MIRA INFORM REPORT
|
Report Date : |
29.04.2013 |
IDENTIFICATION DETAILS
|
Name : |
LUMAX INDUSTRIES LIMITED |
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Registered
Office : |
B-85-86, Mayapuri Industrial Area, Phase - 1, |
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Country : |
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Financials (as
on) : |
31.03.2012 |
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Date of
Incorporation : |
10.12.1981 |
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Com. Reg. No.: |
55-012804 |
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Capital
Investment/ Paid-up Capital: |
Rs.93.477 millions |
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CIN No.: [Company Identification
No.] |
L74899DL1981PLC012804 |
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TAN No.: [Tax Deduction &
Collection Account No.] |
DELL02101B |
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PAN No.: [Permanent Account No.] |
AAACL1126D |
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Legal Form : |
A Public Limited Liability company. The Company’s Shares are Listed on
the Stock Exchanges. |
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Line of Business
: |
Manufacturer and Exporter of Auto Components and Lighting Equipments. |
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No. of
Employees: |
3000 (Approximately) |
RATING & COMMENTS
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MIRA’s Rating : |
A (65) |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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 |
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Maximum Credit Limit : |
USD 6430000 |
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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 a well established company having good track record. There
appears some dip in the profitability for the current year. However over all performance
seems good. Trade relations are reported to be fair. Business is active.
Payment are reported to be regular and as per commitments. The company can be considered for normal business dealing 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) |
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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 : A- |
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Rating Explanation |
Adequate degree of safety. It carry low
credit risk. |
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Date |
July, 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.
INFORMATION PARTED BY
|
Name : |
Mr. Mohit Jain |
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Designation : |
Accounts Manager |
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Contact No.: |
91-11-28111777 |
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Date : |
26.04.2013 |
LOCATIONS
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Registered Office : |
B-85-86, Mayapuri Industrial Area, Phase - 1, |
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Tel. No.: |
91-11-28111777/28116990/28115709 |
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Fax No.: |
91-11-28115779/28113631 |
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E-Mail : |
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Website : |
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Factory 1 : |
Plot No.16, Sector-18, Maruti Complex, Gurgaon , |
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Tel. No.: |
91-124-2341090 |
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Fax No.: |
91-124-2342149 |
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E-Mail : |
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Factory 2 : |
Plot No.6, Industrial Area, Dharuhera, District Rewari, |
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Factory 3 : |
D2-43/2, M.I.D.C. Industrial Area, Chinchwad, Pune, |
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Factory 4 : |
608-609, |
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Factory 5 : |
Plot No. 51, |
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Factory 6 : |
Plot No. 5, Industrial Park – II, Village Salempur, Mehdood, Haridwar,
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Factory 7 : |
Plot No. 22C, Bidadi Industrial Area, Bangalore-562109, |
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Factory 8 : |
Plot No. D-1, |
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Factory 9 : |
Plot No. 195, Sector 4, Phase II, G.C. Bawal, |
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Warehouse : |
Plot No.E-38, Site-IV, Surajpur Greater Noida, District Gautam Budh
Nagar, |
DIRECTORS
As on 31.03.2012
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Name : |
Mr. D.K. Jain |
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Designation : |
Chairman and Managing Director |
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Name : |
Mr. Deepak Jain |
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Designation : |
Senior Executive Director |
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Name : |
Mr. Anmol Jain |
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Designation : |
Senior Executive Director |
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Name : |
Mr. Eiichi Hirooka |
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Designation : |
Senior Executive Director |
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Name : |
Mr. Makio Natsusaka |
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Designation : |
Non- Executive Director - |
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Name : |
Mr. A.P. Gandhi |
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Designation : |
Independent Director |
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Name : |
Mr. Rattan Kapur |
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Designation : |
Independent Director |
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Name : |
Mr. Gursaran Singh |
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Designation : |
Independent Director |
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Name : |
Mr. Suman Jyoti Khaitan |
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Designation : |
Independent Director |
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Name : |
Mr. M.C. Gupta |
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Designation : |
Independent Director |
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Name : |
Mr. Dhiraj Dhar Gupta |
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Designation : |
Independent Director |
KEY EXECUTIVES
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Name : |
Mr. B.S. Bhadauriya |
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Designation : |
Vice President (Legal) and Company Secretary |
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Name : |
Mr. Mohit Jain |
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Designation : |
Accounts Manager |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 31.12.2012
|
Category
of Shareholder |
Total No. of
Shares |
% of total No.
of Shares |
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(A) Shareholding
of Promoter and Promoter Group |
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2427555 |
25.97 |
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954225 |
10.21 |
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3381780 |
36.18 |
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3505399 |
37.50 |
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3505399 |
37.50 |
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Total shareholding
of Promoter and Promoter Group (A) |
6887179 |
73.68 |
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(B) Public
Shareholding |
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|
11534 |
0.12 |
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400 |
0.00 |
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61120 |
0.65 |
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73054 |
0.78 |
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823041 |
8.80 |
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1018912 |
10.90 |
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528105 |
5.65 |
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17441 |
0.19 |
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15161 |
0.16 |
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80 |
0.00 |
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2200 |
0.02 |
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2387499 |
25.54 |
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Total Public
shareholding (B) |
2460553 |
26.32 |
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Total (A)+(B) |
9347732 |
100.00 |
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(C) Shares held
by Custodians and against which Depository Receipts have been issued |
0 |
0.00 |
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0 |
0.00 |
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0 |
0.00 |
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0 |
0.00 |
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Total
(A)+(B)+(C) |
9347732 |
0.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer and Exporter of Auto Components and Lighting Equipments. |
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Products : |
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Exports : |
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Products : |
Auto Components and Lighting Equipments |
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Countries : |
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Imports : |
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Products : |
Raw Material |
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Countries : |
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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)
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Particulars |
Unit |
Installed
Capacity # |
Actual
Production |
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Head Lamp Assembly |
Nos. |
12175000 |
9474696 |
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Tail Lamp Assembly/Rear Combination Lamp |
Nos. |
8675000 |
5295335 |
Note: # as certified by the management.
GENERAL INFORMATION
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Customers : |
End Users GLOBAL CLIENTS ·
John Deere ·
Nissan ·
Truck lite ·
CNH ·
Adiva ·
Vignal DOMESTIC CLIENTS ·
Martuti Suzuki ·
TATA ·
Bajaj ·
Honda ·
Hero ·
Honda ·
Mahindra ·
Ashol Leylan ·
GM ·
Ford ·
Hyundai ·
Kinetic ·
HM ·
Swaraj Mazda ·
Yamaha ·
Force Motors |
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No. of Employees : |
3000 (Approximately) |
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Bankers : |
· Societe Generale · Standard Chartered Bank · Syndicate Bank · Citi Bank N.A. · IDBI Bank Ltd ·
Central Bank of · ICICI Bank Limited · HDFC Bank Limted ·
State Bank of ·
The Royal Bank of ·
Bank of · Yes Bank Limited · Kotak Mahindra Bank Limited |
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Facilities : |
Rs.
In Millions
Notes : 1 Indian Rupee
Loan from Bank includes: (a) Rs. 87.529 millions taken in financial year 2008-09 carries
interest @ PLR -2.50% i.e. 12.50% p.a. at present. The loan is repayable in
16 equal quarterly installments of Rs. 21,875,000/- (excluding interest)
after one year moratorium period from the disbursement date 27.03.2008. The
Loan is secured by way of first charge on the plant and machineries alongwith
the unregistered equitable mortgage (UREM) on land and building, situated at
Chakan-II unit (except assets exclusively hypothecated to banks and body
corporate). (b) Rs. 118.143 millions taken in Financial Year 2008-09 carries
interest @ PLR -0.5% i.e. 14.50% p.a. at present. The loan is repayable in 16
equal quarterly installments of Rs. 16.875 after one year moratorium period
from disbursement date 01.11.2008. The Loan is secured by extension of
charges by way of hypothecation on the plant and machineries alongwith the
UREM on land and building, situated at Chakan-II Unit. This facility is
further secured by UREM of land and building of Dharuhera Unit along with
hypothecation on plant and machinery of Dharuhera (both present and future)
and those of Gurgaon Unit (acquired from proceeds of this facility). (c) Rs. 135.330 millions taken in the financial year 2010-11 carries
interest @ Base Rate +3% i.e. 13.50% p.a. at present. The loan is repayable in
16 equal quarterly installments of Rs. 10,410,750/- (excluding interest)
after one year moratorium period from the disbursement date 10.05.2010. The
Loan is secured by way of first pari passu charge on the land and building
along with all the plant and machineries, situated at Sanand ( (d) Vehicle loans from banks at interest @ 10% - 13% aggregating to
Rs. 9.408. These are secured by way of hypothecation of the respective
vehicles acquired out of the proceeds thereof. 2 Foreign
Currency Loan from Bank includes : (a) Rs. 257.400 millions taken in the financial year 2011-12 carries
interest @ LIBOR plus 260 BSP. The loan is repayable in 16 quarterly
installments of Rs. 14.026 after one year moratorium period from the disbursement
date i.e. 03.06.2012. The loan is secured by way of first and exclusive
charge on the land and building along with all the plant and machineries,
situated at Bawal (Haryana) unit both present and future. (b) Rs. 514.800 millions taken in the financial year 2011-12 carries
interest @ LIBOR plus 260 BSP. The loan is repayable in 16 quarterly
installments of Rs. 30.568 after one year moratorium period from the
disbursement date i.e. 29.09.2012. The loan is secured by way of first and
exclusive charge on the land and building along with all the plant and
machineries, situated at Bawal (Haryana) unit both present and future. (c) Rs. 257.400 millions taken in the financial year 2011-12 carries
interest @ LIBOR plus 475 BSP. The loan is repayable in 16 quarterly
installments of Rs. 15.521 millions after one year moratorium period from the
disbursement date i.e. 31.01.2013. The loan is secured by way of first and
exclusive pari passu charge on the land and building alongwith all other
moveable fixed assets, situated at Pant Nagar (Uttrakhand) unit both present
and future. 3 Indian Rupee Loan from other than Bank includes Vehicle loans at
interest @ 10% - 13% aggregating to Rs 2.567 millions. These are secured by
way of hypothecation of the respective vehicles acquired out of the proceeds
thereof. 4. Deferred sales tax loan is interest free and repayable monthly
after seven year from its due months respectively started from July, 2007. Notes: (a) Cash credit/Buyer’s Credit facility of Rs. 15.516 millions is
secured by way of first pari passu charge on all present and future stock and
book debts along with pari passu charge on all fixed assets at Chinchwad Unit
and equitable mortgage on Land and Building at Chinchwad Unit, repayable on
demand and carries interest @ 13.00%. (b) Cash credit facility of Rs. 97.596 millions is secured by way of
first pari passu charge on all current assets of the Company. This facility
is further secured by way of equitable mortgage on Land and Buildings and
first pari passu charges against movable Fixed Assets at Chinchwad Unit of
the Company, repayable on demand and carries interest @ 13% to 14.25%. (c) Cash credit facility of Rs. 87.395 millions is secured by way of
first pari passu charge on all the Stock and Book Debts of the Company, both
present and future. This facility is further secured by extension of charge
by way of hypothecation on the Plant and Machinery along with the UREM on
Land and Building situated at Chakan –II Unit, repayable on demand and
carries interest @ 11%-14.50%. (d) WCDL Facility of Rs. 100.000 millions is secured by way of first
pari passu charge on all current assets of the Company. This facility is
further secured by way of equitable mortgage on Land and Buildings and first
pari passu charges against movable Fixed Assets at Chinchwad Unit of the
Company, repayable on demand and carries interest @ 11.55%. |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
S.R. Batliboi and Associates Chartered Accountants |
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Address : |
Gurgaon, |
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Investing Company
in which the Company is associate : |
Stanley Electric Company Limited, |
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Jointly controlled
entity : |
SL Lumax Limited |
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CAPITAL STRUCTURE
As on 31.03.2012
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
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|
|
|
|
12000000 |
Equity Share |
Rs.10/- each |
Rs.120.000 MIllins |
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Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
9347732 |
Equity Share |
Rs.10/- each |
Rs.93.477
Millions |
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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 dividends 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 March 31, 2012, the amount of per share dividend recognized as
distributions to equity shareholders was Rs. 6 (Previous year: Rs. 6).
In the event of liquidation of the Company, the holders of 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.
Details of
shareholders holding more than 5% shares in the Company As on 31.03.2012
|
Names of Shareholders |
No. of Shares |
Percentage of
Holding |
|
Equity shares of Rs. 10 each fully paid |
|
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|
Stanley Electric Co. Limited |
3343381 |
35.77 |
|
Dhanesh Kumar Jain |
1938025 |
20.73 |
|
Lumax Auto Technologies Limited |
525000 |
5.62 |
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 |
93.477 |
93.477 |
93.477 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
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3] Reserves & Surplus |
1514.594 |
1451.983 |
1337.918 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
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NETWORTH |
1608.071 |
1545.460 |
1431.395 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
1376.463 |
605.571 |
786.551 |
|
|
2] Unsecured Loans |
68.811 |
126.525 |
219.427 |
|
|
TOTAL BORROWING |
1445.274 |
732.096 |
1005.978 |
|
|
DEFERRED TAX LIABILITIES |
213.961 |
206.777 |
158.180 |
|
|
|
|
|
|
|
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TOTAL |
3267.306 |
2484.333 |
2595.553 |
|
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APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
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|
FIXED ASSETS [Net Block] |
3514.854 |
2650.300 |
2398.571 |
|
|
Capital work-in-progress |
498.607 |
332.646 |
295.130 |
|
|
|
|
|
|
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|
INVESTMENT |
46.516 |
36.852 |
36.865 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
900.593
|
821.598 |
538.849
|
|
|
Sundry Debtors |
1309.266
|
1323.492 |
780.498
|
|
|
Cash & Bank Balances |
308.208
|
319.020 |
194.068
|
|
|
Other Current Assets |
83.678
|
16.165 |
23.174
|
|
|
Loans & Advances |
477.449
|
466.972 |
277.078
|
|
Total
Current Assets |
3079.194
|
2947.247 |
1813.667 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
2816.698
|
2507.779 |
1405.975
|
|
|
Other Current Liabilities |
906.320
|
827.198 |
451.154
|
|
|
Provisions |
148.847
|
147.735 |
91.551
|
|
Total
Current Liabilities |
3871.865
|
3482.712 |
1948.680 |
|
|
Net Current Assets |
(792.671)
|
(535.465) |
(135.013) |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
3267.306 |
2484.333 |
2595.553 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
9851.582 |
8662.486 |
6341.538 |
|
|
|
Other Income |
36.517 |
35.767 |
88.761 |
|
|
|
TOTAL (A) |
9888.099 |
8698.253 |
6430.299 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of raw material and components consumed |
7326.201 |
6286.147 |
|
|
|
|
Purchase of traded goods |
30.003 |
37.361 |
|
|
|
|
Employee benefits expense |
791.487 |
671.703 |
|
|
|
|
Other expenses |
1277.385 |
1132.935 |
|
|
|
|
|
9425.076 |
8128.146 |
|
|
|
|
(Increase)/decrease in inventories of finished goods work-in-progress and traded goods |
(31.255) |
2.190 |
|
|
|
|
TOTAL (B) |
9393.821 |
8130.336 |
5912.738 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
494.278 |
567.917 |
517.561 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
122.277 |
90.134 |
113.197 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
372.001 |
477.783 |
404.364 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
236.680 |
240.449 |
340.540 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
135.321 |
237.334 |
63.824 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
7.184 |
57.598 |
4.559 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
128.137 |
179.736 |
59.265 |
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Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
145.486 |
48.935 |
28.371 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Transfer to General Reserve |
13.000 |
18.000 |
6.000 |
|
|
|
Dividend |
56.086 |
56.086 |
28.043 |
|
|
|
Tax on Dividend |
9.099 |
9.099 |
4.658 |
|
|
BALANCE CARRIED
TO THE B/S |
195.438 |
145.486 |
48.935 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Exports of manufactured goods at F.O.B. Value |
244.470 |
195.673 |
118.517 |
|
|
|
Recovery of Testing Charges |
9.335 |
5.290 |
9.015 |
|
|
TOTAL EARNINGS |
253.805 |
200.963 |
127.532 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
650.407 |
624.771 |
753.722 |
|
|
|
Components and spare parts |
10.018 |
8.901 |
6.972 |
|
|
|
Capital Goods |
783.479 |
433.985 |
186.627 |
|
|
|
Traded Goods |
30.002 |
37.361 |
0.000 |
|
|
TOTAL IMPORTS |
1473.906 |
1105.018 |
947.321 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
13.71 |
19.23 |
6.34 |
|
Expected Sales (2013-2014) : Rs. 12000.000 Millions
The above information has been parted by Mr. Mohit Jain (Accounts
Manager)
QUARTERLY RESULTS
|
PARTICULARS |
30.06.2012 |
30.09.2012 |
31.12.2012 |
|
Type |
1st
Quarter |
2nd
Quarter |
3rd
Quarter |
|
Net Sales |
2716.740 |
2539.900 |
2578.700 |
|
Total Expenditure |
2593.860 |
2394.900 |
2410.400 |
|
PBIDT (Excl OI) |
122.880 |
145.000 |
168.300 |
|
Other Income |
6.270 |
08.900 |
14.200 |
|
Operating Profit |
129.150 |
153.900 |
182.500 |
|
Interest |
43.550 |
49.000 |
48.200 |
|
Exceptional Items |
0.000 |
0.000 |
0.000 |
|
PBDT |
85.600 |
104.900 |
134.300 |
|
Depreciation |
73.660 |
78.300 |
81.700 |
|
Profit Before Tax |
11.940 |
26.600 |
52.500 |
|
Tax |
(3.910) |
01.600 |
08.600 |
|
Provisions and contingencies |
0.000 |
0.000 |
0.000 |
|
Profit After Tax |
15.850 |
25.000 |
44.000 |
|
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 |
15.850 |
25.000 |
44.000 |
KEY RATIOS
|
PARTICULARS |
|
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
PAT / Total Income |
(%) |
1.30 |
2.07
|
0.92 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
1.37 |
2.74
|
1.01 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
2.05 |
4.24
|
1.52 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.08 |
0.15
|
0.04 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
0.90 |
0.47
|
0.70 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
0.80 |
0.85
|
0.93 |
LOCAL AGENCY FURTHER INFORMATION
|
Available
in Report [Yes/No] |
|
|
Year
of Establishment |
Yes |
|
Locality
of the Firm |
Yes |
|
Constitution
of the firm |
Yes |
|
Premises
details |
Yes |
|
Type
of Business |
Yes |
|
Line
of Business |
Yes |
|
Promoters
background |
No |
|
No.
of Employees |
Yes |
|
Name
of Person Contacted |
Yes |
|
Designation
of contact person |
Yes |
|
Turnover
of firm for last three years |
Yes |
|
Profitability
for last three years |
Yes |
|
Reasons
for variation <> 20% |
- |
|
Estimation
for coming financial year |
Yes |
|
Capital
the business |
Yes |
|
Details
of sister concerns |
Yes |
|
Major
Suppliers |
No |
|
Major
Customers |
Yes |
|
Payment
Terms |
Yes |
|
Export
/ Import Details [If Applicable] |
Yes |
|
Market
Information |
- |
|
Litigations
that the firm / promoter involved in |
- |
|
Banking
Details |
Yes |
|
Banking
Facility Details |
Yes |
|
Conduct
of the banking account |
- |
|
Buyer
visit details |
- |
|
Financials,
if provided |
Yes |
|
Incorporation
details, if applicable |
Yes |
|
Last
accounts filed at ROC |
Yes |
|
Major
Shareholders, if applicable |
Yes |
|
Date of Birth of Proprietor/Partner/Director,
if available |
No |
|
PAN
of Proprietor/Partner/Director, if available |
No |
|
Voter
ID No of Proprietor/Partner/Director, if available |
No |
|
External Agency
Rating, if available |
Yes |
UNSECURED LOAN
|
PARTICULARS |
31.03.2012 |
31.03.2011 |
|
Other loans and
advances Deferred sales tax loan (unsecured) |
68.811 |
126.525 |
|
Total |
68.811 |
126.525 |
CORPORATE INFORMATION
Subject is a leading manufacturer and supplier of auto components, mainly automotive lighting systems for four wheeler and two wheeler applications. The Company has technical as well as financial collaboration with Stanley Electric Co. Ltd., Japan. Its shares are listed on two exchanges in India.
BUSINESS PERFORMANCE
The Rs. 1,600 billion Indian auto component industry derives its growth
impetus from the growth in automobile industry. The Indian auto components
industry has been witnessing a moderation in its revenue growth since the
beginning of this fiscal following the deceleration in sales volume growth
across all automobile segments. The margins of the auto component manufacturers
declined due to higher overhead costs, increase in raw material and power
prices, sluggish growth in supplies to domestic Original Equipment
Manufacturers and sudden depreciation of rupee against major currencies. The
sluggishness was partly arrested on the back of rise in component exports and
higher domestic replacement market sales.
During the year the Indian
Automobile Industry recorded a production growth of 13.83% as compared to 27%
of the corresponding period last year. The industry produced around 20.37
Million vehicles of which share of two wheelers was 76%, passenger vehicles -
16%, three wheelers and commercial vehicles - 4% each
In this backdrop, during the year , the Company recorded a sales
turnover of 9851.58 Million registering a growth of 13.73%, which is in line
with the industry growth. The profit for the year after tax stood at Rs. 128.14
Million as compared to Rs. 179.74 Million during the previous year.
SCALING UP OF
BUSINESS: NEW PLANTS AND FACILITIES
Currently, the auto components industry in
As volumes increase, Indian auto component manufacturers will have to
scale up their operations and further improve quality, cost and delivery
performance to global standards demanded by customers.
Keeping in view the huge growth potential of automotive industry, to
better serve its esteemed customers and to retain competitive edge, the company
has made an investment to the tune of Rs.1100 million, which is up by nearly
44% over the last year. The Investments have been made towards setting up a new
state of the art automotive lighting plant at Bawal, modernization of Dharuhera
Plant, setting up a new surface treatment facility at Pantnagar and
up-gradation of its Research and Development facilities and Production
engineering capabilities. The automotive lighting plant at Bawal has commenced
commercial production in February, 2012, in a record time of one year.
The development work of new plant in Bidadi,
A detailed discussion on the business performance and future outlook is
provided in the Chapter on Management Discussion and Analysis Report (MDA).
RECOGNITION AND
AWARDS
The company considers technological leadership to be a significant
factor in quality excellence and its continued success and therefore continues
to devote significant resources to upgrade its technological capabilities. As a
result of which the Company has received the following awards and recognitions
from Customers and other Agencies during the year :
·
Won gold trophy in Quality Circle Competition
organised by Quality Circle Forum of India.
·
Won 4th Runner up award in Quality Circle
Competition organized by
·
Got the Award to maintain the 90% score
continuously from last two years in Vendor System Audit by Maruti entre for
Excellence
(MACE).
·
Got distinguished award in Quality Circle
Competition organised by Quality Circle Forum of India.
·
Won Bronze Trophy for "Manufacturing
Excellence" from Automotive Components Manufacturer Association CMA).
·
Won Bronze Trophy for "Quality and
Productivity" from Automotive Components Manufacturer Association (ACMA).
·
Received Certificate of appreciation for Quality
and Delivery of Spare part components by Honda Siel Cars India Limited.
·
Received Certificate for Proactive capacity
enhancement from Maruti Suzuki India Limited.
MANAGEMENT
DISCUSSION and ANALYSIS REPORT
INDUSTRY
STRUCTURE, DEVELOPMENTS AND OUTLOOK
ECONOMIC
ENVIRONMENT
For the Indian Economy, this was a year of recovery interrupted. Global
factors like the sovereign debt crisis in the Euro zone, political turmoil in
Middle East, rise in crude oil prices, and an earthquake in
The Gross Domestic Product (GDP) is estimated to have grown at 6.9% in
2011-12 in real terms, after having grown at the rate of 8.4% in each of the
two preceding years. Though they have been able to limit the adverse impact of
the slowdown on their economy, this year's performance has been disappointing.
But it is also a fact that in any cross-country comparison,
In 2011-12, Agriculture is estimated to have grown at 2.5%, Industry at
3.9% and services at 9.4%. There is a significant slowdown in comparison to the
preceding two years, primarily due to deceleration in industrial growth, more
specifically in private investment. Rising cost of credit and weak domestic
business sentiment, added to this decline.
However, for the Indian economy, the outlook for growth and price
stability at this juncture looks more promising. There are signs from some high
frequency indicators that the weakness in economic activity has bottomed out
and a gradual upswing is imminent. There are signs of recovery in coal,
fertilizers, cement and electricity sectors. These are the core sectors that
have an impact on the entire economy
Keeping in view the overall economic situation and mindful of the
difficult global environment, the growth rate of GDP for 2012-13 is expected to
be 7% (+/-0.25%) and 8% for 2013-14.
AUTO AND AUTO
COMPONENT INDUSTRY OUTLOOK
Automotive sector as an engine to propel manufacturing to a high growth
trajectory: Approach to the 12th Five Year Plan.
The Automotive Industry is globally one of the largest industries and a
key sector of the economy. Owing to its deep forward and backward linkages, it has
a strong multiplier effect and acts as one of the important drivers of economic
growth. The National Manufacturing Plan which seeks to change the growth
pattern of India's manufacturing sector, calls for focusing on a number of
areas and has identified auto sector as having the competitive advantage and
potential to fuel rapid growth of manufacturing Witha CAGR of over of 15%
during the last 5-7 years, the automotive sector is aptly described as the next
sunrise sector of the Indian economy.
With the gradual liberalization of the automotive sector in
The contribution of this sector to the National GDP has risen from 2.77%
in 19921992-93 to close to 6% now. It provides direct and indirect employment
to over 13.1 million people. In 2010-11, the total turnover of the automotive
Industry stood at USD 73 Billion and its contribution to the Manufacturing GDP
and the excise duty was 22% and 21% respectively.
At present, there are 19 manufacturers of passenger cars and multi
utility vehicles, 14 manufacturers of commercial vehicles, 16 of 2/3 wheelers
and 12 of tractors besides 5 manufacturers of engines in
In future, the growth in the global automotive industry will come mainly
from the emerging economies and
INDUSTRY OUTLOOK:
VISION 2020
·
Passenger vehicles - projected to be
5 million units by 2015 and over 9 million by 2020 driven by domestic demand
and as a global manufacturing hub for export of small cars.
·
Commercial
vehicles - volumes of over 1.4 million by 2015 and over 2.2 million by 2020.
Small Commercial Vehicles (SCV), a relatively new segment, expected to grow 28%
annually over the next few years.
·
Two and three
wheelers - expected to double to 22 million units by 2015 and reach 30 million
by 2020 driven by present low penetration levels, expanding rural sales and
growth in exports.
·
Tractors - projected to be over 0.7 million by 2015
and over 1 million by 2020 with steady growth expected in domestic and export
volumes.
·
Construction
equipment - likely to grow 2.5 times to 0.1million units by 2015 and almost
double again to 0.18 million by 2020 driven by the expected growth in
infrastructure sector.
These volumes will catapult
INDIAN PASSENGER
VEHICLE INDUSTRY: FACED A ROAD BLOCK: 2011-12
The Indian passenger vehicle (PV) industry has experienced a period of
strong volume growth in the last five years riding on strong economic growth,
rising disposable incomes, favourable demographics and relatively low
penetration levels. Frequent introduction of new models by Original Equipment
Manufacturers (OEMs), incumbents as well as new entrants, and adequate
financing availability also contributed to the growth momentum. As demand and
supply tangoed, the industry's volumes grew at 16.3% CAGR during 2007-11, with
growth being particularly strong in the last two years.
Growth
in Volumes
|
Particulars |
FY08 |
FY09 |
FY10 |
FY11 |
FY12 |
|
Volume (Domestic + Export) |
1,768,283 |
1,888,432 |
2,397,478 |
2,973,900 |
3,125,390 |
|
YoY Growth % |
12.0 |
6.8 |
27.0 |
24.0 |
5.1 |
However, since the beginning of 2011-12, the industry has been witnessing
a slowdown in volume growth marred by rising inflation, hardening interest
rates and increasing fuel prices that have combined to dent consumer sentiment.
Apart from macroeconomic headwinds dampening demand, events such as production
disruption at
Industry experts believe that
AUTO COMPONENT
INDUSTRY
The Rs. 1,600 billion Indian auto component industry derives its growth
impetus from the growth in automobile industry. As per industry estimates, Indian
auto component industry derives 60% of its turnover from sales to domestic
original equipment manufacturers (OEMs), 25% from sales to the domestic
replacement market and around 15% from exports
The Indian auto component industry is one of the front runners for
grabbing the global auto components outsourcing market and is poised to grow by
over four-fold to USD 110 billion by 2020 driven by the growth in vehicle
production. Of this, the domestic turnover would be around USD 80 billion and
an export potential of around USD 29 billion.
The auto component industry can thus be an engine of
PRODUCT WISE PERFORMANCE
The Company is
engaged only in one segment of products viz. manufacture of Auto Components,
mainly Automotive Lighting Systems. The Product wise performance during the
year is as follows:
(Rs. in Millions)
|
Products |
Turnover |
|
Automotive Lamps |
9299.970 |
|
Gear Shifter |
30.780 |
|
Tools |
485.250 |
|
Miscellaneous
Items |
35.580 |
|
Total |
9851.580 |
DISCUSSION ON
FINANCIAL PERFORMANCE WITH REFERENCE TO OPERATIONAL PERFORMANCE
The financial year ended on March 31, 2012 was
an extremely challenging year for the Indian Automotive Industry. The
production of Automobiles in this financial year has grown merely 13.83% as
compared to the last financial year ended on March 31, 2011. In line with the
growth of Industry, the Company clocked a growth of 13.73% year on year.
CONTINGENT
LIABILITIES
Rs. in Millions
|
Particular
|
31.03.2012 |
|
Bills of exchange discounted from a bank |
|
|
Demand raised by ESIC department against short contribution paid by the Company, being disputed by the
Company |
2.880 |
|
Demand raised by Sales Tax authorities against purchase tax on inter
unit stock transfers, being disputed by the Company |
0.906 |
|
Various other claims of Sales Tax Matters made against the
Company not acknowledged as debts,
being disputed by the Company |
1.403 |
|
Demand raised by Sales Tax authorities on account of non-submission of
statutory forms etc., being disputed by the Company |
6.965 |
|
Income Tax demand on transfer pricing additions and disallowance of
foreign travelling expense and demerger expense in respect of Assessment Year 2004-05 for which the department has filed an appeal
with ITAT |
1.441 |
|
Income Tax demand on transfer pricing additions and otherdisallowances
in respect of Assessment Year 2005-06 for which the Department has filed an
appeal with ITAT |
27.885 |
|
Income Tax demand on transfer pricing additions and disallowance of
provision for warranty and expense under section 14A of the Income Tax Act,
1961, in respect of Assessment Year 2006-07 for which the Company has filed an
appeal before ITAT |
5.999 |
|
Income Tax demand on transfer pricing additions and disallowance of
leave encashment expense, provision for warranty and other expenses in
respect of Assessment Year 2007-08 for which the Company has filed an appeal before Dispute Resolution Panel against
the Draft Assessment order |
30.685 |
|
Income Tax demand on transfer pricing additions and disallowance of
leave encashment expense, PF on leave encashment expense, provision for
warranty and other expenses in respect of Assessment Year 2008-09 for which
the Company has filed an appeal before Dispute Resolution Panel against the
Draft Assessment order |
38.855 |
|
Liability of Customs duty towards export obligation undertaken by the Company under EPCG licenses |
80.890 |
Based on the favourable decisions in similar cases/advice taken by the Company, the Company believes that it has good cases in respect of all the items listed under (ii) to (x) above and hence no provision there against is considered necessary.
STATEMENT OF UNAUDITED RESULTS FOR THE QUARTER AND NINE MONTHS ENDED
31ST DECEMBER, 2012
(Rs. In millions)
|
Sl. No. |
Particulars |
Quarter ended (Unaudited) |
Nine months ended (Unaudited) |
|
|
|
|
31.12.2012 |
30.09.2012 |
31.12.2012 |
|
1 |
Income from operations |
|
|
|
|
|
(a) Net Sales / Income from Operations (Net of excise duty) |
2563.221 |
2519.484 |
7786.826 |
|
|
(b) Other Operating Income |
15.465 |
20.436 |
48.525 |
|
|
Total Income from operations
(net) |
2578.686 |
2539.920 |
7835.351 |
|
2 |
Expenses |
|
|
|
|
|
(a) Cost of materials consumed |
1812.012 |
1793.269 |
5588.650 |
|
|
(b) Purchases of stock-in-trade |
0.051 |
0.290 |
0.561 |
|
|
(c) Changes in inventories of finished goods, work-in-progress and
stock-in- |
(19.580) |
18.650 |
(48.360) |
|
|
(d) Employee benefits expense |
243.636 |
234.218 |
712.518 |
|
|
(e) Depreciation and amortisation expense |
81.728 |
78.320 |
233.707 |
|
|
(f) Other expenses |
374.249 |
348.498 |
1145.784 |
|
|
Total Expenses |
2492.096 |
2473.245 |
7632.860 |
|
3 |
Profit from Operation before
other income & finance costs (1 -2) |
86.590 |
66.675 |
202.491 |
|
4 |
Other Income |
14.165 |
8.934 |
29.369 |
|
5 |
Profit before finance costs
(3+4) |
100.755 |
75.609 |
231.860 |
|
6 |
Finance costs |
48.224 |
49.013 |
140.791 |
|
7 |
Profit before tax (5-6) |
52.531 |
26.596 |
91.069 |
|
8 |
Tax expense |
8.563 |
1.618 |
6.273 |
|
9 |
Net Profit after tax (7-8) |
43.968 |
24.978 |
84.796 |
|
10 |
Paid up equity share capital of Rs. 10/- each |
93.477 |
93.477 |
93.477 |
|
11 |
Reserve excluding Revaluation Reserves as per balance sheet of
previous |
- |
- |
- |
|
|
accounting year |
|
|
|
|
12 |
Earning per Share (not annualised) |
|
|
|
|
|
Basic and Diluted eps (in Rs.) |
4.70 |
2.67 |
9.07 |
SELECT INFORMATION FOR THE
QUARTER/NINE MONTHS ENDED 31ST DECEMBER, 2012
|
Sl. No. |
Particulars |
Quarter ended |
Nine months ended |
|
|
|
|
31.12.2012 |
30.09.2012 |
31.12.2012 |
|
A |
PARTICULARS OF SHAREHOLDING |
|
|
|
|
1 |
Public Shareholding |
|
|
|
|
|
- No. of Shares |
2,460,511 |
2,460,511 |
2,460,511 |
|
|
- Percentage of Shareholding |
26.32 |
26.32 |
26.32 |
|
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 |
NA |
NA |
NA |
|
|
and promoter group) |
|
|
|
|
|
- Percentage of Shares (as a % of the total share capital of the
company) |
NA |
NA |
NA |
|
|
b) Non-encumbered |
|
|
|
|
|
- Number of Shares |
6,887,221 |
6,887,221 |
6,887,221 |
|
|
- 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) |
73.68% |
73.68% |
73.68% |
|
|
Particulars |
Quarter ended 31st December 2012 |
|
B |
INVESTOR COMPLAINTS Pending at the beginning of the quarter Received during the quarter Disposed of during the quarter Remaining unresolved at the end of the
quarter |
-- 8 8 -- |
FIXED ASSETS:
·
·
· Buildings
· Plant and Machinery
· Furniture and Fixtures
· Office Equipments
· Vehicles
· Computer Software
· Technical Knowhow
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.83.88 |
|
Euro |
1 |
Rs.70.68 |
INFORMATION DETAILS
|
Information
Gathered by : |
SVA |
|
|
|
|
Report Prepared
by : |
MRI |
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 |
8 |
|
--PROFITABILIRY |
1~10 |
7 |
|
--LIQUIDITY |
1~10 |
7 |
|
--LEVERAGE |
1~10 |
7 |
|
--RESERVES |
1~10 |
8 |
|
--CREDIT LINES |
1~10 |
7 |
|
--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 |
|
65 |
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.