MIRA
INFORM REPORT
|
Report Date : |
18.04.2013 |
IDENTIFICATION DETAILS
|
Name : |
HONDA SIEL POWER PRODUCTS LIMITED |
|
|
|
|
Registered
Office : |
3 and 4/48, 2nd Floor, Enkay
House, Malcha Marg Shopping Complex, Chanakyapuri, New Delhi
- 110021 |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as
on) : |
31.03.2012 |
|
|
|
|
Date of
Incorporation : |
19.09.1985 |
|
|
|
|
Com. Reg. No.: |
55-203950 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs.101.431 Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
L40103DL2004PLC203950 |
|
|
|
|
Legal Form : |
A Public Limited Liability Company. The Company’s Shares are Listed on
the Stock Exchanges. |
|
|
|
|
Line of Business
: |
Manufacturer, Importer and Exporter of Power Products and Related
Parts. |
|
|
|
|
No. of Employees
: |
Above 1000 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
A (63) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
56-70 |
A |
Financial & operational base are regarded healthy. General unfavourable
factors will not cause fatal effect. Satisfactory capability for payment of
interest and principal sums |
Fairly Large |
|
Maximum Credit Limit : |
USD 10500000 |
|
|
|
|
Status : |
Good |
|
|
|
|
Payment Behaviour : |
Regular |
|
|
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|
Litigation : |
Clear |
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|
|
Comments : |
Subject is a Joint Venture between Honda Motor Company The company can be considered normal for any normal business dealings
at usual trade terms and conditions. |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – 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 |
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.
INFORMATION PARTED BY (GENERAL DETAILS)
|
Name : |
Ms. Rekha |
|
Designation : |
Accounts Department |
|
Contact No.: |
91-120-2590216 |
|
Date : |
08.04.2013 |
LOCATIONS
|
Registered Office : |
3 and 4/48, 2nd Floor, Enkay
House, Malcha Marg Shopping Complex, Chanakyapuri, New Delhi
– 110021, India |
|
Tel No.: |
Not Available |
|
Fax No.: |
Not Available |
|
E-Mail : |
|
|
Website : |
|
|
Area : |
3500 sq. ft. |
|
Location : |
Owned |
|
|
|
|
Head Office / Factory : |
Plot No.5, Sector No.41 (Kasna), Gautam Budh Nagar – 201310, |
|
Tel. No.: |
91-120-2341050-59 |
|
Fax No.: |
91-120-2341078-79 |
|
|
|
|
Showroom : |
H-111, GF, Sushant Shopping Arcade, B Block, Sushant Lok – 1, Gurgaon
– 122002, India |
|
Tel No.: |
91-124-2570550-51 |
|
|
|
|
Branch Offices : |
Located at: |
DIRECTORS
As on: 31.03.2012
|
Name : |
Mr. Siddharth Shriram |
|
Designation : |
Chairman |
|
Address : |
No.3A, Chitrakoot The Green, Opposite Air Force stat, Rajokri, NCT of
Delhi – 110038, India |
|
Date of Birth/Age : |
18.01.1940 |
|
Date of Appointment : |
19.09.1985 |
|
|
|
|
Name : |
Dr. Dharam Veer Kapur |
|
Designation : |
Director |
|
Address : |
405, Aradhana Apartments, R K Puram, NCT of Delhi – 110066, India |
|
Date of Birth/Age : |
09.09.1928 |
|
Date of Appointment : |
31.03.1988 |
|
|
|
|
Name : |
Mr. |
|
Designation : |
Director |
|
Address : |
N-12, |
|
Date of Birth/Age : |
21.01.1943 |
|
Date of Appointment : |
31.03.1988 |
|
|
|
|
Name : |
Mr. |
|
Designation : |
Director |
|
Address : |
9-B, Anand Lok, |
|
Date of Birth/Age : |
19.11.1937 |
|
Date of Appointment : |
25.03.2005 |
|
|
|
|
Name : |
Mr. S. Yotsumoto |
|
Designation : |
Whole Time Director |
|
|
|
|
Name : |
Mr. H. Kanayama |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. Vinay Mittal |
|
Designation : |
Whole Time Director |
KEY EXECUTIVES
|
Name : |
Ms. Rekha |
|
Designation : |
Accounts Department |
|
|
|
|
Name : |
Mr. Takashi Hamasaki |
|
Designation : |
President and Chief Executive Officer |
|
Address : |
B-500, 1st Floor, New Friends Colony, |
|
Date of Birth/Age : |
30.11.1960 |
|
Date of Appointment : |
01.04.2010 |
|
|
|
|
Name : |
Ms. Payal Chaddha |
|
Designation : |
Secretary |
|
Address : |
227-C Express View Apartments, Sector – 93, Gautam Budh Nagar, Uttar
Pradesh, India |
|
Date of Birth/Age : |
27.08.1977 |
|
Date of Appointment : |
18.09.2007 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on: 31.12.2012
|
Category
of Shareholders |
No. of Shares |
Percentage of Holding |
|
(A)
Shareholding of Promoter and Promoter Group |
|
|
|
(1) Indian |
|
|
|
Bodies Corporate |
101433 |
1.00 |
|
|
101433 |
1.00 |
|
|
|
|
|
|
6762000 |
66.67 |
|
|
6762000 |
66.67 |
|
Total shareholding
of Promoter and Promoter Group (A) |
6863433 |
67.67 |
|
(B) Public
Shareholding |
|
|
|
|
|
|
|
|
20 |
0.00 |
|
|
1500 |
0.01 |
|
|
187500 |
1.85 |
|
|
189020 |
1.86 |
|
|
|
|
|
|
957533 |
9.44 |
|
|
|
|
|
|
1748040 |
17.23 |
|
|
247521 |
2.44 |
|
|
137524 |
1.36 |
|
|
115178 |
1.14 |
|
|
21081 |
0.21 |
|
|
1265 |
0.01 |
|
|
3090618 |
30.47 |
|
Total Public
shareholding (B) |
3279638 |
32.33 |
|
Total (A)+(B) |
10143071 |
100.00 |
|
(C) Shares held by Custodians and against which Depository Receipts have been issued |
0 |
0.00 |
|
|
0 |
0.00 |
|
|
0 |
0.00 |
|
|
0 |
0.00 |
|
Total (A)+(B)+(C) |
10143071 |
0.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer, Importer and Exporter of Power Products and Related
Parts. |
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Products : |
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Exports : |
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||||||||
|
Products : |
Finished Goods |
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Countries : |
·
Malaysia ·
Thailand |
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|
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Imports : |
|
||||||||
|
Products : |
Raw Materials |
||||||||
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Countries : |
·
Japan ·
China |
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Terms : |
|
||||||||
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Selling : |
Cash and Credit |
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|
||||||||
|
Purchasing : |
Cash and Credit |
PRODUCTION STATUS (AS ON 31.03.2011)
|
Particulars |
|
Licensed
Capacity |
Installed
Capacity |
Actual
Production |
|
Portable generating sets |
|
** |
270000 |
88256 |
|
Internal combustion engines |
|
** |
*** |
73532 |
|
Pumping sets |
|
** |
*** |
73583 |
* Ascertified by the management and relied upon by the auditors, being a technical matter.
** Not applicable, as the products manufactured by the company are delicensed.
*** Installed capacity is common with portable generating sets.
GENERAL INFORMATION
|
Customers : |
Wholesalers and Retailers |
|
|
|
|
No. of Employees : |
Above 1000 (Approximately) |
|
|
|
|
Bankers : |
· The Bank of Tokyo-Mitsubishi UFJ Limited · HDFC Bank Limited · ICICI Bank Limited |
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
BSR and Company Chartered Accountants |
|
Address : |
Building No10, 8th Floor, Tower B, |
|
|
|
|
Ultimate Holding and Holding Company : |
Honda Motor Company Limited, |
|
|
|
|
Fellow Subsidiaries
: |
· Honda Motor Southern Africa (Pty.) Limited, South Africa · Honda Philippines Inc. Philippines · Honda Del Peru S.A., Peru · Honda de Mexico, S.A. de C.V., Mexico · Honda Australia M. and P.E. Pty. Limited, Australia · Asian Honda Motor Company, Limited, Thailand · Honda Trading Corporation, Japan · Honda Trading Asia Company Limited, Thailand · PT. Honda Power Products Indonesia, Indonesia · Honda Motorcycle and Scooter India Private Limited, India · Honda Motor India Private Limited, India · Honda Express Logistics India Private Limited, India · Moto Honda da Amazonia Ltda., Brazil · Honda Trading (South China) Company Limited, Hong Kong · Honda R and D Limited, Japan · Honda R and D (India) Private Limited, India · Honda Europe NV, Belgium · Honda Motor de Argentina S.A., Argentina · Shanghai Honda Trading Company Limited, China · Honda Motor Europe Limited, U.K. · Honda Soltec Company Limited, Japan · Honda Mindong Generator Company Limited, China · Honda Kaihatsu Company Limited, China · Honda Trading Corporation India Private Limited, India · Honda Trading Europe Limited, Belgium · Honda Siel Cars India Limited, India · American Honda Motor Company Inc., USA · PT. Honda Trading Indonesia, Indonesia · Honda Manufacturing (Nigeria) Limited, Nigeria |
CAPITAL STRUCTURE
As on: 31.03.2012
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
15000000 |
Equity Shares |
Rs.10/- each |
Rs.150.000 Millions |
|
|
|
|
|
Issued:
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
10144000 |
Equity Shares |
Rs.10/- each |
Rs.101.440
Millions |
|
|
|
|
|
Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
10143071 |
Equity Shares |
Rs.10/- each |
Rs.101.431
Millions |
|
|
|
|
|
a. Reconciliation of
shares outstanding at the beginning and at the end of the reporting period
|
|
As at 31 March 2012 |
|
|
|
Number of shares |
Rs. In Millions |
|
Outstanding at the beginning and end of the year |
10143071 |
101.431 |
b. Terms/rights
attached to equity shares
The Company has only one class of equity shares having a par value of Rs. 10 per share. Each holder of equity shares is entitled to one vote per share. The Company declares and pays dividend in Indian rupees. The dividend proposed by the Board of Directors is subject to the approval of the shareholders in the ensuing Annual General Meeting.
During the year ended 31 March 2012, the Company has recognised per share dividend for distribution to equity shareholders amounting to Rs. 9.00 (31 March 2011: Rs. 7.50).
In the event of liquidation of the Company, the holders of the equity shares will be entitled to receive remaining assets of the Company after distribution of all preferential amounts. The distribution will be in proportion to the number of equity shares held by the shareholders.
c. Equity shares held
by ultimate holding company/ holding company and/ or their subsidiaries/
associates
|
|
As at 31 March 2012 |
|
|
|
Number of shares |
Rs. In Millions |
|
Honda Motor Company Limited, Japan, the holding company and also being the ultimate holding company |
6762000 |
67.620 |
|
|
|
|
|
|
6762000 |
67.620 |
d. Details of
shareholders holding more than 5% shares in the company
|
|
As at 31 March 2012 |
|
|
|
Number of shares |
% holding in the
class |
|
Honda Motor Company Limited, Japan, the holding company and also being the ultimate holding company |
6762000 |
66.67% |
|
|
|
|
|
|
6762000 |
66.67% |
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 |
101.431 |
101.431 |
101.431 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
2540.739 |
2130.021 |
1922.098 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
2642.170 |
2231.452 |
2023.529 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
0.000 |
0.000 |
0.000 |
|
|
2] Unsecured Loans |
0.000 |
0.000 |
0.000 |
|
|
TOTAL BORROWING |
0.000 |
0.000 |
0.000 |
|
|
DEFERRED TAX LIABILITIES |
14.851 |
1.238 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
2657.021 |
2232.690 |
2023.529 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
769.180 |
746.927 |
634.205 |
|
|
Capital work-in-progress |
102.895 |
29.316 |
34.383 |
|
|
|
|
|
|
|
|
INVESTMENT |
0.000 |
0.000 |
0.000 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
19.362 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
711.514
|
771.831
|
473.048 |
|
|
Sundry Debtors |
253.865
|
131.374
|
153.268 |
|
|
Cash & Bank Balances |
1303.555
|
959.714
|
1008.593 |
|
|
Other Current Assets |
168.005
|
29.397
|
9.017 |
|
|
Loans & Advances |
296.753
|
272.273
|
189.746 |
|
Total
Current Assets |
2733.692
|
2164.589
|
1833.672 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
588.977
|
471.504
|
325.397 |
|
|
Other Current Liabilities |
220.679
|
122.808
|
101.680 |
|
|
Provisions |
139.091
|
113.830
|
71.016 |
|
Total
Current Liabilities |
948.747
|
708.142
|
498.093 |
|
|
Net Current Assets |
1784.946
|
1456.447
|
1335.579 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
2657.021 |
2232.690 |
2023.529 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
|
|
31.03.2012 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
|
|
5048.266 |
|
|
|
Other Income |
|
|
96.224 |
|
|
|
TOTAL (A) |
|
|
5144.490 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of materials consumed |
|
|
2808.400 |
|
|
|
Purchases of stock in trade |
|
|
330.333 |
|
|
|
Changes in inventories of finished goods, stock in trade and work in progress |
|
|
82.960 |
|
|
|
Employee benefits expense |
|
|
361.782 |
|
|
|
Other expenses |
|
|
933.989 |
|
|
|
Exceptional items |
|
|
(203.382) |
|
|
|
TOTAL (B) |
|
|
4314.082 |
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
|
|
830.408 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
|
|
103.045 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
|
|
727.363 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
|
|
210.548 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
|
|
516.815 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
|
|
970.600 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Transfer to General Reserve |
|
|
52.000 |
|
|
|
Dividend |
|
|
91.300 |
|
|
|
Tax on Dividend |
|
|
14.800 |
|
|
BALANCE CARRIED
TO THE B/S |
|
|
1329.300 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Export Earnings |
|
|
673.902 |
|
|
TOTAL EARNINGS |
|
|
673.902 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw materials |
|
|
87.882 |
|
|
|
Components |
|
|
737.159 |
|
|
|
Consumables |
|
|
1.249 |
|
|
|
Stores and spares |
|
|
0.429 |
|
|
|
Purchase of capital goods |
|
|
67.368 |
|
|
TOTAL IMPORTS |
|
|
894.087 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
|
|
50.95 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
|
31.03.2011 |
31.03.2010 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
|
4074.964 |
3058.005 |
|
|
|
Job Work Charges (Gross) |
|
25.221 |
26.115 |
|
|
|
Other Income |
|
105.924 |
88.576 |
|
|
|
TOTAL (A) |
|
4206.109 |
3172.696 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Material Cost |
|
2563.924 |
1951.771 |
|
|
|
Personal Cost |
|
295.803 |
248.511 |
|
|
|
Other Expenses |
|
818.819 |
500.190 |
|
|
|
Exceptional Items |
|
0.000 |
200.446 |
|
|
|
TOTAL (B) |
|
3678.546 |
2900.918 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
|
527.563 |
271.778 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
|
0.998 |
1.863 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
|
526.565 |
269.915 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
|
82.034 |
74.281 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
|
444.531 |
195.634 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
|
147.900 |
68.736 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
|
296.631 |
126.898 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
|
792.367 |
725.636 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Proposed Dividend |
|
76.073 |
40.572 |
|
|
|
Corporate Dividend Tax |
|
12.635 |
6.895 |
|
|
|
General Reserve |
|
29.700 |
12.700 |
|
|
BALANCE CARRIED
TO THE B/S |
|
970.590 |
792.367 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Export Earnings |
|
611.429 |
395.170 |
|
|
TOTAL EARNINGS |
|
611.429 |
395.170 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw materials |
|
69.844 |
19.944 |
|
|
|
Components |
|
638.301 |
336.659 |
|
|
|
Consumables |
|
1.105 |
0.989 |
|
|
|
Stores, tools and machinery spares |
|
1.989 |
1.523 |
|
|
|
Spares for sale |
|
0.000 |
0.000 |
|
|
|
Capital goods |
|
15.265 |
1.748 |
|
|
TOTAL IMPORTS |
|
726.504 |
360.863 |
|
|
|
|
|
|
|
|
|
|
Earnings Per Share
(Rs.) |
|
29.24 |
12.51 |
|
QUARTERLY RESULTS
|
PARTICULARS |
30.06.2012 1st
Quarter |
30.09.2012 2nd
Quarter |
31.12.2012 3rd
Quarter |
|
|
UnAudited |
UnAudited |
UnAudited |
|
Net Sales |
1141.200 |
1293.600 |
1289.100 |
|
Total Expenditure |
1069.300 |
1193.400 |
1177.900 |
|
PBIDT (Excl OI) |
71.900 |
100.200 |
111.200 |
|
Other Income |
29.100 |
9.900 |
15.400 |
|
Operating Profit |
101.000 |
110.100 |
126.600 |
|
Interest |
0.000 |
0.000 |
0.000 |
|
Exceptional Items |
0.000 |
0.000 |
0.000 |
|
PBDT |
101.000 |
110.100 |
126.600 |
|
Depreciation |
28.800 |
30.400 |
35.900 |
|
Profit Before Tax |
72.200 |
79.700 |
90.700 |
|
Tax |
23.500 |
25.800 |
30.200 |
|
Provisions and contingencies |
0.000 |
0.000 |
0.000 |
|
Profit After Tax |
48.700 |
53.900 |
60.500 |
|
Extraordinary Items |
0.000 |
0.000 |
0.000 |
|
Prior Period Expenses |
0.000 |
0.000 |
0.000 |
|
Other Adjustments |
0.000 |
0.000 |
0.000 |
|
Net Profit |
48.700 |
53.900 |
60.500 |
KEY RATIOS
|
PARTICULARS |
|
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
PAT / Total Income |
(%) |
10.05 |
7.05
|
3.99 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
14.41 |
10.91
|
6.40 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
20.76 |
15.27
|
7.93 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.28 |
0.20
|
0.09 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
0.00 |
0.00
|
0.00 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
2.88 |
3.06
|
3.68 |
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 |
Yes |
|
5] |
Type of Business |
Yes |
|
6] |
Line of Business |
Yes |
|
7] |
Promoter's background |
Yes |
|
8] |
No. of employees |
Yes |
|
9] |
Name of person contacted |
Yes |
|
10] |
Designation of contact person |
Yes |
|
11] |
Turnover of firm for last three years |
Yes |
|
12] |
Profitability for last three years |
Yes |
|
13] |
Reasons for variation <> 20% |
-- |
|
14] |
Estimation for coming financial year |
No |
|
15] |
Capital in the business |
Yes |
|
16] |
Details of sister concerns |
Yes |
|
17] |
Major suppliers |
No |
|
18] |
Major customers |
No |
|
19] |
Payments terms |
Yes |
|
20] |
Export / Import details (if applicable) |
Yes |
|
21] |
Market information |
-- |
|
22] |
Litigations that the firm / promoter involved in |
-- |
|
23] |
Banking Details |
Yes |
|
24] |
Banking facility details |
No |
|
25] |
Conduct of the banking account |
-- |
|
26] |
Buyer visit details |
-- |
|
27] |
Financials, if provided |
Yes |
|
28] |
Incorporation details, if applicable |
Yes |
|
29] |
Last accounts filed at ROC |
Yes |
|
30] |
Major Shareholders, if available |
Yes |
|
31] |
Date of Birth of Proprietor/Partner/Director, if available |
Yes |
|
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 |
No |
DOMESTIC MARKETS AND
EXPORTS
The company achieved a record sales of Rs. 5367.800 Millions in 2011-12 (as against Rs. 4278.008 Millions in 2010-11) in domestic and exports markets thereby realizing a growth of 25% over previous year.
The overall growth was led by record sales in the generator segment and good volumes in the engines and water pump segment setting new in all segments during the year. This year also saw introduction of new revolutionary products such as 3.0 KVA -EU series of Generators - made in India, as well as small 5.5 hp Tiller cum power weeder for the domestic market.
INDIGENISATION
PROGRAMME
The Company is continuously working on cost reduction by localization of critical parts with the help of Honda Motor Company Limited, Japan.
The Company has successfully localized 80 parts of Generator Model EU65is Model and achieved planned cost saving during the year.
The Company is in the process of further localising 10 more parts during the year 2012-13 and is hopeful of realization of savings thereon.
The Company shall continue localization of balance parts with support from Honda Motor Company Limited, Japan.
MANAGEMENT DISCUSSION
AND ANALYSIS REPORT
DOMESTIC BUSINESS
GENSETS
The company launched a new 3.0 KVA 'Invertor Generator' - which is made in India to fill the product gap between the existing 2.1 KVA and 5.5 KVA offering. This model is expected to offer best in class features as required by the customers at affordable prices taking full advantage of localization. This model and its variants have found good acceptance in the marketplace and they have seen the advantages reflected in the overall sales addition.
As per the available data, India faced an overall 10% shortfall in energy demand against supply. This helped us get better than expected results especially in the second half of the year. They were also able to leverage their market presence and dominance in this market by procuring and implementing many important orders from the Postal Department and other Government and Institutional customers. These orders combined with increased demand of Generators resulted in 25% increase in generator sales over last year, to achieve the highest ever sales.
The increase in the fuel prices during the year made customers explore better technology products to keep their running expenses under control. This further motivated us to offer improved features such as 'Eco Throttle', which helps in saving fuel, in their EU Generators. Their communication of such features and benefits as a means of reducing and controlling costs had helped us in reaching out to many new customers
OUTLOOK
The Indian economy continues to grow though the rate of growth has declined from 9% per annum to about 6.5% per annum. Continuous Power being a crucial requirement in everyday life and this being available through the grid is likely to stimulate and continue the demand for generators.
GENERAL PURPOSE
ENGINES AND WATER PUMPING SETS
The increasing prices of food products and the need to utilize all available resources continued the increased demand of Engines and Pumps in this year as well. The company recorded the highest ever combined sales of engines and water pumps by growing over 20% as compared to the previous year which in itself was the highest ever sale of engines and water pumping sets in any year.
The company's effort in increasing the presence of retailers and last mile contact points near to the farmers and customers paid rich dividends. The proximity to the actual users helped us to convert many prospects in favour of Company. The direction of the company to use and promote 'portable concept' helped to compete further. Northern areas continued to support the business of engines, being required in sprayers. Such business again highlights the advantage of 'Portable Engine' that they have established.
Many areas and territories continue to be improved to cater to ever increasing demand from customers to offer door step and quick service. This will further help in increasing the business. The Company has successfully established a sales network in the central and eastern areas where demand is growing. This led to increased and additional business.
Outlook
Farmers continue to get support from the retail market through better prices of farm products as well as from the Government in the form of subsidies in input material. The demand based on the above parameters is expected to grow.
Construction and OEM (Original Equipment Manufacturer) market is also developing in India utilizing better cost structure in India compared to many other Nations. The company is looking at increasing its presence in these segments by working closely with small companies and manufacturers. Their GX Engines series will further boost this arrangement in the years to come.
Applications such as sprayers and back pack sprayers are gaining and the company is working very closely with select good quality assemblers to counter the low cost inflow of Chinese made imported products.
BRUSH CUTTERS
The southern market continues to be a major market for these machines.
Increased support from the Government in areas such as plantations and horticulture are providing the required impetus to this product.
The Company's continued after sales support to this product and also introduction of new variants is expected to further strengthen its position in the areas of weed cutting and maintenance of lawns and gardens.
EXPORTS
Total Sales during the year were 95% of the previous year's performance. The decline was from the engine and water pump category while generators registered a growth.
Sales of the better realization generator category were the highest ever and constituted over 56% of the total sales.
As in the previous year, the Middle East region generated maximum business for the Company.
Outlook
Supported by the impending launch of a new generator model during the next fiscal, the company will persist with its strategy to explore new markets amongst the emerging countries.
The exchange rate of the Indian Rupee versus the US Dollar will make products more competitive worldwide.
FINANCIAL PERFORMANCE
During the year 2011-12 the net sale was Rs. 5013.300 Millions as against Rs. 4031.100 Millions in the previous year. This represents an impressive increase of 24% in terms of value over previous year. In terms of volume, the increase as compared to previous year was about 17%.
Profit Before Tax and Exceptional Items for the year was Rs. 524.000 Millions as against Rs. 444.500 Millions in 2010-11. This is an increase of 18% over the previous year.
CONTINGENT
LIABILITIES
(Rs. In Millions)
|
Particular |
31.03.2012 |
31.03.2011 |
|
Claims against the
Company not acknowledged as debt: |
|
|
|
Various income tax matters for different assessment years pending before various authorities |
377.396 |
245.819 |
|
Various excise matters for different years pending before various authorities |
287.788 |
261.801 |
|
Various service tax matters for different years pending before various authorities |
67.760 |
67.80 |
|
Various sales tax matters pending before various authorities |
80.491 |
86.406 |
|
Other matters |
2.714 |
3.096 |
FIXED ASSETS
Tangible Assets
· Land – Freehold
· Land - Leasehold
· Buildings
· Plant and Equipment
· Furniture And Fixtures
· Vehicles
· Office Equipment
· Computers
Intangible Assets
· Technical Know How
· Model Fees
· Software
STATEMENT OF UNAUDITED
FINANCIAL RESULTS FOR THE PERIOD ENDED 31 DECEMBER 2012
(Rs. In Millions)
|
|
PARTICULARS |
Quarter
Ended |
Nine Months Ended |
|
|
Sr. No. |
Particulars |
31.12.2012 (Unaudited) |
30.09.2012 (Unaudited) |
31.12.2012 (Unaudited) |
|
1 |
Income
from Operation |
|
|
|
|
|
a) Net sales/income from operations |
1263.200 |
1272.00 |
3656.000 |
|
|
b) Other operating income |
25.900 |
21.600 |
67.900 |
|
|
Total income |
1289.100 |
1293.600 |
3639.000 |
|
|
|
|
|
|
|
2 |
Expenditure
: |
|
|
|
|
|
a) Cost of materials consumed |
727.200 |
818.200 |
1984.600 |
|
|
b) Purchase of traded goods |
151.300 |
162.400 |
252.00 |
|
|
c) Changes in stock
in trade and work in progress |
(59.100) |
(135.600) |
88.700 |
|
|
d) Employees benefit expenses |
108.700 |
103.500 |
255.000 |
|
|
e) Depreciation |
35.900 |
30.400 |
77.200 |
|
|
f) Other expenditure |
249.800 |
244.900 |
663.100 |
|
|
Total expenditure |
1213.800 |
1223.800 |
3320.600 |
|
3 |
Profit from operations before other income. interest and
exceptional items (1-2) |
75.300 |
69.800 |
318.400 |
|
4 |
Other Income |
15.400 |
9.900 |
68.300 |
|
5 |
Profit before and
exceptional items (3+4) |
90.700 |
79.700 |
386.700 |
|
6 |
Exceptional items |
- |
- |
203.400 |
|
7 |
Profit/(loss) from ordinary activities before tax (5+6) |
90.700 |
79.700 |
590.100 |
|
8 |
Tax expenses |
30.200 |
25.800 |
166.400 |
|
9 |
Net profit/(loss) from ordinary activities after tax (
7-8) |
60.500 |
53.900 |
423.700 |
|
10 |
Paid-up equity share capital
(refer note 2) (Face value of Rs. 10/ each) |
101.400 |
101.400 |
101.400 |
|
11 |
Reserves (excluding revaluation
reserves) as per balance sheet of previous accounting year |
- |
- |
- |
|
12 |
Earning/(loss) per share (EPS)
before and after extraordinary items |
|
|
|
|
|
- Basic (Rs.) |
5.97 |
5.32 |
41.78 |
|
|
- Diluted(Rs.) |
5.97 |
5.32 |
41.78 |
|
17 |
Public shareholding |
|
|
|
|
|
- Number of shares |
3278638 |
3278638 |
3278638 |
|
|
- Percentage of shareholding |
32.33% |
32.33% |
32.33% |
|
18 |
Promoters and Promoter Group
Shareholding a) Pledged / Encumbered |
|
|
|
|
|
- Number of shares |
Nil |
Nil |
Nil |
|
|
b) Non - encumbered |
|
|
|
|
|
- Number of shares |
6863433 |
6863433 |
6863433 |
|
|
- Percentage of shares (as a %
of the total shareholding of the Promoter
and Promoter group) |
100% |
100% |
100% |
|
|
- Percentage of shares (as a %
of the total share capital of the Company) |
67.67% |
67.67% |
67.67% |
|
B |
Investor complaints |
Quarter Ended 31.12.2012 |
|
|
Pending
at the beginning of the quarter |
Nil |
|
|
Received
during the quarter |
4 |
|
|
Disposed
of during the quarter |
4 |
|
|
Remaining
unresolved at eh end of the quarter |
Nil |
Notes:
1. The statement of unaudited financial results for the quarter ended and nine months ended 31 December 2012 has been prepared following the same accounting policies as were followed in the annual financial statements for the year ended 31 March 2012.
2. Subsequent to the Rudrapur factory consolidation, the land (comprising freehold and leasehold) and building of the Company and other miscellaneous items of plant and machinery and furniture, fixtures and office equipment situated at Rudrapur, Uttarakhand, have been disposed off during the year ended 31 March 2012. The resultant gain arising from the disposal of said fixed assets after adjusting the expenses related to such disposal have been disclosed as "Exceptional Items" in the above results for the previous year.
3. The figures for the previous period(s) / year have been re-grouped / recast, wherever necessary to make them comparable.
4. The unaudited financial results for the quarter ended and nine months ended 31 December 2012 have been reviewed by the Audit Committee and approved by the Board of Directors in their meeting held on 14 February 2013. The statutory auditors of the Company have carried out a limited review of the financial results for the quarter ended and nine months ended 31 December 2012. An unmodified opinion has been issued and the same is being filed with the stock exchange along with the above results
UNAUDITED FINANCIAL
RESULTS FOR THE PERIOD ENDED 31 DECEMBER 2012 SEGMENT WISE REVENUE, RESULTS AND
CAPITAL EMPLOYED
(Rs. In Millions)
|
|
PARTICULARS |
Quarter
Ended |
Nine Months Ended |
|
|
Sr. No. |
Particulars |
31.12.2012 (Unaudited) |
30.09.2012 (Unaudited) |
31.12.2012 (Unaudited) |
|
|
(a) Domestic |
1124.400 |
1106.100 |
3190.600 |
|
|
(b) Exports |
164.700 |
187.500 |
533.300 |
|
|
Total |
1289.100 |
1293.600 |
3723.900 |
|
|
Less: Intersegment Revenue |
- |
- |
- |
|
|
Net Sales / Income from Operation |
1289.100 |
1293.600 |
3723.900 |
|
|
Segment Results |
|
|
|
|
|
Profit / (Loss)
before tax and interest from each segment |
|
|
|
|
|
(a) Domestic |
171.600 |
152.500 |
457.700 |
|
|
(b) Exports |
(8.500) |
(4.200) |
(10.700) |
|
|
Total |
163.100 |
1.48.300 |
447.000 |
|
|
Less: (i) Other un-allocable expenditure net off un- allocable income (including exceptional items) |
72.400 |
68.600 |
204.400 |
|
|
Total profit before
tax |
90.700 |
79.700 |
242.600 |
|
|
Capital Employed (Segment Assets - Segment Liabilities) |
|
|
|
|
|
(a) Domestic |
903.200 |
850.500 |
903.200 |
|
|
(b) Exports |
79.200 |
70.400 |
79.200 |
|
|
(c) Unallocated |
1822.900 |
1823.900 |
1822.900 |
|
|
Total |
2805.300 |
2744.800 |
2805.300 |
1. The segments have been identified in line with Accounting Standard (AS) 17 'Segment Reporting' taking into account the risks and return, organisation structure and internal reporting system.
2. Segment revenue comprises income from sales and services which are directly identifiable to the individual segments. Segment results and capital employed include amounts directly identifiable to each of the segments and which can be allocated on a reasonable basis. Unallocable income includes interest income on fixed deposits, net profit on sale of fixed assets and exceptional items. Unallocable expenditure includes corporate expenditure which is not identifiable to any of the segments. Unallocated capital employed includes assets and liabilities which are not specifically allocable to individual segments.
3. The figures for the previous period(s) / year have been re-grouped / recast, wherever necessary to make them comparable.
4. The above segment results have been reviewed by the Audit Committee and approved by the Board of Directors in their meeting held on 14 February 2013.
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.53.94 |
|
|
1 |
Rs.82.77 |
|
Euro |
1 |
Rs.71.05 |
INFORMATION DETAILS
|
Information
Gathered by : |
PLK |
|
|
|
|
Report Prepared
by : |
VRN |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
7 |
|
PAID-UP CAPITAL |
1~10 |
7 |
|
OPERATING SCALE |
1~10 |
7 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
7 |
|
--PROFITABILIRY |
1~10 |
7 |
|
--LIQUIDITY |
1~10 |
7 |
|
--LEVERAGE |
1~10 |
7 |
|
--RESERVES |
1~10 |
7 |
|
--CREDIT LINES |
1~10 |
7 |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
NO |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
YES |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
YES |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
63 |
This score serves as a reference to assess SC’s credit risk and
to set the amount of credit to be extended. It is calculated from a composite
of weighted scores obtained from each of the major sections of this report. The
assessed factors and their relative weights (as indicated through %) are as
follows:
Financial
condition (40%) Ownership
background (20%) Payment
record (10%)
Credit history
(10%) Market trend
(10%) Operational
size (10%)
RATING EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
|
71-85 |
Aa |
Possesses adequate working capital. No caution needed for credit
transaction. It has above average (strong) capability for payment of interest
and principal sums |
Large |
|
56-70 |
A |
Financial & operational base are regarded healthy. General
unfavourable factors will not cause fatal effect. Satisfactory capability for
payment of interest and principal sums |
Fairly Large |
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively below
average. |
Small |
|
11-25 |
Ca |
Adverse factors are apparent. Repayment of interest and principal sums
in default or expected to be in default upon maturity |
Limited with
full security |
|
<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
|
- |
NB |
New Business |
- |
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.