1. Summary Information
|
Country |
India |
||
|
Company Name |
SHRIRAM PISTONS
AND RINGS LIMITED |
Principal Name 1 |
Shri Pradeep Dinodia |
|
Status |
Good |
Principal Name 2 |
Shri Hari S. Bhartia |
|
Registration # |
55-004084 |
||
|
Street Address |
3rd
Floor, Himalaya House, 23, Kasturba Gandhi Marg, New Delhi – 110001, India |
||
|
Established Date |
09.12.1963 |
SIC Code |
-- |
|
Telephone# |
91-11-23315941 |
Business Style 1 |
Manufacturing |
|
Fax # |
91-11-23311203 |
Business Style 2 |
-- |
|
Homepage |
Product Name 1 |
Pistons |
|
|
# of employees |
Not Available |
Product Name 2 |
Piston Rings |
|
Paid up capital |
Rs.223,750,000/- |
Product Name 3 |
Engine Valves |
|
Shareholders |
-- |
Banking |
UCO Bank |
|
Public Limited Corp. |
NO |
Business Period |
50 Years |
|
IPO |
NO |
International Ins. |
- |
|
Public |
NO |
Rating |
Ba (55) |
|
Related
Company |
|||
|
Relation
|
Country
|
Company
Name |
CEO |
|
Subsidiary company |
-- |
SPR International Auto Exports Limited |
-- |
|
Note |
- |
||
2. Summary
Financial Statement
|
Balance Sheet as of |
31.03.2012 |
(Unit: Indian Rs.) |
|
|
Assets |
Liabilities |
||
|
Current Assets |
2,324,520,000 |
Current Liabilities |
2,470,980,000 |
|
Inventories |
1,842,180,000 |
Long-term Liabilities |
2,654,040,000 |
|
Fixed Assets |
5,545,100,000 |
Other Liabilities |
689,510,000 |
|
Deferred Assets |
0,000 |
Total Liabilities |
5,814,530,000 |
|
Invest& other Assets |
736,310,000 |
Retained Earnings |
4,409,830,000 |
|
|
|
Net Worth |
4,633,580,000 |
|
Total Assets |
10,448,110,000 |
Total Liab. & Equity |
10,448,110,000 |
|
Total Assets (Previous Year) |
8,169,980,000 |
|
|
|
P/L Statement as of |
31.03.2012 |
(Unit: Indian Rs.) |
|
|
Sales |
9910,170,000 |
Net Profit |
839,120,000 |
|
Sales(Previous yr) |
8330,240,000 |
Net Profit(Prev.yr) |
826,880,000 |
MIRA INFORM REPORT
|
Report Date : |
19.08.2013 |
IDENTIFICATION DETAILS
|
Name : |
SHRIRAM PISTONS AND RINGS LIMITED |
|
|
|
|
Registered
Office : |
3rd
Floor, Himalaya House, 23, Kasturba Gandhi Marg, New Delhi - 110001 |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as
on) : |
31.03.2012 |
|
|
|
|
Date of
Incorporation : |
09.12.1963 |
|
|
|
|
Com. Reg. No.: |
55-004084 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs.223.750 Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
L29112DL1963PLC004084 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
DELS22096E |
|
|
|
|
PAN No.: [Permanent Account No.] |
AAACS0229G |
|
|
|
|
Legal Form : |
A Public Limited Liability company. The company’s Share are Listed on
the Stock Exchange. |
|
|
|
|
Line of Business
: |
Manufacturing of Pistons, Pins, Piston Rings and Engine
Valves. |
|
|
|
|
No. of Employees
: |
Not Available |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (55) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 18530000 |
|
|
|
|
Status : |
Good |
|
|
|
|
Payment Behaviour : |
Regular |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is a well-established company having a fine track record. The financial position of the company is sound and healthy. Trade
relations are decent. Business is active. Payments are regular and as per
commitment. The company can be considered for business dealings at usual trade
terms and conditions. |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – March 31st, 2013
|
Country Name |
Previous Rating (31.12.2012) |
Current Rating (31.03.2013) |
|
India |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
INDIAN ECONOMIC OVERVIEW
We are living in a
world where volatility and uncertainty have become the New Normal. We saw
a change of government in countries like Tunisia, Egypt, Libya and Vietnam.
Once powerful countries in Europe are now fighting for bankruptcy. We have
taken growth in the developing part of the world for granted but economic
growth in China and India has begun to slow. Companies that were synonymous
with their product categories just a few years ago are now no longer in
existence. Kodak, the inventor of the digital camera had to wind up its
operations, HMV, the British entertainment retailing company and Borders, once
the second largest bookstore have shut down due to their inability to evolve
their business models with the changing time. Readers’ Digest, Thomson Register
are no more !
There is another
megatrend happening. The World order is changing as economic power shifts from
West to East. According to McKinsey study, it took Britain more than 100 years
to double its economic output per person during its industrial revolution and
the US later took more than 50 years to do the same. More than a century later,
China and India have doubled their GDP per capital in 12 and 18 years respectively.
By 2020, emerging Asia will become the world’s largest consuming block,
overtaking North America.
The years after the
outbreak of the global financial crisis, the world economy continues to remain fragile.
The Indian economy demonstrated remarkable resilience in the initial years of
the contagion but finally lost ground last year. GDP growth slowed down.
Currency has been weakening. There is a marked deceleration in agriculture,
industry and services. Dampening sentiment led to a cut-back in investment as
well as private consumption expenditure. Inflation remained at high
levels fuelled by the pressure from the food and fuel sectors. The large fiscal
and current account deficit s continued to cause grave concern. It is
imperative that India regains its growth trajectory of 8-9 % sooner than later.
This is crucially important given the need to create gainful livelihood
opportunities for the millions living in poverty as also the large contingent
of young people joining the job market every year.
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 DENIED
|
Name : |
Mr. Pradeep Dinodia |
|
Designation : |
Director |
|
Contact No.: |
91-120-2724861 |
|
Date : |
16.08.2013 |
LOCATIONS
|
Registered Office : |
3rd
Floor, Himalaya House, 23, Kasturba Gandhi Marg, New Delhi – 110001, India |
|
Tel. No.: |
91-11-23315941/ 45 |
|
Fax No.: |
91-11-23311203, 23725356 |
|
E-Mail : |
|
|
Website : |
|
|
|
|
|
Works : |
Meerut Road, Ghaziabad
(U.P.) Industrial Area, Pathredi, District Alwar, Rajasthan, India |
DIRECTORS
As on: 31.03.2012
|
Name : |
Shri Pradeep Dinodia |
|
Designation : |
Chairman |
|
|
|
|
Name : |
Shri Hari S. Bhartia |
|
Designation : |
Director |
|
|
|
|
Name : |
Shri Horst Binnig |
|
Designation : |
Director |
|
|
|
|
Name : |
Shri Shinji Kawano |
|
Designation : |
Director |
|
|
|
|
Name : |
Shri O.P. Khaitan |
|
Designation : |
Director |
|
|
|
|
Name : |
Shri Ravinder Narain |
|
Designation : |
Director |
|
|
|
|
Name : |
Shri C.Y. Pal |
|
Designation : |
Director |
|
|
|
|
Name : |
Shri M. Sekimoto |
|
Designation : |
Director |
|
|
|
|
Name : |
Shri Luv D. Shriram |
|
Designation : |
Director |
|
|
|
|
Name : |
Shri Inderdeep Singh |
|
Designation : |
Director |
|
|
|
|
Name : |
Shri A.K. Taneja |
|
Designation : |
Managing Director and CEO |
|
|
|
|
Name : |
Shri R. Srinivasan |
|
Designation : |
Joint Managing Director |
|
|
|
|
Name : |
Smt. Meenakshi Dass |
|
Designation : |
Wholetime Director |
|
|
|
|
Name : |
Dr. Peter Neu |
|
Designation : |
Alternate Director to Shri Horst Binnig |
|
|
|
|
Name : |
Shri N. Okano |
|
Designation : |
Alternate Director to Shri M. Sekimoto |
KEY EXECUTIVES
|
Name : |
Shri A.K. Taneja |
|
Designation : |
Managing Director and CEO |
|
|
|
|
Name : |
Shri R. Srinivasan |
|
Designation : |
Joint Managing Director and Company Secretary |
|
|
|
|
Name : |
Shri Rajiv Sethi |
|
Designation : |
Executive Director |
|
|
|
|
Name : |
Shri Anil Gadi |
|
Designation : |
Executive Director |
|
|
|
|
Name : |
Shri V.K. Jayaswal |
|
Designation : |
Executive Director |
|
|
|
|
Name : |
Shri P.S. Ladiwala |
|
Designation : |
Dy. Executive Director and CFO |
|
|
|
|
Name : |
Shri Devendra Mishra |
|
Designation : |
Dy. Executive Director |
|
|
|
|
Name : |
Shri Naveen Agarwal |
|
Designation : |
Dy. Executive Director |
|
|
|
|
Name : |
Shri Subrata Neogy - |
|
Designation : |
Sr. General Manager (R and D) |
|
|
|
|
Advisor : |
Shri Rakesh Anand |
BUSINESS DETAILS
|
Line of Business : |
Manufacturing of Pistons, Pins, Piston Rings and Engine
Valves. |
GENERAL INFORMATION
|
No. of Employees : |
Not Available |
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
|
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Bankers : |
Ø UCO
Bank Ø State
Bank of Hyderabad Ø Corporation
Bank Ø Axis
Bank Limited Ø HDFC
Bank Limited Ø IDBI
Bank Limited Ø Citi
Bank N.A. |
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
|
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Facilities : |
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
|
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
NOTE: Long Term
Borrowing:
iii.
Term loan from others of Rs. Nil
(previous year: Rs. 1.240 million) is secured against hypothecation of
vehicles purchased out of this loan.
iv.
Interest free trade tax loan of
Rs. 9.040 million (previous year: 18.700 million) is secured by way of pari
passu second charge on all assets of the Company, subject to prior charge of
banks for working capital loans.
v.
The long term deposits have been
raised under section 58A of the Companies Act, 1956 for maturity period of 2
and 3 years.
Short Term
Borrowing: Working
capital loans are secured by way of first pari passu charge on stocks and book
debts of the Company and second pari passu charge on all fixed assets of the
Company, present and future. |
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
M/s Walker, Chandiok and Company Chartered Accountants |
|
Address : |
New Delhi, India |
|
|
|
|
Technical Collaborators: |
KS Kolbenschmidt
GmbH, Germany Riken
Corporation, Japan Honda Foundry
Company Limited Japan Fuji Oozx Inc., Japan |
|
|
|
|
Subsidiary
company : |
SPR International Auto Exports Limited |
|
|
|
|
Enterprises over which there is significant
influence of Smt. Meenakshi Dass and her relatives above : |
Shriram
Automotive Products Limited Shriram Alpine
Sales Private Limited Shriram Veritech
Solutions Private Limited Sera Com Private
Limited Manisha Commercial
Private Limited Sarva Commercial
Private Limited. Charat Ram
Shriram Private Limited Pearey Lall and Sons (E.P) Limited |
CAPITAL STRUCTURE
As on: 31.03.2012
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
50000000 |
Equity Shares |
Rs.10/- each |
Rs.500.000 Millions |
|
3000000 |
Preference Shares |
Rs.100/- each |
Rs.300.000 Millions |
|
|
|
|
|
|
|
Total |
|
Rs. 800.000
Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
22374912 |
Equity Shares |
Rs.10/- each |
Rs.223.750 Millions |
|
|
|
|
|
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
|
31.03.2012 |
31.03.2011 |
|
I.
EQUITY
AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
|
223.750 |
223.750 |
|
(b) Reserves & Surplus |
|
4409.830 |
3676.770 |
|
(c) Money
received against share warrants |
|
0.000 |
0.000 |
|
|
|
|
|
|
(2) Share Application money pending
allotment |
|
0.000 |
0.000 |
|
Total
Shareholders’ Funds (1) + (2) |
|
4633.580 |
3900.520 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
|
1936.940 |
1416.890 |
|
(b) Deferred tax liabilities (Net) |
|
289.920 |
249.260 |
|
(c) Other long term
liabilities |
|
41.020 |
37.560 |
|
(d) long-term
provisions |
|
277.310 |
219.680 |
|
Total Non-current
Liabilities (3) |
|
2545.190 |
1923.390 |
|
|
|
|
|
|
(4)
Current Liabilities |
|
|
|
|
(a) Short
term borrowings |
|
717.100 |
261.590 |
|
(b) Trade
payables |
|
718.440 |
400.08 |
|
(c) Other
current liabilities |
|
1711.520 |
1581.640 |
|
(d) Short-term
provisions |
|
122.280 |
102.760 |
|
Total Current
Liabilities (4) |
|
3269.340 |
2346.070 |
|
|
|
|
|
|
TOTAL |
|
10448.110 |
8169.980 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1)
Non-current assets |
|
|
|
|
(a) Fixed
Assets |
|
|
|
|
(i)
Tangible assets |
|
5516.120 |
4541.420 |
|
(ii)
Intangible Assets |
|
28.980 |
24.360 |
|
(iii)
Capital work-in-progress |
|
735.810 |
348.800 |
|
(iv)
Intangible assets under development |
|
0.000 |
0.000 |
|
(b) Non-current Investments |
|
0.500 |
0.500 |
|
(c) Deferred tax assets (net) |
|
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
|
344.680 |
110.800 |
|
(e) Other
Non-current assets |
|
40.320 |
51.820 |
|
Total Non-Current
Assets |
|
6666.410 |
5077.700 |
|
|
|
|
|
|
(2)
Current assets |
|
|
|
|
(a)
Current investments |
|
0.000 |
0.000 |
|
(b)
Inventories |
|
1842.180 |
1307.000 |
|
(c) Trade
receivables |
|
1443.050 |
1152.270 |
|
(d) Cash
and cash equivalents |
|
79.950 |
363.420 |
|
(e)
Short-term loans and advances |
|
317.400 |
182.030 |
|
(f) Other
current assets |
|
99.120 |
87.560 |
|
Total
Current Assets |
|
3781.700 |
3092.280 |
|
|
|
|
|
|
TOTAL |
|
10448.110 |
8169.980 |
|
SOURCES OF FUNDS |
|
|
31.03.2010 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
|
|
223.750 |
|
|
2] Share Application Money |
|
|
0.000 |
|
|
3] Reserves & Surplus |
|
|
2963.670 |
|
|
4] (Accumulated Losses) |
|
|
0.000 |
|
|
NETWORTH |
|
|
3187.420 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
|
|
1512.220 |
|
|
2] Unsecured Loans |
|
|
494.740 |
|
|
TOTAL BORROWING |
|
|
2006.960 |
|
|
DEFERRED TAX LIABILITIES |
|
|
267.231 |
|
|
|
|
|
|
|
|
TOTAL |
|
|
5461.611 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
|
|
3977.260 |
|
|
Capital work-in-progress |
|
|
215.951 |
|
|
|
|
|
|
|
|
INVESTMENT |
|
|
0.500 |
|
|
DEFERREX TAX ASSETS |
|
|
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
|
|
929.570
|
|
|
Sundry Debtors |
|
|
1120.410
|
|
|
Cash & Bank Balances |
|
|
334.660
|
|
|
Other Current Assets |
|
|
0.000
|
|
|
Loans & Advances |
|
|
265.400
|
|
Total
Current Assets |
|
|
2650.040
|
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
|
|
500.880
|
|
|
Other Current Liabilities |
|
|
588.300
|
|
|
Provisions |
|
|
292.930
|
|
Total
Current Liabilities |
|
|
1382.140
|
|
|
Net Current Assets |
|
|
1267.900
|
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
|
|
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
|
|
5461.611 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
9910.170 |
8330.240 |
7203.100 |
|
|
|
Other Income |
98.380 |
69.400 |
91.350 |
|
|
|
TOTAL |
10008.550 |
8399.640 |
7294.450 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of material consumed |
3373.010 |
2689.040 |
-- |
|
|
|
(Increase) in inventories of finished goods and work-in-progress |
(319.790) |
(244.430) |
-- |
|
|
|
Manufacturing and other income |
|
|
5531.790 |
|
|
|
Employee benefit expenses |
1682.800 |
1312.150 |
-- |
|
|
|
Other expenses |
3208.920 |
2704.910 |
-- |
|
|
|
TOTAL |
7944.940 |
6461.670 |
5531.790 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION |
2063.610 |
1937.970 |
1762.660 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES |
204.590 |
179.970 |
191.490 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION |
1859.020 |
1758.000 |
1571.170 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION |
707.590 |
587.420 |
541.180 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX |
1151.430 |
1170.580 |
1029.990 |
|
|
|
|
|
|
|
|
|
Less |
TAX |
312.310 |
343.700 |
340.830 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX |
839.120 |
826.880 |
689.160 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
300.000 |
250.000 |
200.000 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Transfer to General Reserve |
748.110 |
685.730 |
560.760 |
|
|
|
Interim Dividend |
33.560 |
33.560 |
33.560 |
|
|
|
Final Dividend |
44.750 |
44.750 |
33.560 |
|
|
|
Tax on Dividend |
12.700 |
12.840 |
11.280 |
|
|
BALANCE CARRIED
TO THE B/S |
300.000 |
300.000 |
250.000 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Export Earnings |
1846.170 |
1491.990 |
1372.660 |
|
|
|
Development cost recovery |
0.000 |
2.710 |
15.980 |
|
|
|
Claim received from customer |
15.760 |
0.000 |
0.000 |
|
|
TOTAL EARNINGS |
1861.930 |
1494.700 |
1388.640 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
875.020 |
665.220 |
554.920 |
|
|
|
Components |
110.690 |
70.190 |
-- |
|
|
|
Stores & Spares |
151.130 |
178.330 |
130.980 |
|
|
|
Capital Goods |
594.080 |
385.720 |
209.580 |
|
|
|
Finished Goods |
-- |
-- |
50.060 |
|
|
TOTAL IMPORTS |
1730.920 |
1299.460 |
945.540 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
37.50 |
36.96 |
30.80 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
PAT / Total Income |
(%) |
8.38
|
9.84 |
9.44
|
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
11.62
|
14.05 |
14.29
|
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
11.85
|
14.97 |
15.54
|
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.25
|
0.30 |
0.32
|
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
0.57
|
0.43 |
0.63
|
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.16
|
1.32 |
1.91
|
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 |
No |
|
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 |
No |
|
19] |
Payments
terms |
No |
|
20] |
Export
/ Import details (if applicable) |
No |
|
21] |
Market
information |
---------------------- |
|
22] |
Litigations
that the firm / promoter involved in |
---------------------- |
|
23] |
Banking
Details |
Yes |
|
24] |
Banking
facility details |
Yes |
|
25] |
Conduct
of the banking account |
---------------------- |
|
26] |
Buyer
visit details |
---------------------- |
|
27] |
Financials,
if provided |
Yes |
|
28] |
Incorporation
details, if applicable |
Yes |
|
29] |
Last
accounts filed at ROC |
Yes |
|
30] |
Major
Shareholders, if available |
No |
|
31] |
Date
of Birth of Proprietor/Partner/Director, if available |
No |
|
32] |
PAN
of Proprietor/Partner/Director, if available |
No |
|
33] |
Voter
ID No of Proprietor/Partner/Director, if available |
No |
|
34] |
External
Agency Rating, if available |
No |
UNSECURED LOAN:
|
Particulars |
31.03.2012 [Rs.
in Millions] |
31.03.2011 [Rs.
in Millions] |
|
Long Term
Borrowing |
|
|
|
Other loan and advances |
|
|
|
Deposits from public |
110.700 |
181.400 |
|
Deposits from related parties |
43.960 |
44.740 |
|
|
|
|
|
Short Term
Borrowing |
|
|
|
Loans |
|
|
|
- from banks |
300.000 |
0.000 |
|
Public deposits |
37.200 |
66.570 |
|
|
|
|
|
Total |
491.860 |
292.710 |
INDUSTRY STRUCTURE
AND DEVELOPMENT:
Production of all
segments of vehicles except cars registered high growth during the year.
Production of Heavy Commercial Vehicles grew by 9%, Light commercial vehicles
by 19% and Small Commercial Vehicles by 35% during the year. Production of cars
registered a low growth of 4% while production of Motorcycles grew by 16%. The
Tractor segment witnessed growth of 21% on the strength of good agricultural
performance.
Lower growth in
car segment was primarily due to strained industrial relations at one of the
leading car manufacturers and also due to natural calamities in Japan/Thailand
which affected the import of components and production of passenger vehicles of
some OEMs.
OUTLOOK:
Slow pace of economic
reforms leading to inadequate growth in infrastructure and high inflation/
interest rates continue to adversely impact the outlook of the industry.
Government
intervention is required to improve infrastructure which would also help in
becoming more cost competitive for sustainable growth of exports. Price
increase of raw materials more particularly, Aluminum, Alloy Steel, Pig Iron
and Silicon may cause an adverse impact on operating margins.
CORPORATE
INFORMATION:
The
Company is a public company domiciled in India and incorporated on December 9,
1963 under the provisions of the Companies Act, 1956. The Company's shares are
listed on Delhi Stock Exchange (DSE). The primary products manufactured by the
Company are pistons, pins, piston rings and engine valves. The company caters
to both domestic and international markets.
STANDALONE UNAUDITED FINANCIAL RESULTS FOR THE QUARTER ENDED JUNE 30,
2013
(Rs. In Millions)
|
Particulars |
3 Months Ended 30th June 2013 |
3 Months Ended
31st March 2013 |
3 Months Ended
30th June 2012 |
Previous Year Ended 31st March 2013 |
|
|
Unaudited |
Unaudited |
Unaudited |
Audited |
|
Income from operations |
|
|
|
|
|
a) Net Sales (net of excise duty) |
2688.100 |
2743.900 |
2614.000 |
10388.800 |
|
b) Other Operating Income |
14.200 |
69.900 |
18.800 |
135.900 |
|
Total income from operations (net) |
2702.300 |
2813.800 |
2632.800 |
10524.700 |
|
Expenses |
|
|
|
|
|
a) Cost of materials consumed |
836.900 |
858.800 |
877.400 |
3435.200 |
|
b) Changes in inventories of finished goods and work- in-progress |
(8.900) |
16.000 |
(38.900) |
131.600 |
|
c) Employees benefit expenses |
524.200 |
458.900 |
468.100 |
1882.400 |
|
d) Depreciation and amortization expenses |
239.600 |
245.300 |
192.000 |
878.700 |
|
e) Stores and spares consumed |
233.400 |
248.100 |
250.400 |
987.400 |
|
f) Other expenses |
639.800 |
554.100 |
630.800 |
2284.200 |
|
Total expenses |
2465.000 |
2381.200 |
2379.800 |
9599.500 |
|
Profit from operations before other income, finance costs and
exceptional items (1-2) |
237.300 |
432.600 |
253.000 |
925.200 |
|
Other income |
17.500 |
46.000 |
12.400 |
90.600 |
|
Profit from ordinary activities before finance costs and exceptional items
(3+4) |
254.800 |
478.600 |
265.400 |
1015.800 |
|
Finance Costs |
95.000 |
102.000 |
62.000 |
316.900 |
|
Profit from ordinary activities after finance costs but before
exceptional items (5-6) |
159.800 |
376.600 |
203.400 |
698.900 |
|
Exceptional items |
- |
- |
- |
- |
|
Profit from ordinary activities before tax (7- 8) |
159.800 |
376.600 |
203.400 |
698.900 |
|
Tax Expenses(Current & Deferred) - for current period |
41.300 |
130.500 |
50.000 |
200.000 |
|
- for previous period |
18.600 |
9.400 |
0.000 |
9.400 |
|
Total Tax expense |
59.900 |
139.900 |
50.000 |
209.400 |
|
Net profit from ordinary activities after tax (9-10) |
99.900 |
236.700 |
153.400 |
489.500 |
|
Extraordinary item |
- |
- |
- |
- |
|
Net profit for the period (11-12) |
99.900 |
236.700 |
153.400 |
489.500 |
|
Paid up equity share capital (Face value of share - Rs 10 each) |
223.700 |
223.700 |
223.700 |
223.700 |
|
Reserves excluding revaluation reserves |
- |
- |
- |
4670.800 |
|
Basic/Diluted - Earning per share (Face value of - Rs 10 each) (not
annualised) |
4.46 |
10.58 |
6.85 |
21.88 |
|
Part II |
|
|
|
|
|
A PARTICULARS OF SHAREHOLDING |
|
|
|
|
|
Public shareholding |
|
|
|
|
|
- Number of
shares (Nos.) |
11686300 |
11686300 |
11686300 |
11686300 |
|
- Percentage of
shareholding |
52.23% |
52.23% |
52.23% |
52.23% |
|
Promoters and Promoter Group Shareholdings a) Pledged / Encumbered |
|
|
|
|
|
- Number of
equity shares (Nos.) |
- |
- |
- |
- |
|
b) Non-encumbered |
|
|
|
|
|
- Number of
shares (Nos.) |
10688612 |
10688612 |
10688612 |
10688612 |
|
- Percentage of
shares (as a % of the total shareholding of promoter & promoter group) |
100% |
100% |
100% |
100% |
|
- Percentage of shares
(as a % of the total share capital of the Company) |
47.77% |
47.77% |
47.77% |
47.77% |
|
INVESTOR COMPLAINTS |
3 months Ended 30th June 2013 |
|
|
|
|
Received during the quarter |
Nil |
|
Disposed of during the quarter |
Nil |
|
Pending at the beginning of the quarter |
Nil |
|
Remaining unresolved at the end of the quarter |
Nil |
NOTE:
Limited Review
The Limited Review, as required under Clause 41 of the Listing Agreement
has been completed by the Statutory Auditors.
The Limited Review Report for the quarter ended June 30, 2013 does not
have any impact on the above Result and Notes in aggregate
FIXED ASSETS:
Tangible assets
Ø
Land - Leasehold
Ø
Buildings
Ø
Plant and equipment
Ø
Furniture & Fixtures
Ø
Vehicles
Ø
Office Equipment
Ø Dies
Ø
Intangible assets
Ø Computer
Software
Ø
Product design and development
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.61.82 |
|
|
1 |
Rs.96.57 |
|
Euro |
1 |
Rs.82.45 |
INFORMATION DETAILS
|
Information
Gathered by : |
SVA |
|
|
|
|
Report Prepared
by : |
ANK |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
4 |
|
PAID-UP CAPITAL |
1~10 |
4 |
|
OPERATING SCALE |
1~10 |
7 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
7 |
|
--PROFITABILIRY |
1~10 |
7 |
|
--LIQUIDITY |
1~10 |
6 |
|
--LEVERAGE |
1~10 |
6 |
|
--RESERVES |
1~10 |
7 |
|
--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 |
YES |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
YES |
|
--OTHER MERIT FACTORS |
YES/NO |
NO |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
55 |
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 |
This report is issued at your request without any risk
and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its
officials.