Business
information report
1. Summary Information
|
|
|
Country |
India |
|
Company Name |
MOTHERSON SUMI SYSTEMS LIMITED |
Principal Name 1 |
Mr. Vivek Chaand Sehgal |
|
Status |
Good |
Principal Name 2 |
Mr. Toshimi Shirakawa |
|
|
|
Registration # |
55-26431 |
|
Street Address |
2nd Floor, F-7, Block B-1, Mohan Co-Operative Industrial
Estate, Mathura Road, New Delhi – 110 044, India |
||
|
Established Date |
19.12.1986 |
SIC Code |
-- |
|
Telephone# |
91-11-40555940 |
Business Style 1 |
Manufacturer |
|
Fax # |
91-11-40555940 |
Business Style 2 |
-- |
|
Homepage |
Product Name 1 |
Integrated wiring harness |
|
|
# of employees |
5200 (Approximately) |
Product Name 2 |
Rubber Components |
|
Paid up capital |
Rs.
387,544,000/- |
Product Name 3 |
Insulated Wire |
|
Shareholders |
Promoter
and Promoter Group – 65.19% Public
Shareholding – 34.81% |
Banking |
State Bank of India |
|
Public Limited Corp. |
Yes |
Business Period |
25 years |
|
IPO |
Yes |
International Ins. |
- |
|
Public Enterprise |
Yes |
Rating |
A (65) |
|
Related
Company |
|||
|
Relation
|
Country
|
Company
Name |
CEO |
|
Subsidiary
|
Japan |
MSSL Japan Limited |
-- |
|
Note |
- |
||
2. Summary
Financial Statement
|
Balance Sheet as of |
31.03.2011 |
(Unit: Indian Rs.) |
|
|
Assets |
Liabilities |
||
|
Current Assets |
6,649,495,000 |
Current Liabilities |
6,683,729,000 |
|
Inventories |
4,276,697,000 |
Long-term Liabilities |
7,926,944,000 |
|
Fixed Assets |
8,986,368,000 |
Other Liabilities |
225,124,000 |
|
Deferred Assets |
0 |
Total Liabilities |
14,835,797,000 |
|
Invest& other Assets |
5,024,747,000 |
Retained Earnings |
9,713,966,000 |
|
|
|
Net Worth |
10,101,510,000 |
|
Total Assets |
24,937,307,000 |
Total Liab. & Equity |
24,937,307,000 |
|
Total Assets (Previous Year) |
16,704,678,000 |
|
|
|
P/L Statement as of |
31.03.2011 |
(Unit: Indian Rs.) |
|
|
Sales |
27,778,821,000 |
Net Profit |
2,874,864,000 |
|
Sales(Previous yr) |
17,048,739,000 |
Net Profit(Prev.yr) |
1,784,658,000 |
MIRA
INFORM REPORT
|
Report Date : |
28.09.2011 |
IDENTIFICATION DETAILS
|
Name : |
MOTHERSON SUMI SYSTEMS LIMITED |
|
|
|
|
Registered
Office : |
2nd
Floor, F-7, Block B-1, Mohan Co-Operative Industrial Estate, |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as
on) : |
31.03.2011 |
|
|
|
|
Date of Incorporation
: |
19.12.1986 |
|
|
|
|
Com. Reg. No.: |
55-26431 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs.387.544
Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
L34300DL1986PLC026431 |
|
|
|
|
TAN No.: [Tax Deduction & Collection
Account No.] |
DELM11353G /
DELM08600E |
|
|
|
|
PAN No.: [Permanent Account No.] |
AAACM0405A |
|
|
|
|
Legal Form : |
A Public Limited Liability Company. The Company’s Share are Listed on
the Stock Exchange. |
|
|
|
|
Line of Business
: |
Manufacturers of
Auto Ancillaries, Wiring Harnesses, Components and High Tension Cords. |
|
|
|
|
No. of Employees
: |
5200
(Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
A (65) |
|
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 40406040 |
|
|
|
|
Status : |
Good |
|
|
|
|
Payment Behaviour : |
Regular |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is a well established and a reputed company having fine track. Financials 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 – April 1, 2010
|
Country Name |
Previous Rating (31.12.2009) |
Current Rating (01.04.2010) |
|
|
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
INFORMATION DECLINED BY
|
Name : |
Mr. Santosh More |
|
Designation : |
Finance department |
LOCATIONS
|
Registered Office : |
2nd Floor, F-7, Block B-1, Mohan Co-Operative Industrial
Estate, |
|
Tel. No.: |
91-11-40555940 |
|
Fax No.: |
91-11-40555940 |
|
Email : |
|
|
Website : |
|
|
|
|
|
Corporate Office 1 : |
3rd Floor, Bhageria House, 43, Community Centre, New
Friends Colony, New Delhi - 110 065, India |
|
Tel. No.: |
91-11-26822778 / 26838069 / 26842174 |
|
Fax No.: |
91-11-26842174 |
|
E-Mail : |
|
|
|
|
|
Corporate Office 2 : |
C-14 A and B, Sector-1, Noida-201 301, |
|
Tel. No.: |
91-120-6752100 |
|
Fax No.: |
91-120-2521866 / 2521966 |
|
|
|
|
Units: |
·
Plot No. 31B, JIADB Industrial Area, Phase –1,
Kumbalgodu, ·
Motherson Automotive Technologies and Engineering
(A division of Motherson Sumi Systems
Limited) No. 9, GST Road, Oorapakum Kanchipuram,
District Chennai, Tamilnadu ·
B-22, SIDCO Industrial Estate, Hosur, ·
C-6 and 7, 1st and 2nd Floor, Sector – 1, Noida, ·
C-14, A and B, Sector -1, Noida – 201 301, Tel No.: 91-120-2476100 / 2551851 Fax No.: 91-120-2521966 / 2521866 ·
A-15, Sector 6, Noida, ·
Mohan Co-operative, ·
A-60-61, Sector 6, Noida, ·
129/2, Sanghvi Compound, Chinchwad, Pune, ·
Plot No. 21, Industrial Estate, Gurgaon, ·
C-6 and 7, Ground Floor, Sector 1, Noida, ·
D-3, Sector 11, Noida, ·
8, Ayyenchery, Village Oorapakkam Panchyet,
Kancheepuram 603 202, ·
Survey No. 241-1/2, Hinjewadi, Tal Mulshi,
District Pune – 411 027, ·
96/3-P, 96/4, 96/7-P, A Block Indraprastha
Industrial Park, Kumbalgodu Industrial Area, 2nd Phase, Kumbalgodu,
Bangalore, Karnataka, India ·
9, GST Road, Oorapakkam, Kancheepuram District,
Tamilnadu – 603202, Tel No.: 91-44-27467955 / 27467956 Fax No.: 91-44-27465337 ·
B – 135 and 206, Phase – II, Noida – 201301, Tel No.: 91-120-2568790 / 2562728 Fax No.: 91-120-2562726 |
|
|
|
|
Overseas Offices: |
Located at : ·
·
·
Sharjah ·
·
|
DIRECTORS
AS ON : 26.18.2010
|
Name : |
Mr. Vivek Chaand Sehgal |
|
Designation : |
Vice Chairman |
|
|
|
|
Name : |
Mr. Toshimi Shirakawa |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. Mohinder Singh Gujral |
|
Designation : |
Chairman |
|
|
|
|
Name : |
Mr. Hiroto Murai |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. Bimal Dhar |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. Toshihiro Watanable |
|
Designation : |
Whole Time Director |
|
|
|
|
Name : |
Maj. Gen. Amarjit Singh
(Retired) |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. Arjun Puri |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. Pankaj K. Mital |
|
Designation : |
Alternate Director |
|
|
|
|
Name : |
Mr. Laksh Vaaman Sehgal |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. Futoshi Urai |
|
Designation : |
Alternate Director |
KEY EXECUTIVES
|
Name : |
Mr. G. N. Gauba |
|
Designation : |
Vice President (Finance) and Company Secretary |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
(AS ON 30.06.2011)
|
Category of Shareholder |
No. of Shares |
Percentage of
Holding |
|
(A) Shareholding of Promoter and Promoter Group |
|
|
|
|
|
|
|
|
14,933,909 |
3.85 |
|
|
140,838,015 |
36.34 |
|
|
155,771,924 |
40.19 |
|
|
|
|
|
|
|
|
|
|
96,891,795 |
25.00 |
|
|
96,891,795 |
25.00 |
|
|
|
|
|
Total shareholding of Promoter and Promoter Group (A) |
252,663,719 |
65.19 |
|
|
|
|
|
(B) Public Shareholding |
|
|
|
|
|
|
|
|
36,523,786 |
8.91 |
|
|
151,484 |
0.04 |
|
|
44,762,005 |
11.55 |
|
|
79,437,277 |
20.50 |
|
|
|
|
|
|
|
|
|
|
28,594,717 |
7.38 |
|
|
|
|
|
|
13,360,240 |
3.45 |
|
|
12,738,781 |
3.29 |
|
|
|
|
|
|
749,066 |
0.19 |
|
|
321,088 |
0.08 |
|
|
426,674 |
0.11 |
|
|
1,304 |
-- |
|
|
55,442,804 |
14.31 |
|
|
|
|
|
Total Public shareholding (B) |
134,887,081 |
34.81 |
|
|
|
|
|
Total (A)+(B) |
387,543,800 |
100.00 |
|
|
|
|
|
(C) Shares held by Custodians
and against which Depository Receipts have been issued |
- |
- |
|
|
|
|
|
Total (A)+(B)+(C) |
387,543,800 |
100.00 |
(1) Indian
Individuals / Hindu Undivided Family
Individual shareholders holding nominal
share capital up to Rs.0.100 MillionBUSINESS DETAILS
|
Line of Business : |
Manufacturers of Auto
Ancillaries, Wiring Harnesses, Components and High Tension Cords. |
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|
|
|
||||||||||||
|
Products : |
Blow Molded Components ·
Heating, Ventilation and Air Conditioning
Ducts ·
Engine and Air Intake Ducts ·
Wind Shield Washer Bottles ·
Radiator Reservoir Tanks ·
Plastic Fuel Tanks (2-Wheelers) ·
Resonator/Pipe Air Intake ·
Arm Rests ·
Bellows ·
Body styling Kit- Spoilers Injection Molded Components · Interior/Exterior Trims and parts · Scuff Plates · Auto A.C. Components · Mirror housings · Under bonnet parts · Structured Plastic components · Inside handles · Body colored painted parts
Modules · IP Module · Door Trims · Floor console Module · Bumper Modules Components for White Goods Industry · Washing machine components · A.C. Components · Refrigerator components
Electronics Industry · T.V. Cabinets and Back Cover ·
Monitor Cabinets and Back Covers |
GENERAL INFORMATION
|
Suppliers : |
·
AGN
Electro Coats ·
Auto
test Mechanisms Private Limited ·
Chamundi
Die Cast Private Limited ·
Aglow
Engineers Private Limited ·
B.R.
Auto Connectors and Spares Private Limited ·
Brass
Copper and Alloy ( ·
·
Shree
Shiva Engineering Works ·
Hari
Har Engineering Works ·
M.D.
Plastics ·
·
D.M.
Enterprises ·
Fire
Safety Equipments Private Limited ·
Kings
Pack System ·
Senna
Polymers |
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|
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No. of Employees : |
5200
(Approximately) |
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|
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|
Bankers : |
·
State
Bank of ·
ICICI
Bank Limited ·
Axis
Bank Limited ·
Bank
of Tokyo Mitsubishi Limited ·
HDFC
Bank Limited ·
Citibank
N. A. |
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Facilities : |
Note : 1) Repayable on demand. 2) Includes due to an associate company `35.000 millions. 3) Long term loans due within a Year `NIL (Previous Year `1121.958 millions). 4) Company has given a negative lien on the assets purchased out of the said facility. 5) Tooling advances received from customers are repayable by way of amortisation on supply of components and hence cannot be distinguished between short term and long term. |
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|
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
Price Waterhouse
and Company Chartered
Accountants |
|
Address : |
Building 8 , 7th
and 8th Floor, |
|
|
|
|
Subsidiaries : |
· MSSL Mauritius Holdings Limited · MSSL Mideast (FZE) · MSSL Ireland Private Limited · MSSL Handels GmbH · Motherson Electrical Wires Lanka Private Limited · MSSL Tooling (FZE) · MSSL (S) Pte Limited · MSSL GmbH · MSSL Polymers GmbH · Samvardhana Motherson Invest Deutschland GmbH (formerly Mothersonsumi Reiner GmbH) · MSSL Advanced Polymers s.r.o. · MSSL (GB) Limited · Global Environment Management (FZC) · Global Environment Management Australia Pty Limited · Motherson Sumi Wiring System Limited (FZE) · MSSL Australia Pty Limited · Motherson Elastomers Pty Limited · Motherson Investments Pty Limited · Motherson Orca Precision Technology GmbH · MSSL Global Wiring Limited · MSSL s.r.l Unipersonale · MSSL Global RSA Module Engineering Limited · MSSL Japan Limited · Samvardhana Motherson Global Holdings Limited · Samvardhana Motherson Reflectec Group Holdings Limited · SMR Automotive Holding Hong Kong Limited · SMR Automotive Technology Holding Cyprus Limited · SMR Automotive Mirror Systems Holding Deutschland GmbH · SMR Automotive Parts GmbH · SMR Poong Jeong Automotive Mirrors Korea Limited · SMR Hyosang Automotive Limited · SMR Holding Australia Pty Limited · SMR Automotive Australia Pty Limited · SMR Automotive Taree Pty Limited · SMR Automotive Mirror Technology Hungary Bt · SMR Grundbesitz GmbH and Company KG · SMR Automotive Services GmbH · SMR Automotive Mirror Parts and Holdings UK Limited · Portchester Limited · SMR Automotive Mirrors UK Limited · SMR Automotive Technology Valencia S.A.U. (formerly Visiocorp Automotive Valencia S.A.U.) · SMR Automotive Services UK Limited · SMR Automotive Technology Holdings USA Partners · SMR Automotive Mirror International USA Inc. · SMR Automotive Systems USA Inc. · SMR Automotive Systems France S. A. · SMR Automotive Systems India Limited · SMR Automotive Yancheng Company Limited · SMR Automotive Beijing Company Limited · SMR Automotive Mirror Technology Holding Hungary Kft · SMR Automotive Systems Spain S.A.U. · SMR Automotive Vision Systems Mexico S.A. de C.V. · SMR Automotive Servicios Mexico S.A. de C.V. · SMR Automotive Mirrors Stuttgart GmbH · SMR Automotive Patents S.aR.L. · SMR Automotive Beteiligungen Deutschland GmbH · SMR Automotive Brasil Limited · SMR Automotive System (Thailand) Limited ·
India Nails Manufacturing Limited (Formerly
India Nails Manufacturing Private Limited) |
|
|
|
|
Joint Ventures : |
· Kyungshin Industrial Motherson Limited · Woco Motherson Elastomer Limited · Woco Motherson Advanced Rubber and Technologies Limited · Woco Motherson Limited (FZC) · Calsonic Kansei Motherson Auto Products Limited ·
Ningbo SMR Huaxiang Automotive Mirrors Co.
Limited |
|
|
|
|
Associates : |
· Saks Ancillaries Limited |
CAPITAL STRUCTURE
As on 31.03.2011
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
1,923,000,000 |
Equity Shares |
Rs.1/- each |
Rs. 1923.000
Millions |
Issued:
|
No. of Shares |
Type |
Value |
Amount |
|
387,547,000 |
Equity shares |
Rs.1/- each |
Rs.387.547
Millions |
Subscribed & Paid-up Capital
|
No. of Shares |
Type |
Value |
Amount |
|
387,543,800 |
Equity shares |
Rs.1/- each |
Rs.387.544
Millions |
Note :
· Of the above shares, 6,090,000 (Previous Year 6,090,000) shares are allotted as fully paid up pursuant to a contract for consideration other than cash
· Of the above shares, 282,737,000 (Previous Year 282,737,000) shares are allotted as fully paid bonus shares by way of capitalisation of share premium & general reserve
· Of the above shares, 35,210,000 (Previous Year 22,260,000) shares are allotted by way of conversion of Zero Coupon Foreign Currency Convertible Bonds
· During the year the Company has alloted of 12,950,000 equity shares of Re. 1/- each pursuant to conversion of Zero Coupon Foreign Currency Convertible Bonds (Refer B(3) of Schedule XIII).
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 |
387.544 |
374.594 |
355.554 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
9713.966 |
6790.898 |
3802.798 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
10101.510 |
7165.492 |
4158.352 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
6457.779 |
2727.770 |
2233.959 |
|
|
2] Unsecured Loans |
1469.165 |
1401.870 |
3147.585 |
|
|
TOTAL BORROWING |
7926.944 |
4129.640 |
5381.544 |
|
|
DEFERRED TAX LIABILITIES |
225.124 |
135.468 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
18253.578 |
11430.600 |
9539.896 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
8986.368 |
6691.146 |
4668.745 |
|
|
Capital work-in-progress |
1597.443 |
837.265 |
1476.994 |
|
|
|
|
|
|
|
|
INVESTMENT |
3427.304 |
2354.739 |
2763.601 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
15.299 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
4276.697
|
2352.981 |
1602.671 |
|
|
Sundry Debtors |
3506.247
|
2309.542 |
1733.476 |
|
|
Cash & Bank Balances |
380.996
|
365.324 |
179.322 |
|
|
Other Current Assets |
0.000
|
0.000 |
0.000 |
|
|
Loans & Advances |
2762.252
|
1775.829 |
1165.229 |
|
Total
Current Assets |
10926.192
|
6803.676 |
4680.698 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
4335.831 |
3252.670 |
2314.409 |
|
|
Other Current Liabilities |
829.829
|
795.282 |
431.390 |
|
|
Provisions |
1518.069
|
1226.126 |
1584.904 |
|
Total
Current Liabilities |
6683.729
|
5274.078 |
4330.703 |
|
|
Net Current Assets |
4242.463
|
1529.598 |
349.995 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
17.852 |
265.262 |
|
|
|
|
|
|
|
|
TOTAL |
18253.578 |
11430.600 |
9539.896 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
|
|
SALES |
|
|
|
|
|
|
|
Sales of finished Goods |
27778.821 |
17048.739 |
12949.429 |
|
|
|
Other Income |
1212.635 |
1234.556 |
372.440 |
|
|
|
TOTAL (A) |
28991.456 |
18283.295 |
13321.869 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Manufacturing & Other Expanses |
23932.254 |
14714.681 |
11633.285 |
|
|
|
TOTAL (B) |
23932.254 |
14714.681 |
11633.285 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
5059.202 |
3568.614 |
1688.584 |
|
|
|
|
|
|
|
|
|
Less |
INTEREST (D) |
284.374 |
252.400 |
290.984 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
4774.828 |
3316.214 |
1397.600 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
829.570 |
645.747 |
545.144 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
3945.258 |
2670.467 |
852.456 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
1070.394 |
885.809 |
157.047 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
2874.864 |
1784.658 |
695.409 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
1765.804 |
1630.915 |
1597.081 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Proposed Dividend |
1070.033 |
673.914 |
479.999 |
|
|
|
Tax on Dividend |
173.595 |
111.937 |
81.576 |
|
|
|
Transfer to General Reserve |
300.000 |
200.000 |
100.000 |
|
|
BALANCE CARRIED
TO THE B/S |
3097.040 |
2429.722 |
1630.915 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Export Earnings |
3064.984 |
2147.760 |
2346.551 |
|
|
TOTAL EARNINGS |
3064.984 |
2147.760 |
2346.551 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
10469.944 |
6253.575 |
3486.570 |
|
|
|
Stores & Spares |
113.631 |
48.201 |
55.156 |
|
|
|
Capital Goods |
1009.225 |
363.779 |
387.864 |
|
|
TOTAL IMPORTS |
11592.800 |
6665.555 |
3929.590 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
7.45 |
4.47 |
1.73 |
|
QUARTERLY RESULTS
|
PARTICULARS |
|
|
30.06.2011 (Rs. In
Millions) |
|
|
|
|
Unaudited |
|
Net Sales |
|
|
7515.200 |
|
Total Expenditure |
|
|
6558.800 |
|
PBIDT (Excl OI) |
|
|
956.400 |
|
Other Income |
|
|
291.000 |
|
Operating Profit |
|
|
1247.400 |
|
Interest |
|
|
121.800 |
|
Exceptional Items |
|
|
0.000 |
|
PBDT |
|
|
1125.600 |
|
Depreciation |
|
|
228.300 |
|
Profit Before Tax |
|
|
897.300 |
|
Tax |
|
|
242.300 |
|
Provisions and Contingencies |
|
|
0.000 |
|
Profit After Tax |
|
|
655.000 |
|
Extraordinary Items |
|
|
0.000 |
|
Prior Period Expenses |
|
|
0.000 |
|
Other Adjustment |
|
|
0.000 |
|
Net Profit |
|
|
655.000 |
KEY RATIOS
|
PARTICULARS |
|
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
PAT / Total Income |
(%) |
9.91
|
9.75
|
5.21
|
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
14.20
|
15.66
|
6.57
|
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
19.81
|
19.77
|
9.10
|
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.39
|
0.37
|
0.20
|
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
1.44
|
1.31
|
2.34
|
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.63
|
1.29
|
1.08
|
LOCAL AGENCY FURTHER INFORMATION
HISTORY:
Subject is a world-class supplier of high performance components,
modules and systems. The company is the largest supplier of EDS to the Indian
automotive industry. They offer a range of products in the fields of electrical
distribution systems, plastic molding, elastomers processing, tooling, metal
machining, automotive rear view mirrors and integrated modules. They also
provide a range of services from design to manufacturing, supplies to logistics
to its customers in
Operations and Performance
Financial
Year 2010-11 registered a strong broad based sequential growth across all key
sectors and resulted in a record performance during the year under review. The
Company has scaled new heights and set new benchmarks in terms of sales and
profit.
On
consolidated basis for the year 2010-11, your company achieved a turnover of
`81,756 million resulting in a growth of about 22% over its turnover of `67,022
million of the previous financial year ended March, 2010. Net profit for the year
at `3,908 million was higher by 61% over the previous year’s net profit of
`2,427 million.
On
standalone basis, your company achieved a turnover of `27,779 million resulting
in a growth of about 63% over its turnover of `17,049 million of the previous
financial year ended March, 2010.The profit after tax for the year ended March,
2011 at `2,875 million was higher than 61% from the previous financial year
ended March, 2010 at `1,785 million.
Management Discussions and Analysis
Overview
MSSL
has continued to deliver strong results and out-performed the Industry with
record revenues and profitability.
The
financial performance reflects the results of the strategic transformation of
the SMR business and the strength of the Company’s global model.
The Company
has manufacturing presence in over 23 countries. Its balanced sales
distribution and diversified global customer base provides an opportunity to
leverage skills & experience across markets, reduces dependence on any
particular geography and improves financial profile, thereby reducing the risk
of variability of financial performance.
The
Company has delivered another sterling performance this year and is moving in
the right direction towards achieving its vision of 2015.
Highlights
Some of
the main highlights and key strategic accomplishments during 2010-11 are as
follows:
1. The
Company recorded consolidated sales of US$ 1.8 billion.
2.
Growth in sales of 22% on consolidated basis and 63% on standalone basis.
3.
Consolidated EPS of `10.01 as compared to `6.07 in the previous year.
4.
Profit before tax (PBT) rose significantly by 84% on consolidated basis and 48%
on standalone basis.
5.
Post-tax profits (PAT) registered consistent growth of 61% on both consolidated
and standalone basis.
6. SMR
has shown strong and consistent performance in the second year of its
operations, registering growth in revenues by 22%, increase in PBT by 1602% and
PAT by 1142% in euro terms.
7. MSSL continues to deliver consistent and progressive returns to the shareholders, dividend recommended per share increased from `1.75/share to `2.75/share.
8. Capital expenditure incurred (on consolidated basis) of `7,860 million mainly for expansion of capacities.
9. MSSL is setting up a new plant in South Africa for Injection molding of Bumpers, Interior trims and painting of parts for supplies to major OEMs.
10. During the year, the Company has also added new facilities in Chennai, Bengaluru and Haldwani.
11. SMR is setting up its second plant in Hungary and is also setting up new plants in Brazil and Thailand, where production willcommence in the coming year.
Merger / Amalgamations
During
the year, Motherson Tradings Limited and Balda Motherson Solution India Ltd.,
wholly owned subsidiaries have been merged with the Company pursuant to the
Order of the Hon’ble High Court of Delhi dated 21st March, 2011.
Further,
the Board of Directors of the Company at their meeting held on 28th April, 2011
has approved the merger of its wholly owned subsidiaries namely MSSL Global
Wiring Limited and India Nails Manufacturing Limited and Board of Directors of
the Company at their meeting held on 25th May, 2011 has approved the merger of
Sumi Motherson Innovative Engineering Limited with the Company subject to the
necessary approval including the approval of Hon’ble High Court of Delhi.
UNAUDITED
STANDALONE FINANCIAL RESULTS FOR THE QUARTER ENDED 30TH JUNE, 2011
(Rs.
In millions)
|
Particulars |
Three
Months ended 30.06.2011 Unaudited |
|
|
|
|
1. a) Net Sales/Income
from Operations |
7412.700 |
|
- Within |
6555.900 |
|
- Outside |
856.800 |
|
|
|
|
b) Other
Operative Income |
102.500 |
|
|
|
|
Total |
7515.200 |
|
|
|
|
2. Expenditure |
|
|
a) (Increase)/decrease
in stock in trade and work in progress |
(85.000) |
|
b)
Consumption of Raw Materials |
4855.900 |
|
c) Employees
Cost |
758.200 |
|
d)
Depreciation |
228.300 |
|
e) Exchange
Differences (Gain) I Loss on: |
|
|
- Foreign Currency
Convertible Bonds (FCCBs) (net) |
-- |
|
- Others
(net) |
(55.100) |
|
f) Other
Expenditure |
1029.700 |
|
|
|
|
Total |
6732.000 |
|
|
|
|
3. Profit
from Operations before Other Income, Interest & Exceptional Items (1-2) |
783.200 |
|
|
|
|
4. Other
Income |
235.900 |
|
|
|
|
5. Profit
before Interest & Exceptional Items (3+4) |
1049.100 |
|
|
|
|
6. Interest |
|
|
-
Amortisation of Premium on redemption of FCCBs |
-- |
|
- Others |
121.800 |
|
|
|
|
7. Profit after
Interest but before Exceptional Items (5-6) |
897.300 |
|
|
|
|
8.
Exceptional Income / (Expenses) (Net) |
0.000 |
|
|
|
|
9. Profit
(+)/ Loss (-)from Ordinary Activities before tax (7+8) |
897.300 |
|
|
|
|
10. Tax
expense |
|
|
- Current |
244.800 |
|
- Deferred |
(2.500) |
|
|
|
|
11. Net
Profit (+)/Loss(-) from Ordinary Activities after tax (9-10) |
655.000 |
|
|
|
|
12.
Extraordinary Item (net of tax) |
0.000 |
|
|
|
|
13. Net Profit
(+)/Loss(-) for the period before share of profit/(loss) of associates and
minority interests (11-12) |
655.000 |
|
|
|
|
14. Share of
profit/(loss) of Associates |
0.000 |
|
|
|
|
15. Minority
Interests |
0.000 |
|
|
|
|
16. Net Profit
(+)/Loss(-) for the period (13+14-15) |
655.000 |
|
|
|
|
17. Paid-up
equity share capital |
387.500 |
|
|
|
|
18. Reserve
excluding Revaluation Reserves |
0.000 |
|
|
|
|
19. Earnings Per Share (EPS) (in
Rs.) |
|
|
a) Basic and diluted EPS before Extraordinary
items |
|
|
- Basic |
1.69 |
|
- Diluted |
1.69 |
|
|
|
|
b) Basic and diluted EPS after
Extraordinary items |
|
|
- Basic |
1.69 |
|
- Diluted |
1.69 |
|
|
|
|
20. Aggregate of Public
Shareholding |
|
|
- Number of
Shares |
134880081 |
|
- Percentage
of Shareholding |
34.81% |
|
|
|
|
21. Promoters and promoter group shareholding |
|
|
a) Pledged I Encumbered |
|
|
- Number of
shares2 |
60500000 |
|
- Percentage
of shares (as a % of the total shareholding of promoter and promoter group) |
23.94% |
|
- Percentage
of shares (as a % of the total share capital of the company) |
15.61% |
|
|
|
|
b) Non-encumbered |
|
|
- Number of
shares |
192163719 |
|
- Percentage
of shares (as a % of the total shareholding of promoter and promoter group) |
76.06% |
|
- Percentage
of shares ( as a % of the total share capital of the company) |
49.58% |
1. Diluted EPS has been computed at fully diluted paid up capital
of Rs.387.500 millions on conversion of Zero Coupon Foreign Currency
Convertible bonds, which is dilutive during the period previous period.
2. Includes 39,600,000 shares for which, as per information
submitted by Samvardhana Motherson Finance Limited (SMFL), SMFL has executed
Non disposal Undertakings (NDU).
SEGMENT REPORTING UNDER CLAUSE
41 OF THE LISTING AGREEMENT WITH THE STOCK EXCHANGE FOR THE QUARTER ENDED 30TH
JUNE, 2011
(Rs.
In millions)
|
Particulars |
Three months ended 30/06/2011 Unaudited |
|
1. Segment
Revenue |
|
|
(a) Automotive |
6946.800 |
|
(b) Non Automotive |
693.000 |
|
(c) Unallocated |
240.200 |
|
Total |
7880.000 |
|
|
|
|
Less: Inter Segment Revenue |
76.100 |
|
Net Sales/
Income from Operations |
7803.900 |
|
|
|
|
2. Segment
Results |
|
|
(a) Automotive |
730.000 |
|
(b) Non Automotive |
46.600 |
|
(c) Unallocated |
--- |
|
Total |
776.600 |
|
|
|
|
Less i) Interest (Net) |
119.600 |
|
ii) Other unallocable expenditure (Net of unallocable Income) |
(240.300) |
|
(d) Profit of Associate |
-- |
|
|
|
|
Total Profit
Before Tax |
897.300 |
|
|
|
|
3. Capital
Employed |
|
|
(a) Automotive |
15753.200 |
|
(b) Non Automotive |
1143.800 |
|
(c) Others (Including Investments) |
2447.600 |
|
|
|
|
Total Segment Capital
Employed |
19344.600 |
NOTES:
1.
The above financial results were reviewed by the
audit committee and approved by Board of Directors of the Company at their
meeting held on July 29.2011.
2.
Subsequent to the quarter end. the Company through
its subsidiary executed a binding agreement for acquisition of 80% stake In
Peguform GmbH and Peguform Ibenca, SL together with 50% stake in Wethie
Entwidtlungs. GmbH and Wethje Carbon Composite. GmbH for a total consideration
of Euro 141 5 million. The Company will hold 51% In the subsidiary which is set
up as a joint venture with Samvardhana Motherson Finance Limited. The deal is
expected to be finalized by September 2011 once al the closing conditions including
the necessary regulatory approvals are received.
3.
During the quarter, the Board of Directors of the
Company at the meeting held on April 28. 2011, approved the merger of Sumi
Motherson innovative Engineering Limited (SMIEL) and wholly owned subsidiary
companies namely, India Nails Manufacturing Limited and MSSL Global Wiring
Limited (MGWL) with the Company with effect from April 1, 2011, subject to
necessary approvals Further. the Board has recommended an exchange ratio of 10
shares of Rs 1 each fully paid up for every 57 equity snares of Rs. 10 each
held by shareholders of SMIEL The Company will Issue 4,420.360 new shares.
There by increasing its equity capital to Rs. 391.964 millions.
4.
In respect of some of the subsidiaries of
Samvardhana Motherson Reflectec Group Holdings Limited, the Company's tax
advisors have advised the Company of an additional estimated Euro 4.3 million
(Rs. 0.278 millions) of probable tax exposure in respect of the open tax
assessments for years prior to their acquisition date. Pending detailed
evaluation of the advice received and pending examination of the documentation
to validate the assumptions used for such estimate, no further provision has
been considered by the management at this stage The auditors have qualified their
Limited Review Report In respect of the above under accrual
5.
The Debt position and Cash (L Bank Balance as on
30th June 201 1 is as follows:
(RS. IN MILLIONS)
|
Particulars |
STANDALONE
UNAUDITED |
|
Debt (other than FCCB) |
83855.500 |
|
Cash and Bank Balance |
217.800 |
(Rs.
In millions)
|
Particulars |
Three months ended 30/06/2011 Unaudited |
|
Net Sales |
12930.300 |
|
Profit Before Interest, Tax, Depreciation and Exceptional items |
660.900 |
|
Depreciation |
303.300 |
|
Profit Before Tax |
292.300 |
|
Minority Share |
34.200 |
|
Profit After Tax (Concern Share) |
26.900 |
6. Investors Complaints received and disposed off during the quarter
ended March 2011:
|
|
No’s. |
|
Complaints pending at the beginning of the quarter |
-- |
|
Complaints received during the quarter |
31 |
|
Disposal of complaints |
31 |
|
Complaints lying unresolved at the end of the quarter |
-- |
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.48.91 |
|
|
1 |
Rs.76.53 |
|
Euro |
1 |
Rs.66.43 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
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 |
|
65 |
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.