MIRA
INFORM REPORT
|
Report Date : |
24.06.2011 |
IDENTIFICATION DETAILS
|
Name : |
OMAX AUTOS LIMITED |
|
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Registered
Office : |
69 KM Stone, |
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Country : |
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Financials (as
on) : |
31.03.2010 |
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|
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Date of
Incorporation : |
28.04.1983 |
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Com. Reg. No.: |
05-026142 |
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|
Paid-up Capital
: |
Rs. 213.882 Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
L30103HR1983PLC026142 |
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|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
RTK000520C |
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|
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PAN No.: [Permanent Account No.] |
AAAC02190C |
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|
Legal Form : |
A Public Limited Liability company. The company’s Share are Listed on the
Stock Exchange. |
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Line of Business
: |
Manufacturer of sheet metal, tubular and machined components for
automobiles and other industries |
|
|
|
|
No. of Employees
: |
Not Available |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (48) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 6400000 |
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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 – June 30, 2010
|
Country Name |
Previous Rating (01.04.2010) |
Current Rating (30.06.2010) |
|
|
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
LOCATIONS
|
Registered Office/ Factory 1 : |
69 KM Stone, |
|
Tel. No.: |
91-1274-267217 / 18 / 19 / 20 / 21 / 22 |
|
Fax No.: |
91-1274-267216 |
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E-Mail : |
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Website : |
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Corporate Office : |
Plot No.
B-26, Institutional Area, Sector 32, Gurgaon – 122001, |
|
Tel. No.: |
91-124-4343000 / 4341000 |
|
Fax No.: |
91-124-2580016 |
|
|
|
|
Factory 2 : |
Sidhrawali Plant Speedomax (A
unit of Omax Autos Limited) 64 K.M.Stone, |
|
|
|
|
Factory 3 : |
Dharuhera Plant
III Omax Autos
Limited- Sprocket Division 69 K.M. stone, |
|
|
|
|
Factory 4 : |
Omax Autos
Limited- Banglore Plant Plot No. 6, |
|
|
|
|
Factory 5 : |
Omax Autos
Limited - |
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|
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Factory 6 : |
Binola Plant Automax (A unit
of Omax Autos Limited) |
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|
|
|
Factory 7 : |
Bawal Plant Omax Autos Limited
- Bawal Plant, (Home Furnishing division) Plot No. 2, Sector-5, Bawal, Distt.
Rewari, , |
|
|
|
|
Factory 8 : |
Dharuhera Plant
II Indital (A unit
of Omax Autos Limited) 69 K.M.Stone, |
|
|
|
|
Factory 9 : |
Gurgaon Plant Omax Autos
Limited - Railway Division 38 KM Stone, |
|
|
|
|
Factory 10 : |
Manesar Plant Omax Autos Limited-
Manesar Plant Plot No. 6, IMT, Sector- 3, Manesar Gurgaon – 122050, Haryana,
India |
DIRECTORS
As On 31.03.2010
|
Name : |
Dr. Brijmohan
Lall Munjal |
|
Designation : |
Chairman Emeritus |
|
|
|
|
Name : |
Dr. T.N. Kapoor |
|
Designation : |
Director |
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|
|
|
Name : |
Mr. Suresh
Mathur |
|
Designation : |
Chairman |
|
|
|
|
Name : |
Dr. Ramesh C.
Vaish |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. Salil
Bhandari |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. Verinder
Kumar Chhabra |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. Atul Raheja |
|
Designation : |
Director |
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|
|
|
Name : |
Mr. Lalit Bhasin |
|
Designation : |
Director |
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|
|
|
Name : |
Mr. K.C. Chawla |
|
Designation : |
Whole Time Director |
|
|
|
|
Name : |
Mr. Jatender
Kumar Mehta |
|
Designation : |
Managing Director |
|
|
|
|
Name : |
Mr. Ravinder
Mehta |
|
Designation : |
Managing Director |
KEY EXECUTIVES
|
Audit Committee |
|
|
Name : |
Mr. Salil Bhandari |
|
Designation : |
Chairman |
|
|
|
|
Name : |
Dr. T.N. Kapoor |
|
Designation : |
Member |
|
|
|
|
Name : |
Mr. Atul Raheja |
|
Designation : |
Member |
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|
|
|
Name : |
Mr. Jatender Kumar Mehta |
|
Designation : |
Member |
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|
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|
Name : |
Dr. Ramesh C. Vaish |
|
Designation : |
Member |
|
|
|
|
Name : |
Mr. N. P. Singh |
|
Designation : |
ED (Human Resource) |
|
|
|
|
Name : |
Mr. V. K. Gupta |
|
Designation : |
ED (Commercial) |
|
|
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|
Name : |
Mr. Sharad Jain |
|
Designation : |
Chief Financial Officer |
|
|
|
|
Name : |
Mr. Kishor Karnataki |
|
Designation : |
CEO (Commercial Vehicle) |
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|
|
|
Name : |
Mr. Manoj Mishra |
|
Designation : |
President (Passenger Car) |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As On 31.03.2011
|
Names of Shareholders |
No. of Shares |
Percentage of
Holding |
|
(A) Shareholding of Promoter and Promoter Group |
|
|
|
|
|
|
|
|
7,273,736 |
34.01 |
|
|
3,894,504 |
18.21 |
|
|
11,168,240 |
52.22 |
|
|
|
|
|
Total shareholding of Promoter and Promoter Group (A) |
11,168,240 |
52.22 |
|
(B) Public Shareholding |
|
|
|
|
|
|
|
|
3,711 |
0.02 |
|
|
3,711 |
0.02 |
|
|
|
|
|
|
3,488,069 |
16.31 |
|
|
|
|
|
|
4,807,973 |
22.48 |
|
|
1,012,829 |
4.74 |
|
|
907,391 |
4.24 |
|
|
2,402 |
0.01 |
|
|
35,670 |
0.17 |
|
|
610,396 |
2.85 |
|
|
19,187 |
0.09 |
|
|
239,736 |
1.12 |
|
|
10,216,262 |
47.77 |
|
Total Public shareholding (B) |
10,219,973 |
47.78 |
|
Total (A)+(B) |
21,388,213 |
100.00 |
|
(C) Shares held by Custodians and against which Depository Receipts
have been issued |
- |
- |
|
|
- |
- |
|
|
- |
- |
|
|
- |
- |
|
Total (A)+(B)+(C) |
21,388,213 |
- |
(1) Indian
Individuals / Hindu Undivided Family
Individual shareholders holding nominal
share capital up to Rs. 0.100 millionBUSINESS DETAILS
|
Line of Business : |
Manufacturer of sheet metal, tubular and machined components for
automobiles and other industries |
||||
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||||
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Products : |
|
PRODUCTION STATUS (As On 31.03.2010)
|
Particulars |
|
|
Unit |
Actual
Production |
|
Sheet Metal, Tubular and Machined Components |
|
|
Tonnes |
99719.16 |
|
Dies |
|
|
Pcs |
73.00 |
GENERAL INFORMATION
|
Customers : |
Indian Customers
(OEMs)
North American
Customers
Indian Customers
(TIER 1) ·
Bharat Seats Limited ·
Denso India Limited ·
·
Jai Bharat Maruti Limited European
Customers
|
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No. of Employees : |
Not Available |
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Bankers : |
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Facilities : |
a) Term Loans
from United Bank of India are secured by way of first charge/mortgage by way
of deposit of title deeds of Land and Building of Speedomax Plant, Banglore
Plant and Binola Plant and exclusive first charge on the plants and
machineries and other movable fixed assets of all other units (Dharuhera,
sprocket and Indital) except Manesar, financed by Term Loan I and II and
Exclusive charge on the plants and machineries and other movable fixed assets
of all other units (Sprocket, Indital) except Dharuhera financed by term loan
III and creation of exclusive hypothecation charge on plant and machinary and
other moveable fixed assets of Rs. 68.200 millions installed at Manesar
plant. b) Term Loan
from ICICI Bank Limited is secured by way of first charge/mortgage by way of
deposit of title deeds of Land and c) Term Loans
from Royal Bank of Scotland N.V., d) Term Loans
from TATA Capital Limited is secured by way of exclusive charge on all the
present and future fixed assets ( excluding land and building ) of Lucknow
project and negative lien on the building/ super structure created on the
land covered under term loan and equitable mortgage by way of deposit of
title deed of Sector-44, institutional plot, Gurgaon and hypothecation of
receivables of Lucknow plant in respect of supply to TATA Motors Limited e) Cash Credit
Working Capital Limits from Banks are secured by hypothecation of stock and
book debts. Cash Credit from State Bank of India are further secured by way
of deposit of title deed of Land and Building of Manesar Plant and
hypothecation of company's other movable assets both present and future
except for the plant and machineries and other moveable fixed assets of Rs.
68.200 millions installed at Manesar plant and financed by UBI under term
loan III having exclusive charge on these assets. f) Sales Tax
Deferment is partially secured by way of bank guarantees.
|
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Banking
Relations : |
-- |
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Auditors : |
|
|
Name : |
A. Kumar Gupta
and Company Chartered
Accountants |
|
Address : |
|
|
|
|
|
Internal Auditors : |
M/s KRA and
Associates M/s Singhi Chugh
and Kumar M/s Doogar and
Associates |
|
|
|
|
Secretarial Auditors : |
Chandrasekaran
Associates Company
Secretaries |
|
|
|
|
Associates/Subsidiaries : |
|
CAPITAL STRUCTURE
As On 31.03.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
26500000 |
Equity Shares |
Rs. 10/- each |
Rs. 265.000 Millions |
|
2000000 |
Equity Shares (Differential Voting Rights) |
Rs. 10/- each |
Rs. 20.000 Millions |
|
150000 |
12% Optionally Convertible Cumulative Preference Shares |
Rs. 100/- each |
Rs. 15.000 Millions |
|
|
Total |
|
Rs. 300.000
Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
21388213 |
Equity Shares |
Rs. 10/- each |
Rs. 213.882
Millions |
|
|
|
|
|
Notes:
(Out of the above
1,61,25,000 Equity Shares have been allotted as fully paid-up by way of Bonus
Shares by Capitalisation of Share Premium and General Reserve and 78,213 Equity
Shares have been allotted as fully paid up in terms of the scheme of
amalgamation for consideration other than cash.)
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 |
213.882 |
213.882 |
213.882 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
1400.014 |
1242.233 |
1242.854 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
1613.896 |
1456.115 |
1456.736 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
2651.894 |
2797.883 |
2946.079 |
|
|
2] Unsecured Loans |
458.514 |
30.100 |
308.123 |
|
|
TOTAL BORROWING |
3110.408 |
2827.983 |
3254.202 |
|
|
DEFERRED TAX LIABILITIES |
159.950 |
144.395 |
143.696 |
|
|
|
|
|
|
|
|
TOTAL |
4884.254 |
4428.493 |
4854.634 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
3000.104 |
2592.136 |
2630.181 |
|
|
Capital work-in-progress |
542.110 |
746.889 |
546.762 |
|
|
|
|
|
|
|
|
INVESTMENT |
0.000 |
6.000 |
6.000 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
327.053 |
362.965 |
300.980 |
|
|
Sundry Debtors |
1261.198
|
892.741 |
965.236 |
|
|
Cash & Bank Balances |
451.148
|
410.214 |
771.181 |
|
|
Other Current Assets |
0.000
|
0.000 |
0.000 |
|
|
Loans & Advances |
523.074
|
606.404 |
486.698 |
|
Total
Current Assets |
2562.473
|
2272.324 |
2524.095 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
892.505
|
888.912 |
526.820 |
|
|
Other Current Liabilities |
244.614
|
239.633 |
228.014 |
|
|
Provisions |
83.314
|
60.309 |
104.579 |
|
Total
Current Liabilities |
1220.433
|
1188.854 |
859.413 |
|
|
Net Current Assets |
1342.040
|
1083.468 |
1664.682 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
7.009 |
|
|
|
|
|
|
|
|
TOTAL |
4884.254 |
4428.493 |
4854.634 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
8650.986 |
8156.930 |
7143.508 |
|
|
|
Other Income |
104.777 |
186.592 |
161.039 |
|
|
|
TOTAL (A) |
8755.763 |
8343.522 |
7304.547 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of material |
6170.334 |
5959.026 |
5117.526 |
|
|
|
Personnel expenses |
918.808 |
781.977 |
743.212 |
|
|
|
Power, fuel and lubricants |
291.823 |
258.876 |
264.332 |
|
|
|
Manufacturing, adm. and selling expense |
595.942 |
544.526 |
442.685 |
|
|
|
Exceptional Income |
(40.727) |
0.000 |
(62.119) |
|
|
|
TOTAL (B) |
7936.180 |
7544.405 |
6505.636 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
819.583 |
799.117 |
798.911 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL EXPENSES (D) |
323.192 |
423.884 |
295.467 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
496.391 |
375.233 |
503.444 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
292.019 |
284.983 |
267.668 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
204.372 |
90.250 |
235.776 |
|
|
|
|
|
|
|
|
|
Less |
TAX (I) |
61.334 |
35.985 |
77.379 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-I) (J) |
143.038 |
54.265 |
158.397 |
|
|
|
|
|
|
|
|
|
|
Prior Period
Adjustments |
(0.973) |
13.485 |
2.595 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
General Reserve |
40.000 |
40.000 |
100.000 |
|
|
|
Proposed Dividend |
32.082 |
21.388 |
32.083 |
|
|
|
Dividend Distribution Tax |
5.453 |
3.635 |
5.452 |
|
|
BALANCE CARRIED
TO THE B/S |
64.530 |
2.727 |
23.457 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Export Earnings |
152.701 |
338.371 |
247.089 |
|
|
TOTAL EARNINGS |
152.701 |
338.371 |
247.089 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
44.278 |
96.423 |
15.873 |
|
|
|
Capital Goods |
38.804 |
0.127 |
129.576 |
|
|
|
Consumables |
9.241 |
23.357 |
35.483 |
|
|
TOTAL IMPORTS |
92.323 |
119.907 |
180.932 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
6.64 |
3.17 |
7.53 |
|
QUARTERLY RESULTS
|
PARTICULARS |
30.06.2010 1st
Quarter |
30.09.2010 2nd
Quarter |
31.12.2010 3rd
Quarter |
31.03.2011 4th
Quarter |
|
Net Sales |
2672.400 |
2781.700 |
3008.500 |
3255.980 |
|
Total Expenditure |
2455.500 |
2573.400 |
2764.900 |
3034.210 |
|
PBIDT (Excl OI) |
216.900 |
208.300 |
243.600 |
221.770 |
|
Other Income |
1.800 |
1.800 |
0.0000 |
0.040 |
|
Operating Profit |
218.700 |
210.100 |
243.600 |
221.810 |
|
Interest |
87.400 |
96.500 |
87.400 |
69.280 |
|
Exceptional Items |
14.400 |
38.800 |
0.000 |
0.000 |
|
PBDT |
145.700 |
152.400 |
156.200 |
152.530 |
|
Depreciation |
75.400 |
71.700 |
72.200 |
72.350 |
|
Profit Before Tax |
70.300 |
80.700 |
84.000 |
80.180 |
|
Tax |
19.100 |
24.100 |
28.200 |
29.500 |
|
Profit After Tax |
51.200 |
56.600 |
55.700 |
50.680 |
|
Extraordinary Items |
0.000 |
0.0000 |
0.0000 |
(1.410) |
|
Net Profit |
51.200 |
56.600 |
55.700 |
49.270 |
KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
PAT / Total Income |
(%) |
1.63
|
00.65 |
2.17 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
2.36
|
1.11 |
3.30 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
3.67
|
1.93 |
4.57 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.13
|
0.06 |
0.16 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
2.68
|
2.76 |
2.82 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
2.17
|
1.91 |
2.94 |
LOCAL AGENCY FURTHER INFORMATION
OPERATIONS AND FUTURE PROSPECTS OF THE COMPANY
The Net sales and
other Income of the Company for the year has increased to Rs. 8755.800 Millions
as compared to Rs. 8343.500 Millions in the previous financial year. This
increase is due to overall growth in domestic market and management initiative
of diversification of company's business.
Despite the fact
that total outstanding loans have increased, interest cost has reduced by Rs.
100.700 Millions from Rs.423.900 Cr to Rs.323.200 Millions This was primarily
on account of reduction in interest rates and the Company's continuous efforts
to minimize its overall working capital costs and optimal fund utilization.
The profit before
exceptional income in the year is Rs. 163.700 Millions in comparison to Rs.
90.200 Millions recorded last year primarily driven by reduced interest costs.
The Net Profit After Tax for the year 2009-10 has increased to Rs. 143.100
Millions As compared to Rs. 54.200 Millions in corresponding year, which
includes an exceptional income of 40.700 Millions from sale of land.
However, for the
next financial year, management is very confident that the company will touch
the INR 10 Billion mark, by achieving a turnover of Rs. 10000.000 Millions.
This is possible due to forecasted boom in auto sector, full scale commercial
production at
MANAGEMENT
DISCUSSION AND ANALYSIS
Industry Structure and Development
Automotive
Industry comprises of automobile and auto component sectors and is one of
The sustained
growth achieved by the Indian auto industry has grabbed the attention of
international auto giants, including Nissan, Ford and General Motors. All these
manufacturers are looking to produce smaller, more affordable models so as to
tap the growing demand for cars in the third-biggest Asian economy. This
promises a bright future for the auto industry in
Automobile
industry reported a 26.41 per cent growth in sales in 2009-10, making it the
second fastest growing market in the world after
Variety of factors,
including the stimulus package, lower interest rates, implementation of the 6th
pay commission and new model launches, helped the industry register the growth.
Indian auto component industry has gained a significant growth momentum from
de-licensing of industries. In a response to relaxed regulations, easing FDI
policies and support to the industry, production and sales both have achieved
double-digit CAGR growths in last 4-5 years. "India Auto Component Market
Analysis", a Research Report, further reveals that rising sales of
automobiles in the country will continue to sustain higher levels of auto
component demand, which is poised to grow at 13.8% CAGR during 2010-11 -
2013-14.
Exports of Auto Components
During the financial
year 2009-10, automobile export registered an overall growth of 17.90%.
Passenger vehicle, Commercial Vehicle and Two Wheelers Segment grew by 32.89%,
5.59%, and 13.54% respectively in this period. Steered by the country's high
engineering skills, established production lines, a booming domestic automobile
industry and competitive costs, global auto majors are rapidly ramping up the
value of components they source from
On the export
front,
Four Wheeler Segment
After a downturn
in 2008-2009, the passenger car segment, in particular, showed tremendous
growth potential. This was due to increasing income levels, aggressive model
launches and improving transportation infrastructure in the country.
"India Passenger Car Market Analysis" report further reveals that the
increasing demand will continue to fuel passenger car production at a CAGR of
10.6% through 2013-14.
Moreover,
All prominent
domestic players are planning to invest huge sum of money to provide answers to
the overflowed demand for futuristic passenger cars in the country. In
addition, some foreign auto majors are also foraying into the Indian market
after seeing the disappointing performance of the automobile markets of US and
EU amid economic slowdown. The industry anticipates large number of foreign
manufacturers to enter the Indian market in the years to come, which will
intensify the market competition and will prove beneficial for the industry
development.
Growing middle
class population, increasing income levels, launch of small and economical cars
like Tata Nano, and rural development will drive the future sales growth.
Government's stimulus package as well as better road connectivity along with
expansion of flyovers and roads will also support the growth in future sales of
new passenger cars.
At Omax Autos,
this segment reported net sales of Rs. 815.700 Millions in the year 2009-10.
Omax is operating its Four Wheeler business through Automax (A Unit of Subject)
and Subject-Bangalore Plant. Automax is situated in NCR to cater to the
requirement of Tier I and Tier-2 suppliers. It is in advanced stage of
discussion with customers in earthmoving segment and likely to secure new
business in this segment. The
Commercial Vehicles
The Indian
Commercial Vehicle (CV) industry, after facing a severe demand slowdown in the
second half of 2008-09, has bounced back, reporting an impressive 38.3% growth
in 2009-10 against a 21.7% drop in volumes in 2008-09. There were various
factors for this turnaround which includes improved economic activity,
favorable impact of Government mandated stimulus package and an overall
improvement in the financing environment.
Although the
medium to longer-term outlook for the CV segment remains strong, the growth in
volumes as witnessed during the last year is likely to see some moderation
owing to certain short-term challenges which includes partial withdrawal of the
stimulus package, expected increase in interest rates and successive price
increases agreed by OEMs to compensate for the rise in input material prices.
It is expected that the OEMs will gradually pass on the emission norm-driven
increase in costs, provided the underlying demand remains robust. This, along
with the expected increase in interest rates, could in the near term, offset
some of the demand recovery. The longerterm demand drivers however remain
intact, and the trend growth rates are expected to be in the region of 10-11%. Medium
and heavy commercial segment faced 40% downturn during 2008-09 but has now
started to grow again with robust economy and industrial growth and also due to
various infrastructure projects in pipeline.
At Omax Autos,
this segment reported net sales of Rs. 82.600 Millions in the year 2009-10. The
Company has set up a plant at
While Tata Motors
is leader in commercial vehicle segment and is strengthening its market share,
new entrants like Mahindra Navistar and Daimler are launching their global products
in next 2-3 years. Also global players like Hino, Scania and Photon are
planning to enter the Indian market. Omax is making continuous efforts to
establish contacts with other commercial vehicle manufacturers for new
business.
Two Wheelers
The performance of
the 2W industry in the current fiscal has been quite strong so far. Total 2W
industry sales volumes are expected to grow at 9-11% over the medium term,
supported by large number of product options that would become available to
customers as new product launches/refurbishments are made by various OEMs;
anticipated increase in brand promotions; increased segmentation in the 2W
industry, converting latent demand into higher sales; and favorable outlook for
economic growth. Growth is also likely to be supported by an increase in
exports. Indian manufacturers may be considered well-positioned to expand into
global developing markets.
Also,
international players are looking at making
At OAL, this
segment reported net sales of Rs. 6581.800 Millions in the year 2009-10 as
compared to Rs. 6547.700 Millions in 2008-09. The Company did not witness
increase during the year as compared to previous year. Due to the fact that
there major customer, Hero Honda produced more vehicles at Haridwar plant where
Omax does not have a manufacturing plant. Home Furnishings and Railways OAL has
made significant efforts for diversification by setting up facilities to
manufacture products for the Indian Railways and Home Furnishing. Each of these
lines would create opportunities in the near future.
The Company is
exporting various items under the Home Furnishing Segment to large
international customers like IKEA, Target, Gimmy etc. This segment reported a
total sales of Rs. 701.400 Millions in 2009-10 compared to Rs. 24.42 sales in
2008- 09. In the current fiscal i.e. 2010-2011, this business is expected to
grow further with the launch of new products made of stainless steel. Omax
Autos is a registered supplier of the Indian Railways. The Company has set up
dedicated facilities at Gurgaon Plant to manufacture parts and components for
Indian Railways. On full operational basis, the Company expects to do a total
business of Rs. 1000.000 Millions in these segments.
FINANCIAL PERFORMANCE AND ANALYSIS
The net sales and
other income of the Company for the year increased to Rs. 8755.763 millions as
compared to Rs. 8343.522 millions in the previous financial year, registering a
growth of 4.94% on an annualized basis. The profit before interest,
depreciation and tax of the Company decreased by 2.53% on an annualized basis
from Rs. 799.117 millions in the previous period to Rs. 778.856 millions in the
year due to increase in raw material prices .The net profit before exceptional
income has increased by 81.32% from Rs. 90.250 millions to Rs. 163.645 millions
due to reduction in rate of interest and better fund management. During the
year, export revenues (including deemed exports revenue) have shot up to Rs.
850.033 millions against Rs. 526.563 millions in the previous year i.e.
increased by 61.44% on an annualized basis.
During the current
financial year Company is expecting substantial increase in profit due to
starting of production of Railway Coaches and Home Furnishing items at Gurgaon
and Bawal Plants respectively which will help the Company to diversify its
business and gradually reduce dependency on auto segment. Further commercial
production of chassis of commercial vehicle has already been started at
AUDITED FINANCIAL
RESULTS FOR THE QUARTER AND YEAR ENDED 31.03.2011
Rs. In Millions
|
Particulars |
Quarter ended on 31.03.2011 (Audited) |
Year ended on 31.03.2011 (Audited) |
|
Sales/Income from Operations |
|
|
|
a) Net Sales / Income from Operations |
3194.896 |
11568.213 |
|
b) Other Operating Income |
61.082 |
150.305 |
|
Total Income |
3255.978 |
11718.518 |
|
Expenditure |
|
|
|
(a) (Increase)/decrease in Stock in Trade and work in progress |
(0.978) |
(84.649) |
|
(b) Consumption of Raw Materials |
2358.771 |
8355.801 |
|
(c) Purchase of traded goods |
-- |
-- |
|
(d) Employees Cost |
301.158 |
1147.007 |
|
(e) Depreciation |
72.350 |
291.650 |
|
(f) Other Expenditure |
375.255 |
1409.6979 |
|
Total |
3106.556 |
11119.506 |
|
Profit / (Loss) From Operations before other Income Interest & Exceptional Items |
149.422 |
599.012 |
|
Other Income |
0.042 |
3.657 |
|
Profit/(Loss) before Interest and Exceptional items |
149.464 |
602.669 |
|
Interest |
69.284 |
340.541 |
|
Profit / (Loss) after interest before Exceptional items |
80.180 |
262.128 |
|
Exceptional Items |
-- |
53.168 |
|
Profit / (Loss) From
Ordinary activities before Tax |
80.180 |
315.296 |
|
Tax Expenses |
|
|
|
- Current |
19.410 |
94.496 |
|
- Differed |
10.088 |
6.506 |
|
Net Profit/(Loss) From Ordinary activities after Tax |
50.682 |
214.294 |
|
Extraordinary Items |
(1.408) |
(1.403) |
|
Net Profit/(Loss) for the period |
49.274 |
212.891 |
|
Paid Up Equity Share Capital ( Face Value of the share Rs.10/- each ) |
213.900 |
213.900 |
|
Reserves (Excluding Revaluation Reserves) |
-- |
1573.871 |
|
Earning Per Share
(EPS) |
|
|
|
-Basic and Diluted EPS before extraordinary items fro the periods, for the year to date and for the previous year (not to be annualized) |
2.37 |
10.02 |
|
-Basic and Diluted EPS after extraordinary items fro the periods, for the year to date and for the previous year (not to be annualized) |
2.30 |
9.95 |
|
Public Share Holding |
|
|
|
- Number of Shares |
10219973 |
10219973 |
|
- Percentage of shareholding |
47.78% |
47.78% |
|
Promoters and Promoter group share holding |
11168240 |
11168240 |
|
a) Pledged / Encumbered |
|
|
|
- Number of Shares |
Nil |
Nil |
|
- Percentage of share (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 |
11168240 |
11168240 |
|
- Percentage of Share (as a % of the total shareholding of promoter and promoter group) |
100.00% |
100.00% |
|
- Percentage of Share (as a % of the total share capital of the company) |
52.22% |
52.22% |
Notes:
1. The above audited
results for the quarter and year ended 31.03.2011 were reviewed and recommended
by the Audit committee in its meeting held on 28.05.2011 and thereafter
approved and taken on record by the
Board of Directors in its meeting held on the same day.
2. Current tax
includes provision for Income Tax and Wealth Tax. Accounting for deferred
taxation has been made in accordance with Accounting Standard 22 of ICAI .
3. Board of Directors
has recommended payment of dividend of Rs.2.00 per share on equity share of Rs.
10/- each which is subject to shareholders approvals in Annual General Meeting.
4. The Company
primarily operates in one business segment viz. Auto Components and Parts.
5. Exceptional item
represents Profit on Sale of Land at
6. The Company
Dispossed Off its subsidiary "Omax Engineering Services Limited",
there being no activity / business commenced.
7. Corresponding
previous period figures have been regrouped, rearranged and reworked wherever necessary.
8. The status of the
Investors' complaints received during the quarter ended 31.03.2011:
Opening: Nil
Received : 1 Resolved: 1 Pending : Nil
|
Particulars |
31.03.2011 (Audited) |
|
SHAREHOLDERS' FUND: |
|
|
(a) Capital |
213.882 |
|
(b) Reserves and Surplus |
1573.871 |
|
LOAN FUNDS |
2634.256 |
|
Deferred Tax Liability (Net) |
166.456 |
|
Total |
4588.465 |
|
FIXED ASSETS |
3352.340 |
|
INVESTMENTS |
-- |
|
CURRENT ASSETS, LOANS AND ADVANCES |
|
|
(a) Inventories |
514.110 |
|
(b) Sundry Debtors |
1316.561 |
|
(c) Cash and Bank Balances |
534.362 |
|
(d) Loans and Advances |
741.142 |
|
Less: CURRENT LIABILITIES AND PROVISION |
|
|
(a) Liabilities |
1725.673 |
|
(b) Provisions |
144.377 |
|
Net Current Assets and Loan & Advances |
1236.125 |
|
Total |
4588.465 |
Fixed Assets:
- Land
- Building
- Plant and machinery
- Dies and tools
- Furniture and fixture and office equipment
- Computer and other equipment
- Vehicles
AS PER WEBSITE DETAILS
PROFILE:
Fully attuned to evolving customer needs and requirements, over the years, the Omax group has grown from strength to strength. It has not only multiplied its manufacturing and engineering capabilities in a big way, but also taken a giant leap in the highly dynamic international market. The group is working hand in hand with a multitude of new clients across many industries.
- Amongst top Three companies in sheet metal and tubular segment – (Process 85k Tons Steel pa)
- Largest
Sprocket manufacturing capacity (11 Million pa) in
- Largest Tri Nickel Chrome Plating facility (120 Million DM2)
- Largest
welding facility in
- 7 Manufacturing Plants – located across the country.
- Land Area – 204,000 Mts2 and Covered Area – 100,600 Mts2
- Composite solution provider to customer requirement
MILESTONES:
1984 – 90
- Started commercial production at Dharuhera for Hero Honda
- Went public and established 2nd Plant at Gurgaon
1991 - .98
- Expanded customer base to include TVS
- Expanded product profile to include complete 2 wheeler body frame
- Certified ISO 9002 compliant by TUV –
1999 – 03
- Established 3rd facility at Sidhrawali
- Expanded process capability to include paint shop with technology from
ABB
- Major expansion and up gradation of electro plating facility
- Kaizen process initiated across all plants
- New customers added – New Holland Tractors, Honda Seil Cars
- Set up separate Sprocket Division.
2003 – 08
- ISO/TS-16949, ISO-14001 and OHSAS - 18001 compliant
- 6th Plant at
- 7th Plant INDITAL at Dharuhera (Haryana).
- Started Exports to North America and Europe:
- Established 8th Plant at Binola (Gurgaon).
- TPM Activities initiated.
- SAP rolled out in all plants.
- Diversified in Home Furnishing Business with IKEA –
- Further diversified into Defence and Railway business as well.
- Signed a Joint Venture Agreement with COC (China Oghiara Corporation),
- Chassis project for TATA MOTORS under construction
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.44.93 |
|
|
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 |
5 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
5 |
|
--PROFITABILIRY |
1~10 |
6 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
6 |
|
--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 |
|
48 |
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.