MIRA
INFORM REPORT
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Report Date : |
22.06.2011 |
IDENTIFICATION DETAILS
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Name : |
MINDA CORPORATION LIMITED (w.e.f. 01.07.2009) |
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Formerly Known As : |
MINDA HUF LIMITED (w.e.f.13.04.1997) MINDA SWITCH AUTO LIMITED |
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Registered Office : |
36A, Rajasthan Udyog Nagar, Delhi-110033 |
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Country : |
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Financials (as on) : |
31.03.2010 |
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Date of Incorporation : |
11.03.1985 |
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Com. Reg. No.: |
55-020401 |
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Capital Investment / Paid-up Capital : |
Rs.86.360 millions |
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CIN No.: [Company
Identification No.] |
L74899DL1985PLC020401 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
DELM09295G |
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PAN No.: [Permanent
Account No.] |
AAACM0344C |
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Legal Form : |
A Public Limited Liability Company. The company’s shares are listed on
stock exchange. |
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Line of Business : |
Manufacturer of Automotive Parts and Accessories. |
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No. of Employees : |
2400 (Approximately) |
RATING & COMMENTS
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MIRA’s Rating : |
Ba (46) |
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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 2381000 |
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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 an 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
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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 : |
36A, Rajasthan Udyog Nagar, Delhi-110033, |
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E-Mail : |
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Website : |
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Corporate Office/ Factory 1 : |
D-6-11, Sector-59, Noida-201301, District G.B. Nagar, Uttar Pradesh,
India |
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Tel. No.: |
91-120-4787100 |
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Fax No.: |
91-120-4787200 |
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Area : |
Owned |
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Factory 2 : |
5/2,
Nanekarwadi, Chakan, Pune – 410 501, |
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Factory 3 : |
Gut No. 307,
Nanekarwadi, Chakan, Tal-Khed, District Pune – 410 501, |
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Factory 4 : |
Plot No. 9,
Sector-10, IIE Pantnagar, Udham Singh Nagar -263 153, Uttarakhand, India |
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Factory 5 : |
Plot No. 9A,
Sector-10, IIE Pantnagar, Udham Singh Nagar – 263 153, Uttarakhand, India |
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Factory 6 : |
2D/1, Udyog
Kendra, Ecotech-III, Greater Noida -
201306, |
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Factory 7 : |
2D/2, Udyog Kendra,
Ecotech-III, Greater Noida – 201 306, |
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Factory 8 : |
E-87, MIDC, Waluj, |
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Factory 9 : |
Plot No. G1,
Phase-III, Chakan Industrial Area, Chakan Pune – 410 501, |
DIRECTORS
As on 31.03.2010
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Name : |
Mr. Ashok Minda |
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Designation : |
Chairman |
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Name : |
Mr. Jeevan Mahaldar |
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Designation : |
Managing Director |
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Name : |
Mr. Nirmal K. Minda |
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Designation : |
Director |
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Name : |
Mr. A.P. Gandhi |
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Designation : |
Director |
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Name : |
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Designation : |
Director |
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Name : |
Mr. Rakesh Chopra |
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Designation : |
Director |
KEY EXECUTIVES
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Name : |
Mr. Ajay Sanchati |
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Designation : |
Company Secretary and Compliance Officer |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 31.03.2011
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Category of Shareholder |
No. of Shares |
Percentage of
Holding |
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Promoter and Promoter Group |
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Indian |
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Individuals / Hindu Undivided Family |
5273088 |
54.72 |
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Any Other (specify) |
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- Sarika Minda Family Trust |
371676 |
3.86 |
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SUB TOTAL |
5644764 |
58.58 |
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Public Shareholding |
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Institutions |
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Venture Capital Funds |
788739 |
8.19 |
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Any Other (Specify) |
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- Foreign Body Corporate (Kotak |
200698 |
2.08 |
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Non - Institutions |
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Bodies Corporate |
2246026 |
23.31 |
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Individuals - i Individuals shareholders holding nominal share capital up to
Rs.0.100 million |
78228 |
0.81 |
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Any Other (specify) |
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- Overseas Body Corporate |
135000 |
1.40 |
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- Bhagwat Sewa Trust |
542535 |
5.63 |
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Total |
9635990 |
100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer of Automotive Parts and Accessories. |
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Products : |
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Brand Names : |
"MINDA" |
PRODUCTION STATUS (AS ON 31.03.2010)
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Particulars |
Installed
Capacity (p.a.) |
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Lock Kits for automobiles |
16500 |
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Switches and other components for automobiles |
15400 |
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Wiring Harness for Automobiles |
2300 |
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Particulars |
Unit |
Actual
Production |
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Lock Kits |
‘000 Nos. |
5,719 |
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Locks, Switches and other products |
‘000 Nos. |
6,009 |
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Spares |
‘000 Nos. |
30,452 |
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Wiring Harness |
‘000 Nos. |
1,904 |
GENERAL INFORMATION
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Customers : |
·
ACME ·
Aprilia ·
Bajaj ·
BOSCH ·
DANAMER ·
Fiat ·
Force ·
Ford ·
Grote ·
Honda ·
Hyudinai ·
IKEA ·
·
Maruti ·
Peugeot ·
Piaggio ·
Lear ·
Yamaha |
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No. of Employees : |
2400 (Approximately) |
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Bankers : |
·
State Bank of ·
Indian Overseas Bank ·
ABN Amro Bank N.V. ·
Axis Bank Limited ·
Standard Chartered Bank ·
State Bank of ·
Kotak Mahindra Bank Limited ·
Karnataka Bank Limited |
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Facilities : |
Notes: 1.Term Loan Rs.100.000 millions
(Previous Year Rs. Nil) from State Bank of Rs.199.920
millions (Previous year Rs.171.894 millions) from State Bank of Rs.51.000 millions
(Previous Year Rs.80.998 millions from ABN Amro Bank N.V.) from Kotak
Mahindra Bank Limited Secured by way of first and exclusive charge on all
existing and future movable and immovable fixed assets located at Plot No.9A,
Sector 10, I.I.E., Pant Nagar (Uttrakhand) and also secured by a second pari
passu charge by way of hypothecation over current assets of the Company, both
present and future. Rs.110.100
millions (Previous Year Rs. Nil) from Karnataka Bank Limited Secured by way
of first and exclusive hypothecation of Plant and Machinery installed at 2D/2
Ecotech 3, Sector Udyog Kendra, Greater Noida and Gut No.307, Nanekarwadi,
Pune and also secured by a second pari passu charge by way of hypothecation
over current assets of the Company, both present and future. Further secured
by Corporate Guarantee provided by Minda Capital Limited and Minda S M
Technocast Limited Out of the total term loan, Rs.67.212 millions is further
secured by a personal guarantee provided by Sh. Ashok Minda, Chairman of the
Company. Rs.15.743
millions (Previous Year Rs. Nil) from Axis Bank Limited Secured by way of
first and exclusive charge on all existing and future movable fixed assets
located at 2D/1 Ecotech 3, Sector Udyog Kendra, Greater Noida and also
secured by a second pari passu charge by way of hypothecation over current
assets of the Company, both present and future. Amount due
within one year Rs.172.689 millions (Previous year Rs.88.800 millions). 2. Working
Capital Loan Rs.50.801
millions (Previous year Rs.119.813 millions) from Indian Overseas Bank.
Secured by hypothecation of inventories and book debts, both present and
future and also secured by a second charge on all fixed assets of the Company
both present and future (except land and building situated at Gurgaon and
assets exclusively charged to other Banks). Rs.78.366
millions (Previous year Rs.20.440 millions) from Standard Chartered Bank, Rs.
Nil. (Previous Year Rs.17.092 millions) from ABN Amro Bank N.V. Secured by
hypothecation of inventories and book debts, both present and future and also
secured by a second charge on all fixed assets of the Company both present
and future (except land and building situated at Gurgaon and assets
exclusively charged to other Banks). Rs.54.586
millions (Previous year Rs. Nil ) from Karnataka Bank Limited Secured by
hypothecation of inventories and book debts, both present and future and also
secured by a second charge on all fixed assets of the Company both present
and future (except land and building situated at Gurgaon and assets
exclusively charged to other Banks). Rs.56.538
millions (Previous year Rs.39.669 millions) from AXIS Bank Limited Secured by
hypothecation of inventories and book debts, both present and future and also
secured by a second charge over movable and immovable fixed assets situated
at Plot No.9A, Sector 10, I.I.E, Pant Nagar (Uttrakhand). Rs.13.016
millions (Previous year Rs. Nil) from State Bank of Loans from
Indian Overseas Bank and Karnataka Bank Limited are further secured by a
personal guarantee provided by Sh. Ashok Minda, Chairman of the Company. 3. Vehicle
loans of Rs.1.179 millions (Previous Year Rs. Nil) are secured by
hypothecation of the vehicles financed by them. Amount due within one year
Rs.1.179 millions (Previous year Rs. Nil). 4. Interest
free loan in lieu of sales tax deferment from Pradeshiya Industrial Investment
Corporation of Uttar Pradesh (PICUP) is secured by a second charge ranking
pari passu on all fixed assets of the Company (except land and building
situated at Gurgaon and assets exclusively charged to other Banks) both
present and future. Amount due within one year Rs.14.310 millions (Previous
year Rs.14.934 millions).
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
R.N. Saraf and Company Chartered Accountants |
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Address : |
2659/2, |
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Group Companies |
·
Minda
Management Services Limited ·
Minda Valeo
Security Systems Private Limited ·
Minda Silca
Engineering Limited ·
Minda
Stoneridge Instruments Limited ·
Minda
Furukawa Electric Private Limited ·
Minda
Schenk Plastic Solutions ·
Minda KTSN Plastic Solutions |
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Subsidiaries : |
·
Minda Europe B.V., ·
Minda KTSN Plastic Solutions GmbH and Company KG,
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CAPITAL STRUCTURE
As on 31.03.2010
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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10000000 |
Equity Shares |
Rs.10/- each |
Rs.100.000 millions |
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Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
|
8635990 |
Equity Shares |
Rs.10/- each |
Rs.86.360
millions |
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* Includes as bonus
shares 936,375 Equity Shares of Rs.10 each allotted by capitalization of
general reserve on 29th September, 1994 and 6,168,565 Equity Shares of Rs.10
each allotted by capitalization of Securities Premium on 18th March, 2008.
As on 10.09.2010
Authorised Capital : Rs.290.000 millions
Issued, Subscribed & Paid-up Capital : Rs.
236.360 millions
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
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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 |
86.360 |
86.360 |
86.360 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
508.952 |
353.796 |
282.085 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
595.312 |
440.156 |
368.445 |
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LOAN FUNDS |
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1] Secured Loans |
777.672 |
511.264 |
501.503 |
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2] Unsecured Loans |
256.283 |
119.279 |
109.033 |
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TOTAL BORROWING |
1033.955 |
630.543 |
610.536 |
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DEFERRED TAX LIABILITIES |
33.329 |
35.929 |
33.429 |
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TOTAL |
1662.596 |
1106.628 |
1012.410 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
762.708 |
552.438 |
521.457 |
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Capital work-in-progress |
197.894 |
64.389 |
41.479 |
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Capital Advances |
3.130 |
33.657 |
37.833 |
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INVESTMENT |
421.193 |
421.193 |
361.004 |
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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 |
229.989
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85.421
|
77.795 |
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Sundry Debtors |
485.541
|
239.107
|
228.557 |
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Cash & Bank Balances |
43.591
|
8.468
|
14.773 |
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Other Current Assets |
12.184
|
6.843
|
5.697 |
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Loans & Advances |
200.219
|
92.684
|
74.554 |
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Total
Current Assets |
971.524
|
432.523
|
401.376 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Sundry Creditors |
589.421
|
332.881 |
277.739 |
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Other Current Liabilities |
38.958
|
20.960 |
33.804 |
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Provisions |
65.474
|
43.731
|
39.196 |
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Total
Current Liabilities |
693.853
|
397.572
|
350.739 |
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Net Current Assets |
277.671
|
34.951
|
50.637 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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TOTAL |
1662.596 |
1106.628 |
1012.410 |
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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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Sales |
3315.491 |
2004.294 |
1769.185 |
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Income from Operations |
81.133 |
68.603 |
0.000 |
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Other Income |
1.824 |
4.229 |
71.719 |
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TOTAL (A) |
3398.448 |
2077.126 |
1840.904 |
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Less |
EXPENSES |
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Cost of Materials |
2192.724 |
1387.417 |
1307.117 |
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Manufacturing Expenses |
150.130 |
40.500 |
32.539 |
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Employees Remuneration and Benefits |
336.705 |
185.250 |
134.927 |
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Administrative & Other Expenses |
319.919 |
181.647 |
96.465 |
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Selling and Distribution Expenses |
73.562 |
29.831 |
30.681 |
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Accretion/ Depletion in Stocks |
(53.462) |
(2.864) |
16.201 |
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TOTAL (B) |
3019.578 |
1821.781 |
1617.930 |
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Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
378.870 |
255.345 |
222.974 |
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Less |
INTEREST &
FINANCIAL EXPENSES (D) |
81.096 |
69.426 |
58.362 |
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PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
297.774 |
185.919 |
164.612 |
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Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
82.663 |
69.200 |
55.837 |
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PROFIT BEFORE
TAX (E-F) (G) |
215.111 |
116.719 |
108.775 |
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Less |
TAX (H) |
34.779 |
24.800 |
29.667 |
|
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PROFIT AFTER TAX
(G-H) (I) |
180.332 |
91.919 |
79.108 |
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Less |
APPROPRIATIONS |
|
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|
|
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|
Proposed Dividend |
21.590 |
17.272 |
17.272 |
|
|
|
Tax on Proposed Dividend |
3.586 |
2.935 |
2.935 |
|
|
|
Transfer to General Reserve |
19.000 |
10.000 |
51.792 |
|
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BALANCE CARRIED TO
THE B/S |
136.156 |
61.712 |
7.109 |
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EARNINGS IN
FOREIGN CURRENCY |
|
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|
|
|
|
|
FOB Value of Exports |
569.568 |
392.518 |
328.455 |
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|
Royalty |
36.846 |
30.757 |
18.512 |
|
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|
Technical Know How/ Service Income |
9.371 |
24.357 |
21.852 |
|
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TOTAL EARNINGS |
615.785 |
447.632 |
368.819 |
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IMPORTS |
|
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|
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Raw Materials, Components and Spare Parts |
147.097 |
39.118 |
101.996 |
|
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Capital Goods |
26.531 |
3.640 |
15.894 |
|
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TOTAL IMPORTS |
173.628 |
42.758 |
117.890 |
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Earnings Per
Share (Rs.) |
20.88 |
10.64 |
9.16 |
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KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
PAT / Total Income |
(%) |
5.31
|
4.43
|
4.30 |
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Net Profit Margin (PBT/Sales) |
(%) |
6.49
|
5.82
|
6.15 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
12.40
|
11.85
|
11.79 |
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Return on Investment (ROI) (PBT/Networth) |
|
0.36
|
0.27
|
0.30 |
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Debt Equity Ratio (Total Liability/Networth) |
|
2.90
|
2.34
|
2.61 |
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|
Current Ratio (Current Asset/Current Liability) |
|
1.40
|
1.09
|
1.14 |
LOCAL AGENCY FURTHER INFORMATION
INDUSTRIAL GROWTH
Vis-Ŕ-Vis COMPANY PERFORMANCE
During the year 2009-10,
the Indian economy in general and industrial sector in particular has shown
excellent growth. This is in sharp contrast to previous year in which the
global recession has impacted the performance of all the sectors including the
auto sector. The current trends indicate a smooth run for the auto component
industry. The cumulative production data for April- March 2010 shows production
growth of 25.76% for the same period last year.
In line with the
revival of the economy, the Company has shown excellent performance during the
year. During the year the Company has achieved a turnover of Rs.3315.491
millions as compared to Rs.2004.294 millions during the previous year, thereby
showing an increase by 65.42 %. The Net Profit of the Company has increased by
over 96.19 % from Rs.91.919 millions in previous year to Rs.180.332 millions in
the current year.
FUTURE OUTLOOK
In the current
scenario, the Indian auto component industry is one of the few sectors in the
economy that has a distinct global competitive advantage in terms of cost and
quality. The Company is taking all necessary steps to minimize its cost at all
level of operations to meet the stiff competition. In order to expand its
business, the Company has acquired die casting, surface finishing and other
market business for four wheelers during the year. In order to remain
competitive and being a global leader in the Auto Ancillary Sector Company has
taken various initiatives towards product enrichment, diversification and
consolidation. The Company remains committed to adding new product ranges as
per the global market surge. Continuous innovation and Research and Development
on the existing product range were carried out throughout the year. The Company
is taking various steps to enhance its product range and capacity.
FUTURE PLAN OF
ACTION
Innovation will be
the key word for all future developments. In Mechanical and Electronic Security
Systems, products with innovative features will be developed. Company will
focus on filing patents to protect its IPR. Besides OEM's market, focus will
also be given to after market, especially for motor cycles and car accessories,
electronic securities systems with advanced features.
In window
regulator segment, the design and development initiated in 2009-10 will be
established for commercial production and new order bookings will be done based
on technologies available. In Electric Vehicle segment, focus will be on
addressing requirement for high end bikes requiring more power. Besides
development of controllers for cars and other four wheelers will be initiated.
MANAGEMENT DISCUSSION AND ANALYSIS REPORT
OVERVIEW
Over the past twenty
five years i.e. from its inception the subject has set its benchmark amongst
the leading players in the auto components industry.
After decade's low
growth, the economy moved into high growth phase. Considering GDP growth rate
eased to 7.2% (estimated) for the fiscal year, up from 6.7%. In the year
2009-10, subject broke the manacles of a flat sales trend in the previous two
years to post a 65.42 % growth. Overall, the Company recorded a sale of
Rs.3315.491 millions and Profit Before Tax (PBT) of Rs.215.111 millions during
2009-10.
INDUSTRY STRUCTURE
AND DEVELOPMENTS
The Indian
automobile industry has come under global focus, ranking second only to
The Indian
automotive industry has demonstrated sustained growth as a result of increased
competitiveness and fewer restrictions. Several Indian automobile manufacturers
expanded their domestic and international operations.
The automobile
industry in
The cumulative
production data for April-March 2010 shows production growth of 25.76 % over
same period last year. Passenger vehicles production crossed 2 million and two
wheelers production crossed 10 million.
The analysis of
the sales data clearly indicates that Indian automotive industry has turned
towards sun rising path.
One of the
important aspects of growth in the auto sector is the resulting expansion in
availability of jobs. Both two-wheeler and four-wheeler companies have over the
years spawned a wide range of ancillary units to meet their component
requirements. The spurt in demand for automobiles has also stepped up demand
for auto components and other related industries that provide employment in
large numbers in both rural and urban areas. One can presume that revival of
demand for two-wheelers and passenger cars has also ensured job growth.
During the year,
overall automotive export growth rate is 17.90% as against 23.61% during the
last year. The lower growth rate is result of slower recovery of global automotive
industry and continued recessionary trend of demand in automotive sector in
European market.
OUTLOOK
There is a growing
consensus across the world that the worst of the financial crisis is over.
Economies globally have started to stabilize and recover either from the
recession or severe slowdown in the past 2 years. After having contracted in
2009, the global economy is expected to grow.
The Indian economy
has displayed remarkable resilience over the course of the downturn and is
expected to grow in full pace. Since 2008-09, the government had engineered a
substantial increase in demand through fiscal measures to compensate for the
decline in private and export demand. The focus has now shifted to private
consumption and investment, which are being viewed as key drivers of growth in
2010-11.
The Company has
successfully acquired the business of manufacturing and trading of Electronic
and Mechanical Security Systems including Door Handles and Gear Locks for four
wheeler vehicles, commercial vehicles, sports utility vehicles and principal
parts thereof for supplies to existing After Market and Original Equipment
Suppliers in India along with the assets and employees relating to said
business. It will strengthen the Company's image in aftermarket and will boost
the demand of the Company's products.
In addition to
this, the Company is exploring all sorts of business modalities like merger,
acquisitions, joint venture and other arrangements to enter into global market for
its existing and new range of products for expansion.
In the current
scenario, the Indian auto component industry is one of the few sectors in the
economy that has a distinct global competitive advantage in terms of cost and
quality. The Company is taking all necessary steps to minimize its cost at all
level of operations to meet the stiff competition.
Innovation and
cost pruning hold the key to meeting the global challenge of rising demand from
developed countries and competition from other emerging economies.
DISCUSSION ON
FINANCIAL PERFORMANCE WITH RESPECT TO OPERATIONAL PERFORMANCE
During the year
the Company has achieved a turnover of Rs.3315.491 millions as compared to
Rs.2004.294 millions during the previous year, thereby showing an increase by
65.42%.
The Net Profit of
the Company has increased from Rs.91.919 millions in the previous year to
Rs.180.332 millions in the Current year registering a growth of over 96.19%.
These results have
been achieved through a dedicated team of management, effective marketing
strategy and timely guidance from the top level management including Board of
Directors of the Company.
UNAUDITED
FINANCIAL RESULTS FOR THE QUARTER ENDED ON 31ST MARCH, 2011
(Rs.
in millions)
|
PARTICULARS |
Quarter
Ended |
9 Months
ended on |
|
31.03.2011 |
31.03.2011 |
|
|
UNAUDITED |
UNAUDITED |
|
|
1. a) Net Sales |
1394.000 |
4768.800 |
|
b) Other Operating Income |
17.400 |
73.700 |
|
2. Expenditure |
|
|
|
a) Increase/ Decrease in stock in trade and
work in progress |
1.500 |
(8.900) |
|
b) Consumption of Raw Material |
927.700 |
3058.800 |
|
c) Employee Costs |
136.400 |
491.100 |
|
d) Depreciation |
29.600 |
114.500 |
|
e) Other Expenses |
224.200 |
675.400 |
|
f) Total |
1319.400 |
4330.900 |
|
3. Profit from operations before other
income, interest and exceptional item (1-2) |
92.000 |
511.600 |
|
4. Other Income |
0.400 |
1.800 |
|
5. Profit before interest and exceptional
Item (3+4) |
92.400 |
513.400 |
|
6. Interest |
23.500 |
101.300 |
|
7. Profit After Interest but before
exceptional Item (5-6) |
68.900 |
412.100 |
|
8. Exceptional Items |
34.100 |
34.100 |
|
9. Profit form ordinary/ Activities before
tax (7+8) |
103.000 |
446.200 |
|
10. Tax Expenses |
23.700 |
94.000 |
|
11. Net Profit from ordinary Activities
after tax ( 9-10) |
79.300 |
352.200 |
|
12. Extraordinary Item (Net of Tax Expenses) |
-- |
-- |
|
13. Net Profit for the period (11-12) |
79.300 |
352.200 |
|
14. Paid-up Equity Share Capital (Face Value Rs. 10 per share) |
96.400 |
96.400 |
|
15. Reserve excluding revaluation reserve as
per balance sheet of previous accounting year. |
-- |
509.000 |
|
16. Earning per Share (EPS) |
|
|
|
a) Basic and Diluted before Extraordinary items
(in Rs.) (Not to be annualised) |
8.22 |
36.53 |
|
b) Basic and Diluted after Extraordinary
items (in Rs.) (Not to be annualised) |
8.22 |
36.53 |
|
17. Public Shareholding |
|
|
|
- Number of Shares |
3991226 |
3991226 |
|
- Percentage of Shareholding |
41.42% |
41.42% |
|
18. Previous and promoter group shareholding |
|
|
|
a) Pledged/ Encumbered |
|
|
|
- Number of Shares |
NIL |
NIL |
|
- Percentage of Shareholding (As A % of the total shareholding of
promoter and promoter group) |
NIL |
NIL |
|
- Percentage of shareholding (as a % of the total share capital of the
company) |
NIL |
NIL |
|
b) Non- Encumbered |
|
|
|
- Number of Shares |
5644764 |
5644764 |
|
- Percentage of shareholding (as a % of the total shareholding of promoter
and promoter group) |
100% |
100% |
|
- Percentage of shareholding (as a % of the total share capital of the
company) |
58.58% |
58.58% |
NOTES:
1)
The above results for the period ended December 31,
2011 were reviewed by the audit committee and taken on record by the Board of
Directors in their meeting held on May 12, 2011.
2)
The statutory auditors have carried out a limited
review of the results for the quarter / year ended March 31, 2011 in accordance
with Clause 41 of the listing agreement.
3)
During the quarter, no investor complains were
received and disposed off. No complaints were pending in the beginning and at
the end of the quarter ended March 31, 2011.
4)
During the last quarter, the company has allotted
1000000 numbers of Equity Shares on preferential basis and 0.001% 175000
Cumulative Redeemable Preference Shares.
5)
During the last quarter, the Company has acquired
100% stake in Minda SAI Limited, a Company formed in India engaged in
manufacturing of connective system for automotives.
6)
The Company’s business activities fall within
single primary business segment, viz, manufacturing of Automobile Components
and parts thereof. So disclosure requirement of AS-17, Segment reporting,
issued by Institute of Chartered Accounts of India is not applicable
7)
One time expenditure of Rs. 35.400 millions have
been incurred by the Company during the quarter towards the implementation of
SAP and Advisory Services.
8)
The figures of the Previous Year have been
regrouped / rearranged wherever necessary.
FIXED ASSETS:
·
·
·
Building
·
Plant and Machinery
·
Computers
·
Office Equipments
·
Furniture and Fittings
·
Vehicles
·
Computer Software
·
Technical Know How
WEBSITE DETAILS:
History:
Subject started operation in the year 1985 under the name of
Minda Switch Auto Private Limited for manufacture of Ignition Switches for
Indian Automotive Industry.
In the year 1996, the company joined hands with Huf Hüsbeck
Fürst GmbH and Company KG,
The company which started by making Ignition Switches for
the service market is today one of the market leaders in the manufacture of 2
wheeler, 3 wheeler and off road vehicle security system and supplies to major
Indian OEM's besides exporting about 20% of its products. Today, the company is
not only making its conventional mechanical security but is also manufacturing
high technology mechanical and electronic security system like 2 track and 4
track key system, Magnetic Shutter Mechanism, Immobilizers including the RF
based and transponder based.
To cater to the Indian OEM's expectation of European
technology, in the year 2007, the company diversified into the manufacturing of
Door System with technical assistance from Castellon SA of
In the year 2009, the company started its Plastic Division
with the support of its Group Companies in
Keeping in mind the future requirement of its customers, in
2009 the company rolled out its commercial production of Electronic Controllers
for Electric Vehicles.
Overview:
Subject is a diversified company with a product port folio encompassing
from Mechanical and Electronic Security System, Door System, Electronic
Controllers for Electric Vehicles, Plastic Interiors and for Auto OEMs across
the Globe. It also manufactures Die Casting Parts and high class Surface
Finishing parts for auto and consumer durable industry.
Subject is one of the largest manufacturers of 2 wheeler, 3 wheeler and
Off Road vehicles, Electronic and Mechanical Security System to Indian OEM's.
It exports about 20% of its products to
It is the only company in
The company designs and manufactures Immobilizers for 2 wheel vehicle
applications and also has patent for Immobilizer application for vehicles
operating with drained or no battery condition. Orbital Australia Pty. Limited
supports in design of the products for its global customers.
Subject manufactures Window Regulator in
Subject is the first company in
To provide German technology at Indian prices to India Auto OEM's
Subject has set up its Plastic Interiors manufacturing operations with support
from its Group companies in
Subject has a State of the art Surface Finishing Division which is
capable of plating Nickel, Chrome, Copper, Brass, Electrophoretic Lacquering,
Powder and Wet painting facility to give any type of finish to its products.
Subject has its own Die Casting Division, which develops Aluminium and
Zinc Die Cast parts not only for Captive consumption but also for other Tier 1
and OEM customers in
Manufacturing:
Subject was the first company in the Minda Group to establish and
develop the robust Minda Manufacturing Systems which have been imbibed across
the manufacturing plants of the Minda Group of companies.
The best practices like Kaizen, VSM, Poke-Yokes, Cellular manufacturing,
Piece Flow etc are implemented throughout its plants.
The State of the Art testing and validation equipment is installed at
subject, to make it self sufficient to test and validate the vide range of the
products manufactured by it. The company also has its own Standards Laboratory
for calibrating its equipment from time to time.
Quality and Standardization is given the importance at subject. OEM's in
Most of the plants are of subject ISO/TS 16949, ISO 14000 certified. The
Pant Nagar plant and its Surface Finishing Division are also OHSAS certified.
TPM activities are in place at its Pune and Pant Nagar plants.
PRESS RELEASES:
ASHOK MINDA GROUP ACQUIRES AKSYS, PLANT
TARGETS
RS.60000.000 MILLIONS (US $ 1.3 BILLION) BY 2013-14
This is the fourth
major acquisition by the Group in
Aksys Koengen is
having the following special technologies for composites: Sheet Mould
Compounding, Glass Long Fibre, Glass Mat Thermoplastics, Injected Mould
Compounding. These technologies are not presently available in
Ashok Minda Group
has a vision in place and is moving in this direction:
“To be a dynamic,
innovative and profitable global automotive organization for emerging as the
preferred supplier and employer to create value for all stakeholders”
Commenting on the
acquisition, Mr. Ashok Minda, Chairman of the Ashok Minda Group said, “The
acquisition of Aksys, Koengen is a major step in our strategy to become an
important player and to consolidate our position in the Global Auto Component
Industry. Aksys
technical leadership and Minda’s
management competence and presence in Europe and in
“Minda Group has
also recently set up an auto component plant in
Ashok Minda Group is
targetting to achieve a turnover of Rs.25000.000 millions (US $ 550 Million) in 2010-11. The Group is aiming at top line revenue
of approx Rs.60000.000 millions ($ 1.3 billion) by the end of year 2013-14.
Keeping in line with
the Group’s overall strategy of expanding footprints in the global market, the
ratio of international business is also expected to grow phenomenally in the
coming years. The international business from its present level of 40% is
expected to grow to approx 50% by 2013-14.
About Ashok Minda Group:
Ashok Minda Group is
one of the leading manufacturer of automotive parts in
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.44.91 |
|
|
1 |
Rs.72.89 |
|
Euro |
1 |
Rs.64.48 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
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 |
YES |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
46 |
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.