BUSINESS INFORMATION REPORT
1. Summary Information
|
|
|
Country |
|
|
Company Name |
IGARASHI MOTORS INDIA LIMITED |
Principal Name 1 |
MR. K. K. NOHRIA |
|
Status |
MODERATE |
Principal Name 2 |
MR. P. MUKUND |
|
|
|
Registration # |
18-021997 |
|
Street Address |
PLOT NO. B-12 TO B-15, PHASE 2, MEPZ-SEZ, TAMBARAM, CHENNAI – 600 045,
TAMILNADU |
||
|
Established Date |
10.01.1992 |
SIC Code |
-- |
|
Telephone# |
91-44-42298199 |
Business Style 1 |
MANUFACTURING |
|
Fax # |
91-44-22628143 |
Business Style 2 |
-- |
|
Homepage |
Product Name 1 |
ELECTRICAL EQUIPMENTS |
|
|
# of employees |
1500 (APPROXIMATELY) |
Product Name 2 |
-- |
|
Paid up capital |
RS.138,743,820/- |
Product Name 3 |
-- |
|
Shareholders |
PROMOTER AND PROMOTER GROUP-62.94% PUBLIC SHAREHOLDING-37.06% |
Banking |
ABN AMRO BANK NV |
|
Public Limited Corp. |
YES |
Business Period |
19 YEARS |
|
IPO |
YES |
International Ins. |
-- |
|
Public |
YES |
Rating |
B (30) |
|
Related
Company |
|||
|
Relation
|
Country
|
Company
Name |
CEO |
|
HOLDING
COMPANY |
|
IGARASHI ELECTRIC WORKS LIMITED |
-- |
|
Note |
-- |
||
2. Summary
Financial Statement
|
Balance Sheet as of |
31.03.2010 |
(Unit: Indian Rs.) |
|
|
Assets |
Liabilities |
||
|
Current Assets |
425,978,000
|
Current Liabilities |
505,386,000 |
|
Inventories |
136,489,000
|
Long-term Liabilities |
702,721,000 |
|
Fixed Assets |
818,830,000 |
Other Liabilities |
101,531,000 |
|
Deferred Assets |
724,000 |
Total Liabilities |
1,309,638,000 |
|
Invest& other Assets |
181,433,000 |
Retained Earnings |
383,394,000 |
|
|
|
Net Worth |
253,816,000 |
|
Total Assets |
1,563,454,000 |
Total Liab. & Equity |
1,563,454,000 |
|
Total Assets (Previous Year) |
1,809,229,000 |
|
|
|
P/L Statement as of |
31.03.2010 |
(Unit: Indian Rs.) |
|
|
Sales |
1,587,054,000 |
Net Profit |
27,276,000 |
|
Sales(Previous yr) |
2,578,132,000 |
Net Profit(Prev.yr) |
(602,877,000) |
MIRA
INFORM REPORT
|
Report Date : |
07.09.2011 |
IDENTIFICATION DETAILS
|
Name : |
IGARASHI MOTORS INDIA LIMITED |
|
|
|
|
Registered
Office : |
Plot No. B-12 to B-15, Phase 2, MEPZ-SEZ, Tambaram, Chennai – 600 045,
Tamilnadu |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as
on) : |
31.03.2010 |
|
|
|
|
Date of
Incorporation : |
10.01.1992 |
|
|
|
|
Com. Reg. No.: |
18-021997 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs.138.744 millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
L29142TN1992PLC021997 |
|
|
|
|
Legal Form : |
A Public Limited Liability Company. The Company’s Shares are Listed on
the Stock Exchanges. |
|
|
|
|
Line of Business
: |
Manufacturing of Electrical Equipments. |
|
|
|
|
No. of Employees
: |
1500 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
B (30) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
Maximum Credit Limit : |
USD 1015000 |
|
|
|
|
Status : |
Moderate |
|
|
|
|
Payment Behaviour : |
Slow but correct |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is a subsidiary of Igarashi Electric Works Limited, It is an established company having moderate track. There appears some
accumulated losses recorded by the company. However, trade relations are
reported as fair. Business is active. Payments are reported to be slow but
correct. The company can be considered for business dealings with some caution. |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – April 1, 2010
|
Country Name |
Previous Rating (31.12.2009) |
Current Rating (01.04.2010) |
|
|
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
LOCATIONS
|
Registered Office/ Factory : |
Plot No. B-12 to B-15, Phase 2, MEPZ-SEZ, Tambaram, Chennai, |
|
Tel. No.: |
91-44-42298199/ 22628199 |
|
Fax No.: |
91-44-22628143 |
|
E-Mail : |
|
|
Website : |
|
|
|
|
|
Overseas Offices: |
v
1-2 Tode-honcho, Saiwai-ku, Kawasaki-shi, v
Block "A", 3rd Floor, Shui
Ki v
Room 301, No. 85, Lane 4703, Gong He Xin Road., v
|
DIRECTORS
As on 31.03.2010
|
Name : |
Mr. K.K. Nohria |
|
Designation : |
Chairman |
|
Address : |
11, Aryavrat, 351, Narayan, Mumbai, |
|
Qualification : |
B.E., PHD |
|
|
|
|
Name : |
Mr. P. Mukund |
|
Designation : |
Managing Director |
|
Address : |
2A, Bishop Walievs, Aveme (West) |
|
Qualification : |
PGDBM, BE |
|
|
|
|
Name : |
Mr. K. Igarashi |
|
Designation : |
Director |
|
Address : |
3, Kamjamahi, |
|
Qualification : |
Graduate |
|
|
|
|
Name : |
Mr. C. P. Dusad |
|
Designation : |
Director |
|
Address : |
602, Avdhutlane, Rasnl Nagar, Ahmedabad |
|
Qualification : |
MBA, B. Tech |
|
|
|
|
Name : |
Mr. G. N. Mani |
|
Designation : |
Director |
|
Address : |
9, 21st Cross Street, Indira Nagar, Chennai |
|
Qualification : |
M. Tech |
|
|
|
|
Name : |
Mr. T. Igarashi |
|
Designation : |
Director |
|
Address : |
3, Kanya Machi, |
|
Qualification : |
Technical Graduate |
|
|
|
|
Name : |
Mr. Keiichi Igarashi |
|
Designation : |
Director |
|
Address : |
3, Kanya Machi, |
|
Qualification : |
Technical Graduate |
KEY EXECUTIVES
|
Name : |
Mr. T.S. Maharani |
|
Designation : |
Company Secretary |
|
|
|
|
Name : |
Mr. R. Chandrasekaran |
|
Designation : |
Head - Finance |
MAJOR SHAREHOLDERS
As on 30.06.2011
|
Category
of Shareholders |
No. of Shares |
Percentage of Holding |
|
(A) Shareholding of Promoter and Promoter Group |
|
|
|
|
|
|
|
|
12,824,225 |
62.94 |
|
|
12,824,225 |
62.94 |
|
|
|
|
|
Total shareholding of Promoter and Promoter Group (A) |
12,824,225 |
62.94 |
|
(B) Public Shareholding |
|
|
|
|
|
|
|
|
100 |
- |
|
|
100 |
- |
|
|
|
|
|
|
3,989,169 |
19.58 |
|
|
|
|
|
|
2,697,323 |
13.24 |
|
|
863,565 |
4.24 |
|
|
7,550,057 |
37.06 |
|
Total Public shareholding (B) |
7,550,157 |
37.06 |
|
Total (A)+(B) |
20,374,382 |
100.00 |
|
(C) Shares held by Custodians and against which Depository Receipts
have been issued |
- |
- |
|
|
- |
- |
|
|
- |
- |
|
|
- |
- |
|
Total (A)+(B)+(C) |
20,374,382 |
- |
(1) Indian
Bodies Corporate
Individual shareholders holding nominal
share capital up to Rs.0.100 millionBUSINESS DETAILS
|
Line of Business : |
Manufacturing of Electrical Equipments. |
||||||
|
|
|
||||||
|
Product: |
· Gear Motors · DC Motors · High Voltage Motors · Armatures |
PRODUCTION STATUS (As on 31.03.2010)
|
Particulars |
Unit |
Installed Capacity |
Actual Production |
|
Electric Micro Motor |
Nos. |
9000000 |
7854211 |
|
|
|
|
|
GENERAL INFORMATION
|
No. of Employees : |
1500 (Approximately) |
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Bankers : |
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Facilities : |
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Banking Relations
: |
--- |
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Auditors : |
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|
Name : |
Sharp and Tannan Chartered Accountants |
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|
Address : |
Parsn Manere, A-Wing, 3rd Floor, 602, Anna
Salai, Chennai – 600006, |
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Holding Company : |
v
Igarashi Electric Works Limited, |
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Associates : |
v
IJT Plastics
and Tools Private Limited v
Agile Electric Sub Assembly Private Limited v Agile Electric Technologies Private Limited |
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|
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|
Fellow Subsidiary Company : |
v
Igarashi Electric Works (H K) Limited v
Igarashi Motor Sales v
Igarashi Motoren GMBH v Agile Electric Drives Technologies and Holdings Private Limited |
CAPITAL STRUCTURE
After 16.09.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
22000000 |
Equity Shares |
Rs.10/- each |
Rs.220.000 millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
20374382 |
Equity Shares |
Rs.10/- each |
Rs.203.744 millions |
|
|
|
|
|
As on 31.03.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
22000000 |
Equity Shares |
Rs.10/- each |
Rs.220.000 millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
13874382 |
Equity Shares |
Rs.10/- each |
Rs.138.744 millions |
|
|
|
|
|
Note:
(Out of the above 8,323,675 equity shares of Rs.10/- each are held by
the holding company - Igarashi Electric Works Limited,
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
138.744 |
138.744 |
138.700 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
383.394 |
383.395 |
690.700 |
|
|
4] (Accumulated Losses) |
(268.322) |
(295.598) |
0.000 |
|
|
NETWORTH |
253.816 |
226.541 |
829.400 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
691.721 |
752.392 |
779.600 |
|
|
2] Unsecured Loans |
11.000 |
258.818 |
536.500 |
|
|
TOTAL BORROWING |
702.721 |
1011.210 |
1316.100 |
|
|
DEFERRED TAX LIABILITIES |
93.394 |
82.320 |
67.500 |
|
|
|
|
|
|
|
|
TOTAL |
1049.931 |
1320.071 |
2213.000 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
818.830 |
849.746 |
864.900 |
|
|
Capital work-in-progress |
38.133 |
59.143 |
164.900 |
|
|
|
|
|
|
|
|
INVESTMENT |
143.300 |
124.300 |
96.600 |
|
|
DEFERREX TAX ASSETS |
0.724 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
136.489
|
159.099
|
332.800 |
|
|
Sundry Debtors |
227.074
|
323.181
|
666.000 |
|
|
Cash & Bank Balances |
29.924
|
42.724
|
101.100 |
|
|
Other Current Assets |
0.253
|
0.000
|
0.000 |
|
|
Loans & Advances |
168.727
|
251.036
|
766.600 |
|
Total
Current Assets |
562.467
|
776.040
|
1866.500 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors and Other Current Liabilities |
505.386
|
447.910
|
669.100 |
|
|
Provisions |
8.137
|
41.248
|
110.800 |
|
Total
Current Liabilities |
513.523
|
489.158
|
779.900 |
|
|
Net Current Assets |
48.944
|
286.882
|
1086.600 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
1049.931 |
1320.071 |
2213.000 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
1587.054 |
2578.132 |
2740.200 |
|
|
|
Other Income |
5.423 |
159.258 |
336.600 |
|
|
|
TOTAL (A) |
1592.477 |
2737.390 |
3076.800 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Materials and Manufacturing
Expenses |
1237.881 |
2444.268 |
2359.300 |
|
|
|
Staff Expenses |
96.165 |
110.106 |
157.500 |
|
|
|
Selling and Administrative Expenses |
70.885 |
554.484 |
120.300 |
|
|
|
Other Expenses |
0.000 |
0.000 |
88.100 |
|
|
|
Increase/(Decrease) in Finished Goods |
0.000 |
0.000 |
(11.400) |
|
|
|
TOTAL (B) |
1404.931 |
3108.858 |
2713.800 |
|
|
|
|
|
|
|
|
Less |
PROFIT/
(LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
187.546 |
(371.468) |
363.000 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
85.115 |
131.819 |
133.600 |
|
|
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
102.431 |
(503.287) |
229.400 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
64.805 |
83.484 |
106.100 |
|
|
|
|
|
|
|
|
|
|
PROFIT/ (LOSS)
BEFORE TAX (E-F) (G) |
37.626 |
(586.771) |
123.300 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
10.350 |
16.106 |
27.100 |
|
|
|
|
|
|
|
|
|
|
PROFIT/ (LOSS)
AFTER TAX (G-H) (I) |
27.276 |
(602.877) |
96.200 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Export Earnings |
1541.955 |
2223.359 |
NA |
|
|
TOTAL EARNINGS |
1541.955 |
2223.359 |
NA |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
148.336 |
163.243 |
NA |
|
|
|
Stores & Spares |
808.809 |
961.429 |
NA |
|
|
|
Capital Goods |
17.972 |
18.754 |
NA |
|
|
|
Others |
0.000 |
794.164 |
NA |
|
|
TOTAL IMPORTS |
975.117 |
1937.590 |
NA |
|
|
|
|
|
|
|
|
|
|
Earnings/ (Loss)
Per Share (Rs.) |
1.97 |
(43.45) |
6.94 |
|
QUARTERLY RESULTS
|
PARTICULARS |
30.06.2010 |
30.09.2010 |
31.12.2010 |
31.03.2011 |
30.06.2011 |
|
Type |
1st
Quarter |
2nd
Quarter |
3rd
Quarter |
4th
Quarter |
5th
Quarter |
|
Net Sales |
462.490 |
460.560 |
526.960 |
522.110 |
576.410 |
|
Total Expenditure |
400.450 |
391.790 |
451.370 |
456.220 |
499.360 |
|
PBIDT (Excl OI) |
62.040 |
68.770 |
75.590 |
65.890 |
77.050 |
|
Other Income |
0.750 |
0.290 |
0.830 |
0.730 |
0.410 |
|
Operating Profit |
62.790 |
69.060 |
76.420 |
66.620 |
77.460 |
|
Interest |
21.850 |
25.170 |
26.560 |
25.320 |
23.370 |
|
Exceptional Items |
0.000 |
0.000 |
0.000 |
0.000 |
0.000 |
|
PBDT |
40.940 |
43.890 |
49.860 |
41.300 |
54.090 |
|
Depreciation |
22.160 |
30.810 |
25.770 |
26.580 |
25.530 |
|
Profit Before Tax |
18.780 |
13.080 |
24.090 |
14.720 |
28.560 |
|
Tax |
(1.940) |
(4.030) |
(2.230) |
3.030 |
(2.850) |
|
Provisions and contingencies |
0.000 |
0.000 |
0.000 |
0.000 |
0.000 |
|
Profit After Tax |
20.720 |
17.110 |
26.320 |
11.690 |
31.410 |
|
Extraordinary Items |
0.000 |
0.000 |
0.000 |
0.000 |
0.000 |
|
Prior Period Expenses |
0.000 |
0.000 |
0.000 |
0.000 |
0.000 |
|
Other Adjustments |
0.000 |
0.000 |
0.000 |
0.000 |
0.000 |
|
Net Profit |
20.720 |
17.110 |
26.320 |
11.690 |
31.410 |
KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
PAT / Total Income |
(%) |
1.71
|
(22.02) |
3.12 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
2.37
|
(22.75) |
4.49 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
2.72
|
(0.36) |
4.51 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.14 |
(2.59) |
0.14 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
4.79
|
6.62
|
2.53 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.09 |
1.59
|
2.39 |
LOCAL AGENCY FURTHER INFORMATION
OPERATIONS:
During the year
the operations of the Company was managed very tightly to recover from the losses
that occurred in the previous year.
The first half of
the year was very difficult and the Management team executed drastic measures
to reduce the costs of materials and value addition and return to
profitability.
In the Second
half, business increased and customers came back with larger orders and the
impact of the turnaround measures were clearly visible. The Management
Discussion and analysis report details steps taken for turnaround.
MANAGEMENT
DISCUSSION AND ANALYSIS REPORT
GLOBAL AUTOMOTIVE INDUSTRY
The Automotive
Industry crisis of 2008, until the first half of 2009 was unprecedented in
history and it is clear that this caused disappearing of capacities all over
the world during this period.
However, from the
middle of 2009, due to several actions taken by the Governments all over the
world, a recovery process had become visible.
It had become clear
that those who survived the crisis will be able to rebuild their businesses and
follow the rapid shift in the Automotive markets from
While it is
estimated that the industry would like to look at 2010 very cautiously, it had
become clear that the worst was over.
FUTURE BUSINESS
OUTLOOK:
The second half of
the year gave rise to new opportunities and it has become clear that both from
existing and new customers, the thrust will be in Asia Geographically and Small/
Mid size Car category. The Company's products are suitable to both the above
and therefore the future can be looked with optimism.
UNAUDITED FINANCIAL RESULTS FOR THE QUARTER ENDED 30TH
JUNE, 2011
(Rs. in millions)
|
Particulars |
3 Months Ended 30.06.2011 |
Corresponding 3 months ended in the Previous year 30.06.2010 |
For Previous accounting year ended 31.03.2011 |
|
Unaudited |
Audited |
||
|
1. a) Net Sales / Income from Operations |
576.413 |
454.419 |
1967.627 |
|
b) Other Operating Income |
-- |
-- |
-- |
|
|
|
|
|
|
2. Expenditure |
|
|
|
|
(a) (Increase)/decrease in Stock in Trade and work in progress |
(0.471) |
3.367 |
(0.373) |
|
(b) Consumption of Raw Materials |
363.361 |
297.741 |
1277.231 |
|
(c) Purchase of traded goods |
34.092 |
24.642 |
108.371 |
|
(d) Employees Cost |
30.763 |
17.813 |
87.502 |
|
(e) Depreciation/ Amortisation |
25.529 |
22.164 |
105.326 |
|
(f) Other Expenditure |
71.624 |
47.614 |
217.958 |
|
(g) Total Expenditure |
524.898 |
413.341 |
1796.015 |
|
3. Profit / (Loss)
From Operations before other Income, Interest & Tax (1-2) |
51.515 |
41.078 |
171.612 |
|
4. Other Income |
0.411 |
0.747 |
2.596 |
|
5. Profit / (Loss) before interest and tax (3+4) |
51.926 |
41.825 |
174.208 |
|
6. Interest |
23.366 |
23.044 |
103.541 |
|
7. Profit / (Loss)
From Ordinary activities before Tax (5-6) |
28.560 |
18.781 |
70.667 |
|
8. Tax Expenses |
(2.851) |
(1.936) |
(5.169) |
|
9. Net Profit/(Loss)
From Ordinary activities after Tax (7-8) |
31.411 |
20.717 |
75.836 |
|
10. Extraordinary Items (net of tax expense Rs. Nil) |
-- |
-- |
-- |
|
11. Net
Profit/(Loss) for the period (9-10) |
31.411 |
20.717 |
75.836 |
|
12. Paid-up Equity Share Capital (Face Value of the share Rs.10/- each) |
203.744 |
138.744 |
203.744 |
|
13. Reserves (Excluding Revaluation Reserves as per balance sheet of previous accounting year) |
-- |
-- |
630.047 |
|
14. Earning per share (EPS) |
|
|
|
|
a) Basic EPS Before Extra Ordinary Items for the Year and date for Previous Accounting Year (not to be annualized) |
1.54 |
1.49 |
5.04 |
|
b) Diluted EPS Before Extra Ordinary Items for the Year and date for Previous Accounting Year (not to be annualized) |
1.52 |
1.49 |
4.92 |
|
c) Basic EPS After Extra Ordinary Items for the Year and
date for Previous Accounting Year (not to be annualized) |
1.54 |
1.49 |
5.04 |
|
d) Diluted EPS After Extra Ordinary Items for the Year and
date for Previous Accounting Year (not to be annualized) |
1.52 |
1.49 |
4.92 |
|
15. Public Share Holding |
|
|
|
|
- Number of Shares |
7550157 |
5550707 |
7550157 |
|
- Percentage of shareholding |
37.06% |
40.01% |
37.06% |
|
16. Promoters and Promoter group share holding |
|
|
|
|
a) Pledged / Encumbered |
|
|
|
|
- Number of Shares |
-- |
-- |
-- |
|
- Percentage of share (as a % of the total shareholding of promoter and promoter group) |
-- |
-- |
-- |
|
- Percentage of shares(as a % of the total share capital of the company) |
-- |
-- |
-- |
|
b) Non-encumbered |
|
|
|
|
- Number of Shares |
12824225 |
8323675 |
12824225 |
|
- Percentage of Share (as a % of the total shareholding of promoter and promoter group) |
100.00% |
100.00% |
100.00% |
|
- Percentage of Share (as a % of the total share capital of the company) |
62.94% |
59.99% |
62.94% |
NOTES:
- The above
results are based on same set of accounting policies as of previous period
and have been subjected to review by statutory auditors an
- The Company
is operating primarily in Automotive Component Segment, as such no segment
reporting is made.
- The Company
received Nil Investor Complaints during the quarter.
- Provision for
Tax Expense represents reversal of Deferred Tax Liability of Rs.2.851
millions. The company does not have taxable income under the conventional
method of computation of income and further is covered by the provisions
of the Special Economic Zones Act, 2005 and accordingly not liable for
Minimum Alternate Tax under section 115JB of the Income Tax Act, 1961.
Hence, no provision for Current tax has been made during the year.
- Employee
costs includes the amortization of proportionate share of employee stock
based compensation of Rs.7.383 millions for the quarter. The offer as per
the ESOS scheme of the Company commenced in August 2010 and will continue
for one more Quarter.
- Figures of
the previous year have been regrouped / reclassified wherever applicable.
FIXED ASSETS:
Tangible Assets
·
Building
·
Plant and Machinery
·
Furniture and Fixtures
·
Vehicles
Intangible Assets
·
Product Development
Expenses
WEBSITE DETAILS:
HISTORY:
CG Igarashi Motors (CIM), incorporated in January'92 was
promoted by Crompton Greaves (CGL), Igarashi Electric Works (IEW),
The company came out with a Rs.27.700 Millions public issue
in Jan.'94 to part-finance a 100% EOU to manufacture permanent magnet DC micro
motors. Total project cost was at Rs.100.000 Millions.
During 1997-98, the company has expanded capacity of Rotors
by 1.5 million nos there by taking the capacity to 3.5 million nos. and then to
6 million nos. in 1998-99.
The company was certified QS 9000 in November 1998 and the
Quality System has been upgraded to conform to the latest edition of QS 9000
with effect from January 2000.
During 2002-03 Crompton Greaves Limited have divested their
holding in favour of Igarashi Electric Works. Since Igarashi Electric Works(HK)
Limited have acquired 30,99,993 equity shares of CG Capital and Investments
Limited the Board has decided to change the name of the company and the
Registrar have approved 'Igarashi Motors India Limited' as the new name. The
company is examining the possibility of spinning off its non motor business
into a focused JV with Igarshi Electric Works,
MILESTONE
1946
Eiji Igarashi first establishes a private company at Konya-cho,
1952
In accordance with increases in sales, the company is reorganized as a
limited company and founded as Igarashi Electric Works Limited.
1956
Company first begins exporting motors to the
1961
Main factory and head office constructed in Tode-honcho,
1962
Company develops motors and controllers for use with model racing cars.
1967
Agreement signed with the International Components Corporation of
Company develops industrial-use motors.
1971
Company develops a new model of 35 mm motor series for use in grass
clippers and other appliances.
1972
Plant established in the city of
ICC Elektrobauelemente GmbH established in the Federal Republic of
Germany.
1973
Igarashi Electric Works (H.K.) Limited established in
Company develops motors for use with automobiles.
1975
Company develops motors for use with power tools.
1976
Company develops motors for use with instant cameras.
1977
Company develops motors for use with office automation systems.
1978
Korea I.G. Motor Co., Limited established as a joint venture in the
(The joint venture terminated in 1988)
1984
Igarashi Electric Works (Heng Gang) Factory established in the People's
Republic of
1987
Company develops motors for use with high-voltage power sources.
1993
CG Igarashi Motors Limited established in
1995
Name of ICC (in
1997
Igarashi Electric Works (H.K.) Limited and Heng Gang China Factory
awarded ISO 9002.
Igarashi Motor Sales USA, L.L.C. established in
1998
A sales office, Igarashi Electric Works Shanghai, opened in the People's
Republic of
CG Igarashi Motors Limited (in
Name of ICC Igarashi Motoren GmbH (in
2000
Igarashi Motoren GmbH (in
Motor case factory production starts in the Heng Gang China Factory.
2001
2002
Igarashi Electric Works Limited
celebrates 50th Anniversary Igarashi Electric Works (H.K.) Limited and
Heng Gang China Factory awarded ISO9001.
2003
The Head office, Kashiwazaki factory, Igarashi Electric Works (H.K.)
Limited and Heng Gang China Factory awarded ISO14001.
Igarashi Electric Works (H.K.) Limited
and Heng Gang China Factory awarded QS9000.
2004
Igarashi Electric India Private Limited and Igarashi Technologies
Private Limited established in
2005
In January, Igarashi Electric Works (H.K.) Limited and Heng Gang China
Factory awarded TS16949.
Igarashi Electric Works Limited and
Kashiwazaki factory awarded ISO9001.
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.46.13 |
|
|
1 |
Rs.74.18 |
|
Euro |
1 |
Rs.64.88 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
4 |
|
OPERATING SCALE |
1~10 |
4 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
3 |
|
--PROFITABILIRY |
1~10 |
2 |
|
--LIQUIDITY |
1~10 |
4 |
|
--LEVERAGE |
1~10 |
3 |
|
--RESERVES |
1~10 |
2 |
|
--CREDIT LINES |
1~10 |
3 |
|
--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 |
|
30 |
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.