|
Report Date : |
03.07.2012 |
IDENTIFICATION DETAILS
|
Name : |
HONDA SIEL POWER PRODUCTS LIMITED |
|
|
|
|
Registered
Office : |
3 and 4/48, 2nd Floor, Enkay House, Malcha Marg Shopping
Complex, Chanakyapuri, New Delhi – 110021 |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as
on) : |
31.03.2011 |
|
|
|
|
Date of
Incorporation : |
19.09.1985 |
|
|
|
|
Com. Reg. No.: |
55-203950 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs.101.431 Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
L40103DL2004PLC203950 |
|
|
|
|
Legal Form : |
A Public Limited Liability Company. The Company’s Shares are Listed on
the Stock Exchange |
|
|
|
|
Line of Business
: |
Manufacturer of Power Products and Related Parts. |
|
|
|
|
No. of Employees
: |
1000 (Approximately) (In Office + In Factory) |
RATING & COMMENTS
|
MIRA’s Rating : |
A (63) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
56-70 |
A |
Financial & operational base are regarded healthy. General
unfavourable factors will not cause fatal effect. Satisfactory capability for
payment of interest and principal sums |
Fairly Large |
|
Maximum Credit Limit : |
USD 8900000 |
|
|
|
|
Status : |
Good |
|
|
|
|
Payment Behaviour : |
Regular |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is a Joint Venture between Honda Motor Company The company can be considered normal for any 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 – September 30, 2011
|
Country Name |
Previous Rating (30.06.2011) |
Current Rating (30.09.2011) |
|
|
A1 |
A1 |
|
Risk Category |
ECGC Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
INFORMATION PARTED BY (GENERAL DETAILS)
|
Name : |
Mr. Rajaram |
|
Designation : |
Accounts Department |
|
Contact No.: |
91-120-2341050 |
|
Date : |
16.02.2012 |
LOCATIONS
|
Registered Office : |
3 and 4/48, 2nd Floor, Enkay House, Malcha Marg Shopping
Complex, Chanakyapuri, New Delhi – 110021, Delhi, India |
|
Tel No.: |
Not Available |
|
Mobile No.: |
91-9899886170 (Mr. Rajeev Sharma) |
|
Fax No.: |
Not Available |
|
E-Mail : |
|
|
Website : |
|
|
Area : |
3500 sq. ft. |
|
Location : |
Owned |
|
|
|
|
Head Office / Factory : |
Plot No.5, Sector No.41 (Kasna), Gautam Budh Nagar – 201310, |
|
Tel. No.: |
91-120-2341050-59 |
|
Fax No.: |
91-120-2341078-79 |
|
|
|
|
Showroom : |
H-111, GF, Sushant Shopping Arcade, B Block, Sushant Lok – 1, Gurgaon
– 122002, India |
|
Tel No.: |
91-124-2570550 |
|
|
|
|
Branch Offices : |
Located at: |
DIRECTORS
As on 31.03.2011
|
Name : |
Mr. Siddharth Shriram |
|
Designation : |
Chairman |
|
Address : |
No.3A, Chitrakoot The Green, Opp Air Force stat, Rajokri, NCT of Delhi
– 110038, India |
|
Date of Birth/Age : |
18.01.1940 |
|
Date of Appointment : |
19.09.1985 |
|
|
|
|
Name : |
Mr. Takashi Nagai |
|
Designation : |
Director |
|
Address : |
Hotel LE, |
|
Date of Birth/Age : |
07.02.1959 |
|
Date of Appointment : |
01.04.2010 |
|
|
|
|
Name : |
Dr. Dharam Veer Kapur |
|
Designation : |
Director |
|
Address : |
405, Aradhana Aparments, R K Puram, NCT of |
|
Date of Birth/Age : |
09.09.1928 |
|
Date of Appointment : |
31.03.1988 |
|
|
|
|
Name : |
Mr. |
|
Designation : |
Director |
|
Address : |
N-12, |
|
Date of Birth/Age : |
21.01.1943 |
|
Date of Appointment : |
31.03.1988 |
|
|
|
|
Name : |
Mr. |
|
Designation : |
Director |
|
Address : |
9-B, Anand Lok, |
|
Date of Birth/Age : |
19.11.1937 |
|
Date of Appointment : |
25.03.2005 |
|
|
|
|
Name : |
Mr. S. Yotsumoto |
|
Designation : |
Vice President and Whole-time Director |
|
|
|
|
Name : |
Mr. M. Saito |
|
Designation : |
Director |
KEY EXECUTIVES
|
Name : |
Mr. Rajaram |
|
Designation : |
Accounts Department |
|
|
|
|
Name : |
Ms. Payal Chaddha |
|
Designation : |
Secretary |
|
Address : |
227-C Express View Apartments, Sector – 93, Noida – 201301, Gautam
Budh Nagar, |
|
Date of Birth/Age : |
27.08.1977 |
|
Date of Appointment : |
18.09.2007 |
|
|
|
|
Name : |
Mr. Takashi Hamasaki |
|
Designation : |
President and Chief Executive Officer |
|
Address : |
B-500, 1st Floor, New Friends Colony, |
|
Date of Birth/Age : |
30.11.1960 |
|
Date of Appointment : |
01.04.2010 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 31.03.2012
|
Category of Shareholders |
No. of Shares |
Percentage of
Holding |
|
(A) Shareholding of promoter
and Promoter Group |
|
|
|
1) Indian |
|
|
|
a) Bodies corporate |
101433 |
1.00 |
|
Sub Total |
101433 |
1.00 |
|
2) Foreign |
|
|
|
a) Bodies corporate |
6762000 |
66.67 |
|
Sub Total |
6762000 |
66.67 |
|
Total shareholding of
Promoter and Promoter Group (A) |
6863433 |
67.67 |
|
(B) Public Shareholdings |
|
|
|
1) Institutions |
|
|
|
a) Mutual Funds |
20 |
-- |
|
b) Financial Institutions/Banks |
1100 |
0.01 |
|
c) Foreign
Institutional Investors |
2500 |
0.02 |
|
Sub Total |
3620 |
0.04 |
|
2) Non – Institution |
|
|
|
a) Bodies corporate |
964491 |
9.51 |
|
b) Individuals |
|
|
|
i. Individual Shareholders holding nominal share capital upto Rs.0.100
Million |
1797630 |
17.72 |
|
ii. Individual Shareholders holding nominal share capital in excess
Rs.0.100 Million |
382700 |
3.77 |
|
c) Any other |
131197 |
1.29 |
|
i) NRI |
114038 |
1.12 |
|
ii) Clearing Member |
16894 |
0.17 |
|
iii) Trust |
265 |
-- |
|
Sub Total |
3276018 |
32.30 |
|
Total Public shareholding
(B) |
3279638 |
32.33 |
|
Total (A) + (B) |
10143071 |
100.00 |
|
(C) Shares held by
Custodians and against which Depository Receipts have been issued |
-- |
-- |
|
(1) Promoter and Promoter Group |
-- |
-- |
|
(2) Public |
-- |
-- |
|
Sub Total |
-- |
-- |
|
Total (A)+(B)+(C) |
10143071 |
-- |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer of Power Products and Related Parts. |
||||||||
|
|
|
||||||||
|
Products : |
|
||||||||
|
|
|
||||||||
|
Exports : |
|
||||||||
|
Products : |
Cotton Boxes |
||||||||
|
Countries : |
·
|
||||||||
|
|
|
||||||||
|
Imports : |
|
||||||||
|
Products : |
Raw Materials |
||||||||
|
Countries : |
|
||||||||
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|
|
||||||||
|
Terms : |
|
||||||||
|
Selling : |
Cash and Credit |
||||||||
|
|
|
||||||||
|
Purchasing : |
Cash and Credit |
PRODUCTION STATUS (AS ON 31.03.2011)
|
Particulars |
|
Licensed
Capacity |
Installed
Capacity |
Actual
Production |
|
Portable generating sets |
|
** |
270000 |
88256 |
|
Internal combustion engines |
|
** |
*** |
73532 |
|
Pumping sets |
|
** |
*** |
73583 |
* Ascertified by the management and relied upon by the auditors, being a technical matter.
** Not applicable, as the products manufactured by the company are delicensed.
*** Installed capacity is common with portable generating sets.
GENERAL INFORMATION
|
Customers : |
Wholesalers and Retailers |
|
|
|
|
No. of Employees : |
1000 (Approximately) (In Office + In Factory) |
|
|
|
|
Bankers : |
·
Bank of ·
HDFC Bank Limited, Noida Branch, ·
ICICI Bank Limited |
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
BSR and Company Chartered Accountants |
|
Address : |
Building No10, 8th Floor, Tower B, |
|
|
|
|
Ultimate Holding and Holding Company : |
Honda Motor Company Limited, |
|
|
|
|
Fellow Subsidiaries : |
|
CAPITAL STRUCTURE
AS ON 31.03.2011
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
15000000 |
Equity Shares |
Rs.10/- each |
Rs.150.000 Millions |
|
|
|
|
|
Issued Capital:
|
No. of Shares |
Type |
Value |
Amount |
|
10144000 |
Equity Shares |
Rs.10/- each |
Rs.101.440
Millions |
|
|
|
|
|
Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
10143071 * |
Equity Shares |
Rs.10/- each |
Rs.101.431
Millions |
|
|
|
|
|
* Of the above, 6,762,000 (Previous year 6,762,000) equity shares of Rs.10 each are held by Honda Motor Company Limited., Japan, the holding company, also being the ultimate holding company.
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 |
101.431 |
101.431 |
101.431 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
2130.021 |
1922.098 |
1842.667 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
2231.452 |
2023.529 |
1944.098 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
0.000 |
0.000 |
0.000 |
|
|
2] Unsecured Loans |
0.000 |
0.000 |
0.000 |
|
|
TOTAL BORROWING |
0.000 |
0.000 |
0.000 |
|
|
DEFERRED TAX LIABILITIES |
1.238 |
0.000 |
23.202 |
|
|
|
|
|
|
|
|
TOTAL |
2232.690 |
2023.529 |
1967.300 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
746.927 |
634.205 |
613.136 |
|
|
Capital work-in-progress |
29.316 |
34.383 |
35.857 |
|
|
|
|
|
|
|
|
INVESTMENT |
0.000 |
0.000 |
0.000 |
|
|
DEFERREX TAX ASSETS |
0.000 |
19.362 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
771.831
|
473.048 |
574.180 |
|
|
Sundry Debtors |
131.374
|
153.268 |
84.425 |
|
|
Cash & Bank Balances |
959.714
|
1008.593 |
831.345 |
|
|
Other Current Assets |
29.397
|
9.017 |
10.650 |
|
|
Loans & Advances |
272.273
|
189.746 |
168.043 |
|
Total
Current Assets |
2164.589
|
1833.672 |
1668.643 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
471.504
|
325.397 |
215.547 |
|
|
Other Current Liabilities |
122.808
|
101.680 |
64.034 |
|
|
Provisions |
113.830
|
71.016 |
70.755 |
|
Total
Current Liabilities |
708.142
|
498.093 |
350.336 |
|
|
Net Current Assets |
1456.447
|
1335.579 |
1318.307 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
2232.690 |
2023.529 |
1967.300 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
4074.964 |
3058.005 |
2314.078 |
|
|
|
Job Work Charges (Gross) |
25.221 |
26.115 |
21.095 |
|
|
|
Other Income |
105.924 |
88.576 |
137.418 |
|
|
|
TOTAL (A) |
4206.109 |
3172.696 |
2472.591 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Material Cost |
2563.924 |
1951.771 |
1497.439 |
|
|
|
Personal Cost |
295.803 |
248.511 |
227.573 |
|
|
|
Other Expenses |
818.819 |
500.190 |
432.814 |
|
|
|
Exceptional Items |
0.000 |
200.446 |
11.937 |
|
|
|
TOTAL (B) |
3678.546 |
2900.918 |
2169.763 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
527.563 |
271.778 |
302.828 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL EXPENSES (D) |
0.998 |
1.863 |
2.087 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
526.565 |
269.915 |
300.741 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
82.034 |
74.281 |
57.901 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
444.531 |
195.634 |
242.840 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
147.900 |
68.736 |
86.400 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
296.631 |
126.898 |
156.440 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
792.367 |
725.636 |
632.363 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Proposed Dividend |
76.073 |
40.572 |
40.572 |
|
|
|
Corporate Dividend Tax |
12.635 |
6.895 |
6.895 |
|
|
|
General Reserve |
29.700 |
12.700 |
15.700 |
|
|
BALANCE CARRIED
TO THE B/S |
970.590 |
792.367 |
725.636 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Export Earnings |
611.429 |
395.170 |
343.179 |
|
|
TOTAL EARNINGS |
611.429 |
395.170 |
343.179 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw materials |
69.844 |
19.944 |
84.183 |
|
|
|
Components |
638.301 |
336.659 |
233.707 |
|
|
|
Consumables |
1.105 |
0.989 |
1.347 |
|
|
|
Stores, tools and machinery spares |
1.989 |
1.523 |
2.267 |
|
|
|
Spares for sale |
0.000 |
0.000 |
0.167 |
|
|
|
Capital goods |
15.265 |
1.748 |
4.717 |
|
|
TOTAL IMPORTS |
726.504 |
360.863 |
326.388 |
|
|
|
|
|
|
|
|
|
|
Earnings Per Share
(Rs.) |
29.24 |
12.51 |
NA |
|
QUARTERLY RESULTS
|
PARTICULARS |
30.06.2011 |
30.09.2011 |
31.12.2011 |
31.03.2012 |
|
Type |
1st
Quarter |
2nd
Quarter |
3rd
quarter |
4th
quarter |
|
Net Sales |
1090.800 |
1148.600 |
1452.500 |
1356.400 |
|
Total Expenditure |
982.600 |
1039.400 |
1270.100 |
1222.600 |
|
PBIDT (Excl OI) |
108.200 |
109.200 |
182.400 |
133.800 |
|
Other Income |
23.500 |
17.000 |
26.400 |
29.300 |
|
Operating Profit |
131.700 |
126.200 |
208.800 |
163.100 |
|
Interest |
0.300 |
0.300 |
2.200 |
0.000 |
|
Exceptional Items |
0.000 |
204.900 |
(1.500) |
0.000 |
|
PBDT |
131.400 |
330.800 |
205.100 |
163.100 |
|
Depreciation |
25.500 |
25.800 |
25.900 |
25.800 |
|
Profit Before Tax |
105.900 |
305.000 |
179.200 |
137.300 |
|
Tax |
34.500 |
73.100 |
58.800 |
44.200 |
|
Provision and Contingencies |
0.000 |
0.000 |
0.000 |
0.000 |
|
Profit After Tax |
71.400 |
231.900 |
120.400 |
93.100 |
|
Extraordinary Items |
0.000 |
0.000 |
0.000 |
0.000 |
|
Prior Period Expenses |
0.000 |
0.000 |
0.000 |
0.000 |
|
Other Adjustments |
0.000 |
0.000 |
0.000 |
0.000 |
|
Net Profit |
71.400 |
231.900 |
120.400 |
93.100 |
KEY RATIOS
|
PARTICULARS |
|
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
PAT / Total Income |
(%) |
7.05
|
3.99 |
6.33 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
10.91
|
6.40 |
10.49 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
15.27
|
7.93 |
10.64 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.20
|
0.09 |
0.12 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
0.32
|
0.25 |
0.18 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
3.06
|
3.68 |
4.76 |
LOCAL AGENCY FURTHER INFORMATION
|
Check List by Info Agents |
Available in Report (Yes / No) |
|
1) Year of Establishment |
Yes |
|
2) Locality of the firm |
Yes |
|
3) Constitutions of the firm |
Yes |
|
4) Premises details |
Yes |
|
5) Type of Business |
Yes |
|
6) Line of Business• |
Yes |
|
7) Promoter’s background |
Yes |
|
8) No. of employees |
Yes |
|
9) Name of person contacted |
Yes |
|
10) Designation of contact person |
Yes |
|
11) Turnover of firm for last three years |
Yes |
|
12) Profitability for last three years |
Yes |
|
13) Reasons for variation <> 20% |
- |
|
14) Estimation for coming financial year |
No |
|
15) Capital in the business |
Yes |
|
16) Details of sister concerns |
Yes |
|
17) Major suppliers |
No |
|
18) Major customers |
No |
|
19) Payments terms |
Yes |
|
20) Export / Import details (if applicable) |
Yes |
|
21) Market information |
-- |
|
22) Litigations that the firm / promoter |
-- |
|
23) Banking Details |
Yes |
|
24) Banking facility details |
No |
|
25) Conduct of the banking account |
-- |
|
26) Buyer visit details |
-- |
|
27) Financials, if provided |
Yes |
|
28) Incorporation details, if applicable |
Yes |
|
29) Last accounts filed at ROC |
Yes |
|
30) Major Shareholders, if available |
No |
NOTE:
The registered office address of the company has been shifted from Plot
No.5, Sector No.41 (Kasna), Greater Noida Industrial L Development Area G B
Nagar, Gautam Budh Nagar – 201310,
DOMESTIC MARKETSAND
EXPORTS
The company
achieved a record sales of Rs. 4322.700 Millions in 2010-11 (as against Rs.
3201.300 Millions in 2009-10) in domestic and exports markets thereby realizing
a growth of 35%over previous year.
The overall growth
was led by recovery in the generator segment and good volumes in the engines
and water pumping set business during the year. This year also saw introduction
of new models in the EU series of Generators specially made in
lNDlGENlSATlON
PROGRAMME
The Company is
continuously working on cost reduction by localization of critical parts with
the help of Honda Motor Company Limited,
The Company has
realized saving on account of localization of critical parts such as Switch Assembly
Engine Stop, Terminal Assembly High Tension and Cap Assembly Noise Suppressor
during the year 2010 - 2011.
The Company is in
the process of localization of 80 parts of Generator Model EU65is and is
closely monitoring the development of these Parts for production as per
schedule. The Company shall continue localization of balance parts with support
from Honda Motor to. Limited,
MANAGEMENT DISCUSSION AND ANALYSIS
REPORT
DOMESTIC BUSINESS
GENSETS
Due to completion
of factory consolidation project in the previous year, the dealers and
customers could get their previous year's demand and pending orders fulfilled
in the current year. This factor combined with increased demand of Company's
product resulted in 73% increase in generator sale saver last year.
The company had
launched higher rating generator in the year 2008-09 , namely EU65is (5.5 KVA).
This was done through imported CBU (Completely Built Unit) route for customers
wanting more power output to run more appliances in the ever growing need of
business and household. The initial response in this new category and the
continued growth in last 2 years was very encouraging. The company has now
responded to this segments' requirement by commencing manufacturing of this
generator in
The company has
also started producing a 3 KVA model in
Outlook
The impressive
economic growth of 8.6% (9 month period) along with power deficits in many
parts of the country continue to create demand for generators to help run small
and medium scale business during power cuts. The Company expects the demand of
such portable generators to continue to grow.
GENERAL PURPOSE
ENGINESAND WATER PUMPINGSETS
This year the combined
sales of engines and water pumps is the highest ever in the history of the
Company by growing over 8%as compared to the previous year which itself
witnessed the highest ever sale of engines and water pumping sets.
The company
continued its efforts to realize the need of farmers to increase and help them
during the periods requiring irrigation and fast relief in areas where crops
were required to be saved. The government's initiatives in food security
programs led primarily through the National Food Security Mission enabled a
large section of farmers to make use and purchase equipments such as water
pumping sets for their needs.
The seasonal
requirement of engines required for spraying specially in Northern areas helped
the company maintain its leadership in this business line as well.
The company
successfully established network in areas where the demand could be channelized
for increasing the sales especially in central and eastern areas. This led to
increased and additional business.
Outlook
The income from
agricultural activities is expected to increase due to higher price realization
from farm products and also better Government Minimum Support Prices. This is
likely to increase demand for farm mechanization and products required by
farmers.
The demand for a
suitable and reputed engine for many other applications such as vibrator,
concrete mixer and small agri machineries from many other parts of the country
has also indicated increased business outlook. The company is encouraged by
enquiries from reputed Original Equipment Manufacturers (OEM) for tie ups and
long term contracts for supply of new series of Engines as well as existing
series.
The company is
exploring many new opportunities by working closely to develop new applications
as well as providing solutions to existing applications by proposing its series
of engines as better solutions.
Government
initiatives and support to improve food security through various schemes is
expected to continue demand for farm mechanization solutions. The company is
poised to take advantage of such initiatives by providing and partnering
solutions with the help their vast network of dealers, distributors and OEMs.
BRUSH CUTTERS
The growing need
of farmers especially in the southern and western regions to find alternate to
manual means of weeding has given rise to increase in demand of such equipments
The company has
been supporting this demand through the CBU route and the encouraging results
from the southern markets have enabled the development of more markets in the
eastern and western region This increased footprint has enabled the company to
grow over 41% as compared to the previous year.
The company finds good growth potential in small and medium sized
farmers demanding such farm mechanization. Such encouraging demand is leading
to launch of a compact power welder cum Tiller in the 5.5 hp category in the
next financial year.
EXPORTS
Sales registered a growth of 45% over the previous year.
The performance was encouraging since the higher realization generator
category constituted over 50% of the totals aleasn d the highest ever.
The
Outlook
The company will persist with its strategy to explore new territories as
well as sustain the better realizing generator business in the markets of
Middle East, Latin America and
FINANCIAL PERFORMANCE
During the year 2010-11 the net sale was Rs. 4075.000 Millions as against Rs. 3058.000 Millions in the previous
year. This represents an impressive increase of 33% in terms of value over previous year. In terms of volume, the increase as compared to previous year to the
tune of 28%
Profit before Tax
and Exceptional Items for the year was Rs. 444.500 Millions As against Rs. 396.100 Millions in 2010-11.T
his is an increase of 12% over
previous Year.
STATEMENT
OF FINANCIAL RESULTS FRO THE YEAR ENDED 31 MARCH 2012
|
|
|
Quarter Ended |
Year ended |
|
|
Sr. No. |
Particulars |
31.03.2012 |
31.12.2011 |
31.03.2012 |
|
|
|
3 Months |
3 Months |
12 Months |
|
|
|
Audited* |
Unaudited |
Audited* |
|
1 |
Income
from Operation |
|
|
|
|
|
a) Net sales/income from operations |
1211.700 |
1440.200 |
4885.000 |
|
|
b) Other operating income |
144.700 |
12.300 |
163.300 |
|
|
Total income |
1356.400 |
1452.500 |
5048.300 |
|
|
|
|
|
|
|
2 |
Expenditure
: |
|
|
|
|
|
a) Cost of materials consumed |
817.000 |
684.100 |
2808.400 |
|
|
b) Purchase of traded goods |
78.300 |
60.000 |
330.300 |
|
|
c) Changes in stock
in trade and work in progress |
(21.400) |
162.000 |
83.000 |
|
|
d) Employees benefit expenses |
106.800 |
86.300 |
361.800 |
|
|
e) Depreciation |
25.800 |
25.900 |
103.000 |
|
|
f) Other expenditure |
241.900 |
279.900 |
934.000 |
|
|
Total expenditure |
1248.400 |
1298.200 |
4620.500 |
|
3 |
Profit from operations before other income. interest and
exceptional items (1-2) |
108.000 |
154.300 |
427.800 |
|
4 |
Other Income |
29.300 |
26.400 |
96.200 |
|
5 |
Profit before and
exceptional items (3+4) |
137.300 |
180.700 |
524.000 |
|
6 |
Exceptional items |
- |
(1.500) |
203.400 |
|
7 |
Profit/(loss) from ordinary activities before tax (5+6) |
137.300 |
179.200 |
727.400 |
|
8 |
a) Provision for taxation |
44.200 |
58.800 |
210.600 |
|
b) Provision for taxation for earlier years |
||||
|
9 |
Net profit/(loss) from ordinary activities after tax (
7-8) |
93.100 |
120.400 |
516.800 |
|
10 |
Paid-up equity share capital
(refer note 2) (Face value of Rs. 10/ each) |
101.400 |
101.400 |
101.400 |
|
11 |
Reserves (excluding revaluation reserves)
as per balance sheet of previous accounting year |
- |
- |
- |
|
12 |
Earning/(loss) per share (EPS)
before and after extraordinary items |
|
|
|
|
|
- Basic (Rs.) |
9.18 |
11.87 |
50.95 |
|
|
- Diluted(Rs.) |
9.18 |
11.87 |
50.95 |
|
17 |
Public shareholding |
|
|
|
|
|
- Number of shares |
3279638 |
3279638 |
3279638 |
|
|
- Percentage of shareholding |
32.33 |
32.33 |
32.33 |
|
18 |
Promoters and Promoter Group
Shareholding a) Pledged / Encumbered |
|
|
|
|
|
- Number of shares |
- |
- |
- |
|
|
- Percentage of shares (as a %
of the |
- |
- |
- |
|
|
total shareholding of the
promoter |
|
|
|
|
|
and promoter group) |
|
|
|
|
|
- Percentage of shares (as a %
of the |
- |
- |
- |
|
|
total share capital of the
Company) |
|
|
|
|
|
b) Non - encumbered |
|
|
|
|
|
- Number of shares |
6863433 |
6863433 |
6863433 |
|
|
- Percentage of shares (as a %
of the |
100 |
100 |
100 |
|
|
total shareholding of the
Promoter |
|
|
|
|
|
and Promoter group) |
|
|
|
|
|
- Percentage of shares (as a %
of the |
67.67 |
67.67 |
67.67 |
|
|
total share capital of the
Company) |
|
|
|
|
B |
Investor complaints |
Quarter Ended 31.03.2012 |
|
|
Pending at
the beginning of the quarter |
2 |
|
|
Received
during the quarter |
7 |
|
|
Disposed
of during the quarter |
9 |
|
|
Remaining
unresolved at eh end of the quarter |
Nil |
* Figures for the months ended 31 march 2012 and
31 march 2011 are the balancing figures between audited figures in respect of
full financial year and the publish year to date figures upto the third quarter
of the financial year. Also, the figures upto the end of the third quarter were
only reviewed and not subject to audit
Statement of Assets
Liabilities
|
S.No. |
Particular |
31.03.2012 |
|
A |
EQUITY AND LIABILITIES |
|
|
1 |
Shareholders' funds |
|
|
|
a) Share capital |
101.400 |
|
|
b) Reserves and
surplus |
2540.700 |
|
|
Sub-total - Shareholders'
Funds |
2642.100 |
|
|
|
|
|
2 |
Non-current liabilities |
|
|
|
a) Deferred tax
liabilities (net) |
14.900 |
|
|
b) Other long term
liabilities |
18.000 |
|
|
c) Long term
provisions |
19.300 |
|
|
Sub-total - Non-Current Liabilities |
52.200 |
|
|
|
|
|
3 |
Current liabilities |
|
|
|
a) Trade payables |
589.000 |
|
|
b) Other current liabilities |
202.700 |
|
|
c) Short term provisions |
119.800 |
|
|
Sub-total - Current Liabilities |
911.500 |
|
|
TOTAL - EQUITY AND LIABILITIES |
3605.800 |
|
|
|
|
|
B |
ASSETS |
|
|
1 |
Non-current assets |
|
|
|
a) Fixed assets |
872.100 |
|
|
b) Long term loans and advances |
93.800 |
|
|
c) Other non-current assets |
122.900 |
|
|
Sub-total - Non-Current Assets |
1088.800 |
|
|
|
|
|
2 |
Current assets |
|
|
|
a) Inventories |
711.500 |
|
|
b) Trade receivables |
253.900 |
|
|
c) Cash and cash equivalents |
1303.600 |
|
|
d) Short-term loans and
advances |
202.900 |
|
|
d) other current assets |
45.100 |
|
|
Sub-total
- Current Assets |
2517.000 |
|
|
TOTAL
- ASSETS |
3605.800 |
Fixed Assets:
·
Land
·
Building
·
Plant and Machinery
·
Furniture, Fixtures and
Office Equipments
·
Vehicles
Website Details:
Business Description
Subject is an India-based company. The Company
is a joint venture between Honda Motor Company
Board of Directors
Mr. Siddharth Shriram
Non-Executive Independent Chairman of the Board
He has experience in Oil, Power Products,
Automobiles, Refrigeration and Engineering Industry. He also carries managerial
experience with him. Mr. Shriram is into business in
Mr.
Non-Executive Independent Director
He is an IAS Officer (retired) and has held
key positions at various levels in Government of Madhya Pradesh and Government
of India. He was Secretary to the Government of India in the Ministry of Food
as well as Secretary Banking in the Ministry of Finance. He has also served as
Dy. Governor in RBI. Mr. Gupta is actively connected with institutions
promoting education and culture. He has directorshiip in Goodyear India
Limited, DCM Precision Engineering Limited, Delhi Safe Deposit Company Limited,
Mawana Sugars Limited, Seshasayee Paper and Boards Limited, Rane Holdings
Limited.
Mr. Dharam Vir Kapur
Non-Executive Independent Director
He had career in the Government Sector with a
track record of building vibrant organizations and project implementation. Dr.
Kapur also served as Secretary to the Government of India in Ministries of
Power, Heavy Industry and Chemicals and Petrochemicals. He has Honors Graduate
in Electrical Engineering with wide experience in Power, Capital Goods,
Chemicals and Petrochemicals Industries. His other Directorships include GKN
Driveline (
Mr. O. P. Khaitan
Non-Executive Independent Director
He is practising as Solicitor and Advocate
since 1967 doing commercial law, corporate law, industrial disputes and labour
law, maritime laws, insurance laws, commission of inquiry, arbitration, conveyancing,
foreign collaborations, etc. He has a B.Com and LL.B., from
Press Release:
Honda Siel Power Products launches
08 April 2011
Honda Siel Power Products (HSPP), a subsidiary
of Japan'sHonda Motors, has launched Honda Outboard (OB) engines in Kerala.
Launching the engines, HSPP President and CEO Takashi Hamasaki said the Kerala,
which is already a leading market for Honda products, had been chosen as the
first state in India for commencement of their new product, because the state's
vast coastline of over 550 km. "With 26 models ranging from 2 to 225
horsepower (hp), Honda marine continues to pioneer four stroke engine
technology, setting a new benchmark for fuel efficiency, quiet operation and
low emissions," he claimed yesterday. He added that there was a size
available for every application, whether fishing, tourism, leisure,
transportation or coastal defence. Stating that his company was expecting that
there would be great demand for their OB engines, he said, "we estimate
the current
Honda launches compact 3 kVA generator
04 March 2011
Red Letter Day for Honda Siel Power Products
Limited (HSPP), the market leader in Portable Gensets industry. The day marked
the launch of its Most Advanced Ultra Compact 3 kVA Generator model EU30is that
will even power an Air Conditioner.
Made in India and specially designed for the
Indian Market to suit the requirements of residential and business
applications, these generators can be installed in Homes, Restaurants, Offices,
Banks, Showrooms and other Commercial Establishments helping continued
activities through uninterrupted stand-by power in case of power outage.
Speaking on the launch, Gagan Pal, National
Head Sales and Marketing said, "Home and small-business owners have been
demanding an ultra compact, fuel efficient and silent alternate power source
that can even power their AC. Our latest generator, EU30is provides the
industry's most precise voltage and frequency regulation to better support
today's sophisticated electronics."
The Honda EU30is is amazingly the Most Compact
and Advanced Generator from Honda and is power packed with revolutionary
features not available in any other genset in
ULTRA SILENT, separate triple chamber
construction and OHV technology with canopy ensures that it delivers
unbelievable silence while complying to Noise and Pollution standards laid by
CPCB ECO THROTTLE, which automatically changes engine speed to match the load delivering
remarkable savings in fuel consumption and thus running cost INVERTER
TECHNOLOGY, for pure Sine Wave Power Output that's completely safe and ideal
for voltage and frequency sensitive electronics including medical equipment and
computers ULTRA EXPANDABLE for multiplying power by combining two EU30is and
getting 6 kVA output.
Apart from the above, the Honda EU30is is
equipped with a digital i-MONITOR that displays wattage, engine speed and hours
of operation. To aid servicing, the i-MONITOR also features a self-diagnostic
function alerting the operator when maintenance is due thereby increasing
engine life. As a safeguard, the engine automatically shuts down when the oil
level is low, minimizing any potential damage. It is also equipped with Auto Choke
feature that's helps to start this little marvel generator without wastage of
time to fuel in priming and draining.
Speaking on the occasion T.Hamasaki, President
and CEO, HSPP, said "Honda is committed in bringing joy in the lives of
customers through innovative, reliable and technologically advanced power
products in
He also took the opportunity to thank the
Indian customers for the support and co-operation that they have provided in
helping spread Honda products. He said that Honda could not have achieved this
without the support of the customers. With Honda EU30is the customers get the
power of this cutting edge product to make their lives more comfortable or
businesses more profitable.
Honda EU30is is extensively available through
a nation wide Dealer Network and backed by a large team of trained service
engineers who will be providing round the clock product service and support.
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.55.83 |
|
|
1 |
Rs.87.41 |
|
Euro |
1 |
Rs.70.43 |
INFORMATION DETAILS
|
Report Prepared by
: |
BYI |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
7 |
|
PAID-UP CAPITAL |
1~10 |
7 |
|
OPERATING SCALE |
1~10 |
7 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
7 |
|
--PROFITABILIRY |
1~10 |
7 |
|
--LIQUIDITY |
1~10 |
7 |
|
--LEVERAGE |
1~10 |
7 |
|
--RESERVES |
1~10 |
7 |
|
--CREDIT LINES |
1~10 |
7 |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
NO |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
YES |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
YES |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
63 |
This score serves as a reference to assess SC’s credit risk
and to set the amount of credit to be extended. It is calculated from a
composite of weighted scores obtained from each of the major sections of this
report. The assessed factors and their relative weights (as indicated through
%) are as follows:
Financial
condition (40%) Ownership
background (20%) Payment
record (10%)
Credit history
(10%) Market trend
(10%) Operational
size (10%)
RATING EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
|
71-85 |
Aa |
Possesses adequate working capital. No caution needed for credit transaction.
It has above average (strong) capability for payment of interest and
principal sums |
Large |
|
56-70 |
A |
Financial & operational base are regarded healthy. General
unfavourable factors will not cause fatal effect. Satisfactory capability for
payment of interest and principal sums |
Fairly Large |
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively below
average. |
Small |
|
11-25 |
Ca |
Adverse factors are apparent. Repayment of interest and principal sums
in default or expected to be in default upon maturity |
Limited with
full security |
|
<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
|
- |
NB |
New Business |
- |
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.