1. Summary Information
|
|
|
Country |
India |
|
Company Name |
BAJAJ AUTO LIMITED |
Principal Name 1 |
Mr. Madhur Bajaj |
|
Status |
Good |
Principal Name 2 |
Mr. Rahul Bajaj |
|
|
|
Registration # |
25-130076 |
|
Street Address |
Bajaj Auto
Limited Complex, Mumbai - Pune Road, Akurdi, Pune - 411 035, Maharashtra |
||
|
Established Date |
30.04.2007 |
SIC Code |
-- |
|
Telephone# |
91-20-27472851 |
Business Style 1 |
Manufacturers |
|
Fax # |
91-20-27407380 |
Business Style 2 |
Exporter |
|
Homepage |
Product Name 1 |
Two Wheelers and. |
|
|
# of employees |
2802
[Approximately] |
Product Name 2 |
Three Wheelers |
|
Paid up capital |
Rs.2,893,700,000/-
|
Product Name 3 |
-- |
|
Shareholders |
Shareholding of Promoter and Promoter Group 50.05%, Public Shareholding 49.95% |
Banking |
Central Bank of India |
|
Public Limited Corp. |
Yes |
Business Period |
5 years |
|
IPO |
Yes |
International Ins. |
- |
|
Public |
Yes |
Rating |
A (63) |
|
Related
Company |
|||
|
Relation |
Country
|
Company
Name |
CEO |
|
Holding company, subsidiaries and fellow
subsidiary : |
Netherlands |
Amsterdam Netherlands |
-- |
|
Note |
- |
||
2. Summary
Financial Statement
|
Balance Sheet as of |
31.03.2011 |
(Unit: Indian Rs.) |
|
|
Assets |
Liabilities |
||
|
Current Assets |
23,253,100,000 |
Current Liabilities |
24,266,500,000 |
|
Inventories |
5,472,800,000 |
Long-term Liabilities |
3,251,500,000 |
|
Fixed Assets |
14,784,300,000 |
Other Liabilities |
15,583,400,000 |
|
Deferred Assets |
000 |
Total Liabilities |
43,101,400,000 |
|
Invest& other Assets |
48,693,400,000 |
Retained Earnings |
46,208,500,000 |
|
|
|
Net Worth |
49,102,200,000 |
|
Total Assets |
92,203,600,000 |
Total Liab. & Equity |
92,203,600,000 |
|
Total Assets (Previous Year) |
85,435,800,000 |
|
|
|
P/L Statement as of |
31.03.2011 |
(Unit: Indian Rs.) |
|
|
Sales |
1,59,981,200,000 |
Net Profit |
33,397,300,000 |
|
Sales(Previous yr) |
1,15,085,000,000 |
Net Profit(Prev.yr) |
17,036,300,000 |
MIRA
INFORM REPORT
|
Report Date : |
15.11.2011 |
IDENTIFICATION DETAILS
|
Name : |
BAJAJ AUTO LIMITED (w.e.f. 05.03.2008) |
|
|
|
|
Formerly Known as: |
BAJAJ HOLDINGS AND INVESTMENTS LIMITED |
|
|
|
|
Registered Office : |
Bajaj Auto Limited
Complex, Mumbai-Pune Road, Akurdi, Pune-411035, Maharashtra |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as on) : |
31.03.2011 |
|
|
|
|
Date of Incorporation : |
30.04.2007 |
|
|
|
|
Com. Reg. No.: |
25-130076 |
|
|
|
|
Capital Investment
/ Paid-up Capital : |
Rs.2893.700
Millions |
|
|
|
|
CIN No.: [Company
Identification No.] |
L65993PN2007PLC130076
|
|
|
|
|
TAN No.: [Tax
Deduction & Collection Account No.] |
PNEB05807E |
|
|
|
|
PAN No.: [Permanent
Account No.] |
AADCB2923M |
|
|
|
|
Legal Form : |
Public Limited
Liability Company. The company’s shares are listed on the stock exchanges. |
|
|
|
|
Line of Business : |
Manufacturers and
Exporter of Two and Three Wheelers. |
|
|
|
|
No. of Employees : |
2802 [Approximately] |
RATING & COMMENTS
|
MIRA’s Rating : |
A (63) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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 |
|
Maximum Credit Limit : |
USD 190000000 |
|
|
|
|
Status : |
Good |
|
|
|
|
Payment Behaviour : |
Regular |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is a well
established and a reputed company having fine track. Financial position of
the company appears to be sound. 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 – September 30, 2011
|
Country Name |
Previous Rating (30.06.2011) |
Current Rating (30.09.2011) |
|
|
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. Das |
|
Designation : |
Finance Manager |
|
Contact No.: |
91-20-27472851 |
LOCATIONS
|
Registered/ Head Office/ Factory 1 : |
Bajaj Auto
Limited Complex, Mumbai-Pune Road, Akurdi, Pune-411035, Maharashtra, India |
|
Tel. No.: |
91-20-27472851/
27406603 / 27406063 / 27406281/ 27406137 |
|
Fax No.: |
91-20-27407380 /
27407392 |
|
E-Mail : |
|
|
Website : |
|
|
|
|
|
Factory 2 : |
Bajaj Nagar, Waluj, |
|
|
|
|
Factory 3 : |
MIDC, Plot No. A1,
Mahalunge Village, Chakan Industrial Area, Chakan, Pune-410501, Maharashtra,
India |
|
|
|
|
Factory 4 : |
Plot No. 2,
Sector -10, IIE Pant Nagar, Udham Singh Nagar-263531, Uttarkhand, India |
DIRECTORS
As on 31.03.2011
|
Name : |
Mr. Rahul Bajaj |
|
Designation : |
Chairman |
|
|
|
|
Name : |
Mr. Madhur Bajaj |
|
Designation : |
Vice Chairman |
|
|
|
|
Name : |
Mr. Rajiv Bajaj |
|
Designation : |
Managing Director |
|
|
|
|
Name : |
Mr. Sanjiv Bajaj |
|
Designation : |
Executive Director |
|
|
|
|
Name : |
Mr. Kantikumar R.
Podar |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. Shekhar Bajaj |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. D.J. Balaji
Rao |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. D.S. Mehta |
|
Designation : |
Whole-time Director |
|
|
|
|
Name : |
Mr. J.N. Godrej |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. S.H. Khan |
|
Designation : |
Director |
|
|
|
|
Name : |
Ms. Suman
Kriloskar |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. Naresh Chandra |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. Nanoo Pamnani |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. Manish Kejriwal |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. P. Murari |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. Niraj Bajaj |
|
Designation : |
Director |
KEY EXECUTIVES
|
Name : |
Mr. Pradeep Shrivastava |
|
Designation : |
Chief Operating Officer |
|
|
|
|
Name : |
Mr. Abraham Joseph |
|
Designation : |
Chief Technology Officer |
|
|
|
|
Name : |
Mr. S Sridhar |
|
Designation : |
President
(Motorcycle Business) |
|
|
|
|
Name : |
Mr. R C Maheshwari |
|
Designation : |
President
(Commercial Vehicle Business) |
|
|
|
|
Name : |
Mr. Rakesh Sharma |
|
Designation : |
President
(International Business) |
|
|
|
|
Name : |
Eric Vas |
|
Designation : |
President (New
Projects) |
|
|
|
|
Name : |
Mr. K Srinivas |
|
Designation : |
President
(Retail Finance) |
|
|
|
|
Name : |
Mr. Kevin D’sa |
|
Designation : |
President
(Finance) |
|
|
|
|
Name : |
Mr. S Ravikumar |
|
Designation : |
Senior Vice President (Business Development and Assurance) |
|
|
|
|
Name : |
Mr. Amrut Rath |
|
Designation : |
Vice President
(Human Resources) |
|
|
|
|
Name : |
Mr. C P Tripathi |
|
Designation : |
Vice President (CSR) |
|
|
|
|
Name : |
Mr. J Sridhar |
|
Designation : |
Company Secretary |
|
|
|
|
Name : |
Mr. Das |
|
Designation : |
Finance Manager |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 30.09.2011
|
Category of
Shareholder |
Total No. of
Shares |
Total
Shareholding as a % of total No. of Shares |
|
(A) Shareholding of Promoter and Promoter Group |
|
|
|
|
|
|
|
|
12,808,410 |
4.43 |
|
|
131,924,922 |
45.62 |
|
|
144,733,332 |
50.05 |
|
|
|
|
|
Total shareholding of Promoter and Promoter Group (A) |
144,733,332 |
50.05 |
|
(B) Public Shareholding |
|
|
|
|
|
|
|
|
8,490,757 |
2.94 |
|
|
181,070 |
0.06 |
|
|
15,417,618 |
5.33 |
|
|
46,086,875 |
15.94 |
|
|
70,176,320 |
24.27 |
|
|
|
|
|
|
25,425,465 |
8.79 |
|
|
|
|
|
|
15,946,161 |
5.51 |
|
|
31,606,081 |
10.93 |
|
|
1,283,413 |
0.44 |
|
|
1,281,531 |
0.44 |
|
|
1,850 |
- |
|
|
32 |
- |
|
|
74,261,120 |
25.68 |
|
Total Public shareholding (B) |
144,437,440 |
49.95 |
|
Total (A)+(B) |
289,170,772 |
100.00 |
|
(C) Shares held by Custodians and against which Depository Receipts
have been issued |
- |
- |
|
|
- |
- |
|
|
196,248 |
- |
|
|
196,248 |
- |
|
Total (A)+(B)+(C) |
289,367,020 |
- |
BUSINESS DETAILS
|
Line of Business : |
Manufacturers and
Exporter of Two and Three Wheelers. |
||||
|
|
|
||||
|
Products : |
|
PRODUCTION STATUS (AS ON 31.03.2011)
|
Particulars |
Unit |
Licensed
Capacity |
Installed
Capacity |
Actual
Production |
|
Two Wheelers and Three Wheelers upto 350 CC Engine Capacity [Including two wheelers c. k. d. packs 200000 nos.] |
Nos. |
1639350 |
5040000 |
3844438 |
Note:
(a) Licensed
Capacity is stated as per the Original Licence held by the erstwhile Bajaj Auto
Limited (pre-demerger). However, the Company’s products are exempt from
licensing requirements under New Industrial Policy in terms of notification no.
S.O. 477 (E) dated 25 July1991.
(b) As certified by the COO and being a technical matter, accepted by the
Auditors as correct.
GENERAL INFORMATION
|
No. of Employees : |
2802
[Approximately] |
||||||||||||||||||||||||||||||
|
|
|
||||||||||||||||||||||||||||||
|
Bankers : |
|
||||||||||||||||||||||||||||||
|
|
|
||||||||||||||||||||||||||||||
|
Facilities : |
|
|
|
|
|
Banking Relations
: |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
Dalal and Shah Chartered Accountants |
|
|
|
|
Cost Auditors : |
A.P. Raman Cost Accountants |
|
|
|
|
Holding company, subsidiaries and fellow subsidiary : |
|
|
|
|
|
Associates, joint ventures and investing parties : |
|
CAPITAL STRUCTURE
As on 31.03.2011
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
300000000 |
Equity Shares |
Rs.10/- each |
Rs.3000.000 Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
289367020 |
Equity Shares |
Rs.10/- each |
Rs.2893.700
Millions |
NOTE:
*Of the above:-
1. 101,183,510 Equity shares were allotted
as fully paid-up pursuant to the scheme of arrangement of demerger of erstwhile
Bajaj Auto Limited (now Bajaj Holdings and Investment Limited).
2. 1,805,071 Equity Shares thereof
are deemed to be issued by way of Euro Equity Issue represented by Global
Depository Receipts (GDR) evidencing Global Depository Shares outstanding on
the record date. Outstanding GDRs at the close of the year were 220,134
(127,902).
3. 144,683,510 Equity
shares were allotted as fully paid Bonus Shares by way of Capitalization of
Reserves during the year.
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
2893.700 |
1446.800 |
1446.800 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
46208.500 |
27836.600 |
17250.100 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
49102.200 |
29283.400 |
18696.900 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
235.300 |
129.800 |
0.000 |
|
|
2] Unsecured Loans |
3016.200 |
13256.000 |
15700.000 |
|
|
TOTAL BORROWING |
3251.500 |
13385.800 |
15700.000 |
|
|
DEFERRED TAX LIABILITIES |
297.100 |
16.900 |
41.900 |
|
|
|
|
|
|
|
|
TOTAL |
52650.800 |
42686.100 |
34438.800 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
14784.300 |
14795.900 |
15260.300 |
|
|
Capital work-in-progress |
698.600 |
415.200 |
220.600 |
|
|
|
|
|
|
|
|
INVESTMENT |
47952.000 |
40215.200 |
18085.200 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
Technical Know-how |
42.800 |
0.000 |
162.600 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
5472.800
|
4462.100
|
3388.400
|
|
|
Sundry Debtors |
3627.600
|
2728.400
|
3586.500
|
|
|
Cash & Bank Balances |
5564.900
|
1014.100
|
1368.700
|
|
|
Other Current Assets |
2164.200
|
1059.700
|
1256.800
|
|
|
Loans & Advances |
11896.400
|
20745.200
|
13652.300
|
|
Total
Current Assets |
28725.900
|
30009.500
|
23252.700 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
19430.800
|
15712.000 |
7999.800 |
|
|
Other Current Liabilities |
4835.700
|
4550.500
|
4134.300
|
|
|
Provisions |
15286.300
|
22487.200
|
12241.500
|
|
Total
Current Liabilities |
39552.800
|
42749.700
|
24375.600 |
|
|
Net Current Assets |
(10826.900)
|
(12740.200)
|
(1122.900)
|
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
1833.000 |
|
|
|
|
|
|
|
|
TOTAL |
52650.800 |
42686.100 |
34438.800 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
159981.200 |
115085.000 |
84369.400 |
|
|
|
Other Income |
9766.200 |
5349.800 |
4953.200 |
|
|
|
TOTAL (A) |
169747.400 |
120434.800 |
89322.600 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Materials |
117988.100 |
80704.400 |
64634.700 |
|
|
|
Other Expenses |
14418.600 |
12736.500 |
11692.200 |
|
|
|
Expenses capitalized |
(166.600) |
(156.700) |
(144.200) |
|
|
|
Expenditure
incurred for Voluntary Retirement of employees |
0.000 |
1833.000 |
1833.000 |
|
|
|
Valuation losses
of derivative hedging instruments |
0.000 |
(218.000) |
218.000 |
|
|
|
Surplus on pre-payment of sales tax deferral liability/loan |
(8268.200) |
0.000 |
0.000 |
|
|
|
Provision for diminution in value of investment in PT. Bajaj Auto Indonesia |
1022.700 |
0.000 |
0.000 |
|
|
|
TOTAL (B) |
124994.600 |
94899.200 |
78233.700 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
44752.800 |
25535.600 |
11088.900 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL EXPENSES (D) |
16.900 |
59.800 |
210.100 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
44735.900 |
25475.800 |
10878.800 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
1228.400 |
1364.500 |
1297.900 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
43507.500 |
24111.300 |
9580.900 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
10110.200 |
7075.000 |
3016.100 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
33397.300 |
17036.300 |
6564.800 |
|
|
|
|
|
|
|
|
|
|
PRIOR PERIOD
EXPENSES |
0.000 |
(9.000) |
(19.800) |
|
|
|
|
|
|
|
|
|
|
ADJUSTMENTS ON
REVALUATION OF DEFERRED TAX ASSETS |
0.000 |
(26.200) |
0.000 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
8549.900 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Transfer to General Reserve |
3340.000 |
1702.700 |
2821.000 |
|
|
|
Proposed Dividend |
11574.700 |
5787.300 |
3183.000 |
|
|
|
Corporate Dividend Tax thereon |
1877.700 |
961.200 |
541.000 |
|
|
BALANCE CARRIED
TO THE B/S |
25154.800 |
8549.900 |
0.000 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
F.O.B. Value of exports |
45517.500 |
32457.500 |
26384.000 |
|
|
|
F.O.B. Value of exports - goods traded in |
0.000 |
0.700 |
20.000 |
|
|
|
Forwarding charges exports recovered |
87.700 |
179.700 |
344.400 |
|
|
|
Interest |
14.000 |
33.300 |
57.700 |
|
|
|
Royalty |
5.900 |
7.400 |
10.900 |
|
|
|
Technical Know how |
0.000 |
0.000 |
2.000 |
|
|
|
Asset |
1.200 |
0.000 |
0.000 |
|
|
|
Other Earnings |
21.500 |
10.900 |
0.100 |
|
|
TOTAL EARNINGS |
45647.800 |
32689.500 |
26819.100 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials: |
|
|
|
|
|
|
- Steel and Non-Ferrous Material |
1092.700 |
341.700 |
732.600 |
|
|
|
- Components |
4054.000 |
2456.100 |
1668.700 |
|
|
|
Machinery Spares |
68.300 |
51.400 |
58.000 |
|
|
|
Capital Goods |
377.800 |
321.100 |
3003.200 |
|
|
|
Stores, Tools, etc |
52.500 |
24.700 |
0.000 |
|
|
TOTAL IMPORTS |
5645.300 |
3195.000 |
5462.500 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
115.40 |
117.70 |
45.20 |
|
QUARTERLY RESULTS
|
PARTICULARS |
|
30.06.2011 |
30.09.2011 |
|
Type |
|
1st
Quarter |
2nd
Quarter |
|
Net Sales |
|
47772.900 |
52672.600 |
|
Total Expenditure |
|
38664.500 |
42098.900 |
|
PBIDT (Excl OI) |
|
9108.400 |
10573.700 |
|
Other Income |
|
730.900 |
744.800 |
|
Operating Profit |
|
9839.300 |
11318.5000 |
|
Interest |
|
2.300 |
202.200 |
|
Exceptional Items |
|
0.000 |
(954.100) |
|
PBDT |
|
9837.000 |
10162.200 |
|
Depreciation |
|
306.400 |
394.200 |
|
Profit Before Tax |
|
9530.600 |
9768.000 |
|
Tax |
|
2420.000 |
2510.000 |
|
Profit After Tax |
|
7110.600 |
7258.000 |
|
Net Profit |
|
7110.600 |
7258.000 |
KEY RATIOS
|
PARTICULARS |
|
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
PAT / Total Income |
(%) |
19.67
|
14.15
|
7.34 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
27.20
|
20.95
|
11.35 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
99.99
|
53.81
|
24.88 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.89
|
0.82
|
0.51 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
0.87
|
1.92
|
2.14 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
0.73
|
0.70
|
0.95 |
LOCAL AGENCY FURTHER INFORMATION
HISTORY
Subject is one of the two and three wheeler manufacturers in
CAPACITY EXPANSION AND NEW PROJECTS
The company plans
to maintain the capacity of two and three-wheelers at the current level of
5,040,000 numbers per annum during the year ending 31 March 2012. The 4 wheel
vehicle development work is under progress and commercial launch of the first
product from this platform is scheduled for 2012.
SUBSIDIARIES
BAJAJ AUTO
INTERNATIONAL HOLDINGS BV (BAIH BV)
A 100% Netherlands
based subsidiary of Bajaj Auto (Bajaj Auto International Holdings BV) was
formed to focus on international ventures, including possible acquisitions. In FY2008,
BAIH BV invested €98.36 million to acquire 24.45% equity stake in KTM Power
Sports AG of Austria, Europe’s second largest sport motorcycle manufacture. As
on date, total investment in KTM was €153.71 million for a 39.71% ownership of
BAIH BV.
The alliance with
KTM needs elaborating. KTM is an outstanding brand whose products use top class
technology and have been the world’s off-road racing champions for the last
eight years. The brands also have tremendous pricing power. In other words, KTM
has an excellent ‘front-end’.
What they lack is
the ‘back-end’ – the economies of scale to ramp up their production. Bajaj Auto
has that advantage. Therefore, it made sense to combine the two and work
together to produce common platforms for both KTM and Pulsar bikes for key
emerging markets.
The first platform
– KTM Duke 125 – was developed jointly with KTM and the Company by Bajaj Auto’s
R&D team, and the product was manufactured at Chakan. The first consignment
was shipped in March 2011. It has been well received, and will be supplied by
Bajaj Auto for KTM world-wide in FY2012. The same platform will be leveraged to
manufacture higher powered motorbikes for the upper end of the Indian market.
This is expected towards the end of FY2012.
KTM sold 85,543
motorcycles between September 2009 to December 2010 achieving a turnover of
€591.38 million and recording a net profit of €13.96 million as against 64,080
motorcycles during September 2008 to August 2009 recording a turnover of
€454.62 million and a net loss of €81.43 million.
PT BAJAJ INDONESIA
(PT BAI)
PT BAI was
incorporated in FY2007 as a subsidiary in Indonesia with a share capital of US$
12.5 million. During FY2010, Bajaj Auto added further capital by US$ 17 million,
and so increasing its total stake to 98.9% in PT BAI. Thus, total investment in
PT BAI stands at US$ 29.5 million (Rs.1378.200 Millions).
OPERATING WORKING CAPITAL AND ROCE
Despite a 39%
increase in net sales to Rs.159980.000 Millions
in FY2011, Bajaj Auto has succeeded in maintaining negative working
capital at (-) Rs.3740.000 Millions. Operating profit after interest and
depreciation increased by 33%-from Rs.24510.000 Millions in FY2010 to
Rs.32600.000 Millions in FY2011. Company’s pre-tax return on operating capital
stood at 259%. Table 5 gives the data.
CONTINGENT
LIABILITIES NOT PROVIDED FOR IN RESPECT OF:
|
Particulars |
31.03.2011 (Rs. in millions) |
31.03.2010 (Rs. in millions) |
|
Claims against the Company not acknowledged as debts |
4224.900 |
4112.800 |
|
Guarantees given
by the Company to banks, on behalf of its subsidiary, PT Bajaj Auto Indonesia |
231.900 |
233.500 |
|
Guarantees given
by the Company to Housing Development Finance Corporation Limited - for loans
to Employees |
2.200 |
4.500 |
|
Excise and
Customs demand - matters under dispute and Claims for refund of Excise Duty,
if any, against Excise Duty Refund received in the earlier year |
1227.000 |
681.200 |
|
Sales Tax matters under dispute |
3284.100 |
2764.500 |
|
Total |
8970.100 |
7796.500 |
UNAUDITED
STANDALONE FINANCIAL RESULTS OF BAJAJ AUTO LIMITED FOR THE QUARTER ENDED JUNE
30, 2011
RS.
IN MILLIONS
|
Particulars |
QUARTER
ENDED |
|
|
30.06.2011 |
|
SALES IN NUMBERS
|
|
|
|
|
|
Gross Sales |
47934.100 |
|
Less: Excise Duty |
2065.000 |
|
Net
Sales |
45869.100 |
|
Other Operating Income |
1903.800 |
|
Total Income |
47772.900 |
|
|
|
|
Expenditure |
|
|
a) (Increase) / Decrease in stock in trade and work in
progress |
1147.700 |
|
b) Consumption of raw materials |
31754.100 |
|
c) Purchase of traded goods |
1762.800 |
|
d) Employees cost |
1388.900 |
|
e) Depreciation |
306.400 |
|
f) Other expenditure |
2625.000 |
|
g) Expenses capitalized |
(14.000) |
|
h) Total |
38970.900 |
|
Profit from operations before other income, interest and
exceptional Items |
8802.000 |
|
Other Income (Net) |
730.900 |
|
Profit before interest and exceptional Items |
9532.900 |
|
Interest |
2.300 |
|
Profit
after Interest but before Exceptional Items |
9530.600 |
|
Exceptional
Items |
|
|
Surplus on pre-payment of sales tax deferral liability /
loan |
0.000 |
|
Provision for diminution in value of investment in PT.
Bajaj Auto Indonesia |
0.000 |
|
Profit
(+)/Loss(-) from Ordinary Activities before tax |
9530.600 |
|
Tax expense |
2420.000 |
|
Net
Profit (+)/Loss(-) from Ordinary Activities after tax |
7110.600 |
|
Paid
up equity share capital (Face value of Rs.10/- per share) |
2893.700 |
|
Reserves
excluding revaluation reserves as per balance sheet of previous accounting
year |
-- |
|
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
annualised) |
24.60 |
|
(a) Basic and diluted EPS
before Extraordinary items for the period, for the year
to date and for the previous year (not to be annualised) |
24.60 |
|
Public
shareholding |
|
|
Number of shares |
144437440 |
|
Percentage of shareholding |
49.91 |
|
|
|
|
Promoters
and Promoters group Shareholding- |
|
|
a)
Pledged /Encumbered |
|
|
Number
of shares |
632576 |
|
Percentage
of shares (as a % of total shareholding of the promoter and promoter group) |
0.44 |
|
Percentage
of shares (as a % of total share capital of the company) |
0.22 |
|
|
|
|
b)
Non Encumbered |
|
|
Number
of shares |
144100756 |
|
Percentage
of shares (as a % of total shareholding of the promoter and promoter group) |
99.56 |
|
Percentage
of shares (as a % of total share capital of the company) |
49.80 |
SEGMENT-WISE REVENUE, RESULTS
AND CAPITAL EMPLOYED (STAND-ALONE)
RS.
IN MILLIONS
|
PARTICULAR |
QUARTER
ENDED |
|
|
30.06.2011 |
|
|
|
|
SEGMENT REVENUE |
|
|
Automotive |
47772.900 |
|
Investment |
730.900 |
|
Total |
48503.800 |
|
|
|
|
SEGMENT PROFIT /
LOSS BEFORE TAX AND INTEREST |
|
|
Automotive |
8802.000 |
|
Investment |
730.900 |
|
Total |
9532.900 |
|
Less: Interest |
2.300 |
|
TOTAL PROFIT
BEFORE TAX |
9530.600 |
|
|
|
|
CAPITAL EMPLOYED
|
|
|
Automotive |
17284.300 |
|
Investment |
55398.500 |
|
Unallocable |
(14609.700) |
|
Total |
58073.100 |
NOTES:
1.
The company has allotted bonus shares on 13
September 2010 in the ratio of one equity share for every share of Rs.10/- each
held in the company on the record date. The basic and diluted earnings per
share (EPS) has been calculated for the current and previous periods after
taking into account the bonus issue as required by AS-20 “Earnings Per Shares”
2.
The company did not have any investor complaints
pending as on 1 April 2011 and as on 30 June 2011. There were two investor’s
complaints received and disposed of during the quarter the quarter ended 30
June 2011.
3.
Figures for previous year / period have been
regrouped wherever necessary.
4.
The above results have been reviewed by the audit
committee and approved by the board of directors in the meeting held on 14 July
2011.
FIXED ASSETS:
·
Land Leasehold
·
Land Freehold
·
Buildings
·
Water pump
·
Reservoirs and Mains
·
Plant and Machinery
·
Dies and Jigs
·
Electric Installations
·
Factory Equipments
·
Furniture Fixtures
·
Electric Fittings
·
Vehicles and Aircraft
·
Wind Energy Generators
·
Dies and Moulds
WEBSITE DETAILS:
BUSINESS DESCRIPTION:
Subject is a manufacturer of scooters, motorcycles and three-wheeler
vehicles and spare parts thereof. The Company operates in two segments:
Automotive and Investments. During the fiscal year ended March 31, 2011, the
Company sold over 3.39 million motorcycles, and over 1.2 million two- and
three-wheelers. The Company’s two wheeler brands include Pulsar, Avenger,
Discover, Platina and Ninja. Its commercial vehicles range include goods
carriers, such as GC Max Diesel, GC Max CNG, RE600, and passenger carriers,
such as RE 2S, RE 2S CNG, RE 2S LPG, RE 4S and RE 4S CNG. Bajaj Auto's has in
all three plants, two at Waluj and Chakan in Maharashtra and one plant at
Pantnagar in Uttarakhand. Its subsidiaries include PT. Bajaj Auto Indonesia and
Bajaj Auto International Holdings BV. For the fiscal year ended 31 March 2010,
Bajaj Auto Limited's Revenues increased 35% to RS120.97B. Net income totaled
RS15.97, up from RS5.36B. Revenues reflect an increase in income from
operations of the company and higher other income. Net income also reflects
improved operating and gross profit
margins and lower interest expenses of the company. The company is listed in
Bombay stock exchange and operating in auto segment.
BOARD OF
DIRECTORS:
RAHUL KUMAR BAJAJ
EXECUTIVE CHAIRMAN
Mr. Rahul Kumar Bajaj is
Executive Chairman of the Board of Subject. He was appointed Chief Executive
Officer of Bajaj Auto in 1968 and took over later as Head of the Bajaj Group of
companies.
MADHUR BAJAJ
EXECUTIVE VICE
CHAIRMAN
Mr. Madhur Bajaj is Executive
Vice Chairman of the Board of Subject. He was previously Vice Chairman of the
Board of the Company. After graduating in Commerce, Mr. Bajaj did his Masters
of Business Administration from Lausanne, Switzerland. He joined as DGM in
March 1983, took over as General Manager Aurangabad Division in June 1986, as
its Chief Executive in October 1988, he became President of Bajaj Auto in
September 1994, Executive Director in May 2000 and as Vice Chairman in July
2001.
SANJIV BAJAJ
EXECUTIVE DIRECTOR
Mr. Sanjiv Bajaj is a Executive
Director of Subject. He joined as an Officer on Special Duty in 1994, took over
as Executive Director in April 2004, as General Manager (CF) in 1997, took
charge as Vice President (Finance) in April 2001.
RAJIV BAJAJ
MANAGING DIRECTOR,
EXECUTIVE DIRECTOR
Mr. Rajiv Bajaj is a Managing
Director, Executive Director of Subject. He was Managing Director of the
Company appointed on 1st April 2005. He is a Mechanical Engineer from Pune
University. He later did his Masters in Manufacturing Systems Engineering from
the University of Warwick. He joined as Officer on Special Duty in 1990, took
over as General Manager (Products) in February 1993, as Vice President
(Products) in June 1995, President in May 2000, President and Whole Time Director in March 2002, Joint
Managing Director in March 2003.
NIRAJ RAMKRISHNA
BAJAJ
NON-EXECUTIVE
DIRECTOR
Mr. Niraj Bajaj is Non-Executive
Director of Subject. He started his career with Subject (two years) and Bajaj Electricals
Limited (six months) as senior marketing executive. He has been President of
the Alloy Steel Producers Association of India, Indian Steel Development
Association, Chairman of the Indo Russian Federation Joint Business Councils.
He was selected by World Economic Forum as one of the Global Leaders for
Tomorrow in 1 993. Presently, he is a member of the Managing Committee of
ASSOCHAM and Vice President of Indian Merchants Chamber. Having served in
Mukand Limited for over two decades in senior positions, he is the Managing
Director of the company since August, 1994. Besides being three times All India
Table Tennis Champion and four times ranked India’s No.1, he represented the
country consecutively between 1972-77, of which last four years were as captain.
He has been the recipient of India’s highest sports honour Arjuna Award, in
addition to Maharashtra’s highest sports honour and Gaurav Puraskar. His other
directorships include: Mukand Limited; Bajaj Hindustan Limited; Hind Rectifiers
Limited, Mukand Engineers Limited; RPG Life Sciences Limited.
SHEKHAR BAJAJ
NON-EXECUTIVE
DIRECTOR
Mr. Shekhar Bajaj is
Non-Executive Director of Subject. He has a B.Sc. (Hons.) from Pune University
and MBA from New York University, USA, is currently the Chairman and Managing
Director of Bajaj Electricals Limited engaged in marketing of wide-range of
household electrical appliances, besides undertaking turn-key engineering
projects. He is the chairman of various other Bajaj group companies, viz. Bajaj
Ventures Limited Hercules Hoists Limited , Bajaj International Private Limited,
Hind Lamps Limited and Bachhraj Factories Private Limited all engaged in
diverse activities. Besides being the former director of IDBI Bank Ltd, he has
been the president / chairman of various other industries / trade associations,
viz. Electric Lamp and Component Manufacturers Association of India, (ELCOMA),
Indian Fan Manufacturer Association (IFMA), The Associated Chambers of Commerce
and Industry of India (ASSOCHAM), Indian Merchants Chamber (IMC) and Council
for Fair Business Practices (CFBP). His other directorships include: Bajaj
Electricals Limited , Hercules Hoists Limited
NARESH CHANDRA
NON-EXECUTIVE
INDEPENDENT DIRECTOR
Mr. Naresh Chandra is Non-Executive Independent Director of Subject. He
was Non-Executive Independent Director of the Company from January 2003 to
February 2008. He graduated from Allahabad University in 1952 and did his Post
Graduation (Master of Science in Mathematics) in 1954. After a brief stint as
Lecturer in Mathematics at Allahabad University, he joined Indian
Administrative Service in 1956. He held important positions in the states of
Uttar Pradesh and Rajasthan during the period 1956-1965. He was deputed to the
Government of India in 1965 to occupy certain important positions. He
subsequently went back to Rajasthan in 1973 and became the Chief Secretary to
the Government of Rajasthan during 1985-86. He has also held several senior
positions in Government of India, including as Home Secretary (1990) and Cabinet
Secretary (1990-92). He has led delegations of Government of India to a number
of countries. He has held directorships in many Government corporations as well
as private companies. On retirement, he served as the Senior Advisor to the
Prime Minister of India (1992-95). He also served as Governor of Gujarat
(1995-96). Later, he served in Washington DC as the Ambassador of India to the
USA (1996-2001) and as Chairman of the Committee on Corporate Governance as
also the committee on private companies and limited liability partnership in
2002-03 appointed by the Government of India. He was the chairman of the
Committee on Civil Aviation Policy set up by the Government of India. He has
held Directorships in : ACC Limited , Avtec Limited , Balrampur Chini Mills
Limited , Bajaj Auto Limited , Electrosteel Castings Limited , Hindustan Motors
Limited , Linde Process Technologies (I) Private Limited , Tata Consultancy
Services Limited , Vedanta Resources Plc., London The Committee positions he
has held are; ACC Limited , Bajaj Auto Limited , Balrampur Chini Mills Limited
, Hindustan Motors Limited , Tata Consultancy Services Limited, Vedanta
Resources Plc., London.
BALAJI RAO
JAGANNATH RAO DOVETON
INDEPENDENT
NON-EXECUTIVE DIRECTOR
Mr. Jamshyd N. Godrej is Non-Executive Independent Director of Subject.
He graduated in Mechanical Engineering from Illinois Institute of Technology,
USA. He joined the board of management of Godrej and Boyce Mfg. Co. Limited as
director in 1974, became managing director in 1991 and Chairman of the board in
2000. He is the Chairman of Aspen Institute India. He is the vice president of
World Wide Fund for Nature International and former president of World Wide
Fund for Nature India. He has also been the president of Confederation of Indian
Industry and president of the Indian Machine Tool Manufacturers Association.
Godrej is an ardent yachting enthusiast and has done cruising along the west
coast of India. The President of India conferred the Padma Bhushan on Godrej on
3 April 2003. His Directorships include: Geometric Software Solutions Company
Limited, Godrej Commodities Limited (formerly Godrej Foods Limited), Godrej
Consumer Products Limited, Godrej Industries Limited, Haldia Petrochemicals
Limited.
MANISH KEJRIWAL
NON-EXECUTIVE DIRECTOR
Mr. Manish Kejriwal is Non-Executive Director of Subject. He is the
Managing Director of Temasek Holdings Advisors India Private Limited Temasek
Holdings (Private) Limited is an investment holding company headquartered in Singapore.
Established in 1974, Temasek holds and manages investments in companies which
are involved in a wide range of business activities, from port, shipping and
logistics, to banking and financial services, airlines, telecom and media,
power and utilities, and rail. In India, the focus of Temasek team will mainly
be on making direct investments into companies with a growth potential and in
different private equity funds focussed on the Indian market. Temasek has
invested over US $ 350 mn to take a 9.3% stake in ICICI Bank, and has set up
the US $ 100 mn Merlion India Fund. Prior to joining Temasek Holdings, he was a
Partner at McKinsey and Company, Inc. He was the hub leader for McKinsey's
corporate finance and strategy practice in India, and was responsible for
merger and acquisition engagements for both Indian and international companies
looking at entering the Indian market. He was also the co-leader of McKinsey's
business process outsourcing and off shoring practice and was on the global
leadership team of the private equity practice. He is actively involved in
non-corporate work. He has led a team to develop the "Vision 2020"
for the state of Andhra Pradesh. He was also instrumental in forming the
prestigious American Indian Foundation (AIF) and was responsible for
coordinating former U S President Clinton's trip to India in early 2001. He
received an AB from Dartmouth College, where he graduated Magna Cum Laude with
in Economics and Engineering Services. He holds an Masters of Business
Administration from Harvard University, where he gratuated with high
distinction as a Baker Scholar. While at HBS, he led two research projects and
was elected as co-President of the South Asian Business Club.
SERAJUL HAQ KHAN
NON-EXECUTIVE
INDEPENDENT DIRECTOR
Mr. Serajul Haq Khan is Non-Executive Independent Director of Subject.
He holds a masters degree in commerce from the University of Bihar with two
gold medals. He is also an alumnus of the International Management Institute,
Geneva. He is a past chairman of the Industrial Development Bank of India
(IDBI).
SUMAN KIRLOSKAR
NON-EXECUTIVE
INDEPENDENT DIRECTOR
Ms. Suman Kirloskar is Non-Executive Independent Director of Subject.
She has a B.Sc., associated with various social service organizations such as:
;Trustee, Mahila Seva Mandal (a rescue home for shelterless women and children)
;Treasurer Empress Garden ;Chairperson, Mahila Udyog Limited (providing
employment to destitute women) ;Trustee, Ravi Kirloskar Quality Prize Trust
;Chairperson, Society of Friends of Sasoon Hospital (a body working for the
welfare of patients of the Sasoon General Hospital) She has been also
associated in the past as: ;Trustee, Sanjeevan Vidyalaya Trust ;Trustee,
Maharshi Karve Stree Shikshan Sanstha ;Vice Chairperson, Surhud Mandal ;Chairperson,
Kirloskar Filters Private Limited Her other directorships include : Hematic
Motors Private Limited , Mahila Udyog Limited
DHIRAJLAL S. MEHTA
NON-EXECUTIVE
INDEPENDENT DIRECTOR
Mr. Dhirajlal S. Mehta is Non-Executive Independent Director of Subject.
He is an honours graduated in commerce from Mumbai University. He is a fellow
member of both the Institute of Chartered Accountants of India and the
Institute of Company Secretaries of India. He has been associated with the
Bajaj Group of companies since 1966 and has more than 30 years experience in
corporate law, taxation, finance and investment.
P. MURARI
NON-EXECUTIVE
INDEPENDENT DIRECTOR
Mr. P. Murari is Non-Executive Independent Director of Subject. He was
Non-Executive Independent Director of Bajaj Holdings and Investment Limited,
Master of Arts (Economics), IAS, joined the Indian Administrative Service in
1957. During his career as a civil servant, he held many distinguished
positions, including: ;Sub-divisional and District Magistrate, Sub-Collector,
Deputy Director of Census Operations ;Chairman / Managing Director / Director
in various undertakings of Government of Tamil Nadu (GoTN) ;Health Secretary,
Commissioner for Commercial Taxes, GoTN ;Additional Secretary to Government of
India (Gol), Ministry of Industry ;Secretary to Gol, Cabinet Secretariat,
Implementation Committee for Pandit Jawaharlal Nehru Centenary ;Secretary,
Ministry of Food Processing Industries, Gol ;Secretary, Ministry of Information
and Broadcasting, Gol. He has undertaken many special projects for Gol and has
chaired numerous high level commissions and committees. He has served on the
boards / councils of several reputed institutions and professional bodies. He
has represented India in the Asian Productivity Council. He has a number of
important publications to his credit. He retired as Secretary to the President
of India in August, 1 992. He is currently Adviser to President, FICCI. His
directorships : Aban Offshore Limited Bhoruka Power Corporation Limited GlaxoSmithKline
Consumer Healthcare Limited HEG Limited Aditya Birla Nuvo Limited Moving
Picture Company (India) Limited South Asian Petrochem Limited Xpro India
Limited Strategic Weighing Systems Limited
NANOO PAMNANI
NON-EXECUTIVE
INDEPENDENT DIRECTOR
Mr. Nanoo Pamnani is a Non-Executive Independent Director of Subject. He
has Bachelor of Arts (Hons) and Bachelor of Science (Economics), London School
of Economics. He began his career with Citibank in India as a Management
Trainee in 1967. Between 1967 and 1981, he handled various important
assignments in Kolkata and Chennai. Between 1982 and 1995, he was in charge of
Citibank's operations and businesses in various countries, including India, Sri
Lanka, Nepal, Bangladesh, Philippines, Singapore, Hong Kong, Taiwan, Indonesia,
Thailand, Australia and other countries. In 1995, he was appointed as Head of
Operations and Technology for its businesses in over 70 countries, and was
based in London. He was appointed as Chairman of Citicorp Finance (India) Ltd
in 1997 and soon took over as the Global Consumer Bank Head and as the Chief
Executive Officer, Citibank N A, India. In 2001, he was given the additional
responsibility as Regional Head for Corporate and Investment Bank for India,
Sri Lanka, Bangladesh and Nepal. In 2002, he was appointed to the position of
Chairman, Citibank N A, India on a non-executive capacity. In 2004, he was
appointed to the role of Director, Strategic Technology, Operations and Special
Projects for Asia Pacific Consumer Business and is based in Singapore. He holds
other Directorships, Bajaj Auto Limited, Citibank Savings Inc., E-Serve
International Limited, Polaris Software Lab Limited
KANTIKUMAR R.
PODAR
NON-EXECUTIVE
INDEPENDENT DIRECTOR
Mr. Kantikumar R. Podar is Non-Executive Independent Director of
Subject. He is a graduated from Sydenham College of Commerce and Economics,
Bombay. He was the youngest Sheriff of Bombay and was Justice of Peace, then a
Special Executive Magistrate and is now appointed as Special Executive Officer by
the Government of Maharashtra. At international level, he was the President of
the SAARC Chamber of Commerce and Industry, Chairman of Indo Polish Joint
Business Council, Chairman of Indo Netherlands Joint Business Council, Member
of the Committee of International Textile Manufacturers Federation, Zurich,
Member, Indian National Committee of International Chamber of Commerce and
Industry etc. At national level, he has headed 16 important Trade and Industry
bodies, like Federation of Indian Chambers of Commerce and Industry (FICCI),
The Indian Merchants' Chamber (IMC), The Indian Cotton Mills' Federation (ICMF)
(now known as Confederation of Indian Textile Industry), All India Organisation
of Employers (AIOE), Indian Council of Arbitration (ICA) etc. He has been on
the Senate of University of Bombay for six years. He has travelled widely
several business delegations. He has nurtured the Children's Aid Society,
Bombay and was its Chairman for over 12 years. His family has set up almost 50
institutions comprising schools, colleges, management institutes, teachers
education and vocational training centres, labour recreation centre, ayurvedic
hospital, ayurvedic college, ayurvedic research centre, museum, cultural
centre, conference halls, hostels, recreation parks, sports complexes, temples
etc. He holds Directorships: Bajaj Auto Limited, Ceat Limited, Moscow Region
Podar International Private Limited, Pitti Laminations Limited, Podar Infotech
Limited, Premier Consultant and Traders Limited, Sutlej Industries Limited.
D. J. BALAJI RAO
NON-EXECUTIVE
INDEPENDENT DIRECTOR
Mr. D. J. Balaji Rao is a Non-Executive Independent Director of Subject.
He is a mechanical engineer from the University of Madras and holds a
postgraduate diploma in industrial engineering from Bombay University. He
attended the advanced management programme at the European Institute of
Business Administration (INSEAD) at Fountainbleu, France, in 1990. He was
managing director of the Infrastructure Development Finance Company Limited ,
executive director ICICI, and in April 1996, vice chairman and managing
director, SCICI Limited He has served with distinction on the boards of many
AAA rated companies, including Ashok Leyland, MICO, Wipro and Bharat Forge. His
other assignments include: Consultant to the National Development Bank of Sri
Lanka from March to August 1991 for setting up the bank under a World Bank
Project. , Chief executive of the Industrial and Technical Consultancy
Organisation of Tamil Nadu from December 1981 to May 1982. Consultant to the
Asian Development Bank between June 1985 and May 1986 for conducting a training
programme for DFIs in Asia. He has been on the board of Bajaj Auto Ltd since
1993, including as a nominee of the Industrial Credit and Investment
Corporation of India (ICICI) from 1993 to 1996.
PRESS RELEASES:
TVS MOTOR'S
SUPERIOR PRODUCT MIX REVS UP NET
04 November 2011
India,
November 4 -- TVS Motor Company Limited put up a stellar show for the September
quarter, as two-wheeler manufacturers bucked the economic recession that had
hurt other auto makers. A superior product mix and sales growth across product
categories boosted volumes by 15.5% from a year ago.
Stand-alone
revenue rose 23.2% to Rs.19918.000 Millions from a year earlier and 14.1% from
the June quarter. Price hikes boosted net average realization by 6.3% from a
year ago. This is almost in line with the 6.8% growth in realization seen in
the country's largest motorcycle maker; Hero Moto Corp Limited Bajaj Auto
Limited’s realizations grew by only 3.8% during the same period.
Growth
in revenue was driven largely by the 27.2% year on-year (y-o-y) growth in
scooter sales, followed by the 20% growth in three-wheeler sales. These two
segments enjoy better profitability and, hence, support operating profit
margins.
Perhaps,
that's the reason the fall in operating margins was restricted to a mere 24
basis points compared with a year ago, despite the 176 basis points increase in
the raw material cost as a percentage to sales during the period. Lower other
expenditure and employee costs helped contain expenditure. One basis point is
one-hundredth of a percentage point.
TVS
clocked an 18.9% y-o-y increase in operating profit to Rs.1460.000 Millions.
Further, it beat market estimates on net profit that increased by 39.7% from
the year-ago period to Rs.765.000 Millions.
But
the company's shares did not react to the strong results, closing marginally
lower at '66.30, discounting fiscal 2012 estimated earnings around 11 times.
Nevertheless,
the management's reiteration of 15% sales growth this year with strong traction
in scooters and three wheelers is heartening. The 20% y-o-y growth in retail
sales in October supports its growth target. Although, the company's sales were
6.3% lower due to the one-week maintenance shutdown.
Also,
the management's forecast of softer commodity prices would help it deliver
improved operating profit margin for the full year--a key factor to improve
valuations.
F AND O TOTAL TURNOVER
STOOD AT RS.994525.400 MILLIONS ON NOVEMBER 02
03 November 2011
India, November 03 -- Future and Option (F and O) total turnover stood
at Rs 994525.400 Millions on November 02, and the total numbers of contract
traded on the day were 3832431.Of the total turnover, Index Futures contributed
Rs 12638.03 crore, Stock Futures Rs 103454.000 Millions and Index Options Rs
738736.400 Millions while, the contribution of the Stock Options was of Rs
25954.700 Millions. For the day the total F and O Put Call ratio stood at 1.16
while Index Options Put Call ratio was 1.20 and that of Stock Options was
0.41.The top five scrips with highest PCR on OI were Sun TV 2.50, Tata Chemical
2.00, Maruti 1.47, Dr Reddy's Lab 1.43 and Bajaj Auto 1.43.Among most active underlying,
SBI witnessed an addition of 3.21% of Open Interest (OI) in the November month
futures contract followed by ICICI Bank witnessed an addition of 3.75% of Open
Interest (OI) in the near month contract. Meanwhile RIL witnessed an addition
of 1.71% of OI in the November month futures. Also, Tata Motors witnessed an
addition of 6.25% of Open Interest (OI) in the November month contract followed
by RCOM witnessed an addition of 5.56% of Open Interest (OI) in the November
month contract.
BAJAJ AUTO'S OCTOBER
SALES UP 7 PERCENT
02 NOVEMBER 2011
Mumbai,
November 2 -- Two- and three-wheeler major Bajaj Auto Wednesday reported an
increase of seven percent in its sales for October at 395,274 units compared to
370,816 units in the like period of last year.
The
company clocked 20 percent higher exports for the month under review at 131,948
units from 110,387 units in the corresponding month of 2010.
Segment-wise
sales were led by the company's commercial vehicles, which grew by eight
percent at 44,191 units as compared to 41,040 units in October, 2010.
Motorcycle
sales, which were affected by a production loss, still managed to grow at six
percent with 351,083 units, up from 329,776 units in the like period of last
year.
"Production
loss of 25,000 motorcycles at Pantnagar due to the curfew imposed in early
October constrained sales," the company said in a statement.
The
consolidated sales for the fiscal grew by 15 percent at 2,652,226 units over
2,299,722 units sold in the corresponding period of 2010-11.
The
consolidated exports for the fiscal rose by 33 percent at 983,446 units from
741,618 units for the like period of the last fiscal.
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.50.08 |
|
|
1 |
Rs.80.36 |
|
Euro |
1 |
Rs.68.83 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
4 |
|
PAID-UP CAPITAL |
1~10 |
6 |
|
OPERATING SCALE |
1~10 |
7 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
8 |
|
--PROFITABILIRY |
1~10 |
8 |
|
--LIQUIDITY |
1~10 |
8 |
|
--LEVERAGE |
1~10 |
7 |
|
--RESERVES |
1~10 |
8 |
|
--CREDIT LINES |
1~10 |
7 |
|
--MARGINS |
-5~5 |
- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
YES |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
YES |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
63 |
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.