MIRA
INFORM REPORT
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Report Date : |
24.06.2011 |
IDENTIFICATION DETAILS
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Name : |
HI-TECH GEARS LIMITED |
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Registered
Office : |
A-589, Industrial Complex, Bhiwadi-301019, Alwar, Rajasthan |
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Country : |
India |
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Financials (as
on) : |
31.03.2010 |
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Date of
Incorporation : |
23.10.1986 |
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Com. Reg. No.: |
17-004536 |
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Capital
Investment / Paid-up Capital : |
Rs. 93.840 millions |
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CIN No.: [Company Identification
No.] |
L29130RJ1986PLC004536 |
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Legal Form : |
Public Limited Liability Company. The company shares are listed to the
stock exchange. |
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Line of Business
: |
Manufacturer, Exporter and Importer of Gears and Transmission Shafts
and Timing Gears. |
RATING & COMMENTS
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MIRA’s Rating : |
Ba (51) |
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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 3900000 |
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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. General financial
position of the company is good. Trade relations are fair. Business is
active. Payments are reported to regular and as per commitments. The company can be considered good for normal 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 |
LOCATIONS
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Registered Office / Factory 1 : |
A-589, Industrial Complex, Bhiwadi-301019, Alwar, Rajasthan,
India |
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Tel. No.: |
91-1493-220934 / 220412 / 223591 -92-93 |
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Fax No.: |
91-1493-220512 |
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Website : |
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Corporate Office : |
14th Floor, Tower-B, Millennium Plaza, Sushant Lok-I,
Sector-27, Gurgaon-122002, Haryana, India |
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Tel. No.: |
91-124-4715100 (30 Lines) |
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Fax No.: |
91-124-2806085 / 89 |
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E-Mail : |
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Factory 2 : |
Plot- 24, 25, 26, Sector-7, IMT, Manesar, Gurgaon-122050, Haryana,
India |
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Tel. No.: |
91-124-4368018-22 |
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Fax No.: |
91-124-4368025 |
DIRECTORS
AS ON 31.03.2010
|
Name : |
Mr. Deep Kapuria |
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Designation : |
Chairman and Managing Director |
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Name : |
Mr. Anil Khanna |
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Designation : |
Independent Director |
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Name : |
Mr. P C Mathew |
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Designation : |
Independent Director |
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Name : |
Mr. Sandeep Dinodia |
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Designation : |
Independent Director |
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Name : |
Mr. Vinit Taneja |
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Designation : |
Independent Director |
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Name : |
Mr. Pranav Kapuria |
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Designation : |
Deputy Managing Director |
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Name : |
Mr. Anju Kapuria |
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Designation : |
Director |
KEY EXECUTIVES
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SENIOR
EXECUTIVES |
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Name : |
Mr. Sandeep Verma |
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Designation : |
AVP Finance and Accounts |
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Name : |
Mr. Vijay Mathur |
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Designation : |
General Manager (Finance) |
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PRNCIPAL OFFICER |
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Name : |
Mr. Praveen Jain |
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Designation : |
Head Legal and Company Secretary |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 31.03.2011
|
Names of Shareholders |
No. of Shares |
Percentage of
Holding |
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(A) Shareholding of Promoter and Promoter Group |
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5523241 |
29.43 |
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4799076 |
25.57 |
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10322317 |
55.00 |
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Total shareholding of Promoter and Promoter Group (A) |
10322317 |
55.00 |
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(B) Public Shareholding |
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7400 |
0.04 |
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4000 |
0.02 |
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11400 |
0.06 |
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2159614 |
11.51 |
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1736338 |
9.25 |
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3042381 |
16.21 |
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1495950 |
7.97 |
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25397 |
0.14 |
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1470553 |
7.84 |
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8434283 |
44.94 |
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Total Public shareholding (B) |
8445683 |
45.00 |
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Total (A)+(B) |
18768000 |
100.00 |
(1) Indian
Individuals / Hindu Undivided Family
Individual shareholders holding nominal
share capital up to Rs. 0.100 MillionBUSINESS DETAILS
|
Line of Business : |
Manufacturer, Exporter and Importer of Gears and Transmission Shafts
and Timing Gears. |
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Products : |
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PRODUCTION STATUS AS ON 31.03.2010
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Particulars |
Unit |
Licensed
Capacity |
Installed
Capacity |
Actual
Production |
|
Gear box transmission Components Steering Worms and Gas Assembly (in Millions) |
Pcs. |
42.500 |
-- |
37.674 |
Notes:
Installed capacity
is certified by the Management but not verified by the auditors being a
technical matter. The manufacturing process as per Note F. No.10 (43) /
91-L.P.dated 25/07/91 does not require registration. Raw material and stores
consumed include sales of raw material and components.
GENERAL INFORMATION
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Bankers : |
·
DBS Bank Limited ·
ICICI Bank Limited ·
Citi Bank N. A. ·
Standard Chartered Bank ·
State Bank of India ·
State Bank of Bikaner and Jaipur ·
Bank of Baroda ·
Yes Bank Limited |
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Facilities : |
Notes : A. Term Loans
from ICICI Bank Limited, Standard Chartered Bank , State Bank of India , DBS
Bank and Yes Bank Limited are secured by way of first pari-pasu Charge /
mortgage in respect of Company's movable and immovable properties, both
present and future , and the title deeds more particularly in respect of Plot
No. A-589, Industrial Complex, Bhiwadi, Rajasthan-301019, were deposited with
ICICI Bank , acting for itself and as agent of other lenders and also secured
by way of second pari-passu charge on assets referred in para "B "
below B. Working
Capital loans from Banks are secured by way of pari-passu charge on all
present and future current assets e.g. stocks -Raw Material , Work in
Progress, Finished Goods etc .and book debts of the company and also secured
by way of second pari-passu charge on assets referred in para "A "
above. C. Other loans
from banks are secured against hypothecation of vehicles. |
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Banking
Relations : |
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Auditors : |
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Name : |
Gupta Vigg and Company Chartered Accountant |
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Address : |
E-61, Lower Ground Floor, Kalkaji, New Delhi-110019, Delhi, India |
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Internal Auditors : |
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Name : |
Ernst and Young Private Limited Charter Accountant |
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Address : |
Golf View corporate Tower-B, Sector-42, Sector Road, Gurgaon-122002,
Haryana, India |
CAPITAL STRUCTURE
AS ON 31.03.2010
Authorised Capital :
|
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 :
|
No. of Shares |
Type |
Value |
Amount |
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|
9384000 |
Equity Shares |
Rs.10/- each |
Rs. 93.840 Millions |
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AS ON 31.03.2010
(Rs. 10/- each)
Authorised Capital: Rs. 200.000
millions.
Issued, Subscribed & Paid-up Capital: Rs. 187.680 millions.
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
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SHAREHOLDERS FUNDS |
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|
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1] Share Capital |
93.840 |
93.840 |
93.840 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
890.513 |
670.965 |
741.495 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
984.353 |
764.805 |
835.335 |
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LOAN FUNDS |
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|
1] Secured Loans |
467.309 |
616.556 |
795.410 |
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2] Unsecured Loans |
18.615 |
37.232 |
67.847 |
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TOTAL BORROWING |
485.924 |
653.788 |
863.257 |
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DEFERRED TAX LIABILITIES |
105.952 |
97.151 |
100.671 |
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TOTAL |
1576.229 |
1515.744 |
1799.263 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
1422.741 |
1397.748 |
1446.836 |
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Capital work-in-progress |
52.871 |
50.338 |
22.777 |
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INVESTMENT |
0.041 |
0.041 |
0.041 |
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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 |
230.766
|
278.025 |
301.968 |
|
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Sundry Debtors |
379.706
|
269.875 |
353.440 |
|
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Cash & Bank Balances |
23.868
|
7.033 |
12.708 |
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Other Current Assets |
0.000
|
0.000 |
0.000 |
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Loans & Advances |
287.665
|
248.613 |
250.216 |
|
Total
Current Assets |
922.005
|
803.546 |
918.332 |
|
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Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
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Sundry Creditors |
562.427
|
419.128 |
405.065 |
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Other Current Liabilities |
120.381
|
168.803 |
105.509 |
|
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Provisions |
138.621
|
147.998 |
78.149 |
|
Total
Current Liabilities |
821.429
|
735.929 |
588.723 |
|
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Net Current Assets |
100.576
|
67.617 |
329.609 |
|
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
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|
|
|
|
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TOTAL |
1576.229 |
1515.744 |
1799.263 |
|
PROFIT & LOSS ACCOUNT
|
|
PARTICULARS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
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SALES |
|
|
|
|
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Income |
3226.987 |
2947.763 |
2845.021 |
|
|
|
Other Income |
8.619 |
12.985 |
38.161 |
|
|
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TOTAL (A) |
3235.606 |
2960.748 |
2883.182 |
|
|
|
|
|
|
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Less |
EXPENSES |
|
|
|
|
|
|
|
Manufacturing Expenses |
2180.768 |
2109.517 |
2062.471 |
|
|
|
Other Expenses |
570.144 |
515.112 |
434.287 |
|
|
|
TOTAL (B) |
2750.912 |
2624.629 |
2496.758 |
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|
|
|
|
|
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Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
484.694 |
336.119 |
386.424 |
|
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|
|
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|
|
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Less |
FINANCIAL
EXPENSES (D) |
88.708 |
99.677 |
115.786 |
|
|
|
|
|
|
|
|
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|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
395.986 |
236.442 |
270.638 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
126.072 |
117.651 |
117.073 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE TAX
(E-F) (G) |
269.914 |
118.791 |
153.565 |
|
|
|
|
|
|
|
|
|
Less |
TAX (I) |
91.409 |
41.855 |
55.363 |
|
|
|
|
|
|
|
|
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|
PROFIT AFTER TAX
(G-I) (J) |
178.505 |
76.936 |
98.202 |
|
|
|
|
|
|
|
|
|
Less |
PRIOR PERIOD
EXPENSES |
0.254 |
18.503 |
0.136 |
|
|
|
|
|
|
|
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|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
223.808 |
201.843 |
166.713 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Transfer to General Reserve |
20.000 |
20.000 |
30.000 |
|
|
|
Dividend |
42.228 |
14.076 |
28.152 |
|
|
|
Tax on Dividend |
7.177 |
2.392 |
4.784 |
|
|
|
Transferred to Corporate Social
Responsibility Fund |
5.000 |
0.000 |
0.000 |
|
|
BALANCE CARRIED
TO THE B/S |
327.654 |
223.808 |
201.843 |
|
|
|
|
|
|
|
|
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|
EXPORT VALUE |
488.920 |
488.169 |
612.826 |
|
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|
|
|
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IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
0.374 |
0.000 |
42.912 |
|
|
|
Stores & Spares |
1.617 |
2.584 |
4.953 |
|
|
|
Capital Goods |
66.693 |
0.000 |
46.887 |
|
|
|
Others |
1.011 |
1.173 |
8.100 |
|
|
TOTAL IMPORTS |
69.695 |
3.757 |
102.852 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
19.00 |
6.23 |
10.45 |
|
QUARTERLY RESULTS
(Rs.
In Millions)
|
PARTICULARS |
30.06.2010 |
30.09.2010 |
31.12.2010 |
31.03.2011 |
|
|
1st
Quarter |
2nd
Quarter |
3rd
Quarter |
4th
Quarter |
|
Net Sales |
929.400 |
1044.960 |
1122.500 |
1173.970 |
|
Total Expenditure |
772.300 |
861.210 |
917.670 |
957.730 |
|
PBIDT (Excl OI) |
157.100 |
183.750 |
204.830 |
216.240 |
|
Other Income |
3.010 |
(0.370) |
0.000 |
0.180 |
|
Operating Profit |
160.110 |
183.380 |
204.830 |
216.420 |
|
Interest |
21.470 |
19.950 |
19.890 |
14.840 |
|
Exceptional Items |
0.000 |
0.000 |
0.000 |
0.000 |
|
PBDT |
138.640 |
163.430 |
184.930 |
201.580 |
|
Depreciation |
36.520 |
37.090 |
44.590 |
43.670 |
|
Profit Before Tax |
102.120 |
126.340 |
140.350 |
157.910 |
|
Tax |
29.220 |
44.500 |
46.390 |
56.180 |
|
Provisions and contingencies |
0.000 |
0.000 |
0.000 |
0.000 |
|
Profit After Tax |
72.900 |
81.840 |
93.960 |
101.730 |
|
Extraordinary Items |
0.000 |
0.000 |
0.000 |
0.000 |
|
Prior Period Expenses |
0.000 |
0.000 |
0.000 |
(0.070) |
|
Other Adjustments |
0.000 |
0.000 |
0.000 |
0.000 |
|
Net Profit |
72.900 |
81.840 |
93.960 |
101.660 |
KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
PAT / Total Income |
(%) |
5.52
|
2.60 |
3.41 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
8.36
|
4.03 |
5.40 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
11.51
|
5.40 |
6.49 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.27
|
0.15 |
0.18 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
1.44
|
1.94 |
1.86 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.12
|
1.09 |
1.56 |
LOCAL AGENCY FURTHER INFORMATION
FUTURE OUTLOOK
With a normal monsoon
during the year, the Indian economy is expected to return towards the higher
growth path again with expected GDP growth of 8.5% and moderate food inflation
which has been a cause of worry during the previous year.
The policies of
Government of India are encouraging manufacturing sector as in India 15% of the
GDP is contributed by Automobile Industry whereas in China automobile industry
contributes 42% of GDP. Hence going forward, the government expects that by
2020 contribution of Automobile Industry to the India GDP should be up to 20%.
Various studies
forecast a healthy future of the domestic automobile sector. They depict
substantial improvement in the automobile products and markets in the coming
years.
OPERATIONS
The financial year
2009-2010 has ended on a positive note. The Company surpassed the previous year
turnover and has achieved a gross turnover of Rs. 3445.655 millions (Previous
year 3237.814 millions), recording an increase of 6.41%. The Net Profit (After
tax) of the Company has increased from Rs. 76.936 millions to Rs. 178.504
millions, recording an increase of 132.02 % as compared to the previous year.
The year saw
increase in demand of the two wheelers and exports also picked up specially in
the last two months of the financial year. The availability of the credit and
improvement in the world economy has resulted in rise in the demand of the
automobiles world wide.
MANAGEMENT
DISCUSSION AND ANALYSIS FORMING PART OF THE DIRECTOR’S REPORT FOR THE YEAR
ENDED MARCH 31, 2010.
The Economic
Environment
The Year started
with a positive note with major economies of world recovered from the financial
crisis which engulfed entire world last year. Especially Economies of China,
India and Brazil staged stronger recovery as compared to rest of the world. The
world economy is showing signs of recovery from the serious recessionary
expects which had crippled it for greater part of Financial Year 2008-09. This
recovery was due to the collective exports of G20 nations in infusing sufficient
liquidity in the financial system.
The 7.2% GDP
growth in the Indian economy has been impressive. This recovery is impressive
due to the following three reasons:
1.
Manufacturing sector growth was more than double;
that is 8.9% in 2009-10 as compared to 3.2 percent in 2008-09. (source economic
survey)
2.
There has been increased gross fixed capital
formation, which had declined significantly in 2008-09. (Source economic
survey).
3.
There is also a turnaround in the merchandise
export growth in the third quarter of 2009-10 which was sustained till the end
of financial year. As a result of this India’s export saw a tremendous growth
of 54.1 percent during March 2010 compared to low based growth of (-) 33.1
percent in March 2009. (source FICCI survey)
Infusion of sufficient liquidity in to the economy, through various
means like NREGA (National Rural Employment Guarantee Act), implementation of
6th pay commission recommendations, waiver of farmer’s loans and enactment of
procurement prices of farm products resulted in fast paced recovery in the
manufacturing and service sector. The effectiveness of these policy measures
became evident with the fast paced recovery.
Export Outlook
The signs of an
economic recovery of exports were starting to appear. The exports were
increased in line with the growth of the Indian economy. Even though exporters
are buffeted by the volatility in the exchange rate and the pressure of rising
raw material cost, there is an improvement in the overall export. The
appreciating Indian rupee against the two major currencies USD and EURO have
became concerns as it impacted their profit margins.
In Auto Component
Industry, The overall Export of Automobiles in financial year 2009-10 is 1,804,619
units as compared to 1,530, 594 units in the previous year, showing an increase
of 17.90 percent, In case of two wheelers 1,140,184 units were exported in the
year as compared to 1,004,174 units last year, registering a growth of 13.54
percent. Similarly in case of passenger and commercial vehicles the growth rate
is 32.88 percent and 5.58 percent respectively.
Financial Analysis
In this
encouraging scenario, the financial performance of the company has also shown
an improvement. The net revenues of the Company increased to Rs.3226.900
millions as compared to 2947.700 millions for 2008-09, registering an increase
of 9.47%. The growth was primarily driven by rise in the sales of Hero Honda
and exports. The EBITDA for the same period moved up by 45.86 % to Rs.484.600
millions from Rs. 332.500 millions in the previous year and the Profit after
Tax (PAT) for the year 2009-10 was at Rs.178.500 millions as compared to Rs.
76.900 millions in the previous year thereby registering an increase of 132.02%.
The Earnings per
Share (EPS) stands at Rs.19.00 per equity share in comparison to Rs. 6.23 for
the previous year. Keeping in view the financial performance and availability
of liquidity, the Board of Directors has recommended dividend of Rs. 4.50 per
equity share (i.e. 45% of the paid share capital). The Dividend is payable
subject to approval of shareholders in their forthcoming Annual General
Meeting.
Risks and Outlook
Though the
automobile industry has registered strong growth in the year under review,
however it still faces lot of uncertainties, in the wake of Euro zone Financial
Crisis. For Auto Component industry, the suppliers are facing severe capacity
crunch and this is affecting the performance of OEMs. The expected interest
rate hike would aggravate the situation further.
To mitigate the
above risks, The Company has got into capacity expansion and it is has decided
to set up a new plantin bhiwadi. Upon its completion, this State of the art
plant will help company to support its growing in business volumes. The Company
however continues to strive to improve its operational performance and develop
new components which are technologically superior and meeting the stringent
customer standards and norm as a part of its strategy to penetrate new customers,
markets and mitigate some of the risks.
Sales Performance
and profile
The company has
successfully navigated through the troubled times. The sales to the major
customers have shown a steady rising trend in domestic and export segment. The
two wheeler component sales accounted for approx. 60% of the total business and
Hero Honda continues to be their prime customer. During the year the Company
has been able to consolidate on its sales with the Domestic customers unlike
their export customers as the effect of global financial meltdown.
Internal Controls
and their adequacy
The Company has a
robust internal control and audit system to provide adequate assurance
regarding the effectiveness and efficiency of its systems and operations. The
controls are commensurate to the needs of the organization given its size and
complexity of operations. The standard operating procedures ensure compliance
to local regulation and statute as applicable to the Company. Senior members of
the leadership team confirm compliance and issue relevant certificates which
are relied upon by the Board of Directors. The Company strictly ensures
adherence to all internal control policies and procedures as well as compliance
with all regulatory guidelines.
Operational
Excellence
After successful
scrutiny of application form and TPM activity Report, HGL Group has undergone
First stage assessment audit on 13.06.2009 by JIPM (Japan Institute of Plant
Management) auditors from Japan and has successfully cleared the audit, then
HGL group has gone through the Final audit of TPM excellence award which was
held in November, 2009.
Thereafter, HGL
group has been awarded “Category-A” TPM excellence award on January 28, 2010 by
the JIPM for Both plants of your company located at Bhiwadi and Manesar . This
was made possible due to the total commitment of the management and active
participation of all employees of HGL group. HGL group was one of the select
group of companies to have achieved this feat. The company has decided to
continue the TPM journey further. And the kick o_ ceremony for part II was held
on 3rd March 2010
In December 2009,
Manesar Plant underwent an extensive audit by a group of 5 auditors from USA
for Shingo Award for operational Excellence. On January 11, 2010, HGL’s Manesar
plant was awarded the “Shingo Silver Medallion” for operational excellence.
This award recognize the highest level of operational excellence in the field
of lean manufacturing. Shingo Award is one of the most prestigious recognition
in the Auto Industry worldwide. HGL has become the first company outside the
North America to get this honour.
HGL was honored by
Shingo award in the 22nd Annual Shingo Award Gala which took place
on 17-20 May 2010 in the Salt Lake City USA for this achievement.
AUDITED FINANCIAL
RESULTS FOR THE PERIOD ENDED MARCH 31, 2011
(Rs. in millions)
|
Particular |
Audited |
Audited |
|
|
Quarter
ended 31.03.2011 |
Year
Ended 31.03.2011 |
|
Gross
Sales / Income |
|
|
|
a. Net Sales / Income from Operations (Net of Excise and Discounts) |
1165.421 |
4249.315 |
|
b. Other Operating Income |
8.546 |
21.500 |
|
Total
Income (a+b) |
1173.967 |
4270.815 |
|
|
|
|
|
Expenditure |
|
|
|
a) (Increase) / Decrease in Stock in Trade and Work In
Process |
12.164 |
(31.863) |
|
b) Consumption of Raw Materials (Net) |
621.359 |
2356.657 |
|
c) Stores and Spares |
61.152 |
229.123 |
|
d) Employee Cost |
148.518 |
455.318 |
|
e) Depreciation |
43.671 |
161.871 |
|
f) Other Expenditure |
138.861 |
499.664 |
|
g) Total
Expenditure (a to f) |
1001.396 |
3670.770 |
|
|
|
|
|
Profit From Operations before Other Income, Interest and
Exceptional Items |
172.571 |
600.045 |
|
|
|
|
|
Other Income |
0.181 |
2.823 |
|
|
|
|
|
Profit Before Interest and Exceptional Items |
172.752 |
602.868 |
|
|
|
|
|
Interest |
14.838 |
76.152 |
|
|
|
|
|
Profit After Interest but before Exceptional Items |
157.914 |
526.716 |
|
|
|
|
|
Exceptional Items |
-- |
-- |
|
|
|
|
|
Profit from Ordinary Activities before Tax |
157.914 |
526.716 |
|
|
|
|
|
Tax
Expense |
|
|
|
a) Current tax |
53.025 |
180.025 |
|
b) Deferred tax |
3.159 |
(3.728) |
|
|
|
|
|
Net Profit from Ordinary Activities after Tax |
101.730 |
350.419 |
|
|
|
|
|
Extraordinary Item (net of expense) |
-- |
-- |
|
|
|
|
|
Net Profit for the period |
101.730 |
350.419 |
|
|
|
|
|
Prior Period Expenses |
0.071 |
0.071 |
|
|
|
|
|
Net Profit for the period |
101.659 |
350.348 |
|
|
|
|
|
Paid-up Equity Share Capital (Face Value of Rs.10/- Each) |
187.680 |
187.680 |
|
|
|
|
|
Reserves Excluding Revaluation Reserve |
-- |
-- |
|
|
|
|
|
Basic
and Diluted Earning Per Share (EPS) (Rs.)-Not Annualised |
|
|
|
a) Basic and diluted EPS before extraordinary items |
5.42 |
18.67 |
|
b) Basic and diluted EPS after extraordinary items |
5.42 |
18.67 |
|
|
|
|
|
Public
Shareholding |
|
|
|
-Number of Shares |
8445683 |
8445683 |
|
- Percentage of Shareholding |
45.00% |
45.00% |
|
|
|
|
|
Promoters
and Promoter Group Shareholding |
|
|
|
a)
Pledged/Encumbered |
|
|
|
- Number of Shares |
Nil |
Nil |
|
- Percentage of Shares (as a % of the Total Shareholding
of promoter and promoter group) |
Nil |
Nil |
|
- Percentage of Shares (as a % of the Total Share Capital
of the Company) |
Nil |
Nil |
|
|
|
|
|
b)
Non Encumbered |
|
|
|
- Number of Shares |
10322317 |
10322317 |
|
- Percentage of Shares (as a % of the Total Shareholding of
Promoter and Promoter Group) |
100 |
100 |
|
- Percentage of Shares (as a % of the Total Share Capital
of the Company) |
55.00% |
55.00% |
Notes:
1. The above audited financial results were reviewed by the Audit Committee
and thereafter approved by the Board of Directors in its meeting held on 25th
May 2011.
2. The Board of Directors have recommended final dividend of Rs. 2.50 per
share on the paid up share capital of the company subject to the approval of
the members in the Annual General Meeting.
3. Provision for taxation is made at the annual effective Income Tax Rates.
4. Segment Reporting:- The company is primarily engaged in the business of gears
and transmission components, inherent nature of both the activities is governed
by the same set of risk and returns, these have been grouped as a single
segment in the above disclosures. Hi-Tech E Soft is a division of the Company
engaged in the business of engineering software solutions. Since this business
is not a reportable segment as per Accounting Standard on segment Reporting,
separate figures of the software division are not reported.
5. The company has issued and allotted 9384000 bonus equity shares during
the year by capitalizing reserves. Consequently the comparative EPS figures
have been recalculated giving effect of the Bonus shares, as required.
6. Previous period figures have been recast wherever necessary to make them
comparable.
7. Number of investors complaints received and disposed off during this
quarter:- Opening-Nil, Received – Nil, Disposed off – Nil and Closing – Nil.
|
STATEMENT OF ASSETS AND LIABILITIES |
31.03.2011
AUDITED |
|
SHAREHOLDERS FUNDS |
|
|
1] Share Capital |
187.680 |
|
2] Reserves & Surplus |
1048.275 |
|
LOAN FUNDS |
540.609 |
|
DEFERRED TAX LIABILITIES |
102.224 |
|
|
|
|
TOTAL |
1878.788 |
|
|
|
|
FIXED ASSETS [Net Block] |
1553.194 |
|
INVESTMENT |
0.041 |
|
DEFERREX TAX ASSETS |
0.000 |
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
Inventories |
220.367 |
|
Sundry Debtors |
306.797 |
|
Cash & Bank Balances |
202.869 |
|
Loans & Advances |
389.714 |
|
Total Current
Assets |
1119.747 |
|
Less : CURRENT LIABILITIES & PROVISIONS |
|
|
Current Liabilities |
558.031 |
|
Provisions |
236.164 |
|
Total Current
Liabilities |
794.195 |
|
Net Current
Assets |
325.553 |
|
|
|
|
TOTAL |
1878.788 |
FIXED ASSETS
·
Land
·
Building
·
Residential Flats
·
Plant and Machinery
·
Furniture and Fixtures
·
Office Equipments
·
Vehicles
WEB SITE DETAILS
PROFILE
Hi-Tech Group comprises of six companies and a consolidated
turnover of more than USD 125 million. Businesses varying from high technology
component manufacturing, engineering design to leading edge research in the
fields of Robotics, Artificial intelligence and machine vision technologies.
MANAGEMENT TEAM
Mr. Deep Kapuria
Chairman and Managing Director
An alumni of Harvard Business School Mr. Deep Kapuria has
been the guiding spirit envisioning the future of the Hi-Tech Group. A
technologist and first generation entrepreneur in auto components
manufacturing. He is currently the National President of ACMA (Automotive
Component Manufacturers Association). He is also a regional committee member of
CII as well as an alumnus of IIM Ahemadabad. He has been actively involved in
the multi-lateral and bi-lateral policy formation of the Government of India
and has led the Indian Delegation to Geneva for WTO talks for the automotive
segment.
Mr. Pranav Kapuria
Dy. Managing Director
Certified Black Belt in Six Sigma Manufacturing from
Motorola University and has undergone a certified program in Lean Manufacturing
from University of Michigan, USA. He has spearheaded implementation of Lean
Manufacturing practices and Six Sigma Quality standards for the Hi-Tech Group.
The Director Mr. Pranav Kapuria has completed his Masters in
Business Administration from Cardiff Business School, University of Cardiff,
U.K. He is a
Mr. Anuj Kapuria
Director
The Director Anuj Kapuria graduated with a Masters Degree in
Robotics from Carnegie Mellon University, Pittsburgh P.A. after completing his
Bachelors in Robotics and Automated Manufacture Engineering, from School of
Engineering, University of Sussex. He then worked as a researcher in CMU,
successfully executing projects in 3D Object Recognition, Autonomous Vehicles,
Terrain Mapping and Face Recognition. He has also been a part of several US
Defense Projects. He is also heading Hi-Tech Robotic
Systemz Limited.
MILLSTONES
|
1986-1990 |
THE BEGINNING PRODUCT INDIGENISATION ·
Incorporated as a
Public Limited Company ·
Production Commencement
Single Source ·
Product Indigenisation |
|
1991-1995 |
TECHNOLOGY TIE-UPS AND INDIGENISATION ·
Technical Tie-Up with
Japanese Company (A subsidiary of Honda Motors, Japan) ·
Backward Integration
Production in Forgeshop ·
Selected as Single
source supplier to Tier 1 MNC’s ·
Tech. partnership
GETRAG ·
Installed hi-end
Engineering software |
|
1996-2000 |
EXTENDING PARTNERSHIP TO GLOBAL SUPPLY CHAIN ·
Certified as ISO 9002 ·
BPR Launched ·
Selected as a global
source for Tier 1 MNC ·
Certified as QS 9000 ·
Pilot phase of BPR
completed ·
Started engineering
software division Hi-Tech e Soft. ·
J V (EOU) with GETRAG |
|
2001-2005 |
GROWTH FOR DOMAIN LEADERSHIP ·
Launched initiative of
Lean Manufacturing ·
A state of art
manufacturing facility setup at Manesar ·
Certified for
integrated Quality Management Systems ·
Development of power
transmission shafts including prototyping ·
Launched international
purchase office in India along with GETRAG |
|
2006…. |
CONSOLIDATION AND MOVING UP THE VALUE CHAIN ·
TPM implemented in
full-scale across the group ·
Certified for ISO
9001:2000 Hi-Tech e soft and Hi-Tech Robotic Systemz ·
Multi location
production – new planned at west and south India ·
Site at Infocity
Gurgaon for expansion of Robotics and Engineering division |
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 t: 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.44.93 |
|
|
1 |
Rs.72.09 |
|
Euro |
1 |
Rs.64.21 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
6 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILIRY |
1~10 |
6 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
7 |
|
--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 |
NO |
|
--LISTED |
YES/NO |
YES |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
51 |
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.