MIRA INFORM REPORT
|
Report Date : |
02.10.2012 |
IDENTIFICATION DETAILS
|
Name : |
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Registered
Office : |
Gateway Building, Apollo Bunder, Mumbai – 400 001,
Maharashtra |
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Country : |
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Financials (as
on) : |
31.03.2012 |
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Date of
Incorporation : |
02.10.1945 |
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Com. Reg. No.: |
11-004558 |
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Capital
Investment / Paid-up Capital : |
Rs.2945.200 millions |
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CIN No.: [Company Identification
No.] |
L65990MH1945PLC004558 |
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TAN No.: [Tax Deduction &
Collection Account No.] |
MUMM01692F |
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Legal Form : |
A Public Limited Liability company. The company’s Share are Listed on
the Stock Exchange. |
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Line of Business
: |
Manufacturer of Light Commercial Vehicles, Agricultural
Tractors, Implements and Utility Vehicles. |
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No. of Employees
: |
15147 [Approximately] |
RATING & COMMENTS
|
MIRA’s Rating : |
A (69) |
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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 486800000 |
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Status : |
Good |
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Payment Behaviour : |
Regular |
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Litigation : |
Exists |
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Comments : |
Subject is a Mahindra group company. It is a well established and a reputed company having good track. Financial position appears to be sound. Directors are respectable and experienced businessmen, having satisfactory means of their own. Trade relations are reported as fair. Business is active. Payments are reported to be regular and as per commitments. The company can be considered good for normal business dealings at usual trade terms and conditions. It can be regarded as promising business partner in medium to long run. |
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 – June 30, 2012
|
Country Name |
Previous Rating (31.03.2012) |
Current Rating (30.06.2012) |
|
India |
A1 |
A1 |
|
Risk Category |
ECGC Classification |
|
Insignificant |
A1 |
|
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 |
INDIAN ECONOMIC OVERVIEW
India is developing into an open-market economy, yet traces
of its past autarkic policies remain. Economic liberalization, including
industrial deregulation, privatization of state-owned enterprises, and reduced
controls on foreign trade and investment, began in the early 1990s and has
served to accelerate the country's growth, which has averaged more than 7% per
year since 1997. India's diverse economy encompasses traditional village
farming, modern agriculture, handicrafts, a wide range of modern industries,
and a multitude of services. Slightly more than half of the work force is in
agriculture, but services are the major source of economic growth, accounting
for more than half of India's output, with only one-third of its labor force.
India has capitalized on its large educated English-speaking population to
become a major exporter of information technology services and software
workers. In 2010, the Indian economy rebounded robustly from the global
financial crisis - in large part because of strong domestic demand - and growth
exceeded 8% year-on-year in real terms. However, India's economic growth in
2011 slowed because of persistently high inflation and interest rates and
little progress on economic reforms. High international crude prices have
exacerbated the government's fuel subsidy expenditures contributing to a higher
fiscal deficit, and a worsening current account deficit. Little economic reform
took place in 2011 largely due to corruption scandals that have slowed
legislative work. India's medium-term growth outlook is positive due to a young
population and corresponding low dependency ratio, healthy savings and
investment rates, and increasing integration into the global economy. India has
many long-term challenges that it has not yet fully addressed, including
widespread poverty, inadequate physical and social infrastructure, limited
non-agricultural employment opportunities, scarce access to quality basic and
higher education, and accommodating rural-to-urban migration.
|
Source
: CIA |
EXTERNAL AGENCY RATING
|
Rating Agency Name |
CRISIL |
|
Rating |
AA+ (Working Capital Demand Loans) |
|
Rating Explanation |
High degree of safety and very low credit risk |
|
Date |
10.10.2011 |
|
Rating Agency Name |
CRISIL |
|
Rating |
A1+ (Short term loan) |
|
Rating Explanation |
Very strong degree of safety and lowest credit risk. |
|
Date |
10.10.2011 |
|
Rating Agency Name |
CRISIL |
|
Rating |
A1+(Bank Guarantee and letter of credit) |
|
Rating Explanation |
Very strong degree of safety and lowest credit risk. |
|
Date |
10.10.2011 |
RBI DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available RBI Defaulters’ list.
EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter in
the publicly available EPF (Employee Provident Fund) Defaulters’ list as of
31-03-2012.
LOCATIONS
|
Registered Office : |
|
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Tel. No.: |
91-22-22021031 |
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Fax No.: |
91-22-22028780 / 22875485 |
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E-Mail : |
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Website : |
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Head Office : |
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Factory : |
Akurli Road, Kandivali (East), Mumbai, Maharashtra, India |
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Tel. No.: |
91-22-28849800 |
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Fax No.: |
91-22-28468523 |
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Factory : |
Also Located At:
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Branch Office : |
Located At :
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DIRECTORS
As on 31.03.2012
|
Name : |
Keshub Mahindra |
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Designation : |
Chairman Emeritus |
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Name : |
Anand G Mahindra |
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Designation : |
Chairman and Managing Director |
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Name : |
Nadir B Godrej |
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Designation : |
Director |
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Name : |
M M Murugappan |
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Designation : |
Director |
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Name : |
Narayanan Vaghul |
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Designation : |
Director |
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Name : |
A S Ganguly |
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Designation : |
Director |
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Name : |
R K Kulkarni |
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Designation : |
Director |
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Name : |
Anupam Puri |
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Designation : |
Director |
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Name : |
Bharat Doshix |
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Designation : |
Executive Director and CFO |
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Name : |
A K Nanda |
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Designation : |
Director |
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Name : |
Vikram Singh Mehta |
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Designation : |
Director |
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Date of Appointment : |
30.05.2012 |
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Name : |
Vishakha N Desai |
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Designation : |
Director |
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Date of Appointment : |
30.05.2012 |
KEY EXECUTIVES
|
Name : |
Narayan Shankar |
|
Designation : |
Company Secretary |
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Committees of The Board : |
Audit Committee : ·
Deepak S. Parekh ·
Nadir B. Godrej ·
M. M. Murugappan ·
R. K. Kulkarni Share Transfer
and Shareholders/ Investors Grievance Committee
Governance,
Remuneration and Nomination Committee
Strategic
Investment Committee
Loan And Investment
Committee
Reserch and
Development Committee
|
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 30.06.2012
|
Category of
Shareholder |
Total No. of
Shares |
Total Shareholding
as a % of total No. of Shares |
|
(A) Shareholding
of Promoter and Promoter Group |
|
|
|
|
|
|
|
|
3954552 |
0.68 |
|
|
70354386 |
12.16 |
|
|
81214324 |
14.03 |
|
|
51835214 |
8.96 |
|
|
2167310 |
0.37 |
|
|
27211800 |
4.70 |
|
|
155523262 |
26.87 |
|
|
|
|
|
|
731772 |
0.13 |
|
|
731772 |
0.13 |
|
Total
shareholding of Promoter and Promoter Group (A) |
156255034 |
27.00 |
|
(B) Public
Shareholding |
|
|
|
|
|
|
|
|
14516533 |
2.51 |
|
|
1084164 |
0.19 |
|
|
487222 |
0.08 |
|
|
106548668 |
18.41 |
|
|
169316448 |
29.26 |
|
|
291953035 |
50.45 |
|
|
|
|
|
|
54742095 |
9.46 |
|
|
|
|
|
|
42010259 |
7.26 |
|
|
8952270 |
1.55 |
|
|
24822975 |
4.29 |
|
|
2201559 |
0.38 |
|
|
972 |
0.00 |
|
|
1607628 |
0.28 |
|
|
433965 |
0.07 |
|
|
1223096 |
0.21 |
|
|
19355755 |
3.34 |
|
|
130527599 |
22.55 |
|
Total Public
shareholding (B) |
422480634 |
73.00 |
|
Total (A)+(B) |
578735668 |
100.00 |
|
(C) Shares held
by Custodians and against which Depository Receipts have been issued |
0 |
0.00 |
|
|
0 |
0.00 |
|
|
35245088 |
0.00 |
|
|
35245088 |
0.00 |
|
Total
(A)+(B)+(C) |
613980756 |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer of Light Commercial Vehicles, Agricultural Tractors,
Implements and Utility Vehicles. |
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Products : |
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PRODUCTION STATUS (As on 31.03.2011)
|
Particulars |
Unit |
Licensed
Capacity |
Installed
Capacity |
Actual
Production |
|
1. A.
On Road Automobiles having four or more wheels such as light, medium and
heavy commercial vehicles, jeep type vehicles and passenger cars |
Nos. |
372000 |
304000 |
250906 |
|
b. Three Wheelers |
Nos. |
84000 |
72000 |
65203 |
|
2. Agricultural tractor |
Nos. |
255300 |
256000 |
216388 |
|
3. Manufactured and purchased parts and accessories for sale |
Nos. |
- |
These are manufactured against spare capacity under 1 and 2above |
764299 |
|
4. Internal Combustion Piston Engines |
Nos. |
225000 |
225000 |
196630 |
|
5. Diesel Genset |
Nos. |
24000 |
Assembly at 3rd Party Locations |
11786 |
|
6. Engines |
Nos. |
-- |
These are manufactured against spare capacity under 2 |
15559 |
|
7. Forklifts |
Nos. |
300 |
180 |
118 |
|
8. Harvester Combines |
Nos. |
300 |
540 |
267 |
Note:
(i) (a) The
installed capacity has been certified by President/Chief Executives, which the
auditors have relied on without verification as this is a technical matter.
(b) The licensed
capacities include/represent, as the case may be, registrations granted and
Industrial Entrepreneur Memorandum filed with, and duly acknowledged by, the
Government pursuant to the schemes of de-licensing.
(c) Within the
overall licensed capacity in item 1 above, the Company is permitted to
manufacture for outside sale 10,000 petrol/diesel engines and 4,000 tonnes grey
iron castings.
(d) The installed
capacity mentioned against item no. (A) 1(a) above includes 48,000 (2010 : 48,000) for
production of vehicles for third parties.
(ii) Actual Production
includes production for captive consumption.
(iii) (a) The
actual production disclosed against manufactured
components/sub-assemblies/steel blanks is the number of such components
transferred during the year to the Marketing Unit/Spare Parts Stores for sale
or sold otherwise.
(b) The Opening
and Closing Stocks and Sales of goods shown under item 3 above consist of
manufactured and purchased parts. The bifurcation of stocks/sales into
manufactured and bought-out parts is not practicable.
GENERAL INFORMATION
|
No. of Employees : |
15147 [Approximately] |
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Bankers : |
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Facilities : |
Secured Borrowings : Secured Non Convertible Debentures of Rs. 4000.000 Millions carrying
an interest rate of 11.95% are for a period of seven years and are repayable in
three equal yearly installments commencing from December, 2013. These
debentures are secured by tangible assets of the Company at certain locations
including immovable items therein and by way of a first pari- passu charge on
the movable plant and machinery, machinery spares, tools and accessories and
other movables, both present and future (save and except book debts) situated
at certain locations of the Company. Loans and Advances on cash credit accounts from the Company's bankers
are secured by a first charge on a pari- passu basis on the whole of the
current assets of the Company namely inventories, book debts, outstanding
monies, receivables, claims etc. both present and future.
Unsecured Borrowings : Term loans from banks include External Commercial Borrowings of (i) Rs. 15262.500 Millions carrying a margin over three month USD
Libor and are repayable after five years and one day from the date of
respective availment of loan i.e. Rs. 7631.300 Millions in February, 2016,
Rs. 5087.500 Millions in August, 2016 and Rs. 2543.700 Millions in September,
2016. (ii) Rs. 2384.900 Millions carrying a margin over six month JPY Libor
is for a period of five years and one day. This loan is repayable in three
equal annual installments commencing from August, 2012. The installment
payable in August, 2012 is included under current maturities of long term
debts. Fixed deposits are repayable after three years from the date of deposit
and carry an interest rate of 8.00% and 9.75%. Other Loans includes deferred sales tax loan which is interest free
and repayable in five equal installments after ten years from the year of
availment of respective loan. Fixed deposits are for a period of one year and carry an interest rate
of 7.00% and 8.50%. |
|
|
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|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
Deloittee Haskins and Sells Chartered Accountants |
|
Address : |
12, Dr. Annie Besant Road, Opposite, Shiv Nagar Estate, Worli,
Mumbai-400018, Maharashtra, India |
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Subsidiaries: |
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Associates: |
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Joint Venture : |
|
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Joint Venture of
a Subsidiary : |
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|
Welfare Funds : |
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CAPITAL STRUCTURE
As on 31.03.2012
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
1200000000 |
Equity Shares |
Rs.5/- each |
Rs.6000.000 Millions |
|
2500000 |
Unclassified Share |
Rs.100/- each |
Rs.250.000 Millions |
|
|
Total |
|
Rs.6250.000 Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
613974839 |
Equity Shares |
Rs.5/- each |
Rs.3069.900 Millions |
|
24945194 |
Less: Equity Shares of Rs.5 each fully paid up issued to ESOP Trust but
not allotted to employees |
Rs.5/- each |
Rs.124.700 |
|
|
Total |
|
Rs.2945.200 Millions |
A) Reconciliation of number of Ordinary (Equity) Shares and amount
outstanding:
|
|
3.03.2012 |
|
|
|
No. of Shares |
Rs. in Millions |
|
Issued and Subscribed: |
|
|
|
Balance as at the beginning of the year |
613940109 |
3069.700 |
|
Add: Shares issued under Scheme of
Arrangement with Mahindra Shubhlabh Services Limited |
34730 |
0.200 |
|
Balance as at the end of the year |
613974839 |
3069.900 |
|
Less:Shares issued to ESOP Trust but not
allotted to Employees |
24945194 |
124.700 |
|
Adjusted: Issued and Subscribed Share Capital |
589029645 |
2945.200 |
B) The equity shares of the Company have rights
and restrictions as prescribed under law, In particular the Companies Act,
1956.
C) Details of shares held by shareholders
holding more than 5% of the aggregate shares in the company:
|
|
3.03.2012 |
|
|
Name of the Shareholders |
No. of Shares |
Rs. in Millions |
|
Life Insurance Corporation of India |
84714974 |
13.80 |
|
M and M Benefit Trust |
51835214 |
8.44 |
|
The Bank of New York Mellon (for GDR
holders) |
34293405 |
5.59 |
D) Issued and Subscribed Share Capital Includes
an aggregate of 66193634 Ordinary (Equity) Shares of Rs.5 each allotted as
fully paid – up pursuant to schemes of Arrangement without payment having been
received in cash , for a period of five years immediately preceding 31st
March, 2012.
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
Share Capital |
2945.200 |
2936.200 |
2829.500 |
|
|
Share Capital Suspense Account |
0.000 |
0.200 |
0.000 |
|
|
Employee Stock Options Outstanding |
0.000 |
0.000 |
80.100 |
|
|
Reserves & Surplus |
118765.700 |
100197.500 |
75358.100 |
|
|
(Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
121710.900 |
103133.900 |
78267.700 |
|
|
LOAN FUNDS |
|
|
|
|
|
Secured Loans |
4001.800 |
4072.300 |
6024.500 |
|
|
Unsecured Loans |
27740.400 |
19138.700 |
22777.000 |
|
|
TOTAL BORROWING |
31742.200 |
23211.000 |
28801.500 |
|
|
DEFERRED TAX LIABILITIES |
5271.300 |
3543.800 |
2403.300 |
|
|
FOREIGN CURRENCY MONETARY ITEM TRANSLATION DIFFERENCE ACCOUNT |
0.000 |
0.000 |
34.600 |
|
|
TOTAL |
158724.400 |
129888.700 |
109507.100 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
42860.200 |
31329.100 |
27385.200 |
|
|
Capital work-in-progress |
5699.300 |
5340.100 |
9642.000 |
|
|
Intangible Assets Under Development |
2248.000 |
2396.700 |
|
|
|
|
|
|
|
|
|
INVESTMENT |
103104.600 |
89256.300 |
63980.200 |
|
|
DEFERRED TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
Foreign Currency Monetary Item Translation Difference Account |
664.00
|
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
23583.900
|
16942.100 |
11887.800 |
|
|
Sundry Debtors |
19883.600
|
12603.100 |
12580.800 |
|
|
Cash & Bank Balances |
11884.300
|
6146.400 |
17432.300 |
|
|
Other Current Assets |
5115.200
|
4323.300 |
508.700 |
|
|
Loans & Advances |
24076.700
|
27060.700 |
18055.500 |
|
Total
Current Assets |
84543.700
|
67075.600 |
60465.100 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
47961.800
|
39526.700 |
32600.900 |
|
|
Other Current Liabilities |
13980.900
|
9167.000 |
1399.100 |
|
|
Provisions |
18452.700
|
16815.400 |
17965.400 |
|
Total
Current Liabilities |
80395.400
|
65509.100 |
51965.400 |
|
|
Net Current Assets |
4148.300
|
1566.500 |
8499.700 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
158724.400 |
129888.700 |
109507.100 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
318535.200 |
234602.600 |
180380.500 |
|
|
|
Income from Other Operations |
0.000 |
0.000 |
5640.600 |
|
|
|
Other Income |
4657.900 |
4341.500 |
1993.500 |
|
|
|
TOTAL |
323193.100 |
238944.100 |
188014.600 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of Material Consumed |
188045.200 |
147089.400 |
155561.200 |
|
|
|
Purchase of Stock in Trade |
52925.800 |
17572.300 |
|
|
|
|
Changes in Inventories of Finished Goods, Work in Progress, Stock in
Trade and Manufactured Components |
(5973.300) |
(2022.300) |
|
|
|
|
Employee Benefits Expenses |
17017.800 |
14315.200 |
|
|
|
|
Cost of Manufactured Products Capitalised |
(735.300) |
(508.700) |
|
|
|
|
Other Expenses |
29547.800 |
23613.400 |
|
|
|
|
TOTAL |
280828.000 |
200059.300 |
155561.200 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION |
42365.100 |
38884.800 |
32453.400 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES |
1627.500 |
724.900 |
278.100 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION |
40737.600 |
38159.900 |
32175.300 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION |
5761.400 |
4138.600 |
3707.800 |
|
|
|
|
|
|
|
|
|
|
Profit Before
Exceptional Items and Tax |
34976.200 |
34021.300 |
0.000 |
|
|
|
|
|
|
|
|
|
Less/ Add |
Exceptional Item |
1082.700 |
1174.800 |
0.000 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX |
36058.900 |
35196.100 |
28467.500 |
|
|
|
|
|
|
|
|
|
Less |
TAX |
7270.000 |
8575.000 |
7590.000 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX |
28788.900 |
26621.000 |
20877.500 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
61585.400 |
45883.700 |
33653.200 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Debenture Redemption Reserve |
142.800 |
142.900 |
309.500 |
|
|
|
General Reserve |
3000.000 |
2750.000 |
2100.000 |
|
|
|
Proposed Dividend |
7674.800 |
7060.800 |
5495.200 |
|
|
|
Income-tax on Proposed Dividend |
101.300 |
965.600 |
742.300 |
|
|
BALANCE CARRIED
TO THE B/S |
79455.400 |
61585.400 |
45883.700 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Export of goods on F.O.B. basis |
17669.500 |
10520.600 |
7193.700 |
|
|
|
Interest |
143.700 |
97.200 |
96.000 |
|
|
|
Others (freight etc.) |
763.000 |
381.200 |
324.700 |
|
|
TOTAL EARNINGS |
18576.200 |
10999.000 |
7614.400 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
26.000 |
16.600 |
11.700 |
|
|
|
Components, Spare Parts |
6365.400 |
3683.000 |
2258.600 |
|
|
|
Capital Goods |
1501.100 |
2751.200 |
986.100 |
|
|
|
Items imported for Resale |
724.700 |
241.200 |
270.100 |
|
|
TOTAL IMPORTS |
8617.200 |
6692.000 |
3526.500 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
|
|
|
|
|
|
Basic
|
48.97 |
46.21 |
37.97 |
|
|
|
Diluted |
46.89 |
44.33 |
35.61 |
|
QUARTERLY RESULTS
|
PARTICULARS |
|
30.06.2012 |
|
Type |
|
1st
Quarter |
|
Net Sales |
|
93673.900 |
|
Total Expenditure |
|
82579.600 |
|
PBIDT (Excl OI) |
|
11094.300 |
|
Other Income |
|
598.500 |
|
Operating Profit |
|
11692.800 |
|
Interest |
|
460.200 |
|
PBDT |
|
11232.600 |
|
Depreciation |
|
1548.400 |
|
Profit Before Tax |
|
9684.200 |
|
Tax |
|
2427.800 |
|
Profit After Tax |
|
7256.400 |
|
Net Profit |
|
7256.400 |
KEY RATIOS
|
PARTICULARS |
|
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
PAT / Total Income |
(%) |
8.91
|
11.14 |
11.10
|
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
11.32
|
15.00 |
15.78
|
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
28.30
|
35.77 |
32.40
|
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.30
|
0.34 |
0.36
|
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
0.92
|
0.86 |
1.03
|
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.05
|
1.02 |
1.16
|
LOCAL AGENCY FURTHER INFORMATION
|
Sr. No. |
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 |
No |
|
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 |
No |
|
19] |
Payments terms |
No |
|
20] |
Export / Import details (if
applicable) |
No |
|
21] |
Market information |
-------- |
|
22] |
Litigations that the firm
/ promoter involved in |
Yes |
|
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 |
No |
|
30] |
Major Shareholders, if
available |
Yes |
|
31] |
Date of Birth of Proprietor/Partner/Director,
if available |
No |
|
32] |
PAN of
Proprietor/Partner/Director, if available |
No |
|
33] |
Voter ID No of
Proprietor/Partner/Director, if available |
No |
|
34] |
External Agency Rating,
if available |
Yes |
LITIGATION DETAILS:
|
Case Details Bench:-Bombay |
|
Stamp No:- FAST/17071/2012 Filing Date:-27.06.2012 Reg. No.:-FA/1134/2012 Reg. Date:-19/07/2012 |
|
Petitioner:- UNITED INDIA INSURANCE CO. LTD -
Respondent: MR SURESHKUMAR PARASNATH SINGH Petn. Adv:- K.W. VITONDE District:- MUMBAI |
|
Bench:- Single Status:- Pre-Admission Next Date:- 25/10/2012
Stage:- FOR ADMISSION – FRESH [CIVIL SIDE MATTERS] Coram:- ACCORDING TO SITTING LIST Last Date:- 10/08/2012
Stage:- FOR ADMISSION – FRESH [CIVIL SIDE MATTERS] Last Coram:- HON’BLE SMT.JUSTICE
R.P.SONDURBALDOTA |
|
Act:- Workmen’s
Compensation Act Under Section:- 30 |
Press Release
Q1 Net grows by 25.9%.
Mumbai, 8th Aug
2012: The Board of Directors of Mahindra and Mahindra Limited today approved
the unaudited financial results for the quarter ended 3oth June 2012 for the
company.
Mahindra Vehicle
Manufacturers Limited (MVML), located at Chakan near Pune, was set up as a 100%
subsidiary of the company with a view to sourcing contemporary products for
expanding the market offerings of the company. Hence it is a critical part of
its business and only the combined results of the company and MVML can
provide a
comprehensive view of company's performance.
Q1 F2013 - M&M +
MVML Results
The Gross Revenues
and other income of Mahindra and Mahindra Limited and MVML (Entity) during the
quarter ended 30th June 2012 is Rs.100039.000
millions as against Rs.74000.000 millions in the previous year - a growth of 35.2%. The Net Profit
before tax for the current quarter is Rs.
10498.0000 millions as against Rs.8363.000 Millions in Q l previous
year. After providing for tax the same is Rs. 7785.000 millions against Rs. 6183.000 millions in Q l last
year - a growth of 25.9%. The
operating margin of the Entity for the current quarter is 13.9%.
The growth in the
profit despite the relentless increase in material costs is due to good volume
performance by Automotive Sector and tight control on expenses.
In the Passenger
Utility Vehicle segment, the Entity sold 58615 vehicles in the current quarter
- a growth of 32% over the numbers sold in Q1 last year. The Entity continued
its strong position with a' market share of 49.8%. In the Cars segment, the
Entity sold 2888 Verito Cars. The Entity also exported 7841 Vehicles in Q1
F2013 registering a growth of 37.2% over 5717 vehicles exported in Q1 last
year. South America & South African markets continued to extend healthy
support to Entity's products.
After three years
of strong growth, the domestic tractor industry witnessed a marginal volume
growth of 2.3% in Q1 of the current financial year. In this period, the Entity
sold 56861 tractors in the domestic market as compared to 57500 tractors in Q1
last year and its domestic market share for the quarter was 41.5%. The Entity's
exports during the quarter at 3020 tractors, grew by 3.9% over 2908 tractors
exported in Q1 F2012.
Q1 F2013 - M&M Standalone results
The Gross Revenues
and Other Income of Mahindra and Mahindra Limited for the quarter ended 30th
June 2012 is Rs.101158.000 millions as
against Rs.73186.000 millions during the corresponding period last year - a growth of 38.2%. The Net Profit
after tax for the quarter is Rs.
7256.000 millions for the current Q1 as against Rs. 6049.000 millions in
the same period last year - a growth of
20%.
The figures of Q l
last year exclude that of the automotive business of Mahindra Automotive
Distributor's Ltd which, as per the High Court order dated 3oth March 2012,
merged with the company from the appointed date 1st April, 2011. The
growth percentages stated above are, however, not materially impacted by this
exclusion.
Q1 F2013 - Group
Consolidated Results
The Board meeting
to approve the Q1 F2013 results of Tech Mahindra is being held later in the
month. After the approval and announcement of its results, the company will
separately release the information on Consolidated Group turnover and PAT.
During the current
quarter, some of the major group companies like Mahindra Finance, Mahindra
Satyam, Mahindra Life spaces and Mahindra Holidays significantly improved their
performance over Q1 previous year. The performance of Mahindra Finance with a
52% growth in consolidated revenues and a 64% increase in profits, Mahindra
Satyam with a 31% growth in consolidated revenues and a 56% increase in profits
and that of Mahindra Life space with a 28% growth in revenue and a 72% profit
growth were particularly noteworthy.
Outlook:
India's economic
performance in the first quarter of the current fiscal has been weak.
Industrial volumes were virtually flat; more worryingly, capital goods
production witnessed a contraction for the fourth successive quarter,
reflecting the weak investment sentiment prevailing in the economy. Inflation,
at 7.25% in June 2012, was high and is likely to remain so in the near future,
given the poor monsoons this season. Also, despite the 20% drop in the rupee's
value against the US dollar, exports during this quarter were 2.5% lower than
the levels registered in April-June 2011. The risks of a full fledged crisis in
the euro zone are high and rising, the US economic recovery is looking
increasingly more fragile, China is slowing and, given geopolitical tensions in
the Middle East, oil markets remain in flux. The drought-like conditions
prevailing in several states today has only added to the risks facing domestic
companies. Our near term outlook on the economy is cautious and watchful.
FINANCIAL HIGHLIGHTS:
The Financial Year
2011-12 was beset with challenges. Global macro risks, stemming from sovereign
debt issues in the advanced economies and turmoil in the Middle East, remained
high through the year. At the same time, a weak economic environment at home-
rising fiscal and current account deficits, persistently high inflation, rising
interest rates, a weakening currency and prolonged policy and regulatory
uncertainty - added to the risks facing domestic firms and households. Demand
as a consequence, turned sluggish and the country's economic growth dropped to
6.9% this year (as per advance estimates put out by the CSO), considerably
below the 8.4% growth registered in the previous two fiscals.
While the
agricultural and services sectors displayed some resilience, the unsettled
global outlook and constrained domestic economic environment took a
particularly heavy toll on industrial activity during the year. Environmental
hurdles, corruption charges and slowing Government approvals brought mining
activity to a standstill which severely constrained power generation and other
core infrastructure activities in the country. Hemmed in by structural
impediments and rising input costs on the one hand and weakening domestic and
external demand on the other, manufacturing activity suffered a severe loss in
momentum with volume growth dropping from 7.7% year-on-year in the first
quarter of the Financial Year 2012 to 0.2% in the fourth quarter of the
Financial Year 2012. Over all, industrial production grew a paltry 2.8% in
2011-12, in sharp contrast to the 8.2% increase registered in the previous
fiscal.
FINANCIAL PERFORMANCE
In these challenging
times, the Automotive and Farm Divisions of The Company have secured good
performance reflecting in substantial growth in the net income of the Company
by 35.3% to Rs.323190.000 Millions in the year under review from Rs.238940.000
Millions in the previous year.
Consequent to this
commendable performance, the Profit for the year before Depreciation, Finance
Costs, Exceptional items and Taxation recorded an increase of 9.0% at
Rs.42370.000 Millions as against Rs.38880.000 Millions in the previous year.
Similarly, Profit after tax clocked an increase of 8.1% at Rs.28790.000
Millions as against Rs.26620.000 Millions in the previous year. The Company
continues with its rigorous cost restructuring exercises and efficiency
improvements which have resulted in significant savings through continued focus
on cost controls, process efficiencies and product innovations that exceed customer
expectations in all areas thereby enabling the Company to maintain profitable
growth in the current economic scenario.
PERFORMANCE
REVIEW
AUTOMOTIVE
DIVISION:
The Company's
Automotive Division recorded total sales of 3,98,357 vehicles (including Verito)
and 70,988 three-wheelers as compared to 2,99,342 vehicles (including Verito)
and 64,740 three-wheelers in the previous year registering a growth of 33.1%
and 9.7% in vehicle sales and three-wheeler sales respectively.
On the domestic sales
front, the Company sold 2,45,700 Passenger Vehicles [including 2,02,217 Utility
Vehicles (UVs), 25,644 Multi Purpose Vehicles (MPVs) and 17,839 Cars]
registering a growth of 36.4% over the previous year's volumes of 1,80,180
Passenger Vehicles [including 1,69,205 UVs, 966 MPVs and 10,009 Cars by
Mahindra Automobile Distributor Private Limited] (for a meaningful comparison,
sales numbers of Verito Car is also added in the previous year's sales
numbers). In the commercial vehicle segment, The Company sold 1,27,029 vehicles
[including 53,895 vehicles < 2T GVW and 73,134 vehicles between 2-3.5T GVW]
registering a growth of 21.4% over the previous year's volume of 1,04,622
commercial vehicles [including 43,717 vehicles < 2T GVW and 60,905 vehicles
between 2-3.5T GVW]. In the three-wheeler segment, The Company sold 67,440
three- wheelers registering a growth of 8.5% over the previous year's volume of
62,142 three-wheelers.
The Company's UV
sales volume grew by 19.5% and The Company strengthened its leadership position
of the domestic UV market by posting a market share of 55.1% against the
previous year market share of 53.7%. During this year, Bolero posted record
sales and became the first SUV in India to cross the milestone of 1 lakh sales
in a year. Bolero retains the title of India's largest selling SUV for the 6th
consecutive year. It is also the 7th highest selling passenger vehicle in
India. The Scorpio continues to strengthen its iconic status with sales of over
50,000 units in the year.
In September, 2011,
the Company launched the XUV5OO. The XUV5OO is loaded with enhanced technology
and safety features, a strong diesel engine, luxurious interiors and
unprecedented refinement, all at a very competitive price. Twenty two awards
received from various Media Groups bear testimony to the mass appeal and
acceptance of the product. The XUV5OO was launched simultaneously in India and
South Africa - a first for the Indian Automotive Industry.
With an aim to strengthen
its product portfolio and enter new segments, the Company successfully launched
many new products over the past two years. As a result, the Company's share of
the Indian Automotive market stood at 11.5% in 2011-12 as compared to 9.6% in
the previous year.
In the Overseas
market, The Company registered a volume growth of 70.2% over the previous year.
This growth was driven by volume growth in the SAARC countries, Chile and South
Africa. During the year, the Company sold 25,628 vehicles [including 157
vehicles sourced from Mahindra Navistar Automotives Limited ("MNAL")]
and 3,548 three-wheelers in the Overseas market as compared to 14,540 vehicles
[including 305 vehicles sourced from MNAL] and 2,598 three-wheelers in the
previous year.
Spare parts sales for
the year stood at Rs.8739.900 Millions (including Exports of Rs.554.7000
Millions) as compared to Rs.6669.700 Millions (including Exports of Rs.283.000
Millions) in the previous year, registering a growth of 31.0%.
FARM DIVISION:
The Company's Farm
Division (including the Swaraj Division) recorded sales of 2,36,666 tractors as
against 2,14,325 tractors sold in the previous year, recording a growth of
10.4%.
In the Financial Year
2012, the Indian tractor industry continued to enjoy double digit growth. The
domestic market recorded sales of around 5,35,210 tractors as compared to
4,80,377 tractors in the previous year, recording a growth of 11.4%.
The Company's
performance was in line with the tractor industry with domestic sales of 2,22,944
tractors as compared to 2,02,513 tractors in the previous year recording a
growth of 10.1%. The Company's market share now stands at 41.4% as compared to
42% in the previous financial year, thus completing 29 years of leadership in
the Indian tractor industry. The Company's tractor exports grew by 16.2% to
reach 13,722 tractors as compared to 11,812 tractors exported in the previous
year.
Beyond agriculture,
in the power generation space under the Mahindra Powerol Brand, the Company
sold 29,122 engines in the current financial year as against 27,748 engines in
the previous year. The growth in volume was achieved inspite of adverse market
conditions in the Telecom Sector. The Company, while retaining its leadership
position in the genset market catering to the telecom space, has focused its
presence in the retail segment. It strengthened its position in the fragmented
inverter/Home UPS market and sold 83,993 units against 47,217 units in the
previous year, a growth of 78%.
FINANCE
The Financial Year 2011-12
witnessed a period of uncertainty in both the global and Indian economic
scenarios. The year saw the US recovery being slow, Europe under the shadow of
a lengthened sovereign debt crisis and China's growth scaled down. On the
domestic front, tight liquidity conditions prevailed during most of the year,
with short term interest rates on an upsurge. Fiscal and current account
deficits and capital flows dominated financial markets activity bringing
volatilities to the fore. Reserve Bank of India ("RBI") has in the
last few months cut the CRR by 125 bps and also Repo Rate by 50 bps to infuse
liquidity and stem the faltering growth of the Indian economy. Despite the
recent monetary actions, liquidity is expected to remain tight in the short
term given the large Government of India debt programme in the Financial Year
2013 budget proposals. RBI surprised the market by a larger than expected Repo
cut, but indicated they would be constrained in providing further reductions to
boost growth.
To meet the challenges
of the daunting environment, the Company continued to focus on managing cash
efficiently and ensured that it had adequate liquidity and back-up lines of
credit. The Company successfully unlocked about Rs.7500.000 Millions from its
working capital by employing Non-fund based limits of banks to release
statutory refunds under a facility on offer by a State Government. The Company
also actively assisted its business partners including vendors by various
initiatives in channel management and making available an e-enabled structured
payment platform. The vendor initiative will enable freeing up working capital
relating to Rs.30000.000 Millions worth of annual supplies to the Company.
During the year, the
Company raised External Commercial Borrowings of US$ 150 million to finance its
growth plans. The funds were raised for average maturity of 5 years at an
opportune time at bench mark rates.
The Company follows a
prudent financial policy and aims to maintain optimum financial gearing at all
times. The Company's total Debt to Equity Ratio was 0.29 as at 31st March,
2012.
The Company has been
rated by CRISIL, ICRA Limited ("ICRA") and Credit Analysis &
Research Limited ("CARE") for its banking facilities under Basel II
norms. CRISIL, ICRA and CARE have all re-affirmed the highest rating for The
Company's Short Term facilities. During the year,
CRISIL maintained the
rating for The Company's Long Term Banking facilities to "AA+
/Stable", ICRA maintained the Long Term Rating of "LAA+ /Stable"
and CARE also maintained the rating "CARE AA+ "
The Company's Bankers continue to rate The Company as a prime customer and extend facilities/services at prime rates.
DIRECTORS
At the Meeting of the
Board of Directors of the Company held on 30th May, 2012, the Chairman Mr.
Keshub Mahindra expressed his intention to relinquish his position as Chairman
and Director of the Company and requested the Board to accept this request and
make his retirement as Chairman and Director of the Company effective at the
conclusion of the next Annual General Meeting.
The Board with great
reluctance and utmost regret accepted the Chairman's request to relinquish his
office as Chairman and Director of the Company at the conclusion of the 66th
Annual General Meeting of the Shareholders which is scheduled to be held on 8th
August, 2012. The Board however, requested the Chairman to accept the position
as Chairman Emeritus of the Company so that his advice and guidance would
continue to be available to the Company. The Chairman thanked the Board and
stated that this would indeed be a great honour which he would accept with
humility.
The Board Members
unanimously complimented the Chairman on the illustrious services rendered by
him to the Company, the Industry and the Nation. The Board recalled that Mr.
Keshub Mahindra joined the Board in 1948 and became the Chairman in 1963. His
continued Membership of the Board for a little over six decades and as Chairman
for close to 50 years is unparalleled in the annals of Corporate History.
During this period,
the Mahindra Group grew from a manufacturer of automobiles to a federation of
companies operating in a range of businesses which include automobiles,
tractors, auto components, information technology, real estate, financial
services and hospitality. Over the years, the Company under his leadership
successfully created business alliances with global majors such as the Willys
Corporation, Mitsubishi, International Harvester, United Technologies, British
Telecom, Ford, Renault and many others, laying the foundation for the emergence
of the Group as an Indian multi-national.
While pursuing the
growth objectives of the Company, Mr. Keshub Mahindra never lost sight of the
larger interests of the nation. Even before the buzz word of Corporate Social
Responsibility came into vogue in the Corporate World, the Mahindra Group
quietly and unobtrusively developed a high sense of philanthropy on a wide
range of social issues and more particularly education to benefit diverse
sections of the Society.
An important
contribution of the Chairman had been to develop and mentor a broad range of
leaders in the Company to carry on the legacy inherited over six decades of
exceptional governance. The depth of managerial talent that is available in the
Company has been a major factor for the continued growth of the Company.
The Board Members
placed on record their deep sense of gratitude and appreciation for all that
Mr. Keshub Mahindra had given to the Company during the last six decades and
wished him continued good health and active retirement for years to come.
In the light of Mr.
Keshub Mahindra relinquishing his office as the Chairman and Director of the
Company, the Board after due deliberations unanimously decided that Mr. Anand
G. Mahindra, Vice- Chairman and Managing Director of the Company, in
recognition of the immense contribution that he had made to the growth of the
Company and the vast experience that he had gathered during his over two
decades of association with the Company, be elevated to the position of the
Chairman. The appointment of Mr. Anand G. Mahindra as the Chairman would become
effective after Mr. Keshub Mahindra ceases to be the Chairman and Director at
the conclusion of the forthcoming Annual General Meeting scheduled to be held
on 8th August, 2012 and Mr. Anand G. Mahindra would thereafter function as the
Chairman and Managing Director of the Company.
Mr. Anand G. Mahindra
commenced his professional career with Mahindra Ugine Steel Company Limited in
1989 and then joined the Company in 1991 as Deputy Managing Director. He has
been largely credited for the Company's diversification into new businesses
viz. real estate and hospitality management. In April, 1997, Mr. Anand G.
Mahindra was appointed as Managing Director and in January, 2001 was given
additional responsibility of Vice-Chairman.
Life Insurance
Corporation of India withdrew the nomination of Mr. Arun Kanti Dasgupta, as a
Nominee Director with effect from 9th August, 2011. Consequently, Mr. Dasgupta
ceased to be a Director of the Company.
The Board has placed
on record its sincere appreciation of the valuable services rendered by Mr.
Dasgupta during his tenure as a Director of the Company.
Mr. Deepak S. Parekh,
Mr. A. K. Nanda, Mr. Narayanan Vaghul and Mr. R. K. Kulkarni retire by rotation
and, being eligible, offer themselves for re-appointment.
The Board of
Directors at its Meeting held on 20th March, 2012 have pursuant to the approval
of the Governance, Remuneration and Nomination Committee of the Board and subject
to the approval of the Members to be obtained at the ensuing Annual General
Meeting of the Company, re-appointed Mr. Anand G. Mahindra as the Managing
Director for a period of 5 years with effect from 4th April, 2012 to 3rd April,
2017 and Mr. Bharat Doshi as the Executive Director for a period with effect
from 28th August, 2012 to 31st March, 2015.
Pursuant to the
recommendation of the Governance, Remuneration and Nomination Committee, Dr.
Vishakha N. Desai and Mr. Vikram Singh Mehta were appointed as Additional
Directors of the Company with effect from 30th May, 2012 at the Meeting of the
Board of Directors of the Company held on 30th May, 2012.
Dr. Vishakha N. Desai
is President and CEO of Asia Society, a leading global organisation committed
to strengthening partnerships among the people, leaders and institutions of
Asia and the United States. Dr. Desai holds a B.A. in Political Science from
Bombay University and an M.A. and Ph.D. in Asian Art History from the
University of Michigan.
Mr. Vikram Singh
Mehta is the Chairman of the Shell Group of Companies in India since 1994. Mr.
Mehta completed his Bachelors' Degree in Mathematics (Hons.) from St. Stephens
College, Delhi University. He also has a Master's Degree in Politics and
Economics (Hons.) from Magdalen College, Oxford University, UK and a Master's
Degree in Energy Economics from the Fletcher School of Law and Diplomacy, Tufts
University in USA.
Dr. Desai and Mr.
Mehta hold office upto the date of the ensuing Annual General Meeting of the Company.
The Company has
received a Notice from a Member signifying his intention to propose Dr. Desai
and Mr. Mehta for the office of Directors at the forthcoming Annual General
Meeting.
SUBSIDIARY
COMPANIES
The subsidiary
companies of the Company continue to contribute to the overall growth of the
Company. Major subsidiaries such as Mahindra and Mahindra Financial Services
Limited with a 30.6% growth in its consolidated profits and Mahindra Lifespace
Developers Limited with a 10.1% growth in its consolidated profits deserve
special mention. The consolidated Group Profit for the year after exceptional
items, prior period adjustments and tax and after deducting minority interests
is Rs.31266.600 Millions as against Rs.30797.300 Millions earned in the previous
year.
During the year,
Bristlecone International AG, EPC Industrie Limited, Mahindra
Telecommunications Investment Private Limited, Navyug Special Steel Private
Limited, Bell Tower Resorts Private Limited, Mahindra Racing S.r.l. and Swaraj
Automotives Limited became subsidiaries of The Company.
During the year,
Engines Engineering S.r.l., Eff Engineering S.r.l. and Gipp Aero International
Pty. Limited ceased to be subsidiaries of the Company.
Subsequent to the
year end, Mahindra Defence Naval Systems Private Limited was formed as a wholly
owned subsidiary of the Company.
The Statement
pursuant to section 212 of the Companies Act, 1956 containing details of the
Company's subsidiaries is attached.
In accordance with
the General Circular issued by the Ministry of Corporate Affairs, Government of
India, the Balance Sheet, Profit and Loss Account and other documents of the
subsidiary companies are not being attached with the Balance Sheet of the
Company. The Company will make available the Annual Accounts of the subsidiary
companies and the related detailed information to any Member of the Company who
may be interested in obtaining the same. Further, the Annual Accounts of the
subsidiaries would also be available for inspection by any Member at the Head
Office of the Company and at the Office of the respective subsidiary companies,
during working hours upto the date of the Annual General Meeting.
MANAGEMENT DISCUSSION AND ANALYSIS:
Mahindra and Mahindra
Limited ("M&M") or ("Mahindra") is the flagship brand
of the Mahindra Group which consists of 132 companies with diverse businesses
across the globe and aggregate revenues of US $ 15.4 billion. The year
201112was a challenging one with many shocks in the global and domestic environment.
The Company was undeterred by these difficulties, and fortified by its Rise
philosophy of accepting no limits, thinking innovatively and driving positive
change in the lives of others has raised the bar for itself in its global
ambitions. In December 2011, the Group articulated its aspiration statement to
make Mahindra one of the world's 50 most admired brands by 2021, by helping
people everywhere to Rise.
The Automotive and
Farm Equipment Sectors of M&M continued to work together with distinct and
strong customer focus at the front end and structured synergy at the backend.
In Financial Year 2011-2012, The Company sold 4,69,345 vehicles (a growth of
28.9%over the previous year) while tractor sales added up to 2,36,666 tractors
(a growth of10.4% over the previous year).
The Automotive and
Farm Equipment Sectors, along with their subsidiary companies and joint
ventures, achieved global sales of 8,73,646 vehicles and tractors (5,98,370
vehicles and 2,75,276 tractors).
The Automotive and
Farm Equipment Sectors, along with their subsidiary companies and joint
ventures, achieved global sales of 8,73,646 vehicles and tractors (5,98,370
vehicles and 2,75,276 tractors).
Industry Structure
The Indian automotive
industry comprises of a number of Indian-origin and multinational players with
varying degree of presence in different segments. Today, nine of the top ten
global automotive manufacturers have a presence in India which clearly points
to its importance as a strategic market.
Similarly, the
domestic tractor market also has a mix of Indian-origin and international
manufacturers and is segmented by horsepower into the sub 30 HP segment,
the30-40 HP segment, the 40-50 HP segment and the higher segment of above 50
HP.
Industry Overview and
Trends Global Automotive Industry
After witnessing
robust growth during Calendar Year 2010, the global automotive industry once
again hit a rough patch in Calendar Year 2011. This was due to economic
uncertainty in various parts of the world, as well as the natural disasters
that took place in Japan and Thailand. During Calendar Year 2011, global
automotive industry production grew by just 3.2%, as compared to about 25.8% in
Calendar Year 2010. Source:OICA (Organization Internationale des Constructeurs
d'Automobiles).
China, the growth
engine of the global automotive industry, slowed down to just 0.8% growths as
against 32.4% in the previous year. Also, during the year, USA overtook Japan
as the world's second largest automobile producer. This was the result of
demand picking up in the US market as well as the adverse impact on Japan's
production due to the earthquake in Fukushima. USA posted 11.5% growth in
automotive production which is the highest among the top five auto producing
nations and second only to Mexico, among the top ten auto producing nations.
India maintained its
rank as the world's 6th largest automobile producing country but its
growth slowed down to 10.7% in Calendar Year 2011, as compared to 34.7% in the
previous year.
Indian Automotive
Industry
In spite of the
challenging macroeconomic environment -both domestic and global – the Indian
automotive industry (excluding two wheelers) crossed the 3.9 million mark and
registered a growth of 6.2% during Financial Year 2011-12. The passenger
vehicle segment grew by 4.7%, with domestic sales crossing 2.6 million
vehicles. Within this segment, the passenger car segment grew by 2.2%, the
multipurpose vehicle (MPV) segment grew by 10.0%and the utility vehicle (UV)
segment registered a growth of 16.5%.
The Commercial
Vehicle (CV) segment grew by 18.2%. This growth was principally driven by an
increase of 27.4% in the Light Commercial Vehicle (LCV) segment. The Medium and
Heavy Commercial Vehicles (MHCV) segment grew by 7.9%. Within the LCV segment,
the growth was greatest in the less than 2 tonne segment (growth of 31.3%) and
the 2-3.5 tonne segment (growth of 34.8%).
The three wheeler
segment de-grew 2.4% during the year. The three wheeler goods segment grew by
6.3%, while the three wheeler passenger segment witnessed a de-growth of 4.5%.
During Financial Year
2011-12, the two-wheeler segment grew by 14.2%. Within two wheelers, scooters /
scooterettes grew by 24.5%, motorcycles / step-throughs by 12.01% and mopeds by
11.4%.
The growth across
several segments of the Indian Automotive Industry was significantly lower than
projected by SIAM (Society of Indian Automobile Manufacturers) at the beginning
of the year. This was due to factors such as uncertainty over economic growth,
high vehicle financing rates, high inflation leading to less discretionary
expenses, rise in commodity prices leading to increase in vehicle prices and
hike in fuel costs.
The adverse impact on
industry growth was also because of short supply of vehicles due to prolonged
labour unrest at a major automotive manufacturer as mentioned in several media
reports, capacity shortage in various links of the automotive supply chain and
disruption of components supply from Thailand which suffered the onslaught of
floods.
Indian Tractor
industry
The Indian tractor
market, the world's largest, continued on its upward trajectory to touch
5,35,210 tractors, a growth of 11.4% over the previous year. This was on the
back of two years of high growth of 32% and 20%, respectively. While increasing
cost and scarcity of farm labour, normal monsoons and continued government
support for agriculture and rural India continued to fuel this growth, the
bumper agri production from November onwards resulted in a correction in prices
of agri produce, impacting liquidity and slowing demand in most states across
the country.
Looking at the
various tractor segments, volume growth has been led mainly by two segments,
namely the <30 HP segment and the >50 HP segment. In the <30 HP
segment, the Mahindra Yuvraj 215 created a space of its own, single handedly
driving growth in a category which was otherwise witnessing a decline. At the
other end of the spectrum, >50 HP - the segment of the future - grew over
15%.
Across the country,
tractor growth was concentrated around a few major states like Rajasthan with
over 50% and Gujarat and Tamil Nadu with around 25-30%. Karnataka, Uttar
Pradesh, Bihar and Maharashtra recorded single digit growth rates.
The Company's
performance
Automotive Sector -
towards new frontiers
During the year under
review, The Company achieved many milestones and landmarks on its journey to
becoming a globally recognised automotive brand. The Sector launched several
new products in various segments and also received numerous awards and
accolades.
In September 2011,
the Sector launched the eagerly awaited XUV500. Inspired by the world's most
agile animal, the Cheetah, the XUV500 received an overwhelming response from
both customers as well as the automotive fraternity. Designed and developed
in-house by Mahindra, it is The Company's first global SUV platform, with
significant inputs on styling and development from customers across the globe.
The Mahindra XUV500 offers benefits such as aspirational style, technologically
advanced features, safety, comfortand convenience at a very competitive price.
These features have hitherto been seen only in high-end SUVs. Within just a few
months of its launch, it received 22 awards -testimony to its mass appeal and
value for money proposition. The XUV500 was launched simultaneously in India
and South Africa, a first for the Indian Automotive Industry.
The Sector -
including Mahindra Navistar Automotives Limited (MNAL), a subsidiary of the
Company - achieved overall volumes of 4,53,987 vehicles in the domestic market,
a significant growth of 26.8%. Healthy growth in UV volumes, entry into newer
segments and good growth across the entire product range are some of the major
factors that contributed to this growth.
As a result of this
good performance, The Company's market share increased to 11.5% in Financial
Year 2011-12 as compared to 9.6% in the previous year.
At the forefront of
the industry
• The Company
strengthened its leadership position in the domestic Utility Vehicle (UV)
market by selling a record 2,02,217 UVs, posting a growth of 19.5% over the
previous year. M&M's market share in the domestic UV market stood at 55.1 %
for the Financial Year 2011 -12, as against 53.7%> in the previous year.
• During this year,
the Bolero became the first Sports Utility Vehicle (SUV) in India to cross the
1 lac milestone. This tough and rugged UV thus retains the title of India's
largest selling SUV for the 6th consecutive year. It is also the 7thhighest
selling passenger vehicle in India.
• The Scorpio
continues to strengthen its iconic status with sales of over 50,000units in
2011-12.
• In the MPV segment,
The Company has garnered market share of 10.9%> with in the last one year.
In the highly competitive < 2 tonne Light Commercial Vehicle (LCV)segment,
the Company's market share stands at 21.5%.
• The Company is the
market leader in the 2-3.5 tonne LCV segment with a market share of 66.5%>.
• During the previous
year, the Company had bought over the shareholding of its joint venture partner
in Mahindra Automobile Distributor Private Limited. This led to the Logan being
re-launched under the Mahindra badge as the Verito. The new Verito retains the
famed strengths of the Logan, while adding a new style with some key changes.
The sales for the Verito have since been continuously improving with 17,839
units sold in 2011-12 -a growth of 78.2% over the previous year.
• In the MHCV
segment, MNAL's range of sturdy yet stylish trucks have received encouraging customer
feedback with its market share standing at 1.2%.
Delighting the
customer
At Mahindra,
customers are at the core of its business. All products and initiative scater
to the diverse needs of its varied customers. In addition to the highly
acclaimedXUV500, all new products and initiatives launched in 2011-12 received
an excellent response.
• In February, 2012,
Mahindra unveiled the Stylish New Xylo which sports 50 new changes and
features. The new version includes five variants powered by three distinct
engine options, including the powerful 120 BHP mHawk engine. The Stylish New
Xylo also boasts of a pioneering Voice Command Technology which allows the
driver to control over thirty features in the car, merely by talking to it!
This makes the Xylo convenient and very enjoyable to drive.
• In September 2011,
Mahindra launched the New Bolero with better drive ability and excellent fuel
efficiency, powered by the refined and peppy new m2DiCR engine. It incorporates
new technology features like Digital Cluster with Driver Information
System(DIS) and a digital Engine Immobilizer. India's most popular UV also
sports a stylish new dashboard, wood-finish central console and all-new seats
and upholstery.
• In April 2011,
Mahindra launched the Maxximo Mini Van, a next generation passenger carrier
developed on the technologically superior Maxximo platform. This stylish people
mover is set to redefine the entry-level contract carriage and stage carriage
segments in India. Equipped with best-in-class comfort and safety features and
powered by the advanced C2 CRDe fuel-efficient diesel engine, the Maxximo Mini
Van is competitively priced.
• During the year,
MNAL launched the MN31 cowl which received an enthusiastic response in the
market. With its pan India commercial launch in December 2011 which saw it
emerge as a full range Commercial Vehicle (CV) player, MNAL is a force to
reckon with in the Commercial Vehicle segment.
Automotive Sector -
Overseas Operations
• During this year,
The Company launched the Genio double cab for oversea smarkets at a special
event in Mumbai which was also attended by global media.
The Automotive Sector
of The Company exported a total of 29,176 vehicles during the year 2011-12,
posting an impressive growth of 70.2% over the previous year. This growth was
predominantly on account of favourable market response in neighbouring
countries for Mahindra's range of products. Since 2006, the Company has been
working on the development of a vehicle for the US market. However, The Company
recently decided not to proceed further with the project due to changes in the
US regulatory and market situation. The Company will continue to monitor the US
situation and remain flexible with its approach to this market.
Future ready
• During the previous
year, the Automotive Sector of The Company took two significant steps on its
journey towards becoming a globally recognised automotive manufacturer. It
acquired a majority stake in Reva Electric Car Company Private Limited(since
rechristened as Mahindra Reva Electric Vehicles Private Limited) and in March
2011,it completed the acquisition of a majority shareholding and management
control in South Korea's Ssangyong Motor Company Limited (SYMC).
• Mahindra Reva
displayed the prototype of its all new electric car, the NXR, at the Delhi Auto
show in January 2012 which attracted considerable interest from both the media
and visitors. The car is expected to be launched in the second half of
Financial Year 2012-13.
• The acquisition of
SYMC is a significant step towards realising The Company's global ambitions.
Over the last 12 months, satisfactory progress has been made in creating
synergy in the areas of product development, sourcing and channel sharing. Work
on development of new vehicle and engine platforms has been initiated and is
progressing well.
• In March 2010,
Mahindra Vehicle Manufacturers Limited (MVML), a 100% subsidiary of The
Company, set up its manufacturing plant in Chakan near Pune. Spread over 700
acres with capacity to manufacture 3,00,000 vehicles in phase one, the facility
will cater to future demand for new products, making it a critical component of
the Company's business.
This state-of-the-art
facility has the capability to manufacture a wide variety of vehicles, ranging
from small commercial vehicles and heavy commercial vehicles to modern SUVs and
construction equipment. Products manufactured here include the XUV500, the
Genio Pick Up and the Maxximo range of vehicles, as well as the Mahindra
Navistar range of trucks and the Mahindra Earth Master range of construction
equipment. In its second year of operation, MVML Chakan manufactured 1,16,502
vehicles, a substantial increase as compared to 40,954 vehicles manufactured in
the previous year.
• In April 2012, the
Company inaugurated its world class engineering and research and development
centre, Mahindra Research Valley (MRV), in Chennai. Spread over 125 acres in
Mahindra World City, MRV bears testimony to the Mahindra Group's commitment to
technology-driven innovation and is the cradle of its future. It houses
automobile as well as tractor engineering research and product development
divisions under one roof and enables close and creative collaboration between
engineers and researchers. This facility was created at an investment of over Rs. 6500.000 Millions. Home to over 1,500 employees, it
has experts who are leading various technology and product development
projects.
Farm Equipment Sector
With its quest to
deliver 'Farm Tech Prosperity' to the Indian farmer, Financial Year 2012 saw numerous
initiatives by the Sector in the area of farm mechanisation and across the
agriculture value chain.
Tractor and Farm
Mechanisation Business
In Financial Year
2012, Mahindra retained its leadership in the domestic tractor market for the
29th consecutive year, with a 41.4% market share. In this period,
the Company sold 2,36,666 tractors under the Mahindra and Swaraj brands, as
against 2,14,325tractors sold in the previous year - a 10.4%) increase.
In the less than 30
HP segment, the Mahindra Yuvraj 215, which aims to provide the vast number of
small and marginal farmers with affordable mechanisation, practically double
dits volumes over the last year, with sales of 10,760 units this year.
Strengthening the Swaraj presence in this segment was the Swaraj 724 Orchard,
which also focused on this niche but growing segment.
In the 30-40 HP
segment, the largest segment in the tractor industry, customer options were
further enhanced with the launch of the 35 HP Mahindra 265 Power Plus in March
2012.This product will gradually be rolled out across the country in Financial
Year 2013. This launch was accompanied by the introduction of 'Rob lift'
hydraulics which deliver superior precision, better uniformity and the ability
to optimise performance in a range of agricultural applications.
In the 40-50 HP
segment, the Swaraj 855 XM series with side shift was also launched.
As far as the over 50
HP segment is concerned, the Arjun Multi Application Tractor(MAT) launched last
year has been well accepted in the market, contributing to the 50%>market
share of the Farm Equipment Sector in this segment.
Bolstering this
leadership was the introduction of the Arjun International 8085. This product
represents a quantum leap in technology and comfort, giving the affluent and
often demanding Indian farmer a world class experience.
The Company was also
among the first manufacturers in the country to prepare itself for the advent
of Trem III A norms in this segment by not only meeting these stringent
emission norms but also by retaining an edge over competition in terms of fuel
efficiency. The product's superiority, coupled with unmatched service quality
and reach have resulted in the highest customer satisfaction in the industry.
Global Footprint
The Sector continued
to expand its global footprint with a focus on the key markets of USA and
China, amongst other regions.
China
In China, the second
largest tractor market in the world, Mahindra volumes from the two Joint
Ventures, Mahindra (China) Tractor Company Limited (MCTCL) and Mahindra Yueda
Yancheng Tractor Company Limited (MYYTCL), crossed the 30,000 mark for the
first time. Mahindra retained its position amongst the top five brands in this
market. While domestic volumes grew to 26,444 tractors, an increase of 11%>,
exports from China grew by a healthy 20%> to 5,244 units. Amongst many
highlights was the inauguration of MYYTCL's integrated manufacturing facility
which has the capacity to produce over 40,000 tractors.
USA
Mahindra USA crossed
the 10,000 volume mark for the second time in its history. This represents a
strong growth of 35% and a gain in market share. Compact and Cabin tractor
models introduced in the last couple of years, combined with high customer and
dealer satisfaction levels for both products and service have been major
contributors to this success. The 4025 4WD was also launched in this market and
received a good response from customers, strengthening the Mahindra portfolio
in the USA.
Rest of the World
The growth story for
Financial Year 2012 was characterised by the success of the Sector's African
operations, with 77% increase seen in this market over the last year. The
introduction of the 90HP tractor to the Sector's portfolio contributed to this
performance. The Sector's nascent presence in South America and Turkey were the
other key areas of growth. Turkish operations saw strengthening of the
distribution network, together with product portfolio augmentation due to the
launch of a number of models from the '30 series' of tractors. The Company
continued its strong performance in the SAARC region with over 40% market share
in both Nepal and Bangladesh, though with limited volumegrowth due to a
challenging business environment in these markets.
Mechanisation
(Mahindra AppliTrac) - Towards Agri Prosperity
With labour scarcity
becoming an ever increasing challenge for farmers across the country,
mechanisation of most agricultural operations is the way forward. This has
fuelled demand for better and more efficient equipment across the spectrum of
operations. AppliTrac continued to grow the market for mechanisation in the
country, playing its part in boosting agricultural productivity.
• Mahindra
Gyrovator-The pride of the rotavation range of equipment in the AppliTrac
stable, this product has been well accepted by the Indian farmer by virtue of
its sheer performance, placing it in a league of its own. As a result, overall
sales of rotavation equipment grew by over 30% over last year.
• New mechanisation
solutions - Due to increasing labour scarcity, more and more agri operations
are moving towards mechanisation. To meet emerging needs in this segment,
AppliTrac introduced three new products this year - sprayers, shredders and
mulchers, thus expanding the range of options available to the Indian farmer.
Construction
Equipment - Mahindra Earth Master creates an impact
This nascent business
has made rapid strides in the last one year, with the Mahindra Earth Master
well accepted by the customer, both for its performance and unmatched value.
With expansion of the sales network gathering steam, the construction equipment
business as achieved sales of over 800 Mahindra Earth Master backhoe loaders,
making its way into the list of top six players for backhoe loaders in the
country.
Agriculture - sowing
the seeds for India's future Agriculture Inputs
The Sector offers a
whole range of crop care solutions, especially seeds, herbicides,pesticides,
fungicides and micro nutrients. Eight new products were launched this year,
creating a great deal of excitement and aiding in its best ever performance.
Micro-irrigation
business
The Company acquired
a 38% stake in EPC Industrie Limited, one of India's leading micro-irrigation
companies, in February last year, to gain a foothold in this space. This year,
the focus was on growth, with a nearly 50% increase in top line. Micro-
irrigation offers tremendous benefits to the farmer which include over 25%
water savings, reduced expenditure on labour and fertiliser and higher
productivity. By virtue of this development, The Company will be able to help
the farmer to better utilise scarce water resources and thereby contribute to
overall water conservation in the country.
Mahindra Samriddhi
By the end of the
previous financial year, over 155 Mahindra Samriddhi centres became
operational. Each Samriddhi Centre offers innovative farming technologies that
transform the lives of farmers by helping them to improve productivity. The
Mahindra Samriddhi India Agri Awards continues to be the premier event in the
field of agriculture for the second consecutive year. The event, which was
graced by the Honourable Union Minister for Agriculture, Mr. Sharad Pawar, and
other leading luminaries from the field of agriculture, honoured the torch
bearers of farm prosperity from across the nation.
Mahindra Powerol -
powering India
For Mahindra Powerol,
FinancialYear2012wasan inflection point. In spite of continued challenging
circumstances, the business focussed on expanding markets. A quantum leap in
exports and growth in DG (Diesel Genset) sales in the retail space enabled a
reversal of fortune, getting Powerol back onto the path of top line growth.
Despite a subdued marketfor engines and DGs for the telecom sector, Mahindra
Powerol has further strengthened its dominance with market share crossing 50%
in powergen for telecom.
On the product front,
the DG range has been widened with the introduction of 2.5kVA and5kVA DG sets,
extending the range right from 2.5kVA to 500kVA. In addition, Mahindra
Powerol's focus on customer centricity has been applauded and has won the
Company industry-wide recognition.
Outlook - Automotive
& Farm Equipment Sectors
Both the Automotive
and Farm Equipment Sectors with their updated product portfolios and continued
exploration of global horizons will strive to maintain their leadership
position in their respective markets. Simultaneously, The Company will continue
its focus on achieving cost leadership through focused cost optimisation, value
engineering, improved efficiency measures like supply chain management,
countrywide connectivity of allits suppliers and dealers and exploiting
synergies between its Sectors. The long term outlook for the automotive
industry is bright and robust, though in the near term there are some
challenges relating to the external environment. Inflation, interest rates,
fuelprices and commodity prices could dampen consumer confidence and sentiment
which has always been a key determinant of automobile sales.
In the long term, the
Indian economy is projected to grow rapidly and demand conditions are expected
to remain strong. According to SIAM long term forecasts, the Indian automobile
industry is expected to grow at an annual average rate of 10-15%. However, in
the near term, there are challenges as outlined above which will have a bearing
on demand and OEM profitability.
For Financial Year
2012-13, SIAM has projected a growth of 10-12% for the personal vehicle segment
and 9-11% for the commercial vehicle segment.
Similarly, in the
case of tractors, the long term outlook continues to be positive with the
tractor industry expected to continue to grow with a CAGR ranging between 7%
and 10%.
UNAUDITED STANDALONE FINANCIAL RESULTS FOR
THE QUARTER ENDED 30TH JUNE, 2012
|
|
Quarter Ended 30.06.2012 (Unaudited) |
|
1
Gross Sales/Income from Operations |
99365.000 |
|
Less Excise Duty on sales |
6885.600 |
|
(a)
Net Sales/Income from Operations |
92479.400 |
|
(b)
Other Operating Income |
1194.500 |
|
Total |
93673.900 |
|
2 Expenditure |
|
|
a.
Cost of materials consumed |
47907.200 |
|
b
Purchases of stock-in-trade |
22710.400 |
|
c.
(Increase)/Decrease in Inventories of finished goods, work-in-progress
& stock-in- trade |
(264.100) |
|
d.
Employee benefits expense |
4516.000 |
|
e.
Depreciation and Amortisation expense |
1548.400 |
|
f.
Other expenses (Net of cost of manufactured products capitalised) |
7710.100 |
|
g
Total expenses (a+b+c+d+e+f) |
84128.000 |
|
3
Profit from operations before Other Income, Finance Costs and
Exceptional Items (1-2) |
9545.900 |
|
4.
Other Income (Note 1) |
598.500 |
|
5.
Profit from ordinary activities before Finance Costs and Exceptional
Items (3 + 4) |
10144.400 |
|
6
Finance costs |
460.200 |
|
7.
Profit from ordinary activities after Finance Costs but before
Exceptional Items (5 - 6) |
9684.200 |
|
8
Exceptional Items |
|
|
9.
Profit from Ordinary Activities Before Tax (7 + 8) |
9684.200 |
|
10 Provision
for Tax Expenses |
2427.800 |
|
11.
Net Profit from Ordinary Activities after Tax (9 - 10) |
7256.400 |
|
12
Paid-up Equity Share Capital (Face value Rs 5 per share) |
2946.700 |
|
13
Reserves and Surplus excluding Revaluation Reserve |
|
|
14 a Basic Earnings per Share on Net Profit
from Ordinary Activities after Tax Rs |
12.32 * |
|
14 b. Diluted Earnings per Share on Net
Profit from Ordinary Activities after Tax Rs. |
11.82 * |
|
* not annualised |
|
|
SELECT INFORMATION
FOR THE QUARTER ENDED 30TH JUNE, 2012 |
|
|
|
Quarter Ended |
|
Particulars |
30.06.2012 |
|
|
(Unaudited) |
|
A
PARTICULARS OF SHAREHOLDING |
|
|
1.
Aggregate of public shareholding #: |
|
|
Number of Shares |
422480634 |
|
Percentage of Shareholding |
68.81% |
|
2.
Promoters and promoter group Shareholding # : |
|
|
a. Pledged/Encumbered |
|
|
-Number of Shares |
13751000 |
|
-Percentage of Shares (as a % of the total
shareholding of promoter and promoter group) |
8.80% |
|
-Percentage of Shares (as a % of the total
share capital of the company) |
2.24% |
|
b. Non-encumbered |
|
|
-Number of Shares |
142504034 |
|
-Percentage of Shares (as a % of the total
shareholding of promoter and promoter group) |
91.20% |
|
-Percentage of Shares (as a % of the total
share capital of the company) |
23.21% |
|
# Excludes shares represented by Global
Depository Receipts |
|
|
@ Excludes shares purchased by entities of
promoter group but not credited to their respective demat accounts |
|
|
Particulars |
Quarter Ended
30.06.2012 |
|
B
INVESTOR COMPLAINTS |
|
|
Pending at the beginning of the quarter |
0 |
|
Received during the quarter |
12 |
|
Disposed of during the quarter |
12 |
|
Remaining unresolved at the end of the
quarter |
0 |
|
|
|
|
Segment wise
Revenues, Results and Capital Employed : |
|
|
|
Quarter Ended |
|
Particulars |
30.06.2012 |
|
|
(Unaudited) |
|
A.
Segment Revenue : ( Net Sales / Income from Operations & Other
Operating Income) |
|
|
Automotive Segment |
62786.500 |
|
Farm Equipment Segment |
30782.900 |
|
Other Segments |
169.600 |
|
Total |
93739.000 |
|
Less: Intersegment Revenues |
65.100 |
|
Net Sales / Income from Operations &
Other Operating Income |
93673.900 |
|
B.
Segment Results (After Exceptional Items) |
|
|
Automotive Segment |
5527.600 |
|
Farm Equipment Segment |
4824.200 |
|
Other Segments |
39.800 |
|
Total Segment Results |
10391.600 |
|
Finance Cost |
460.200 |
|
Other un-allocable expenditure net off un-allocable
income |
247.200 |
|
Total Profit before Tax |
9684.200 |
|
C.
Capital Employed :( Segment assets - Segment liabilities) |
|
|
Automotive Segment |
32802.800 |
|
Farm Equipment Segment |
23545.100 |
|
Other Segments |
117.500 |
|
Total Segment Capital Employed |
56465.400 |
Note:
|
|
30.06.2012 |
|
|
(Unaudited) |
|
1.
Other Income includes dividend received from subsidiaries/joint
ventures |
165.900 |
2
The results for the quarter ended June, 2012 are not comparable with those
of the quarter ended June, 2011 as the figures in respect of quarter ended
June, 2011 do not include the results of the automotive business of Mahindra
Automobile Distributor Private Limited which, as sanctioned by HonTheirable
High Court of Bombay vide its order dated 30th March, 2012, got merged with the
Company from the appointed date 1st April, 2011 The said order became effective
from 23rd April, 2012 The comparision of net sales/income from operations and
profit from ordinary activities before exceptional items of the two quarters is
however not materially affected by this exclusion.
3.
During the current quarter Mahindra Defence Naval Systems Private
Limited became a subsidiary of the Company.
4
Other Segments include Defence Services, Special Services Group etc
5
Previous period's / year's figures have been regrouped wherever
necessary.
6
The above results were approved by the Board of Directors of the Company
at the Board Meeting held on 8th
August, 2012.
7 In compliance with Clause 41 of the Listing Agreement with the Stock Exchanges, a limited review of the results for the quarter ended 30th June, 2012 has been carried out by the Statutory Auditors. For and on behalf of the Board of Directors
FIXED
ASSETS:
·
Land
·
Buildings
·
Plant
and Equipment
·
Office
Equipment
·
Furniture
and Fixture
·
Aircraft
·
Vehicles
·
Technical
Knowhow
·
Development
Expenditure
·
Computer
Software
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 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.52.78 |
|
|
1 |
Rs.85.16 |
|
Euro |
1 |
Rs.67.79 |
INFORMATION DETAILS
|
Report Prepared
by : |
MRI |
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 |
8 |
|
--PROFITABILIRY |
1~10 |
8 |
|
--LIQUIDITY |
1~10 |
8 |
|
--LEVERAGE |
1~10 |
8 |
|
--RESERVES |
1~10 |
8 |
|
--CREDIT LINES |
1~10 |
8 |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
YES |
|
--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 |
|
69 |
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.