MIRA
INFORM REPORT
|
Report Date : |
25.10.2012 |
IDENTIFICATION DETAILS
|
Name : |
UCAL FUEL SYSTEMS LIMITED |
|
|
|
|
Registered
Office : |
|
|
|
|
|
Country : |
|
|
|
|
|
Financials (as
on) : |
31.03.2012 |
|
|
|
|
Date of
Incorporation : |
04.11.1985 |
|
|
|
|
Com. Reg. No.: |
18-012343 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs.221.136
Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
L31900TN1985PLC012343 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
CHEU03213A |
|
|
|
|
PAN No.: [Permanent Account No.] |
AAACU0541K |
|
|
|
|
Legal Form : |
A Public Limited Liability Company. The Company’s Shares are Listed on The Stock Exchanges. |
|
|
|
|
Line of Business
: |
Manufacturer and Seller of Carburetors, Mechanical Fuel
Pumps, and Multipoint Fuel Injection Parts to The Auto Industry. |
|
|
|
|
No. of Employees
: |
Not Available |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (48) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 11700000 |
|
|
|
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
Usually Correct |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is an old and well established company. Directors are experience
and reputed businessman. In the current year company performance appears to
be good. Financial seems healthy. Trade relations are reported to be fair.
Business is active. Payments are reported to be usually correct and as per
commitments. The company can be considered for normal business dealings at usual
trade terms and conditions. |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – 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 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
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 |
CARE |
|
Rating |
BBB – [Long Term Bank Facilities] |
|
Rating Explanation |
Having moderate degree of safety regarding timely servicing of
financial obligation. It carry moderate credit risk. |
|
Date |
25.04.2012 |
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 : |
Raheja Tower, Delta Wing, Unit 705, Anna Salai, Chennai- 600002,
Tamilnadu, India |
|
Tel. No.: |
91-44-28604795/ 28604796/ 42208100 |
|
Fax No.: |
91-44-28604788 |
|
E-Mail : |
marketing@ucalfuel.co.in
/ purchase@ucalfuel.co.in / hr@ucalfuel.co.in |
|
Website : |
|
|
|
|
|
Plant 1 : |
E9-E12, Industrial Complex, Maraimalai Nagar, Kancheepuram
District – 603209, Tamil |
|
Tel. No.: |
91-44-47408000 |
|
Fax No.: |
91-44-27452549 |
|
E-Mail : |
|
|
|
|
|
Plant 2 : |
A98-A100, PIPDIC Industrial Estate, Mettupalayam, |
|
Tel No.: |
91-413-4211500/ 2272675 |
|
Fax No.: |
91-413-22722176 |
|
E-Mail : |
|
|
|
|
|
Plant 3 : |
Plot No 34-35, 53-54, Industrial Development Colony, |
|
Tel No.: |
91-124-2335773 / 2335895 |
|
Fax No.: |
91-124-2313109 |
|
E-Mail : |
|
|
|
|
|
Plant 4: |
11 B/2 (S.P), First Cross Road, Ambattur Industrial Estate, Chennai-
600058, Tamilnadu, India |
|
Tel. No.: |
91-44-66544700 |
|
E-Mail : |
|
|
|
|
|
Plant 5 : |
11 B/1 (S.P) First Cross Road, Ambattur Industrial Estate,
Chennai, Tamil Nadu – 600 058, |
|
Tel No.: |
91-44-42180333/34 |
|
Fax No.: |
91-44-42180333 |
|
|
|
|
Plant 6 : |
Plot No. A3/A3, A4, A5 CMDA Industrial Complex, Maraimalai, Nagar,
Pin- 603209 |
|
E-Mail : |
|
|
|
|
|
Plant 7: |
A-3, 1, B-22, SIDCO Industrial Estate, Maraimalai Nagar, Kancheepuram,
Tamil Nadu – 603 209, |
|
Tel No.: |
91-44-47400190/91/93 |
|
E-Mail : |
|
|
|
|
|
Plant 8: |
E16, Industrial Complex, Maraimalai Nagar, Kancheepuram, Tamil
Nadu – 603 209, |
|
Tel No.: |
91-44-47400573/75 |
|
E-Mail : |
|
|
|
|
|
Plant 9: |
B 132 and 133, PIPDIC
Industrial Estate, Mettupalayam, |
|
Tel No.: |
91-413-4204161 |
|
E-Mail : |
|
|
|
|
|
Plant 10: |
Plot No. 9, Sector 5, Growth
Centre, Bawal, Rewari, Haryana, India |
|
Email : |
|
|
|
|
|
Plant 11: |
AA4, Auto Ancillary SEZ Unit,
6th Avenue, Mahindra World City, Anjur Village, Natham Sub Post
Office, Chengalpattu-603002, Tamilnadu, India |
|
Email : |
DIRECTORS
AS ON 31.03.2012
|
Name : |
Mr. Jayakar Krishnamurthy |
|
Designation : |
Chairman and Managing Director |
|
|
|
|
Name : |
Mr. R. Sundararaman |
|
Designation : |
Joint Managing
Director (Director w.e.f. 27.8.2011 and Joint Managing Director w.e.f.
8.9.2011) |
|
|
|
|
Name : |
Mr. P.P.R. Rao |
|
Designation : |
Executive Director (upto 25.9.2011) |
|
|
|
|
Name : |
Mr. S. Muthukrishnan |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. S. Natarajan |
|
Designation : |
Director |
|
|
|
|
Name : |
Dr. M.S. Ananth |
|
Designation : |
Director |
|
|
|
|
Name : |
Dr. V. Sumantran |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. R.W. Khanna |
|
Designation : |
Nominee Director (w.e.f. 30.6.2011) |
KEY EXECUTIVES
|
Name : |
Mr. Jayakar Krishnamurthy |
|
Designation : |
Chief Financial Officer (upto 8.05.2012) |
|
|
|
|
Name : |
Mr. N. Gnanasambandan |
|
Designation : |
Chief Financial Officer (w.e.f.
8.05.2012) |
|
|
|
|
Name : |
Ms. Rekha Raghunathan |
|
Designation : |
Company Secretary |
|
|
|
|
Audit Committee : |
Mr. S. Natarajan Dr. M.S. Ananth Mr. Jayakar Krishnamurthy Member (w.e.f. 30.6.2011) |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 30.09.2012
|
Category of Shareholder |
Total No. of Shares |
Total Shareholding as a % of Total No. of Shares |
|
(A) Shareholding of Promoter and Promoter Group |
|
|
|
|
|
|
|
|
14637653 |
66.19 |
|
|
951164 |
4.30 |
|
|
951164 |
4.30 |
|
|
15588817 |
70.49 |
|
|
|
|
|
Total shareholding of Promoter and Promoter Group (A) |
15588817 |
70.49 |
|
(B) Public Shareholding |
|
|
|
|
|
|
|
|
7120 |
0.03 |
|
|
1740 |
0.01 |
|
|
400 |
0.00 |
|
|
9260 |
0.04 |
|
|
|
|
|
|
769668 |
3.48 |
|
|
|
|
|
|
5098776 |
23.06 |
|
|
584381 |
2.64 |
|
|
62723 |
0.28 |
|
|
62723 |
0.28 |
|
|
6515548 |
29.46 |
|
Total Public shareholding (B) |
6524808 |
29.51 |
|
Total (A)+(B) |
22113625 |
100.00 |
|
(C) Shares held by Custodians and against which Depository Receipts
have been issued |
0 |
0.00 |
|
|
0 |
0.00 |
|
|
0 |
0.00 |
|
|
0 |
0.00 |
|
Total (A)+(B)+(C) |
22113625 |
0.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer and Seller of Carburetors, Mechanical Fuel Pumps,
and Multipoint Fuel Injection Parts to The Auto Industry. |
||||||||||||
|
|
|
||||||||||||
|
Products : |
·
Gasoline Systems and
Products ·
Diesel Systems and Products · Emission Control and Other Products · High Pressure Die Cast Products ·
Precision Machined Products |
PRODUCTION STATUS [AS ON 31.03.2011]
|
PARTICULARS |
UNIT |
ACTUAL
PRODUCTION |
|
Auto Parts |
Nos. |
15178707 |
|
Others |
Nos. |
434531 |
NOTE:
1) It is not
feasible to give installed capacity as there are numerous in volume having
complex composition.
2) Figures in brackets are in respect of previous financial year.
GENERAL INFORMATION
|
No. of Employees : |
Not Available |
||||||||||||||||||||||||||||||||||||
|
|
|
||||||||||||||||||||||||||||||||||||
|
Bankers : |
·
State Bank of India ·
Export Import Bank of India ·
IDBI Bank Limited ·
Central Bank of India ·
Corporation Bank ·
Indian Bank ·
Bank of India |
||||||||||||||||||||||||||||||||||||
|
|
|
||||||||||||||||||||||||||||||||||||
|
Facilities : |
|
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Statutory Auditors : |
|
|
Name : |
G. Balu Associates Chartered Accountants |
|
Address : |
No. 4 A, Venkatesa Agraharam Road, Mylapore, Chennai-600004,
Tamilnadu, India |
|
|
|
|
Subsidiaries : |
·
Ucal Polymer Industries Limited (UPIL) ·
Amtec Precision Products Inc. USA ·
North American Acquisition Corporation (Wholly
owned Subsidiary of Amtec) ·
Amtec Moulded Products Inc. USA (Wholly owned
Subsidiary of Amtec) ·
UPIL, USA (Wholly owned Subsidiary of UPIL) |
|
|
|
|
Related Parties : |
·
Bharat Technologies Auto Components Limited ·
Minica Real Estates Private Limited ·
Minica Services Private Limited ·
Southern Ceramics Private Limited ·
Sujo Land and Properties Private ltd ·
Carburettors Limitted ·
Magnetic Meter Systems (India) Limited ·
Bangalore Union Services Private Limited ·
Ucal Consultants Private Limited |
CAPITAL STRUCTURE
AS ON 31.03.2012
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
75000000 |
Equity Shares |
Rs.10/- each |
Rs.750.000 Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
22113625 |
Equity Shares |
Rs.10/- each
|
Rs.221.136
Millions |
NOTE:
(A) RECONCILIATION OF NUMBER OF SHARES:
|
PARTICULAR |
AS ON 31.03.2012 |
AS ON 31.03.2011 |
||
|
|
NO. OF SHARES |
RS. IN MILLIONS |
NO. OF SHARES |
RS. IN MILLIONS |
|
Balance as at the beginning of the year |
22113625 |
221.136 |
22113625 |
221.136 |
(B) RIGHTS AND RESTRICTIONS ATTACHED TO SHARES
Equity Shares: The Company has
one class of equity shares having a par value of Rs.10 per share. Each
shareholder is eligible for one vote per share held. The dividend proposed by
the Board of Directors is subject to the approval of the shareholders in the
ensuing Annual General Meeting, except in case of interim dividend. In the
event of liquidation, the equity shareholders are eligible to receive the
remaining assets of the Company after distribution of all preferential amounts,
in proportion to their shareholding.
(C) DETAILS OF SHARES HELD BY SHAREHOLDERS HOLDING MORE THAN 5% OF THE
AGGREGATE SHARES IN THE COMPANY
|
PARTICULAR |
AS ON 31.03.2012 |
AS ON 31.03.2011 |
||
|
|
NO. OF SHARES |
% |
NO. OF SHARES |
% |
|
Carburettors Limited |
10820089 |
48.93 |
10820089 |
48.93 |
|
Southern Ceramics Private Limited |
1558515 |
7.05 |
1558515 |
7.05 |
|
Minica Real Estates Private Limited |
1841882 |
8.33 |
1841882 |
8.33 |
Details of Shares
allotted as fully paid up without payment being received in cash (during 5 yrs
immediately preceding31.03.2012) – Nil
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 |
|
|
|
|
|
1] Share Capital |
221.136 |
221.136 |
221.136 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
2709.612 |
2585.583 |
2466.290 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
2930.748 |
2806.719 |
2687.426 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
2114.170 |
2004.763 |
2373.762 |
|
|
2] Unsecured Loans |
205.468 |
238.268 |
111.317 |
|
|
TOTAL BORROWING |
2319.638 |
2243.031 |
2485.079 |
|
|
DEFERRED TAX LIABILITIES |
119.231 |
132.111 |
155.611 |
|
|
|
|
|
|
|
|
TOTAL |
5369.617 |
5181.861 |
5328.116 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
2260.877 |
2021.422 |
1926.432 |
|
|
Capital work-in-progress |
134.544 |
157.444 |
71.214 |
|
|
|
|
|
|
|
|
INVESTMENT |
1562.559 |
1562.559 |
1562.559 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
457.521
|
380.876 |
303.591
|
|
|
Sundry Debtors |
1047.523
|
949.629 |
898.968
|
|
|
Cash & Bank Balances |
56.595
|
27.294 |
22.805
|
|
|
Other Current Assets |
97.103
|
125.382 |
0.000
|
|
|
Loans & Advances |
1423.928
|
1281.199 |
1199.132
|
|
Total
Current Assets |
3082.670
|
2764.380 |
2424.496 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
983.230
|
721.526 |
623.798
|
|
|
Other Current Liabilities |
533.575
|
465.136 |
164.325
|
|
|
Provisions |
154.228
|
137.282 |
35.532
|
|
Total
Current Liabilities |
1671.033
|
1323.944 |
823.655
|
|
|
Net Current Assets |
1411.637
|
1440.436 |
1600.841
|
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
167.070 |
|
|
|
|
|
|
|
|
TOTAL |
5369.617 |
5181.861 |
5328.116 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
5250.252 |
4815.448 |
3936.606 |
|
|
|
Other Income |
20.984 |
8.461 |
9.323 |
|
|
|
TOTAL (A) |
5271.236 |
4823.909 |
3945.929 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of Material Consumed |
2892.298 |
2540.186 |
2124.365 |
|
|
|
Employees Cost & Benefits |
537.614 |
475.361 |
408.657 |
|
|
|
Other Expenses |
1034.662 |
1023.954 |
790.881 |
|
|
|
Changes in Inventories of Finished Goods |
(8.931) |
9.118 |
41.770 |
|
|
|
TOTAL (B) |
4455.643 |
4048.619 |
3365.673 |
|
|
|
|
|
|
|
|
Less |
PROFIT
/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
815.593 |
775.290 |
580.256 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
301.756 |
272.511 |
285.206 |
|
|
|
|
|
|
|
|
|
|
PROFIT
/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
513.837 |
502.779 |
295.050 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
214.386 |
235.680 |
237.670 |
|
|
|
|
|
|
|
|
|
|
PROFIT / (LOSS)
BEFORE TAX (E-F) (G) |
299.451 |
267.099 |
57.380 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
72.617 |
45.000 |
(18.884) |
|
|
|
|
|
|
|
|
|
|
PROFIT / (LOSS)
AFTER TAX (G-H) (I) |
226.834 |
222.099 |
76.264 |
|
|
|
|
|
|
|
|
|
Add/ Less |
PRIOR PERIOD
ADJUSTMENT (NET) |
NA |
NA |
(0.644) |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
747.600 |
669.800 |
619.955 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Transfer to General Reserve |
40.000 |
41.500 |
0.000 |
|
|
|
Dividend |
88.500 |
88.500 |
22.114 |
|
|
|
Tax on Dividend |
14.300 |
14.300 |
3.673 |
|
|
BALANCE CARRIED
TO THE B/S |
831.634 |
747.599 |
669.788 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN FOREIGN
CURRENCY |
|
|
|
|
|
|
|
Export Earnings |
391.226 |
518.872 |
197.344 |
|
|
TOTAL EARNINGS |
391.226 |
518.872 |
197.344 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
19.252 |
60.108 |
36.550 |
|
|
|
Stores & Spares |
540.056 |
453.142 |
428.311 |
|
|
|
Capital Goods |
12.291 |
74.648 |
9.331 |
|
|
|
Others |
0.000 |
0.550 |
1.219 |
|
|
TOTAL IMPORTS |
571.599 |
588.448 |
475.411 |
|
|
|
|
|
|
|
|
|
|
Earnings / (Loss)
Per Share (Rs.) |
10.26 |
10.04 |
4.23 |
|
QUARTERLY RESULTS
|
PARTICULARS |
30.06.2011 |
30.09.2011 |
31.12.2011 |
31.03.2012 |
30.06.2012 |
|
Type |
1st
Quarter |
2nd
Quarter |
3rd
Quarter |
4th
Quarter |
5th
Quarter |
|
Net Sales |
1289.100 |
1271.330 |
1288.900 |
1400.840 |
1263.770 |
|
Total Expenditure |
1087.390 |
1061.500 |
1080.000 |
1257.460 |
1104.560 |
|
PBIDT (Excl OI) |
201.710 |
209.830 |
208.900 |
143.380 |
159.210 |
|
Other Income |
2.280 |
0.780 |
8.360 |
35.070 |
0.800 |
|
Operating Profit |
203.990 |
210.610 |
217.260 |
178.450 |
160.010 |
|
Interest |
70.390 |
78.670 |
78.800 |
74.610 |
72.150 |
|
PBDT |
133.600 |
131.940 |
138.460 |
103.840 |
87.860 |
|
Depreciation |
61.470 |
52.020 |
52.270 |
45.620 |
51.680 |
|
Profit Before Tax |
72.140 |
79.920 |
86.190 |
58.220 |
36.190 |
|
Tax |
17.000 |
21.70 |
20.000 |
13.690 |
9.800 |
|
Profit After Tax |
55.140 |
58.220 |
66.180 |
44.530 |
26.390 |
|
Net Profit |
55.140 |
58.220 |
66.180 |
44.530 |
26.390 |
KEY RATIOS
|
PARTICULARS |
|
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
PAT / Total Income |
(%) |
4.30
|
4.60 |
1.93
|
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
5.70
|
5.55 |
1.46
|
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
5.60
|
5.58 |
1.32
|
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.10
|
0.10 |
0.02
|
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
1.36
|
1.27 |
1.23
|
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.84
|
2.09 |
2.94
|
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 |
No |
|
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 |
-- |
|
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 |
|
31] |
PAN of Proprietor/Partner/Director, if available |
No |
|
32] |
Date
of Birth 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 |
HISTORY:
Subject engages in the manufacture and sale of carburetors,
mechanical fuel pumps, and multipoint fuel injection parts to the auto industry
in
PERFORMANCE
The turnover of
the company during the financial year 2011-2012 increased to Rs.5250.200
Millions from Rs.4815.400 Millions in the previous financial year thereby
recording an increase of 9%. The Earnings before Interest, Tax and Depreciation
(EBITDA) increased by 5% to touch a level of Rs.857.300 Millions from that of
Rs.817.000 Millions of the previous financial year. The increase in EBITDA has
been much lower than expected due to various reasons like increased input cost
especially that of steel and aluminum, inability to pass the increased cost to
the customer, increased labour cost due to attrition, increased power cost and
increased finance cost due to enhancement of interest rates and availment of
further borrowings to meet the capital expenditure. The company’s earning per
share was Rs.10.26 during the financial year 2011-2012. The exports reduced to
Rs.373.400 Millions during financial year 2011-2012 from Rs.518.900 Millions in
the previous financial year. This decrease was due to the reduced off take by
the customer. After market sales of the company during the financial year
2011-2012 was Rs.109.100 Millions as against that of Rs.110.300 Millions in the
previous year. The company has despite certain adverse factors been able to
maintain the Profit after Tax (PAT) at the same level as that of the previous
financial year mainly because of its efforts at improving operational
efficiency. In 2012-2013 further improvements are being attempted to increase
EBITDA through reduced levels of inventory, rationalization of vendors and
continuous value engineering of the products. All leading automobile manufacturers
have either set up a base in India or expanded their existing operations in
India in the recent years in spite of a general slowdown and the company hopes
to take advantage of this development in the future years.
PROJECTS
The company has
invested Rs 460.100 Millions in capital expenditure during the financial year
2011-2012 as compared to that of Rs 421.600 Millions during the financial year
2010-2011. The manufacturing facility at Bawal is almost complete and most of
the operations at the Gurgaon facility have been shifted to Bawal, Haryana. It
is proposed to make Bawal, the company's headquarters in North India. The
company has introduced fully automated manufacturing lines at Bawal for the
very first time and machinery and equipment are in the process of being
procured for which substantial capital expenditure is to be incurred in the
current financial year 2012-2013. The first phase of construction is also
complete at the facility in Mahindra City, Chengalpattu and operations have
commenced on a small scale. The company is in the process of securing export
orders.
SUBSIDIARY
COMPANIES
The company has
two wholly owned subsidiaries.
Ucal Polymer
Industries Limited (UPIL) — The operations of UPIL continue to be steady. The
turnover for the financial year 2011-2012 was Rs.234.700 Millions up by 34%
compared to that of Rs.175.000 Millions of the previous financial year. The net
profit after tax was higher at Rs.15.900 Millions recording a growth of 81% as
against Rs.8.800 Millions of the previous financial year. A dividend of 10% has
been declared by UPIL. UPIL is actively working to enhance its customer base
and go beyond UCAL Fuel Systems Limited.
Amtec Precision
Products Inc, USA (Amtec) — The turnover of the company was Rs.1571.600
Millions during the financial year 2011-2012 up from Rs.1326.500 Millions of
the previous financial year thereby recording an increase of 18%. Amtec has
earned a cash profit of Rs. 68.400 Millions during the current financial year.
MANAGEMENT DISCUSSION AND ANALYSIS REPORT
OVERVIEW
From the very
first quarter of 2011-2012 there were signs of a slowdown in the growth rate in
India and abroad. In 2011-2012 the passenger car segment grew by 2% while the
two wheeler and three wheeler segment grew by 16% and 10% respectively thereby
being considerably lower than that of the previous financial year. The rising
rate of inflation and consequential rise in the interest rates have made
borrowing expensive and projects unviable. The volatility in the international
market and the general uncertainty in the economic environment has also had its
share in curbing the growth of the automobile industry and the auto component
industry in 2011-2012. In addition to the above factors the increase in input
costs and difficulty in securing skilled manpower have also eroded the cost
competitiveness of the automobile and auto component industry. Although there
is evidence that the present government is taking steps to stimulate the
economy there is still an air of uncertainty regarding the growth prospects
during the current year. Adding to the woes of inflation, high interest costs
and raising power shortage, there are also prospects of deficit in rainfall
affecting the prosperity of the rural sector. There is an inability to
correctly predict the future trends in the market, owing to the prevailing
volatile economic situation. All this throws a greater responsibility on the
management to respond quickly to the changing environment.
FUTURE BUSINESS
STRATEGY
The company is constantly
working towards becoming a “System oriented and Product oriented” business
concern. The company has intensified its efforts in developing fuel injection
systems for two wheelers and three wheelers so that it is able to offer a
complete range of solutions to the two wheeler and three wheeler industry. The
company has succeeded in developing its own models of vaccum and oil pumps.
With the acceptance of these pumps by various OEMs the company will enlarge its
manufacturing facility for pumps and increase its market share in the future
years. Efforts continue to locate suitable international partners both to
update existing technology and obtain new technology to meet the ever changing
customer preferences and also to diversify into other areas beyond auto
components. Although the introduction of fuel injection systems in two wheelers
will continue the company believes that through continuous developmental
efforts the carburetors manufactured by the company will remain as the most
cost effective solution for OEMs for a much longer period.
CONTINGENT
LIABILITIES, GUARANTEES AND COMMITMENT CONTINGENT LIABILITIES CLAIMS AGAINST
THE COMPANY NOT ACKNOWLEDGED AS DEBTS:-
|
Particulars |
31.03.2012 (Rs. in millions) |
31.03.2011 (Rs. in millions) |
|
i) Sales Tax |
4.414 |
0.000 |
|
ii) Excise Duty |
239.000 |
242.082 |
|
iii) Service Tax |
14.802 |
24.699 |
|
iv) Income Tax |
29.762 |
5.489 |
|
v) ESI |
0.127 |
0.127 |
|
vi) Stamp Duty |
3.137 |
3.137 |
|
Other moneys for which the company is contingently liable |
|
|
|
i) In respect of Letter of Credits Outstanding |
80.630 |
50.406 |
|
ii) In respect of Buyers Credit outstanding |
9.967 |
0.000 |
|
iii) Guarantees given
by the company to the banks, with regard to credit facilities extended to
Amtec Precision Products Inc., USA, a wholly owned subsidiary |
1033.497 |
932.577 |
|
iv) Guarantees given by Banks on behalf of the company |
3.022 |
1.980 |
|
Commitment Estimated amount
of contracts remaining to be executed on capital account, net of advances,
not provided for : |
67.661 |
67.193 |
|
TOTAL |
1486.019 |
1327.690 |
FIXED ASSETS
- Land
- Building
- Plant and Machinery
- Office Equipments
- Furniture and Fixture
- Vehicles
- Technical Know-How Fee
UNAUDITED FINANCIAL RESULTS
FOR THE QUARTER ENDED 30.06.2012
Rs. in Millions
|
Sr. No. |
Particular |
Year Ended |
|
|
|
30.06.2012 (Unaudited) |
|
|
|
|
|
1. |
Net Sales/Income from Operations |
1263.767 |
|
|
|
|
|
2. |
Expenditure |
|
|
|
Cost of Materials
Consumed |
688.158 |
|
|
Purchase of
Traded Goods |
0.000 |
|
|
Changes in
Inventories of Finished Goods, Work in Progress and Stock in Trade |
(1.911) |
|
|
Employees Cost |
136.190 |
|
|
Depreciation |
51.678 |
|
|
Other Expenditure |
282.121 |
|
|
Total |
1156.236 |
|
|
|
|
|
3. |
Profit
From Operations before Other Income, Interest and Exceptional Items (1-2) |
107.531 |
|
|
|
|
|
4. |
Other
Income |
0.803 |
|
|
|
|
|
5. |
Profit
Before Interest and Exceptional Items (3+4) |
108.334 |
|
|
|
|
|
6. |
Interest |
72.147 |
|
|
|
|
|
7. |
Profit
After Interest but before Exceptional Items (5-6) |
36.187 |
|
|
|
|
|
8. |
Exceptional
Items |
-- |
|
|
|
|
|
9. |
Profit
from Ordinary Activities before Tax (7+8) |
36.187 |
|
|
|
|
|
10. |
Tax
Expense |
9.800 |
|
|
|
|
|
11. |
Net
Profit from Ordinary Activities after Tax (9-10) |
26.387 |
|
|
|
|
|
12. |
Extraordinary
Item (net of expense) |
-- |
|
|
|
|
|
13. |
Net
Profit for the period (11-12) |
26.387 |
|
|
|
|
|
14. |
Paid-up
Equity Share Capital (Face Value of Rs.10/- Each) |
221.136 |
|
|
|
|
|
15. |
Reserves
Excluding Revaluation Reserve |
-- |
|
|
|
|
|
16. |
Basic and Diluted Earning Per Share
(EPS) (Rs.)-Not Annualised |
|
|
|
a)
Basic and diluted EPS before extraordinary items |
1.19 |
|
|
b)
Basic and diluted EPS after extraordinary items |
1.19 |
|
|
|
|
|
17. |
Public Shareholding |
|
|
|
-Number
of Shares |
6524808 |
|
|
- Percentage
of Shareholding |
29.51 |
|
|
|
|
|
18. |
Promoters and Promoter Group
Shareholding |
|
|
|
a) Pledged/Encumbered |
|
|
|
-
Number of Shares |
324000 |
|
|
-
Percentage of Shares (as a % of the Total Shareholding of promoter and promoter
group) |
2.08 |
|
|
-
Percentage of Shares (as a % of the Total Share Capital of the Company) |
1.46 |
|
|
|
|
|
|
b) Non Encumbered |
|
|
|
-
Number of Shares |
15264817 |
|
|
- Percentage
of Shares (as a % of the Total Shareholding of Promoter and Promoter Group) |
97.92 |
|
|
-
Percentage of Shares (as a % of the Total Share Capital of the Company) |
69.03 |
|
PARTICULARS |
QUARTER ENDED 30.06.2012 |
|
Pending at the beginning of the quarter |
Nil |
|
Received during the quarter |
16 |
|
Disposed of during the quarter |
16 |
|
Remaining unresolved at the end of the
quarter |
Nil |
NOTES:
1. The above results were reviewed by the audit committee and approved by
the board of director at its meeting held on 10.08.2012.
2. The statutory auditors of the company has carried out a limited review of
the results for the quarter ended 30.06.2012.
3. The company operates in one segment namely automotive components.
4. The figures for the corresponding period have been regrouped or
reclassified wherever necessary.
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 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.53.59 |
|
|
1 |
Rs.85.81 |
|
Euro |
1 |
Rs.69.90 |
INFORMATION DETAILS
|
Report Prepared
by : |
TPT |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
6 |
|
--CREDIT LINES |
1~10 |
5 |
|
--MARGINS |
-5~5 |
- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
NO |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
NO |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
YES |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
48 |
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.