Business
information report
1. Summary Information
|
|
|
Country |
|
|
Company Name |
FORCE MOTORS
LIMITED |
Principal Name 1 |
Mr. Abhay N. Firodia |
|
Status |
Satisfactory |
Principal Name 2 |
Mr. Prasan Firodia |
|
|
|
Registration # |
11-11172 |
|
Street Address |
Mumbai – |
||
|
Established Date |
08.09.1958 |
SIC Code |
-- |
|
Telephone# |
91-20-22776380-89
/ 27476381 extn. 4274 |
Business Style 1 |
Design, development and manufacture of automotive components, aggregates and
vehicles |
|
Fax # |
91-20-27473017
or 27404678 27485281 |
Business Style 2 |
-- |
|
Homepage |
Product Name 1 |
Moulds |
|
|
# of employees |
Around 4662 |
Product Name 2 |
Agricultural Tractors |
|
Paid up capital |
Rs.
131,790,000 |
Product Name 3 |
Jigs and Fixtures |
|
Shareholders |
Bodies Corporate - 47.70% |
Banking |
State Bank of |
|
Public Limited Corp. |
--- |
Business Period |
53 years |
|
IPO |
--- |
International Ins. |
--- |
|
Public |
--- |
Rating |
Ba (50) |
|
Related
Company |
|||
|
Relation - Subsidiaries |
Country -- |
Company
Name |
Jaya Hind Investments Private
Limited |
|
Note |
- |
||
2. Summary
Financial Statement
|
Balance Sheet as of |
31.03.2010 |
(Unit: Indian Rs.) |
|
|
Assets |
Liabilities |
||
|
Current Assets |
2,407,215,000 |
Current Liabilities |
3,477,839,000 |
|
Inventories |
1,937,268,000 |
Long-term Liabilities |
1,478,310,000 |
|
Fixed Assets |
2,843,098,000 |
Other Liabilities |
88,029,000 |
|
Deferred Assets |
0 |
Total Liabilities |
5,044,178,000 |
|
Invest& other Assets |
689,760,000 |
Retained Earnings |
2,701,373,000 |
|
|
|
Net Worth |
2,833,163,000 |
|
Total Assets |
7,877,341,000 |
Total Liab. & Equity |
7,877,341,000 |
|
Total Assets (Previous Year) |
7,731,485,000 |
|
|
|
P/L Statement as of |
31.03.2010 |
(Unit: Indian Rs.) |
|
|
Sales |
9,555,502,000 |
Net Profit |
604,226,000 |
|
Sales(Previous yr) |
7,490,655,000 |
Net Profit(Prev.yr) |
1,245,630,000 |
MIRA
INFORM REPORT
|
Report Date : |
29.03.2011 |
IDENTIFICATION DETAILS
|
Name : |
|
|
|
|
|
Formerly Known
As : |
BAJAJ TEMPO
LIMITED |
|
|
|
|
Registered
Office : |
Mumbai – |
|
|
|
|
Country : |
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|
|
|
|
Financials (as
on) : |
31.03.2010 |
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|
|
|
Date of
Incorporation : |
08.09.1958 |
|
|
|
|
Com. Reg. No.: |
11-11172 |
|
|
|
|
CIN No.: [Company
Identification No.] |
L34102PN1958PLC011172 |
|
|
|
|
TAN No.: (Tax
Deduction & Collection Account No.) |
PNEB00002C |
|
|
|
|
PAN No.: (Permanent
Account No.) |
AAACB7066L |
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|
|
|
Legal Form : |
A Public Limited
Liability Company. The Company’s Shares are Listed on the Stock Exchanges. |
|
|
|
|
Line of
Business : |
Design, development and manufacture of automotive
components, aggregates and vehicles |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (50) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 11000000 |
|
|
|
|
Status : |
Satisfactory |
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|
|
|
Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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|
Comments : |
Subject is a Firodia Group Company. It is a well established and a
reputed company having satisfactory track. There appears an improvement in
the financial position of the company. Directors are reported to be
experienced and respectable businessmen. Trade relations are reported as
fair. Business is active. Payments are reported to be regular and as per
commitments. The company can be considered normal for business dealings at usual
trade terms and conditions. |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – April 1, 2010
|
Country Name |
Previous Rating (31.12.2009) |
Current Rating (01.04.2010) |
|
|
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
INFORMATION DECLINED BY
|
Name : |
Mr. Gogle / Mr. A.G. Bhave |
|
Designation : |
Senior Manager – Finance / Senior General Manager |
LOCATIONS
|
Registered/
Corporate Office: |
Mumbai – |
|
Tel. No.: |
91-20-22776380-89
/ 27476381 extn. 4274 |
|
Fax No.: |
91-20-22775984/
2773017/ 91-20-27473017 or 27404678 27485281 |
|
E-Mail : |
|
|
Website : |
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|
Location : |
Owned |
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|
|
|
Factory 1 : |
Mumbai – |
|
Tel. No.: |
91-20-27476381 |
|
Fax No.: |
91-20-27404678 |
|
|
|
|
Factory 2 : |
Pithampur, District Dhar - 454 775, |
|
Tel. No.: |
91-7292-253004 |
|
Fax No.: |
91 7292 308180 |
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|
|
|
Overseas
Office : |
Located at : ·
|
DIRECTORS
AS ON 31.03.2010
|
Name : |
Mr. Abhay N. Firodia |
|
Designation : |
Chairman and Managing Director |
|
Qualification: |
B. A. (Hons.) |
|
Date of
Appointment : |
01.07.1987 |
|
Previous
Employment: |
Kinetic Engineering Limited – Managing Director - 2 and 1/2 years |
|
|
|
|
Name : |
Mr. Prasan Firodia |
|
Designation : |
Managing Director |
|
|
|
|
Name : |
Mr. S. N. Inamdar |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. Vinay Kothari |
|
Designation : |
Director |
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|
|
|
Name : |
Mr. Sudhir Mehta |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. Bharat V.
Patel |
|
Designation : |
Director |
|
|
|
|
Name : |
Mrs. Anita
Ramchandran |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. Atul Chordia |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. S. A. Gundecha |
|
Designation : |
Non - Executive Director |
|
|
|
|
Name : |
Mr. Pratap V Pawar |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. S Padmanabhan |
|
Designation : |
Independent Director |
|
|
|
|
Name : |
Mr. L. Lakshman |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. R. B. Bhandari |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. Arun Seth |
|
Designation : |
Director |
KEY EXECUTIVES
|
Audit Committee : |
|
|
Name : |
Mr. Vinay Kothari |
|
Designation : |
Member |
|
|
|
|
Name : |
Mr. Pratap V Pawar |
|
Designation : |
Member |
|
|
|
|
Name : |
Mr. S Padmanabhan |
|
Designation : |
Member |
|
|
|
|
Name : |
Mr. S. A. Gundecha |
|
Designation : |
Member |
|
|
|
|
Name : |
Mr. Sanjay Bhandari |
|
Designation : |
Sr. GM Sales (Tractors) |
|
|
|
|
Name : |
Mr. Sunil
Dhadiwal |
|
Designation : |
GM Sales (Passenger
Vehicles) |
|
|
|
|
Name : |
Mr.
Sudhanshu Shiromani |
|
Designation : |
GM Sales (Goods
Vehicles) |
|
|
|
|
Name : |
Mr.
V.K.Magoon |
|
Designation : |
D.G.M.
(Sales) |
|
|
|
|
Name : |
Mr.Rajesh
Sharma |
|
Designation : |
D.M.
(Sales) |
|
|
|
|
Name : |
Mr. Bobby
Markose |
|
Designation : |
|
|
|
|
|
Name : |
Mr.
V.Ramakrishnan |
|
Designation : |
South I DDM
(Sales) |
|
|
|
|
SERVICE |
|
|
Name : |
Mr.
M.P.Kanade |
|
Designation : |
Vice
President (Corporate Quality and Product Support) |
|
|
|
|
Name : |
Mr. S.
Vijayan |
|
Designation : |
Sr.DM
(Service) |
|
|
|
|
Name : |
Mr. V. N. Bellary |
|
Designation : |
DDM
(Service) |
|
|
|
|
International Sales : |
|
|
Name : |
Mr. Abhay
Desai |
|
Designation : |
GM (International
Sales and Marketing) |
|
|
|
|
Name : |
Mr. Sachin
Dasharath |
|
Designation : |
D.M. (SAARC
Countries) |
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|
|
|
Name : |
Mr.
Ravindra Patki |
|
Designation : |
D.M.
(Africa, |
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|
|
|
Purchase : |
|
|
Name : |
Mr. Satish
Kumar Changede |
|
Designation : |
(Purchase) |
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|
|
|
Name : |
Mr.
Radhakrishnan |
|
Designation : |
Corporate
HR |
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|
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|
Name : |
Mr. Gogle |
|
Designation : |
Senior Manager – Finance |
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|
|
|
Name : |
Mr. A.G. Bhave |
|
Designation : |
Senior General Manager |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 31.12.2010
|
Category of
Shareholder |
No. of Shares |
% of total No.
of Shares |
|
|
|
|
|
(A) Shareholding of Promoter and Promoter Group |
|
|
|
|
|
|
|
|
533,230 |
4.05 |
|
|
6,285,042 |
47.70 |
|
|
6,818,272 |
51.75 |
|
|
|
|
|
Total shareholding of Promoter and Promoter Group (A) |
6,818,272 |
51.75 |
|
(B) Public Shareholding |
|
|
|
|
|
|
|
|
10,271 |
0.08 |
|
|
4,172 |
0.03 |
|
|
35,600 |
0.27 |
|
|
538,086 |
4.08 |
|
|
588,129 |
4.46 |
|
|
|
|
|
|
3,480,163 |
26.41 |
|
|
|
|
|
|
1,587,028 |
12.04 |
|
|
702,670 |
5.33 |
|
|
5,769,861 |
43.79 |
|
Total Public shareholding (B) |
6,357,990 |
48.25 |
|
Total (A)+(B) |
13,176,262 |
100.00 |
|
(C) Shares held by Custodians and against which Depository Receipts
have been issued |
- |
- |
|
|
- |
- |
|
|
- |
- |
|
|
- |
- |
|
Total (A)+(B)+(C) |
13,176,262 |
100.00 |
(1) Indian
Individuals / Hindu Undivided Family
Individual shareholders holding nominal
share capital up to Rs. 0.100 millionBUSINESS DETAILS
|
Line of Business : |
Design, development and manufacture of automotive
components, aggregates and vehicles |
||||||||
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|
|
||||||||
|
Products : |
·
Tempo
– Trax - 870210 ·
Minidor
- 870310 ·
Tempo Traveler – 870290 ·
Agricultural
Tractors ·
Diesel
Engines ·
Moulds ·
Dies ·
Press
Tools ·
Jigs
and Fixtures ·
3 Wheeler ·
HCV ·
LCV ·
MUV ·
Tractor
|
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Exports : |
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Products : |
Automobiles |
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Countries : |
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Imports : |
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Products : |
Raw Materials |
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Countries : |
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Terms : |
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Selling : |
Cash and Credit |
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Purchasing : |
Cash and Credit |
PRODUCTION STATUS [AS ON 31.03.2010]
|
Particulars |
Unit |
Licensed
Capacity |
Installed
Capacity |
Actual
Production |
|
|
|
|
|
|
|
(i) On-road automobiles having 4 or more wheels such as Light, Medium and Heavy Commercial Vehicles,
Jeep type vehicles and passenger cars |
In Nos. |
60000* |
55000 |
19881 |
|
(ii) Agricultural Tractor |
In Nos. |
12000 |
12000 |
616 |
|
(iii) Diesel Engines for other purposes |
In Nos. |
7500 |
6000 |
72 |
|
(iv) Moulds, Dies, Press Tools, Jigs & Fixtures |
In Nos. |
1000 |
500 |
1498** |
* Inclusive of a
capacity not exceeding 10,000 (10,000) numbers per annum for the
manufacture of three wheelers.
** Includes 1,312 (1,461)
Capitalised for self-use.
Note : Installed
Capacity is as estimated by the Managing Director and accepted by the Auditors
without verification.
GENERAL INFORMATION
|
Suppliers : |
·
Agricultural Engineering Corporation ·
Anand Traders ·
A.E. W. Industries ·
Anil Industries ·
Alankar Leather Industries ·
A.P. Industries, Acey Engineering Private Limited ·
Arasna Industries ·
Associated Foundries ·
Addon Engineering (P) Limited ·
Alankar Enterprises ·
Asda Exem Auto Aids Private Limited ·
Auto Engineers ( ·
Autoturn Industries ·
Arihant
Cables ·
Amol Auto Parts ·
Aroban Enterprises ·
Amol Engineering Works ·
Ashwini Precision Dies and Tools ·
Atul Engineers ·
Anjali T. Precision, Asian ·
Auto Parts ·
Akshay Industries ·
Arihant Industries ·
Amar Enterprises ·
Accumech Engineering ·
Bharat Engg. Corporation ·
Bhavani Industries ·
Bhavani Udyog ·
Balamba Industries ·
Bajaj Springs Udyog ·
·
Bond Safety Belts ·
Bhavani Enterprise ·
Bhavani Engineering ·
Chandan Foundry ·
Caravan Engineers ·
Caspro Metal Industries Private. Limited ·
Capstan Engineering Works ·
Crankofour ·
Chandan Polyproduct ·
Coussinet Engineers ·
Crushwell Engineers Private Limited. |
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Customers : |
· Wholesalers · Dealers |
||||||||||||||||||||||||
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|
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No. of Employees : |
Around 4662 |
||||||||||||||||||||||||
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|
||||||||||||||||||||||||
|
Bankers : |
·
State
Bank of ·
Canara
Bank ·
Standard
Chartered Grindlays Bank Limited ·
Citibank
NA ·
Bank
of ·
Bank
of ·
HDFC
Bank Limited |
||||||||||||||||||||||||
|
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|
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|
Facilities : |
Note: Item No.1 is secured
by hypothecation of company stock of raw materials, stock-in-process, stores,
finished goods, tolls and book debts, present and future, situated at Akurdi,
District Pune and Pithampur, District Dhar (MP), Charges created in favour of
banks to the company rank pari passu inter se. Item No. 2 is
secured by first charge on all fixed assets (including equitable mortgage
over land and building) and second charge on all current assets of the
company, both present and future, situated at Akurdi, District Pune and
Pithampur, District Dhar (MP), Charges created in favour of banks to the
company rank pari passu inter se.
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
P. G. Bhagat Chartered
Accountant |
|
Address : |
Pune, |
|
|
|
|
Cost Auditors: |
Joshi Apte and Associates Chartered
Accountants |
|
Address : |
Pune, |
|
|
|
|
Subsidiaries / Associates : |
-
Jaya Hind Investments Private Limited -
Jaya Hind Industries Limited -
Pinnacle Industries Limited |
|
|
|
|
Joint Venture
Company : |
Man Force Truck Private Limited |
CAPITAL STRUCTURE
AS ON 31.03.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
20000000 |
Equity Shares |
Rs.10/- Each |
Rs.200.000
Millions |
Issued Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
13213802 |
Equity Shares |
Rs.10/- Each |
Rs.132.138
Millions |
Subscribed
& Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
13176262 |
Equity
shares fully paid up |
Rs.10/- Each |
Rs.131.763
Millions |
|
|
[ of the above
200918 (200918) Equity Share are allowed as fully paid share pursuant to a
contract without payment being received in cash and 5729934 (5729934) Equity
Share are allotted as fully paid Bonus Shares by capitalization of reserves] |
|
|
|
Add : |
Amount paid on
forfeited shares |
|
Rs.0.028 Million |
|
|
Total |
|
Rs.131.790 Millions |
Note: Offer
on right basis for 17932 (17932) Equity Share of Rs.10/- each is kept in
abeyance as per provision of section 206A of the companies Act, 1956
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 |
131.790 |
131.790 |
131.790 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
2701.373 |
2143.396 |
897.766 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
2833.163 |
2275.186 |
1029.556 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
620.027 |
940.844 |
1874.732 |
|
|
2] Unsecured Loans |
858.283 |
668.379 |
1784.445 |
|
|
TOTAL BORROWING |
1478.310 |
1609.223 |
3659.177 |
|
|
DEFERRED TAX LIABILITIES |
88.029 |
338.229 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
4399.502 |
4222.638 |
4688.733 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
2843.098 |
2892.550 |
2856.226 |
|
|
Capital work-in-progress |
122.314 |
201.517 |
345.560 |
|
|
|
|
|
|
|
|
INVESTMENT |
567.446 |
571.567 |
726.003 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
137.142 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
1937.268
|
1960.312
|
2406.748 |
|
|
Sundry Debtors |
1502.273
|
1228.913
|
1251.849 |
|
|
Cash & Bank Balances |
257.092
|
166.268
|
172.834 |
|
|
Other Current Assets |
0.302
|
0.463
|
0.349 |
|
|
Loans & Advances |
647.548
|
709.895
|
690.918 |
|
Total
Current Assets |
4344.483
|
4065.851
|
4522.698 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
2357.300
|
2399.233
|
2995.755 |
|
|
Current Liabilities |
680.611
|
697.820
|
532.143 |
|
|
Provisions |
439.928
|
411.794
|
370.998 |
|
Total
Current Liabilities |
3477.839
|
3508.847
|
3898.896 |
|
|
Net Current Assets |
866.644
|
557.004
|
623.802 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
4399.502 |
4222.638 |
4688.733 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
9555.502 |
7490.655 |
9050.624 |
|
|
|
Other Income |
963.068 |
3669.353 |
654.366 |
|
|
|
TOTAL (A) |
10518.570 |
11160.008 |
9704.990 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Raw Material Consumed |
7328.562 |
6462.379 |
7214.438 |
|
|
|
Expenses included in above items, Capitalised |
(67.685) |
(72.201) |
(6.771) |
|
|
|
Other Expenditure |
2408.890 |
2450.431 |
2913.995 |
|
|
|
TOTAL (B) |
9669.767 |
8840.609 |
10121.662 |
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
848.803 |
2319.399 |
(416.672) |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
419.955 |
418.256 |
390.157 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
428.848 |
1901.143 |
(806.829) |
|
|
|
|
|
|
|
|
|
Less |
TAX (I) |
(175.378) |
655.513 |
29.689 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-I) (J) |
604.226 |
1245.630 |
(836.518) |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
887.469 |
(358.161) |
478.357 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Transfer to General Reserve |
60.423 |
0.000 |
0.000 |
|
|
|
Proposed Dividend |
39.529 |
0.000 |
0.000 |
|
|
|
Provision for Tax on Distributed
Profit |
6.720 |
0.000 |
0.000 |
|
|
BALANCE CARRIED
TO THE B/S |
1385.023 |
887.469 |
(358.161) |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Export On FOB Basis |
269.640 |
300.847 |
385.936 |
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
26.750 |
98.678 |
109.819 |
|
|
|
Components |
1057.993 |
1240.857 |
1046.593 |
|
|
|
Stores & Spares |
0.000 |
0.341 |
0.097 |
|
|
|
Capital Goods |
3.113 |
0.152 |
37.445 |
|
|
|
Machinery Spares, Tools and Others |
12.777 |
18.323 |
19.164 |
|
|
TOTAL IMPORTS |
1100.633 |
1358.351 |
1213.118 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
45.86 |
94.54 |
(63.49) |
|
QUARTERLY RESULTS
|
PARTICULARS |
30.06.2010 [1st
Quarter] |
30.09.2010 [2nd
Quarter] |
31.12.2010 [3rd
Quarter] |
|
Net Sales |
3143.830 |
3742.690 |
3844.260 |
|
Total Expenditure |
2799.830 |
3440.690 |
3520.520 |
|
PBIDT (Excl OI) |
344.000 |
302.000 |
323.740 |
|
Other Income |
1.520 |
6.100 |
10.400 |
|
Operating Profit |
345.520 |
308.100 |
334.140 |
|
Interest |
37.790 |
42.780 |
50.940 |
|
Exceptional Items |
0.000 |
0.000 |
0.000 |
|
PBDT |
307.730 |
265.320 |
283.200 |
|
Depreciation |
103.570 |
109.890 |
113.600 |
|
Profit Before Tax |
204.160 |
155.430 |
169.610 |
|
Tax |
94.690 |
23.810 |
33.860 |
|
Provisions and contingencies |
0.000 |
0.000 |
0.000 |
|
Profit After Tax |
109.470 |
131.620 |
135.750 |
|
Extraordinary Items |
0.000 |
0.000 |
0.000 |
|
Prior Period Expenses |
0.000 |
0.000 |
0.000 |
|
Other Adjustments |
0.000 |
0.000 |
0.000 |
|
Net Profit |
109.470 |
131.620 |
135.750 |
KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
PAT / Total Income |
(%) |
5.74
|
11.16
|
(8.62) |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
4.49
|
25.38
|
(8.91) |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
5.97
|
55.11
|
(10.93) |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.15
|
0.84
|
0.78 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
1.75
|
2.25
|
7.34 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.25
|
1.16
|
1.16 |
LOCAL AGENCY FURTHER INFORMATION
SUNDRY CREDITORS
DETAILS
Rs in Millions
|
PARTICULARS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
|
|
|
|
|
Sundry Creditors |
2357.300
|
2399.233
|
2995.755 |
|
|
|
|
|
HISTORY
Subject is an integrated automobile company, which focuses
on design, development and manufacture of automotive components, aggregates and
vehicles in
Financial Results
The gross sales
for the year under report increased to Rs. 10753.200 Millions against the
previous year's sale of Rs. 8652.800 Millions representing a significant growth
of 24.27%.
Name Change
As reported
earlier, the litigation about name change is still pending before the Hon'ble
High Court of Judicature at Mumbai.
Industrial
Relations
The litigation
connected with recognition of labour union at the Company's Akurdi, Pune Plant
is still pending before the Hon'ble Supreme Court of India. The industrial
relations at the Pithampur Plant continued to be cordial. The Company signed a
Wage Settlement for the workmen employed at Pithampur. This new settlement
shall remain in force upto 31st March, 2013.
Foreign
Collaborations
During the year
under report the discussions, with ZF Friedrichshafen AG (ZF), in respect of return
of licenses terminated without any change in the existing licensing arrangement
in respect of 9-Speed Gear Box (E-21 9S-1110) and 6-Speed Gear Box (6S-850).
This termination has resulted in retention of a sum of € 3,000,000 by the
Company, out of the advance received from ZF.
The Company
continues to have the benefit of technical assistance from Dr.Rolf Bacher,
MANAGEMENT
DISCUSSION AND ANALYSIS
I. INDUSTRY
STRUCTURE AND DEVELOPMENTS
During the
Financial Year 2009-10 the Country achieved significant growth in all segments
of the economy. The Automobile Industry witnessed one of the best growth years.
The Commercial Vehicle Segment of the market achieved 31% growth over the
previous year 2008-09. The complexion of the market continued to change, with
the process of substitution of 3-Wheeled Small Commercial Vehicles by the
larger 4-Wheelers. This segment of 1 ton 4-Wheelers evidenced major growth.
Demand for Tractors also witnessed a growth. The Government's efforts to boost
economic growth by stimulus, including reduced rate of taxes proved to be the
major contributorforthis expansion in demand.
II. PERFORMANCE OF
THE COMPANY
During the year
under report the Company achieved higher turnover and sold 12,809 numbers of
Light Commercial Vehicles, (including Small Commercial Vehicles), 7,176 numbers
of Multi Utility Vehicles and 612 numbers of Tractors and thus achieved a
growth of 27.57% in the sales turnover, which stood at Rs. 9555.500 Millions
compared to the previous year's sales turnover of Rs. 7490.600 Millions.
The face lifted
and re-engineered Traveller Range of Vehicles was well received by the market.
In spite of stepmotherly treatment meted out to Multi Utility Vehicles for
taxation, these types of vehicles being customer friendly and perfectly suited
for public transport witnessed some growth, inspite of adverse taxation. These
vehicles are sold as people carriers - much appreciated in rural areas, for
their spacious interiors and rugged reliability. The Company, as stated above,
could achieve sale of 7,176 numbers of TRAX Vehicles.
The Company
introduced new models of Small Commercial Vehicles having carrying capacity
both below and above 1 ton, with the brand "TRUMP". The new offerings
- TRUMP 15 and TRUMP 40 – received good response from the market and the
Company could sell over 2,800 numbers of these vehicles in this introductory
phase.
The Company has
developed a completely new platform for the SUV segment. The new CRDI TD-22
engine based on the OM611 and the matching G-32 gearbox, both licensed by
Daimler A.G. are integrated into this. The body, interiors and features offered
are in the category of high quality SUVs. The prototype of these vehicles are
under testing. The Company proposes to introduce this product before end of
2010-11.
In order to
exploit the industrial land owned by the Company at Chakan, during the year
under report the Company entered into a lease agreement with a leading capital
goods manufacturing company, granting about two and a half hectares of the
land, with building, on lease for ten years.
HEAVY COMMERCIAL
VEHICLES AND JOINT VENTURE OF THE COMPANY - MAN FORCE TRUCKS PRIVATE LIMITED
As reported
earlier, the Company's joint venture with MAN Nutzfahrzeuge AG,
Exports : Exports in large
quantities was a cornerstone for formation of JV with MAN. However, the export
of Heavy Commercial Vehicles has not yet reached the expected and planned
levels, as originally envisaged by the Joint Venture Partners.
Tippers : MFTPL's
development efforts for offering power moderated "Tippers" for mining
and construction industries are a success. The power optimized new tippers
25.220, 16.220 also 31.280, are very well accepted by the market. The sale of
these products assisted MFTPL to achieve a turnover of Rs. 4093.400 Millions
for the year 2009-10 compared to Rs. 1662.900 Millions for the year 2008-09.
The sale of these new products significantly contributed to this improvement.
Haulage Trucks : The development efforts
at the JV, to offer optimized vehicles with "low power density" and
cost effective cabins, and cowls, for the Indian haulage market, has also not
yet resulted into introduction of such a range of vehicles during the year
under report. The Company is in continuous discussions with the Joint Venture
Partner, to realign the product mix etc. to improve the performance of MFTPL.
The Company's
Research and Development Department is continuously assisting the JV - MFTPL,
to develop suitable offerings for this major segment of the Heavy Commercial
Vehicle Market.
FINANCIAL
PERFORMANCE
As stated above,
the Company sold 20,594 numbers of vehicles during the financial year 2009-10
compared to 17,173 vehicles in the previous year 2008-09. However the proportion
of LCVs and UVs has increased in relation to the SCV (Small Commercial
Vehicles) like the Minidor.
The Profit before
Interest and Tax, from operations, excluding the exceptional items, was Rs.
387.600 Millions compared to operating loss for the previous year 2008-09
amounting to Rs. 809.700 Millions. Two exceptional items of income resulted in
a gain of Rs.216.600 Millions. This gain arose from sale of shares and revision
in technology arrangements. The net profit of the Company after interest, depreciation,
tax and after considering the exceptional items, was Rs. 604.200 Millions for
the year 2009-10 as compared to Rs. 1245.600 Millions for the year 2008-09 in
which year though the exceptional item/gain was higher at Rs. 3063 Millions.
Considering the improved operating performance of the Company, the Board of
Directors of the Company has recommended a dividend of Rs. 3.00 per share on
1,31,76,262 equity shares of Rs. 10 each for the consideration of the Members.
As per the
applicable legal provisions, a sum of Rs. 60.422 Millions is transferred to the
General Reserve Account. The Reserves and Surplus of the Company as on 31st March, 2010 stood at Rs. 2701.373 Millions.
Contingent
Liability in respect of:
[AS ON 31.03.2010]
|
PARTICULARS |
Rs in Millions |
|
(a) Letters of
Credit and Bank Guarantees outstanding |
167.731 |
|
(b) Taxes and
Duties |
177.007 |
|
(c) Others |
208.623 |
Based on the
allegation that Education Cess is payable on Automobile Cess, the Central Excise
Department, Pithampur, issued four Show Cause Notices in respect of Excise Duty
paid by utilising Cenvat Credit availed by the Company demanding duty of Rs.
2750.392 Millions. The very basis of this alleged demand does not survive, in
view of the subsequent decision of the Excise Authorities at Pithampur that the
Education Cess is not payable on Automobile Cess.
(d) A foreign
company has initiated legal proceedings in a court, having no jurisdiction, claiming
notional and unfounded damages, relating to export business, which was not
entered into by the Company. The Company has not submitted to the jurisdiction
of the foreign court, as advised..
UNAUDITED
FINANCIAL RESULTS (PROVISIONAL) FOR THE QUARTER ENDED 31st DECEMBER,
2010
Rs in Millions
|
Sl.# |
Particulars |
9 Months Ended 31.12.2010 Unaudited |
|
1 |
Net Sales / Income from Operations |
10100.910 |
|
|
Other Operating Income |
629.868 |
|
2 |
Expenditure : |
|
|
|
a) (Increase) / Decrease in Stock in trade and Work in
Progress |
(243.779) |
|
|
b) Consumption of Raw Materials |
7835.607 |
|
|
c) Employees Cost |
1396.648 |
|
|
d) Depreciation |
327.050 |
|
|
e) Other Expenditure |
772.577 |
|
|
f) Total |
10088.103 |
|
3 |
Profit from Operations before Other income, Interest and
Exceptional Items (1-2) |
642.675 |
|
4 |
Other Income |
18.022 |
|
5 |
Profit before Interest and Exceptional Items (3+4) |
660.697 |
|
6 |
Interest and Finance Charges |
131.504 |
|
7 |
Profit after Interest but before Exceptional Items (5-6) |
529.193 |
|
8 |
Exceptional Items |
0.000 |
|
9 |
Profit (+)/ Loss(-) from Ordinary Activities before tax
(7+8) |
529.193 |
|
10 |
Tax Expense |
152.360 |
|
11 |
Profit (+)/ Loss(-) from Ordinary Activities after Tax
(9-10) |
376.833 |
|
12 |
Extraordinary Items (Net of Taxes) |
0.000 |
|
13 |
Net Profit (+)/ Loss(-) for the period (11-12) |
376.833 |
|
14 |
Paid-up Equity Share Capital(Face Value of Rs. 10 per
share) |
131.790 |
|
15 |
Reserves excluding Revaluation Reserves as per balance
sheet of previous accounting year |
-- |
|
16 |
Earnings per Share (EPS) a) Basic and diluted EPS before Extraordinary items for
the period, for the year to date and for the previous year (not to be
annualized) |
28.60 |
|
17 |
Public shareholding |
|
|
|
- Number of shares |
6357990 |
|
|
- Percentage of shareholding |
48.25 |
|
18 |
Promoters and Promoter Group Shareholding (a) Pledged /
Encumbered |
|
|
|
Number of shares |
-- |
|
|
Percentage of shares (as a % of the total shareholding of
promoter and promoter group) |
-- |
|
|
Percentage of shares (as a % of the total share capital of
the Company) |
-- |
|
|
|
|
|
|
(b) Non-encumbered |
|
|
|
Number of shares |
6818272 |
|
|
Percentage of shares (as a % of the total shareholding of
promoter and promoter group) |
100.00 |
|
|
Percentage of shares (as a % of the total share capital of
the Company) |
51.75 |
FIXED ASSETS:
·
Intangible Assets
·
Free
·
Lease hold Land
·
Building
·
Plant, Machinery and Equipment
·
Dies and jigs
·
Electric Installation
·
Furniture and Fixtures
·
Electric Fittings
·
Vehicles
·
Aircraft
AS PER WEBSITE DETAILS
Heritage
Late
Shri N.K.Firodia, a dedicated Gandhian and Visionary Industrialist, was the
Founder-Managing Director of Force Motors. Having participated in the freedom
struggle for
On 15th
August 1957, the 10th anniversary of Indian independence, Mr. N.K.Firodia
signed a collaboration with Vidal and Sohn Tempo Werke GmbH for phased
manufacturing of TEMPO 3-WHEELER and manufacturing was started in a small plant
at Goregaon,
Expanding
the business in 1961, the Company acquired about 150 acres of land in Akurdi
near Pune. The production was transferred to Pune by the end of 1964. Ambitious
plans for producing Light Commercial Vehicles for the growing industrial
economy of
The
VIKING vehicle subsequently was upgraded with a diesel engine and the MATADOR
was born. The production of Matador commenced in 1969. In 1975, the
manufacturing capacity of the company was increased to 12,000 vehicles per
year, in addition to 6,000 diesel engines for other purposes.
The
collaborator company in
The TRAX
Vehicle, specifically designed for the rough roads of rural
To
further modernise its LCV product range, the Company took up the production of
the TRAVELLER, under licence from Daimler-Benz. A new Plant was set up in 1987,
on a
News and Events
The
Presence in Health Exibition 2010 In
The
Confederation of Indian Industry (CII) and Bangalore International Exhibition
Services (BIES) organized ‘Healthex 2010’ 16th July 2010 :
The Confederation of Indian Industry (CII) and Bangalore
International Exhibition Services (BIES) organized ‘Healthex 2010’, from 16th -
19th July, 2010, an International Exhibition on Medical, Surgical and
Diagnostic equipments, Technology, Materials, Supplies and allied services at
Bangalore International Exhibition Center.
Being an ideal platform to showcase medical equipment we actively participated
in this exhibition with our Special Care Trauma Traveller Ambulance and Standard
Traveller Ambulance products. Our stall was strategically positioned at a
prominent locations and displayed our Special Care Trauma Traveller Ambulance
which became the talk of the exhibition. Our uniquely designed stall stood
apart with its stylishly planned front fascia, ample space for visitors, apt
positioning of products and fresh branding graphics.
This exhibition saw over 5000 visitors in three days which included several
prospective customers from various hospitals and large medical institutions.
The ambulance was much appreciated and was seen as a huge advantage by senior
decision makers from hospitals. These senior executives clearly saw the
additional benefits of a factory built offering and our price range over the
competitors like TATA, Swaraj Mazda. This exhibition has been a major boost to
us, Force Motors having conquered more than 70% of the whole Ambulance Market
in
The Force Team was equally excited about customer response received with more
than 80 enquires at one go... Time to pull up our socks and get into fast
forward mode in converting the enquires.
It’s end of the road for Force
Motors’ Minidor
Force Motors stops manufacture of 15-yr old MinidorEconomic
Times PUNE : 30th August 2010
Having pioneered the term ‘autorickshaw’, for a motorised
rickshaw as against the cycle or hand-pulled one, Force Motors (earlier Bajaj
Tempo) has discontinued manufacture of its 15-year old three-wheeler, the
Minidor. Company chairman, AN Firodia, was categorical that this was not an
exit from the three-wheeler segment — a segment which they carved out and even
named decades ago.
In a move away from its traditional sector, of being a public transport
carrier, it is aiming at the personal vehicle user. For its passenger car
foray, it has chosen to enter via the Sports Utility Vehicle (SUV) segment, Mr
Firodia said.
“We will launch a sports utility vehicle (SUV) sometime this year. We do not
have a product in this segment, but we have developed a new platform which will
allow us to launch a stylish new vehicle in a segment which is very popular. We
are in the rural market with the Trax, which is rural multi-utility vehicle
used as a rural taxi in those states that allow it. The SUV is a completely
different segment from the Trax, though,” he said.
Mr Firodia said its equal joint venture with MAN
Nutzfahrzeuge — MAN Force, which currently makes heavy commercial trucks, will
roll out the first of the inter-city coaches by Diwali, since they need time to
seed the market first.
“The inter-city coach has been fully localised and the body is being built by
Azad of Jaipur. The bus, like the trucks, will carry the MAN brand. Although we
have the flexibility to brand the trucks as Force, we have not done so because
we are concentrating on only the top end. This will be applicable to the bus
business, too,” Mr Firodia stated, adding that they will establish this product
first and then look at other products, like low floor city buses.
Till now, Force Motors had three platforms, catering mainly to the rural,
multi-utility or mass transport markets, comprising the Trump a small
commercial vehicle, the Trax a multi-utility vehicle for rural markets and the
Traveller, a city coach. The SUV will be in a different segment while its bus
business is not in the volume products.
Mr Firodia explained that they stopped making the three-wheeler Minidor from
April since it does not meet Bharat Stage III emission norms. He added, “There
is no market for the product in this configuration, for us to upgrade to BS IV,
but we have not exited the segment and we could look at it later.”
Force Motors has manufacturing presence in Akurdi near Pune and Pithampur, near
Sounding a commonly heard refrain, Mr Firodia said component manufacturers are
unable to cope with the demand surge. “We could sell up to 2,000 units a month
of the Trump, our small light commercial vehicle but we are actually doing only
around 600 a month. That is because of the shortages of components, from tyres
to rotary fuel pumps.
That is also applicable to castings and forgings: demand is very high and they
are not available with this sudden crank up in demand. These supplier
constraints are affecting MAN Force Trucks, our joint venture, too,” Mr Firodia
remarked.
With
excess capacity in its tool room, the OEM is in talks to contract out these
capacities.
Mr Firodia explained the move, saying, “We have enough tool room capacities and
though these are not going a-begging, we can sell upto 50% of that capacity.
Talks are on but nothing has been finalised so far. We are trying to sell tool
room capacities because we have both, the capacity and the capability.”
Force Motors is a low profile, still unfashionably vertically integrated mainly
commercial vehicle maker, making its own engines, chassis, gear boxes, axles,
etc for its entire product range. As a component maker, Force Motors is the
sole supplier of engines to Mercedes Benz
Referring to the JV, Mr Firodia said, “We expect to sell 5,000 trucks this
year, however, there are supplier constraints which is affecting us. We had
intended to import the bigger TGA trucks into
So, we will focus on the range built here and improve our footprint with more
variants. We also need to bring in more haulage vehicles with lower power
ratings than European ones, since that is a market need. Our partner, MAN,
handles exports and we would like to see more of that.”
CMT REPORT (Corruption, Money Laundering and 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.44.78 |
|
|
1 |
Rs.71.64 |
|
Euro |
1 |
Rs. 62.96 |
SCORE and 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 |
6 |
|
--PROFITABILIRY |
1~10 |
6 |
|
--LIQUIDITY |
1~10 |
6 |
|
--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 |
|
50 |
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 |
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.