTIFICATION DETAILS
|
Name : |
MINDA INDUSTRIES LIMITED |
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Registered Office : |
B-64
/ 1, Wazirpur, Industrial Area,
Delhi-110
052 |
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Country : |
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Financials (as on) : |
31.03.2010 |
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Date of Incorporation : |
16.09.1992 |
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Com. Reg. No.: |
55-50333 |
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Capital Investment / Paid-up Capital : |
Rs. 571.365 Millions |
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CIN No.: [Company
Identification No.] |
L74899DL1992PLC050333 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
DELM12237B /
DELM08257E |
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PAN No.: [Permanent
Account No.] |
AAACM1152C |
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Legal Form : |
Public Limited Liability company. The company’s shares are
listed on the Stock Exchanges. |
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Line of Business : |
Manufacturing of
Ignition Switches, Oil Pressure Switches, Locks and Ignition Locks for
Automobiles, DC horns for 2 wheelers and 3 wheelers, Automobile Bulbs and Signalling
Lights Equipments and Switches. |
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No. of Employees : |
2000 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
A (64) |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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|
56-70 |
A |
Financial & operational base are regarded healthy. General
unfavourable factors will not cause fatal effect. Satisfactory capability for
payment of interest and principal sums |
Fairly Large |
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Maximum Credit Limit : |
USD 5564000 |
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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 an established company having fine track. Financial
position of the company appears to be sound. Directors are reported to be experienced
and respectable businessmen. Trade relations are reported as fair. Business
is active. Payments are reported to be regular and as per commitments. The company can be considered normal for business dealings at usual
trade terms and conditions. |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – April 1, 2010
|
Country Name |
Previous Rating (31.12.2009) |
Current Rating (01.04.2010) |
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|
A1 |
A1 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
INFORMATION DECLINED BY
Management non-cooperative
LOCATIONS
|
Registered Office : |
B-64
/ 1, Wazirpur Industrial Area,
Delhi-110
052, |
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Tel. No.: |
91-11-27374882/27372887 |
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Fax No.: |
91-11-27372620 |
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E-Mail : |
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Website : |
www.mindagroup.com |
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Corporate
Office |
Village- Nawada,Fatehpur, P.O.-SikanderPur Badda, IMT Manesar,
District – Gurgaon-122004, |
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Tel. No.: |
91-95124-2290427 /2290428 /2290674 /
2290675 /2290693 /2290698 |
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Fax No.: |
91-95124-2290676 |
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E-Mail : |
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Administrative Office : |
36-A, Rajasthan Udyog Nagar, |
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Tel. No.: |
91-11-27244324/27142820/27432450/27437964 |
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Fax No.: |
91-11-27212182/27241524 |
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Minda Industries |
2/3 Wheeler Switch Division) Minda TYC
Minda Impco Minda Rika |
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Factory : |
34-35, Tel. No.
91-1264-270374/270375/270073/270577 Fax. No.
91-1264-270576 E-mail. mindaiv@del6.vsnl.net.in Village
Naherpur Kasan P.O. Nakhrola, District Gurgaon, Village Nawada, Fatehpur,
P. O. Nakhrola, Gurgaon – 122 001, Tel. No.
91-124-26337317 Fax. No.
91-124-2633732 E-mail. mrimktg@mantraonline.com B-6, Chakan Industrial Area, Village-Mahalunge, Taluka-Khed,
District Pune, B-1/5,
Chakan Industrial Area, Village-Mahalunge, Taluk-Khed, District Pune, Plot No. 5, Sector-10, IIE, Pant Nagar, Udham Singh Nagar,
Plot No.28-F, Bidadi Industrial Area, Bidadi, B-64/1, Wazirpur
Industrial Area, Tel. No.
91-11-27240444/27248533 E-mail. admin@mindaswitch.com B-73, Wazirpur
Industrial Area, Tel. No.
91-11-27144882/27224034/27144887 Fax. No.
91-11-27142620 E-mail. admin@minohorn.com 36-A, Rajaasthan
Udyog Nagar, Tel. No.
91-11-27432450/27437964 E-mail. admin@mindaweb.com 37, Rajasthan
Udyog Nagar, 20A, SIPCOT Industrial Area, Phase-It, Hosur - -635 109, |
DIRECTORS
As on 31.03.2010
|
Name : |
Mr. S. L. Minda |
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Designation : |
Chairman |
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Name : |
Mr. Nirmal Kumar Minda |
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Designation : |
Managing Director |
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Year of Birth : |
1958 |
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Qualification : |
Science Graduate |
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Name : |
Mr. Ashok Minda |
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Designation : |
Director |
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Name : |
Mr. B. R.
Aggarwal |
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Designation : |
Director |
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Name : |
Mr. Raju Ram
Gupta |
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Designation : |
Director |
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Name : |
Mr. Subhas
Lakhotia |
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Designation : |
Director |
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Name : |
Mr. S K Arya |
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Designation : |
Director |
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Name : |
Mr. Vivek Jindal |
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Designation : |
Executive Director |
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Name : |
Mr. Alok Dutta |
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Designation : |
Director |
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Name : |
Mr. Rakesh Sony |
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Designation : |
Director |
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Name : |
Mr. Satish Sekhri |
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Designation : |
Director |
KEY EXECUTIVES
|
Name : |
Mr. H. C. Dhamija |
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Designation : |
Company Secretary |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 31.12.2010
|
Names of Shareholders |
No. of Shares |
Percentage of
Holding |
|
(A) Shareholding
of Promoter and Promoter group |
|
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(1) Indian |
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|
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a) Individuals / Hindu Undivided Family |
5498295 |
52.34 |
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b) Bodies Corporate |
1808128 |
17.21 |
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Any Others
(Specify) |
21646 |
0.21 |
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Trusts |
21646 |
0.21 |
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2) Total
Shareholding of promoter Group |
7328069 |
69.76 |
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(B) Public
Shareholding |
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1. Institutions |
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(2)
Non-Institutions |
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Bodies Corporate |
2285343 |
21.75 |
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b) Individuals- |
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i. Individual shareholders holding nominal share capital upto Rs.0.100
million |
597120 |
5.68 |
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ii. Individual shareholders holding nominal share capital upto
Rs.0.100 million |
234442 |
2.23 |
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Any Other
Specify |
60090 |
0.57 |
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Non-Resident Individual |
7321 |
0.07 |
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Clearing Members |
2271 |
0.02 |
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Hindu Undivided Families |
18213 |
0.17 |
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Foreign Corporate Bodies |
100 |
-- |
|
Trusts |
32185 |
0.31 |
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Sub Total |
3176995 |
30.24 |
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Total Public
Shareholding (B) |
3176995 |
30.24 |
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Total |
10505064 |
100.00 |
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C) Shares held by Custodian and against which Depository receipts have
been issued |
-- |
-- |
|
|
|
|
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Total |
10505064 |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturing of Ignition
Switches, Oil Pressure Switches, Locks and Ignition Locks for Automobiles, DC
horns for 2 wheelers and 3 wheelers, Automobile Bulbs and Signalling Lights
Equipments and Switches. |
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Products : |
Products
Description |
ITEM CODE NO. |
|
Switches, Lamps
and Batteries for Automobiles |
870899 |
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Switches, Head
Lamps and Horns for Automobiles |
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Brand Names : |
'MINDA' |
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GENERAL INFORMATION
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Customers : |
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No. of Employees : |
2000 (Approximately) |
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Bankers : |
v
Canara
Bank, 3-F Kamla Nagar, v
Citibank v
Axis Bank v
State Bank of |
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Facilities : |
NOTES: 1. a) Working Capital Loans from Canara Bank, Citi Bank N.A. and State Bank of India are secured by hypothecation of stock of raw materials, finished goods, semi finished goods, bills discounted with the bank and book debts on pari-passu basis and further secured by second charge on fixed assets of the Company on pari-passu basis with Small Industries Development Bank of India. 2. a) Term Loan from State Bank of b) Term Loan from Axis Bank Limited is secured by way of first pari-passu charge on all fixed assets of the company. 3. Vehicle Loans from banks/others are secured by hypothecation of assets financed by them. 4. Loan from Volkswagen India Private Limited, of Rs.27.646 millions (Previous year NIL) represents deferred payment liability in respect of specific tools and is secured by hypothecation of tools that have/will be acquired or manufactured in-house. 5. Term loans/Vehicle loans payable within one year
Payable with in one year
@Repayment will start from the year 2011 |
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Banking
Relations : |
--- |
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Auditors : |
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Name : |
R.N.
Saraf and Company Chartered
Accountants BRANCH AUDITORS Sancheti
Thakkar and Associates Chartered
Accountants INTERNAL AUDITORS N.Bahi
and Company Chartered Accountants |
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Joint Ventures : |
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Associates/Subsidiaries : |
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CAPITAL STRUCTURE
AS ON 31.03.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
15,000,000 |
Equity Shares |
Rs.10/- each |
Rs. 150.000 Millions |
|
3,000,000 |
9% Cumulative Redeemable Preference Shares (Class A) |
Rs. 10/- each |
Rs. 30.000 Millions |
|
1,83,500 |
3% Cumulative Compulsorily Convertible Preference Shares (Class B) |
Rs. 2187/-each |
Rs. 401.314 Millions |
|
3,500,000 |
3% Cumulative Redeemable Preference Shares (Class C) |
Rs. 10/-each |
Rs. 35.000 Millions |
|
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Total |
|
Rs. 616.314
Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
10,505,064 |
Equity Shares |
Rs.10/- each |
Rs. 105.050 Millions |
|
3,000,000 |
9% Cumulative Redeemable Preference Shares (Class A) fully paid up |
Rs. 10/- each |
Rs. 30.000 Millions |
|
1,83,500 |
3% Cumulative Compulsorily Convertible Preference Shares (Class B)
fully paid up |
Rs. 2187/- each |
Rs. 401.314 Millions |
|
3,500,000 |
3% Cumulative Redeemable Preference Shares (Class C) fully paid up |
Rs. 10/-each |
Rs. 35.000 Millions |
|
|
Total |
|
Rs. 571.365
Millions |
1) Equity Shares Include
- 1,233,330 Equity Shares of Rs. 10 each issued during the year 1994-95 pursuant to scheme of amalgamation without payment received in cash.
- 392,832 Equity Shares of Rs. 10 each as Bonus Shares allotted on 15.12.1995 by capitalisation of General Reserve and 5252532 equity shares of Rs.10 each as bonus shares allotted on 31.03.2004 by capitalisation of Share Premium Account and General Reserve.
- Re-issue of forfeited 31,800 Equity Shares of Rs. 10 each on 27.10.1998.
2) 9% Cumulative Preference Shares are redeemable in equal installments in the year 2011, 2012 and 2013.
3) 1,83,500 3% Cumulative Compulsorily Convertible Preference Share of Rs. 2187 each have been allotted on 17.02.2010 with a right of conversion into 10 Equity Shares of Rs. 10 each fully paid up at a premium of Rs. 208.70 per share within a period not exceeding eighteen months from the date of allotment.
4) 35,00,000 3% Cumulative Redeemable Preference Share of Rs. 10 each have been allotted on 17.02.2010 shall be redeemed at par after seven years from the date of allotment. However same can be redeemed earlier in view of availability of the profitability /surplus fund.
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 |
571.365 |
135.051 |
135.051 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
819.758 |
635.280 |
515.828 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
1391.123 |
770.331 |
650.879 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
1074.150 |
1232.052 |
1056.420 |
|
|
2] Unsecured Loans |
372.759 |
401.912 |
303.593 |
|
|
TOTAL BORROWING |
1446.909 |
1633.964 |
1360.013 |
|
|
DEFERRED TAX LIABILITIES |
63.231 |
52.124 |
52.823 |
|
|
|
|
|
|
|
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TOTAL |
2901.263 |
2456.419 |
2063.715 |
|
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|
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APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
2292.444 |
1628.933 |
1503.320 |
|
|
Capital work-in-progress |
28.286 |
122.597 |
96.821 |
|
|
|
|
|
|
|
|
INVESTMENT |
81.936 |
79.340 |
77.540 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
469.490
|
243.964 |
246.578 |
|
|
Sundry Debtors |
895.736
|
674.821 |
504.296 |
|
|
Cash & Bank Balances |
131.525
|
38.634 |
50.972 |
|
|
Other Current Assets |
0.000
|
0.000 |
0.000 |
|
|
Loans & Advances |
312.638
|
364.310 |
280.302 |
|
Total
Current Assets |
1809.389
|
1321.729 |
1082.148 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
1030.689
|
46.817 |
550.750 |
|
|
Other Current Liabilities |
176.734
|
568.051 |
76.347 |
|
|
Provisions |
105.637
|
81.312 |
69.017 |
|
Total
Current Liabilities |
1313.060
|
696.180 |
969.114 |
|
|
Net Current Assets |
496.329
|
625.549 |
386.034 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
2.268 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
2901.263 |
2456.419 |
2063.715 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
5970.999 |
4545.278 |
3961.003 |
|
|
|
Other Income |
14.720 |
10.136 |
141.017 |
|
|
|
TOTAL (A) |
5985.719 |
4555.414 |
4102.020 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Material and Manufacturing |
4216.989 |
3185.221 |
2910.101 |
|
|
|
Personnel |
650.514 |
473.625 |
437.336 |
|
|
|
Administrative and Selling |
397.836 |
307.770 |
270.527 |
|
|
|
Share Issue Expenses |
0.567 |
0.000 |
0.000 |
|
|
|
Preliminary Expenses |
0.000 |
0.000 |
0.050 |
|
|
|
TOTAL (B) |
5265.906 |
3966.616 |
3618.014 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
719.813 |
588.798 |
484.006 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
144.223 |
164.697 |
115.086 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
575.590 |
424.101 |
368.920 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
269.607 |
214.317 |
171.175 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
305.983 |
209.784 |
197.745 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
77.250 |
58.119 |
40.500 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
228.733 |
151.665 |
157.245 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
408.448 |
330.670 |
247.311 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
General Reserve |
40.000 |
40.000 |
40.000 |
|
|
|
Proposed
Dividend |
|
|
|
|
|
|
On 9% Cumulative Redeemable Preference
Shares |
2.700 |
2.700 |
-- |
|
|
|
On 3% Cumulative Compulsorily Convertible
Preference Shares |
1.418 |
-- |
-- |
|
|
|
On 3% Cumulative Redeemable Preference
Shares |
0.123 |
--- |
-- |
|
|
|
On Preference Shares |
-- |
-- |
2.700 |
|
|
|
On Equity Shares |
31.515 |
26.262 |
26.262 |
|
|
|
Corporate Dividend Tax |
5.938 |
4.922 |
4.922 |
|
|
BALANCE CARRIED
TO THE B/S |
555.487 |
408.451 |
330.672 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Export Earnings |
325.545 |
301.813 |
NA |
|
|
TOTAL EARNINGS |
325.545 |
301.813 |
NA |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
292.647 |
209.418 |
NA |
|
|
|
Stores & Spares |
0.986 |
1.646 |
NA |
|
|
|
Capital Goods |
301.312 |
120.879 |
NA |
|
|
TOTAL IMPORTS |
594.945 |
331.943 |
NA |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
21.30 |
14.14 |
14.67 |
|
QUARTERLY RESULTS
(UNAUDITED)
|
PARTICULARS |
|
30.06.2010 |
30.09.2010 |
|
|
|
1st
Quarter |
2nd
Quarter |
|
Net Sales |
|
1954.890 |
2150.510 |
|
Total Expenditure |
|
1757.900 |
1947.520 |
|
PBIDT (Excl OI) |
|
196.990 |
202.990 |
|
Other Income |
|
3.550 |
1.310 |
|
Operating Profit |
|
200.540 |
204.300 |
|
Interest |
|
38.480 |
25.130 |
|
Exceptional Items |
|
0.000 |
0.000 |
|
PBDT |
|
162.060 |
179.170 |
|
Depreciation |
|
93.090 |
90.880 |
|
Profit Before Tax |
|
68.970 |
88.290 |
|
Tax |
|
15.490 |
26.800 |
|
Provisions and Contingencies |
|
0.000 |
0.000 |
|
Profit After Tax |
|
53.480 |
61.490 |
|
Extraordinary Items |
|
0.000 |
0.000 |
|
Prior Period Expenses |
|
0.000 |
0.000 |
|
Other Adjustment |
|
0.000 |
0.000 |
|
Net Profit |
|
53.480 |
61.490 |
KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
PAT / Total Income |
(%) |
3.82
|
3.32 |
3.83 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
5.12
|
4.61 |
4.99 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
7.45
|
7.10 |
7.64 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.21
|
0.27 |
0.30 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
1.98
|
3.02 |
3.57 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.37
|
1.89 |
1.11 |
LOCAL AGENCY FURTHER INFORMATION
BUSINESS DESCRIPTION
Subject is engaged in the manufacturing of auto electrical parts, such
as switches, lightings, batteries and blow moulded products. Its products range
include Switch 2W/HBA, sensors, actuators, controllers, Switch 4W/HVAC,
mirrors, lighting, HLL Motors, horns, compressed natural gas (CNG)/liquid
petroleum gas (LPG) kits, batteries, blow molding components, wheel covers,
seat belts, seating and systems and cigar lighter. Its two wheeler’s switches
include handle bar system assembly, electronic systems, brake switch, gear
shift switch and modular switch. Its off road switches include rotary switches,
starter switches, plunger switches and rocker switches. Its automotive lighting
products include tail lamp, side indicator lamps, head lamps, front fog lamp, rear
fog lamps, warning triangles, work lamp and interior lamp. Subject has
automotive battery brand Vroom. In April 2011, the Company sold Minda Realty
and Infrastructure Limited. For the nine months ended 31 December 2010, Subject
revenues increased 59% to RS6.69B. Net income increased 33% to RS201.7M.
Revenues reflect an increase of net sales, higher other operating income. Net
income was partially offset an increase of consumption of raw materials, rise
in employee cost, increase in depreciation, higher increase in other
expenditure and other expenses.
History
Subject is the most
favoured vendor of automotive components with major automobile manufacturers in
FINANCIAL HIGHLIGHTS
The Sales/Income
from operations for the Financial Year were Rs.5971.000 Millions as against
Rs.4545.300 millions for the previous year, registering growth of 31.37 %. The
Cash Operating Profit has shown a growth of 35.86 %.
MANAGEMENT
DISCUSSIONS AND ANALYSIS REPORT
Indian Economic Scenario
The fiscal year
2009-10 began as a difficult one. There was a significant slowdown in the
growth rate in the second half of 2008-09, following the financial crisis that
began in the industrialized nations in 2007 and spread to the real economy
across the world.
Over the span of
the year, the economy posted a remarkable recovery, not only in terms of
overall growth figures but, more importantly, in terms of certain fundamentals,
which justify optimism for the Indian economy in the medium to long term.
The real
turnaround came in the second quarter of 2009-10 when the economy grew by 7.9
per cent. GDP for 2009-10, released by the Central Statistical Organisation, the
economy grew at 7.2 per cent, with the industrial and the service sectors
growing at 8.2 and 8.7 per cent respectively.
Indian Auto Industry Scenario
Fueled by
government stimulus packages, better demand and lower loan interest rates, the
country's automobile industry has reported a whopping 26.41 per cent growth in
sales in the year 2009-10 making FY 09 -10 one of the best years for the
sector.
This encouraging
trend in the industry has also made
The excise and customs duties on cars and auto components have been
continuously declining over the past five years. All these factors have
contributed in providing the impetus to the auto sector.
Role of Auto-Component Industry
The Indian
automotive component industry manufactures a wide range of parts including
castings, forging, finished and semi-finished components, assemblies and
subassemblies. Its development has been aided by the arrival of OEMs to
Companies such as
GM, Ford, Daimler Chrysler and
Factors such as
superior engineering skills, modest domestic market growth, the sophistication
of its IT industry and increasing free trade agreements in addition to low
cost, are expected to boost
Outlook
The positive
demographic factors, stable macroeconomic environment and pro-reform policies
of the government saw almost all major global auto players making their way
into
AUDITED FINANCIAL
RESULTS FOR THE QUARTER ENDED ON 31.03.2011
|
PARTICULARS |
31.03.2011 AUDITED |
|
Net Sales/Income From Operations |
8911.884 |
|
Other Operating Income |
219.065 |
|
Totalincome |
9130.949 |
|
|
|
|
Expenditure |
|
|
(Increase Vdecrease
In Stock In Trade And Work In Progress |
(74.183) |
|
Consumption of Raw Materials |
6274.137 |
|
Purchase of Traded Goods |
36.600 |
|
Employees Cost |
995.238 |
|
Depreciation |
336.326 |
|
Other Expenditure |
1062.0874 |
|
Total |
8630.205 |
|
|
|
|
Profit(+)/Loss(-) From Operations Before Other
Income, Interest And Exceptional Items |
500.744 |
|
Other Income |
60.793 |
|
Prort(+)/Loss(-) Before Interest And Exceptional
Items |
561.537 |
|
Interest |
171.539 |
|
Profit(+)/Loss(-) After Interest But Before
Exceptional Items |
389.998 |
|
Exceptional Items |
-- |
|
Profit(+)/Loss(-) From Ordinary Activities Before
Tax |
389.998 |
|
Tax Expenses |
|
|
- For Taxation |
56.869 |
|
- Fordefferedtax |
38.300 |
|
Net Profit(+)/Loss(-)From Ordinary Activities
Aftertax |
294.829 |
|
Extraordinary Items (Net of Tax Expense) |
53.625 |
|
Net Profit(+)/Loss(-)For The Period |
348.454 |
|
Paid-Up Equity Share Capital (Face Value Rs. 10 Per Share) |
129.102 |
|
Reserves Excluding Revaluation Reserves As Per
Balance Sheet of Previous Accounting Year |
1412.478 |
|
A)EARNING PER SHARE(EPS) |
|
|
1) Basic (In Rs.) |
21.46 |
|
2) Diluted (In Rs) |
18.79 |
|
Before Extraordinary Items For The Year To Date And For
The Previous Year |
|
|
A) EARNING PER SHARE(EPS) |
|
|
1) Basic (In Rs.) |
25.61 |
|
2) Diluted (In Rs.) |
22.42 |
|
After Extraordinary Items For The Year To Date And
For The Previous Year |
|
|
|
|
|
Public
Shareholding |
|
|
- Number Of Shares |
3399315 |
|
- Percentage Of Shareholding |
26.33% |
|
Promoters And Promotors Group Shareholdings |
|
|
A) PLEDGED/ENCUMBERED |
NIL |
|
B) NON-ENCUMBERED |
|
|
-Number Of Shares |
9510877 |
|
- Percentage Of Shares (To The Total Shareholding Of
The Promoters Group) |
100.00% |
|
- Percentage Of Shareholding (To The Total Share
Capital Of The Company) |
73.67% |
NOTES:
1)
The above results were reviewed by the Audit Committee
and approved by the Board of Directors in the meeting held on May 30,2011.
2)
The amalgamation of Minda Acoustic Ltd. with Minda
Industries Ltd. (effective from April 01,2010) is under process. The court
convened meetings in this regard were held on March 26th,2011.
3)
The company, Minda Autogas Ltd. has been merged with
Minda Industries Ltd. vide Hon'ble Delhi High Court order dated 25th January,
2011. Pursuant to the scheme of amalgamation, Minda Industries Ltd. has issued 2405128
equity shares to the shareholders of Minda Autogas Ltd. on February 26,2011,
thereby the issued/subscribed equity capital of the company is increased from
Rs 1050.51Lacs to Rs.1291.02 Lacs. Pursuance to this the financials figures for
the year ended 31st March'2011 are not comparable with that of year ended 31st
March'2010.
4) The Board of Directors recommended a dividend, subject to the approval of the shareholders in the ensuing Annual General Meeting of the Company on:
a)
Equity Shares @ 30% i.e. Rs. 3/- per equity share on
the face value of Rs. 10/- each.
b)
1,83,500 Nos. of 3% Cumulative Compulsorily
Convertible Preference Shares of Rs. 2187/- each.
c)
35,00,000 Nos. of 3% Cumulative Redeemable
Preference Shares of Rs. 10/5) Investors Complaints for the quarter ended 31st
March'2011 (In Nos.): Opening- Nil, Received- 8, Resolved- 8, Pending-Nil.
5)
The Company is engaged in the manufacturing of Auto
Electrical Parts & there is no separate segment as per Accounting Standard (AS-17)
on Segment Reporting issued by the Institute of Chartered Accountants of India
(ICAI).
The Figures have been regrouped and adjusted where
ever necessary.
PRESS REALEASE:
ACCORD FINTECH (INDIA): 19 JULY 2011
India, July 19 -- Minda Industries has received an approval for hiving
off its blow moulding divisions located at Bangalore in Karnataka and at Bawal
in Haryana. The company received the approval at its board meeting held on July
15, 2011.Recently, Minda Industries had sold its entire shareholding held in
Minda Realty and Infrastructure. Consequently, Minda Realty and Infrastructure
is no more a subsidiary of the company. Further, the company had announced the
conversion of 1,83,500 3% cumulative compulsorily convertible preference shares
into 18,35,000 equity shares. Minda Industries, the flagship company of Minda
Group, is engaged in the business of manufacturing switches and batteries for
2/3 wheelers and off-road vehicles. It commands more than 70% market share in
the 2/3 wheeler segment in India. Published by HT Syndication with permission
from Accord Fintech.
ACCORD FINTECH (INDIA): 19 JULY 2011
India, July 19 -- Minda Industries Ltd has informed BSE that the following
matter(s) have been approved by the Board of Directors on July 15, 2011 through
circulation:-1. The 19th Annual General Meeting of the Company will be held on
August 11, 2011 at 11.00 a.m. at PHD House, Opposite Asian Games Village, New
Delhi-110016.2. The resignation of M/s. R.N. Saraf and Co., Chartered
Accountants from the position of Statutory Auditors of the Company 3. The
appointment of M/s. B S R and Company, Chartered Accountants as Statutory
Auditors of the Company.4. The hiving off of the Blow Moulding Divisions
(Bangalore & Bawal) of the Company. Published by HT Syndication with
permission from ACCORD FINTECH BSE.
ACCORD FINTECH (INDIA): 24 MAY 2011
India, May 24 --
Minda Industries Ltd has informed BSE that, in continuation of earlier letter
dated May 10, 2011, May 14, 2011 and May 18, 2011 regarding convening the
Meeting of Board of Directors of the Company inter-alia to consider the:1.
Financial Results for the Quarter ended on March 31, 2011.2. Annual Accounts
for the year ended on March 31, 2011 and3. Recommendation for Dividend for the
year 2010 - 11The said meeting of the Board of Directors of the Company is
postponed and will be held on May 30, 2011 instead of May 28, 2011. Published
by HT Syndication with permission from ACCORD FINTECH BSE.
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.45.18 |
|
|
1 |
Rs.73.04 |
|
Euro |
1 |
Rs.61.43 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
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 |
NO |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
YES |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
64 |
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.