MIRA
INFORM REPORT
|
Report Date : |
24.04.2013 |
IDENTIFICATION DETAILS
|
Name : |
MINDA CORPORATION LIMITED (w.e.f.. 01.07.2009) |
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Formerly Known
As : |
MINDA HUF LIMITED (w.e.f.13.04.1997) MINDA SWITCH AUTO LIMITED |
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Registered
Office : |
36A, Rajasthan Udyog Nagar, Delhi-110033 |
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Country : |
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Financials (as
on) : |
31.03.2012 |
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Date of
Incorporation : |
11.03.1985 |
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Com. Reg. No.: |
55-020401 |
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Capital Investment
/ Paid-up Capital : |
Rs. 395.969 Millions |
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CIN No.: [Company Identification
No.] |
L74899DL1985PLC020401 |
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TAN No.: [Tax Deduction &
Collection Account No.] |
DELM09295G |
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PAN No.: [Permanent Account No.] |
AAACM0344C |
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Legal Form : |
A Public Limited Liability company. The company’s Share are Listed on
the Stock Exchange. |
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Line of Business
: |
Manufacturer of Automotive Parts and Accessories. |
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No. of Employees
: |
Not Available |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (57) |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Maximum Credit Limit : |
USD 10000000 |
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Status : |
Good |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Subject is
the Flagship company of the Ashok Minda group. It is a well
established company having a good track record. Financially company appears
to be strong. The liquidity position is good. Trade
relations are reported to be fair. Business is active. Payments are reported
to be regular and as per commitment. The Company can
be considered for normal 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) |
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|
A1 |
A1 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
EXTERNAL AGENCY RATING
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Rating Agency Name |
ICRA |
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Rating |
Term Loan BBB- |
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Rating Explanation |
Having moderate degree of safety regarding timely securing of
financial obligation. It carry moderate credit risk. |
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Date |
November 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 : |
36A, Rajasthan Udyog Nagar, Delhi-110033, |
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Tel. No.: |
Not Available |
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Mobile No.: |
Not Available |
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E-Mail : |
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Website : |
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Corporate Office/ Factory 1 : |
D-6-11, Sector-59, Noida-201301, District G.B. Nagar, |
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Tel. No.: |
91-120-4787100 |
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Fax No.: |
91-120-4787200 |
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Location : |
Owned |
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Factory 2 : |
2D/1, Udyog
Kendra, Ecotech-III, Greater Noida -
201306, |
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Factory 3 : |
2D/2, Udyog
Kendra, Ecotech-III, Greater Noida – 201 306, |
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Factory 4 : |
E-5/2, Nanekarwadi, Chakan, Pune – 410 501, |
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Factory 5 : |
Gate No.307, Nanekarwadi, Chakan,
Tal-Khed, District Pune – 410 501, |
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Factory 6 : |
Plot No. 9, Sec-10, IIE Pantnagar, Udham Singh Nagar, Uttarakhand-263153,
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Factory 7 : |
Plot No. 9A, Sector-10, IIE Pantnagar, Udham Singh Ngar,
Uttrkhnd-263153, |
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Factory 8 : |
K-150, MIDC, Waluj, Aurangabad-431136, |
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Factory 9 : |
Plot No. G-1, Phase-III, Chakan Industrial Area, Chakan, Pune-410501, |
DIRECTORS
As on : 20.09.2012
|
Name : |
Mr. Ashok Minda |
|
Designation : |
Executive Director |
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Date of Birth/Age : |
51 Years |
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Qualification : |
Graduate in Commerce Stream |
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Experience : |
28 Years |
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Date of Appointment : |
01.08.2007 |
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Name : |
Mr. Avinash Prakash Gandhi |
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Designation : |
Independent Director |
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Date of Birth/Age : |
73 Years |
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Qualification : |
Bachelor Degree in Machanical Engineering |
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Experience : |
50 Years |
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Name : |
Mr. Rakesh Chopra |
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Designation : |
Independent Director |
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Date of Birth/Age : |
61 Years |
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Qualification : |
MBA |
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Experience : |
35 Years |
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Name : |
Mr. Laxman Ramnarayan |
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Designation : |
Independent Director |
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Qualification : |
B.Com, CWA and MMS |
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Experience : |
44 Years |
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Name : |
Mr. Jeevan Mahaldar |
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Designation : |
Executive Director and CEO |
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Date of Birth/Age : |
53 Years |
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Qualification : |
MBA, B Tech (Mech) |
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Experience : |
31 Years |
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Date of Appointment : |
04.01.2007 |
KEY EXECUTIVES
|
Name : |
Mr. Ajay Sanchati |
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Designation : |
Company Secretary and Compliance Officer |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 31.03.2012
|
Particulars |
Nos of Shares |
|
Held In dematerialized from in NSDL |
15739026 |
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Held in dematerialized from CDSL |
2420432 |
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Physical |
2771706 |
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Total |
20931164 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer of Automotive Parts and Accessories. |
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Products : |
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Brand Names : |
"MINDA" |
PRODUCTION STATUS (AS ON 31.03.2010)
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Particulars |
Installed
Capacity (p.a.) |
|
Lock Kits for automobiles |
16500 |
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Switches and other components for automobiles |
15400 |
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Wiring Harness for Automobiles |
2300 |
GENERAL INFORMATION
|
Customers : |
·
ACME ·
Aprilia
·
Bajaj
·
BOSCH
·
DANAMER
·
Fiat
·
Force
·
Ford
·
Grote
·
Honda
·
Hyudinai
·
IKEA
·
·
Maruti
·
Peugeot
·
Piaggio ·
Lear |
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No. of Employees : |
Not Available |
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Bankers : |
·
State Bank of ·
Kotak Mahindra Bank Limited ·
Standard Chartered Bank ·
State Bank of ·
Karnataka Bank Limited ·
Axis Bank Limited ·
HDFC Bank Limited ·
Induslnd Bank Limited |
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Facilities : |
(Rs. in Millions)
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Auditors : |
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Name : |
M/s. B S R and Company Chartered Accountants |
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Address : |
Building No. 10, 8th Floor, Tower-B, Haryana -122
002, |
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Subsidiaries : |
·
Minda
Europe B.V ., ·
Minda
KTSN Plastic Solutions GmbH and Company. KG, ·
·
Minda
SAI Limited, ·
Mayank
Auto Engineers Private Limited ·
(Step-Subsidiary),
·
Minda
Management Services Limited, ·
Minda
Schenk Plastic Solutions GmbH, ·
Minda
Schenk Plastic Solutions s.r.o. ·
(Step-Subsidiary),
·
Minda
Schenk Plastic Solutions Sp. z.o.o. ·
(Step-Subisidiary),
·
KTSN
Kunststofftechnik Sachsen Beteiligungs ·
GmbH
(Step-Subisidiary), |
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Associates : |
·
Minda
Automotive Solution Limited (Formerly known as Minda Autocare Limited) |
CAPITAL STRUCTURE
As on : 20.09.2012
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
44200000 |
Equity Shares |
Rs.10/- each |
Rs. 442.000 Millions |
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Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
40131164 |
Equity Shares |
Rs.10/- each |
Rs. 401.311 Millions |
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After 31.03.2012
SHARE CAPITAL :
1. Authorised :
Rs in Millions
|
Particulars |
31.03.2012 |
|
25,000,000 (previous year 15,000,000) equity shares of `10/- each |
250.000 |
|
240,000 (previous year 175,000) 0.001% cumulative redeemable preference shares of `800/- each |
192.000 |
|
Total |
442.000 |
2. Issued, Subscribed and fully paid- up shares :
|
Particulars |
31.03.2012 |
|
Equity shares of
`10/- each 20,931,164 (previous year 9,635,990) shares |
209.311 |
|
Less: 534,184 (previous year Nil) shares issued to Minda Corporation Limited Employees' Stock Option Scheme Trust but not allotted to employees (refer to to note 2.1.7) |
5.341 |
|
|
203.969 |
|
0.001%
cumulative redeemable preference shares of Rs. 800/- each 240,000 (previous year 175,000) shares |
192.000 |
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Total |
395.969 |
3. RECONCILIATION OF SHARE CAPITAL OUTSTANDING AS AT THE BEGINNING AND
AT THE END OF THE YEAR :
a) Equity shares of Rs. 10/- each fully paid up
|
Particulars |
As at 31.03.2012 |
|
|
Nos
of Shares |
Amount |
|
|
Balance as at the beginning of the year |
9635990 |
96.359 |
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Add: Shares issued during the year |
11295174 |
112.951 |
|
Less: Share issued to Minda Corporation Limited Employees' Stock
Option Scheme Trust but not allotted to employees |
(534184) |
(5.341) |
|
Balance as at
the end of the year |
20.396 |
203.969 |
b) 0.001% cumulative redeemable preference shares of Rs. 800/- each
fully paid up
|
Particulars |
As at 31.03.2012 |
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|
Nos
of Shares |
Amount |
|
|
Balance as at the beginning of the year |
175000 |
140.000 |
|
Add: Shares issued during the year |
65000 |
52.000 |
|
Balance as at
the end of the year |
240000 |
192.000 |
4. RIGHTS, PREFERENCES AND RESTRICTIONS ATTACHED TO EACH CLASS OF SHARES :
A) Equity shares of Rs.10/- each fully paid up
The Company has one class of equity shares having
a par value of Rs. 10/- per share. Each shareholder is eligiblefor one vote per
share held. The dividend proposed by the Board of Directors is subject to the
approval of the shareholders in the ensuing Annual General Meeting, except in
case of interim dividend. In the event of liquidation, the equity shareholders
are eligible to receive the remaining assets of the Company after distribution
of all preferential amounts, in proportion to their shareholding.
Further, certain investors (“Investors”) have
“Anti dilution rights” i.e. right to further subscription and price protection,
ensuring that, in the event of finalisation of the terms of sale of additional
shares, the Company shall (as per the procedure set out in the Articles) offer
the additional shares on the finalized terms and conditions to the investors
and in the event that the Company issues any additional equity shares at a
price less than the Investor acquisition cost or have or permit an FPO, at such
lower price, then either the Company or promoters shall transfer such number of equity shares (as per the
procedures set out in the Articles) at either no additional consideration or at
the lowest possible consideration permitted under applicable law that shall be
necessary to ensure that in a revised investor acquisition cost per Investor
that shall be equal orlower than the price at which the additional shares are
proposed to be issued. Such investors also have “pre emptive rights” wherein
any member of the promoter group shall, before selling, transferring or
otherwise disposing of any of its shares to a bona fide independent third party
purchaser, first give notice to the Investors and each investor shall have the
right (but not the obligation) to serve on the transferor a pre-emption notice requiring
the transferor to transfer to the purchaser (as per the procedures set out in
the articles), or to any person nominated by the purchaser, some or all of the
sale shares at the sale price.
Each such investor shall also have the
Tag-along right (subject to the other provisions of Articles and such rights as
mentioned above) but not the obligation to require the transferor to cause the
transferee in a transfer of equity shares to purchase from such investor, for
the same consideration per equity share and upon the same terms and conditions
as are to be paid and given to the transferor.
562,500 and 267,092 equity shares allotted on
preferential basis to the investors and Minda Corporation Limited Employees
Stock Option Scheme Trust (MCL ESOS Trust) on 3 November 2011 and 1 November
2011 respectively are locked in for a period of one year from the date of
allotment.
b) 0.001% cumulative redeemable preference shares
of Rs. 800/- each fully paid up
The Company has 240,000 cumulative redeemable
preference shares of `800/- each. The shares carry right of fixed preferential
dividend at a rate of 0.001%. The holders of these share do not have the right
to vote and are compulsorily redeemable at par on or before the expiry of 20
years from the date of allotment. The dividend on the shares shall be cumulated
and any unpaid dividend shall be added to the amount payable as dividend in the
following year and no dividend can be paid on equity shares until the entire
backlog of unpaid dividends on these shares is cleared. In the event of
liquidation, these share holders are entitled to get their capital after
satisfaction of dues for secured creditors, but they get preference over equity
share capital.
5. DETAILS OF SHAREHOLDERS HOLDING MORE THAN 5% SHARES AS AT YEAR END :
A) Equity shares of `10/- each fully paid up
|
Name of
Shareholders |
As at 31.03.2012 |
|
|
%
of Holding |
Nos
of Shares held |
|
|
Ashok Minda |
19.36 |
4052872 |
|
Sarika Minda |
15.95 |
3339490 |
|
Ashok Minda HUF |
9.59 |
2006690 |
|
Bhagwat Sewa Trust |
5.18 |
1085070 |
|
Kotak Mahindra Trusteeship Services Limited A/c- Kotak Indian Growth
Fund II |
11.78 |
2464810 |
|
Total |
|
12948932 |
B) 0.001% cumulative redeemable preference shares of Rs. 800/- each fully
paid up
|
Name of
Shareholders |
As at 31.03.2012 |
|
|
%
of Holding |
Nos
of Shares held |
|
|
Ashok Minda |
15.63 |
37500 |
|
Sarika Minda |
10.42 |
25000 |
|
Minda Capital Limited |
73.95 |
177500 |
|
Total |
|
240000 |
6. SHARES ALLOTTED AS FULLY PAID UP BY WAY OF BONUS ISSUE (DURING FIVE
YEARS IMMEDIATELY PRECEDING 31 MARCH 2012)
|
Particulars |
Year (aggregate no. of shares) |
|
2011-2012 |
|
|
Issue of fully paid up equity shares of `10/- each by way of bonus
issue |
17570522 |
- ISSUE OF
SHARES TO MINDA CORPORATION LIMITED EMPLOYEES’ STOCK OPTION SCHEME :
Pursuant to the
Board of Director’s approval in Board meeting held on 29 September 2011, the Company
has constituted a trust under the name ‘’Minda Corporation Limited Employee
Stock Option Scheme Trust’’ (MCL ESOS Trust), with the objective of acquiring
and holding of shares, warrants or other securities of the Company for the
purpose of implementing the Company’s ESOP Scheme. The Company has contributed
a sum of Rs. 1,00,000/- towards initial trust fund and later on advanced a sum
of Rs. 133,546,000/- to fund the purchase of Company’s equity shares by MCL
ESOS trust. Later in the year, the Company had issued and allotted, 267,092
equity shares of the face value `10/- each at the premium of `490/- per equity
share to the MCL ESOS Trust, as approved in the Extra ordinary general meeting
dated 24 October 2011. Further, the Company has issued bonus shares in
proportion of one equity share for one share held on 29 March 2012, as decided
in Extra ordinary general meeting held on 16 March 2012. In accordance with the
guidance note on “Accounting for Employee Share-based Payments” issued by the
ICAI, the Company has reduced the amount of share capital consideration
(including share premium) received from MCL ESOS trust for presentation
purposes, with a corresponding reduction in advance to MCL ESOS trust.
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 |
395.969 |
236.359 |
86.360 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
2279.565 |
1606.009 |
508.952 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
2675.534 |
1842.368 |
595.312 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
725.828 |
309.745 |
777.672 |
|
|
2] Unsecured Loans |
217.323 |
149.151 |
256.283 |
|
|
TOTAL BORROWING |
943.151 |
458.896 |
1033.955 |
|
|
DEFERRED TAX LIABILITIES |
51.302 |
45.993 |
33.329 |
|
|
|
|
|
|
|
|
TOTAL |
3669.987 |
2347.257 |
1662.596 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
1034.682 |
930.177 |
762.708 |
|
|
Capital work-in-progress |
97.414 |
81.418 |
197.894 |
|
|
Capital Advances |
0.000 |
0.000 |
3.130 |
|
|
|
|
|
|
|
|
INVESTMENT |
887.120 |
599.040 |
421.193 |
|
|
DEFERRED TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
497.557
|
321.351 |
229.989 |
|
|
Sundry Debtors |
1060.264
|
860.423 |
485.541 |
|
|
Cash & Bank Balances |
758.207
|
458.756 |
43.591 |
|
|
Other Current Assets |
13.133
|
1.510 |
12.184 |
|
|
Loans & Advances |
647.354
|
228.470 |
200.219 |
|
Total
Current Assets |
2976.515
|
1870.510 |
971.524 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
902.354
|
742.445 |
589.421 |
|
|
Other Current Liabilities |
269.947
|
292.048 |
38.958 |
|
|
Provisions |
153.443
|
99.395 |
65.474 |
|
Total
Current Liabilities |
1325.744
|
1133.888 |
693.853 |
|
|
Net Current Assets |
1650.771
|
736.622 |
277.671 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
3669.987 |
2347.257 |
1662.596 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
5597.458 |
4841.628 |
3396.624 |
|
|
|
Other Income |
80.875 |
39.642 |
1.824 |
|
|
|
TOTAL (A) |
5678.333 |
4881.270 |
3398.448 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of Materials Consumed |
3622.141 |
3018.338 |
|
|
|
|
Changes in inventories |
(101.984) |
(7.761) |
|
|
|
|
Employees Benefits |
646.829 |
489.430 |
|
|
|
|
Other Expenses |
821.678 |
687.375 |
|
|
|
|
TOTAL (B) |
4988.664 |
4187.382 |
3019.578 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) I |
689.669 |
693.888 |
378.870 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
129.866 |
130.082 |
81.096 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
559.803 |
563.806 |
297.774 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
143.460 |
119.252 |
82.663 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
416.343 |
444.554 |
215.111 |
|
|
|
|
|
|
|
|
|
Less |
TAX (I) |
14.693 |
102.664 |
34.779 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-I) (J) |
401.650 |
341.890 |
180.332 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Proposed Dividend |
62.793 |
28.907 |
21.590 |
|
|
|
Tax on Proposed Dividend |
10.188 |
4.690 |
3.586 |
|
|
|
Transfer to General Reserve |
41.634 |
19.500 |
19.000 |
|
|
BALANCE CARRIED
TO THE B/S |
287.035 |
288.793 |
136.156 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
FOB value of exports |
601.639 |
674.255 |
569.568 |
|
|
|
Royalty |
35.371 |
37.182 |
36.846 |
|
|
|
Technical Know How/ Service Income |
4.134 |
0.000 |
9.371 |
|
|
TOTAL EARNINGS |
641.144 |
711.437 |
615.785 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
293.978 |
199.574 |
147.097 |
|
|
|
Capital Goods |
1.530 |
24.636 |
26.531 |
|
|
TOTAL IMPORTS |
295.508 |
224.210 |
173.628 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
20.02 |
18.14 |
20.88 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
PAT / Total Income |
(%) |
7.17
|
7.06 |
5.31 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
7.33
|
9.11 |
6.33 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
9.68
|
14.79 |
12.92 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.15
|
0.24 |
0.36 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
0.35
|
0.25 |
1.74 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
2.24
|
1.65 |
1.40 |
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 |
No |
|
9] |
Name of person contacted |
No |
|
10] |
Designation of contact
person |
No |
|
11] |
Turnover of firm for last
three years |
Yes |
|
12] |
Profitability for last
three years |
Yes |
|
13] |
Reasons for variation
<> 20% |
------------------ |
|
14] |
Estimation for coming
financial year |
No |
|
15] |
Capital in the business |
Yes |
|
16] |
Details of sister
concerns |
Yes |
|
17] |
Major suppliers |
No |
|
18] |
Major customers |
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 |
UNSECURED LOANS:
Rs. in Millions
|
Particulars |
31.03.2012 |
31.03.2012 |
|
Finance Lease obligations |
|
|
|
For intangibles |
6.667 |
-- |
|
For Plants and Machinery |
10.656 |
-- |
|
Purchase order financing
facility |
-- |
|
|
From other parties |
200.000 |
149.151 |
|
Total |
217.323 |
149.151 |
ECONOMIC REVIEW :
GLOBAL ECONOMY
2011 proved to be another testing year for the world economy .The
improvement noted in the
Emerging economies reeled under the heat of inflation and heightened
commodity prices including crude oil. Fiscal policy intervention towards
tightening of liquidity applied brake to the growth momentum in emerging
economies. As a result of all these, GDP growth rate of emerging economies
slipped to 6.2% in 2011 from 7.5% in 2010.
The real GDP growth for the world economy as a whole is estimated to
have slipped down to 3.9% in 2011 from 5.3% in 2010
INDIAN ECONOMY:
Fiscal year 2011-12 (FY 12) tested the robustness of the Indian economy
and the extent of its insulation from global factors. Having accelerated from
6.7% GDP growth of FY 09 in the aftermath of global economic crisis, to 8.4% in
FY10 and FY 11 ,the GDP growth of India is estimated to have slowed down to
6.5% in FY 12.
Inflationary pressures, primarily on account of higher commodity prices,
were attempted to be countered with tightening of fiscal liquidity and
continued increase in interest rate This, coupled with increased demand for US
Dollar towards imports and part withdrawal of foreign investments, fueled a
sharp depreciation of Indian Rupee against US Dollar, to the extent of 18%.
With exports totaling USD 303.7 Billion in FY 12, the fiscal year
witnessed an alarming rise in trade deficit with imports increasing by 32.1% to
USD 488.6 Billion as reflected in the provisional figures of the Ministry of
Commerce. The surge in value of imports was led by volatile trend in crude oil
prices and the rise in gold and silver imports.
OPERATIONS REVIEW
:
REPOSITIONING AND BRANDING
The financial year 2011-12 (FY 12) was a historic year for the Ashok
Minda Group itself, since it flagged off the exercise to completely re-position
the group under the "SPARK MINDA" logo. Spark is all about vibrancy
and speed. It builds up an attitude to do things aggressively and with an
enthusiasm. The Group's new logo gives it a distinct identity that will boost
inner, confidence and the Group's efforts towards building a globally
recognized brand, with the target of becoming
GROUP RESTRUCTURING
During FY 12, Spark Minda, Ashok Minda Group completed the first phase
of corporate restructuring to simplify the structure of its different entities
as suggested by its consultants KPMG, following the infusion of funds by its
private equity partners Kotak Private Equity Group in FY 11. Following this
exercise, all the fully-owned subsidiaries and step down local subsidiaries of
Minda Corporation in
The Group is likely
to continue with this exercise in the coming year in second phase, and also
endeavours to bring the Joint Ventures (JV) in different countries under the
flagship company Minda Corporation Limited, post acquiring majority stake in
such JVs with the consensus of overseas partners.
NEW TECHNOLOGIES
Minda Corporation
Limited has recently been granted first patent by the Indian Patent Office.
This patent is for Magnetic Lock which is already in production for Yamaha.
ThePatentwasgrantedinApril2012.lt is a protective device with cover rotation
type mechanism for two wheeler ignition lock to restrict unauthorized access to
Ignition Lock keyhole. The patent can be sold like any tangible asset Apart
from same, the Company has already filed 13 other patents for various new
products developed at its R&D centers during FY12, across few emerging
segments of auto components for usage in e-bikes and other areas. The other
patents are now awaiting regulatory approval, in avenues, which the Company
foresees as thrust area of future.
FINANCIAL REVIEW:
TURNOVER
The consolidated turnover of Minda
Corporation in the FY12 was Rs. 13854.900 Millions, which included a turnover
of Rs. 5597.500 Millions of the flagship Company - Minda Corporation on a
standalone basis. The same represented a growth of 88.62% over the comparable
consolidated turnover of Minda Corporation for FY 11. A major part of the
consolidated turnover of MCL got it's contribution from overseas business
segment which was Rs. 4678.300 Millions and the rest was generated from
domestic sales of the Company and its subsidiaries.
DEBT TO EQUITY
The Company, being cash rich company
by virtue of private equity infusion in FY 11 and internal accruals over the
past 25 years, has comfortable debt equity ratio of 0.45.This has helped the
Company against Any margin reversals due to sharp rise in interest rates
pursued by the apex banker throughout the financial year 2011-12.
NET PROFIT
Minda Corporation on
a consolidated basis managed a Net Profit of Rs. 51.920 Millions in FY 12, as
against Rs. 347.400 Millions on the comparable recast figures for FY 11.
Company's Net Profit has moved up steadily by 49.48%, by virtue of focus on
judicious product mix pursued by the Company to push the sales of products
offering higher profitability margins.
OUTLOOK :
The management is of the opinion that the ensuing group
restructuring exercise will help Minda Corporation in using its product mix
effectively and flexibly across various geographies. It is already leveraging
new technologies prevailing in
The automotive components sector
turnover is estimated to grow at a CAGR of 11% over FY 11 to FY 21.The Company
plans to talis advantage of capturing OEM clients in passenger vehicles across
The Company continue to aggressively
pursue organic and inorganic growth opportunities. Its sound financial position
enables it with Capex investments.
The fact that
ensuing decade will witness
Statement of Unaudited
financial results for the Quarter and
Nine Months Ended on 31st
December, 2012
Rs in Millions
|
Sr. No |
Particulars |
Standalone |
||
|
Unaudited |
Unaudited |
Unaudited |
||
|
Quarter Ended |
Year to date |
|||
|
|
|
31.12.2012 |
30.09.2012 |
31.12.2012 |
|
1 |
Income from operations |
|
|
|
|
|
(a) Net
Sales/Income from Operations (Net of excise duty) |
1464.500 |
1395.700 |
4357.400 |
|
|
(b) Other Operating Income |
28.400 |
24.700 |
96.600 |
|
|
Total income from operations (net) |
1492.900 |
1420.400 |
445.400 |
|
2 |
Expenses (a) Cost of materials consumed |
952.900 |
947.000 |
2916.500 |
|
|
(c) Changes in inventories of finished goods,
work-in-progress and stock-in-trade |
(1.500) |
(33.100) |
(24.100) |
|
|
(d)
Employee benefits expense |
180.700 |
174.000 |
529.700 |
|
|
(e) Depreciation and amortisation expense |
42.600 |
39.100 |
122.100 |
|
|
(g) Other income |
210.600 |
213.500 |
637.100 |
|
|
Total expenses |
1385.300 |
1340.500 |
4181.300 |
|
3 |
Profit / (Loss) from
operations before other income, finance costs and exceptional items(1-2) |
107.600 |
79.900 |
272.700 |
|
4 |
Other Income |
20.300 |
25.100 |
80.800 |
|
5 |
Profit /
(Loss) from ordinary activities before finance costs and exceptional items(3
+ 4) |
127.900 |
105.000 |
353.500 |
|
6 |
Finance costs |
36.700 |
32.200 |
105.500 |
|
7 |
Profit
/ (Loss) from ordinary activities after finance costs but before exceptional items(S
- 6) |
91.200 |
72.800 |
248.000 |
|
8 |
Exceptional items |
(7.900) |
(7.500) |
(23.300) |
|
9 |
Profit
/ (Loss) from ordinary activities before tax (7 + 8) |
83.300 |
65.300 |
224.700 |
|
10 |
Tax Expense |
26.700 |
15.00 |
57.900 |
|
11 |
Net Profit
/ (Loss) from ordinary activities after tax (9-10) |
56.600 |
50.300 |
166.800 |
|
12 |
Extraordinary Items (net of tax expense) |
-- |
-- |
-- |
|
13 |
Net Profit / (Loss) for the period (11 -12) |
56.600 |
50.300 |
166.800 |
|
14 |
Paid up equity share capital (Face value Rs. 10
Per share) |
204.000 |
204.000 |
204.000 |
|
15 |
Reserve excluding revaluation reserves as per
share balance sheet of previous accounting year |
-- |
-- |
-- |
|
19(i) |
Earnings per share (before extraordinary items) |
|
|
|
|
|
(of Rs. 10/- each) (not annualised): |
|
|
|
|
* |
(a) Basic (in
Rs.)- (Not to be annualised) |
2.77 |
2.47 |
8.18 |
|
|
(b) Diluted
(in Rs.)- (Not to be annualised) |
2.77 |
2.47 |
8.18 |
|
Particulars |
Quarter Ended |
Year to date ended |
|
|
PARTICULARS OF SHAREHOLDING |
31.12.2012 |
30.09.2012 |
31.12.2012 |
|
|
|
|
|
|
1.
Public shareholding |
|
|
|
|
- Number of shares |
9,641,636 |
9,641,636 |
9,641,636 |
|
- Percentage of shares |
46.06% |
46.06% |
46.06% |
|
2.
Promoters and promoter group shareholding |
|
|
|
|
a) Pledged / encumbered |
|
|
|
|
- Number of shares |
Nil |
Nil |
Nil |
|
- 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 |
11,289,528 |
11,289,528 |
11,289,528 |
|
- Percentage of shares |
100% |
100% |
100% |
|
as a % of the total shareholding of
promoter and promoter group) |
|
|
|
|
- Percentage of shares |
53.94% |
53.94% |
53.94% |
|
(as a % of the total share capital of the
Company) |
|
|
|
|
Particulars |
Quarter ended 31.12.2012 |
|
B
INVESTOR COMPLAINTS |
|
|
Pending at the beginning of the
quarter |
Nil |
|
Received during the quarter |
3 |
|
Disposed during the quarter |
3 |
|
Remaining unresolved at the end of
the quarter |
Nil |
NOTE:
·
The above results were reviewed by the Audit
committee on 12 Febraury 2013 and approved by the Directors at their meeting held
on the same date. The statutory auditors of the company have carried out a
limited review of the financial results for the quarter ended 31 December 2012
and an unmddified report has been issued.
·
The company's business activities fall within
single primary business segment, viz, manufacturing of Automobile Components
and parts thereof. Accordingly, disclosure requirements of Accounting Standard
17, segment reporting, specified in the companies (Accounting Standard) Rules
2006 is not applicable
·
In
the previous period, the company had incurred expenditure amounting to Rs.
23.300 Millins (including Rs. 15.800 Millions incurred jointly with another
party), In respect of potiential business acquisitions and pending recovery/
capitalization alongwith cost of investments. However, considering the
elongated period with no substantial development on such potiential respective
acquisitions, the management considered it prudent to charge off its portion of
such expenses amounting Rs. 15.400 Millions in the half year ended 30 September
2012 (including Rs.7.500 Millions in the quarter ended 30 September 2012).
Also, on a prudent basis considering further elapse of time, the balance
recoverable amount Rs.7.900 Millions has been provided for in the current
quarter.
·
The
figures of the previous periods have been regrouped and adjusted wherever
necessary
BOARDS OF DIRECTORS :
ASHOK MINDA
Chairman and Group CEO
Mr.
Ashok Minda, 51 years of age is
Graduate in Commerce stream.
He has
rich and vast
experience of more
than 27 years in the Automotive Industry.
He served as Director
of Minda Industries Limited from December 12, 1996 to
April 14, 2011. He is holding the position of a Director and is Member of
various Committees of the Company's Board.
AVINASH PRAKASH GANDHI
Director and
Member of various Committees
of the Company
Mr. Avinash Prakash Gandhi is 73 Years of age.
Mr. Gandhi holds Bachelor's Degree in
Mechanical Engineering from Birla Institute of Technology and has completed
Senior Management programs at
Indian
RAKESH CHOPRA
Director and Chairman of
Audit Committee of the Company
Mr. Rakesh Chopra, 61 years
of age, is
a Chartered Accountant (England &
Wales) and an
MBA from Cranfield
University, U.K Mr. Chopra has
spearheaded various industry
groups at top management levels, including Escorts,
till September 2006. He has rich experience of
around 35 years.
He is holding the
position of Director in GPR Enterprises Private
Limited, Kempty Cottages Private Limited, Bharat Gears
Limited and Fairfield Atlas Limited. He
is also a founder member and Chairman of
Indraprastha Cancer Society (
LAXMAN RAMNARAYAN
Director and
Member of various Committee(s)
of the Company
Mr.
Laxman Ramnarayan holds various academic and professional qualifications
including B.COM, CWA and MMS. At 44, he has rich experience of over two
decades in finance
strategy . He is an Director
in Kotak Investment
Advisors Limited. Mr. Laxman
is presently holding the
position of a
director and audit
committee member of Mahindra
Aerospace Private Limited
and Mahindra Aerostructures Private
Limited.
JEEVAN MAHALDAR
Executive
Director and CEO
Mr. Jeevan Mahaldar, 53,
is an MBA and
a B. Tech (Mechanical). He has
rich and vast
experience of more
than 31 years
in the Automotive Industry. He was appointed as Managing Director of the
Company in the year 2007. Earlier, he has worked with Tata Ficosa Automotive
Systems Limited. Mr. Mahaldar is presently holding the position of a
director in Minda
Valeo Security Systems
Private Limited.
FIXED ASSETS:
•
•
• Building
• Plant and Machinery
• Computers
• Office
Equipments
• Furniture and Fittings
• Vehicles
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts,
1] INFORMATION ON
DESIGNATED PARTY
No exist designating subject or any of its beneficial owners, controlling
shareholders or senior officers as terrorist or terrorist organization or whom
notice had been received that all financial transactions involving their assets
have been blocked or convicted, found guilty or against whom a judgement or
order had been entered in a proceedings for violating money-laundering,
anti-corruption or bribery or international economic or anti-terrorism sanction
laws or whose assets were seized, blocked, frozen or ordered forfeited for
violation of money laundering or international anti-terrorism laws.
2] Court Declaration :
No exist to suggest that subject is or was
the subject of any formal or informal allegations, prosecutions or other
official proceeding for making any prohibited payments or other improper
payments to government officials for engaging in prohibited transactions or
with designated parties.
3] Asset Declaration :
No records exist to suggest that the property or assets of the subject
are derived from criminal conduct or a prohibited transaction.
4] Record on Financial
Crime :
Charges or conviction
registered against subject: None
5] Records on Violation of
Anti-Corruption Laws :
Charges or
investigation registered against subject: None
6] Records on Int’l
Anti-Money Laundering Laws/Standards :
Charges or
investigation registered against subject: None
7] Criminal Records
No
available information exist that suggest that subject or any of its principals
have been formally charged or convicted by a competent governmental authority
for any financial crime or under any formal investigation by a competent
government authority for any violation of anti-corruption laws or international
anti-money laundering laws or standard.
8] Affiliation with
Government :
No record
exists to suggest that any director or indirect owners, controlling
shareholders, director, officer or employee of the company is a government
official or a family member or close business associate of a Government
official.
9] Compensation Package :
Our market
survey revealed that the amount of compensation sought by the subject is fair
and reasonable and comparable to compensation paid to others for similar
services.
10] Press Report :
No press reports / filings exists on
the subject.
CORPORATE GOVERNANCE
MIRA INFORM as part of its Due Diligence do provide comments on
Corporate Governance to identify management and governance. These factors often
have been predictive and in some cases have created vulnerabilities to credit
deterioration.
Our Governance Assessment focuses principally on the interactions
between a company’s management, its Board of Directors, Shareholders and other
financial stakeholders.
CONTRAVENTION
Subject is not known to have contravened any existing local laws,
regulations or policies that prohibit, restrict or otherwise affect the terms
and conditions that could be included in the agreement with the subject.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs. 54.29 |
|
|
1 |
Rs. 82.88 |
|
Euro |
1 |
Rs. 70.80 |
INFORMATION DETAILS
|
Report Prepared
by : |
|
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
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 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--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 |
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 |
|
51 |
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.