BUSINESS INFORMATION REPORT
1. Summary Information
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Country |
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Company Name |
MINDA INDUSTRIES LIMITED |
Principal Name 1 |
MR. NIRMAL K. MINDA |
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Status |
GOOD |
Principal Name 2 |
MR. ANAND KUMAR MINDA |
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Registration # |
55-050333 |
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Street Address |
B-64/1, WAZIRPUR
INDUSTRIAL AREA, |
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Established Date |
16.09.1992 |
SIC Code |
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Telephone# |
91-11-27374882/
27372887 |
Business Style 1 |
MANUFACTURER |
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Fax # |
91-11-27372620 |
Business Style 2 |
-- |
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Homepage |
www.mindagroup.com |
Product Name 1 |
SWITCHES |
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# of employees |
2000
(APPROXIMATELY) |
Product Name 2 |
SOCKETS RELAYS |
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Paid up capital |
Rs.565,416,000/- |
Product Name 3 |
AUTOMOBILE PARTS COMPONENTS |
|
Shareholders |
PROMOTER AND PROMOTER GROUP-65.98% PUBLIC SHAREHOLDING-34.02% |
Banking |
CANARA BANK |
|
Public Limited Corp. |
YES |
Business Period |
19 YEARS |
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IPO |
YES |
International Ins. |
-- |
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Public |
YES |
Rating |
A (64) |
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Related
Company |
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Relation
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Country
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Company
Name |
CEO |
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SUBSIDIARIES COMPANIES |
--
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MINDA AUTO COMPONENTS LIMITED |
-- |
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Note |
-- |
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2. Summary
Financial Statement
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Balance Sheet as of |
31.03.2011 |
(Unit: Indian Rs.) |
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Assets |
Liabilities |
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Current Assets |
1,907,917,000
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Current Liabilities |
1,521,691,000
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Inventories |
787,537,000
|
Long-term Liabilities |
1,699,520,000 |
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Fixed Assets |
2,492,229,000 |
Other Liabilities |
250,387,000
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|
Deferred Assets |
0,000 |
Total Liabilities |
3,471,598,000 |
|
Invest& other Assets |
261,809,000 |
Retained Earnings |
1,412,478,000 |
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Net Worth |
1,977,894,000 |
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Total Assets |
5,449,492,000 |
Total Liab. & Equity |
5,449,492,000 |
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Total Assets (Previous Year) |
4,214,325,000 |
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|
|
P/L Statement as of |
31.03.2011 |
(Unit: Indian Rs.) |
|
|
Sales |
9,123,116,000 |
Net Profit |
348,454,000 |
|
Sales(Previous yr) |
5,993,487,000 |
Net Profit(Prev.yr) |
228,730,000 |
MIRA
INFORM REPORT
|
Report Date : |
14.05.2012 |
s
IDENTIFICATION DETAILS
|
Name : |
MINDA INDUSTRIES LIMITED |
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Registered
Office : |
B-64/1,
Wazirpur Industrial Area, |
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Country : |
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Financials (as
on) : |
31.03.2011 |
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Date of
Incorporation : |
16.09.1992 |
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Com. Reg. No.: |
55-050333 |
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Capital
Investment / Paid-up Capital : |
Rs.565.416 millions |
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CIN No.: [Company Identification
No.] |
L74899DL1992PLC050333 |
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TAN No.: [Tax Deduction &
Collection Account No.] |
DELM12237B /
DELM08257E |
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PAN No.: [Permanent Account No.] |
AAACM1152C |
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Legal Form : |
Public Limited Liability Company. The Company’s Shares are
listed on the Stock Exchanges. |
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Line of Business
: |
Manufacturer of Switches and Sockets Relays, Automobile Parts Components. |
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No. of Employees
: |
2000 (Approximately) |
RATING & COMMENTS
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MIRA’s Rating : |
A (64) |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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|
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 |
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Maximum Credit Limit : |
USD 7912000 |
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Status : |
Good |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Subject is an established company having fine track. Financial position
of the company appears to be sound. Directors are reported to be experienced
and respectable businessmen. Trade relations are reported as fair. Business
is active. Payments are reported to be regular and as per commitments. The company can be considered normal for business dealings at usual
trade terms and conditions. |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – September 30, 2011
|
Country Name |
Previous Rating (30.06.2011) |
Current Rating (30.09.2011) |
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A1 |
A1 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
LOCATIONS
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Registered Office : |
B-64/1,
Wazirpur Industrial Area, |
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Tel. No.: |
91-11-27374882/
27372887 |
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Fax No.: |
91-11-27372620 |
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E-Mail : |
General
Queries: info@mindagroup.com |
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Website : |
www.mindagroup.com |
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Corporate
Office/ Factory 1 : |
Village Nawada Fatehpur, P.O. Sikanderpur Badda, IMT
Manesar, District – Gurgaon – 122 004, |
|
Tel. No.: |
91-124-2290427/ 2290428/ 2290674/ 2290675/
2290693/ 2290698 |
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Fax No.: |
91-124-2290676 |
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E-Mail : |
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Administrative Office : |
36-A, Rajasthan Udyog Nagar, |
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Tel. No.: |
91-11-27244324/
27142820/ 27432450/ 27437964 |
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Fax No.: |
91-11-27212182/
27241524 |
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Factory 2 : |
34-35 Km, |
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Factory 3 : |
Village Naharpur Kasan, P.O. Nakhrola, District
Gurgaon, |
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Factory 4 : |
B-6, Chakan Industrial Area, Village-Mahalunge,
Taluka-khed, Districtt Pune, |
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Factory 5 : |
B-1/5, Chakan Industrial Area, Village-Mahalunge,
Taluka-khed, Districtt Pune, |
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Factory 6 : |
Plot No. 5, Sector-10, IIE, Pant Nagar, Udham
Singh Nagar, |
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Factory 7 : |
Plot No.28-F, Bidadi Industrial Area, Bidadi, |
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Factory 8 : |
327-328, Sector-3, Phase-II, Industrial Growth
Centre, Bawal, Rewari, |
DIRECTORS
As on 31.03.2011
|
Name : |
Mr. Nirmal K. Minda |
|
Designation : |
Chairman and Managing Director |
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Date of Birth/ Age : |
53 Years |
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Qualification : |
B.Sc. |
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Past Experience
: |
Rich experience in auto components industry of more than 32 years. |
|
Other
Directorships : |
v
Mindarika Private Limited v
Minda Automotive Limited v
Minda Acoustic Limited v
Minda Auto Lighting Private Limited v
Minda Sai Limited v
Unitech Sai Private Limited v
Shreeaumji Infrastructure and Projects Private
Limited v
Shreeaumji Developers SEZ Private Limited v
Shreeaumji Real Estate SEZ Private Limited v
Minda International Limited v
Om Marubeni Logistics Private Limited v
Tokairika Minda India Private Limited v
Minda Realty and Infrastructure Limited v
Minda Mindpro Limited v
Minda Spectrum Advisory Limited v
Minda EMER Technologies Limited v
Minda Finance Limited v
M J Casting Limited v
FJM Cylinders Private Limited v
Roki Minda Company Private Limited v
Varada Auto Components Limited |
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Name : |
Mr. Anand Kumar Minda |
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Designation : |
Director |
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Name : |
Mr. Vivek Jindal |
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Designation : |
Director |
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Name : |
Mr. Subhash
Lakhotia |
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Designation : |
Director |
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Date of Birth/
Age : |
23.11.1949 |
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Qualifications : |
B.Com (Hons) |
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Experience in
special functional area : |
Tax Consultant |
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Date of
Appointment : |
23.03.1998 |
|
Chairman/ Director of other companies : |
v Dhanuka Agritech
Limited v Realone
Developers Private Limited |
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|
|
|
Name : |
Mr. S.K. Arya |
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Designation : |
Director |
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Date of Birth/
Age : |
10.11.1957 |
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Qualifications : |
B.Sc. |
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Experience in
special functional area : |
Industrialist |
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Date of
Appointment : |
29.01.2003 |
|
Chairman/ Director of other companies : |
Chairman and
Managing Director of : v Jai Bharat
Maruti Limited Chairman of : v JBM Auto Limited v Neel Metal Products
Limited Directors of : v JBM
International Limited v JBM Industries
Limited v Gurera
Industries Limited v A to Z
Securities Limited v JBM Auto Systems
Private Limited v Thai Summit Neel
Auto Private Limited v ANS Holding
Private Limited v JBM Builders Private
Limited v Liberty Shoes
Limited v Unitech Sai
Private Limited v Shreeaumji
Infrastructure and Projects Private Limited v Shreeaumji
Developers Private Limited v Shreeaumji Real
Estate SEZ Private Limited v Satish Buildwell
Private Limited v Arcelor Neel
Tailored Blank Private Limited v Neel Metal
Fanalca Environment Management Private Limited v ANS Steel Tubes
Limited v JBM Fanalca
Environment Management Private Limited v JBM MA
Automotive Private Limited v Multivision
Constructions Private Limited v JBM Ogihara
Automotive India Limited v FJM Cylinders
Private Limited v MJ Casting
Limited |
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|
Name : |
Mr. Alok Dutta |
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Designation : |
Director |
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Name : |
Mr. Rakesh Sony |
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Designation : |
Director |
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Name : |
Mr. Satish Sekhri |
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Designation : |
Director |
KEY EXECUTIVES
|
Name : |
H.C. Dhamija |
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Designation : |
Company Secretary |
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 |
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6,798,129 |
42.85 |
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3,648,025 |
22.99 |
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21,646 |
0.14 |
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|
21,646 |
0.14 |
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10,467,800 |
65.98 |
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Total shareholding of Promoter and Promoter Group (A) |
10,467,800 |
65.98 |
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(B) Public Shareholding |
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|
458,750 |
2.89 |
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1,376,250 |
8.67 |
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1,376,250 |
8.67 |
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1,835,000 |
11.57 |
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2,638,988 |
16.63 |
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627,434 |
3.95 |
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234,442 |
1.48 |
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61,692 |
0.39 |
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|
9,412 |
0.06 |
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|
8,032 |
0.05 |
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|
1,963 |
0.01 |
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|
100 |
- |
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42,185 |
0.27 |
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|
3,562,556 |
22.45 |
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Total Public shareholding (B) |
5,397,556 |
34.02 |
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Total (A)+(B) |
15,865,356 |
100.00 |
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(C) Shares held by Custodians and against which Depository Receipts
have been issued |
- |
- |
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- |
- |
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- |
- |
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- |
- |
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Total (A)+(B)+(C) |
15,865,356 |
- |
(1) Indian
Individuals / Hindu Undivided Family
TrustsBUSINESS DETAILS
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Line of Business : |
Manufacturer of Switches and Sockets Relays, Automobile Parts Components. |
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Products : |
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Brand Names : |
'MINDA' |
PRODUCTION STATUS (AS ON 31.03.2011)
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Particulars |
2010-11 |
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i) Licenced Capacity |
N.A |
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ii) Installed Capacity (Nos. In lacs) [Being technical matter, taken
as certified by Management] (On Single Shift basis) |
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Switches |
1280 |
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Head Lamps and Tail Lamps |
185 |
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Batteries |
210 |
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LPG/CNG Kits |
0.5 |
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iii) Production (Quantity in Nos.)
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Switches |
69,493,020 |
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Head Lamps, Tail Lamps and Spares |
24,008,411 |
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Batteries |
2,356,887 |
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LPG/CNG Kits |
3,271 |
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Regulators/Other Assemblies |
395,979 |
GENERAL INFORMATION
|
Customers : |
v
Suzuki v
Honda v
Bajaj v
Hero Honda v
TVS v
Yamaha v
Mahindra v
Royal v
TATA v
Ashok Leland v
Nissan v
Maruti v
v
Ford v
Hyundai v
v
Aprilia v
Mitsubishi v
Caterpillar |
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No. of Employees : |
2000 (Approximately) |
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Bankers : |
v
Canara
Bank, 3-F Kamla Nagar, v
Citibank v
Axis Bank v
State Bank of v
HDFC Bank |
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Facilities : |
Notes: 1. a) Working
Capital Loans from Canara Bank, Citi Bank N.A., HDFC Bank and State Bank of
India are secured by hypothecation of stock of raw materials, finished goods,
semi finished goods, bills discounted with the bank and book debts on
pari-passu basis and further secured by second charge on fixed assets of the
Company on pari-passu basis with Small Industries Development Bank of India. b) The Working
Capital loans from Kotak Mahindra Bank Limited, has been secured by
subservient charge on all existing and future current and movable fixed
assets of the Company. 2. a) Term Loan
from State Bank of b) Term Loan
from Axis Bank Limited is secured by way of first pari-passu charge on all
fixed assets of the Company. 3. Vehicle loans
from banks/others are secured by hypothecation of assets financed by them. 4. Loan from
Volkswagen India Private Limited represents deferred payment liability in
respect of specific tools and is secured by hypothecation of tools that
have/will be acquired or manufactured in-house. 5. Term loans/Vehicle loans payable within one year (Rs.
in Millions)
Payable with in one year (Rs.
in Millions)
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Banking
Relations : |
--- |
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Auditors : |
R.N. Saraf and Company Chartered Accountants |
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Branch Auditors : |
Shah Khandelwal Jain and Associates Chartered Accountants Jain Ajay and Associates Chartered Accountants |
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Internal Auditors : |
N. Bahl and Company Chartered Accountants |
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Subsidiaries
Companies : |
v
Minda Auto Components Limited |
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Joint Ventures : |
v
Mindarika Private Limited v
M.J. Casting Limited |
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Other Entities over which key Management Personnel is able to
exercise significant influence (with which the parent Company has
transactions) |
v
Minda Acoustic Limited v
Minda Sai Limited v
PT. Minda Asean Automotive v
Minda Corporation Limited v
Unitech Sai Private Limited v
Minda Stoneridge
Instruments Limited v
Minda Finance Limited v
Minda Autocare Limited v
Minda Investments Limited v
Minda International Limited v
Minda EMER Technologies
Limited v
Jindal Buildtech Private
Limited v
Jindal Mectec Private
Limited |
CAPITAL STRUCTURE
As on 31.03.2011
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
22,500,000 |
Equity Shares @ |
Rs.10/- each |
Rs.225.000 millions |
|
3,000,000 |
9% Cumulative Redeemable Preference Shares (Class ‘A’) |
Rs.10/- each |
Rs.30.000 millions |
|
183,500 |
3% Cumulative Compulsorily Convertible Preference Shares (Class ‘B’) |
Rs.2187/- each |
Rs.401.314 millions |
|
3,500,000 |
3% Cumulative Redeemable Preference Shares (Class ‘C’) |
Rs.10/- each |
Rs.35.000 millions |
|
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Total
|
|
Rs.691.314
millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
12,910,192 |
Equity Shares |
Rs.10/- each |
Rs.129.102 millions |
|
3,000,000 |
9% Cumulative Redeemable Preference Shares (Class ‘A’) |
Rs.10/- each |
-- |
|
183,500 |
3% Cumulative Compulsorily Convertible Preference Shares (Class ‘B’) |
Rs.2187/- each |
Rs.401.314 millions |
|
3,500,000 |
3% Cumulative Redeemable Preference Shares (Class ‘C’) |
Rs.10/- each |
Rs.35.000 millions |
|
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Total
|
|
Rs.565.416
millions |
@ Due to amalgamation
of Minda Autogas Limited, the Authorised Capital has been merged with the
Company
1) Equity Shares
Include
– 1,233,330 Equity
Shares of Rs.10 each fully paid up issued during the year 1994-95 for
consideration other than cash to the shareholders of Minda Auto Industries
Limited pursuant to the scheme of amalgamation.
– 392,832 Equity
Shares of Rs.10 each as Bonus Shares allotted on 15.12.1995 by capitalisation
of General Reserve and 5,252,532 equity shares of Rs.10/- each as bonus shares
allotted on 31.03.2004 by capitalisation of Share Premium Account and General
Reserve.
– Re-issue of
forfeited 31,800 Equity Shares of Rs.10 each on 27.10.1998.
– 2,405,128 equity
shares of Rs.10 each fully paid up issued during the year 2010 -11 for
consideration other than cash to the shareholders of Minda Autogas Limited
pursuant to the scheme of amalgamation.
2) 3,000,000, 9%
Cumulative Redeemable Preference Shares have been redeemed during the year.
3) 183,500, 3%
Cumulative Compulsarily Convertible Preference Shares of Rs.2187 each were
allotted on 17.02.2010, with a right of conversion into 10 Equity Share of
Rs.10 each fully paid up at a premium of Rs.208.70 per share within a period
not exceeding eighteen months from the date of allotment.
4) 3,500,000, 3%
Cumulative Redeemable Preference Share of Rs.10 each have been allotted on
17.02.2010, shall be redeemed at par after seven years from the date of
allotment. However, same can be redeemed earlier in view of availability of
profitability/surplus fund.
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 |
565.416 |
571.365 |
135.051 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
1412.478 |
819.758 |
635.281 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
1977.894 |
1391.123 |
770.332 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
1279.698 |
1074.150 |
1232.052 |
|
|
2] Unsecured Loans |
419.822 |
372.759 |
401.912 |
|
|
TOTAL BORROWING |
1699.520 |
1446.909 |
1633.964 |
|
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DEFERRED TAX LIABILITIES |
103.415 |
63.232 |
52.124 |
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TOTAL |
3780.829 |
2901.264 |
2456.420 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
2492.229 |
2292.444 |
1628.934 |
|
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Capital work-in-progress |
69.010 |
28.286 |
122.598 |
|
|
|
|
|
|
|
|
INVESTMENT |
191.098 |
81.936 |
79.340 |
|
|
DEFERRED TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
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|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
787.537
|
469.490
|
243.964 |
|
|
Sundry Debtors |
1239.173
|
895.736
|
674.821 |
|
|
Cash & Bank Balances |
231.632
|
131.526
|
38.634 |
|
|
Other Current Assets |
0.000
|
0.000
|
0.000 |
|
|
Loans & Advances |
437.112
|
312.638
|
364.310 |
|
Total
Current Assets |
2695.454
|
1809.390
|
1321.729 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
1289.364
|
1030.689
|
46.818 |
|
|
Other Current Liabilities |
232.327
|
176.735
|
568.051 |
|
|
Provisions |
146.972
|
105.637
|
81.312 |
|
Total
Current Liabilities |
1668.663
|
1313.061
|
696.181 |
|
|
Net Current Assets |
1026.791
|
496.329
|
625.548 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
1.701 |
2.269 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
3780.829 |
2901.264 |
2456.420 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
|
|
SALES |
|
|
|
|
|
|
|
Sales/ Income from operations |
9123.116 |
5993.487 |
4545.278 |
|
|
|
Other Income |
145.964 |
10.570 |
10.137 |
|
|
|
TOTAL (A) |
9269.080 |
6004.057 |
4555.415 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Material and Manufacturing Expenses |
6606.071 |
4216.989 |
3185.222 |
|
|
|
Personnel Expenses |
995.238 |
650.515 |
473.625 |
|
|
|
Administrative and Selling Expenses |
692.572 |
416.174 |
307.770 |
|
|
|
Share Issue Expenses |
0.567 |
0.567 |
0.000 |
|
|
|
TOTAL (B) |
8294.448 |
5284.245 |
3966.617 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
974.632 |
719.812 |
588.798 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
171.539 |
144.224 |
164.698 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
803.093 |
575.588 |
424.100 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
335.758 |
269.608 |
214.318 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
467.335 |
305.980 |
209.782 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
118.881 |
77.250 |
58.120 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
348.454 |
228.730 |
151.662 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
555.482 |
408.448 |
330.671 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
General Reserve |
40.000 |
40.000 |
40.000 |
|
|
|
Dividend on 9% Cumulative Redeemable Preference Shares paid |
2.219 |
-- |
-- |
|
|
|
Proposed
Dividend on |
|
|
|
|
|
|
9% Cumulative Redeemable Preference Shares |
-- |
2.700 |
2.700 |
|
|
|
3% Cumulative Compulsorily Convertible Preference Shares |
12.039 |
1.418 |
-- |
|
|
|
3% Cumulative Redeemable Preference Shares |
1.050 |
0.124 |
--- |
|
|
|
Equity Shares |
38.731 |
31.515 |
26.263 |
|
|
|
Corporate Dividend Tax |
8.775 |
5.939 |
4.922 |
|
|
BALANCE CARRIED
TO THE B/S |
801.122 |
555.482 |
408.448 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
FOB value of Exports |
372.550 |
325.546 |
301.813 |
|
|
|
Royalty/Design Fees/Management Fees |
49.428 |
43.258 |
50.616 |
|
|
|
Dividend Income |
3.703 |
2.547 |
0.000 |
|
|
TOTAL EARNINGS |
425.681 |
371.351 |
352.429 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
694.094 |
292.647 |
209.418 |
|
|
|
Stores & Spares |
19.785 |
0.987 |
1.646 |
|
|
|
Capital Goods |
111.766 |
301.312 |
120.879 |
|
|
|
Others |
0.485 |
0.593 |
0.000 |
|
|
TOTAL IMPORTS |
826.130 |
595.539 |
331.943 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
|
|
|
|
|
|
- Basic |
25.61 |
21.30 |
14.14 |
|
|
|
- Diluted |
22.42 |
18.13 |
14.14 |
|
QUARTERLY RESULTS
|
PARTICULARS |
30.06.2011 (1st
Quartet) |
30.09.2011 (2nd
Quarter) |
31.12.2011 (3rd
Quarter) |
|
Net Sales |
2345.350 |
2805.740 |
2748.730 |
|
Total Expenditure |
2128.820 |
2621.710 |
2546.510 |
|
PBIDT (Excl OI) |
216.530 |
184.030 |
202.220 |
|
Other Income |
1.280 |
20.470 |
14.170 |
|
Operating Profit |
217.810 |
204.500 |
216.390 |
|
Interest |
48.280 |
49.630 |
38.830 |
|
Exceptional Items |
0.000 |
0.000 |
132.700 |
|
PBDT |
169.530 |
154.870 |
310.270 |
|
Depreciation |
89.720 |
84.120 |
100.820 |
|
Profit Before Tax |
79.810 |
70.730 |
209.440 |
|
Tax |
19.630 |
(16.710) |
64.570 |
|
Provisions and contingencies |
0.000 |
0.000 |
0.000 |
|
Profit After Tax |
60.190 |
87.430 |
144.880 |
|
Extraordinary Items |
0.000 |
0.000 |
0.000 |
|
Prior Period Expenses |
0.000 |
0.000 |
0.000 |
|
Other Adjustments |
0.000 |
0.000 |
0.000 |
|
Net Profit |
60.190 |
87.430 |
144.880 |
KEY RATIOS
|
PARTICULARS |
|
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
PAT / Total Income |
(%) |
3.76 |
3.81
|
3.33 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
5.12 |
5.11
|
4.62 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
9.01 |
7.46
|
7.11 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.24 |
0.22
|
0.27 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
1.70 |
1.98
|
3.02 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.62 |
1.38
|
1.90 |
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 |
No |
|
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 |
No |
|
10) Designation
of contact person |
No |
|
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 |
Yes |
|
19) Payments
terms |
No |
|
20) Export /
Import details (if applicable) |
No |
|
21) Market
information |
-- |
|
22) Litigations
that the firm / promoter involved in |
-- |
|
23) Banking
Details |
Yes |
|
24) Banking
facility details |
Yes |
|
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 |
History
Subject is the most
favoured vendor of automotive components with major automobile manufacturers in
BUSINESS DESCRIPTION
Subject is engaged in the manufacturing of auto electrical parts, such
as switches, lightings, batteries and blow moulded products. Its products range
include Switch 2W/HBA, sensors, actuators, controllers, Switch 4W/HVAC,
mirrors, lighting, HLL Motors, horns, compressed natural gas (CNG)/liquid
petroleum gas (LPG) kits, batteries, blow molding components, wheel covers,
seat belts, seating and systems and cigar lighter. Its two wheeler’s switches
include handle bar system assembly, electronic systems, brake switch, gear shift
switch and modular switch. Its off road switches include rotary switches,
starter switches, plunger switches and rocker switches. Its automotive lighting
products include tail lamp, side indicator lamps, head lamps, front fog lamp,
rear fog lamps, warning triangles, work lamp and interior lamp. Subject has
automotive battery brand Vroom. In April 2011, the Company sold Minda Realty
and Infrastructure Limited. For the nine months ended 31 December 2010, Subject
revenues increased 59% to RS6.69B. Net income increased 33% to Rs.201.7M.
Revenues reflect an increase of net sales, higher other operating income. Net
income was partially offset an increase of consumption of raw materials, rise
in employee cost, increase in depreciation, higher increase in other expenditure
and other expenses.
FINANCIAL
HIGHLIGHTS
The Financial
Statements of 2010-11 includes the results of erstwhile Minda Autogas Limited
which has been merged with the Company.
The Sales/Income
from operations for the Financial Year were Rs.9123.100 millions as against
Rs.5993.500 millions for the previous year.
During the year
the Company carried out trading activities in street lights and LED lantern.
JOINT VENTURE
During the year, M
J Casting Limited, was jointly incorporated by Minda Group and JBM Group. The
Company will do the die casting business and will cater the day to day demand
of the customers namely Honda Motorcycles and Scooters India Limited. The
Company has invested in the equity shares of the said Company to the tune of
Rs.50.000 millions. The Company foresee great business opportunities through
this joint venture.
During the year,
the technical license agreement between TYC Brothers,
PROJECTS
The Company is
under the process of establishing a new project for developing Blow moulded
products considering enormous business opportunities in the years to come. The
Company has purchased the land at Bawal (Haryana) and the construction on the
said land has already been started and it is expected that the commercial
production of this plant will take place in 2011-12.
DISINVESTMENT IN
SHARES
The Company was
holding 1,80,000 Equity Shares of Om Marubeni Logistics Private Limited and
4940 Equity Shares in Minda Realty and Infrastructure Limited. The Company sold
the entire shareholding held in the said companies during the year 2010-11 as
the desired result were not achieved by these companies.
LIASION /
REPRESENTATIVE OFFICE
The Company has
opened its liaison / representative office in
AWARD AND
RECOGNITION
During the year,
the following awards have been received by the various units of the Company.
1) The “Gold
Award” won by the Switch Division, Pune in Pune Divisional Productivity Council
competition held in December, 2010.
2) The “Excellent”
in TPS and “Distinguished” Award in QC were won by the Switch Division, Pune,
in QCFI-NCQC competition held at
3) Third
“Consolation Award” was won by the Blow Moulding Division,
4) “Manufacturing
Excellence Award” was won by the Lighting Division from Eicher Group.
5) “Direct on
lines Supplies” Award was won by the Lighting Division, Sonepat from the
International Tractors Limited.
6) The “Gold
Award” was won by Lighting Division, Manesar in QCFI held in September, 2010.
7) The Vendor
Performance - Gold Award” was won by Lighting Division from Maruti Suzuki India
Limited.
8) Second Prize was
won by Lighting Division, Pune on QC Circles at the 23rd Regional
Convention (CII) held in February, 2011 at
AMALGAMATION
The Company, Minda
Autogas Limited has been amalgamated with subject. Vide Delhi High Court Order
dated 25th January, 2011 having appointed date of April 01, 2009.
The Amalgamation
of Minda Acoustic Limited with subject is under process. The Court Convened
meetings of the Unsecured Creditors of Minda Acoustic Limited and subject and
the Shareholders
Meeting of subject
were held on March 26, 2011. The final hearing date of this amalgamation is
fixed for August 24, 2011.
With these
amalgamations, the product range of the Company will be increased and will
includes Switches, Lightings, Horns, Batteries, Blow Moulded products and
CNG/LPG Kits.
REDEMPTION OF 9%
CUMULATIVE REDEEMABLE PREFERENCE SHARES
During the year
the Company redeemed 9% Cumulative Redeemable Preference Shares of Rs.30.000
millions.
CONVERSION OF 3%
CUMULATIVE COMPULSORILY CONVERTIBLE PREFERENCE SHARES INTO EQUITY SHARES
The matter
relating to conversion (effective from 1st April, 2011) of 1,83,500
3% Cumulative Compulsorily Convertible Preference Shares was approved by the
Board on 28th March, 2011. Therefore, against the said conversion 18,35,000
equity shares of Rs.10/- each with a premium of Rs.208.70 per shares, have been
issued to India Business Excellence Fund I and IL and FS Trust Company Limited,
a Trustee of
SUBSIDIARY COMPANY
AND CONSOLIDATED FINANCIAL STATEMENTS
During the year,
the shareholding held in Minda Realty and Infrastructure Limited (a subsidiary
Company) has been transferred. Hence, the Company has now one subsidiary
Company namely Minda Auto Components Limited.
Minda Auto
Components Limited is engaged in the business of manufacturing of switches for
automobiles and is located at Noida, Hosur,
MANAGEMENT DISCUSSIONS AND ANALYSIS REPORT
Indian Economic
Scenario
GDP is estimated
to have grown at 8.6% in 2010-11. Agriculture sector has recorded a growth of
5.4% while industry has grown by 8.1% in 2010-11. The Planning Commission is
aiming an economic growth rate of 9 - 9.5% for the 12th Five Year Plan
(2012-17). According to a report by global consultancy firm
PricewaterhouseCoopers (PwC),
Indian Automobile
Sector Scenario
The cumulative
vehicle production data for April-March 2011 shows production growth of 27.45
percent over same period last year. The share of production of two wheelers,
passenger vehicles, three wheelers and commercial vehicles were 75 percent, 17
percent, 4 percent and 4 percent respectively.
The growth rate
recorded for Domestic Sales of vehicles for 2010-11 was 26.16 percent.
During April-March
2011, overall automobile exports registered a growth rate of 29.64 percent.
Indian Auto
Component Industry Scenario
The turnover of
Indian auto component industry is around US $ 26 billion with a investment of
US $ 12 billion and recorded a Compounded Annual Growth Rate (CAGR) of 21%
during the year 2010-11
Poised to grow by
over four-fold to US $ 113 billion by 2020, the Indian auto component industry
is one of the front runners for grabbing the global auto components outsourcing
market.
The total
passenger car production in the country will jump four times to reach 9 million
cars by 2020, according to Automotive Component Manufacturers’ Association
(ACMA). Although a major chunk of this will come from the fast growing domestic
market, exports are likely to form around 35 per cent of the total market by
2020. It is expected that
The report states
that 40 per cent of the Auto Component Industry was dominated by body and
structural products in 2009, 20 per cent by engines and exhaust and 10 per cent
each by suspension and braking parts, transmission and steering parts,
electronics and electrical and interiors.
By 2015, body and
structural will account for 35 per cent of the Auto Component Industry, engines
and exhaust 20 per cent, suspension and braking parts, transmission and
steering parts and electronics and electrical will account for 13 per cent each
and interiors 9 per cent.
The Indian
automotive component industry manufactures a wide range of parts including
castings, forging, finished and semi-finished components, assemblies and
subassemblies. Its development has been aided by the arrival of OEMs to
OUTLOOK
Some of the
companies such as GM, Ford, Daimler Chrysler, Valeo, Delphi, Magna, Honda,
Caterpillar, Hyundai and
Factors such as
superior engineering skills, modest domestic market growth, the sophistication
of its IT industry and increasing free trade agreements in addition to low
cost, are expected to boost
Further, the
positive demographic factors, stable macroeconomic environment and pro-reform
policies of the government saw almost all major global auto players making
their way into
FINANCIAL
PERFORMANCE WITH RESPECT TO OPERATIONAL PERFORMANCE
The growth of Auto
Component Industry is directly linked with the growth of the auto industry. The
automobile industry has reported a 26.61 per cent growth in sales in the year
2010-11.
The Company has
reported sales/turnover of Rs.9123.100 millions during the year 2010-11, as
against Rs.5993.500 millions during the previous year.
The Company has
recorded profit after tax at Rs.348.400 millions for the year ended on March
31, 2011, as compared to Rs.228.700 millions in the previous year.
The directors
recommend:
1) Dividend of 30%
i.e. Rs.3/- per Equity Share (previous year Rs.3/- per equity Share) on the
face value of Rs.10/- each on 12910192 Equity Shares (previous year 105050064
Equity Shares), amounting to Rs.38.700 millions (Previous Year Rs.31.500
millions).
2) Dividend of 3%
i.e. Rs.0.30 per 3% Cumulative Redeemable Preference Shares of Rs.10/- each on
35,00,000 3% Cumulative Redeemable Preference Shares, amounting to Rs.1.050
millions (previous year Rs.0.124 million on prorata basis).
3) Dividend of 3%
i.e. Rs.0.30 per 3% Cumulative Compulsorily Convertible Preference Shares of
Rs.2,187/- each on 1,83,500 3% Cumulative Compulsorily Convertible Preference
Shares, amounting to Rs.12.039 millions (previous year Rs.1.418 millions on
prorata basis). These shares have been converted into equity shares effective
from 1st April, 2011 and will be eligible for dividend as per the
terms of conversion.
The Company, Minda
Autogas Limited has been amalgamated with subject. Vide Delhi High Court Order
dated 25th January, 2011. The Amalgamation of Minda Acoustic Limited
with subject is under process. With these amalgamations, the product range of
the Company will be increased and will includes Switches, Lightings, Horns,
Batteries, Blow Moulded products and CNG/LPG Kits. This will enable the Company
to consolidate the financials of these companies under one roof and over all
the top line and bottom line will increase.
CONTINGENT LIABILITIES NOT PROVIDED FOR IN THE BOOKS
OF ACCOUNTS ARE: (As on 31.03.2011)
a)
Bank Guarantee: Rs.12.455 millions;
Central Excise and Service Tax: Rs.13.944
millions;
Income Tax: Rs.9.100 millions;
Bills Discounting: Rs.114.013
millions
and Others Rs.7.394 millions.
b)
As per agreement executed with Maruti Suzuki India Limited (MSIL), being Maruti
Car Scheme in which loan facility has been granted to Company’s employee and
other associates on the recommendation of the Company by MSIL. The Company has
taken responsibility to make such payment. The amount so outstanding at the
year end is Rs.9.053 millions.
FIXED ASSETS:
Tangible Assets
v
Land
– Leasehold
– Freehold
v
Building
v
Plant and Machinery
v
Electric Fittings
v
Furniture And Fittings
v
Office Equipment
v
Vehicles
Intangible Assets
v
Computer Software
v
Technical Know How
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.53.64 |
|
|
1 |
Rs.86.42 |
|
Euro |
1 |
Rs.69.30 |
INFORMATION DETAILS
|
Report Prepared
by : |
SMN |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
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 |
NO |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
YES |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
64 |
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.