1. Summary Information
|
|
|
Country |
|
|
Company Name |
IGARASHI MOTORS INDIA LIMITED |
Principal Name 1 |
Mr. K.K. Nohria |
|
Status |
Moderate |
Principal Name 2 |
Mr. P. Mukund |
|
|
|
Registration # |
18-021997 |
|
Street Address |
Plot No. B-12 to B-15, Phase 2, MEPZ-SEZ, Tambaram, Chennai – 600 045,
Tamilnadu |
||
|
Established Date |
10.01.1992 |
SIC Code |
-- |
|
Telephone# |
91-44-42298199/ 22628199 |
Business Style 1 |
Manufacturing |
|
Fax # |
91-44-22628143 |
Business Style 2 |
-- |
|
Homepage |
Product Name 1 |
Electrical Equipments |
|
|
# of employees |
1500 [Approximately] |
Product Name 2 |
-- |
|
Paid up capital |
Rs.203,944,000/-
|
Product Name 3 |
-- |
|
Shareholders |
Shareholding of
Promoter and Promoter Group 62.88 %, Public Shareholding 37.12 % |
Banking |
Indian Bank |
|
Public Limited Corp. |
Yes |
Business Period |
20 Years |
|
IPO |
Yes |
International Ins. |
- |
|
Public |
Yes |
Rating |
B (33) |
|
Related
Company |
|||
|
Relation
|
Country
|
Company
Name |
CEO |
|
Holding
Company |
-- |
Agile Electric Drives
Technologies and Holdings Private Limited |
-- |
|
Note |
- |
||
2. Summary
Financial Statement
|
Balance Sheet as of |
31.03.2012 |
(Unit: Indian Rs.) |
|
|
Assets |
Liabilities |
||
|
Current Assets |
902,473,000 |
Current Liabilities |
517,414,000 |
|
Inventories |
163,699,000 |
Long-term Liabilities |
840,226,000 |
|
Fixed Assets |
1,064,807,000 |
Other Liabilities |
111,692,000 |
|
Deferred Assets |
000 |
Total Liabilities |
1,469,332,000 |
|
Invest& other Assets |
350,515,000 |
Retained Earnings |
808,218,000 |
|
|
|
Net Worth |
1,012,162,000 |
|
Total Assets |
2,481,494,000 |
Total Liab. & Equity |
2,481,494,000 |
|
Total Assets (Previous Year) |
2,048,565,000 |
|
|
|
P/L Statement as of |
31.03.2012 |
(Unit: Indian Rs.) |
|
|
Sales |
2,685,291,000 |
Net Profit |
165,414,000 |
|
Sales(Previous yr) |
1,967,627,000 |
Net Profit(Prev.yr) |
75,835,000 |
MIRA
INFORM REPORT
|
Report Date : |
17.09.2012 |
IDENTIFICATION DETAILS
|
Name : |
IGARASHI MOTORS INDIA LIMITED |
|
|
|
|
Registered
Office : |
Plot No. B-12 to B-15, Phase 2, MEPZ-SEZ, Tambaram, Chennai – 600 045,
Tamilnadu |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as
on) : |
31.03.2012 |
|
|
|
|
Date of
Incorporation : |
10.01.1992 |
|
|
|
|
Com. Reg. No.: |
18-021997 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs.203.944
Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
L29142TN1992PLC021997 |
|
|
|
|
Legal Form : |
A Public Limited Liability Company. The Company’s Shares are Listed on
the Stock Exchanges. |
|
|
|
|
Line of Business
: |
Manufacturing of Electrical Equipments. |
|
|
|
|
No. of Employees
: |
1500 [Approximately] |
RATING & COMMENTS
|
MIRA’s Rating : |
B (33) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
Maximum Credit Limit : |
USD 4040000 |
|
|
|
|
Status : |
Moderate |
|
|
|
|
Payment Behaviour : |
Slow but correct |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is a subsidiary of Igarashi Electric Works Limited, It is an established company having moderate track. The company is
slowly slowly wiping-off it accumulated losses of the previous year. Trade
relations are reported as fair. Business is active. Payments are reported to
be slow but correct. The company can be considered for business dealing with some caution. |
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) |
|
|
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
|
Source
: CIA |
EXTERNAL AGENCY RATING
|
Rating Agency Name |
CARE |
|
Rating |
A3 [Short Term] |
|
Rating Explanation |
Moderate degree of safety it carry higher credit risk. |
|
Date |
February 2012 |
|
Rating Agency Name |
CARE |
|
Rating |
BBB [Long Term] |
|
Rating Explanation |
Moderate degree of safety it carry moderate credit risk. |
|
Date |
February 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/ Factory : |
Plot No. B-12 to B-15, Phase 2, MEPZ-SEZ, Tambaram, Chennai, |
|
Tel. No.: |
91-44-42298199/ 22628199 |
|
Fax No.: |
91-44-22628143 |
|
E-Mail : |
|
|
Website : |
|
|
|
|
|
Overseas Offices: |
v
1-2 Tode-honcho, Saiwai-ku, Kawasaki-shi, v
Block "A", 3rd Floor, Shui
Ki v
Room 301, No. 85, Lane 4703, Gong He Xin Road., v
|
DIRECTORS
AS ON 31.03.2012
|
Name : |
Mr. K.K. Nohria |
|
Designation : |
Chairman |
|
Address : |
11, Aryavrat, 351, Narayan, Mumbai, |
|
Qualification : |
B.E., PHD |
|
|
|
|
Name : |
Mr. P. Mukund |
|
Designation : |
Managing Director |
|
Address : |
2A, Bishop Walievs, Aveme (West) |
|
Qualification : |
PGDBM, BE |
|
|
|
|
Name : |
Mr. K. Igarashi |
|
Designation : |
Director |
|
Address : |
3, Kamjamahi, |
|
Qualification : |
Graduate |
|
|
|
|
Name : |
Ms. Kavita Prasad |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. G. N. Mani |
|
Designation : |
Director |
|
Address : |
9, 21st Cross Street, Indira Nagar, Chennai |
|
Qualification : |
M. Tech |
|
|
|
|
Name : |
Mr. A.J. Prasad |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. Keiichi Igarashi |
|
Designation : |
Director |
|
Address : |
3, Kanya Machi, |
|
Qualification : |
Technical Graduate |
|
|
|
|
Name : |
Mr. M.S.S. Srinath |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. Jacob Mathew |
|
Designation : |
Director |
KEY EXECUTIVES
|
Name : |
Mr. R. Chandrasekaran |
|
Designation : |
Finance Head |
|
|
|
|
Name : |
Mr. P. Dinakara Babu |
|
Designation : |
Company Secretary |
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 |
|
|
|
|
|
|
|
|
12,824,225 |
62.88 |
|
|
12,824,225 |
62.88 |
|
|
|
|
|
Total shareholding of Promoter and Promoter Group (A) |
12,824,225 |
62.88 |
|
(B) Public Shareholding |
|
|
|
|
|
|
|
|
|
|
|
|
3,898,500 |
19.12 |
|
|
|
|
|
|
2,567,482 |
12.59 |
|
|
1,104,175 |
5.41 |
|
|
7,570,157 |
37.12 |
|
Total Public shareholding (B) |
7,570,157 |
37.12 |
|
Total (A)+(B) |
20,394,382 |
100.00 |
|
(C) Shares held by Custodians and against which Depository Receipts
have been issued |
- |
- |
|
|
- |
- |
|
|
- |
- |
|
|
- |
- |
|
Total (A)+(B)+(C) |
20,394,382 |
- |
BUSINESS DETAILS
|
Line of Business : |
Manufacturing of Electrical Equipments. |
||||||
|
|
|
||||||
|
Products : |
· Gear Motors · DC Motors · High Voltage Motors · Armatures |
PRODUCTION STATUS [AS ON 31.03.2010]
|
Particulars |
Unit |
Installed Capacity |
Actual Production |
|
Electric Micro Motor |
Nos. |
9000000 |
7854211 |
GENERAL INFORMATION
|
No. of Employees : |
1500 [Approximately] |
||||||||||||||||||||||||||||||||||||
|
|
|
||||||||||||||||||||||||||||||||||||
|
Bankers : |
|
||||||||||||||||||||||||||||||||||||
|
|
|
||||||||||||||||||||||||||||||||||||
|
Facilities : |
|
||||||||||||||||||||||||||||||||||||
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
Sharp and Tannan Chartered Accountants |
|
Address : |
Parsn Manere, A-Wing, 3rd Floor, 602, Anna
Salai, Chennai – 600006, |
|
|
|
|
Holding Company : |
Agile Electric
Drives Technologies and Holdings Private Limited |
|
|
|
|
Ultimate Holding Company : |
HBL Power Systems Limited |
|
|
|
|
Fellow Subsidiary : |
Agile Electric Sub Assembly Private Limited |
|
|
|
|
Associates : |
Bosch Electrical Drives India Private Limited |
CAPITAL STRUCTURE
AS ON 31.03.2012
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
22000000 |
Equity Shares |
Rs. 10/- each |
Rs.220.000 Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
20394382 |
Equity Shares |
Rs. 10/-
each |
Rs.203.944
Millions |
RECONCILIATION OF SHARES OUTSTANDING AT THE BEGINNING AND AT THE END OF
THE YEAR
|
Subscribed and
fully paid up: |
AS ON 31.03.2012 |
AS ON 31.03.2011 |
||
|
|
No. of Shares |
Rs. in Millions |
No. of Shares |
Rs. in Millions |
|
At the beginning
of the year |
20374382 |
203.744 |
13874382 |
138.744 |
|
Issued during the year - preferential allotment |
-- |
-- |
6500000 |
65.000 |
|
Issued during the year - Employees stock option Plan |
20000 |
0.200 |
-- |
-- |
|
At the end of
the year |
20394382 |
203.944 |
20374382 |
203.744 |
TERMS / RIGHTS ATTACHED TO EQUITY SHARES
The Company has only one class of equity shares having a par value of R
s. 10/- each. E ach holder of equity share is entitled to one vote per share. A
ll shares issued carry equal rights for dividend declared by the Company and
there are no restrictions attached for any specific shareholder.
SHARES HELD BY THE HOLDING COMPANY
|
SHARES HELD BY
THE HOLDING COMPANY |
AS ON 31.03.2012 |
AS ON 31.03.2011 |
||
|
|
No. of Shares |
Rs. in Millions |
No. of Shares |
Rs. in Millions |
|
Agile Electric Drives Technologies and Holdings Private Limited, the
Holding Company Equity shares of Rs 10/- each fully paid up |
12824225 |
128.242 |
12824225 |
128.242 |
DETAILS OF SHARE HOLDERS HOLDING MORE THAN 5% OF EQUITY SHARES IN THE
COMPANY
|
NAME OF
SHAREHOLDER |
AS ON 31.03.2012 |
AS ON 31.03.2011 |
||
|
|
No. of Shares |
% Holding |
No. of Shares |
% Holding |
|
Agile Electric Drives Technologies and Holdings Private Limited |
12824225 |
62.88 |
12824225 |
62.94 |
|
Igarashi Electric Works (H.K) Limited, |
2499993 |
12.26 |
2499993 |
12.27 |
The Company has not
bought back any shares or issued shares for consideration other than cash or
issued bonus shares during the five years immediately preceding the date of
Balance Sheet.
SHARES RESERVED FOR ISSUE UNDER OPTIONS
|
|
AS ON 31.03.2012 |
AS ON 31.03.2011 |
|
Employees Stock
options granted and outstanding (Number of equity shares to be issued as
fully paid) |
965700 |
750000 |
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 |
203.944 |
203.744 |
138.744 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
808.218 |
630.047 |
383.394 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
(268.322) |
|
|
NETWORTH |
1012.162 |
833.791 |
253.816 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
783.240 |
574.467 |
691.721 |
|
|
2] Unsecured Loans |
56.986 |
31.319 |
11.000 |
|
|
TOTAL BORROWING |
840.226 |
605.786 |
702.721 |
|
|
DEFERRED TAX LIABILITIES |
82.506 |
87.502 |
93.394 |
|
|
|
|
|
|
|
|
TOTAL |
1934.894 |
1527.079 |
1049.931 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
1064.807 |
855.886 |
818.830 |
|
|
Capital work-in-progress |
57.294 |
0.888 |
38.133 |
|
|
Intangible assets under development |
7.056 |
10.113 |
0.000 |
|
|
|
|
|
|
|
|
INVESTMENT |
286.165 |
286.165 |
143.300 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.724 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
163.699
|
182.250 |
136.489
|
|
|
Sundry Debtors |
567.841
|
300.562 |
227.074
|
|
|
Cash & Bank Balances |
61.374
|
55.241 |
29.924
|
|
|
Other Current Assets |
0.000
|
0.000 |
0.253
|
|
|
Loans & Advances |
273.258
|
357.460 |
168.727
|
|
Total
Current Assets |
1066.172
|
895.513 |
562.467 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
453.715
|
354.620 |
|
|
|
Other Current Liabilities |
63.699
|
156.104 |
505.386
|
|
|
Provisions |
29.186
|
10.762 |
8.137
|
|
Total
Current Liabilities |
546.600
|
521.486 |
513.523
|
|
|
Net Current Assets |
519.572
|
374.027 |
48.944
|
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
1934.894 |
1527.079 |
1049.931 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
2685.291 |
1967.627 |
1587.054 |
|
|
|
Other Income |
10.379 |
4.084 |
5.423 |
|
|
|
TOTAL (A) |
2695.670 |
1971.711 |
1592.477 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Materials and Manufacturing
Expenses |
1746.975 |
1277.231 |
1237.881 |
|
|
|
Staff Expenses |
131.991 |
87.502 |
96.165 |
|
|
|
Selling and Administrative Expenses |
104.833 |
74.063 |
70.885 |
|
|
|
Other Expenses |
215.093 |
143.895 |
0.000 |
|
|
|
Purchase of Trading Goods |
85.222 |
108.371 |
0.000 |
|
|
|
Increase/(Decrease) in Finished Goods |
(14.832) |
(0.373) |
0.000 |
|
|
|
TOTAL (B) |
2269.282 |
1690.689 |
1404.931 |
|
|
|
|
|
|
|
|
Less |
PROFIT
/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
426.388 |
281.022 |
187.546 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
136.786 |
105.029 |
85.115 |
|
|
|
|
|
|
|
|
|
|
PROFIT
/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
289.602 |
175.993 |
102.431 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
111.939 |
105.326 |
64.805 |
|
|
|
|
|
|
|
|
|
|
PROFIT / (LOSS)
BEFORE TAX (E-F) (G) |
177.663 |
70.667 |
37.626 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
12.249 |
(5.168) |
10.350 |
|
|
|
|
|
|
|
|
|
|
PROFIT / (LOSS)
AFTER TAX (G-H) (I) |
165.414 |
75.835 |
27.276 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Export Earnings |
2628.170 |
1850.435 |
1541.955 |
|
|
TOTAL EARNINGS |
2628.170 |
1850.435 |
1541.955 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
341.703 |
195.526 |
148.336 |
|
|
|
Stores & Spares |
1278.303 |
984.088 |
808.809 |
|
|
|
Capital Goods |
219.530 |
117.034 |
17.972 |
|
|
TOTAL IMPORTS |
1839.536 |
1296.648 |
975.117 |
|
|
|
|
|
|
|
|
|
|
Earnings /
(Loss) Per Share (Rs.) |
8.11 |
5.04 |
1.97 |
|
QUARTERLY RESULTS
|
PARTICULARS |
|
|
30.06.2012 |
|
Net Sales |
|
|
733.120 |
|
Total Expenditure |
|
|
617.150 |
|
PBIDT (Excl OI) |
|
|
115.970 |
|
Other Income |
|
|
2.180 |
|
Operating Profit |
|
|
118.150 |
|
Interest |
|
|
23.990 |
|
PBDT |
|
|
94.160 |
|
Depreciation |
|
|
30.810 |
|
Profit Before Tax |
|
|
63.350 |
|
Tax |
|
|
14.490 |
|
Profit After Tax |
|
|
48.860 |
|
Net Profit |
|
|
48.860 |
KEY RATIOS
|
PARTICULARS |
|
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
PAT / Total Income |
(%) |
6.14
|
3.85 |
1.71
|
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
6.62
|
3.59 |
2.37
|
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
8.34
|
4.03 |
2.72
|
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.17
|
0.08 |
0.14 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
1.37
|
1.35 |
4.79
|
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.95
|
1.72 |
1.09 |
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 |
Yes |
|
8] |
No. of employees |
Yes |
|
9] |
Name of person contacted |
No |
|
10] |
Designation of contact person |
No |
|
11] |
Turnover of firm for last three years |
Yes |
|
12] |
Profitability for last three years |
Yes |
|
13] |
Reasons for variation <> 20% |
-- |
|
14] |
Estimation for coming financial year |
No |
|
15] |
Capital in the business |
Yes |
|
16] |
Details of sister concerns |
Yes |
|
17] |
Major suppliers |
No |
|
18] |
Major customers |
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 |
Yes |
|
33] |
Voter ID No of Proprietor/Partner/Director, if available |
No |
|
34] |
External Agency Rating, if available |
Yes |
OPERATIONS:
The Company
achieved impressive top line growth during the year with total income at Rs.
2695.671 Millions. The Operating profit before depreciation, amortization and obsolescence
amounted to Rs. 289.601 Millions. Profit before Tax amounts to Rs.177.662
Millions. The Company managed the Operations to post a Sales growth of 36% and
an EBIDTA Growth of 50 %.
MANAGEMENT DISCUSSION AND ANALYSIS REPORT
GLOBAL AUTO MOTIVE INDUSTRY AND ELECTRIC MOTORS
During 2011, the
players in the Global Automotive Industry gained considerable confidence due to
the step-up in volumes in 2011 and were courageous to launch new programs
related to Electric Motors that would enhance Fuel Efficiency, Emission Control
Performance, Safety, Comfort & Convenience in Vehicles. Although there is
expected to be variations in the steadiness of the growth, experts estimate
that the size of the Global Vehicle Production will go to about 1100 Lakh Vehicles
by 2020 from the present volume levels of ~ 650 Lakh Vehicles.
While the growth
will be significant, it is interesting to note that the estimate of Electric
Vehicles and Hybrid vehicles will comprise 10 % of the market size and the
balance growth will be from the current Internal Combustion Engine (‘ICE’)
segment, with significant technology improvements across all areas of vehicle
performance. This shows a big size opportunity for Electric Motors in vehicles
and indicates good potential for our Company’s Motor developments that have
occurred over the last 10 years.
YEAR 2011-12
Having taken a
very clear view that it is very important to stabilize on Operational and
Financial parameters at the beginning of the year, it was a good year for the
Company, with a clear visibility of improvements in S ales, Profitability and
Debt-Equity Ratio.
EXPORT SALES AND GEOGRAPHICAL DISTRIBUTION
The Company has
populated 4,000 Lakhs pieces since inception in Global Automotive Component
Industry valued at over Rs. 20640.700 Millions.
MARKET NICHE:
During the past
decade, the Company has been working to find a Global Niche for an important
Motor Application in Automobiles in the Engine / Exhaust space for Torque
Actuator Motor Applications. I t is pertinent to note that demand for such
Applications in Vehicles is estimated to grow by over 30 % every year.
Based on the
experiences and intense dialogues with players in this Market, the Company sees
Torque Actuator Applications in the Engine and Exhaust areas as the relevant
space to invest energies and resources. These applications, driving Fuel
efficiency and E mission Control in Vehicles, are growing at a much higher rate
than the average industry rate. Further, the Company has built robust business
for Motors for such applications with T ier-1 Players such as Bosch,
Continental, Cooper,
Leveraging the
Application Experience across Vehicle segments, the Company is now with a
substantial Order Book for the Torque Actuator Motors which will enable the S
ales to double in the next 4 years, save an except, a dramatic turn in the
Global Market situation as it happened in 2008. Large Customers mentioned
above, are exposing significant volumes of business to the Company. It is
interesting to note that the size of the Electric Motor Market for Global Automotive
Industry is over 15,000 Lakhs units/ year and the Company’s share is less than
a percent of this.
CONTINGENT LIABILITIES:
|
a) Particulars |
31.03.2012 (Rs. in millions) |
31.03.2011 (Rs. in millions) |
|
1.
Bills discounted |
94.787 |
83.406 |
|
2.
Income tax liability that may arise in respect of
matters on appeal |
10.164 |
10.164 |
|
3.
Employees State Insurance demand on dues for
trainees |
2.434 |
2.434 |
|
4.
Guarantees given on behalf of fellow subsidiary
company |
1100.100 |
1060.100 |
|
TOTAL |
1207.485 |
1156.104 |
|
b) OTHER DETAILS REGARDING CONTINGENT LIABILITIES The Company does
not expect any reimbursement in respect of the above contingent liabilities
except bills discounted. It is not practicable to estimate the timing of outflows, if any, in
respect of matters at (a) (2) and (3) above, pending resolution of the
appellate proceedings. |
||
FIXED ASSETS:
TANGIBLE ASSETS
·
Building
·
Plant and Machinery
·
Furniture and Fixtures
·
Vehicles
INTANGIBLE ASSETS
·
Product Development
Expenses
WEBSITE DETAILS:
HISTORY:
CG Igarashi Motors (CIM), incorporated in January'92 was
promoted by Crompton Greaves (CGL), Igarashi Electric Works (IEW),
The company came out with a Rs.27.700 Millions public issue
in Jan.'94 to part-finance a 100% EOU to manufacture permanent magnet DC micro
motors. Total project cost was at Rs.100.000 Millions.
During 1997-98, the company has expanded capacity of Rotors
by 1.5 million nos there by taking the capacity to 3.5 million nos. and then to
6 million nos. in 1998-99.
The company was certified QS 9000 in November 1998 and the
Quality System has been upgraded to conform to the latest edition of QS 9000
with effect from January 2000.
During 2002-03 Crompton Greaves Limited have divested their holding
in favour of Igarashi Electric Works. Since Igarashi Electric Works(HK) Limited
have acquired 30,99,993 equity shares of CG Capital and Investments Limited the
Board has decided to change the name of the company and the Registrar have
approved 'Igarashi Motors India Limited' as the new name. The company is
examining the possibility of spinning off its non motor business into a focused
JV with Igarshi Electric Works,
MILESTONE
1946
Eiji Igarashi first establishes a private company at Konya-cho,
1952
In accordance with increases in sales, the company is reorganized as a
limited company and founded as Igarashi Electric Works Limited.
1956
Company first begins exporting motors to the
1961
Main factory and head office constructed in Tode-honcho,
1962
Company develops motors and controllers for use with model racing cars.
1967
Agreement signed with the International Components Corporation of
Company develops industrial-use motors.
1971
Company develops a new model of 35 mm motor series for use in grass clippers
and other appliances.
1972
Plant established in the city of
ICC Elektrobauelemente GmbH established in the Federal Republic of
Germany.
1973
Igarashi Electric Works (H.K.) Limited established in
Company develops motors for use with automobiles.
1975
Company develops motors for use with power tools.
1976
Company develops motors for use with instant cameras.
1977
Company develops motors for use with office automation systems.
1978
Korea I.G. Motor Co., Limited established as a joint venture in the
(The joint venture terminated in 1988)
1984
Igarashi Electric Works (Heng Gang) Factory established in the People's
Republic of
1987
Company develops motors for use with high-voltage power sources.
1993
CG Igarashi Motors Limited established in
1995
Name of ICC (in
1997
Igarashi Electric Works (H.K.) Limited and Heng Gang China Factory
awarded ISO 9002.
Igarashi Motor Sales USA, L.L.C. established in
1998
A sales office, Igarashi Electric Works Shanghai, opened in the People's
Republic of
CG Igarashi Motors Limited (in
Name of ICC Igarashi Motoren GmbH (in
2000
Igarashi Motoren GmbH (in
Motor case factory production starts in the Heng Gang China Factory.
2001
2002
Igarashi Electric Works Limited
celebrates 50th Anniversary Igarashi Electric Works (H.K.) Limited and
Heng Gang China Factory awarded ISO9001.
2003
The Head office, Kashiwazaki factory, Igarashi Electric Works (H.K.)
Limited and Heng Gang China Factory awarded ISO14001.
Igarashi Electric Works (H.K.) Limited
and Heng Gang China Factory awarded QS9000.
2004
Igarashi Electric India Private Limited and Igarashi Technologies
Private Limited established in
2005
In January, Igarashi Electric Works (H.K.) Limited and Heng Gang China
Factory awarded TS16949.
Igarashi Electric Works Limited and
Kashiwazaki factory awarded ISO9001.
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts,
1] INFORMATION ON
DESIGNATED PARTY
No records exist designating subject or any of its beneficial owners,
controlling shareholders or senior officers as terrorist or terrorist
organization or whom notice had been received that all financial transactions
involving their assets have been blocked or convicted, found guilty or against
whom a judgement or order had been entered in a proceedings for violating
money-laundering, anti-corruption or bribery or international economic or
anti-terrorism sanction laws or whose assets were seized, blocked, frozen or
ordered forfeited for violation of money laundering or international
anti-terrorism laws.
2] Court Declaration :
No records exist to suggest that subject is
or was the subject of any formal or informal allegations, prosecutions or other
official proceeding for making any prohibited payments or other improper
payments to government officials for engaging in prohibited transactions or
with designated parties.
3] Asset Declaration :
No records exist to suggest that the property or assets of the subject
are derived from criminal conduct or a prohibited transaction.
4] Record on Financial
Crime :
Charges or conviction
registered against subject: None
5] Records on Violation of
Anti-Corruption Laws :
Charges or
investigation registered against subject: None
6] Records on Int’l
Anti-Money Laundering Laws/Standards :
Charges or
investigation registered against subject: None
7] Criminal Records
No
available information exist that suggest that subject or any of its principals
have been formally charged or convicted by a competent governmental authority
for any financial crime or under any formal investigation by a competent
government authority for any violation of anti-corruption laws or international
anti-money laundering laws or standard.
8] Affiliation with
Government :
No record
exists to suggest that any director or indirect owners, controlling
shareholders, director, officer or employee of the company is a government official
or a family member or close business associate of a Government official.
9] Compensation Package :
Our market
survey revealed that the amount of compensation sought by the subject is fair
and reasonable and comparable to compensation paid to others for similar
services.
10] Press Report :
No press reports / filings exists on
the subject.
CORPORATE GOVERNANCE
MIRA INFORM as part of its Due Diligence do provide comments on Corporate
Governance to identify management and governance. These factors often have been
predictive and in some cases have created vulnerabilities to credit
deterioration.
Our Governance Assessment focuses principally on the interactions
between a company’s management, its Board of Directors, Shareholders and other
financial stakeholders.
CONTRAVENTION
Subject is not known to have contravened any existing local laws,
regulations or policies that prohibit, restrict or otherwise affect the terms
and conditions that could be included in the agreement with the subject.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.54.73 |
|
|
1 |
Rs.88.61 |
|
Euro |
1 |
Rs.71.34 |
INFORMATION DETAILS
|
Report Prepared
by : |
TPT |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
4 |
|
PAID-UP CAPITAL |
1~10 |
4 |
|
OPERATING SCALE |
1~10 |
4 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
4 |
|
--PROFITABILIRY |
1~10 |
4 |
|
--LIQUIDITY |
1~10 |
3 |
|
--LEVERAGE |
1~10 |
3 |
|
--RESERVES |
1~10 |
4 |
|
--CREDIT LINES |
1~10 |
3 |
|
--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 |
|
33 |
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.