MIRA
INFORM REPORT
|
Report Date : |
18.04.2013 |
IDENTIFICATION DETAILS
|
Name : |
MAJESTIC AUTO LIMITED |
|
|
|
|
Registered
Office : |
C-48, Focal Point, Ludhiana - 141010, Punjab |
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|
Country : |
India |
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|
|
Financials (as
on) : |
31.03.2012 |
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|
|
|
Date of
Incorporation : |
23.04.1973 |
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|
Com. Reg. No.: |
16-003264 |
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|
|
Capital
Investment / Paid-up Capital : |
Rs. 103.982 Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
L35911PB1973PLC003264 |
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|
|
|
Legal Form : |
A Public Limited Liability Company. The Company’s Share are Listed on
the Stock Exchange. |
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|
|
|
Line of Business
: |
Manufacturers of Mopeds, Mini Motorcycle, Scooter, Health
Equipment and Fine Blanking Parts. |
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|
|
|
No. of Employees
: |
848 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (54) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 3000000 |
|
|
|
|
Status : |
Good |
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|
|
Payment Behaviour : |
Regular |
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|
Litigation : |
Clear |
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|
Comments : |
Subject is a part of Hero Group. It is a well established and reputed company having fine track record.
General financial position of the company is good. Trade relations are
reported as fair. Business is active. Payments are reported to be regular and
as per commitment. The company can be considered normal for business dealings at usual
trade terms and condition. |
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 |
EXTERNAL AGENCY RATING
|
Rating Agency Name |
ICRA |
|
Rating |
Term Loans: BBB+ |
|
Rating Explanation |
Moderate degree of safety. It carry moderate credit risk. |
|
Date |
October, 2012 |
|
Rating Agency Name |
ICRA |
|
Rating |
Letter of Credit: A2+ |
|
Rating Explanation |
Strong degree of safety. It carry low credit risk. |
|
Date |
October, 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 1 : |
C-48, Focal Point, Ludhiana -
141010, Punjab, India |
|
Tel. No.: |
91-161-2670234 - 37 / 2674238
– 40/5012513-14 |
|
Fax No.: |
91-161-2672790 / 2670602
/2670700/2673827 |
|
E-Mail : |
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|
Website : |
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Factory 2 : |
C-59, Focal Point, Ludhiana - 141010, Punjab, India |
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|
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|
Factory 3 : |
B-6, B-7 and B-9, Excotech Extension, Greater Noida, Uttar Pradesh,
India. |
DIRECTORS
As on: 31.03.2012
|
Name: |
Mr. G. P. Sood |
|
Designation: |
Non Executive and Independent
Director |
|
|
|
|
Name : |
Mr. Mahesh Munjal |
|
Designation : |
Chairman and Managing Director |
|
Qualification: |
B.E., MBA |
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|
|
|
Name: |
Mr. M. A. Zahir |
|
Designation: |
Non Executive and Independent
Director |
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|
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|
Name: |
Mr. Harjeet Singh Arora |
|
Designation: |
Non Executive and Independent
Director |
|
|
|
|
Name: |
Mr. G. P. Sood |
|
Designation: |
Non Executive and Independent Director |
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|
|
|
Name: |
Major Shavinder Singh Khosla |
|
Designation: |
Non Executive and Independent Director |
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|
|
|
Name: |
Ms. Ashima Munjal |
|
Designation: |
Non Executive Director |
KEY EXECUTIVES
|
Name : |
Mr. Ajay Garg |
|
Designation : |
Company Secretary |
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 |
|
|
|
|
|
|
|
|
7757687 |
74.61 |
|
|
40421 |
0.39 |
|
|
40421 |
0.39 |
|
|
7798108 |
75.00 |
|
|
|
|
|
Total shareholding
of Promoter and Promoter Group (A) |
7798108 |
75.00 |
|
(B) Public
Shareholding |
|
|
|
|
|
|
|
|
87957 |
0.85 |
|
|
2538 |
0.02 |
|
|
90495 |
0.87 |
|
|
|
|
|
|
366168 |
3.52 |
|
|
|
|
|
|
1377973 |
13.25 |
|
|
663021 |
6.38 |
|
|
101713 |
0.98 |
|
|
24166 |
0.23 |
|
|
95 |
0.00 |
|
|
900 |
0.01 |
|
|
76552 |
0.74 |
|
|
2508875 |
24.13 |
|
Total Public
shareholding (B) |
2599370 |
25.00 |
|
Total (A)+(B) |
10397478 |
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) |
10397478 |
0.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturers of Mopeds, Mini Motorcycle, Scooter, Health
Equipment and Fine Blanking Parts. |
PRODUCTION STATUS AS ON 31.03.2011
|
Particulars |
Unit |
Installed
Capacity |
Actual
Production |
|
Spokes with Nipples and Washers |
Nos in Millions |
293.800 |
142.300 |
|
Mufflers |
Nos |
12,65,000 |
11,19,125 |
|
Fine blanking comp. |
Nos |
3,28,20,000 |
2,24,21,846 |
GENERAL INFORMATION
|
Customers : |
·
Hero ·
Force ·
Fiat ·
Ford ·
BOSCH ·
Maruti ·
Toyota ·
Tata ·
Mahindra |
||||||||||||||||||||||||||||||||||||||||||
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No. of Employees : |
848 (Approximately) |
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||||||||||||||||||||||||||||||||||||||||||
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Bankers : |
· Canara Bank · Punjab National Bank · IDBI Bank Limited · Axis Bank Limited · The Catholic Syrian Bank Limited · Yes Bank Limited · Standard Chartered Bank ·
HDFC Bank |
||||||||||||||||||||||||||||||||||||||||||
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Facilities : |
(Rs.
In Millions)
|
||||||||||||||||||||||||||||||||||||||||||
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Banking
Relations : |
-- |
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|
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Auditors : |
|
|
Name : |
B. D. Bansal and Company Chartered Accountants |
|
Address : |
Amritsar, Punjab, India |
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|
|
|
Holding Company: |
Anadi Investments Private Limited |
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|
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Subsidiary Company
: |
Majestic IT Services Limited |
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|
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|
Enterprises which
has significant influence over the Company: (ceased to be
related party w.e.f. 30.03.2011) |
Hero Cycles Limited |
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|
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|
Enterprises in
which the Company has significant influence : |
Brij Mohan Lall and Associates |
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|
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|
Enterprises over
which key management personnel and their relatives are able to exercise
significant influence : |
· Munjal Showa Limited · Highway Industries Limited · Amar Sons · Munjal Auto Industrial Limited |
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|
|
|
Employee welfare
trust where there is control : |
· Majestic Auto Limited - Employee Gratuity Fund · Majestic Auto Limited - Superannuation Fund |
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 |
|
25000000 |
Preferences Shares |
Rs.10/- each |
Rs. 250.000 Millions |
|
|
Total |
|
Rs. 400.000
Millions |
Issued :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
10398978 |
Equity Shares |
Rs.10/- each |
Rs. 103.989
Millions |
|
|
|
|
|
Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
10397478 |
Equity Shares |
Rs.10/- each |
Rs. 103.975
Millions |
|
|
Add: Share forfeited (Amount paid up) |
|
Rs. 0.007
Million |
|
|
Total |
|
Rs. 103.982 Millions |
a) Reconciliation of Equity
shares outstanding at the beginning and at the end of the reporting period.
|
Particulars |
Number |
Amount (Rs) |
|
Shares outstanding at the beginning of the year |
10397478 |
103.975 |
|
Add: Shares forfeited (Amount paid up) |
- |
0.007 |
|
Changes during the year |
- |
- |
|
Shares outstanding at the end of the year |
10397478 |
103.982 |
b) Rights,
preferences and restrictions attached to Equity shares
Equity shares: The Company has one class of equity shares having a par value of Re. 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 amount, in proportion to their shareholding.
c) Shares held by
holding company
|
Particulars |
Number |
Amount (Rs) |
|
Anadi Investments Private Limited |
7757687 |
77.577 |
d) The details of
Shareholders holding more than 5% shares:
|
Particulars |
Number |
% holding |
|
Anadi Investments Private Limited |
7757687 |
74.61 |
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 |
103.982 |
103.982 |
103.982 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
693.983 |
502.473 |
431.546 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
797.965 |
606.455 |
535.528 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
655.475 |
825.112 |
133.009 |
|
|
2] Unsecured Loans |
260.292 |
210.000 |
257.501 |
|
|
TOTAL BORROWING |
915.767 |
1035.112 |
390.510 |
|
|
DEFERRED TAX LIABILITIES |
15.186 |
37.662 |
28.005 |
|
|
|
|
|
|
|
|
TOTAL |
1728.918 |
1679.229 |
954.043 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
1465.661 |
1348.273 |
632.721 |
|
|
Capital work-in-progress |
66.619 |
120.182 |
57.169 |
|
|
|
|
|
|
|
|
INVESTMENT |
56.730 |
39.192 |
15.265 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
106.618
|
110.308 |
85.375 |
|
|
Sundry Debtors |
184.581
|
237.172 |
105.806 |
|
|
Cash & Bank Balances |
19.979
|
31.718 |
30.289 |
|
|
Other Current Assets |
6.119
|
2.207 |
0.000 |
|
|
Loans & Advances |
230.524
|
187.810 |
289.988 |
|
Total
Current Assets |
547.820
|
569.215 |
511.458 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
183.744
|
182.455 |
137.372 |
|
|
Other Current Liabilities |
191.584
|
183.682 |
81.178 |
|
|
Provisions |
32.584
|
31.496 |
44.020 |
|
Total
Current Liabilities |
407.912
|
397.633 |
262.570 |
|
|
Net Current Assets |
139.908
|
171.582 |
248.888 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
1728.918 |
1679.229 |
954.043 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
1646.685 |
1480.653 |
1276.786 |
|
|
|
Other Income |
275.222 |
65.515 |
169.505 |
|
|
|
TOTAL (A) |
1921.907 |
1546.168 |
1446.291 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of materials consumed |
1019.452 |
|
|
|
|
|
Purchases of Stock-in-Trade |
32.439 |
25.365 |
|
|
|
|
Changes in Inventories of Finished Goods, Work-in-Progress and Stock-in-Trade |
2.247 |
(19.694) |
1112.094 |
|
|
|
Employee Benefit Expense |
180.926 |
158.165 |
|
|
|
|
Other Expenses |
255.584 |
218.128 |
|
|
|
|
TOTAL (B) |
1490.648 |
1300.624 |
1112.094 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
431.259 |
245.544 |
334.197 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
137.593 |
71.763 |
34.914 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
293.666 |
173.781 |
299.283 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
127.049 |
92.594 |
68.627 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
166.617 |
81.187 |
230.656 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
(24.893) |
10.260 |
22.719 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
191.510 |
70.927 |
207.937 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
436.464 |
365.537 |
157.600 |
|
|
|
|
|
|
|
|
|
|
BALANCE CARRIED
TO THE B/S |
627.974 |
436.464 |
365.537 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
1.123 |
1.460 |
0.000 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
3.119 |
1.199 |
37.578 |
|
|
|
Stores & Spares |
12.658 |
8.635 |
0.644 |
|
|
|
Capital Goods |
13.165 |
180.257 |
38.627 |
|
|
|
Others |
0.000 |
7.220 |
6.417 |
|
|
TOTAL IMPORTS |
28.942 |
197.311 |
83.266 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
18.42 |
6.82 |
20.00 |
|
QUARTERLY RESULTS
|
PARTICULARS |
30.06.2012 |
30.09.2012 |
31.12.2012 |
|
Type |
1st Quarter |
2nd Quarter |
3rd Quarter |
|
Net Sales |
497.900 |
372.200 |
366.400 |
|
Total Expenditure |
439.000 |
356.900 |
364.500 |
|
PBIDT (Excl OI) |
58.900 |
15.300 |
1.900 |
|
Other Income |
0.500 |
74.000 |
0.100 |
|
Operating Profit |
59.400 |
89.300 |
2.000 |
|
Interest |
40.200 |
31.800 |
21.400 |
|
Exceptional Items |
000 |
000 |
000 |
|
PBDT |
19.200 |
57.500 |
(19.400) |
|
Depreciation |
34.100 |
28.300 |
28.800 |
|
Profit Before Tax |
(14.900) |
29.200 |
(48.200) |
|
Tax |
0.900 |
(7.800) |
(13.800) |
|
Provisions and contingencies |
000 |
000 |
000 |
|
Profit After Tax |
(15.800) |
37.000 |
(34.400) |
|
Extraordinary Items |
000 |
000 |
000 |
|
Prior Period Expenses |
000 |
000 |
000 |
|
Other Adjustments |
000 |
000 |
000 |
|
Net Profit |
(15.800) |
37.000 |
(34.400) |
KEY RATIOS
|
PARTICULARS |
|
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
PAT / Total Income |
(%) |
9.96
|
4.58 |
14.38 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
10.12
|
5.48 |
18.06 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
8.27
|
4.23 |
20.16 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.21
|
0.14 |
0.43 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
1.15
|
1.71 |
0.73 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.34
|
1.43 |
1.95 |
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 |
Yes |
|
19] |
Payments terms |
No |
|
20] |
Export / Import details (if applicable) |
No |
|
21] |
Market information |
---------------------- |
|
22] |
Litigations that the firm / promoter involved in |
---------------------- |
|
23] |
Banking Details |
Yes |
|
24] |
Banking facility details |
Yes |
|
25] |
Conduct of the banking account |
---------------------- |
|
26] |
Buyer visit details |
---------------------- |
|
27] |
Financials, if provided |
Yes |
|
28] |
Incorporation details, if applicable |
Yes |
|
29] |
Last accounts filed at ROC |
Yes |
|
30] |
Major Shareholders, if available |
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 |
Yes |
OPERATIONS
During the year, the Company has registered turnover of Rs. 1646.685 Millions as compared to Rs. 1480.653 Millions in the previous financial year. The Company earned a net profit before tax of Rs.166.617 Millions as compared to a net profit before tax of Rs. 81.187 Millions in the previous financial year. During the year the company has enhanced its existing capacity in the electrical and other segments and during the year the total capital outlay was Rs.192.600 Millions. The Funds requirements are being met by way of term loans and internal accruals. Due to the substantial capital out lay financial expenses have increased from Rs.71.763 Millions in the previous year to Rs.137.593 Millions in the current year and depreciation has also increased from Rs. 92.594 Millions to Rs. 127.049 Millions. The company is hopeful of receiving rich dividends from the present capital outlay in the forthcoming years.
MANAGEMENT DISCUSSION
AND ANALYSIS REPORT
Industry Structure
and Development
The Company is mainly engaged in the manufacture of Silencers, Fine Blanking components, Bicycle spokes and Electric motors. In financial year 2011-12, India found itself in a conflict of managing growth and inflation due to major challenges in the macro economy. The Industrial growth has slowed down due to rising interest rates, tight liquidity, inability to raise equity due to uncertain capital market, slowing down of foreign investments and above all, the lack of policy actions and reforms by the Government. This has adversely impacted the confidence of the industry and slowed investments, mainly in infrastructure and capital goods sectors. Domestic automobile market had a mixed year in 2011-12 with only select vehicles reaching the expected industry growth estimates. The motorcycle industry continues to dominate the structure of the Two Wheeler Industry. The company being the supplier of motorcycle silencers to Hero Moto Corporation Limited world's largest Two Wheeler Company is hopeful to get benefit from the growth of this market leader of the industry.
The Indian electrical industry operates in a highly dynamic and competitive environment. There is considerable growth potential in the industry led by the changing consumption pattern. Increasing disposable incomes and exposure to media have shaped the aspirations of the consumer fuelling the demand for premium consumables. Thus sustained economic growth and modernization has led to changing consumption patterns.
The OEM and aftermarket observed robust growth in the year 2011-12. The Company has met the continuing demand for the Fine Blanking Components from the OEM and aftermarket. The economy in general is susceptible to possible changes in fiscal, monetary and economic policies of the government especially with regard to fuel, power and freight costs as well as infrastructure.
Opportunities and
Threats
India has the largest engineering talent pool with acclaimed designing and process engineering skillsets. In addition to the human resources, India has quality manufacturing and test facilities on par with the world class quality testing centres elsewhere in the globe. These advantages have enabled India to position as a global resource hub for OEM and auto components manufacturers. India's distinct global cost and quality advantages have augmented the growth of the Company. They expect two wheelers demand to remain robust, given strong off take in both rural and urban areas. The higher disposable income, easy finance options are driving well both auto and consumer goods segment. The company has facilities for tool design and tool making which enables the company to meet-up the expectations of the automobile manufacturers in the country by supplying high quality Fine Blanking components on schedule.
Although intense competitive pressures and interest rates remains an area of concern at all times, the company is hopeful of being able to continuously achieve good results by strengthening its operations.
The main threats to which auto component industry is exposed to are:-
· Unceasing cost reduction demand from OEMs from whom the major portion of the future growth is expected to come.
· Spiraling commodity prices affecting the input costs structure.
· Dumping from China.
· Apprehension about weak economic expansion in the developed countries.
· Foreign Exchange Fluctuation
UNSECURED LOAN
(Rs in Millions)
|
Particular |
As
on 31.03.2012 |
As
on 31.03.2011 |
|
Deposits |
255.250 |
150.000 |
|
Working Capital Loans repayable on demand from banks |
5.042 |
0.000 |
|
Working Capital Loans repayable on demand from others |
0.000 |
60.000 |
|
Total |
260.292 |
210.000 |
|
|
|
|
Note: a) Terms of Repayment for unsecured
borrowings:
(Rs in Millions)
|
Particular |
As
on 31.03.2012 |
As
on 31.03.2011 |
|
Repayable as per
the terms of individual deposit ranging from 24 months to 36 months from the date
of acceptance of deposits |
|
|
|
Deposits from Director |
131.500 |
100.000 |
|
Inter Corporate Deposits |
21.250 |
50.000 |
|
Deposits from Others |
102.500 |
0.000 |
|
Total |
255.250 |
150.000 |
b) The Unsecured working capital Loans from Banks are secured by personal guarantee of Directors of the Company.
c) The Unsecured working capital Loans from others are secured by personal guarantee of Managing Director of the Company.
CONTINGENT LIABILITIES
(Rs in Millions)
|
Particular |
31.03.2012 |
31.03.2011 |
|
(a) Claims against
the company not acknowledged as debts |
|
|
|
Sales Tax matters under Punjab Value Added Tax Act, 2005 |
0.043 |
0.220 |
|
Sales Tax matters under U.P. Trade Tax Act |
198,108 |
198,108 |
|
(b) Guarantees |
|
|
|
Bank Guarantees |
32.68 |
31.178 |
|
(c) Other money for
which the Company is contingently liable |
|
|
|
Bills Discounted with the Company's bankers |
0.000 |
1.690 |
· Excise duty/Sale Tax paid under protest amounting to Rs. 0.142 Million (Previous Year Rs. 0.201 Million) is appearing under the head amounts recoverable.
· The Company has taken legal and other steps necessary to protect its position in respect of the claims mentioned at point no. 20 (I) (a) which in its opinion, based on legal advice are not expected to devolve. It is not possible to make any further determination of the liabilities which may arise or the amounts which may be refundable in respect of these claims.
FIXED ASSETS
· Leasehold Land
· Freehold Land’
· Buildings
· Plant and Equipment
· Furniture and Fixtures
· Vehicles
· Office Equipment
· Computer Software
GROUP COMPANIES
· Hero Honda Motors Limited
· Hero Cycles Limited
· Munjal Showa Limited
· Sunbeam Auto Limited
· Highway Industries
· Rockman Industries Limited
· Hero Motors Limited
· Munjal Auto Industries Limited
· Munjal Auto Industries Limited
· Shivam Autotech
· Munjal Castings
· Hero Mindmine
· Munjal eSystems
· Nsure Plus
STATEMENT OF STANDALONE UNAUDITED
FINANCIAL RESULTS FOR THE QUARTER/NINE MONTHS ENDED 31.12.2012
PART I
(Rs in Millions)
|
SI. No. |
Particular |
Quarter Ended |
Nine Months Ended |
|
|
|
|
31.12.2012 |
30.09.2012 |
31.12.2012 |
|
|
|
Unaudited |
Unaudited |
Unaudited |
|
1. |
a) Net Sales/Income from operations |
305.00 |
324.600 |
1067.000 |
|
b) Other Operating Income |
61.400 |
47.600 |
169.500 |
|
|
|
Total income from
operations (net) |
366.400 |
372.200 |
1236.500 |
|
2. |
Expenses |
|
|
|
|
(a) Cost of materials consumed |
254.000 |
227.300 |
796.400 |
|
|
(b) Purchases of stock-in-trade |
4.100 |
12.700 |
28.700 |
|
|
(c) Changes in inventories of finished goods, work-in-progress and stock-in-trade |
(3.200) |
(10.300) |
(19.100) |
|
|
(d) Employee benefits expense |
48.000 |
50.300 |
152.900 |
|
|
(e) Depreciation and amortisation expense |
28.800 |
28.300 |
91.200 |
|
|
(f) Other expenses |
61.600 |
76.900 |
201.500 |
|
|
|
Total expenses |
3933.300 |
385.200 |
1251.600 |
|
3. |
Profit / (Loss)
from operations before other income, finance costs and exceptional items
(1-2) |
(26.900) |
(13.000) |
(15.100) |
|
4. |
Other Income |
0.100 |
74.000 |
74.600 |
|
5. |
Profit / (Loss) from
ordinary activities before finance costs and exceptional items (3 + 4) |
(26.800) |
61.00 |
59.500 |
|
6. |
Finance costs |
21.400 |
31.800 |
93.400 |
|
7. |
Profit / (Loss)
from ordinary activities after finance costs
|
(48.200) |
29.200 |
(33.900) |
|
8. |
Exceptional items |
- |
- |
- |
|
9. |
Profit / (Loss)
from ordinary activities before tax (7 + 8) |
(48.200) |
29.200 |
(33.900) |
|
10. |
Tax Expense |
(13.800) |
(7.800) |
20.700 |
|
11. |
Net Profit / (Loss)
from ordinary activities after tax (9 + 10) |
(34.400) |
37.000 |
(13.200) |
|
12. |
Extraordinary items |
- |
- |
- |
|
13. |
Net Profit / (Loss)
for the period (11 + 12) |
(34.400) |
37.000 |
(13.200) |
|
14. |
Share of profit / (loss) of associates Minority interest |
- |
- |
- |
|
15. |
Minority Interest |
- |
- |
- |
|
16. |
Net Profit / (Loss)
after taxes, minority interest and share of profit / (loss) of associates (13
+ 14 + 15) |
(34.400) |
37.000 |
(13.200) |
|
17. |
Paid-up Equity Share Capital (Face value: Rs.10/- per share) |
104.000 |
104.000 |
104.000 |
|
18. |
Reserves excluding revaluation reserves (as per Balance Sheet of previous accounting year) |
- |
- |
- |
|
19. |
Earnings Per Share (before extraordinary items) Basic and Diluted (not annualised) (Rs.) Earnings Per Share (after extraordinary items) Basic and Diluted (not annualised) (Rs.) |
(3.31) (3.31) |
3.56 3.56 |
(1.27) (1.27) |
PART II
|
|
Particular |
Quarter Ended |
Nine Months Ended |
|
|
|
|
31.12.2012 |
30.09.2012 |
31.12.2012 |
|
|
|
Unaudited |
Unaudited |
Unaudited |
|
A |
PARTICULARS OF
SHAREHOLDING |
|
|
|
|
1 |
Public Shareholding |
|
|
|
|
|
- Number of Shares |
2599370 |
2599370 |
2599370 |
|
|
- Percentage of Shareholding |
25 |
25 |
25 |
|
2 |
Promoters and
Promoter group Shareholding |
|
|
|
|
|
(a) Pledged/ Encumbered |
|
|
|
|
|
- Number of Shares |
- |
- |
- |
|
|
- Percentage of Shares (as a% of the total shareholding of promoter and promoter group) |
- |
- |
- |
|
|
- Percentage of Shares (as a% of the total share capital of the Company) |
- |
- |
- |
|
|
(b) Non-encumbered |
|
|
|
|
|
- Number of Shares |
7798108 |
7798108 |
7798108 |
|
|
- Percentage of Shares (as a% of the total shareholding of promoter and promoter group) |
100 |
100 |
100 |
|
|
||||
|
|
- Percentage of Shares (as a% of the total share capital of the Company) |
75 |
75 |
75 |
|
|
||||
|
B |
INVESTOR COMPLAINTS |
|
|
|
Pending at the beginning of the quarter |
Nil |
|
|
Received during the quarter |
Nil |
|
|
Disposed of during the quarter |
Nil |
|
|
Remaining unresolved at the end of the quarter |
Nil |
SEGMENT WISE REVENUE RESULTS AND CAPITAL
EMPLOYED
(Rs in Millions)
|
|
|
Quarter Ended |
Nine Months Ended |
|
|
|
Particular |
31.12.2012 |
30.09.2012 |
31.12.2012 |
|
|
|
Unaudited |
Unaudited |
Unaudited |
|
1. |
Segment Revenue (Net sales / Income from each segment) |
|
|
|
|
|
a) Fine Blanking Components |
48.800 |
47.800 |
153.200 |
|
|
b) Mufflers |
225.200 |
216.900 |
755.700 |
|
|
c) Electricals |
69.400 |
79.400 |
243.900 |
|
|
d) Spokes |
14.000 |
18.400 |
54.500 |
|
|
e) Others |
9.000 |
9.700 |
29.200 |
|
|
Total |
366.400 |
372.200 |
1236.500 |
|
|
Less: Inter segment revenue |
NIL |
NIL |
NIL |
|
|
Net sales / Income
from operations |
366.400 |
372.200 |
1236.500 |
|
2. |
Segment Results (Profit
(+)/Loss(-) before tax and interest from each segment) |
|
|
|
|
|
a) Fine Blanking Components |
(2.000) |
(2.000) |
3.000 |
|
|
b) Mufflers |
(8.000) |
(12.000) |
(10.400) |
|
|
c) Electricals |
(16.300) |
0.600 |
(8.700) |
|
|
d) Spokes |
(0.500) |
0.100 |
0.100 |
|
|
e) Others |
0.100 |
0.200 |
1.100 |
|
|
Total |
(26.700) |
(13.100) |
(14.900) |
|
|
Less i. Finance Costs |
21.400 |
31.800 |
93.400 |
|
|
ii. Other un-allocable expenditure net off un-allocable income |
0.100 |
(741.00) |
(74.400) |
|
|
Total Profit (+) /
Loss (-) Before Tax |
(48.200) |
29.200 |
(33.900) |
|
3. |
Capital Employed |
|
|
|
|
|
( Segment Assets - Segment Liabilities) |
|
|
|
|
|
a) Fine Blanking Components |
150.300 |
167.700 |
150.300 |
|
|
b) Mufflers |
(92.900) |
(44.300) |
(92.900) |
|
|
c) Electricals |
508.400 |
489.500 |
508.400 |
|
|
d) Spokes |
9.300 |
16.500 |
9.300 |
|
|
e) Others |
12.900 |
14.700 |
12.900 |
|
|
Total |
588.000 |
644.100 |
588.000 |
Notes:
1. The above results were reviewed by the Audit Committee and thereafter were taken on record by the Board of Directors in their meeting held on 28.01.2013.
2. The above financial results have been subjected to the Limited Review by the Statutory Auditors in terms of Clause 41 of the Listing Agreement.
3. The consolidated results represents the results of business operations of the company and its Wholly Owned Subsidiary Company i.e. Majestic IT Services Limited
4. Previous year / period figures have been regrouped / rearranged wherever considered necessary.
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts, India Prisons Service,
Interpol, etc.
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. 53.94 |
|
UK Pound |
1 |
Rs. 82.77 |
|
Euro |
1 |
Rs. 71.05 |
INFORMATION DETAILS
|
Report Prepared by
: |
UDS |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
7 |
|
PAID-UP CAPITAL |
1~10 |
6 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILIRY |
1~10 |
6 |
|
--LIQUIDITY |
1~10 |
6 |
|
--LEVERAGE |
1~10 |
6 |
|
--RESERVES |
1~10 |
6 |
|
--CREDIT LINES |
1~10 |
5 |
|
--MARGINS |
-5~5 |
- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
NO |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
YES |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
--DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
54 |
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.