MIRA
INFORM REPORT
|
Report Date : |
05.10.2011 |
IDENTIFICATION DETAILS
|
Name : |
LUMAX INDUSTRIES LIMITED |
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Registered
Office : |
B-85-86, Mayapuri Industrial Area, Phase - 1, |
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Country : |
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Financials (as
on) : |
31.03.2011 |
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Date of
Incorporation : |
10.12.1981 |
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Com. Reg. No.: |
55-012804 |
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Capital Investment
/ Paid-up Capital : |
Rs.93.477
millions |
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CIN No.: [Company Identification
No.] |
L74899DL1981PLC012804 |
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|
TAN No.: [Tax Deduction &
Collection Account No.] |
DELL02101B |
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PAN No.: [Permanent Account No.] |
AAACL1126D |
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Legal Form : |
It is a Public
Limited Liability Company. The
company’s shares are listed on the Stock Exchanges. |
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Line of Business
: |
Manufacturer and Supplier of Auto Components, Mainly Automotive Lighting Systems for Four Wheeler and Two Wheeler Applications. |
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No. of Employees
: |
1352 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
A (66) |
|
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 6100000 |
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Status : |
Good |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Subject is an established company having fine track. Financial
position of the company appears to be sound. Trade relations are fair. Business
is active. Payments are reported to be regular and as per commitments. The company can be considered good for normal business dealings at
usual trade terms and conditions. |
NOTES :
Any query related to this report can be made on
e-mail : infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – April 1, 2010
|
Country Name |
Previous Rating (31.12.2009) |
Current Rating (01.04.2010) |
|
|
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
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Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
LOCATIONS
|
Registered / Corporate Office : |
B-85-86, Mayapuri Industrial Area, Phase - 1, |
|
Tel. No.: |
91-11-28111777/28116990/28115709 |
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Fax No.: |
91-11-28115779/28113631 |
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E-Mail : |
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Website : |
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Factory 1 : |
Plot No.16, Sector-18, Maruti Complex, Gurgaon , |
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Tel. No.: |
91-124-2341090 |
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Fax No.: |
91-124-2342149 |
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E-Mail : |
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Factory 2 : |
Plot No.6, Industrial Area, Dharuhera, District Rewari, |
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Factory 3 : |
D2-43/2, M.I.D.C. Industrial Area, Chinchwad, Pune, |
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Factory 4 : |
608-609, |
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Factory 5 : |
Plot No. 51, |
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Factory 6 : |
Plot No. 5, Industrial Park – II, Village Salempur, Mehdood, Haridwar,
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Factory 7 : |
Plot No. 22C, Bidadi Industrial Area, Bangalore-562109, |
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Factory 8 : |
Plot No. D-1, |
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Factory 9 : |
Plot No. 195, Sector 4, Phase II, G.C. Bawal, |
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Warehouse : |
Plot No.E-38, Site-IV, Surajpur Greater Noida, District Gautam Budh
Nagar, |
DIRECTORS
As on 31.03.2011
|
Name : |
Mr. D.K. Jain |
|
Designation : |
Chairman and Managing Director |
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|
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|
Name : |
Mr. Deepak Jain |
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Designation : |
Senior Executive Director |
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|
Name : |
Mr. Anmol Jain |
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Designation : |
Senior Executive Director |
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Name : |
Mr. Ikuo Abe |
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Designation : |
Senior Executive Director - |
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Name : |
Mr. Atsushi Ishii |
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Designation : |
Executive Director - |
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Name : |
Mr. Makio Natsusaka |
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Designation : |
Non- Executive Director - |
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Name : |
Mr. A.P. Gandhi |
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Designation : |
Independent Director |
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Name : |
Mr. Rattan Kapur |
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Designation : |
Independent Director |
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Name : |
Mr. Gursaran Singh |
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Designation : |
Independent Director |
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Name : |
Mr. Suman Jyoti Khaitan |
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Designation : |
Independent Director |
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Name : |
Mr. M.C. Gupta |
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Designation : |
Independent Director |
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Name : |
Mr. Dhiraj Dhar Gupta |
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Designation : |
Independent Director |
KEY EXECUTIVES
|
Name : |
Mr. Naval Khanna |
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Designation : |
Group Finance Head |
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Name : |
Mr. B.S. Bhadauriya |
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Designation : |
Vice President (Legal) and Company Secretary |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 30.06.2011
|
Names of Shareholders |
|
No. of Shares |
|
(A) Shareholding of Promoter and Promoter Group |
|
|
|
|
|
|
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|
2,427,555 |
25.97 |
|
|
954,426 |
10.21 |
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3,381,981 |
36.18 |
|
|
|
|
|
|
3,505,399 |
37.50 |
|
|
3,505,399 |
37.50 |
|
Total shareholding of Promoter and Promoter Group (A) |
6,887,380 |
73.68 |
|
(B) Public Shareholding |
|
|
|
|
|
|
|
|
25,340 |
0.27 |
|
|
400 |
- |
|
|
68,866 |
0.74 |
|
|
94,606 |
1.01 |
|
|
|
|
|
|
782,662 |
8.37 |
|
|
|
|
|
|
1,166,896 |
12.48 |
|
|
396,761 |
4.24 |
|
|
19,427 |
0.21 |
|
|
15,726 |
0.17 |
|
|
80 |
- |
|
|
3,621 |
0.04 |
|
|
2,365,746 |
25.31 |
|
Total Public shareholding (B) |
2,460,352 |
26.32 |
|
Total (A)+(B) |
9,347,732 |
100.00 |
|
(C) Shares held by Custodians and against which Depository
Receipts have been issued |
- |
- |
|
|
- |
- |
|
|
- |
- |
|
|
- |
- |
|
Total (A)+(B)+(C) |
9,347,732 |
- |
(1) Indian
Individuals / Hindu Undivided Family
Individual shareholders holding nominal
share capital up to Rs.0.100 Million BUSINESS DETAILS
|
Line of Business : |
Manufacturer and Supplier of Auto Components, Mainly Automotive Lighting Systems for Four Wheeler and Two Wheeler Applications. |
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Products : |
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PRODUCTION STATUS (AS ON 31.03.2011)
|
Particulars |
Unit |
Installed
Capacity # |
Actual
Production |
|
Head Lamp Assembly |
Nos. |
12175000 |
9474696 |
|
Tail Lamp Assembly/Rear Combination Lamp |
Nos. |
8675000 |
5295335 |
Note: # as certified by the management.
GENERAL INFORMATION
|
No. of Employees : |
1352 (Approximately) |
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Bankers : |
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Facilities : |
NOTES: i) a) Term Loan
from Syndicate Bank amounting to Rs 175.053 millions (Previous year Rs 262.500
millions) is secured by way of first charge on the plant and machineries
along with the unregistered equitable mortgage (UREM) on land and building,
situated at Chakan-II unit (except assets excusively hypothecated to banks
and body corporates). b) Term Loan from
Syndicate Bank amounting to Rs 202.533 millions (Previous year Rs 253.125
millions) is secured by extension of charge by way of hypothecation on the
plant and machineries along with the UREM on land and building, situated at
Chakan-II unit. This facility is further secured by UREM of Dharuhera unit
along with hypothecation on plant and machinery of Dharuhera (both present
and future) and those of Gurgaon unit (acquired from proceeds of this
facility). c) Term Loans from
Royal Bank of Scotland N.V. to the extent of Rs Nil (Previous year Rs 33.125
millions) is secured by way of first pari passu charge on the land and
building along with all the plant and machineries, situated at Gurgaon units,
both present and future. d) Term Loans
from Central Bank of ii) a) Relating
to cash credit facility from Citibank, N.A. secured by way of first
pari-passu charge on all present and future stock and book debts along with
pari-passu charge on all fixed assets at Chinchwad unit and equitable mortgage
on land and building at Chinchwad unit, Rs. 127.238 millions (Previous year
Rs 71.006 millions). b) Relating to
cash credit facility from IDBI Bank Limited secured by way of first
pari-passu charge on all current assets of the Company. This facility is
further secured by way of equitable mortgage on land and buildings and first
pari-passu charge against movable fixed assets at Chinchwad unit of the
Company, Rs 63.560 millions (Previous year Rs 0.524 millions). c) Relating to
cash credit facilities from Syndicate Bank secured by way of first pari-passu
charge on all the stock and book debts of the Company, both present and
future. This facility is further secured by extension of charge by way of
hypothecation on the plant and machinery along with the UREM on Land and
Building situated at Chakan-II unit, Rs 69.079 millions (Previous year Rs
21.959 millions). iii) a) Loans
from body corporate amounting to Rs. Nil (Previous year Rs 41.807 millions)
is secured against the respective mould for which such loan has been granted.
b) Loans from
body corporate amounting to Rs Nil (Previous year Rs 93.345 millions) are
pending registration of charges. iv) Hire purchase
loans from banks aggregating to Rs. 5.528 millions (Previous year Rs. 2.923
millions) and from the body corporates aggregating to Rs 4.433 millions
(Previous year Rs. 3.467 millions) are secured by way of hypothecation of the
respective vehicles acquired out of the proceeds thereof. v) The following
loans are repayable within one year: - Installments of
term loans Rs.213.743 millions (Previous year Rs.188.125 millions). - Interest
accrued and due Rs. 1.980 millions (Previous year Rs. 2.765 millions). - Hire purchase
loans from banks - Rs. 2.736 millions (Previous year Rs. 2.036 millions). - Hire purchase
loans from body corporate - Rs. 2.535 millions (Previous year Rs. 1.399
millions). vi) Sales tax deferment loan
(interest free) from Director of Industries, Haryana Rs. 53.001 millions
(Previous year Rs. 39.299 millions) and finance lease obligation of Rs. Nil
(Previous year Rs.0.600 millions) are repayable within one year. |
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Banking
Relations : |
-- |
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|
|
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Auditors : |
|
|
Name : |
S.R. Batliboi and Associates Chartered Accountants |
|
Address : |
Gurgaon, |
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|
|
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Associates : |
Stanley Electric Company Limited, |
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Joint Venture : |
SL Lumax Limited |
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CAPITAL STRUCTURE
As on 31.03.2011
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
12000000 |
Equity Shares |
Rs.10/- each |
Rs.120.000 millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
9347732 |
Equity Shares |
Rs.10/- each |
Rs.93.477
millions |
Note:
Of the above:
(i) 3,947,500 (Previous year 3,947,500) equity shares of Rs.10 each are allotted as fully paid-up bonus shares by
Capitalization of the General Reserve.
(ii) 10,000 (Previous year 10,000) equity shares of Rs.10 each were allotted as fully paid-up pursuant to contracts for consideration other than cash.
(iii) 850,232 (Previous year 850,232) equity shares of Rs.
10 each were allotted as fully paid-up, pursuant to the Scheme of Amalgamation
with Laser Lamps (Haryana) Limited.
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 |
93.477 |
93.477 |
93.477 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
1451.983 |
1337.918 |
1311.897 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
1545.460 |
1431.395 |
1405.374 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
815.981 |
786.551 |
1041.792 |
|
|
2] Unsecured Loans |
179.526 |
219.427 |
251.512 |
|
|
TOTAL BORROWING |
995.507 |
1005.978 |
1293.304 |
|
|
DEFERRED TAX LIABILITIES |
206.777 |
158.180 |
153.242 |
|
|
|
|
|
|
|
|
TOTAL |
2747.744 |
2595.553 |
2851.920 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
2650.300 |
2398.571 |
2205.392 |
|
|
Capital work-in-progress including Capital Advances and Pre-operative
Expenditure (Net of Impairment) |
355.971 |
295.130 |
392.608 |
|
|
|
|
|
|
|
|
INVESTMENT |
36.852 |
36.865 |
36.689 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
821.598
|
538.849
|
763.126 |
|
|
Sundry Debtors |
1318.611
|
780.498
|
624.177 |
|
|
Cash & Bank Balances |
323.756
|
194.068
|
190.029 |
|
|
Other Current Assets |
10.553
|
23.174
|
50.735 |
|
|
Loans & Advances |
320.250
|
277.078
|
287.536 |
|
Total
Current Assets |
2794.768
|
1813.667
|
1915.603 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
2430.352
|
1405.975
|
1246.151 |
|
|
Other Current Liabilities |
512.061
|
451.154
|
382.882 |
|
|
Provisions |
147.734
|
91.551
|
69.339 |
|
Total
Current Liabilities |
3090.147
|
1948.680
|
1698.372 |
|
|
Net Current Assets |
(295.379)
|
(135.013)
|
217.231 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
2747.744 |
2595.553 |
2851.920 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
8609.253 |
6341.538 |
5230.821 |
|
|
|
Other Income |
89.000 |
88.761 |
61.799 |
|
|
|
TOTAL (A) |
8698.253 |
6430.299 |
5292.620 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Purchase of Trading Goods |
37.361 |
65.359 |
93.853 |
|
|
|
Raw Materials and Components Consumed |
5968.464 |
4158.759 |
3281.030 |
|
|
|
Cost of |
317.683 |
330.787 |
293.422 |
|
|
|
Personnel Expenses |
671.703 |
590.620 |
543.491 |
|
|
|
Operating and other Expenses |
1129.438 |
751.826 |
716.716 |
|
|
|
Decrease in Inventories |
2.191 |
13.701 |
84.988 |
|
|
|
Prior period items |
0.000 |
1.686 |
0.837 |
|
|
|
TOTAL (B) |
8126.840 |
5912.738 |
5014.337 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
571.413 |
517.561 |
278.283 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
93.631 |
113.197 |
92.463 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
477.782 |
404.364 |
185.820 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
240.449 |
340.540 |
222.255 |
|
|
|
|
|
|
|
|
|
|
PROFIT / LOSS
BEFORE TAX (E-F) (G) |
237.333 |
63.824 |
(36.435) |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
57.597 |
4.559 |
(20.246) |
|
|
|
|
|
|
|
|
|
|
PROFIT / LOSS
AFTER TAX (G-H) (I) |
179.736 |
59.265 |
(16.189) |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
48.935 |
28.371 |
55.496 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Transfer to General Reserve |
18.000 |
6.000 |
0.000 |
|
|
|
Dividend |
56.086 |
28.043 |
1.588 |
|
|
|
Tax on Dividend |
9.099 |
4.658 |
9.348 |
|
|
BALANCE CARRIED
TO THE B/S |
145.486 |
48.935 |
28.371 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Exports of manufactured goods at F.O.B. Value |
195.673 |
118.517 |
130.126 |
|
|
|
Recovery of Testing Charges |
5.290 |
9.015 |
1.502 |
|
|
TOTAL EARNINGS |
200.963 |
127.532 |
131.628 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
624.771 |
753.722 |
921.957 |
|
|
|
Stores & Spares |
8.901 |
6.972 |
7.633 |
|
|
|
Capital Goods |
433.985 |
186.627 |
949.689 |
|
|
|
Finished Goods |
66.346 |
0.000 |
0.000 |
|
|
TOTAL IMPORTS |
1134.003 |
947.321 |
1879.279 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
19.23 |
6.34 |
(1.73) |
|
QUARTERLY RESULTS
|
PARTICULARS |
|
|
30.06.2011 |
|
Type |
|
|
1st
Quarter |
|
Net Sales |
|
|
2328.600 |
|
Total Expenditure |
|
|
2195.740 |
|
PBIDT (Excl OI) |
|
|
132.860 |
|
Other Income |
|
|
7.950 |
|
Operating Profit |
|
|
140.810 |
|
Interest |
|
|
22.060 |
|
PBDT |
|
|
118.750 |
|
Depreciation |
|
|
56.340 |
|
Profit Before Tax |
|
|
62.410 |
|
Tax |
|
|
14.600 |
|
Profit After Tax |
|
|
47.810 |
|
Net Profit |
|
|
47.810 |
KEY RATIOS
|
PARTICULARS |
|
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
PAT / Total Income |
(%) |
2.07
|
0.92 |
(0.31) |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
2.76
|
1.00 |
(0.70) |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
4.36
|
1.52 |
(0.88) |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.15
|
0.04 |
(0.03) |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
2.64
|
2.06 |
2.13 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
0.90
|
0.93 |
1.13 |
LOCAL AGENCY FURTHER INFORMATION
BUSINESS
PERFORMANCE
Since the first car was rolled out in
During the year the Indian Automobile Industry recorded a remarkable
production growth of 27%, as compared to the last year. The industry produced
around 18 Million vehicles of which share of two wheelers were 75%, passenger
vehicles - 17 %, three wheelers and commercial vehicles - 4% each.
In this backdrop, the Company has achieved a 36% growth in the Annual
Sales, which is much above the industry growth, by clocking the sales of
Rs.8,609 Million during the year ended March 31, 2011, as compared to Rs. 6,342
Million in the previous year.
During the year, Lumax has posted Earnings before Depreciation Interest
and Tax (EBDITA) of Rs. 571.41 Million for the year ended March 31, 2011 as
against Rs. 517.56 Million in the previous year, an increase of 10% as compared
to the previous year and Profit After Tax (PAT) of Rs. 179.73 Million as
compared to the Profit After Tax (PAT) of Rs. 59.27 Million during the previous
year, registering a tremendous growth of 203%.
During the year, the Company has laid foundation for construction of a
new ultra modern manufacturing plant at Bawal, Haryana at an estimated cost of
about Rs.800 million to meet the increasing demand for supply of high volume
auto lightings for one of its existing top customer - Maruti Suzuki, as some of
the existing plants are facing capacity constraints. The said plant is expected
to start commercial production by January 2012.
Further, the Company is also in the process of setting up new plant at
Bidadi,
RECOGNITION AND
AWARDS
The Company believes that the journey of excellence is a never ending
one but it begins with Quality. Quality initiatives are all pervasive
encompassing each and every process throughout the organization, leading to
excellence. As a result of which the Company has received the following awards
and recognitions from Customers and other Agencies during the year:
- Got 90% marks
in the "Annual Vendor System Audit" by Maruti Suzuki India
Limited in 2010-11, as against 85% last year.
- Won Silver
Award for "Manufacturing Excellence" from Automotive Components
Manufacturer Association (ACMA).
- Won Golden
Trophy in QCC Competition organized by 'Quality Circle Forum of India -
Delhi Chapter.
- Won First
prize in poster competition in QCC Competition organized by 'Quality
Circle Forum of India - Delhi Chapter'.
- Won
"Winner Award (GOLD TROPHY)" in the 23rd Preliminary QC Circle
Competition Organized by 'Confederation of
- Won Silver
Award in the 21st Chapter Convention, QC Circle Competition Organized by
'Quality Circle Forum of
- Received
Certificate from Maruti Suzuki India Limited (MSIL), recognizing efforts
and superior performance of the Company in the field of Design and
Development.
- Received
Certificate of Appreciation from International Centre for Automotive Technology
(ICAT).
MANAGEMENT
DISCUSSION AND ANALYSIS REPORT
INDUSTRY
STRUCTURE, DEVELOPMENTS AND OUTLOOK
ECONOMIC
ENVIRONMENT
The Financial Year 2010-11 has ended as a remarkable fiscal year. In a
globalised world with its share of uncertainties and rapid changes, this year
brought us some opportunities and many challenges as they moved ahead with
steady steps on the chosen path of fiscal consolidation and high economic
growth.
The growth in 2010-11 has been swift and broad-based. The economy is
back to its pre-crisis growth trajectory. While agriculture has shown a
rebound, industry is regaining its earlier momentum, services sector continues
its near double digit run. Fiscal consolidation has been impressive. This year
has also seen significant progress in those critical institutional reforms that
would set the pace for double digit growth in the near future. However, food
inflation, higher commodity prices and volatility in global commodity markets
were some of the causes of great concerns underscoring the need of fiscal
consolidation and stronger reserves.
The long term growth prospects of the economy seems to be bright given
the strong fundamentals of the economy, but the short term outlook needs to be
assessed in context of the emerging macroeconomic dynamics that might support
or limit India's economic growth.
Therefore, by elucidating the current macroeconomic developments that
would play a crucial role in determining the prospect of the Indian economy
over the span of next one year, it is important to note that after nearing the
pre-crisis growth levels of 9.00%, during the early part of FY 2010-11, the GDP
growth moderated to near 8.20% during Q3 2010-11, thereby highlighting the
moderation in the overall economic activity.
The growth pattern in the industrial sector is expected to drive the
overall economic activity in the near future. Domestic demand, however, will continue
to hold the key to broad based growth.
At the backdrop of the current economic environment, it is expected that
the GDP will grow from the current levels, which likely to touch the figure of
9.00% during the next fiscal year.
AUTO AND AUTO
COMPONENT INDUSTRY OUTLOOK
Indian Automobile Industry embarked a new journey in 1991 with
delicensing of the sector and subsequent opening up for 100% Foreign Direct
Investment (FDI) through Automatic Route. Since then
Almost all the major global players in the passenger vehicles segments
are present in
The well-developed Indian Automotive industry comprising of two
segments, automobiles and auto component, ably fulfils the catalytic role by
producing a wide variety of passenger vehicles, commercial vehicles, three
wheelers, two wheelers and auto components. Further these segments include
medium and heavy commercial vehicles (M and HCVs), light commercial vehicles,
mopeds, motorcycles, scooters, among others.
HIGHEST EVER
AUTOMOBILE SALES FIGURE ACHIEVED BY THE INDUSTRY IN THE FY 2010-11
Sales: Indian Automobile Industry has witnessed a strong growth of 27%
in sales over the previous year. The magic figure of 27% is a very strong
number for a developing economy, especially in a sector like automobile which
is not used to of such high growth.
Production: As discussed earlier, in terms of production also, the
Indian Automobile Industry has recorded a remarkable growth of 27% in 2010-11,
as compared to the last year.
Indian Automobile Industry is sufficiently backed-up by the Indian
Government as well as by the respective State Governments, which have
complemented by introducing and implementing several policies on both macro and
micro levels over the decades, which includes Automotive Mission Plan (AMP)
2006-2016, 100% FDI through Automatic Route, Vehicle Inspection and Maintenance System, National Skill
Development Program (NSDP), National Automotive Testing and R and D
Infrastructure Project (NATRiP), Auto Policy, 2002, Jawaharlal Nehru National
Urban Renewal Mission (JNNURM) and adding to the same was Union Budget 2011-12.
AUTO COMPONENT
INDUSTRY
The Auto Component Industry, being the backbone of the emerging
Automotive Industry, manufactures a variety of products including Engine
and Engine parts, Fuel-injection Systems
and Carburetors, Cooling Systems and
Parts, Gears, Axles, Headlights (Complete Lightings), Dashboard
Instruments, Spark Plugs, Electric Ignition Systems (EIS), Pressure Die
Castings, Hydraulic Pneumatic Instruments, Key Transmission and Steering Parts, Suspension and braking parts, Equipment, Electrical parts,
among others.
The Indian Auto Component Industry has a potential to grow over Rs.
5000000.000 millions (US $ 110 billion) by the year 2020, driven in tandem with
the surge in vehicle production in the country. Of this, the domestic turnover
is expected to reach to Rs. 4000000.000 millions (US$ 80 billion) and exports
scale upto another Rs. 14000000.000 millions (US $ 29 Billion). The Auto
Component Industry, in the coming years will act as an engine of Indian economy
and manufacturing sector. To achieve this potential, the Auto Component
Industry would require investments of over Rs. 16000000.000 millions (US $ 35
billion) during the period. It will also create employment opportunity for over
1 million skilled people.
UNAUDITED FINANCIAL RESULTS FOR THE
QUARTER ENDED 30TH JUNE, 2011
(Rs. in millions)
|
Particulars |
Quarter Ended (Unaudited) |
|
30.06.2011 |
|
|
1 (a) Net Sales/ Income from Operations |
2323.007 |
|
(b) Other Operating Income |
5.591 |
|
Total Income |
2328.598 |
|
2 Expenditure |
|
|
(a) (Increase)/Decrease in Stocks |
(19.214) |
|
(b) Consumption of Raw Materials |
1629.445 |
|
(c) Purchase of Goods for Resale |
16.770 |
|
(d) Purchases of Moulds, Tools & Dies |
97.965 |
|
(e) Employees Cost |
183.136 |
|
(f) Depreciation / Amortisation / Impairment |
56.336 |
|
(g) Other Expenditure |
287.646 |
|
Total Expenditure |
2252.084 |
|
3 Profit from Operation before Other Income & Interest (1-2) |
76.514 |
|
4 Other Income |
7.954 |
|
5 Profit before Interest (3+4) |
84.468 |
|
6 Interest |
22.058 |
|
7 Profit before tax (5-6) |
62.410 |
|
8 Provision for Tax |
14.603 |
|
9 Net Profit) (loss) (7-8) |
47.807 |
|
10 Paid up Equity Shares Capital of 10/- each |
93.477 |
|
11 Reserve excluding Revaluation Reserves |
-- |
|
12 Earning per Share (EPS) |
|
|
Basic and Diluted EPS (in Rs.) |
5.11 |
|
13 Aggregate of Public Shareholding |
|
|
a) No. of Shares (Nos.) |
2460352 |
|
b) Percentage of Shareholding (%) |
26.32 |
|
14 Promoters and Promoter Group Shareholding |
|
|
a) Pledged/Encumbered |
|
|
— Number of Shares |
Nil |
|
— Percentage of Shares (as a % of the total shareholding of promoters and promoter group) |
Nil |
|
— Percentage of Shares (as a % of the total share capital of the company) |
Nil |
|
b) Non-encumbered |
|
|
— Number of Shares |
6887380 |
|
Percentage of Shares (as a % of the total shareholding of promoters and promoter group) |
100.00 |
|
— Percentage of Shares (as a % of the total share capital of the company) |
73.68 |
Note:
- The above results for the quarter ended June 30, 2011 have been reviewed by the Auditors and were taken on record at the Board of Directors Meeting held on July 26, 2011.
- The Company’s business activity falls within a single business segment i.e. manufacture of Automotive Components and therefore, segment reporting in terms of Accounting Standard 17 on Segmental Reporting is not applicable.
- There was no investor complaint pending at the beginning of the quarter. During the quarter ended June 30, 2011, 16 investor complaints were received and 16 were suitably disposed off and no complaints are pending as on quarter ended June 30, 2011.
- Previous year / quarter figures have been regrouped / recasted wherever necessary, to make them comparable.
FIXED ASSETS:
·
·
· Buildings
· Plant and Machinery
· Furniture and Fixtures
· Office Equipments
· Vehicles
· Computer Software
· Technical Knowhow
WEBSITE DETAILS:
OVERVIEW:
Subject signifies ‘LUMINOSITY MAXIMA’ for today’s demanding automobile
users. We have taken Automotive lighting to an entirely new level. Today
Subject accounts for over 60% market share in the Indian Automobile Lighting
Business, catalyzed by its over two decades strong technical and financial
collaboration with Stanley Electric Company Limited,
Japan, a world leader in Vehicle Lighting and illumination
products for Automobiles.
Subject offers a wide array of complete Automobile Lighting Systems and
Solutions, which includes; stellar quality Head Lamps and
Tail Lamps, Sundry and Auxiliary Lamps and other related products and accessories for Four Wheeler, Two Wheeler, Trucks, Buses,
Earth-movers, Tractors and
a variety of diverse applications.
BUSINESS DESCRIPTION:
Lumax Industries Limited is a manufacturer and supplier of
auto components, mainly automotive lighting systems for four wheeler and two
wheeler applications. The Company has technical, as well as financial collaboration
with Stanley Electric Co. Ltd.,
PRESS RELEASES:
07 SEPTEMBER 2011
"My SMS application can be embedded in sim, mobile phone or can be downloaded by sending short code to a number. This will enable service providers or agencies like government to send their messages in the language that is preferred by the user," IMImobile Founder and CEO Vishwanath Alluri said.
NEW DELHI - India's PG Electroplast, an electronic manufacturing services provider, has fixed the price band at Rs 190-210 per share for the Rs 1210.000 millions (US$26.50 million) initial public offering (IPO) which opens on September 7.
"The price band of the issue has been fixed at Rs 190-210 per equity share aggregating to raise Rs 1206.400 millions at the higher price band," PG Electroplast said in a statement issued here.
NOKIA SIEMENS
NETWORKS APPOINTS NEW HEAD OF
Girotra, who is responsible for a number of key customer
accounts in
S.KOREA'S HYUNDAI
SIGNS AGREEMENT WITH INTEL, C&S TECHNOLOGY
MUMBAI - South Korea'sHyundai Motor Company (KSE:005380) has
said it has signed an agreement with Intel
The three companies will determine product, technical and experiential requirements for next generation platforms to be built in Hyundai Motor vehicles, the company said in a statement.
"We are investing Rs 1500.000 millions to set up three
MUMBAI - Indian electric equipment maker Fedders Lloyd Corporation (BSE:500139) on Tuesday said the company would consider and decide on a proposal for strategic corporate restructuring on September 8.
The board of directors would take up the proposal at its meeting on September 8, Fedders Lloyd Corporation said in a filing to the Bombay Stock Exchange.
GLOBAL LCD PRICES
FALL TO RECORD LOWS ON GLUT, WEAK DEMAND
The latest data compiled by Display Search showed that not only the prices of large-size LCD panels for TVs, but also those of small panels for mobile phones, tablet PCs and personal computers trended downward in early September, as the global economic slowdown battered demand for consumer electronics.
COCA-COLA
The group is stepping up its energy-saving effort considering the unsteady power supply following the March 11 earthquake and tsunami.
SHARP'S NEW
WASHER/DRYER HANGS UP ON WRINKLES
The machine uses special hangers that attach to a bar inside its lid. Having the clothing hang vertically reduces the chances of wrinkling and shortens drying time for a dress shirt or gym wear to 15 minutes -- a five-minute savings compared with not using a hanger.
WEAKER PRICES DENT
The country exported US$13.06 billion worth of IT products last month, down 2.4 per cent from $13.39 billion in the same month last year, according to the Ministry of Knowledge Economy.
ACCORD FINTECH (
06 SEPTEMBER 2011
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.49.23 |
|
|
1 |
Rs.76.07 |
|
Euro |
1 |
Rs.65.06 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
8 |
|
PAID-UP CAPITAL |
1~10 |
8 |
|
OPERATING SCALE |
1~10 |
7 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
7 |
|
--PROFITABILIRY |
1~10 |
8 |
|
--LIQUIDITY |
1~10 |
7 |
|
--LEVERAGE |
1~10 |
7 |
|
--RESERVES |
1~10 |
8 |
|
--CREDIT LINES |
1~10 |
6 |
|
--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 |
|
66 |
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.